Armour REIT director converts 1,900 phantom units

Armour Residential REIT, Inc. (ARR) director Stewart J. Paperin elected on August 21, 2026 to convert 1,900 units of vested phantom stock into 1,900 shares of common stock.

Rhea-AI Filing Summary

Armour Residential REIT, Inc. (ARR) director Stewart J. Paperin elected on August 21, 2026 to convert 1,900 units of vested phantom stock into 1,900 shares of common stock. The phantom units, each economically equivalent to one common share, were disposed of, while the resulting common shares are held indirectly through the Stewart J. Paperin Family Trust, over which he has investment control. Following these transactions, he holds 28,354 units of phantom stock, 14,095 shares of common stock indirectly, and 208 shares directly.

Insider Trade Summary

1,900 shares exercised/converted

Exercise 3 txns

Insider PAPERIN STEWART J

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock F3, F1	1,900	$0.00	$0.00
Exercise	Common Stock, par value $0.001 per share F1, F2	1,900	$0.00	$0.00
holding	Common Stock, par value $0.001 per share	--	--	--

Holdings After Transaction: Phantom Stock — 28,354 contracts (Direct); Common Stock, par value $0.001 per share — 14,095 shares (Indirect, See Footnote); Common Stock, par value $0.001 per share — 208 shares (Direct)

Footnotes (3)

1. F1. On August 21, 2026, the reporting person elected to convert 1,900 shares of vested phantom stock into 1,900 shares of ARMOUR common stock. The 1,900 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4 reports filed by the reporting person on February 14, 2023, December 18, 2025 and May 21, 2026.
2. F2. Represents shares owned indirectly through the Stewart J. Paperin Family Trust. Mr. Paperin has a pecuniary interest in and investment control over the shares held by the Trust.
3. F3. Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

Key Figures

Phantom stock units converted: 1,900 units Common shares received upon conversion: 1,900 shares Phantom stock units held after transaction: 28,354 units +2 more

5 metrics

Phantom stock units converted 1,900 units Vested phantom stock converted into common stock on August 21, 2026

Common shares received upon conversion 1,900 shares Common stock acquired indirectly via conversion on August 21, 2026

Phantom stock units held after transaction 28,354 units Phantom stock balance following the derivative transaction

Indirect common stock holdings after transaction 14,095 shares Shares held through the Stewart J. Paperin Family Trust

Direct common stock holdings after transaction 208 shares Directly owned Armour Residential REIT, Inc. common shares

Key Terms

phantom stock, economic equivalent, pecuniary interest, indirectly through the Stewart J. Paperin Family Trust

4 terms

phantom stock financial

"Each unit of phantom stock is the economic equivalent of one share"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

economic equivalent financial

"Each unit of phantom stock is the economic equivalent of one share"

pecuniary interest financial

"Mr. Paperin has a pecuniary interest in and investment control"

indirectly through the Stewart J. Paperin Family Trust financial

"Represents shares owned indirectly through the Stewart J. Paperin Family Trust"

FAQ

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What insider transaction did ARR director Stewart J. Paperin report on this Form 4?

Stewart J. Paperin reported converting 1,900 units of vested phantom stock into 1,900 shares of Armour Residential REIT, Inc. common stock on August 21, 2026. The phantom units were disposed of and the resulting common shares are held indirectly through the Stewart J. Paperin Family Trust.

How many ARR phantom stock units did Stewart J. Paperin convert and what did he receive?

He converted 1,900 units of phantom stock into 1,900 shares of common stock of Armour Residential REIT, Inc. Each unit of phantom stock is described as the economic equivalent of one share of ARR common stock.

What are Stewart J. Paperin’s ARR phantom stock holdings after the reported transaction?

After the August 21, 2026 transaction, Stewart J. Paperin holds 28,354 units of phantom stock in Armour Residential REIT, Inc. These units remain as derivative, cash-settled equity equivalents separate from his common stock holdings.

How many ARR common shares does Stewart J. Paperin own indirectly after the Form 4 transactions?

Following the reported transactions, Stewart J. Paperin indirectly owns 14,095 shares of Armour Residential REIT, Inc. common stock through the Stewart J. Paperin Family Trust. He has a pecuniary interest in, and investment control over, the shares held by the trust.

Does Stewart J. Paperin hold any ARR common shares directly after this Form 4?

Yes. In addition to his indirect trust holdings, Stewart J. Paperin holds 208 shares of Armour Residential REIT, Inc. common stock directly, as reported in the holdings line of the Form 4.

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Available on EDGAR 08/25/2026 - 04:22 PM EDT Accepted by SEC EDGAR 08/25/2026 - 04:21 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PAPERIN STEWART J

(Last) (First) (Middle)

3001 OCEAN DRIVE

SUITE #201

(Street)

VERO BEACH FLORIDA 32963

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Armour Residential REIT, Inc. [ ARR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	08/21/2026		M(1)		1,900	A	$0	14,095	I	See Footnote(2)
Common Stock, par value $0.001 per share								208	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(3)	08/21/2026		M			1,900	(1)	(1)	Common Stock	1,900	$0	28,354	D

Explanation of Responses:

1. On August 21, 2026, the reporting person elected to convert 1,900 shares of vested phantom stock into 1,900 shares of ARMOUR common stock. The 1,900 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4 reports filed by the reporting person on February 14, 2023, December 18, 2025 and May 21, 2026.

2. Represents shares owned indirectly through the Stewart J. Paperin Family Trust. Mr. Paperin has a pecuniary interest in and investment control over the shares held by the Trust.

3. Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

Remarks:

	/s/ Stewart J. Paperin	08/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)