Armour Residential (ARR) prices its 65M share secondary, with the underwriters retaining an...

|By:, SA News Editor

Armour Residential (ARR) prices its 65M share secondary, with the underwriters retaining an option to buy an additional 9.75M shares. Shares -4.8% premarket to $6.75. Book value was $7.77 on Sept. 30, about $7.29 on Dec. 31, and about $6.73 yesterday. That's a 13.4% decline in 4.5 months. Who's buying the secondary? (PR)