Long Pond discloses 7.01% JBG SMITH stake (NYSE: JBGS)

Rhea-AI Filing Summary

JBG SMITH Properties received an amended Schedule 13G/A showing that investment firm Long Pond Capital, its general partner Long Pond Capital GP, LLC, and principal John Khoury beneficially own 4,147,399 common shares, representing 7.01% of the company’s outstanding common stock as of the reported date.

The filing states they have shared power to vote and dispose of all these shares, with no sole voting or dispositive power. Certain funds managed by Long Pond Capital have the right to receive dividends and sale proceeds. The investors certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of JBG SMITH.

Insights

Equity ownership and governance analyst

Long Pond Capital reports a 7.01% passive stake in JBG SMITH.

Long Pond Capital, its general partner, and principal John Khoury report beneficial ownership of 4,147,399 JBG SMITH common shares, or 7.01% of the class. All voting and dispositive authority over these shares is described as shared, with no sole control.

The filing is on Schedule 13G/A, which is the passive ownership format, and it explicitly certifies the shares are held in the ordinary course of business and not to change or influence control. Certain managed funds are entitled to dividends and sale proceeds, so actual economic exposure sits at the fund level.

This kind of disclosure mainly informs the market that a professional investment manager has a sizable, but passive, position. Future ownership reports may show whether this stake increases, decreases, or converts to a different filing type that could signal a shift in intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

JBG SMITH Properties

(Name of Issuer)

Common Shares, par value $0.01 per share

(Title of Class of Securities)

46590V100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 46590V100

1

Names of Reporting Persons

Long Pond Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,147,399.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,147,399.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,147,399.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.01 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 46590V100

1

Names of Reporting Persons

Long Pond Capital GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,147,399.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,147,399.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,147,399.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.01 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 46590V100

1

Names of Reporting Persons

John Khoury

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW BRUNSWICK, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,147,399.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,147,399.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,147,399.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.01 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JBG SMITH Properties
(b)	Address of issuer's principal executive offices: 4747 BETHESDA AVENUE, SUITE 200, BETHESDA, MD, 20814
Item 2.
(a)	Name of person filing: Long Pond Capital, LP ("Long Pond LP") Long Pond Capital GP, LLC ("Long Pond LLC") John Khoury ("Mr. Khoury")
(b)	Address or principal business office or, if none, residence: 527 Madison Avenue, 15th Floor, New York, NY 10022
(c)	Citizenship: Long Pond LP is a limited partnership organized under the laws of the State of Delaware.Long Pond LLC is a limited liability company organized under the laws of the State of Delaware. Mr. Khoury is the principal of Long Pond LP and is a Canadian citizen.
(d)	Title of class of securities: Common Shares, par value $0.01 per share
(e)	CUSIP No.: 46590V100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,147,399
(b)	Percent of class: 7.01%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,147,399
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,147,399
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Certain funds to which Long Pond LP serves as investment manager have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Long Pond Capital, LP

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	02/05/2025

Long Pond Capital GP, LLC

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	02/05/2025

John Khoury

Signature:	John Khoury
Name/Title:	John Khoury | Self
Date:	02/05/2025

FAQ

What stake in JBG SMITH Properties (JBGS) does Long Pond Capital report?

Long Pond Capital, its general partner, and principal John Khoury report beneficial ownership of 4,147,399 JBG SMITH common shares, representing 7.01% of the outstanding class. This makes them a significant institutional holder based on the Schedule 13G/A filing details.

Is Long Pond Capital’s JBGS position reported as passive or active?

The position is reported on Schedule 13G/A, which is used for passive ownership. The filers certify the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of JBG SMITH or participating in control-related transactions.

Who has voting and dispositive power over the JBGS shares held by Long Pond Capital?

The filing states Long Pond Capital and related reporting persons have shared power to vote and dispose of 4,147,399 JBG SMITH shares, with zero sole voting or dispositive power. This means decisions regarding these shares are made jointly under the investment management arrangements described.

Which entities are listed as reporting persons for the JBGS Schedule 13G/A?

The Schedule 13G/A lists Long Pond Capital, LP, Long Pond Capital GP, LLC, and John Khoury as reporting persons. Long Pond entities are organized in Delaware, while Khoury is identified as a Canadian citizen and principal of Long Pond Capital, reflecting his role overseeing the investment.

Do Long Pond-managed funds receive dividends and proceeds from JBGS shares?

Yes. The filing notes that certain funds for which Long Pond Capital serves as investment manager have the right to receive, or direct the receipt of, dividends and sale proceeds from the JBG SMITH securities reported. This indicates the economic benefits flow primarily to those underlying funds.

What does the 7.01% JBGS ownership imply for JBG SMITH investors?

A 7.01% beneficial ownership stake shows that a sizable institutional investor is involved in the stock, but the passive Schedule 13G/A status limits control implications. It mainly signals that professional funds have material exposure without an expressed intent to influence corporate control.