[8-K] ARMOUR Residential REIT, Inc. Reports Material Event
On 5 Aug 2025, LTC Properties, Inc. amended its $400 million at-the-market (ATM) equity distribution agreement originally dated 13 Nov 2024.
The amendment: (i) adds RBC Capital Markets LLC and BTIG LLC as additional sales agents/principals; (ii) designates RBC Capital Markets LLC and Nomura Securities International, Inc. (through BTIG) as additional forward sellers; and (iii) appoints Royal Bank of Canada and Nomura Global Financial Products, Inc. as additional forward purchasers under new master forward confirmations (Ex. 99.1).
Concurrently, LTC terminated BMO Capital Markets Corp., Bank of Montreal and Wedbush Securities Inc. from the agreement. Approximately $376.4 million of common stock capacity remains unsold. All other terms, including issuance under Shelf Registration Statement No. 333-283158, are unchanged.
The revision maintains LTC鈥檚 ability to raise equity or enter forward sales, though utilization of the remaining capacity could prove dilutive to current shareholders.
Il 5 agosto 2025, LTC Properties, Inc. ha modificato il suo accordo di distribuzione azionaria ATM (at-the-market) da 400 milioni di dollari, originariamente stipulato il 13 novembre 2024.
Le modifiche includono: (i) l'aggiunta di RBC Capital Markets LLC e BTIG LLC come agenti/venditori aggiuntivi; (ii) la designazione di RBC Capital Markets LLC e Nomura Securities International, Inc. (tramite BTIG) come venditori forward aggiuntivi; e (iii) la nomina di Royal Bank of Canada e Nomura Global Financial Products, Inc. come acquirenti forward aggiuntivi secondo nuove conferme master forward (Ex. 99.1).
Contemporaneamente, LTC ha terminato la collaborazione con BMO Capital Markets Corp., Bank of Montreal e Wedbush Securities Inc. nell鈥檃mbito dell鈥檃ccordo. Rimangono circa 376,4 milioni di dollari di capacit脿 di azioni ordinarie non vendute. Tutti gli altri termini, incluso l鈥檈missione secondo la Shelf Registration Statement n. 333-283158, restano invariati.
La revisione mantiene la capacit脿 di LTC di raccogliere capitale azionario o di effettuare vendite forward, anche se l鈥檜tilizzo della capacit脿 residua potrebbe risultare diluitivo per gli azionisti attuali.
El 5 de agosto de 2025, LTC Properties, Inc. modific贸 su acuerdo de distribuci贸n de acciones ATM (at-the-market) por 400 millones de d贸lares, originalmente fechado el 13 de noviembre de 2024.
La enmienda: (i) a帽ade a RBC Capital Markets LLC y BTIG LLC como agentes/vendedores adicionales; (ii) designa a RBC Capital Markets LLC y Nomura Securities International, Inc. (a trav茅s de BTIG) como vendedores forward adicionales; y (iii) nombra a Royal Bank of Canada y Nomura Global Financial Products, Inc. como compradores forward adicionales bajo nuevas confirmaciones maestras forward (Ex. 99.1).
Simult谩neamente, LTC 迟别谤尘颈苍贸 la relaci贸n con BMO Capital Markets Corp., Bank of Montreal y Wedbush Securities Inc. en el acuerdo. Queda una capacidad no vendida de acciones comunes de aproximadamente 376,4 millones de d贸lares. Todos los dem谩s t茅rminos, incluida la emisi贸n bajo el Shelf Registration Statement No. 333-283158, permanecen sin cambios.
La revisi贸n mantiene la capacidad de LTC para recaudar capital o realizar ventas forward, aunque el uso de la capacidad restante podr铆a resultar dilutivo para los accionistas actuales.
2025雲� 8鞗� 5鞚�, LTC Properties, Inc.電� 2024雲� 11鞗� 13鞚检棎 觳搓舶霅� 4鞏� 雼煬 攴滊鞚� ATM(鞁滌灔臧� 旮办) 欤检嫕 氚绊彫 瓿勳暯鞚� 靾橃爼頄堨姷雼堧嫟.
靾橃爼 雮挫毄鞚� 雼れ潓瓿� 臧欖姷雼堧嫟: (i) RBC Capital Markets LLC鞕赌 BTIG LLC毳� 於旉皜 韺愲Г 雽�毽澑/欤检泊搿� 韽暔; (ii) RBC Capital Markets LLC鞕赌 Nomura Securities International, Inc.(BTIG毳� 韱淀暣)毳� 於旉皜 靹犽弰 毵る弰鞚胳溂搿� 歆�鞝�; (iii) Royal Bank of Canada鞕赌 Nomura Global Financial Products, Inc.毳� 靸堧鞖� 毵堨姢韯� 靹犽弰 頇曥澑靹�(Ex. 99.1)鞐� 霐半澕 於旉皜 靹犽弰 毵れ垬鞚胳溂搿� 鞛勲獏.
