Porter Tracy A 4

What Happened
Tracy A. Porter, Executive Vice President & General Counsel of Janus Living, received an award of 10,000 LTIP Units on 2026-03-23. The units were reported as acquired at $0.00 (derivative award), so no cash was paid. These LTIP Units are a type of profits-interest unit in Janus Living OP, LLC and can be converted or redeemed into economic exposure to the company’s Class A-1 common stock per the footnotes.

Key Details

• Transaction date: 2026-03-23; reported on Form 4 filed 2026-03-24.
• Transaction type/code: A (Award/Grant or other acquisition). Price: $0.00. Total units: 10,000.
• Shares/units owned after transaction: Not specified in the provided summary.
• Footnote F1: LTIP Units are profits-interest units in Janus OP; upon satisfying required conditions they may be converted by the holder into OP Units, which are redeemable for cash equal to the FMV of one Class A-1 share or, at Janus OP’s option, convertible one-for-one into Class A-1 shares. LTIP Units have no expiration.
• Footnote F2: These LTIP Units are fully vested and were granted in connection with the issuer’s initial public offering.
• Filing timeliness: Filed the day after the reported transaction date; no late filing noted.

Context
This was a compensation-style award of derivative units (not an open-market purchase or sale). Because the grant price is $0 and the units are convertible/redeemable later, any monetary value to Porter depends on future conversion/redeem decisions and the market value of Janus Living Class A-1 shares at that time. Such grants are common for executive compensation and do not by themselves indicate immediate buying or selling of stock.