ARMOUR Residential REIT closes $302.5 million stock offering

ARMOUR Residential REIT, Inc. (NYSE: ARR) completed an underwritten public offering of 18.5 million shares of common stock, generating approximately $302.5 million in gross proceeds, the company announced August 7.

The real estate investment trust granted underwriters a 30-day option to purchase up to 2.78 million additional shares, which could increase total gross proceeds to approximately $347.8 million if exercised in full. Goldman Sachs & Co. LLC served as sole bookrunner for the offering, with BUCKLER Securities LLC acting as co-manager.

ARMOUR plans to use net proceeds from the offering to acquire additional mortgage-backed securities and other mortgage-related assets in line with its investment strategy. The company invests primarily in fixed-rate residential, adjustable-rate and hybrid adjustable-rate residential mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises or guaranteed by the Government National Mortgage Association.

The offering was conducted through a registration statement filed with the Securities and Exchange Commission that became effective automatically upon filing. Settlement occurred on August 7, according to the company's statement.

ARMOUR operates as a real estate investment trust for federal income tax purposes and is externally managed by ARMOUR Capital Management LP, a registered investment advisor. The company is based in Vero Beach, Florida.

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