Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-02

Armour Residential REIT, Inc. (ARR)

Armour Residential REIT, Inc. is externally managed by ARMOUR Capital Management (ACM); its CEO, Scott Ulm, is compensated by the manager, not the company, and the filing reports no company-paid total for fiscal year 2025 (SEC filing 0001428205-26-000040 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$985,200
Gordon Harper total, FY2025
Chief Financial Officer and Secretary — highest-paid officer; CEO Scott Ulm: paid by the manager
—
CEO (Scott Ulm) pay percentile vs peers
—
CEO-to-median pay ratio
95.11%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Scott Ulm (Chief Executive Officer and Vice Chairman), FY2025 total compensation $0 (base salary $0) [exec_comp, SEC accession 0001428205-26-000040, filed 2026-03-19]

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ARR's next annual pay disclosure, estimated March 18, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Gordon Harper$0$0$985,200$0$0$0$0$985,200
Chief Financial Officer and Secretary
Sergey Losyev00492,6000000492,600
Co-Chief Investment Officer
Desmond Macauley00492,6000000492,600
Co-Chief Investment Officer and Head of Risk Management
Scott Ulm00000000
Chief Executive Officer and Vice Chairman

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Gordon Harper$985,200$418,139$498,120↑ +567,061
Sergey Losyev492,600———
Desmond Macauley492,600———
Scott Ulm0150,0001,660,400↓ −150,000

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$985,200 Gordon Harper total, FY2025

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Data as of October 2, 2026 · Source: 0001428205-26-000040 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against ARR
5 companies name ARR as a compensation peer

