On February 12, 2013, the Company completed the sale of 5,400,000 shares of its 7.875% Series B Cumulative Preferred Stock ("Series B Preferred Stock") at $25.00 per share, for an aggregate total of $135.0 million. Net proceeds after underwriting fees and expenses were approximately $130.5 million. On February 20, 2013, the Company sold 250,000 shares of the additional 810,000 shares of Series B Preferred Stock available under the overallotment option. As of March 31, 2013, there were 5,650,000 shares of Series B Preferred Stock outstanding.
The Company issued 174,961 shares of our 8.25% Series A Cumulative Preferred Stock ("Series A Preferred Stock") in at-the-market offerings at a weighted average price of $25.51 per share during the first quarter of 2013. As of March 31, 2013, there were 2,180,572 shares of Series A Preferred Stock outstanding, an increase of 8.7% from December 31, 2012.
ARMOUR Residential REIT, Inc.ARMOUR is a Maryland corporation that invests in residential mortgage backed securities issued or guaranteed by U.S. Government-sponsored entities. Our portfolio consists primarily of securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans. ARMOUR is externally managed and advised by ARMOUR Residential Management LLC, an investment advisor registered with the Securities and Exchange Commission ("SEC"). ARMOUR Residential REIT, Inc. intends to qualify and has elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. Safe Harbor This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning the Company are expressly qualified in their entirety by the cautionary statements above. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
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