Patadia Ankit B. 4

What Happened
Ankit B. Patadia, EVP and Treasurer of Janus Living, was granted 10,000 LTIP Units (a derivative award) on 2026-03-23. The units were granted at $0.00 (no cash paid) and therefore the reported acquisition value is $0. These LTIP Units are intended as profits interests and can convert into OP Units (membership interests in Janus OP) and ultimately be redeemable or convertible into the Issuer’s Class A-1 common stock under the stated conversion/redemption mechanisms.

Key Details

• Transaction date: 2026-03-23; Form 4 filed 2026-03-24 (appears timely).
• Transaction type/code: Award/Grant (derivative) — reported as “A”.
• Quantity: 10,000 LTIP Units granted at $0.00 (acquisition value $0).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes:
  • F1: LTIP Units are intended to qualify as profits interests, have no expiration, and may convert to OP Units; OP Units are redeemable for cash equal to the FMV of one share of Class A-1 common stock or may be converted one-for-one into Class A-1 shares.
  • F2: These LTIP Units are fully vested and were granted in connection with the Issuer’s initial public offering.

Context
This is a compensation-related award (not a market purchase or sale). Because the units are fully vested per the filing and are structured as profits interests, they are a form of equity compensation that can provide upside tied to company performance and may ultimately convert into economic or voting interests in the issuer. As always, awards do not, by themselves, indicate an insider’s market view.