ARR

SEC source: 0001428205-20-000270 · wf-form4_159848468455253.xml · nonDerivative · entry 1

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,824

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 August 24, 2020, the reporting person elected to convert 1,830 shares out of 2,500 shares of vested phantom stock into 1,830 shares of ARMOUR common stock. The person elected to convert the remaining 670 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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: 0001428205-20-000226 · wf-form4_159372108720711.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: 9,184

Underlying: Common Stock, par value $0.001 per share · 4,446 shares

Expires not disclosed

F2 · derivative.exercise_price: On July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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: 0001428205-20-000224 · wf-form4_159372097462999.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,048

F1 · kind: On July 1, 2020, the reporting person received 1,757 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 1,757 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On July 1, 2020, the reporting person received 1,757 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 1,757 shares of stock represent the reporting person's election of stock compensation for the past quarter.

SEC source: 0001428205-20-000225 · wf-form4_159372103175180.xml · derivative · entry 2

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,184

Underlying: Common Stock, par value $0.001 per share · 4,446 shares

Expires not disclosed

F1 · derivative.exercise_price: On July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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 July 1, 2020, the reporting person received 4,446 restricted stock units ("RSUs"), entitling the reporting person to 4,446 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: 0001428205-20-000223 · wf-form4_159372091486378.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 39,828

F1 · kind: On July 1, 2020, the reporting person received 1,757 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 1,757 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On July 1, 2020, the reporting person received 1,757 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 1,757 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · balance_after: On July 1, 2020, the reporting person received 1,757 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 1,757 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: 0001428205-20-000222 · wf-form4_159372084743442.xml · nonDerivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,966

F1 · kind: On July 1, 2020, the reporting person received 1,054 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 1,054 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On July 1, 2020, the reporting person received 1,054 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 1,054 shares of stock represent the reporting person's election of stock compensation for the past quarter.

SEC source: 0001428205-20-000282 · wf-form4_159848518363399.xml · derivative · entry 3

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,500

Underlying: Common Stock · 13,500 shares

Expires not disclosed

F2 · security: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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.

F3 · 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.

F4 · 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.

F5 · 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.

F2 · derivative.exercise_price: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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_price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F2 · price: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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 · price: Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

F2 · derivative.exercise_date: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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.

F3 · 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.

F4 · 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.

F2 · derivative.expiration_date: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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.

F3 · 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.

F4 · 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.

F2 · balance_after: The reporting person was granted an aggregate of 13,500 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. 750 phantom shares will vest on August 20, 2020 with an additional 750 phantom shares vesting on each following November 20, February 20, May 20, and August 20 through November 20, 2024, 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: 0001428205-20-000212 · wf-form4_159223596748134.xml · nonDerivative · entry 1

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,890

SEC source: 0001428205-20-000208 · wf-form4_159061059859658.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,400

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000208 · wf-form4_159061059859658.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: 297,511

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 May 22, 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: 0001428205-20-000199 · wf-form4_159061039153071.xml · derivative · entry 2

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,400

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000199 · wf-form4_159061039153071.xml · nonDerivative · entry 1

BELL MARC H · CIK 0001026915 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,994

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 May 22, 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: 0001428205-20-000200 · wf-form4_159061041327473.xml · derivative · entry 2

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000200 · wf-form4_159061041327473.xml · nonDerivative · entry 1

GUBA THOMAS K · CIK 0001475027 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,725

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 May 22, 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: 0001428205-20-000206 · wf-form4_159061055524393.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 156,400

Underlying: Common Stock · 11,700 shares

Expires not disclosed

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

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

F1 · shares: On May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000206 · wf-form4_159061055524393.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,914

F1 · shares: On May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000206 · wf-form4_159061055524393.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 166,564

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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000207 · wf-form4_159061057812727.xml · derivative · entry 3

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000207 · wf-form4_159061057812727.xml · nonDerivative · entry 2

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,291

F1 · shares: On May 22, 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: 0001428205-20-000207 · wf-form4_159061057812727.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,416

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 May 22, 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: 0001428205-20-000204 · wf-form4_159061050600384.xml · derivative · entry 3

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,000

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 May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

F1 · derivative.exercise_date: On May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

F1 · derivative.expiration_date: On May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

