ARR

SEC source: 0001428205-23-000051 · wf-form4_167718746654102.xml · nonDerivative · entry 2

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,347

F1 · kind: On February 21, 2023, the reporting person elected to convert 6,001 of the 8,300 shares s of vested phantom stock into 6,001 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,299 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 8,300 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 16, 2020 and 8/26/2020, phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021 and phantom stock vesting over a seven-year period, which was reported on a Form 4 report filed by the reporting person on February 16, 2023.

SEC source: 0001428205-23-000051 · wf-form4_167718746654102.xml · nonDerivative · entry 1

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,646

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On February 21, 2023, the reporting person elected to convert 6,001 of the 8,300 shares s of vested phantom stock into 6,001 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,299 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 8,300 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 16, 2020 and 8/26/2020, phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021 and phantom stock vesting over a seven-year period, which was reported on a Form 4 report filed by the reporting person on February 16, 2023.

SEC source: 0001428205-23-000053 · wf-form4_167718778182773.xml · derivative · entry 3

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,900

Underlying: Common Stock · 2,600 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On February 21, 2023, the reporting person elected to convert 1,300 shares out of 2,600 shares of vested phantom stock into 1,300 shares of ARMOUR common stock. The person elected to convert the remaining 1,300 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

F1 · derivative.expiration_date: On February 21, 2023, the reporting person elected to convert 1,300 shares out of 2,600 shares of vested phantom stock into 1,300 shares of ARMOUR common stock. The person elected to convert the remaining 1,300 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

SEC source: 0001428205-23-000053 · wf-form4_167718778182773.xml · nonDerivative · entry 2

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,769

F1 · kind: On February 21, 2023, the reporting person elected to convert 1,300 shares out of 2,600 shares of vested phantom stock into 1,300 shares of ARMOUR common stock. The person elected to convert the remaining 1,300 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

SEC source: 0001428205-23-000053 · wf-form4_167718778182773.xml · nonDerivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,069

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On February 21, 2023, the reporting person elected to convert 1,300 shares out of 2,600 shares of vested phantom stock into 1,300 shares of ARMOUR common stock. The person elected to convert the remaining 1,300 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

SEC source: 0001428205-23-000048 · wf-form4_167718723571429.xml · derivative · entry 2

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,900

Underlying: Common Stock · 2,600 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On February 21, 2023, the reporting person elected to convert 2600 shares out of 2600 shares of vested phantom stock into 2,600 shares of ARMOUR common stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

F1 · derivative.expiration_date: On February 21, 2023, the reporting person elected to convert 2600 shares out of 2600 shares of vested phantom stock into 2,600 shares of ARMOUR common stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

SEC source: 0001428205-23-000048 · wf-form4_167718723571429.xml · nonDerivative · entry 1

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,608

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On February 21, 2023, the reporting person elected to convert 2600 shares out of 2600 shares of vested phantom stock into 2,600 shares of ARMOUR common stock. The 2,600 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on Form 4s filed by the reporting person on January 14, 2021 and February 14, 2023.

SEC source: 0001428205-23-000045 · wf-form4_167658231370544.xml · derivative · entry 1

STATON DANIEL C · CIK 0001024240 · Director · Chairman of the Board

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,550

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000036 · wf-form4_167658171819391.xml · derivative · entry 1

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,550

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000039 · wf-form4_167658201329848.xml · derivative · entry 1

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000046 · wf-form4_167658596912293.xml · derivative · entry 1

ULM SCOTT · CIK 0001469064 · Director · Co-CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 444,050

Underlying: Common Stock · 280,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F4 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F5 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.exercise_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.expiration_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000037 · wf-form4_167658174669055.xml · derivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

SEC source: 0001428205-23-000047 · wf-form4_167658598826662.xml · derivative · entry 1

Zimmer Jeffrey J · CIK 0001303087 · Director · Co-CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 444,050

Underlying: Common Stock · 280,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F4 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.exercise_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.expiration_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 280,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows: 10,000 phantom shares will vest on February 20, 2023 with an additional 10,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000044 · wf-form4_167658227115355.xml · derivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000043 · wf-form4_167658217566739.xml · derivative · entry 1

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 201,600

Underlying: Common Stock · 168,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F4 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F5 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.exercise_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.expiration_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000042 · wf-form4_167658215240196.xml · derivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000041 · wf-form4_167658212442045.xml · derivative · entry 1

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 102,800

Underlying: Common Stock · 84,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F4 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.exercise_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.expiration_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 84,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 3,000 phantom shares will vest on February 20, 2023, with an additional 3,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000040 · wf-form4_167658203631101.xml · derivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000038 · wf-form4_167658198722237.xml · derivative · entry 1

