ARR

SEC source: 0001428205-21-000073 · wf-form4_161465141828857.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,986

F1 · shares: On February 25, 2021, the reporting person elected to convert 11,124 shares out of 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The 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: 0001428205-21-000073 · wf-form4_161465141828857.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 156,402

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 February 25, 2021, the reporting person elected to convert 11,124 shares out of 18,540 shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The 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: 0001428205-21-000071 · wf-form4_161465136443686.xml · derivative · entry 3

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,650

Underlying: Common Stock · 2,850 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 · shares: On February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

F1 · derivative.exercise_date: On February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

F1 · derivative.expiration_date: On February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

F1 · balance_after: On February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

SEC source: 0001428205-21-000071 · wf-form4_161465136443686.xml · nonDerivative · entry 2

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,494

F1 · shares: On February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

SEC source: 0001428205-21-000071 · wf-form4_161465136443686.xml · nonDerivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,919

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 February 25, 2021, the reporting person elected to convert 1,425 shares out of 2,850 shares of vested phantom stock into 1,425 shares of ARMOUR common stock. The person elected to convert the remaining 1,425 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,850 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020 and phantom stock vesting over a period of approximately five years, which was reported on a Form 4 report filed by the person on January 14, 2021.

SEC source: 0001428205-21-000037 · wf-form4_161067616212948.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,150

Underlying: Common Stock · 63,250 shares

Expires not disclosed

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.

F5 · security: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · security: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

F7 · security: Upon the termination of the reporting person's services to ARMOUR through the Manager in his capacity as a principal of the Sub-Manager, advisor to the Manager, and director of ARMOUR for good reason, the reporting person's 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. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with the Manager due to (a) the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause, or (b) the earlier of the Manager terminating the Sub-Management Agreement without cause or notice by the Manager of terminating the Sub-Management Agreement without cause.

F8 · security: All other material terms of this grant are the same as the applicable terms of the grant described above.

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

F6 · derivative.exercise_price: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

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

F5 · price: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F5 · derivative.exercise_date: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · derivative.exercise_date: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

F5 · derivative.expiration_date: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · derivative.expiration_date: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

SEC source: 0001428205-21-000037 · wf-form4_161067616212948.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,900

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000028 · wf-form4_161067599448630.xml · derivative · entry 2

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,150

Underlying: Common Stock · 63,250 shares

Expires not disclosed

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.

F5 · security: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · security: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

F7 · security: Upon the termination of the reporting person's services to ARMOUR through the Manager in his capacity as a principal of the Sub-Manager, advisor to the Manager, and director of ARMOUR for good reason, the reporting person's 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. The reporting person's unvested phantom stock will automatically fully vest upon the reporting person's termination with the Manager due to (a) the earlier of ARMOUR terminating the Management Agreement without cause or notice by ARMOUR of terminating the Management Agreement without cause, or (b) the earlier of the Manager terminating the Sub-Management Agreement without cause or notice by the Manager of terminating the Sub-Management Agreement without cause.

F8 · security: All other material terms of this grant are the same as the applicable terms of the grant described above.

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

F5 · derivative.exercise_price: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F5 · price: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F5 · derivative.exercise_date: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · derivative.exercise_date: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

F5 · derivative.expiration_date: The reporting person was granted, for services provided to and through the Manager for the benefit of ARMOUR, an aggregate of 63,250 phantom shares under the Plan pursuant to the time-based vesting schedule as follows. 2,400 phantom shares will vest on February 20, 2021 with an additional 2,400 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2026. On November 20, 2021, 2,500 phantom shares will vest, with an additional 2,500 phantom shares vesting each November 20 through November 20, 2026. On February 20, 2027, 2,500 phantom shares will vest, with an additional 2,550 phantom shares vesting on May 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.

F6 · derivative.expiration_date: Upon (i) ARMOUR Capital Management LP, ARMOUR's manager ("Manager"), or Staton Bell Blank Check LLC, the sub-manager of the Manager ("Sub-Manager"), voluntarily terminating its services pursuant to the management agreement between ARMOUR and the Manager ("Management Agreement") or the sub-management agreement between the Sub-Manager and the Manager ("Sub-Management Agreement"), respectively, (ii) ARMOUR terminating the Management Agreement for cause, or (iii) the Manager terminating the Sub-Manager for cause, the reporting person shall forfeit all unvested phantom stock. Upon the termination of the reporting person's service with the Sub-Manager, the reporting person shall forfeit all unvested phantom stock.

SEC source: 0001428205-21-000028 · wf-form4_161067599448630.xml · derivative · entry 1

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,900

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 unvested phantom stock 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan (the "Plan") pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000035 · wf-form4_161067612373935.xml · derivative · entry 1

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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.

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

SEC source: 0001428205-21-000025 · wf-form4_161067593685289.xml · derivative · entry 1

ULM SCOTT · CIK 0001469064 · Director · Co-CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 312,370

Underlying: Common Stock · 179,250 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · balance_after: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 0001428205-21-000030 · wf-form4_161067603317958.xml · derivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000036 · wf-form4_161067614225536.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 312,370

Underlying: Common Stock · 179,250 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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.

