ULM SCOTT 4
4 · Armour Residential REIT, Inc. · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
Armour (ARR) CEO Scott Ulm Converts Phantom Stock to 2,028 Shares
What Happened
Scott Ulm, CEO and a director of Armour Residential REIT (ARR), converted 3,380 vested phantom stock units on February 24, 2026. He received 2,028 actual shares of ARMOUR common stock and converted the remaining 1,352 phantom units to cash to cover income tax withholding (1,352 units × $17.89 = $24,187). The phantom units have no exercise price; the common shares received are valued at approximately $17.89 per share (2,028 × $17.89 ≈ $36,281).
Key Details
- Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (timely).
- Conversion/exercise type: phantom stock conversion (derivative transaction, code M) and tax withholding via cash settlement (code F).
- Shares acquired: 2,028 common shares issued to Ulm.
- Shares disposed/withheld for taxes: 1,352 phantom units converted to cash for $24,187.
- Per-share value used for the tax withholding: $17.89.
- Shares owned after the transaction: not disclosed in the provided excerpt of the filing.
- Footnotes: Each phantom unit equals one share of ARMOUR common stock. The 3,380 units relate to previously reported phantom stock grants (reported on Form 4s filed Jan 14, 2021 and Feb 16, 2023).
Context
Phantom stock is an award that mirrors the economic value of shares; converting vested phantom units into shares is effectively receiving a stock award. The cash conversion of a portion of the units to cover taxes is a routine withholding practice and does not necessarily indicate a separate open‑market sale. Purchases or direct buys by insiders can be more indicative of bullishness; this filing documents a standard vesting/conversion and tax withholding event.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-24+3,380→ 76,182 total - Tax Payment
Common Stock, par value $0.001 per share
[F1]2026-02-24$17.89/sh−1,352$24,187→ 74,830 total - Exercise/Conversion
Phantom Stock
[F2][F1]2026-02-24−3,380→ 36,870 total→ Common Stock (3,380 underlying)
Footnotes (2)
- [F1]On February 24, 2026, the reporting person elected to convert 2,028 of the 3,380 shares of vested phantom stock into 2,028 shares of ARMOUR common stock. The reporting person elected to convert the remaining 1,352 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,380 shares are part of, and relate to phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021 and phantom stock vesting over a seven-year period, which was reported on a Form 4 report filed by the reporting person on February 16, 2023.
- [F2]Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.