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 193,600

Underlying: Common Stock · 168,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F4 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F5 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.exercise_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: Upon ARMOUR Capital Management LP, ARMOUR's manager ("Manager") voluntarily terminating its services with ARMOUR pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement"), or ARMOUR terminating the Management Agreement for cause, the reporting person shall forfeit all unvested phantom stock. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with ARMOUR due to death, disability, or the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause. If the reporting person is terminated by ARMOUR without cause or for good reason, his unvested phantom stock will continue to vest in accordance with the schedule described in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · derivative.expiration_date: In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 168,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 6,000 phantom shares will vest on February 20, 2023 with an additional 6,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2029, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000035 · wf-form4_167658169456235.xml · derivative · entry 1

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,500

Underlying: Common Stock · 40,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · security: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F3 · security: The reporting person also has the right to elect to have withholding taxes or a portion thereof, as the case may be, satisfied by reducing the number of shares of common stock to be issued to the reporting person by some or all of such shares. With respect to each phantom share, the reporting person will receive a cash payment in an amount equal to the cash dividend distributions paid in the ordinary course on a share of ARMOUR common stock. The reporting person also has the right to elect in lieu of the cash dividend payment a number of shares of common stock equal to the dividend payment payable divided by the fair market value of a share of ARMOUR common stock on the date of the dividend payment.

F4 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · price: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F4 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.exercise_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

F2 · derivative.expiration_date: The reporting person's unvested phantom stock will fully and automatically vest upon the reporting person's death, disability, and in the event of a change in control of ARMOUR. Upon termination of the reporting person's service with ARMOUR, all unvested phantom stock shall be forfeited by the reporting person. In the event of a resignation or retirement, provided the sum of the reporting person's age and years of service is equal to or greater than 70, the reporting person will retain his or her unvested stock awards which will remain subject to the vesting schedule set forth in this report, subject to satisfactory continuing fulfillment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

F1 · balance_after: The reporting person was granted an aggregate of 40,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Third Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 2,000 phantom shares will vest on February 20, 2023 with an additional 2,000 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through November 20, 2027, at which time all phantom stock shall have vested. Upon vesting, the reporting person will be entitled to an equal number of shares of ARMOUR common stock within 30 days.

SEC source: 0001428205-23-000006 · wf-form4_167295375550614.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,194

F1 · price: On January 3, 2023, the reporting person received 2,930 shares of ARMOUR common stock pursuant to quarterly compensation paid for the reporting person's service on ARMOUR's Board of Directors. The reporting person may elect to receive $16,500 of the reporting person's total quarterly compensation (or $66,000 on an annual basis) paid in common stock, cash, or a combination of stock and cash at the option of the director. The 2,930 shares of stock represent the reporting person's election of stock compensation for the past quarter.

SEC source: 0001428205-23-000007 · wf-form4_167295382724329.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 78,224

F1 · price: On January 3, 2023, the reporting person received 2,930 shares of ARMOUR common stock pursuant to quarterly compensation paid for the reporting person's service on ARMOUR's Board of Directors. The reporting person may elect to receive $16,500 of the reporting person's total quarterly compensation (or $66,000 on an annual basis) paid in common stock, cash, or a combination of stock and cash at the option of the director. The 2,930 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F2 · ownership.nature: 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.

SEC source: 0001428205-22-000186 · wf-form4_167183020501687.xml · nonDerivative · entry 1

Zimmer Jeffrey J · CIK 0001303087 · Director · Co-CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 193,476

F1 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $5.82 to $5.8237, inclusive. The reporting person undertakes to provide ARMOUR Residential REIT, Inc., any security holder of ARMOUR Residential REIT, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1).

SEC source: 0001428205-22-000179 · wf-form4_166941753526697.xml · derivative · entry 4

STATON DANIEL C · CIK 0001024240 · Director · Chairman of the Board

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,550

Underlying: Common Stock · 2,500 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F3 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom Stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4 report filed by the reporting person on January 14, 2021.

F3 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom Stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000179 · wf-form4_166941753526697.xml · derivative · entry 3

STATON DANIEL C · CIK 0001024240 · Director · Chairman of the Board

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,050

Underlying: Common Stock · 2,300 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 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 November 22, 2017, January 15, 2020, and January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 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 November 22, 2017, January 15, 2020, and January 14, 2021.