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 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · balance_after: The reporting person was granted an aggregate of 179,250 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 6,900 phantom shares will vest on February 20, 2021 with an additional 6,900 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 20, 2027. 6,750 phantom shares will vest on May 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: 0001428205-21-000034 · wf-form4_161067610744768.xml · derivative · entry 1

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,600

Underlying: Common Stock · 10,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

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 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · balance_after: The reporting person was granted an aggregate of 10,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 400 phantom shares will vest on February 20, 2021 with an additional 400 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 0001428205-21-000033 · wf-form4_161067608886808.xml · derivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000032 · wf-form4_161067606836982.xml · derivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000031 · wf-form4_161067605172366.xml · derivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000029 · wf-form4_161067601317444.xml · derivative · entry 1

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,000

Underlying: Common Stock · 20,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · balance_after: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 0001428205-21-000027 · wf-form4_161067597314855.xml · derivative · entry 1

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,500

Underlying: Common Stock · 12,500 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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 12,500 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 600 phantom shares will vest on February 20, 2021 with an additional 600 phantom shares vesting on each following May 20, August 20, and February 20, through August 20, 2025. On November 20, 2021, 700 phantom shares will vest, with an additional 700 phantom shares vesting each November 20 through November 20, 2025, 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: 0001428205-21-000026 · wf-form4_161067595731342.xml · derivative · entry 1

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,960

Underlying: Common Stock · 20,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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.

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 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 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 the Manager 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 the Manager 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. The reporting person's unvested phantom stock will automatically vest upon a change in control of ARMOUR.

F1 · balance_after: The reporting person was granted an aggregate of 20,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule as follows. 800 phantom shares will vest on February 20, 2021 with an additional 800 phantom shares vesting on each following May 20, August 20, November 20 and February 20, through February 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: 0001428205-21-000011 · wf-form4_160997211757492.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote.

Disclosed balance after: 17,443

Underlying: Common Stock, par value $0.001 per share · 3,869 shares

Expires not disclosed

F2 · derivative.exercise_price: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for his service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

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

F2 · price: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for his service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

F3 · price: Each restricted stock unit is the economic equivalent of one share of ARMOUR common stock.

F2 · derivative.exercise_date: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for his service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

F2 · derivative.expiration_date: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for his service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

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

F2 · balance_after: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for his service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

F4 · ownership.nature: Represents restricted stock units 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 restricted stock units held by DM Staton Family Limited Partnership.

SEC source: 0001428205-21-000010 · wf-form4_160997209798954.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,562

F1 · kind: On January 4, 2021, the reporting person received 1,529 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 1,529 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On January 4, 2021, the reporting person received 1,529 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 1,529 shares of stock represent the reporting person's election of stock compensation for the past quarter.

SEC source: 0001428205-21-000009 · wf-form4_160997207219586.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 47,592

F1 · kind: On January 4, 2021, the reporting person received 1,529 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 1,529 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On January 4, 2021, the reporting person received 1,529 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 1,529 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · balance_after: On January 4, 2021, the reporting person received 1,529 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 1,529 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: 0001428205-21-000008 · wf-form4_160997204972913.xml · derivative · entry 2

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,443

Underlying: Common Stock, par value $0.001 per share · 3,869 shares

Expires not disclosed

F1 · derivative.exercise_price: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for her service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

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

F1 · price: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for her service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

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

F1 · derivative.exercise_date: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for her service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

F1 · derivative.expiration_date: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for her service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

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

F1 · balance_after: On January 4, 2021, the reporting person received 3,869 restricted stock units ("RSUs"), entitling the reporting person to 3,869 shares of common stock upon a separation of service, including retirement, or upon the reporting person's death or disability or a change of control of ARMOUR if earlier than the reporting person's separation of service. The RSUs represent the reporting person's election to defer receipt of the quarterly compensation that the reporting person would otherwise have been paid for her service on ARMOUR's Board of Directors, and to receive such compensation in the form of shares of common stock.

SEC source: 0001428205-20-000350 · wf-form4_160937552344584.xml · nonDerivative · entry 2

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,986

F1 · shares: The reporting person sold these shares in open market transactions for 2020 tax planning purposes.

F3 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $10.756 to $10.76, 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 (3).

SEC source: 0001428205-20-000350 · wf-form4_160937552344584.xml · nonDerivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,536

F1 · shares: The reporting person sold these shares in open market transactions for 2020 tax planning purposes.

F2 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $10.83 to $10.84, 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 (2).

SEC source: 0001428205-20-000346 · wf-form4_160877321722735.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 137,862

F1 · shares: The reporting person sold these shares in open market transactions for 2020 tax planning purposes.

F2 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $10.55 to $10.615, 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 (2).

SEC source: 0001428205-20-000316 · wf-form4_160625624712431.xml · nonDerivative · entry 4

ULM SCOTT · CIK 0001469064 · Director · Co-CEO and CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 129,339

F2 · shares: The reporting person sold these shares in open market transactions for 2020 tax planning purposes.

