Armour Residential (ARR) CEO Scott Ulm Converts Phantom Stock

What Happened

• Scott Ulm, CEO and director of Armour Residential (ARR), converted 10,880 vested phantom stock units on August 21, 2026. He received 6,528 shares of ARMOUR common stock and elected to convert 4,352 units into cash to cover income taxes. The cash conversion resulted in proceeds of $71,025 (4,352 shares × $16.32 per share). The phantom units had a $0 exercise price (economic-equivalent units).

Key Details

• Transaction date: August 21, 2026.
• Conversions: 10,880 phantom units converted; 6,528 units -> 6,528 shares acquired; 4,352 units -> cash disposed to cover taxes.
• Tax withholding value: $71,025 (4,352 shares at $16.32).
• Reported transaction codes: M = exercise/conversion of derivative; F = payment of tax liability via withholding.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: Phantom stock units are economic equivalents of one share each (F2). The units converted came from multiple prior phantom stock grants with various vesting schedules (F1).

Context

• This was a routine conversion of vested phantom stock with part of the award sold/converted solely to satisfy tax withholding — not an open-market sale for cash beyond taxes. Phantom stock is a deferred-compensation mechanism that mirrors share value; converting units into shares is similar to exercising a cashless award. Such transactions typically reflect vesting and compensation mechanics rather than a directional bet by the insider.