Real Estate
Armour Residential REIT Executive Compensation (FY25)
ARR · Vero Beach, FL · Executive and director compensation, fiscal 2023 to 2025
Chief executive, fiscal 2025 Paid by the manager Scott Ulm — ARMOUR Capital Management (ACM) | Latest say-on-pay support = April 30, 2026 |
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The paid brief on Armour Residential REIT
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Data as of October 17, 2026Latest filing (8-K): April 30, 2026
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Velarion Member, one year
103 figures on this page: 95 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
This company is not required to report a chief executive pay ratio.
More on Armour Residential REIT
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Say-on-pay support: 94.3% → 95.1% (0.8 points higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Armour Residential REIT's chief executive and what were they paid?
Armour Residential REIT is externally managed by ARMOUR Capital Management (ACM); Scott Ulm, Chief Executive Officer and Vice Chairman, is compensated by the manager, not the company, and the filing reports no company-paid total for fiscal 2025.
What was Armour Residential REIT's say-on-pay result?
Shareholders supported the say-on-pay proposal with 95.1% of votes cast for or against in favor at the meeting held April 30, 2026 for fiscal 2025.
Which companies are in Armour Residential REIT's peer group?
The disclosed peer group names AGNC Investment Corp., Annaly Capital Management, Inc., Dynex Capital, Inc., Invesco Mortgage Capital, Inc. and Orchid Island Capital, among others.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Scott Ulm Chief Executive Officer and Vice Chairman (former Co-Chief Executive Officer, Co-Vice Chairman and Head of Risk Management) | — | — | ◇ | — | — | — | — | ◇ |
Jeffrey Zimmer Former Co-Chief Executive Officer, Co-Vice Chairman and President Departed during or after this year | — | — | ◇ | — | — | — | — | ◇ |
James Mountain Former Chief Financial Officer and Secretary Departed during or after this year | — | — | ◇ | — | — | — | — | ◇ |
Mark Gruber Former Chief Investment Officer Departed during or after this year | — | — | ◇ | — | — | — | — | ◇ |
Gordon Harper Chief Financial Officer, Controller and Secretary (former Vice President of Finance and Treasurer) | — | — | ◇ | — | — | — | — | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Gordon Harper Chief Financial Officer, Controller and Secretary | — | — | ◇ | — | — | — | — | ◇ |
Scott Ulm Chief Executive Officer and Vice Chairman | — | — | — | — | — | — | — | — not reconciled |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Gordon Harper Chief Financial Officer and Secretary | — | — | ◇ | — | — | — | — | ◇ |
Sergey Losyev Co-Chief Investment Officer | — | — | ◇ | — | — | — | — | ◇ |
Desmond Macauley Co-Chief Investment Officer and Head of Risk Management | — | — | ◇ | — | — | — | — | ◇ |
Scott Ulm Chief Executive Officer and Vice Chairman | — | — | — | — | — | — | — | — not reported |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Desmond Macauley | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Gordon M. Harper | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Sergey Losyev | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Desmond Macauley | RSU | ◇ | ◇ | — | — |
| Gordon Harper | RSU | ◇ | ◇ | — | — |
| Scott Ulm | RSU | ◇ | ◇ | — | — |
| Sergey Losyev | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Severance and change in control
The terms as written in the agreements.
Desmond Macauley
Co-Chief Investment Officer and Head of Risk Management · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Gordon Harper
Chief Financial Officer and Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Scott Ulm
Chief Executive Officer and Vice Chairman · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Sergey Losyev
Co-Chief Investment Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Stewart J. Paperin | ◇ | ◇ | — | — | — | ◇ | ◇ |
John P. Hollihan, III | ◇ | ◇ | — | — | — | — | ◇ |
Robert C. Hain | ◇ | ◇ | — | — | — | — | ◇ |
Z. Jamie Behar | ◇ | ◇ | — | — | — | — | ◇ |
Daniel C. Staton Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Carolyn Downey | ◇ | ◇ | — | — | — | ◇ | ◇ |
Marc H. Bell | ◇ | ◇ | — | — | — | — | ◇ |
Scott J. Ulm served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- AGNC Investment Corp. AGNC
- Annaly Capital Management, Inc. NLY
- Dynex Capital, Inc. DX
- Invesco Mortgage Capital, Inc. IVR
- Orchid Island Capital ORC
- Two Harbors Investment Corp. TWO
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | April 30, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 1, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 31, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 4, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 28, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 13, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 20, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 14, 2019 | = | ◇ | ◇ | ◇ |
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- 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]What this page does not include
Everything above is a fact Armour Residential REIT disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Armour Residential REIT sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
103 figures on this page: 95 cited to the filing that reported them, 8 calculated from figures it prints.
95 cited to the filing
8 calculated from the filing
Documents cited
- 0001428205-26-000063
- 0001428205-26-0000402025 Director Compensation · 2025 Grants of Plan-Based Awards · 2025 Summary Compensation Table · Compensation Discussion and Analysis · and 3 more sections
- 0001428205-25-000101
- 0001428205-25-0000632024 Summary Compensation Table
- 0001428205-24-000132
- 0001428205-24-000088Summary Compensation Table
- 0001428205-23-000099
- 0001428205-22-000067
- 0001428205-21-000143
- 0001428205-20-000182
- 0001428205-19-000138
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Armour Residential REIT executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/ARR (accessed 2026).
Short form: data: Velarion
The paid brief for Armour Residential REIT
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Real Estate rankings
Peers Armour Residential REIT discloses
The companies named in ARR's own disclosed peer group.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}