Each company listed discloses ARR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ARR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Carolyn DowneyIndependent Director$361,398
Daniel C. StatonChair of the Board$383,898
John P. Hollihan, IIIIndependent Director$418,898
Marc H. BellDirector$348,898
Robert C. HainIndependent Director$408,898
Stewart J. PaperinIndependent Director$418,898
Z. Jamie BeharIndependent Director$396,398
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Stewart J. PaperinDirector2026-04-01A989$17$16,497CommonForm 4 ↗
Carolyn DowneyDirector2026-04-01A9891716,497CommonForm 4 ↗
Robert C. HainDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Z. Jamie BeharDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Marc H. BellDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Carolyn DowneyDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-05-21—17,260——9 insiders, 11 accrual rows
John P. Hollihan, IIIDirector2026-05-21D7601612,517CommonForm 4 ↗
Gordon HarperCFO2026-05-21D4,00000Derivative, Class A CommonForm 4 ↗
Gordon HarperCFO2026-05-21D1,3211621,757CommonForm 4 ↗
Gordon HarperCFO2026-05-21A4,00000CommonForm 4 ↗
Scott UlmDirector2026-05-21D3,38000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-05-21D1,3521622,267CommonForm 4 ↗
Scott UlmDirector2026-05-21A3,38000CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-05-21D389166,407CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-05-21A1,50000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-05-21D281164,628CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21A48000CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21A1,90000CommonForm 4 ↗
Marc H. BellDirector2026-05-21A48000CommonForm 4 ↗
Marc H. BellDirector2026-05-21A1,90000CommonForm 4 ↗
Stewart J. PaperinDirector2026-05-21A1,90000CommonForm 4 ↗
Robert C. HainDirector2026-05-21D9501615,647CommonForm 4 ↗
Robert C. HainDirector2026-05-21A1,90000CommonForm 4 ↗
Z. Jamie BeharDirector2026-05-21A1,90000CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-21A1,90000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-05-21A1,50000CommonForm 4 ↗
Carolyn DowneyDirector2026-05-21D9501615,647CommonForm 4 ↗
Carolyn DowneyDirector2026-05-21A1,90000CommonForm 4 ↗
Gordon HarperCFO2026-06-16A75,00000Derivative, Class A CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-06-16A50,00000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-06-16A150,00000Derivative, Class A CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-06-16A50,00000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-07-01A9451716,490CommonForm 4 ↗
Carolyn DowneyDirector2026-07-01A9451716,490CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21D1,1181618,246CommonForm 4 ↗
Dividend-equivalent accruals2026-08-21—14,260——7 insiders, 9 accrual rows
Scott UlmDirector2026-08-21D10,88000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-08-21D4,3521671,025CommonForm 4 ↗
Scott UlmDirector2026-08-21A10,88000CommonForm 4 ↗
Gordon HarperCFO2026-08-21D7,75000Derivative, Class A CommonForm 4 ↗
Gordon HarperCFO2026-08-21D2,7941645,598CommonForm 4 ↗
Gordon HarperCFO2026-08-21A7,75000CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21D4,00000Derivative, Class A CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21D1,3351621,787CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21A4,00000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21A4,00000CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21A48000CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21A1,90000CommonForm 4 ↗
Marc H. BellDirector2026-08-21A48000CommonForm 4 ↗
Marc H. BellDirector2026-08-21A1,90000CommonForm 4 ↗
Robert C. HainDirector2026-08-21D9501615,504CommonForm 4 ↗
Robert C. HainDirector2026-08-21A1,90000CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-08-21D7601612,403CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-08-21A1,90000CommonForm 4 ↗
Carolyn DowneyDirector2026-08-21D9501615,504CommonForm 4 ↗
Carolyn DowneyDirector2026-08-21A1,90000CommonForm 4 ↗
Z. Jamie BeharDirector2026-08-21A1,90000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21D4,00000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-08-21A1,90000CommonForm 4 ↗
Daniel C. StatonDirector2026-09-10D35,58316564,418CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-09-29A7251410,085CommonForm 4 ↗
Stewart J. PaperinDirector2026-10-01A1,1931416,499CommonForm 4 ↗
Carolyn DowneyDirector2026-10-01A1,1931416,499CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 85 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Stewart J. PaperinDirector2026-04-01A989$17$16,497CommonForm 4 ↗
Carolyn DowneyDirector2026-04-01A9891716,497CommonForm 4 ↗
Robert C. HainDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Z. Jamie BeharDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Marc H. BellDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Carolyn DowneyDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-05-19A17,14000Derivative, Class A CommonForm 4 ↗
