MUSELES STEVEN A 4
4 · JBG SMITH Properties · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
JBG SMITH (JBGS) CLO Steven Museles Converts LTIP/OP Units to Shares
What Happened
Steven A. Museles, Chief Legal Officer and Corporate Secretary of JBG SMITH Properties (JBGS), reported the conversion of limited partnership LTIP units and related OP units into common shares. The filing shows a net issuance of 20,010 common shares on February 17, 2026. No cash sale or monetization of the securities was reported and no price per share was stated (N/A).
Key Details
- Transaction date: 2026-02-17; Form 4 filed 2026-02-18 (timely filing).
- Reported shares acquired: 20,010 common shares (price: N/A).
- Shares owned after transaction: not specified in the provided filing details.
- Notable footnotes (summary):
- F1: Transactions represent conversion of LTIP Units into OP Units and exchange of OP Units for common shares; no sale occurred.
- F2: Each OP Unit is redeemable, once vested, for one common share or cash at the issuer’s option.
- F3–F4: LTIP Units convert to OP Units upon vesting; reporting person holds corresponding non-economic Class B shares.
- F5: Corresponding Class B shares were automatically cancelled upon conversion for no consideration.
Context
This was a conversion/exchange of incentive partnership units into public common shares (an LTIP/OP unit conversion and OP Unit-for-share exchange), not an open-market purchase or sale. Such filings commonly reflect vesting or conversion of long-term incentive awards rather than a trade that signals immediate buying or selling intent.
Insider Transaction Report
- Conversion
Common Shares
[F1][F2]2026-02-17+20,010→ 20,010 total - Conversion
LTIP Units
[F3][F1][F4]2026-02-17−20,010→ 323,146 total→ Common Shares (20,010 underlying) - Conversion
OP Units
[F2][F3][F1][F4]2026-02-17+20,010→ 20,010 total→ Common Shares (20,010 underlying) - Conversion
OP Units
[F2][F5][F1]2026-02-17−20,010→ 0 total→ Common Shares (20,010 underlying)
Footnotes (5)
- [F1]The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.
- [F2]Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.
- [F3]Limited partnership units in the OP designated as LTIP Units are a class of units in the OP that, if vested, are convertible at the option of the holder, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of OP Units.
- [F4]For each of the LTIPs and OP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.
- [F5]Upon this conversion of OP Units, a corresponding number of Class B shares was automatically cancelled and redeemed for no consideration.