Behar Z Jamie 4

What Happened
Jamie Behar, 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/derivative exercise carried an effective price of $0.00, so no cash was paid and the reported transaction value is $0. This was not a market purchase or sale of shares but a conversion of an equity award.

Key Details

• Transaction date: May 21, 2026. Transaction code: M (exercise/conversion of derivative).
• Shares converted/acquired: 1,900 common shares; derivative units disposed: 1,900 phantom units. Price per share: $0.00; total cash paid: $0.
• Shares owned after transaction: not specified in the filing.
• Footnotes: (F1) The 1,900 shares were part of phantom stock vesting over a five-year period and relate to prior Form 4 filings (Feb 14, 2023; Dec 18, 2025; May 21, 2026). (F2) Each phantom unit equals the economic equivalent of one common share.
• Filing timeliness: Form 4 was filed May 26, 2026 for a May 21 transaction; the filing is timely (meets SEC Form 4 business-day reporting requirements).

Context
Phantom stock is a deferred-equity award that mirrors the economic value of actual shares. Converting phantom units to common stock is an award/vesting event rather than an open-market purchase or sale, so it should not be interpreted as a traditional buy/sell signal. No immediate sale of the acquired shares was reported.