Marc H. BellDirector2026-05-21D48000Derivative, Class A CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-21D7601612,517CommonForm 4 ↗
Gordon HarperCFO2026-05-21D4,00000Derivative, Class A CommonForm 4 ↗
Gordon HarperCFO2026-05-21D1,3211621,757CommonForm 4 ↗
Gordon HarperCFO2026-05-21A4,00000CommonForm 4 ↗
Scott UlmDirector2026-05-21D3,38000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-05-21D1,3521622,267CommonForm 4 ↗
Scott UlmDirector2026-05-21A3,38000CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-05-21D1,50000Derivative, Class A CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-05-21D389166,407CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-05-21A1,50000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-05-21D281164,628CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21D48000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21A48000CommonForm 4 ↗
Daniel C. StatonDirector2026-05-21A1,90000CommonForm 4 ↗
Marc H. BellDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Marc H. BellDirector2026-05-21A48000CommonForm 4 ↗
Marc H. BellDirector2026-05-21A1,90000CommonForm 4 ↗
Stewart J. PaperinDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-05-21A1,90000CommonForm 4 ↗
Robert C. HainDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Robert C. HainDirector2026-05-21D9501615,647CommonForm 4 ↗
Robert C. HainDirector2026-05-21A1,90000CommonForm 4 ↗
Z. Jamie BeharDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Z. Jamie BeharDirector2026-05-21A1,90000CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-05-21A1,90000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-05-21D1,50000Derivative, Class A CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-05-21A1,50000CommonForm 4 ↗
Carolyn DowneyDirector2026-05-21D1,90000Derivative, Class A CommonForm 4 ↗
Carolyn DowneyDirector2026-05-21D9501615,647CommonForm 4 ↗
Carolyn DowneyDirector2026-05-21A1,90000CommonForm 4 ↗
Gordon HarperCFO2026-06-16A75,00000Derivative, Class A CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-06-16A50,00000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-06-16A150,00000Derivative, Class A CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-06-16A50,00000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-07-01A9451716,490CommonForm 4 ↗
Carolyn DowneyDirector2026-07-01A9451716,490CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21D1,1181618,246CommonForm 4 ↗
Marc H. BellDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Z. Jamie BeharDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-08-21D10,88000Derivative, Class A CommonForm 4 ↗
Scott UlmDirector2026-08-21D4,3521671,025CommonForm 4 ↗
Scott UlmDirector2026-08-21A10,88000CommonForm 4 ↗
Gordon HarperCFO2026-08-21D7,75000Derivative, Class A CommonForm 4 ↗
Gordon HarperCFO2026-08-21D2,7941645,598CommonForm 4 ↗
Gordon HarperCFO2026-08-21A7,75000CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21D4,00000Derivative, Class A CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21D1,3351621,787CommonForm 4 ↗
Desmond MacauleyCo-Chief Investment Officer2026-08-21A4,00000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21A4,00000CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21D48000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21A48000CommonForm 4 ↗
Daniel C. StatonDirector2026-08-21A1,90000CommonForm 4 ↗
Marc H. BellDirector2026-08-21D48000Derivative, Class A CommonForm 4 ↗
Marc H. BellDirector2026-08-21A48000CommonForm 4 ↗
Marc H. BellDirector2026-08-21A1,90000CommonForm 4 ↗
Robert C. HainDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Robert C. HainDirector2026-08-21D9501615,504CommonForm 4 ↗
Robert C. HainDirector2026-08-21A1,90000CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-08-21D7601612,403CommonForm 4 ↗
John P. Hollihan, IIIDirector2026-08-21A1,90000CommonForm 4 ↗
Carolyn DowneyDirector2026-08-21D9501615,504CommonForm 4 ↗
Carolyn DowneyDirector2026-08-21A1,90000CommonForm 4 ↗
Z. Jamie BeharDirector2026-08-21A1,90000CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-08-21D4,00000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Stewart J. PaperinDirector2026-08-21A1,90000CommonForm 4 ↗
Carolyn DowneyDirector2026-08-21D1,90000Derivative, Class A CommonForm 4 ↗
Daniel C. StatonDirector2026-09-10D35,58316564,418CommonForm 4 ↗
Sergey LosyevCo-Chief Investment Officer2026-09-29A7251410,085CommonForm 4 ↗
Stewart J. PaperinDirector2026-10-01A1,1931416,499CommonForm 4 ↗
Carolyn DowneyDirector2026-10-01A1,1931416,499CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gordon HarperRSU2025-04-28——60,000—$985,200
Desmond MacauleyRSU2025-04-28——30,000—492,600
Sergey LosyevRSU2025-04-28——30,000—492,600
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gordon Harper$985,200$0$00.0%
Desmond Macauley492,600000.0%
Sergey Losyev492,600000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Desmond MacauleyRSU25,500—$451,095
Gordon HarperRSU62,600—1,107,394
Scott UlmRSU40,250—712,023
Sergey LosyevRSU25,500—451,095
05

