Form 4: Armour Residential Director Converts Phantom Stock

Armour Residential REIT Director Z. Jamie Behar converted 540 vested phantom stock units into common stock on November 21, 2025.

Summary

• Z. Jamie Behar, a Director of Armour Residential REIT, Inc. (ARR), converted 540 shares of vested phantom stock into 540 shares of the company's common stock.
• The transaction occurred on November 21, 2025, with a transaction price of $0 for the conversion.
• Following this conversion, Behar directly owns 12,501 shares of common stock.
• Behar also continues to beneficially own 3,200 units of phantom stock.
• Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

Sentiment

Score: 6

Explanation: The conversion of vested phantom stock into common shares by a director is a routine compensation event that increases insider ownership, generally viewed as a neutral to slightly positive signal for shareholder alignment.

Positives

• Increases direct ownership of common stock by a director, aligning their interests more closely with shareholders.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Director Z. Jamie Behar converted 540 vested phantom stock units into common stock of Armour Residential REIT, Inc. This is a routine compensation-related transaction between an insider and the company.

Stakeholder Impact

• Shareholders: Increased alignment of the director's interests with shareholders due to higher direct stock ownership.
• Management/Directors: Reflects the execution of a standard equity compensation plan for directors.

Key Dates

Recommendation

This Form 4 reports a routine conversion of vested phantom stock into common shares by a director, which is a standard compensation event and does not provide new information warranting a change in investment recommendation. It slightly increases insider ownership, which is generally a neutral to slightly positive signal for shareholder alignment.

Keywords

Armour Residential REIT, ARR, Z. Jamie Behar, Form 4, Insider Transaction, Phantom Stock, Common Stock, Director, Equity Conversion