霃欖嫓鞐� LTC電� BMO Capital Markets Corp., Bank of Montreal, Wedbush Securities Inc.毳� 瓿勳暯鞐愳劀 顷挫頄堨姷雼堧嫟. 鞎� 3鞏� 7,640毵� 雼煬 靸侂嫻鞚� 氤错喌欤� 鞛旍棳 氚滍枆 臧�電� 氍茧焿鞚� 雮晞 鞛堨姷雼堧嫟. 旮绊儉 氇摖 臁瓣贝鞚� Shelf Registration Statement No. 333-283158鞐� 霐半ジ 氚滍枆鞚� 韽暔頃橃棳 氤�瓴诫悩歆� 鞎婌晿鞀惦媹雼�.
鞚措矆 靾橃爼鞙茧 LTC電� 鞛愲掣 臁半嫭鞚措倶 靹犽弰 毵る弰毳� 瓿勳啀頃� 靾� 鞛堨溂雮�, 鞛旍棳 氍茧焿鞚� 頇滌毄鞚� 旮办〈 欤检＜鞐愱矊 頋劃 須臣毳� 臧�鞝胳槵 靾� 鞛堨姷雼堧嫟.
Le 5 ao没t 2025, LTC Properties, Inc. a modifi茅 son accord de distribution d鈥檃ctions ATM (at-the-market) d鈥檜n montant de 400 millions de dollars, initialement dat茅 du 13 novembre 2024.
L鈥檃mendement comprend : (i) l鈥檃jout de RBC Capital Markets LLC et BTIG LLC comme agents/vendeurs suppl茅mentaires ; (ii) la d茅signation de RBC Capital Markets LLC et de Nomura Securities International, Inc. (via BTIG) en tant que vendeurs 脿 terme suppl茅mentaires ; et (iii) la nomination de Royal Bank of Canada et Nomura Global Financial Products, Inc. comme acheteurs 脿 terme suppl茅mentaires selon de nouvelles confirmations ma卯tresses 脿 terme (Ex. 99.1).
Parall猫lement, LTC a mis fin 脿 sa collaboration avec BMO Capital Markets Corp., Bank of Montreal et Wedbush Securities Inc. dans le cadre de cet accord. Environ 376,4 millions de dollars de capacit茅 d鈥檃ctions ordinaires restent non vendus. Tous les autres termes, y compris l鈥櫭﹎ission sous la Shelf Registration Statement n掳 333-283158, restent inchang茅s.
La r茅vision conserve la capacit茅 de LTC 脿 lever des fonds propres ou 脿 effectuer des ventes 脿 terme, bien que l鈥檜tilisation de la capacit茅 restante puisse diluer les actionnaires actuels.
Am 5. August 2025 hat LTC Properties, Inc. seine 400 Millionen US-Dollar umfassende At-the-Market (ATM) Aktienvertriebsvereinbarung, die urspr眉nglich am 13. November 2024 datiert war, ge盲ndert.
Die 脛nderung umfasst: (i) die Aufnahme von RBC Capital Markets LLC und BTIG LLC als zus盲tzliche Verkaufsagenten/-vertreter; (ii) die Ernennung von RBC Capital Markets LLC und Nomura Securities International, Inc. (眉ber BTIG) als zus盲tzliche Forward-Verk盲ufer; sowie (iii) die Best盲tigung von Royal Bank of Canada und Nomura Global Financial Products, Inc. als zus盲tzliche Forward-K盲ufer gem盲脽 neuen Master-Forward-Best盲tigungen (Ex. 99.1).
Gleichzeitig hat LTC BMO Capital Markets Corp., Bank of Montreal und Wedbush Securities Inc. aus der Vereinbarung entlassen. Es verbleibt eine nicht verkaufte Kapazit盲t von etwa 376,4 Millionen US-Dollar an Stammaktien. Alle anderen Bedingungen, einschlie脽lich der Emission unter dem Shelf Registration Statement Nr. 333-283158, bleiben unver盲ndert.
Die 脛nderung erh盲lt LTCs M枚glichkeit, Eigenkapital zu beschaffen oder Forward-Verk盲ufe zu t盲tigen, wobei die Nutzung der verbleibenden Kapazit盲t f眉r aktuelle Aktion盲re verw盲ssernd wirken k枚nnte.
- Expanded syndicate with RBC, BTIG and Nomura increases distribution reach and forward-sale optionality.
- $376.4 million remaining ATM capacity provides significant financing flexibility without immediate debt issuance.
- Potential dilution if the large unused ATM capacity is tapped aggressively.
- Termination of BMO, Bank of Montreal and Wedbush reduces counterparty diversity and may hint at weaker relationships.
