ACM is a Delaware limited partnership that commenced its management business on November 6, 2009. ACM's general partners are Remmiz LLC and Stacumny LLC, which are Florida limited liability companies controlled by two of its limited partners, Jeffrey J. Zimmer and Scott J. Ulm, respectively. ACM manages the assets and certain business functions of its advisory client ARMOUR Residential REIT, Inc., a publicly-traded real estate investment trust (“ARMOUR”). Mr. Ulm and two minority limited partners in ACM, serve on ARMOUR's board of directors (disclosed on ARMOUR’s Form 10-K). ACM invests, on behalf of ARMOUR, in mortgage backed securities ("MBS") issued or guaranteed by a United States (“U.S.”) Government Sponsored Entity (“GSEs”), such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a government agency such as Government National Mortgage Administration (Ginnie Mae) (collectively, “Agency Securities”). Agency Securities consist of fixed rate home loans. ACM may also invest in U.S. Treasury Securities and money market instruments. Under the operative Investment Management Agreement (a “Management Agreement” or “IMA”) entered into between ACM and ARMOUR, ACM is responsible for (i) advising ARMOUR with respect to arranging for and managing the acquisition, financing, management, and disposition of its investments, (ii) evaluating the duration risk and prepayment risk of its investments and arranging borrowing and interest rate risk mitigation strategies, and (iii) coordinating its capital raising activities. In conducting these activities, ACM also advises ARMOUR on formulating and implementing its operating strategies and policies, arranging for their acquisition of assets, monitoring the performance of their assets, arranging for various types of financing and interest rate risk mitigation strategies, and providing administrative and managerial services in connection with their day-to-day operations, as may be required from time to time for their management and assets. The IMA runs through December 31, 2029 and is thereafter automatically renewed for an additional five-year term unless terminated under certain circumstances. Either party must provide 180 days prior written notice

of any such termination. We manage the assets of ARMOUR in conformity with certain restrictions, including contractual restrictions, investment guidelines, and any other adopted material operating policies. Our role as the manager of ARMOUR is ultimately subject to the direction and oversight of its board of directors. ARMOUR is able to limit our management, services, and other activities performed by us pursuant to the IMA. This limitation of duties at ARMOUR's discretion is to "mortgage assets." Pursuant to the IMA, "mortgage assets" means the following asset types of ARMOUR, which shall be solely managed by us:
• mortgage securities (or interests therein), including (a) adjustable-rate, hybrid adjustable- rate, and pass-through certificates (including GNMA certificates, FNMA certificates and FHLMC certificates), (b) collateralized mortgage obligations, (c) securities representing interests in, or secured by, agency wrapped mortgages on real property other than pass- through certificates and CMOs, (d) agency mortgage derivative securities and other agency mortgage-backed and mortgage collateralized obligations, and (e) mortgage derivative securities;
• U.S. government issued bills, notes and bonds including general obligations of the agencies of the U.S. government (including, but not limited to GNMA, FNMA and FHLMC); and,
• short-term investments, including short-term bank certificates of deposit, short-term U.S. Treasury securities, short-term U.S. government agency securities, commercial paper, repurchase agreements, short-term CMOs, short-term asset backed securities, and other similar types of short-term investment instruments, all of which will have maturities or average lives of less than one (1) year. ARMOUR's board of directors is able to direct us to perform similar management and services for any of ARMOUR’s subsidiaries; provided, however, that we neither have the right nor the obligation to supervise any other manager, or to manage or otherwise participate in any way in any securitization transaction undertaken by ARMOUR. As of December 31, 2023, ACM managed approximately $12,344,395,778 in client assets on a discretionary basis. ACM does not manage client assets on a non-discretionary basis.