Penn Mutual Life Insurance’s Armour Residential REIT ARR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q2	$450K	Hold	4,000	–	–	0.36%	24
2018 Q1	$460K	Hold	4,000	–	–	0.33%	26
2017 Q4	$508K	Hold	4,000	–	–	0.51%	17
2017 Q3	$531K	Hold	4,000	–	–	0.36%	20
2017 Q2	$494K	Sell	4,000 -6,400	-62%	-$805K	0.43%	20
2017 Q1	$1.15M	Hold	10,400	–	–	1.05%	18
2016 Q4	$1.13M	Sell	10,400 -27,200	-72%	-$3.02M	0.93%	20
2016 Q3	$4.24M	Sell	37,600 -21,200	-36%	-$2.31M	3.1%	13
2016 Q2	$5.87M	Buy	58,800 +26,400	+81%	+$2.68M	4.25%	11
2016 Q1	$3.49M	Hold	32,400	–	–	2.95%	13
2015 Q4	$3.53M	Sell	32,400 -227,200	-88%	-$23.8M	3.62%	12
2015 Q3	$3.25M	Buy	259,600 +227,150	+700%	+$24.6M	2.91%	14
2015 Q2	$3.65M	Hold	32,450	–	–	3.02%	14
2015 Q1	$4.12M	Hold	32,450	–	–	3.41%	13
2014 Q4	$4.78M	Buy	32,450 +28,500	+722%	+$4.44M	5.68%	8
2014 Q3	$608K	Hold	3,950	–	–	6.46%	4
2014 Q2	$684K	Hold	3,950	–	–	6.69%	4
2014 Q1	$651K	Hold	3,950	–	–	6.75%	4
2013 Q4	$634K	Hold	3,950	–	–	7.26%	4
2013 Q3	$664K	Hold	3,950	–	–	4.74%	5
2013 Q2	$744K	Buy	+3,950	New	+$904K	7.15%	3