[Form 4] JBG SMITH Properties Insider Trading Activity

Rhea-AI Filing Summary

JBG SMITH Properties director Robert Alexander Stewart reported a conversion of operating partnership units into common shares. On 11/17/2025, 200,000 OP Units in JBG SMITH Properties LP were redeemed for 200,000 common shares, held indirectly through Nomad Capital, LLC.

The OP Units are redeemable, once vested, for either one common share or the cash value of a common share at the company’s option. The filing states that this was solely a redemption of OP Units for shares and that no sale or monetization of securities occurred. In connection with the conversion, Mr. Stewart’s corresponding Class B shares were automatically redeemed and cancelled for no consideration, and those Class B shares carry no economic rights.

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

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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^*

Stewart Robert Alexander

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		C(1)		200,000	A	(1)	200,000	I	Nomad Capital, LLC
Common Shares								30,000	I	The Robert Alexander Stewart Revocable Trust(2)
Common Shares								20,548	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
OP Units	(1)	11/17/2025		C(1)			200,000	(1)	(1)	Common Shares	200,000	(1)	556,631	I	Nomad Capital, LLC
OP Units	(1)							(1)	(1)	Common Shares	75,000		75,000	I	Stewart Holdings II LLC
OP Units	(1)							(1)	(1)	Common Shares	14,118		14,118	D

Explanation of Responses:

1. Each Operating Partnership Unit ("OP Unit") in JBG SMITH Properties LP, the operating partnership of JBG SMITH Properties (the "Issuer"), is redeemable, once vested, by the holder for one common share of the Issuer, par value $0.01 (a "Common Share"), or the cash value of a Common Share, at the Issuer's option. This transaction represents solely a redemption of OP Units for Common Shares. No sale or monetization of securities has occurred. Upon the conversion of the OP Units, each of Mr. Stewart's corresponding Class B Shares were automatically redeemed and cancelled by the Issuer for no consideration. Class B Shares of the Issuer have no economic rights and are not listed on a stock exchange.

2. Mr. Stewart is the sole trustee and beneficiary of the Robert Alexander Stewart Revocable Trust.

	/s/ Steven A. Museles, attorney-in-fact	11/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did JBGS report in this Form 4?

The Form 4 reports that director Robert Alexander Stewart converted 200,000 Operating Partnership Units in JBG SMITH Properties LP into 200,000 common shares of JBG SMITH Properties, held indirectly through Nomad Capital, LLC.

Did the JBGS Form 4 reflect a sale of common shares for cash?

No. The filing states that the transaction represents solely a redemption of OP Units for Common Shares and that no sale or monetization of securities has occurred.

What are OP Units in relation to JBGS common shares?

Each Operating Partnership Unit ("OP Unit") in JBG SMITH Properties LP is redeemable, once vested, by the holder for one common share of JBG SMITH Properties or the cash value of a common share, at the company’s option.

How many JBGS securities does Nomad Capital, LLC hold for Mr. Stewart after this transaction?

Following the reported transaction, Nomad Capital, LLC holds 200,000 common shares of JBG SMITH Properties and 556,631 derivative securities (OP Units) for Mr. Stewart, all reported as indirectly owned.

What is the role of the Robert Alexander Stewart Revocable Trust in JBGS holdings?

The Form 4 shows 30,000 common shares of JBG SMITH Properties held indirectly through the Robert Alexander Stewart Revocable Trust, for which Mr. Stewart is the sole trustee and beneficiary.

What happened to Mr. Stewart’s Class B shares in this transaction?

Upon conversion of the OP Units, Mr. Stewart’s corresponding Class B shares of JBG SMITH Properties were automatically redeemed and cancelled for no consideration. The filing notes that these Class B shares have no economic rights and are not listed on a stock exchange.

How many JBGS OP Units related to Stewart Holdings II LLC are reported?

The Form 4 reports 75,000 OP Units related to Stewart Holdings II LLC, which are derivative securities indirectly owned and correspond to 75,000 common shares underlying those OP Units.