Barnes-Smith Matthew 4

What Happened
Matthew Barnes‑Smith, CFO, Treasurer and Secretary of AH Realty Trust, Inc. (AHRT), reported the exercise/conversion of 20,892 in‑the‑money derivative units on March 11, 2026. The filing shows both an acquisition and a disposition of 20,892 shares at $0.00 (derivative transaction), reflecting the conversion of Time‑Based LTIP Units into Common Units (footnote F4). No cash was paid for the exercise (exercise price reported as $0.00).

Key Details

• Transaction date: 2026-03-11; Form 4 filed: 2026-03-13 (appears timely).
• Reported amounts: 20,892 shares acquired and 20,892 shares disposed; price per share reported $0.00; total cash reported $0.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Relevant footnotes: F1–F4 explain these were Time‑Based LTIP Units convertible into Common Units at the holder’s election; F2 notes conversion restrictions (generally not convertible until two years after grant except in a change of control); F3 notes Common Units are redeemable for cash equal to market value or, at the company’s election, for common stock. F4 specifically states these units were granted on March 11, 2024 and converted at the reporting person's election.
• No 10b5‑1 plan, tax withholding, or late filing indication noted in the provided data.

Context
This was a derivative conversion (exercise of LTIP units) rather than an open‑market purchase or sale. The $0.00 exercise price indicates a conversion of vested LTIP units into Common Units rather than a cash purchase. Common Units received can typically be redeemed for cash equal to the then‑current market value or, at the company’s option, exchanged for shares of AHRT common stock per the OP Agreement.