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Armour Residential REIT Prices New Preferred-Updated

Update–The OTC Grey Market symbol has been announced as ARMRP.

mREIT Armour Residential REIT (ARR) has priced their new issue of perpetual preferred stock.

The issue priced at 7.00%–once again lower than the earlier ‘yield talk’.

The issue will be cumulative, non qualified and optionally redeemable starting in January, 2025. This issue will pay a monthly dividend.

The company will be calling a portion of the ARR-B with the proceeds. Initially the company estimated calling 30% of the 6.210 million shares of the B issue, but it looks like they will be able to call as much as approximately 50% if desired as they are selling 3.45 million of the new issue.

The pricing term sheet can be read here.

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