PAPERIN STEWART J 4

What Happened Stewart J. Paperin, a director of Armour Residential REIT, converted 1,900 vested phantom stock units into 1,900 shares of ARMOUR common stock on May 21, 2026. The conversion is reported as an exercise/conversion of a derivative (transaction code M) at $0.00 per share, so no cash changed hands in this transaction. The phantom units are economically equivalent to common shares and were part of a multi-year vesting award.

Key Details

• Transaction date: May 21, 2026; filing date: May 26, 2026 (filed five days after the transaction).
• Transaction type/code: Exercise/Conversion of derivative (M); 1,900 shares acquired @ $0.00; no proceeds reported.
• Shares owned after transaction: the filing does not state a total post-transaction holding; the 1,900 shares were added via conversion.
• Footnotes:
  • F1: The 1,900 shares converted were vested phantom stock units from a five-year vesting award previously reported on Form 4 filings (Feb 14, 2023; Dec 18, 2025; May 21, 2026).
  • F2: These shares are owned indirectly through the Stewart J. Paperin Family Trust (he has pecuniary interest and investment control).
  • F3: Each phantom stock unit equals one common share.
• Timeliness: The Form 4 was filed May 26, 2026, which appears later than the SEC’s typical two-business-day filing requirement for Form 4s.

Context Phantom stock conversions like this are a form of equity compensation that convert previously granted units into actual shares; they are not market purchases or sales and therefore do not directly signal buying or selling sentiment. Because the conversion was reported at $0.00, no cash or proceeds were involved—the reporting person simply took delivery of shares tied to a vested award.