Armour Residential REIT insider converts phantom stock to ARR shares

Rhea-AI Filing Summary

Armour Residential REIT, Inc. (ARR) director Stewart J. Paperin reported an insider equity transaction. On November 21, 2025 he converted 540 shares of vested phantom stock into 540 shares of ARR common stock at a price of $0 per share. Each phantom stock unit is the economic equivalent of one share of ARR common stock.

Following this transaction, he held 3,200 shares of ARR common stock directly and 6,386 shares indirectly through the Stewart J. Paperin Family Trust, over which he has pecuniary interest and investment control. The filing indicates this conversion relates to phantom stock awards that vest over five-year periods previously reported in earlier Form 4 filings.

Insider Trade Summary

540 shares exercised/converted

Mixed 3 txns

Insider PAPERIN STEWART J

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock	540	$0.00	--
Exercise	Common Stock, par value $0.001 per share	540	$0.00	--
holding	Common Stock, par value $0.001 per share	--	--	--

Holdings After Transaction: Phantom Stock — 3,200 shares (Direct); Common Stock, par value $0.001 per share — 6,386 shares (Indirect, See Footnote); Common Stock, par value $0.001 per share — 208 shares (Direct)

Footnotes (1)

1. On November 21, 2025, the reporting person elected to convert 540 shares of vested phantom stock into 540 shares of ARMOUR common stock. The 540 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 reports filed by the reporting person on January 14, 2021 and February 14, 2023. 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.

Form 4 Insider Transactions: What Each Field Means →

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 FL 32963

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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

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

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

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	11/21/2025		M(1)		540	A	$0	6,386	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)	11/21/2025		M			540	(1)	(1)	Common Stock	540	$0	3,200	D

Explanation of Responses:

1. On November 21, 2025, the reporting person elected to convert 540 shares of vested phantom stock into 540 shares of ARMOUR common stock. The 540 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 reports filed by the reporting person on January 14, 2021 and February 14, 2023.

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	11/21/2025
	** 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.
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FAQ

What insider transaction did ARR director Stewart J. Paperin report?

Stewart J. Paperin reported converting 540 shares of vested phantom stock into 540 shares of Armour Residential REIT (ARR) common stock on November 21, 2025.

What is phantom stock in the context of ARR's Form 4 filing?

The filing states that each unit of phantom stock is the economic equivalent of one share of ARR common stock, and can be converted into common shares.

How many Armour Residential REIT (ARR) shares does Stewart J. Paperin own after the transaction?

After the reported transaction, Stewart J. Paperin beneficially owns 3,200 ARR common shares directly and 6,386 ARR common shares indirectly through the Stewart J. Paperin Family Trust.

How were the indirect ARR shares held by Stewart J. Paperin structured?

The filing explains that 6,386 shares are held indirectly through the Stewart J. Paperin Family Trust, where he has pecuniary interest and investment control.

Was there a purchase price for the ARR shares received from phantom stock conversion?

According to the Form 4, the 540 ARR common shares received from the phantom stock conversion were acquired at a stated price of $0 per share.

What is Stewart J. Paperin’s role at Armour Residential REIT (ARR)?

The Form 4 identifies Stewart J. Paperin as a Director of Armour Residential REIT, Inc. (ARR).