Macauley Desmond 4

What Happened
Macauley Desmond, Co‑Chief Investment Officer of Armour Residential REIT (ARR), was granted 50,000 phantom shares (a derivative equity award) on June 16, 2026. The award is reported at $0.00 (no cash purchase); these phantom units are the economic equivalent of ARMOUR common stock and will be settled in actual shares as they vest. No immediate shares were bought or sold in the open market.

Key Details

• Transaction date: June 16, 2026; Form 4 filed June 18, 2026 (timely filing).
• Transaction type/code: Grant / Award (derivative).
• Quantity and price: 50,000 phantom shares @ $0.00 (no cash paid).
• Vesting / settlement (per footnote): 2,500 phantom shares vest on each of Aug 20, Nov 20, Feb 20, and May 20 through May 20, 2031; upon vesting the holder is entitled to an equal number of ARMOUR common shares within 30 days.
• Footnotes: F1—each phantom share equals one share of ARMOUR common stock; F2—details the time‑based vesting schedule above.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context
Phantom share grants are a form of compensation/retention — they give the economic benefits of stock without an immediate share issuance. This award does not represent an open‑market purchase or sale and therefore is not a direct signal of immediate buying or selling intent. When phantom shares vest, they convert to actual common shares (subject to the stated schedule).