Brinker Scott M 4

What Happened

• Scott M. Brinker, President & CEO and a director of Janus Living (JAN), purchased 100,000 shares on 2026-03-23 at $20.00 per share for a total cash outlay of $2,000,000 (transaction code P).
• On the same date he was also granted 25,000 LTIP units (transaction code A) with no cash paid (reported $0). The LTIP units were granted in connection with the company’s IPO and are reported as a derivative awards.

Key Details

• Transaction date: 2026-03-23 (Form 4 filed 2026-03-24). Filing appears timely.
• Purchase: 100,000 shares @ $20.00 = $2,000,000 (bought from underwriters in the IPO; see F1).
• Award: 25,000 LTIP units @ $0 (derivative award, fully vested; see F3).
• Post-transaction holdings: not specified in the supplied data.
• Footnotes: F1 = shares purchased from IPO underwriters. F2 = LTIP Units are profits‑interest units in Janus Living OP, LLC that can convert to OP Units and ultimately to Class A-1 shares or cash; no expiration. F3 = these LTIP Units are fully vested and were granted in connection with the IPO.

Context

• This is a direct purchase (often viewed as a positive signal because insiders are buying equity) combined with an IPO-related equity award.
• The LTIP units are a derivative, not immediate tradable shares: they represent profits-interest units convertible to OP Units and potentially to Class A-1 shares or cash under specified conditions.