Stewart J. Paperin - May 24, 2021 Form 4 Insider Report for Armour Residential REIT, Inc. (ARR)

Role: Director
Signature: /s/ Stewart J. Paperin
Stock symbol: ARR
Transactions as of: May 24, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/26/2021, 09:48 PM
Next filing: Jun 29, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARR	Common Stock, par value $0.001 per share	Options Exercise	$0	+2.85K	+5.5%	$0.00	54.6K	May 24, 2021	See Footnote	F1, F2
holding	ARR	Common Stock, par value $0.001 per share						1.04K	May 24, 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARR	Phantom Stock	Options Exercise	$0	-2.85K	-15.28%	$0.00	15.8K	May 24, 2021	Common Stock	2.85K		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On May 24, 2021, the reporting person elected to convert 2,850 shares of vested phantom stock into 2,850 shares of ARMOUR common stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.
F2	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.
F3	Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.