SEC source: 0001428205-22-000179 · wf-form4_166941753526697.xml · nonDerivative · entry 2

STATON DANIEL C · CIK 0001024240 · Director · Chairman of the Board

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 337,111

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · kind: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom Stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4 report filed by the reporting person on January 14, 2021.

F2 · ownership.nature: Represents shares owned indirectly through DM Staton Family Limited Partnership. The reporting person is a general partner and a limited partner of DM Staton Family Limited Partnership. The reporting person has a pecuniary interest in the shares held by DM Staton Family Limited Partnership.

SEC source: 0001428205-22-000179 · wf-form4_166941753526697.xml · nonDerivative · entry 1

STATON DANIEL C · CIK 0001024240 · Director · Chairman of the Board

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 334,611

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 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 November 22, 2017, January 15, 2020, and January 14, 2021.

F2 · ownership.nature: Represents shares owned indirectly through DM Staton Family Limited Partnership. The reporting person is a general partner and a limited partner of DM Staton Family Limited Partnership. The reporting person has a pecuniary interest in the shares held by DM Staton Family Limited Partnership.

SEC source: 0001428205-22-000178 · wf-form4_166941747521143.xml · derivative · entry 4

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,550

Underlying: Common Stock · 2,500 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F2 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over a period of approximately two years which was reported on a Form 4 on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

F2 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over a period of approximately two years which was reported on a Form 4 on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000178 · wf-form4_166941747521143.xml · derivative · entry 3

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,050

Underlying: Common Stock · 2,300 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4s report filed by the reporting person on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4s report filed by the reporting person on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000178 · wf-form4_166941747521143.xml · nonDerivative · entry 2

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,594

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: On November 22, 2022, the reporting person elected to convert 2,500 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The 2,500 shares are part of, and relate to, phantom stock vesting over a period of approximately two years which was reported on a Form 4 on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000178 · wf-form4_166941747521143.xml · nonDerivative · entry 1

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,094

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 2,300 shares of vested phantom Stock into 2,300 shares of ARMOUR common stock. The 2,300 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on the Form 4s report filed by the reporting person on January 16, 2020 and phantom stock vesting over an approximate five year period, reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000180 · wf-form4_166941759875400.xml · derivative · entry 2

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,500

Underlying: Common Stock · 700 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom Stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 filed January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom Stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000180 · wf-form4_166941759875400.xml · nonDerivative · entry 1

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,225

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom Stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000181 · wf-form4_166941766298979.xml · derivative · entry 3

ULM SCOTT · CIK 0001469064 · Director · Co-CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 164,050

Underlying: Common Stock · 18,540 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000181 · wf-form4_166941766298979.xml · nonDerivative · entry 2

ULM SCOTT · CIK 0001469064 · Director · Co-CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 218,331

F1 · shares: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000181 · wf-form4_166941766298979.xml · nonDerivative · entry 1

ULM SCOTT · CIK 0001469064 · Director · Co-CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 225,747

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000175 · wf-form4_166941726933827.xml · derivative · entry 3

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,500

Underlying: Common Stock · 700 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one shares of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 350 of the 700 shares of vested phantom stock into 350 shares of ARMOUR common stock. The reporting person elected to convert the remaining 350 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five-year periods, which was reported on Form 4 report filed by the reporting person on January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 350 of the 700 shares of vested phantom stock into 350 shares of ARMOUR common stock. The reporting person elected to convert the remaining 350 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five-year periods, which was reported on Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000175 · wf-form4_166941726933827.xml · nonDerivative · entry 2

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,264

F1 · kind: On November 22, 2022, the reporting person elected to convert 350 of the 700 shares of vested phantom stock into 350 shares of ARMOUR common stock. The reporting person elected to convert the remaining 350 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five-year periods, which was reported on Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000175 · wf-form4_166941726933827.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,614

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 350 of the 700 shares of vested phantom stock into 350 shares of ARMOUR common stock. The reporting person elected to convert the remaining 350 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five-year periods, which was reported on Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000182 · wf-form4_166941772338952.xml · derivative · entry 3

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,500

Underlying: Common Stock · 700 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five year period, reported on a Form 4 on January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five year period, reported on a Form 4 on January 14, 2021.

SEC source: 0001428205-22-000182 · wf-form4_166941772338952.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 75,294

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 700 shares of vested phantom stock into 700 shares of ARMOUR common stock. The 700 shares are part of, and relate to, phantom stock vesting over an approximate five year period, reported on a Form 4 on January 14, 2021.

F2 · ownership.nature: 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.