Insights
TL;DR Neutral: ATM syndicate reshuffled; financing flexibility retained, dilution risk unchanged.
The amendment refreshes distribution capacity by bringing in RBC and BTIG鈥攆irms with broad institutional reach and proven forward-sale execution. Removing BMO/Bank of Montreal and Wedbush has little operational impact because $376.4 million (94%) of authority is still unused. No change to size, pricing mechanics or covenants, so the transaction neither strengthens nor weakens balance-sheet metrics today. Investors should monitor future ATM activity, as sizeable issuance could weigh on per-share FFO.
TL;DR Administrative realignment; modest strategic benefit, limited immediate earnings effect.
For a healthcare-focused REIT like LTC, diversified capital channels are essential. Adding RBC and Nomura expands counterparties able to structure forward equity, which can time share settlement to match acquisitions. However, only $23.6 million has been sold to date, hinting at limited near-term external growth needs. Terminating former agents may simply reflect low activity. The filing is not a sign of distress, but investors should weigh potential dilution against acquisition pipeline returns.
Il 5 agosto 2025, LTC Properties, Inc. ha modificato il suo accordo di distribuzione azionaria ATM (at-the-market) da 400 milioni di dollari, originariamente stipulato il 13 novembre 2024.
Le modifiche includono: (i) l'aggiunta di RBC Capital Markets LLC e BTIG LLC come agenti/venditori aggiuntivi; (ii) la designazione di RBC Capital Markets LLC e Nomura Securities International, Inc. (tramite BTIG) come venditori forward aggiuntivi; e (iii) la nomina di Royal Bank of Canada e Nomura Global Financial Products, Inc. come acquirenti forward aggiuntivi secondo nuove conferme master forward (Ex. 99.1).
Contemporaneamente, LTC ha terminato la collaborazione con BMO Capital Markets Corp., Bank of Montreal e Wedbush Securities Inc. nell鈥檃mbito dell鈥檃ccordo. Rimangono circa 376,4 milioni di dollari di capacit脿 di azioni ordinarie non vendute. Tutti gli altri termini, incluso l鈥檈missione secondo la Shelf Registration Statement n. 333-283158, restano invariati.
La revisione mantiene la capacit脿 di LTC di raccogliere capitale azionario o di effettuare vendite forward, anche se l鈥檜tilizzo della capacit脿 residua potrebbe risultare diluitivo per gli azionisti attuali.
El 5 de agosto de 2025, LTC Properties, Inc. modific贸 su acuerdo de distribuci贸n de acciones ATM (at-the-market) por 400 millones de d贸lares, originalmente fechado el 13 de noviembre de 2024.
La enmienda: (i) a帽ade a RBC Capital Markets LLC y BTIG LLC como agentes/vendedores adicionales; (ii) designa a RBC Capital Markets LLC y Nomura Securities International, Inc. (a trav茅s de BTIG) como vendedores forward adicionales; y (iii) nombra a Royal Bank of Canada y Nomura Global Financial Products, Inc. como compradores forward adicionales bajo nuevas confirmaciones maestras forward (Ex. 99.1).
Simult谩neamente, LTC 迟别谤尘颈苍贸 la relaci贸n con BMO Capital Markets Corp., Bank of Montreal y Wedbush Securities Inc. en el acuerdo. Queda una capacidad no vendida de acciones comunes de aproximadamente 376,4 millones de d贸lares. Todos los dem谩s t茅rminos, incluida la emisi贸n bajo el Shelf Registration Statement No. 333-283158, permanecen sin cambios.
La revisi贸n mantiene la capacidad de LTC para recaudar capital o realizar ventas forward, aunque el uso de la capacidad restante podr铆a resultar dilutivo para los accionistas actuales.
2025雲� 8鞗� 5鞚�, LTC Properties, Inc.電� 2024雲� 11鞗� 13鞚检棎 觳搓舶霅� 4鞏� 雼煬 攴滊鞚� ATM(鞁滌灔臧� 旮办) 欤检嫕 氚绊彫 瓿勳暯鞚� 靾橃爼頄堨姷雼堧嫟.
靾橃爼 雮挫毄鞚� 雼れ潓瓿� 臧欖姷雼堧嫟: (i) RBC Capital Markets LLC鞕赌 BTIG LLC毳� 於旉皜 韺愲Г 雽�毽澑/欤检泊搿� 韽暔; (ii) RBC Capital Markets LLC鞕赌 Nomura Securities International, Inc.(BTIG毳� 韱淀暣)毳� 於旉皜 靹犽弰 毵る弰鞚胳溂搿� 歆�鞝�; (iii) Royal Bank of Canada鞕赌 Nomura Global Financial Products, Inc.毳� 靸堧鞖� 毵堨姢韯� 靹犽弰 頇曥澑靹�(Ex. 99.1)鞐� 霐半澕 於旉皜 靹犽弰 毵れ垬鞚胳溂搿� 鞛勲獏.