F1 · balance_after: On May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

F3 · balance_after: The reporting person voluntarily forfeited 34,000 shares of phantom stock, but subsequently retained 19,000 shares of phantom stock effective March 31, 2020. Of the 19,000 phantom shares retained, 1,500 phantom shares vested on May 20, 2020, with an additional 1,750 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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: 0001428205-20-000204 · wf-form4_159061050600384.xml · nonDerivative · entry 2

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,890

F1 · shares: On May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

SEC source: 0001428205-20-000204 · wf-form4_159061050600384.xml · nonDerivative · entry 1

GRUBER MARK · CIK 0001585875 · CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,300

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 May 22, 2020, the reporting person elected to convert 1,840 shares out of 2,250 shares of vested phantom stock into 1,840 shares of ARMOUR common stock. The person elected to convert the remaining 410 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 five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and February 25, 2020.

SEC source: 0001428205-20-000203 · wf-form4_159061047938975.xml · derivative · entry 2

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 filed by the reporting person on January 16, 2020.

F1 · derivative.exercise_date: On May 22, 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 filed by the reporting person on January 16, 2020.

F1 · derivative.expiration_date: On May 22, 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 filed by the reporting person on January 16, 2020.

F1 · balance_after: On May 22, 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 filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000203 · wf-form4_159061047938975.xml · nonDerivative · entry 1

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,508

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

F1 · kind: On May 22, 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 filed by the reporting person on January 16, 2020.

F1 · price: On May 22, 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 filed by the reporting person on January 16, 2020.

F1 · balance_after: On May 22, 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 filed by the reporting person on January 16, 2020.

SEC source: 0001428205-20-000205 · wf-form4_159061053144775.xml · derivative · entry 3

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000205 · wf-form4_159061053144775.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 38,071

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 May 22, 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: 0001428205-20-000201 · wf-form4_159061043592485.xml · derivative · entry 3

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,600

Underlying: Common Stock · 2,500 shares

Expires not disclosed

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

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

F1 · shares: On May 22, 2020, the reporting person elected to convert 1,870 shares out of 2,500 shares of vested phantom stock into 1,870 shares of ARMOUR common stock. The person elected to convert the remaining 630 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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 May 22, 2020, the reporting person elected to convert 1,870 shares out of 2,500 shares of vested phantom stock into 1,870 shares of ARMOUR common stock. The person elected to convert the remaining 630 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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 May 22, 2020, the reporting person elected to convert 1,870 shares out of 2,500 shares of vested phantom stock into 1,870 shares of ARMOUR common stock. The person elected to convert the remaining 630 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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 May 22, 2020, the reporting person elected to convert 1,870 shares out of 2,500 shares of vested phantom stock into 1,870 shares of ARMOUR common stock. The person elected to convert the remaining 630 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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: 0001428205-20-000201 · wf-form4_159061043592485.xml · nonDerivative · entry 2

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,324

SEC source: 0001428205-20-000201 · wf-form4_159061043592485.xml · nonDerivative · entry 1

Harper Gordon · CIK 0001698344 · VP Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,954

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 May 22, 2020, the reporting person elected to convert 1,870 shares out of 2,500 shares of vested phantom stock into 1,870 shares of ARMOUR common stock. The person elected to convert the remaining 630 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 2,500 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: 0001428205-20-000202 · wf-form4_159061045723532.xml · derivative · entry 3

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000202 · wf-form4_159061045723532.xml · nonDerivative · entry 2

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,819

F1 · shares: On May 22, 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: 0001428205-20-000202 · wf-form4_159061045723532.xml · nonDerivative · entry 1

Hain Robert C · CIK 0001377714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,944

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 May 22, 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: 0001428205-20-000198 · wf-form4_159061036782246.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 156,400

Underlying: Common Stock · 11,700 shares

Expires not disclosed

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

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

F1 · shares: On May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000198 · wf-form4_159061036782246.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 167,098

F1 · shares: On May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000198 · wf-form4_159061036782246.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 171,748

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 May 22, 2020, the reporting person elected to convert 7,050 shares out of 11,700 shares of vested phantom stock into 7,050 shares of ARMOUR common stock. The person elected to convert the remaining 4,650 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 11,700 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: 0001428205-20-000197 · wf-form4_159061034483799.xml · derivative · entry 3

