Armour Residential director exercises phantom stock

Armour Residential REIT director Z. Jamie Behar reported a routine equity compensation transaction.

Rhea-AI Filing Summary

Armour Residential REIT director Z. Jamie Behar reported a routine equity compensation transaction. On February 24, 2026, Behar elected to convert 1,043 vested phantom stock units into 1,043 shares of common stock at a stated price of $0.00 per share.

Each phantom stock unit is the economic equivalent of one share of common stock. Following the transaction, Behar directly holds 13,544 shares of common stock and 15,014 units of phantom stock, reflecting an internal shift from derivative to non-derivative holdings rather than an open‑market purchase or sale.

Insider Trade Summary

1,043 shares exercised/converted

Exercise 2 txns

Insider Behar Z Jamie

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock	1,043	$0.00	$0.00
Exercise	Common Stock, par value $0.001 per share	1,043	$0.00	$0.00

Holdings After Transaction: Phantom Stock — 15,014 contracts (Direct); Common Stock, par value $0.001 per share — 13,544 shares (Direct)

Footnotes (2)

1. F1. On February 24, 2026, the reporting person elected to convert 1,043 shares of vested phantom stock into 1,043 shares of ARMOUR common stock. The 1,043 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 and December 18, 2025.
2. F2. Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ARR director Z. Jamie Behar report?

Z. Jamie Behar reported converting 1,043 phantom stock units into 1,043 ARR common shares. This was an exercise of vested phantom stock, not an open-market trade, and reflects movement between derivative and common stock holdings under the company’s equity compensation structure.

How many Armour Residential (ARR) shares does Behar hold after this Form 4?

After the transaction, Behar directly holds 13,544 shares of ARR common stock. In addition, Behar holds 15,014 units of phantom stock, which are economically equivalent to common shares but treated as derivative equity compensation rather than regular stock holdings.

Was Behar’s ARR Form 4 transaction a stock purchase or sale?

The transaction was an exercise or conversion, not a market buy or sell. Behar elected to convert 1,043 vested phantom stock units into 1,043 common shares at a stated price of $0.00 per share under the company’s compensation arrangements.

What is phantom stock in the context of Armour Residential (ARR)?

Phantom stock is an equity-based award economically equivalent to common shares. For ARR, each phantom stock unit carries the same economic value as one share of common stock, and vested units can be converted into actual shares, as Behar did with 1,043 units.

Does Behar’s Form 4 indicate a change in ARR ownership through the market?

No, the Form 4 reflects an internal compensation-related conversion. The 1,043-share increase in common stock came from converting vested phantom stock units at $0.00 per share, rather than buying or selling shares in open-market or privately negotiated transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/26/2026 - 04:04 PM 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^*

Behar Z Jamie

(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)
02/24/2026

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	02/24/2026		M(1)		1,043	A	$0	13,544	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	(2)	02/24/2026		M			1,043	(1)	(1)	Common Stock	1,043	$0	15,014	D

Explanation of Responses:

1. On February 24, 2026, the reporting person elected to convert 1,043 shares of vested phantom stock into 1,043 shares of ARMOUR common stock. The 1,043 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 and December 18, 2025.

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

Remarks:

	/s/ Z. Jamie Behar	02/26/2026
	** 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.