Brandwein Matt 4

What Happened

• Matt Brandwein, EVP & Chief Accounting Officer of Postal Realty Trust (PSTL), had 5,900 performance-based RSUs vest on Jan 29, 2026 (these were 123.1% of target for the 2023 award). To satisfy withholding obligations, 2,459 shares were withheld at $17.67 each ($43,451) and an additional 1,667 shares were withheld at $18.23 each ($30,389), totaling 4,126 shares withheld for taxes (~$73,840).
• On Feb 1, 2026 the reporting person received multiple equity awards/units (LTIP Units and RSUs), including a VWAP-based LTIP grant of 4,763 units priced at $17.7136 ($84,370). Some LTIP Units and grants vested immediately; others are subject to time-based or performance-based vesting schedules and conversion mechanics described below.

Key Details

• Transaction dates: RSU vesting and conversions on Jan 29, 2026; additional grants on Feb 1, 2026. Form 4 filed Feb 2, 2026 (appears timely).
• Tax-withholding disposals: 2,459 shares @ $17.67 = $43,451; 1,667 shares @ $18.23 = $30,389; combined ~4,126 shares / $73,840.
• VWAP-based grant: 4,763 LTIP Units priced at $17.7136 = $84,370 (price based on 10-day VWAP ending Feb 1, 2026).
• Shares owned after transaction: not stated in the provided excerpt of the filing.
• Relevant footnotes: F1 explains the vested 2023 RSUs (performance-based, 0–200% payout; vested at 123.1%); F3 notes shares were withheld to satisfy tax withholding; F10–F13 and F17 explain LTIP Units are limited partnership units convertible into OP Units and redeemable for cash or, at issuer election, one-for-one for Class A common stock, with varied vesting schedules; F16 describes 2026 RSUs as market-based awards (0–200% payout, vesting based on performance through 12/31/2028).

Context

• The Jan 29 activity was vesting of performance RSUs, not an open-market sale. The “disposed” entries reflect shares withheld to cover tax obligations (a common net-settlement/withholding action), not a directional bet on the stock.
• The Feb 1 awards include LTIP Units (convertible to operating partnership units and ultimately to cash or shares) and performance-based RSUs with multi-year vesting/measurement periods — these are compensation awards, not purchases.
• No late-filing flag was indicated in the provided details; the Form 4 was filed Feb 2, 2026 reporting the Jan 29 and Feb 1 activity.