[8-K] ARMOUR Residential REIT, Inc. Reports Material Event

Rhea-AI Filing Summary

ARMOUR Residential REIT, Inc. (NYSE: ARR) filed an 8-K announcing Amendment No. 6 to its Equity Sales Agreement for its at-the-market (ATM) program. The amendment raises the share authorization by 9.5 million common shares, lifting the total unsold capacity to 17,732,711 shares. Sales may be conducted through nine agents, including BUCKLER Securities, B. Riley Securities, BTIG, Citizens JMP, Janney, JonesTrading, Ladenburg Thalmann and StockBlock.

The company will issue the shares pursuant to an updated shelf registration (Form S-3, No. 333-278327) and a new prospectus supplement filed on 25 July 2025. Exhibit 1.1 contains the amendment; Exhibits 5.1 and 8.1 provide legal and tax opinions. The filing also replaces prior U.S. federal income tax summaries with an updated disclosure (Exhibit 99.1).

No pricing, timing or proceeds have been disclosed. Management emphasises that forward-looking statements are subject to market conditions and other risks detailed in ARR’s 2024 Form 10-K.

Positive

• Enhanced funding flexibility: Additional 9.5 M shares expand ATM capacity to 17.7 M, giving ARR a ready source of capital without a full public offering.

Negative

• Potential shareholder dilution: New authorization could lower per-share book value and EPS if issued below current NAV.

Insights

Equity Capital Markets Analyst

TL;DR: ARR ups ATM capacity by 9.5M shares; liquidity option rises, but dilution risk increases; overall neutral.

The sixth amendment boosts ARR’s ability to issue ~17.7 M shares via its ATM, providing flexible, low-cost access to capital for portfolio expansion or liability management. Because the agreement is on a best-efforts basis, execution will depend on market appetite and relative valuation. While increased authorization signals confidence in capital market access, it also heightens potential dilution, especially if shares are issued below book value—an ongoing concern for mortgage REIT investors. No immediate financial impact occurs until shares are sold, so the event is strategically important but not yet earnings-accretive.

REIT Industry Specialist

TL;DR: More share capacity supports balance-sheet optionality, yet implies dilution; modestly negative for existing holders.

Mortgage REITs regularly tap equity to manage leverage amid rate volatility. By lifting ATM capacity, ARR ensures it can raise cash quickly to seize attractive MBS spreads or shore up liquidity. However, the stock has traded at persistent discounts to book; issuing shares under such conditions would erode NAV and dividend coverage. Investors should monitor issuance pace disclosed in future monthly updates. The updated tax opinion is routine and carries no immediate operational effect.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________

FORM 8-K

______________

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 28, 2025 (July 25, 2025)

ARMOUR Residential REIT, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland			001-34766			26-1908763
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

3001 Ocean Drive, Suite 201
Vero Beach,			Florida						32963
(Address of Principal Executive Offices)									(Zip Code)

(772) 617-4340

(Registrant’s Telephone Number, Including Area Code)

n/a

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbols

Name of Exchange on which registered

Preferred Stock, 7.00% Series C Cumulative Redeemable

ARR-PRC

New York Stock Exchange

Common Stock, $0.001 par value

ARR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).        

Emerging growth company ☐

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 1.01    Entry into a Material Definitive Agreement.

On July 25, 2025, ARMOUR Residential REIT, Inc. (“ARMOUR” or the “Company”) entered into Amendment No. 6 (the “Sixth Sales Agreement Amendment”), pursuant to which ARMOUR increased by 9,500,000 the number of shares of common stock, par value $0.001 per share (“Common Stock”), that may be offered and sold under the Company's Equity Sales Agreement, dated July 26, 2023 (the “Sales Agreement”), with BUCKLER Securities LLC, an affiliate of the Company (“BUCKLER”), B. Riley Securities, Inc. (“B. Riley Securities”), Citizens JMP Securities LLC (“Citizens Capital Markets”), JonesTrading Institutional Services LLC (“Jones”) and Ladenburg Thalmann & Co. Inc. (“Ladenburg Thalmann”), as sales agents, and the Company’s external manager, ARMOUR Capital Management LP, as amended by Amendment No. 1, dated October 25, 2023 (the “First Sales Agreement Amendment”), pursuant to which the Company added StockBlock Securities LLC (“StockBlock”) to the Sales Agreement, as further amended by Amendment No. 2, dated June 20, 2024 (the “Second Sales Agreement Amendment”), pursuant to which the Company added BTIG, LLC (“BTIG”) to the Sales Agreement, as further amended by Amendment No. 3, dated August 23, 2024 (the “Third Sales Agreement Amendment”), pursuant to which the number of shares of our common stock that may be offered and sold under the Sales Agreement was increased by 25,000,000, as further amended by Amendment No. 4, dated September 20, 2024 (the “Fourth Sales Agreement Amendment”), pursuant to which the Company added Janney Montgomery Scott LLC (“Janney,” and together with BUCKLER, B. Riley Securities, BTIG, Citizens Capital Markets, Janney, Jones, Ladenburg Thalmann and StockBlock, the “Agents”), as further amended by Amendment No. 5, dated February 13, 2025 (the “Fifth Sales Agreement Amendment”), pursuant to which the number of shares of our common stock that may be offered and sold under the Sales Agreement was increased by 15,000,000 (as so amended, the “Amended Sales Agreement”). The purpose of the Sixth Sales Agreement Amendment was to, among other things, increase the number of shares of Common Stock available under the Sales Agreement by 9,500,000. Pursuant to the Amended Sales Agreement, the Company may, from time to time, issue and sell up to 17,732,711 shares (the “Shares”) of the Company's Common Stock through or to the Agents. The Amended Sales Agreement includes the offer of 8,232,711 Shares that remained unsold under the Sales Agreement, as amended by the First Sales Agreement Amendment, the Second Sales Agreement Amendment, the Third Sales Agreement Amendment, the Fourth Sales Agreement Amendment and the Fifth Sales Agreement Amendment, in addition to the offer of an additional 9,500,000 Shares.

