BELL MARC H 4

What Happened

• Marc H. Bell, a director of Armour Residential REIT, converted vested phantom stock into 1,523 shares of Armour common stock on February 24, 2026. The filing shows conversions of 1,043 shares and 480 shares; the reported price per share was $0.00, so no cash was paid or received in the conversion.

Key Details

• Transaction date: February 24, 2026. Transaction code: M (exercise/conversion of derivative).
• Shares converted: 1,043 + 480 = 1,523 common shares.
• Price: $0.00 per share; total cash paid/received reported as $0.
• Shares owned after transaction: not specified in the Form 4 filing.
• Relevant footnotes: the 1,043 shares relate to phantom stock vesting over five-year periods (previously reported on Form 4s dated Feb 14, 2023 and Dec 18, 2025); the 480 shares relate to phantom stock vesting over ~6.5 years (reported Jan 14, 2021). Each phantom unit is economically equivalent to one common share.
• Filing timeliness: Form 4 was filed Feb 26, 2026 reporting the Feb 24, 2026 conversion (no late filing indicated).

Context

• This was a conversion of vested phantom stock units into common shares (not an open-market purchase or sale). Phantom stock is typically a compensation vehicle that tracks the economic value of shares; conversions upon vesting are generally routine and reflect the vesting schedule rather than an active market trade.