Armour Residential REIT (ARR) director converts 1,900 phantom stock units into shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Armour Residential REIT director Stewart J. Paperin reported a compensation-related equity change involving phantom stock. On May 21, 2026, he elected to convert 1,900 vested phantom stock units into 1,900 shares of Armour common stock, as described in the footnotes.
The converted shares are held indirectly through the Stewart J. Paperin Family Trust, where he has pecuniary interest and investment control, bringing that trust’s indirect common stock holdings to 11,250 shares. Paperin also holds 208 common shares directly and continues to hold 30,254 units of phantom stock after the transaction, indicating this is an exercise-and-hold style conversion rather than a sale.
Positive
- None.
Negative
- None.
Insider Trade Summary
1,900 shares exercised/converted
Mixed
3 txns
Insider
PAPERIN STEWART J
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Stock | 1,900 | $0.00 | -- |
| Exercise | Common Stock, par value $0.001 per share | 1,900 | $0.00 | -- |
| holding | Common Stock, par value $0.001 per share | -- | -- | -- |
Holdings After Transaction:
Phantom Stock — 30,254 shares (Direct, null);
Common Stock, par value $0.001 per share — 11,250 shares (Indirect, See Footnote);
Common Stock, par value $0.001 per share — 208 shares (Direct, null)
Footnotes (1)
- On May 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 a Form 4 filed by the reporting person on February 14, 2023, December 18, 2025 and May 21, 2026. 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. Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.
Key Figures
Phantom stock converted: 1,900 units
Shares received from conversion: 1,900 shares
Indirect common shares after transaction: 11,250 shares
+3 more
6 metrics
Phantom stock converted
1,900 units
Converted into 1,900 shares of common stock on May 21, 2026
Shares received from conversion
1,900 shares
Common stock issued upon phantom stock conversion
Indirect common shares after transaction
11,250 shares
Held through Stewart J. Paperin Family Trust after conversion
Direct common shares
208 shares
Directly held common stock following the reported transactions
Phantom stock remaining
30,254 units
Phantom stock units outstanding after exercising 1,900 units
Exercise price
$0.0000 per unit
Reported conversion or exercise price for phantom stock units
Key Terms
phantom stock, economic equivalent, pecuniary interest, Family Trust, +1 more
5 terms
phantom stock financial
"Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock."
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 of ARMOUR common stock."
pecuniary interest financial
"Mr. Paperin has a pecuniary interest in and investment control over the shares held by the Trust."
Family Trust financial
"Represents shares owned indirectly through the Stewart J. Paperin Family Trust."
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
What insider transaction did ARR director Stewart J. Paperin report?
Stewart J. Paperin reported converting 1,900 vested phantom stock units into 1,900 shares of Armour Residential REIT common stock. This was a compensation-related derivative exercise, with no open-market share sale disclosed in the transaction details or footnotes.
How many phantom stock units does Stewart J. Paperin still hold at Armour Residential REIT?
After converting 1,900 vested phantom stock units, Stewart J. Paperin holds 30,254 units of phantom stock. Footnotes explain these phantom stock units vest over a five-year period and mirror the economic value of Armour Residential REIT common stock.