Bushore Michelle 4

What Happened

• Michelle Bushore, Executive Vice President, Chief Legal Officer, General Counsel and Secretary of Realty Income (O), received equity awards and surrendered shares to cover tax withholding. The filing shows two awards on Feb 17, 2026: 24,290 performance shares and 7,576 shares granted under an incentive plan (total 31,866 shares). Separately, 6,551 shares were disposed at $66.49 per share, generating $435,576 to satisfy tax obligations (reported as a withheld/surrendered amount).

Key Details

• Transaction date: February 17, 2026; filing date: February 19, 2026 (timely).
• Awards: 24,290 performance shares (code A) and 7,576 incentive-plan shares (code A); no cash paid for the grants.
• Tax withholding/disposition: 6,551 shares disposed at $66.49 each, totaling $435,576 (code F). The $66.49 price is the NYSE closing price on Feb 17, 2026.
• Footnotes: F1 — 24,290 performance shares reflect an award from Feb 13, 2023; 50% vested immediately, remaining 50% time-vest through Jan 1, 2027. F2 — the filing notes 12,145 shares were automatically withheld upon issuance (withholding amount determined by applicable tax rates). F4 — the 7,576 incentive-plan shares vest ratably over four years.
• Shares owned after the transaction: not specified in the excerpt of the filing.

Context

• This appears to be routine equity compensation and associated tax withholding (surrender of shares) rather than an open-market buy or sell for investment purposes. Awards and share withholding to cover taxes are common executive-compensation mechanics and do not by themselves indicate a personal market view.