Donlan Daniel P 4

What Happened
Daniel P. Donlan, NETSTREIT’s Chief Financial Officer and Treasurer, had 5,386 restricted stock units (RSUs) convert into common shares on February 16, 2026 (reported on a Form 4 filed Feb 18, 2026). To satisfy mandatory tax withholding, the issuer withheld 2,405 of those shares at $20.20 per share, totaling $48,581. Net shares delivered to Donlan from this vesting were 2,981 (5,386 converted minus 2,405 withheld). The transaction is recorded as a conversion/exercise of a derivative (code M) with tax withholding (code F); the withheld shares were not sold on the open market.

Key Details

• Transaction date: February 16, 2026; Form 4 filed February 18, 2026 (timely — within two business days).
• Conversion: 5,386 RSUs converted into 5,386 shares (code M).
• Tax withholding: 2,405 shares withheld @ $20.20/share = $48,581 (code F). This is a share-withholding to cover taxes, not an open-market sale.
• Net shares received by Donlan: 2,981 (5,386 − 2,405).
• Shares owned after transaction: Not specified in the excerpt of the filing.
• Footnotes in the filing: RSUs represent contingent rights to receive one share upon vesting; withholding was mandatory and not an open-market sale; these RSUs were part of a Feb 16, 2024 grant of 16,157 RSUs vesting in roughly equal installments over three years.

Context
This was a typical equity-compensation vesting event (RSU conversion) rather than a discretionary open-market buy or sell. Withholding shares to cover taxes is a common administrative step and does not necessarily indicate insider sentiment. For retail investors, purchases or open-market sales by insiders often carry more interpretive weight than routine conversions and withholdings.