Postal Realty (PSTL) 10% Owner Andrew Spodek Receives Awards

What Happened
Andrew Spodek, a reported 10% owner of Postal Realty Trust, received two grants of Operating Partnership units (OP Units) on September 4, 2026. Each grant was for 42,650 OP Units (total 85,300 OP Units). The units are derivative limited partnership interests redeemable for cash or, at the issuer’s election, one share of Class A common stock per unit. The filing values each 42,650 grant at approximately $1.0 million based on the 10-day VWAP of $23.4465 (total value ≈ $2.0M).

Key Details

• Transaction date: 2026-09-04 (Form 4 filed 2026-09-09). Filing occurred five calendar days after the grants (about one business day late of the typical 2-business-day Form 4 deadline).
• Transaction type/code: A (grant/award); two grants of 42,650 OP Units each; total 85,300 OP Units. Reported per-unit valuation basis: VWAP $23.4465 → ≈ $1.0M per grant.
• Price per share reported as N/A (derivative awards), but valuation provided in footnotes.
• Shares owned after transaction: not specified in the filing. The filing indicates the Reporting Person is deemed the beneficial owner of the securities.
• Notable footnotes:
  • F1/F3: OP Units are limited partnership units of Postal Realty, LP that can be redeemed for cash or, at the issuer’s election, one-for-one into Class A common stock; OP Units have no expiration but may be subject to a holding period before redemption.
  • F2/F5: Each $1.0M issuance was issued in consideration of property contributions (Butler Gulch, LLC and Brush Creek Partners) and was approved by a Special Committee of the board (independent directors).
  • F4: Reporting person is deemed the beneficial owner of the issued securities.

Context
These grants are derivative awards (OP Units) issued in connection with property contributions to subsidiaries of the issuer, not open-market purchases. OP Units are convertible into common shares or cash after any required holding period, so they represent potential future exposure to Postal Realty common stock but are not immediate share purchases. As a 10% owner, Spodek’s activity is significant for disclosure purposes but reflects partnership-unit awards tied to corporate property transactions approved by a Special Committee.