霃欖嫓鞐� LTC電� BMO Capital Markets Corp., Bank of Montreal, Wedbush Securities Inc.毳� 瓿勳暯鞐愳劀 顷挫頄堨姷雼堧嫟. 鞎� 3鞏� 7,640毵� 雼煬 靸侂嫻鞚� 氤错喌欤� 鞛旍棳 氚滍枆 臧�電� 氍茧焿鞚� 雮晞 鞛堨姷雼堧嫟. 旮绊儉 氇摖 臁瓣贝鞚� Shelf Registration Statement No. 333-283158鞐� 霐半ジ 氚滍枆鞚� 韽暔頃橃棳 氤�瓴诫悩歆� 鞎婌晿鞀惦媹雼�.
鞚措矆 靾橃爼鞙茧 LTC電� 鞛愲掣 臁半嫭鞚措倶 靹犽弰 毵る弰毳� 瓿勳啀頃� 靾� 鞛堨溂雮�, 鞛旍棳 氍茧焿鞚� 頇滌毄鞚� 旮办〈 欤检＜鞐愱矊 頋劃 須臣毳� 臧�鞝胳槵 靾� 鞛堨姷雼堧嫟.
Le 5 ao没t 2025, LTC Properties, Inc. a modifi茅 son accord de distribution d鈥檃ctions ATM (at-the-market) d鈥檜n montant de 400 millions de dollars, initialement dat茅 du 13 novembre 2024.
L鈥檃mendement comprend : (i) l鈥檃jout de RBC Capital Markets LLC et BTIG LLC comme agents/vendeurs suppl茅mentaires ; (ii) la d茅signation de RBC Capital Markets LLC et de Nomura Securities International, Inc. (via BTIG) en tant que vendeurs 脿 terme suppl茅mentaires ; et (iii) la nomination de Royal Bank of Canada et Nomura Global Financial Products, Inc. comme acheteurs 脿 terme suppl茅mentaires selon de nouvelles confirmations ma卯tresses 脿 terme (Ex. 99.1).
Parall猫lement, LTC a mis fin 脿 sa collaboration avec BMO Capital Markets Corp., Bank of Montreal et Wedbush Securities Inc. dans le cadre de cet accord. Environ 376,4 millions de dollars de capacit茅 d鈥檃ctions ordinaires restent non vendus. Tous les autres termes, y compris l鈥櫭﹎ission sous la Shelf Registration Statement n掳 333-283158, restent inchang茅s.
La r茅vision conserve la capacit茅 de LTC 脿 lever des fonds propres ou 脿 effectuer des ventes 脿 terme, bien que l鈥檜tilisation de la capacit茅 restante puisse diluer les actionnaires actuels.
Am 5. August 2025 hat LTC Properties, Inc. seine 400 Millionen US-Dollar umfassende At-the-Market (ATM) Aktienvertriebsvereinbarung, die urspr眉nglich am 13. November 2024 datiert war, ge盲ndert.
Die 脛nderung umfasst: (i) die Aufnahme von RBC Capital Markets LLC und BTIG LLC als zus盲tzliche Verkaufsagenten/-vertreter; (ii) die Ernennung von RBC Capital Markets LLC und Nomura Securities International, Inc. (眉ber BTIG) als zus盲tzliche Forward-Verk盲ufer; sowie (iii) die Best盲tigung von Royal Bank of Canada und Nomura Global Financial Products, Inc. als zus盲tzliche Forward-K盲ufer gem盲脽 neuen Master-Forward-Best盲tigungen (Ex. 99.1).
Gleichzeitig hat LTC BMO Capital Markets Corp., Bank of Montreal und Wedbush Securities Inc. aus der Vereinbarung entlassen. Es verbleibt eine nicht verkaufte Kapazit盲t von etwa 376,4 Millionen US-Dollar an Stammaktien. Alle anderen Bedingungen, einschlie脽lich der Emission unter dem Shelf Registration Statement Nr. 333-283158, bleiben unver盲ndert.
Die 脛nderung erh盲lt LTCs M枚glichkeit, Eigenkapital zu beschaffen oder Forward-Verk盲ufe zu t盲tigen, wobei die Nutzung der verbleibenden Kapazit盲t f眉r aktuelle Aktion盲re verw盲ssernd wirken k枚nnte.
FAQ
What did LTC Properties (LTC) disclose in its Form 8-K dated August 5, 2025?
How much capacity remains under LTC鈥檚 at-the-market equity program?
Which new agents and forward counterparties were added to LTC鈥檚 agreement?
Which firms were removed from LTC鈥檚 equity distribution agreement?
Does the amendment change the total size of the equity distribution program?
Under which registration statement will future shares be issued?