F4 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $10.87 to $11.07, 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 (4).

SEC source: 0001428205-20-000332 · wf-form4_160625720169645.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,400

Underlying: Common Stock · 1,500 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.

F1 · shares: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

SEC source: 0001428205-20-000332 · wf-form4_160625720169645.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: 300,511

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 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

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: 0001428205-20-000324 · wf-form4_160625689333843.xml · derivative · entry 2

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,400

Underlying: Common Stock · 1,500 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.

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

F1 · shares: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

SEC source: 0001428205-20-000324 · wf-form4_160625689333843.xml · nonDerivative · entry 1

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,994

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 23, 2020, the reporting person elected to convert 1,500 shares of vested phantom stock into 1,500 shares of ARMOUR common stock. The 1,500 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.

SEC source: 0001428205-20-000328 · wf-form4_160625709147436.xml · derivative · entry 2

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 2,250 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 · shares: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

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

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000328 · wf-form4_160625709147436.xml · nonDerivative · entry 1

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,225

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 · shares: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000316 · wf-form4_160625624712431.xml · derivative · entry 6

ULM SCOTT · CIK 0001469064 · Director · Co-CEO and CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 133,120

Underlying: Common Stock · 11,640 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.

F6 · derivative.exercise_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F1 · shares: On November 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

SEC source: 0001428205-20-000316 · wf-form4_160625624712431.xml · nonDerivative · entry 3

ULM SCOTT · CIK 0001469064 · Director · Co-CEO and CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 143,994

F2 · shares: The reporting person sold these shares in open market transactions for 2020 tax planning purposes.

F3 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $10.5399 to $10.7328, 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 (3).

SEC source: 0001428205-20-000316 · wf-form4_160625624712431.xml · nonDerivative · entry 2

ULM SCOTT · CIK 0001469064 · Director · Co-CEO and CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 175,994

F1 · shares: On November 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

SEC source: 0001428205-20-000316 · wf-form4_160625624712431.xml · nonDerivative · entry 1

ULM SCOTT · CIK 0001469064 · Director · Co-CEO and CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 180,634

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 23, 2020, the reporting person elected to convert 7,000 shares out of 11,640 shares of vested phantom stock into 7,000 shares of ARMOUR common stock. The person elected to convert the remaining 4,640 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,640 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, and 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.

SEC source: 0001428205-20-000327 · wf-form4_160625707085315.xml · derivative · entry 3

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 2,250 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 · shares: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000327 · wf-form4_160625707085315.xml · nonDerivative · entry 2

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,033

F1 · shares: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000327 · wf-form4_160625707085315.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,158

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 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000340 · wf-form4_160625750993748.xml · derivative · entry 3

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 2,250 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 · shares: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000340 · wf-form4_160625750993748.xml · nonDerivative · entry 2

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,069

F1 · shares: On November 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000340 · wf-form4_160625750993748.xml · nonDerivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,194

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 23, 2020, the reporting person elected to convert 1,125 shares out of 2,250 shares of vested phantom stock into 1,125 shares of ARMOUR common stock. The person elected to convert the remaining 1,125 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000339 · wf-form4_160625748377799.xml · derivative · entry 3

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 2,250 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 · shares: On November 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000339 · wf-form4_160625748377799.xml · nonDerivative · entry 2

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,707

F1 · shares: On November 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000339 · wf-form4_160625748377799.xml · nonDerivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,607

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 23, 2020, the reporting person elected to convert 1,350 shares out of 2,250 shares of vested phantom stock into 1,350 shares of ARMOUR common stock. The person elected to convert the remaining 900 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000336 · wf-form4_160625734150262.xml · derivative · entry 3

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 2,250 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 · shares: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000336 · wf-form4_160625734150262.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 46,063

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 23, 2020, the reporting person elected to convert 2,250 shares of vested phantom stock into 2,250 shares of ARMOUR common stock. The 2,250 shares are part of, and relate to, phantom stock vesting over a period of approximately two years, which was reported on a Form 4 report filed by the reporting person on January 16, 2020.

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: 0001428205-20-000335 · wf-form4_160625732456673.xml · derivative · entry 3

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,000

Underlying: Common Stock · 3,250 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 · shares: On November 23, 2020, the reporting person elected to convert 2,500 shares out of 3,250 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The person elected to convert the remaining 750 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,250 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 February 25, 2020 and herein.

F1 · derivative.exercise_date: On November 23, 2020, the reporting person elected to convert 2,500 shares out of 3,250 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The person elected to convert the remaining 750 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,250 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 February 25, 2020 and herein.

F1 · derivative.expiration_date: On November 23, 2020, the reporting person elected to convert 2,500 shares out of 3,250 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The person elected to convert the remaining 750 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,250 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 February 25, 2020 and herein.

F1 · balance_after: On November 23, 2020, the reporting person elected to convert 2,500 shares out of 3,250 shares of vested phantom stock into 2,500 shares of ARMOUR common stock. The person elected to convert the remaining 750 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 3,250 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 February 25, 2020 and herein.