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 78,700

Underlying: Common Stock · 5,800 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 May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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 May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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 May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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 May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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: 0001428205-20-000197 · wf-form4_159061034483799.xml · nonDerivative · entry 2

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,240

F1 · shares: On May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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: 0001428205-20-000197 · wf-form4_159061034483799.xml · nonDerivative · entry 1

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,800

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 May 22, 2020, the reporting person elected to convert 4,240 shares out of 5,800 shares of vested phantom stock into 4,240 shares of ARMOUR common stock. The person elected to convert the remaining 1,560 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 5,800 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: 0001428205-20-000196 · wf-form4_159061032168789.xml · derivative · entry 3

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

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 May 22, 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 May 22, 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 May 22, 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 May 22, 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: 0001428205-20-000196 · wf-form4_159061032168789.xml · nonDerivative · entry 2

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,912

F1 · shares: On May 22, 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: 0001428205-20-000196 · wf-form4_159061032168789.xml · nonDerivative · entry 1

HOLLIHAN JOHN P III · CIK 0001248587 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,812

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 May 22, 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: 0001428205-20-000180 · wf-form4_158992394356206.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 168,100

Underlying: Common Stock · 6,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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.

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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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.

F1 · balance_after: The reporting person was granted an aggregate of 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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: 0001428205-20-000179 · wf-form4_158992392142235.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 168,100

Underlying: Common Stock · 6,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 fulfilment of certain conditions and related tax consequences and risks specified in the reporting person's grant agreement.

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

F1 · derivative.exercise_price: The reporting person was granted an aggregate of 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 fulfilment 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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 fulfilment 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 6,000 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. 600 phantom shares will vest on May 20, 2020 with an additional 540 phantom shares vesting on each following August 20, November 20, February 20, and May 20, through November 20, 2022, 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: 0001428205-20-000178 · wf-form4_158992389949020.xml · derivative · entry 1

MOUNTAIN JAMES R · CIK 0001557465 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,500

Underlying: Common Stock · 3,000 shares

Expires not disclosed

F1 · security: The reporting person was granted an aggregate of 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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.

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 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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.

F1 · derivative.expiration_date: The reporting person was granted an aggregate of 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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.

F1 · balance_after: The reporting person was granted an aggregate of 3,000 phantom shares under ARMOUR Residential REIT, Inc.'s ("ARMOUR") Second Amended and Restated 2009 Stock Incentive Plan pursuant to the time-based vesting schedule described as follows. 300 phantom shares will vest on May 20, 2020 with an additional 270 phantom shares vesting on each following August 20, November 20 February 20, and May 20, through November 20, 2022, 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: 0001428205-20-000147 · wf-form4_158619623578634.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 154,864

SEC source: 0001428205-20-000136 · wf-form4_158587196271708.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: 2,866

Underlying: Common Stock, par value $0.001 per share · 2,866 shares

Expires not disclosed

F2 · derivative.exercise_price: On April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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: 0001428205-20-000134 · wf-form4_158587191780004.xml · nonDerivative · entry 1

Downey Carolyn · CIK 0001455810 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,166

F1 · kind: On April 1, 2020, the reporting person received 1,872 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 1,872 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On April 1, 2020, the reporting person received 1,872 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 1,872 shares of stock represent the reporting person's election of stock compensation for the past quarter.

SEC source: 0001428205-20-000137 · wf-form4_158587198496256.xml · derivative · entry 2

Behar Z Jamie · CIK 0001306260 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,866

Underlying: Common Stock, par value $0.001 per share · 2,866 shares

Expires not disclosed

F1 · derivative.exercise_price: On April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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 April 1, 2020, the reporting person received 2,866 restricted stock units ("RSUs"), entitling the reporting person to 2,866 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: 0001428205-20-000135 · wf-form4_158587194020896.xml · nonDerivative · entry 1

PAPERIN STEWART J · CIK 0001207637 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 35,821

F1 · kind: On April 1, 2020, the reporting person received 1,872 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 1,872 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · price: On April 1, 2020, the reporting person received 1,872 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 1,872 shares of stock represent the reporting person's election of stock compensation for the past quarter.

F1 · balance_after: On April 1, 2020, the reporting person received 1,872 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 1,872 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.