SEC source: 0001428205-22-000177 · wf-form4_166941741249939.xml · derivative · entry 3

Zimmer Jeffrey J · CIK 0001303087 · Director · Co-CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 164,050

Underlying: Common Stock · 18,540 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000177 · wf-form4_166941741249939.xml · nonDerivative · entry 2

Zimmer Jeffrey J · CIK 0001303087 · Director · Co-CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 226,854

F1 · shares: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000177 · wf-form4_166941741249939.xml · nonDerivative · entry 1

Zimmer Jeffrey J · CIK 0001303087 · Director · Co-CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 234,270

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 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 November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

SEC source: 0001428205-22-000176 · wf-form4_166941734145230.xml · derivative · entry 3

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,800

Underlying: Common Stock · 3,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 2,321 of the 3,000 shares of vested phantom stock into 2,321 shares of ARMOUR common stock. The reporting person elected to convert the remaining 679 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,000 shares are part of, and relate to, phantom stock vesting over a period of approximately five years, reported on a Form 4 filed January 16, 2000 and phantom stock vesting over an approximate five year period reported on a Form 4 filed on January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 2,321 of the 3,000 shares of vested phantom stock into 2,321 shares of ARMOUR common stock. The reporting person elected to convert the remaining 679 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,000 shares are part of, and relate to, phantom stock vesting over a period of approximately five years, reported on a Form 4 filed January 16, 2000 and phantom stock vesting over an approximate five year period reported on a Form 4 filed on January 14, 2021.

SEC source: 0001428205-22-000176 · wf-form4_166941734145230.xml · nonDerivative · entry 2

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,821

F1 · kind: On November 22, 2022, the reporting person elected to convert 2,321 of the 3,000 shares of vested phantom stock into 2,321 shares of ARMOUR common stock. The reporting person elected to convert the remaining 679 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,000 shares are part of, and relate to, phantom stock vesting over a period of approximately five years, reported on a Form 4 filed January 16, 2000 and phantom stock vesting over an approximate five year period reported on a Form 4 filed on January 14, 2021.

SEC source: 0001428205-22-000176 · wf-form4_166941734145230.xml · nonDerivative · entry 1

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 2,321 of the 3,000 shares of vested phantom stock into 2,321 shares of ARMOUR common stock. The reporting person elected to convert the remaining 679 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,000 shares are part of, and relate to, phantom stock vesting over a period of approximately five years, reported on a Form 4 filed January 16, 2000 and phantom stock vesting over an approximate five year period reported on a Form 4 filed on January 14, 2021.

SEC source: 0001428205-22-000174 · wf-form4_166941712198095.xml · derivative · entry 3

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,600

Underlying: Common Stock · 6,670 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · derivative.exercise_date: On November 22, 2022, the reporting person elected to convert 4,000 of the 6,670 shares of vested phantom stock into 4,000 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,670 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 6,670 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on a Form 4 filed on November 22,2017 and January 16, 2022; phantom stock vesting over a two-and-a-half year periods, reported on Form 4 filed May 19,2020 and phantom stock vesting over an approximate five-year period, which was reported on a Form 4 filed January 14, 2021.

F1 · derivative.expiration_date: On November 22, 2022, the reporting person elected to convert 4,000 of the 6,670 shares of vested phantom stock into 4,000 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,670 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 6,670 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on a Form 4 filed on November 22,2017 and January 16, 2022; phantom stock vesting over a two-and-a-half year periods, reported on Form 4 filed May 19,2020 and phantom stock vesting over an approximate five-year period, which was reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000174 · wf-form4_166941712198095.xml · nonDerivative · entry 2

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,110

F1 · kind: On November 22, 2022, the reporting person elected to convert 4,000 of the 6,670 shares of vested phantom stock into 4,000 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,670 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 6,670 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on a Form 4 filed on November 22,2017 and January 16, 2022; phantom stock vesting over a two-and-a-half year periods, reported on Form 4 filed May 19,2020 and phantom stock vesting over an approximate five-year period, which was reported on a Form 4 filed January 14, 2021.

SEC source: 0001428205-22-000174 · wf-form4_166941712198095.xml · nonDerivative · entry 1

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,780

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On November 22, 2022, the reporting person elected to convert 4,000 of the 6,670 shares of vested phantom stock into 4,000 shares of ARMOUR common stock. The reporting person elected to convert the remaining 2,670 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 6,670 shares are part of, and relate to, phantom stock vesting over a five-year period, which was reported on a Form 4 filed on November 22,2017 and January 16, 2022; phantom stock vesting over a two-and-a-half year periods, reported on Form 4 filed May 19,2020 and phantom stock vesting over an approximate five-year period, which was reported on a Form 4 filed January 14, 2021.