Incentive-plan design — the Compensation Discussion & Analysis

Our success is dependent, in large part, on our ability through our Management Agreement with ACM and our equity incentive program to attract, motivate and retain high-performing executives who are committed to our core values of stockholder value, prudent risk-taking and integrity. The REIT and mortgage investment industry is highly competitive and attracting and retaining experienced professionals represents a comparative advantage.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantnot disclosed
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-3048,910,1622,512,562885,15195.11%Passed
20252025-05-0130,458,0511,831,404574,20594.33%Passed
20242024-05-3116,022,5042,581,299450,02986.12%Passed
20232023-05-0471,782,3706,243,7281,538,53592%Passed
20222022-04-2834,214,7457,300,915845,23682.41%Passed
20212021-05-1331,893,3952,593,863478,08192.48%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-3095.11%a
20252025-05-0194.33%b
20242024-05-3186.12%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stewart J. PaperinIndependent · Audit (Chair) · Compensation$136,000$216,898$0$0$66,000$418,898
John P. Hollihan, IIIIndependent · Audit · Nominating and Corporate Governance202,000216,898000418,898
Robert C. HainIndependent · Audit · Compensation (Chair)192,000216,898000408,898
Z. Jamie BeharIndependent · Audit · Compensation · Nominating and Corporate Governance (Co-Chair)179,500216,898000396,398
Daniel C. StatonNot independent · Board Chair167,000216,898000383,898
Carolyn DowneyIndependent · Nominating and Corporate Governance (Co-Chair)78,500216,8980066,000361,398
Marc H. BellNot independent132,000216,898000348,898
Scott J. UlmEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$132,000
Annual equity retainer$216,898
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 8,785
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,087,000
Equity awards (grant-date value)$1,518,286
All other compensation$132,000
Total cost of the board$2,737,286

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Armour Residential REIT, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

