Armour (ARR) Director Carolyn Downey Converts Phantom Stock

What Happened Carolyn Downey, a director of Armour Residential REIT, converted 1,900 vested units of phantom stock on August 21, 2026. She elected to receive 950 shares of Armour common stock (acquired at no cash exercise price) and to convert the remaining 950 units to cash to cover income taxes—950 shares were withheld at $16.32 each for $15,504.

Key Details

• Transaction date: August 21, 2026; Form 4 filed August 25, 2026 (filed within the standard 2-business-day window).
• Conversions/exercise: 1,900 phantom stock units converted (reported under code M).
• Withholding/tax payment: 950 phantom units converted to cash (reported under code F) at $16.32 per share, totaling $15,504.
• Acquisition: 950 shares of ARMOUR common stock were issued to Downey (no cash exercise price).
• Footnotes: The 1,900 units were vested phantom stock that vests over five-year periods and were part of earlier grants (previously reported on Forms 4 dated Feb 14, 2023; Dec 18, 2025; May 21, 2026). Each phantom unit equals the economic equivalent of one ARMOUR share.
• Shares owned after the transaction: not specified in the filing.

Context Phantom stock is an award that tracks the value of common shares; conversion here is effectively receiving stock value rather than a market purchase. Downey’s transaction was a routine vesting/conversion with tax withholding (a common administrative step), not an open-market sale or buy. Such conversions are typically administrative and do not, by themselves, indicate a change in insider investment sentiment.