Armour (ARR) Director Jamie Behar Exercises Phantom Stock into 1,900 Shares

What Happened
Jamie Behar, a director of Armour Residential REIT, elected on August 21, 2026 to convert 1,900 vested phantom stock units into 1,900 shares of Armour common stock. The conversion was reported as an exercise/conversion of a derivative (transaction code M) at $0.00 per share, so no cash was paid and the reported transaction value is $0.

Key Details

• Transaction date: August 21, 2026 (Form 4 filed August 25, 2026). Filing date is within the usual two-business-day requirement.
• Reported entries: one "acquired" line (1,900 shares @ $0.00) and one "disposed (derivative)" line (1,900 shares @ $0.00) reflecting conversion of the derivative units.
• Shares owned after the transaction: not disclosed in the excerpt provided.
• Footnotes: F1 — the 1,900 shares were converted from vested phantom stock that vests over a five-year period and were previously reported on Form 4s (Feb 14, 2023; Dec 18, 2025; May 21, 2026). F2 — each phantom stock unit equals the economic equivalent of one common share.
• Transaction code meaning: M = exercise or conversion of a derivative security (here, phantom stock units).

Context
Phantom stock is a deferred compensation mechanism that mirrors the economic value of common shares; converting phantom units into actual shares typically involves no cash purchase and does not by itself signal a market view (unlike an open-market purchase). This transaction simply moved vested phantom units into common stock as previously granted and disclosed.