✓ AGNC Investment Corp. (AGNC)113— Dynex Capital, Inc. (DX)114 Invesco Mortgage Capital, Inc. (IVR)— Annaly Capital Management, Inc. (NLY)115 Two Harbors Investment Corp. (TWO)✓ Orchid Island Capital (ORC)116

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Armour Residential REIT, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Annaly Capital Management, Inc.2025David Finkelstein$1,000,000$9,483,629$0$0$19,270,629
2AGNC Investment Corp.2025Peter Federico900,0005,750,0000—14,208,500
3Dynex Capital, Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
4Orchid Island Capital2025Robert Cauley00000
5Armour Residential REIT, Inc.2025Scott Ulm00000
—Invesco Mortgage Capital, Inc.——————not in coverage universe
—Two Harbors Investment Corp.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Armour Residential REIT, Inc.not disclosedRSU 100not disclosednot disclosed
AGNC Investment Corp.not disclosednot disclosedNoFrederic W. Cook & Co., Inc.
Annaly Capital Management, Inc.142%PSU 60 · RSU 40NoSemler Brossy
Dynex Capital, Inc.355%PSU 60 · RSU 40NoFPC
Invesco Mortgage Capital, Inc.not disclosednot disclosednot disclosedFerguson Partners Consulting L.P.
Orchid Island Capitalnot disclosedOther 50 · LTIP Units 50Nonot disclosed
Two Harbors Investment Corp.not disclosedPSU 50 · RSU 50not disclosedPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Armour Residential REIT, Inc. in fiscal 2025?
As disclosed, Gordon Harper (Chief Financial Officer and Secretary) was the highest-paid executive at Armour Residential REIT, Inc. in fiscal 2025, with total compensation of $985,200.
How did shareholders vote on Armour Residential REIT, Inc.'s executive compensation?
As disclosed, 95.11% of shareholders supported Armour Residential REIT, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Armour Residential REIT, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Armour Residential REIT, Inc. reported total board compensation of $2,737,286 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Gordon HarperDEF 14A2026-03-190001428205-26-000040Section “2025 Summary Compensation Table”. As printed: 985,200. Filing ↗machine: r8 · c5 · span 414496–414503
2Section 01, Sergey LosyevDEF 14A2026-03-190001428205-26-000040Section “2025 Summary Compensation Table”. As printed: 492,600. Filing ↗machine: t10 · r17 · c5 · span 421388–421395
3Section 01, Desmond MacauleyDEF 14A2026-03-190001428205-26-000040Section “2025 Summary Compensation Table”. As printed: 492,600. Filing ↗machine: t10 · r14 · c5 · span 418246–418253
4Section 01, Scott UlmDEF 14A2026-03-190001428205-26-000040Section “2025 Summary Compensation Table” · page 36. As printed: 0. Filing ↗
5Section 03, Gordon Harper RSUDEF 14A2026-03-190001428205-26-000040Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t14 · r4 · c5 · span 613707–613714
6Section 03, Desmond Macauley RSUDEF 14A2026-03-190001428205-26-000040Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t14 · r5 · c5 · span 615142–615149
7Section 03, Sergey Losyev RSUDEF 14A2026-03-190001428205-26-000040Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t14 · r6 · c5 · span 616545–616552
8Section 07, pay ratioDEF 14A2026-03-190001428205-26-000040Section “CEO Pay Ratio”. As printed: —. Filing ↗
9Section 08, Stewart J. PaperinDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 418,898. Filing ↗machine: t6 · r8 · c15 · span 304253–304382
10Section 08, John P. Hollihan, IIIDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 418,898. Filing ↗machine: t6 · r7 · c15 · span 301579–301708
11Section 08, Robert C. HainDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 408,898. Filing ↗machine: t6 · r6 · c15 · span 298901–299030
12Section 08, Z. Jamie BeharDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 396,398. Filing ↗machine: t6 · r4 · c15 · span 293561–293690
13Section 08, Daniel C. StatonDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 383,898. Filing ↗
14Section 08, Carolyn DowneyDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 361,398. Filing ↗machine: t6 · r5 · c15 · span 296230–296359
15Section 08, Marc H. BellDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 348,898. Filing ↗
16Section 08, Scott J. UlmDEF 14A2026-03-190001428205-26-000040Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Stewart J. Paperin 2026-04-01Form 42026-04-030001207637-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Carolyn Downey 2026-04-01Form 42026-04-030001455810-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Robert C. Hain 2026-05-19Form 42026-05-210001377714-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Z. Jamie Behar 2026-05-19Form 42026-05-210001306260-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Marc H. Bell 2026-05-19Form 42026-05-210001026915-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Carolyn Downey 2026-05-19Form 42026-05-210001455810-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, John P. Hollihan, III 2026-05-19Form 42026-05-210001248587-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Daniel C. Staton 2026-05-19Form 42026-05-210001024240-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Stewart J. Paperin 2026-05-19Form 42026-05-210001207637-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Marc H. Bell 2026-05-21Form 42026-05-260001026915-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, John P. Hollihan, III 2026-05-21Form 42026-05-260001248587-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Gordon Harper 2026-05-21Form 42026-05-260001698344-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Gordon Harper 2026-05-21Form 42026-05-260001698344-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Gordon Harper 2026-05-21Form 42026-05-260001698344-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Scott Ulm 2026-05-21Form 42026-05-260001469064-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Scott Ulm 2026-05-21Form 42026-05-260001469064-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Scott Ulm 2026-05-21Form 42026-05-260001469064-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Desmond Macauley 2026-05-21Form 42026-05-260002016620-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Desmond Macauley 2026-05-21Form 42026-05-260002016620-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Desmond Macauley 2026-05-21Form 42026-05-260002016620-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Sergey Losyev 2026-05-21Form 42026-05-260002016863-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Daniel C. Staton 2026-05-21Form 42026-05-260001024240-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Daniel C. Staton 2026-05-21Form 42026-05-260001024240-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Daniel C. Staton 2026-05-21Form 42026-05-260001024240-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Daniel C. Staton 2026-05-21Form 42026-05-260001024240-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Marc H. Bell 2026-05-21Form 42026-05-260001026915-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Marc H. Bell 2026-05-21Form 42026-05-260001026915-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Marc H. Bell 2026-05-21Form 42026-05-260001026915-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Stewart J. Paperin 2026-05-21Form 42026-05-260001207637-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Stewart J. Paperin 2026-05-21Form 42026-05-260001207637-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Robert C. Hain 2026-05-21Form 42026-05-260001377714-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Robert C. Hain 2026-05-21Form 42026-05-260001377714-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Robert C. Hain 2026-05-21Form 42026-05-260001377714-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Z. Jamie Behar 2026-05-21Form 42026-05-260001306260-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Z. Jamie Behar 2026-05-21Form 