Losyev Sergey 4

What Happened
Sergey Losyev, Co‑Chief Investment Officer of Armour Residential REIT (ARR), reported that 1,500 vested units of phantom stock converted on Feb 24, 2026. He elected to convert 1,130 of those phantom units into 1,130 shares of Armour common stock (acquired at $0 exercise price) and to convert the remaining 370 units into cash to cover income taxes, resulting in $6,619 in proceeds (370 shares disposed at $17.89 each). These transactions reflect compensation vesting rather than an open‑market buy or sell.

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (appears timely).
• Conversions/exercises (code M): 1,500 phantom units converted; 1,130 units → 1,130 shares acquired at $0.00; 1,500 units also shown as derivative disposal for record-keeping.
• Tax withholding (code F): 370 phantom units converted to cash at $17.89/share for $6,619 to satisfy income tax withholding.
• Reported holdings note: 60.539 shares are held in the reporting person’s self‑directed rollover IRA (7.695 of those from dividend reinvestment since Mar 28, 2024).
• Footnotes: Each phantom stock unit is economically equivalent to one share of Armour common stock; the 1,500 units relate to phantom stock vesting previously reported (Form 4 on Apr 30, 2025).

Context
This was a routine compensation vesting event (phantom stock conversion) with partial cash‑out to cover taxes — effectively a cashless outcome for the tax portion. Such conversions are common for employees and don’t necessarily signal an insider view on the company’s near‑term stock direction.