Mavoides Peter M. 4

What Happened Peter M. Mavoides, President & CEO and a director of Essential Properties Realty Trust, Inc. (EPRT), received a grant of 63,391 LTIP Units on February 20, 2026. The award was reported on Form 4 as an acquisition at $0.00 (transaction code A), meaning it was a zero-cost long-term incentive grant rather than an open-market purchase or sale. The LTIP Units are derivative interests that can convert into OP Units and, at the company's election, into common stock on a one-for-one basis.

Key Details

• Transaction date: 2026-02-20; reported on Form 4 filed 2026-02-23 (timely filing).
• Transaction type/code: Award/Grant (A); recorded acquisition price $0.00.
• Units granted: 63,391 LTIP Units (derivative award), not common shares immediately.
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes of note:
  • LTIP Units are a special class of OP Units and convert to OP Units upon vesting (see F1–F2).
  • Vesting: units vest ratably on the 1st, 2nd, 3rd and 4th anniversaries of January 18, 2026 (roughly one-quarter each year) (F3).
  • OP Units are redeemable for cash or, at the company’s election, exchangeable for common stock at a 1:1 ratio; no expiration date for LTIP/OP Units (F1, F3).
• Other: Exhibit 24.1 Power of Attorney referenced.

Context This was a compensation-related grant (long-term incentive units), not an open-market buy or sale. Because these LTIP Units are subject to vesting and conversion mechanics, they do not represent immediate liquid stock or realized cash value on the filing date, although they can convert to company equity in the future if vesting and company election occur.