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ARMOUR Residential REIT Inc. | 7.875% Series B Cumulative Redeemable Preferred Stock (ARR.PRB)

Prospectus excerpt:  ARMOUR Residential REIT, Inc. is offering to the public 5,400,000 shares of our 7.875% Series B Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the “Series B Preferred Stock.” This is an original issuance of the Series B Preferred Stock. We will pay monthly cumulative dividends on the Series B Preferred Stock on the 27th day of each month (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) from, and including, the date of original issuance at 7.875% of the $25.00 per share liquidation preference per annum (equivalent to $1.96875 per annum per share). The first dividend payable on March 27, 2013 in the amount of $0.2461 per share will be paid to the persons who are the holders of record of the Series B Preferred Stock at the close of business on March 15, 2013.

The Series B Preferred Stock will not be redeemable before February 12, 2018 except under circumstances intended to preserve our qualification as a real estate investment trust, or REIT, for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after February 12, 2018 we may, at our option, redeem any or all of the shares of the Series B Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series B Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a Change of Control by the holders of Series B Preferred Stock.

Full Prospectus PDF », ARR Page »

Alternate symbology:ARR-B, ARR-PB, ARRprB
Call Date:2/12/2018
Shares Offered:5,400,000
Liquidation Preference:$25
Recent Market Price:$23.16
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-1.84 (-7.36%)
Annualized Dividend:1.96875
Recent Ex-Date:11/10/2016
Current Yield:8.50%
Original Coupon:7.875%
Pay Period:Monthly
ARMOUR Residential REIT is a real estate investment trust. Co. is externally managed by ARMOUR Capital Management LP. Co. invests in residential mortgage backed securities issued or guaranteed by a U.S. Government-sponsored entity (GSE), such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or guaranteed by the Government National Mortgage Administration (collectively, Agency Securities). Co. also may invest in other securities backed by residential mortgages for which the payment of principal and interest is not guaranteed by a GSE or government agency. Co.'s securities portfolio consists of Agency Securities backed by fixed rate home loans.

Preferreds: ARR.PRA, ARR.PRB

Open the ARR Information Page »
Name:  ARMOUR Residential REIT Inc.
Sector:  REITs
Number of ETFs Holding ARR:  24 (see which ones)
Total Market Value Held by ETFs:  $55,209,290
Total Market Capitalization:  $816,000,000
% of Market Cap. Held by ETFs:  6.77%

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