42026-05-260001306260-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, John P. Hollihan, III 2026-05-21Form 42026-05-260001248587-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, John P. Hollihan, III 2026-05-21Form 42026-05-260001248587-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Sergey Losyev 2026-05-21Form 42026-05-260002016863-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Sergey Losyev 2026-05-21Form 42026-05-260002016863-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Carolyn Downey 2026-05-21Form 42026-05-260001455810-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Carolyn Downey 2026-05-21Form 42026-05-260001455810-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Carolyn Downey 2026-05-21Form 42026-05-260001455810-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Gordon Harper 2026-06-16Form 42026-06-180001698344-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Desmond Macauley 2026-06-16Form 42026-06-180002016620-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Scott Ulm 2026-06-16Form 42026-06-180001469064-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Sergey Losyev 2026-06-16Form 42026-06-180002016863-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Stewart J. Paperin 2026-07-01Form 42026-07-020001207637-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Carolyn Downey 2026-07-01Form 42026-07-020001455810-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Sergey Losyev 2026-08-21Form 42026-08-250002016863-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Marc H. Bell 2026-08-21Form 42026-08-250001026915-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, John P. Hollihan, III 2026-08-21Form 42026-08-250001248587-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Z. Jamie Behar 2026-08-21Form 42026-08-250001306260-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Daniel C. Staton 2026-08-21Form 42026-08-250001024240-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Scott Ulm 2026-08-21Form 42026-08-250001469064-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Scott Ulm 2026-08-21Form 42026-08-250001469064-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Scott Ulm 2026-08-21Form 42026-08-250001469064-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Gordon Harper 2026-08-21Form 42026-08-250001698344-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Gordon Harper 2026-08-21Form 42026-08-250001698344-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Gordon Harper 2026-08-21Form 42026-08-250001698344-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Desmond Macauley 2026-08-21Form 42026-08-250002016620-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Desmond Macauley 2026-08-21Form 42026-08-250002016620-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Desmond Macauley 2026-08-21Form 42026-08-250002016620-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Sergey Losyev 2026-08-21Form 42026-08-250002016863-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Daniel C. Staton 2026-08-21Form 42026-08-250001024240-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Daniel C. Staton 2026-08-21Form 42026-08-250001024240-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Daniel C. Staton 2026-08-21Form 42026-08-250001024240-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Marc H. Bell 2026-08-21Form 42026-08-250001026915-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Marc H. Bell 2026-08-21Form 42026-08-250001026915-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Marc H. Bell 2026-08-21Form 42026-08-250001026915-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Robert C. Hain 2026-08-21Form 42026-08-250001377714-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Robert C. Hain 2026-08-21Form 42026-08-250001377714-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Robert C. Hain 2026-08-21Form 42026-08-250001377714-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, John P. Hollihan, III 2026-08-21Form 42026-08-250001248587-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, John P. Hollihan, III 2026-08-21Form 42026-08-250001248587-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Carolyn Downey 2026-08-21Form 42026-08-250001455810-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Carolyn Downey 2026-08-21Form 42026-08-250001455810-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Z. Jamie Behar 2026-08-21Form 42026-08-250001306260-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Sergey Losyev 2026-08-21Form 42026-08-250002016863-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Stewart J. Paperin 2026-08-21Form 42026-08-250001207637-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Stewart J. Paperin 2026-08-21Form 42026-08-250001207637-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Carolyn Downey 2026-08-21Form 42026-08-250001455810-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Daniel C. Staton 2026-09-10Form 42026-09-110001024240-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Sergey Losyev 2026-09-29Form 42026-09-300002016863-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Stewart J. Paperin 2026-10-01Form 42026-10-020001207637-26-000017Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, Carolyn Downey 2026-10-01Form 42026-10-020001455810-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
102Section 06, 2026 voteForm 8-K2026-04-300001428205-26-000063Item 5.07 · say-on-pay result. As reported: 95.11% (votes for as printed: 48,910,162). Filing ↗
103Section 06, 2025 voteForm 8-K2025-05-010001428205-25-000101Item 5.07 · say-on-pay result. As reported: 94.33% (votes for as printed: 30,458,051). Filing ↗
104Section 06, 2024 voteForm 8-K2024-05-310001428205-24-000132Item 5.07 · say-on-pay result. As reported: 86.12% (votes for as printed: 16,022,504). Filing ↗
105Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
106Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
107Section 09b board cost (computed)Computed——Cash 1,087,000 + equity 1,518,286 + all other 132,000 = 2,737,286, summed across the director compensation table rows.machine: formula: Σ = 2,737,286
108Annaly Capital Management, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052954CEO total compensation as printed in Annaly Capital Management, Inc.'s own proxy. As printed: 19,270,629. Filing ↗machine: t91 · r1 · c36 · span 1399922–1399932
109AGNC Investment Corp., Section 10b CEO totalDEF 14A2026-03-060001423689-26-000058CEO total compensation as printed in AGNC Investment Corp.'s own proxy. As printed: 14,208,500. Filing ↗machine: r2 · c18 · span 710764–710774
110Dynex Capital, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
111Orchid Island Capital, Section 10b CEO totalDEF 14A2026-04-270001437749-26-013358CEO total compensation as printed in Orchid Island Capital's own proxy. As printed: 0. Filing ↗
112Armour Residential REIT, Inc. (subject), Section 10b CEO totalDEF 14A2026-03-190001428205-26-000040CEO total compensation as printed in Armour Residential REIT, Inc.'s own proxy. As printed: 0. Filing ↗
113Section 10a, AGNC Investment Corp. reciprocityDEF 14A—0001423689-26-000058AGNC Investment Corp. names Armour Residential REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
114Section 10a, Dynex Capital, Inc. reciprocityDEF 14A—0001104659-26-040189Dynex Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include Armour Residential REIT, Inc.. Filing ↗
115Section 10a, Annaly Capital Management, Inc. reciprocityDEF 14A—0001104659-26-052954Annaly Capital Management, Inc.'s most recent proxy was read; its disclosed peer group does not include Armour Residential REIT, Inc.. Filing ↗
116Section 10a, Orchid Island Capital reciprocityDEF 14A—0001437749-26-013358Orchid Island Capital names Armour Residential REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗

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