The Amended Sales Agreement relates to an “at the market offering” program (the “Offering”) and the shares of Common Stock to be sold in the Offering will be issued pursuant to a prospectus supplement (the “ATM Prospectus Supplement”) filed with the Securities and Exchange Commission (the “SEC”) on July 25, 2025, in connection with the Company’s effective shelf registration statement on Form S-3 (Registration No. 333-278327). ARMOUR originally established the equity sales program on July 26, 2023 when it entered into the Sales Agreement, and filed a related prospectus supplement. ARMOUR entered into the First Sales Agreement Amendment on October 25, 2023 and filed a related prospectus supplement. ARMOUR entered into the Second Sales Agreement Amendment on June 20, 2024 and filed a related prospectus supplement. ARMOUR entered into the Third Sales Agreement Amendment on August 23, 2024 and filed a related prospectus supplement. ARMOUR entered into the Fourth Sales Agreement Amendment on September 20, 2024 and filed a related prospectus supplement. ARMOUR entered into the Fifth Sales Agreement Amendment on February 13, 2025 and filed a related prospectus supplement.The ATM Prospectus Supplement amends and restates in its entirety such related prospectus supplement and the Common Stock to which the ATM Prospectus Supplement relates is offered pursuant to the terms of the Amended Sales Agreement.

The Sixth Sales Agreement Amendment is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing description of the Sixth Sales Agreement Amendment and the transactions contemplated thereby is qualified in its entirety by reference to Exhibit 1.1.

The Company is also filing this Current Report on Form 8-K to provide a legal opinion regarding the validity of the Shares to be issued and sold in the Offering, which opinion is attached hereto as Exhibit 5.1, and is incorporated herein by reference.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Item 8.01    Other Events.

Updated Material U.S. Federal Income Tax Disclosure

The Company is filing as Exhibit 99.1 hereto (which is incorporated herein and in the Company’s Registration Statement on Form S-3 (Registration No. 333-278327) (the “Registration Statement”) and related prospectus and prospectus supplements thereto by reference), an updated summary of the material U.S. federal income tax considerations relating to the taxation of the

Company as a real estate investment trust and the ownership and disposition of the capital stock of the Company for U.S. federal income tax purposes. The summary contained in Exhibit 99.1 replaces and supersedes in their entirety prior summaries of such material U.S. federal income tax considerations contained in the Registration Statement and related prospectus and prospectus supplements thereto to the extent that they are inconsistent with the summary contained in this Form 8-K. This summary is based on current law, is for general information only and is not tax advice.

Forward Looking Statements Disclaimer

This Current Report on Form 8-K and the information incorporated herein contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by use of terms such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of the Company’s future performance, taking into account all information currently available to the Company. The Company cannot assure you that actual results will not vary from the expectations contained in the forward-looking statements. All of the forward-looking statements are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to the Company, including, without limitation, market conditions and new laws and regulations and those described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which has been filed with the SEC. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company or its stockholders. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except a required by law.

Item 9.01. Financial Statements and Exhibits.

 (d) Exhibits

Exhibit No.			Description
1.1			Amendment No. 6, dated July 25, 2025, by and among ARMOUR Residential REIT, Inc. and ARMOUR Capital Management LP, and BUCKLER Securities LLC, B. Riley Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Janney Montgomery Scott LLC, JonesTrading Institutional Services LLC, Ladenburg Thalmann & Co. Inc. and StockBlock Securities LLC.
5.1			Opinion of Holland & Knight LLP
8.1			Opinion of Pillsbury Winthrop Shaw Pittman LLP
23.1			Consent of Holland & Knight LLP (included in Exhibit 5.1)
23.2			Consent of Opinion of Pillsbury Winthrop Shaw Pittman LLP (included in Exhibit 8.1)
99.1			Material U.S. Federal Income Tax Considerations
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 28, 2025

			ARMOUR RESIDENTIAL REIT, INC.
			By:			/s/ Gordon M. Harper
			Name:			Gordon M. Harper
			Title:			Chief Financial Officer

FAQ

How many additional shares can ARMOUR Residential REIT (ARR) now sell under its ATM program?

The amendment adds 9.5 million shares, raising total unsold capacity to 17,732,711 common shares.

Which firms are acting as sales agents for ARR's expanded ATM offering?

Agents include BUCKLER, B. Riley, BTIG, Citizens JMP, Janney, JonesTrading, Ladenburg Thalmann and StockBlock.

Does the 8-K disclose pricing or expected proceeds from the share sales?

No. The filing authorizes share issuance but provides no pricing, timing or proceeds details.

What new disclosures accompany the share increase?

ARR filed legal (Ex. 5.1) and updated tax (Ex. 99.1) opinions plus related consents.

Will the share authorization immediately impact ARR's earnings or dividends?

Not immediately; financial impact depends on if and when shares are actually sold.