BELL MARC H 4

What Happened
Marc H. Bell, a director of Armour Residential REIT, converted vested phantom stock into 1,900 shares and 480 shares (total 2,380 shares) of ARMOUR common stock on May 21, 2026. Each conversion shows a $0.00 price (no cash paid) — the filing records both the acquisition of common shares and disposition/cancellation of the corresponding phantom units (derivative entries).

Key Details

• Transaction date: May 21, 2026; Report filed: May 26, 2026 (filing appears late).
• Transaction type/code: Conversion of phantom stock (derivative exercise/conversion, code M).
• Shares converted/acquired: 1,900 shares and 480 shares = 2,380 shares total. Price per share reported: $0.00; total cash exchanged: $0.
• Post-transaction shares owned: Not disclosed in the provided filing excerpt.
• Footnotes: F1/F2 note these shares came from vested phantom stock that vested under multi-year schedules (five-year and six-and-a-half-year vesting periods) and were previously reported on earlier Form 4s; F3 clarifies each phantom unit equals one common share.
• No sale, tax withholding, or 10b5-1 plan was reported in the disclosed entries.

Context
Phantom stock is a non‑stock award that tracks the economic value of company shares; converting phantom units into common shares is effectively receiving company stock without an open‑market purchase. This type of transaction does not indicate a market sale and does not necessarily reflect a buying signal in the open market. The filing date (May 26) is after the transaction date (May 21), which suggests the Form 4 may have been filed late.