JBG SMITH officer converts 20,010 units to shares

JBG SMITH Properties executive Steven A. Museles converted partnership units into equity through internal derivative conversions.

Rhea-AI Filing Summary

JBG SMITH Properties executive Steven A. Museles converted partnership units into equity through internal derivative conversions. He converted 20,010 LTIP Units in JBG SMITH Properties LP into OP Units and then exchanged 20,010 OP Units into 20,010 common shares, all at a price of $0.00 per unit or share. The company states that no sale or monetization of securities occurred in these transactions. Each OP Unit is redeemable, once vested, for either one common share or the cash value of a common share at the company’s option.

Insider Trade Summary

60,030 shares exercised/converted

Exercise 4 txns

Insider MUSELES STEVEN A

Role Chief Legal Off. & Corp. Secy

Type	Security	Shares	Price	Value
Conversion	LTIP Units	20,010	$0.00	$0.00
Conversion	OP Units	20,010	$0.00	$0.00
Conversion	OP Units	20,010	$0.00	$0.00
Conversion	Common Shares	20,010	$0.00	$0.00

Holdings After Transaction: LTIP Units — 323,146 contracts (Direct); OP Units — 0 contracts (Direct); Common Shares — 20,010 shares (Direct)

Footnotes (5)

1. F1. The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.
2. F2. Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.
3. F3. Limited partnership units in the OP designated as LTIP Units are a class of units in the OP that, if vested, are convertible at the option of the holder, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of OP Units.
4. F4. For each of the LTIPs and OP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.
5. F5. Upon this conversion of OP Units, a corresponding number of Class B shares was automatically cancelled and redeemed for no consideration.

FAQ

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What did Steven A. Museles do in this JBG SMITH (JBGS) Form 4?

Steven A. Museles converted 20,010 LTIP Units into OP Units and then into 20,010 common shares of JBG SMITH. These were internal derivative conversions at $0.00 per unit or share, with no sale or monetization of securities involved.

How many JBG SMITH (JBGS) common shares were received in the reported transaction?

The reporting person received 20,010 common shares of JBG SMITH. These shares came from converting LTIP Units into OP Units and then exchanging 20,010 OP Units into 20,010 common shares, all at a stated conversion price of $0.00 per share.

Did the JBG SMITH (JBGS) insider sell any shares in this Form 4?

No, the company states that no sale or monetization of securities occurred. The activity reflects a conversion of LTIP Units into OP Units and an exchange of OP Units into common shares, rather than an open-market or cash sale transaction.

What are OP Units in the JBG SMITH (JBGS) structure?

OP Units are Operating Partnership Units in JBG SMITH Properties LP. Each OP Unit, once vested, can be redeemed by the holder for one common share of JBG SMITH or the cash value of a common share, at the company’s option.

What are LTIP Units referenced in the JBG SMITH (JBGS) insider transaction?

LTIP Units are a class of limited partnership units in JBG SMITH Properties LP. If vested and subject to certain tax allocation conditions, each LTIP Unit is convertible at the holder’s option into one OP Unit, which can then be exchanged for common shares or cash.

What happened to the Class B shares mentioned in the JBG SMITH (JBGS) footnotes?

For each LTIP and OP Unit beneficially owned, the insider holds a corresponding Class B share with no economic rights. Upon the reported OP Unit conversion, a corresponding number of Class B shares was automatically cancelled and redeemed for no consideration.

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Accepted by SEC EDGAR 02/18/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MUSELES STEVEN A

(Last) (First) (Middle)

C/O JBG SMITH PROPERTIES

4747 BETHESDA AVENUE, SUITE 200

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
JBG SMITH Properties [ JBGS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Off. & Corp. Secy

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	02/17/2026		C(1)		20,010	A	(2)	20,010	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(3)	02/17/2026		C(1)			20,010	(3)	(3)	Common Shares	20,010	(3)	323,146(4)	D
OP Units	(2)(3)	02/17/2026		C(1)		20,010		(2)(3)	(2)(3)	Common Shares	20,010	(2)(3)	20,010(4)	D
OP Units	(2)(5)	02/17/2026		C(1)(5)			20,010	(2)	(2)	Common Shares	20,010	(2)	0	D

Explanation of Responses:

1. The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.

2. Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.

3. Limited partnership units in the OP designated as LTIP Units are a class of units in the OP that, if vested, are convertible at the option of the holder, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of OP Units.

4. For each of the LTIPs and OP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.

5. Upon this conversion of OP Units, a corresponding number of Class B shares was automatically cancelled and redeemed for no consideration.

	/s/ Steven A. Museles	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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