Miller Jeffrey H 4

What Happened
Jeffrey H. Miller, Chief Operating Officer of Janus Living, purchased 7,500 shares at $20.00 per share on 2026-03-23 for a cash outlay of $150,000. On the same date he was also granted 12,500 LTIP Units (recorded at $0.00), a derivative award issued in connection with the company’s IPO.

Key Details

• Transaction date: 2026-03-23; Form 4 filed 2026-03-24 (timely).
• Open-market/private purchase (code P): 7,500 shares × $20.00 = $150,000. Footnote F1 indicates these shares were purchased from the IPO underwriters.
• Award/grant (code A): 12,500 LTIP Units recorded at $0.00 (derivative award); footnotes F2 and F3 explain these are fully vested LTIP Units granted in connection with the IPO.
• Shares owned after the transaction: Not disclosed in the supplied filing.
• Not a sale or option exercise—this includes a cash purchase and a zero-price award; no 10b5-1 plan or tax-withholding note stated.

Context
LTIP Units are a class of partnership/profits-interest units in Janus Living’s operating subsidiary that do not expire. Per the filing, they are intended to qualify as profits interests for U.S. tax purposes, are fully vested, and can be converted (at holder election) into OP Units; OP Units are redeemable for cash equal to the fair market value of a Class A-1 share or may be converted by the OP to Class A-1 shares on a one-for-one basis. The LTIP grant is an equity award tied to the IPO and does not require a cash exercise.