Armour (ARR) Director Stewart Paperin Converts 1,900 Phantom Shares

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 August 21, 2026. The Form 4 shows an acquisition of 1,900 shares at $0.00 per share and a corresponding disposition of 1,900 derivative units (code M), indicating the phantom units were exchanged for actual shares. The filing reports $0 cash exchanged for the conversion.

Key Details

• Transaction date: August 21, 2026; Form 4 filed August 25, 2026.
• Reported transaction codes: M (exercise/conversion of derivative).
• Quantity: 1,900 phantom units converted into 1,900 common shares. Price reported: $0.00 per share.
• Footnotes: (F1) The 1,900 shares converted were vested phantom stock units tied to a five‑year vesting award previously disclosed (Forms filed Feb 14, 2023; Dec 18, 2025; May 21, 2026). (F3) Each phantom unit equals one share of common stock. (F2) Shares are owned indirectly through the Stewart J. Paperin Family Trust; Mr. Paperin has pecuniary interest and investment control.
• Post‑transaction beneficial ownership: not specified in this filing.

Context This was a conversion of vested phantom stock units (a form of deferred/share‑equivalent award) into common shares, not an open‑market purchase or sale. The filing records no cash paid on conversion (reported $0.00 per share). Conversions of vested awards are routine compensation events and do not by themselves indicate a buy/sell market signal; check other filings if Paperin later sells the shares.