Armour Residential director exercises 1,900 phantom units

Armour Residential REIT director Z Jamie Behar exercised phantom stock into common shares.

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Form Type

Rhea-AI Filing Summary

Armour Residential REIT director Z Jamie Behar exercised phantom stock into common shares. On May 21, 2026, Behar converted 1,900 vested phantom stock units into 1,900 shares of Armour common stock, a compensation-related derivative exercise rather than an open-market trade. Following the transaction, Behar directly holds 15,444 common shares and 30,254 phantom stock units, each economically equivalent to one common share.

Insider Trade Summary

1,900 shares exercised/converted

Exercise 2 txns

Insider Behar Z Jamie

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock	1,900	$0.00	$0.00
Exercise	Common Stock, par value $0.001 per share	1,900	$0.00	$0.00

Holdings After Transaction: Phantom Stock — 30,254 contracts (Direct); Common Stock, par value $0.001 per share — 15,444 shares (Direct)

Footnotes (2)

F1. 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.
F2. Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

Key Figures

Phantom units converted: 1,900 units Common shares received: 1,900 shares Common shares after transaction: 15,444 shares +2 more

5 metrics

Phantom units converted 1,900 units Converted into common stock on May 21, 2026

Common shares received 1,900 shares Shares of Armour Residential REIT common stock acquired via conversion

Common shares after transaction 15,444 shares Direct common stock holdings following the May 21, 2026 exercise

Phantom stock units after transaction 30,254 units Remaining phantom stock position after 1,900-unit conversion

Exercise transactions 1 transaction, 1,900 shares Derivative exercise count and shares from transactionSummary

Key Terms

Phantom Stock, economic equivalent, derivative exercise/conversion, Form 4

4 terms

Phantom Stock financial

"The 1,900 shares are part of, and relate to, phantom stock vesting over a five-year period"

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"

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

Form 4 regulatory

"which was reported on a Form 4 filed by the reporting person"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transaction did Armour Residential REIT (ARR) report for Z Jamie Behar?

Armour Residential REIT reported that director Z Jamie Behar converted 1,900 vested phantom stock units into 1,900 shares of common stock. This was a derivative exercise tied to prior equity awards, not an open-market purchase or sale of ARR shares.

Was the Z Jamie Behar Form 4 for Armour Residential REIT (ARR) a stock sale or purchase?

The Form 4 for Z Jamie Behar did not show an open-market sale or purchase. It reported the exercise and conversion of 1,900 phantom stock units into 1,900 common shares, reflecting compensation-related equity settlement rather than a discretionary trade in ARR stock.

How many Armour Residential REIT (ARR) common shares does Z Jamie Behar hold after this transaction?

After converting phantom stock, Z Jamie Behar directly holds 15,444 shares of Armour Residential REIT common stock. This post-transaction holding reflects the addition of 1,900 shares received from the May 21, 2026 derivative exercise and conversion reported on the Form 4.

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

In this filing, each unit of phantom stock is the economic equivalent of one share of Armour Residential REIT common stock. It represents a deferred equity-based award that can be converted into common shares, as seen in the 1,900-unit conversion on May 21, 2026.

How many phantom stock units does Z Jamie Behar hold in Armour Residential REIT (ARR) after the Form 4 transaction?

Following the May 21, 2026 exercise, Z Jamie Behar holds 30,254 phantom stock units. These units vest over a five-year period and are economically equivalent to Armour Residential REIT common shares, according to the footnote disclosure in the Form 4.

What does the May 21, 2026 phantom stock conversion mean for ARR shareholders?

The May 21, 2026 conversion reflects routine settlement of equity compensation for director Z Jamie Behar. It added 1,900 common shares to the director’s holdings while reducing phantom units, but did not involve open-market buying or selling of ARR shares by the insider.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:35 PM EDT

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

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)
05/21/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	05/21/2026		M⁽¹⁾		1,900	A	$0	15,444	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock	⁽²⁾	05/21/2026		M			1,900	⁽¹⁾	⁽¹⁾	Common Stock	1,900	$0	30,254	D

Explanation of Responses:

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.

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

Remarks:

	/s/ Z. Jamie Behar	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR