MATHIAS ANDREW W 4
4 · SL GREEN REALTY CORP · Filed Feb 17, 2026
Research Summary
AI-generated summary of this filing
SL Green (SLG) Director Mathias Receives 201,234 LTIP Units
What Happened
Andrew W. Mathias, a director of SL Green Realty Corp. (SLG), was reported to have acquired two awards of 100,617 LTIP units each on 2026-02-12 (total 201,234 units). The reported acquisition price for each award was $0.00, indicating these were vested long-term incentive plan (LTIP) units/derivative awards rather than an open-market cash purchase. The awards were originally tied to performance over 2023–2025 and vested on December 31, 2025.
Key Details
- Transaction date: 2026-02-12 (reported on Form 4 filed 2026-02-17).
- Grant details: Two entries of 100,617 LTIP units each (total 201,234 units); reported price $0.00 (derivative award/vested LTIP).
- Vesting/performance: Footnotes indicate the LTIP units were earned based on SL Green’s total stockholder return vs. peer groups for the 2023–2025 period and vested in full on 12/31/2025 (see F1 and F3).
- Conversion/redemption: LTIP units may be converted into common units of the operating partnership and, typically, those common units may be redeemed for cash equal to fair market value or for shares of SLG common stock at the issuer’s election; conversion/redemption rights and restrictions are described in the filing (see F2).
- Restriction: Each vested LTIP unit and any common unit received on conversion is subject to an additional two‑year no‑sell/no‑redemption provision (until earlier of two years after vesting, termination of employment, or a change in control).
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Timeliness: The Form 4 was filed 2026-02-17 for a 2026-02-12 transaction, which appears to be one business day late from the typical Form 4 two-business-day filing requirement.
Context
These entries reflect the vesting/recognition of performance-based LTIP awards rather than purchases or sales; no cash was exchanged at the reported $0.00 price. Such awards are common compensation for executives and directors and can be subject to multi-year transfer or redemption restrictions, so they do not necessarily indicate an immediate change in insider sentiment.
Insider Transaction Report
Form 4
MATHIAS ANDREW W
Director
Transactions
- Award
LTIP Units
[F1][F2]2026-02-12+100,617→ 1,123,752 total→ Common Stock (100,617 underlying) - Award
LTIP Units
[F3][F2][F1]2026-02-12+100,617→ 1,224,369 total→ Common Stock (100,617 underlying)
Footnotes (3)
- [F1]Represents LTIP Units originally issued in January 2023 that were earned based on the Issuer's total stockholder return during the period from January 1, 2023 through December 31, 2025, relative to a group of New York City-centric publicly traded real estate investment trusts. The LTIP Units vested in full on December 31, 2025. Each LTIP Unit and Class A Unit of limited partnership interest in SL Green Operating Partnership, L.P. (a "Common Unit") acquired upon conversion of such LTIP Unit is subject to an additional two-year no-sell provision pursuant to which such LTIP Unit and Common Unit generally may not be transferred, and the redemption right associated with the Common Unit may not be exercised, until the earlier of (i) two years after the vesting date, (ii) termination of the reporting person's employment or (iii) a change in control of the Issuer.
- [F2]Represents LTIP Units issued pursuant to the Issuer's equity based compensatory programs. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be converted, at the election of the holder, into a Common Unit. Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of Common Stock. The redemption right generally cannot be exercised until two years from the date of the grant. The rights to convert LTIP Units into Common Units and redeem Common Units do not have expiration dates.
- [F3]Represents LTIP Units originally issued in January 2023 that were earned based on the Issuer's total stockholder return during the period from January 1, 2023 through December 31, 2025, relative to the constituent companies of the Dow Jones US Real Estate Office Index at the start of such period that remained publicly traded at the conclusion of such period. The LTIP Units vested in full on December 31, 2025. Each LTIP Unit and Common Unit acquired upon conversion of such LTIP Unit is subject to an additional two-year no-sell provision pursuant to which such LTIP Unit and Common Unit generally may not be transferred, and the redemption right associated with the Common Unit may not be exercised, until the earlier of (i) two years after the vesting date, (ii) termination of the reporting person's employment or (iii) a change in control of the Issuer.
Signature
/s/ Andrew W. Mathias|2026-02-17