Behar Z Jamie 4

What Happened
Jamie Behar, a director of Armour Residential REIT, converted 1,043 vested phantom stock units into 1,043 shares of ARMOUR common stock on February 24, 2026. The conversion was reported as derivative activity (transaction code M); the shares were issued at $0.00, so no cash changed hands.

Key Details

• Transaction date: February 24, 2026; Filing date: February 26, 2026 (filed within the typical 2-business-day Form 4 window).
• Reported transactions: 1,043 shares acquired via conversion of phantom stock (listed at $0.00). The filing also shows the corresponding extinguishment of the derivative instrument.
• Shares owned after the transaction: not specified in the provided filing details.
• Footnotes: F1 notes these 1,043 shares were vested phantom stock units and relate to a five-year vesting award previously reported on Form 4 filings dated Feb 14, 2023 and Dec 18, 2025. F2 clarifies each phantom stock unit is economically equivalent to one share of ARMOUR common stock.
• No sale or open-market purchase occurred; this was a conversion of an award/derivative.

Context
Phantom stock is a form of equity-based compensation that tracks the value of company shares; converting vested phantom units into common shares is generally administrative (not a market buy or sell). Because no cash was paid or received, this conversion does not by itself signal buying or selling intent.