VERO BEACH, FL—ARMOUR Residential REIT, Inc. (NYSE:ARR) has announced the expansion of its "at the market" (ATM) equity offering programs, according to a recent filing with the Securities and Exchange Commission. The real estate investment trust, specializing in residential mortgage-backed securities, has entered into amendments for both its common and preferred stock sales agreements, adding BTIG, LLC as a sales agent.
On Thursday, ARMOUR amended its common stock sales agreement, which dates back to July 26, 2023, to include BTIG alongside existing sales agents. This move is part of the company's ongoing ATM program, allowing for the sale of up to 11,671,257 shares of ARMOUR’s common stock. The common stock ATM program was originally established in July 2023 and has since seen the sale of 3,328,743 shares as of the report date.
Similarly, the company expanded its preferred stock ATM program, initially established on January 29, 2020, through an amendment adding BTIG to the sales agreement. This program pertains to ARMOUR’s 7.00% Series C Cumulative Redeemable Preferred Stock, with up to 3,153,022 shares available for sale. To date, 3,396,978 shares of Series C Preferred Stock have been sold under the program.
In a concurrent development, ARMOUR entered into an advisory agreement with Jeffrey Zimmer, the company's former Co-CEO, President, Vice Chair, and director. Following his retirement, Zimmer will serve as a non-voting special advisor to the Board of Directors and continue to be involved with ARMOUR Capital Management LP, the company's external manager. Zimmer will not receive compensation for his advisory services, but his unvested stock awards will continue to vest during his advisory period.
The company also updated prospectus supplements related to its 2012 and 2013 Dividend Reinvestment and Stock Purchase Plans, reflecting the availability of unsold shares under the respective plans.
ARMOUR's strategic adjustments to its ATM offerings and the engagement of a new sales agent indicate a continued effort to manage its capital and equity distribution effectively. The transactions detailed in the SEC filing are subject to customary closing conditions and regulatory approvals. The information presented is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.