Postal Realty holder Spodek reports 3.2% stake

Andrew Spodek updates his Schedule 13D for PSTL, detailing 3.2% beneficial share ownership and a larger 9.2% fully diluted economic interest under a special ownership limit.

Rhea-AI Filing Summary

Postal Realty Trust, Inc. (PSTL) received an amended Schedule 13D from Andrew Spodek updating his ownership position and related arrangements. He reports beneficial ownership of 971,128 shares of Common Stock and Class B Common Stock, representing 3.2% of the Common Stock class, all with sole voting and dispositive power.

The position includes 29,346 Common shares held directly, 277,518 Common shares held through the 2016 Spodek Family Trust, 637,058 Common shares over which he retains voting control, and 27,206 Class B shares convertible 1:1 into Common. He also holds 1,418,412 OP Units and 1,164,073 LTIP Units of the operating partnership, which are not currently convertible within 60 days and are therefore excluded from beneficial ownership, though they contribute to an estimated 9.2% economic interest on a fully diluted basis.

The amendment reiterates that the company’s charter generally caps ownership at 8.5% of outstanding Common Stock, but Spodek has been designated an “Excepted Holder” with a higher 15% Spodek Excepted Holder Limit, applicable while the company qualifies as a real estate investment trust. Other than the arrangements described, he discloses no additional contracts or understandings regarding PSTL securities.

Filing Explained

The amendment reports that Andrew Spodek acquired 85,300 OP Units in connection with contributing properties to Postal Realty LP, effective September 4, 2026; because the units were not convertible into common stock within 60 days, they remain outside his reported beneficial ownership.

Key Figures

Beneficially owned shares: 971,128 shares Beneficial ownership percentage: 3.2% Direct Common Stock: 29,346 shares +8 more

11 metrics

Beneficially owned shares 971,128 shares Shares of Common Stock and Class B Common Stock over which Andrew Spodek has sole voting and dispositive power

Beneficial ownership percentage 3.2% Percentage of Postal Realty Trust, Inc. Class A Common Stock represented by 971,128 shares

Direct Common Stock 29,346 shares Common Stock directly owned by Andrew Spodek

Trust-held Common Stock 277,518 shares Common Stock held through the 2016 Spodek Family Trust

Common Stock with retained voting control 637,058 shares Shares previously directly owned by Spodek for which he retains voting control

Class B Common Stock 27,206 shares Class B shares held by Spodek, convertible 1:1 into Common Stock

Operating Partnership Units 1,418,412 units OP Units in Postal Realty LP held by Spodek, including 85,300 units from a property contribution

LTIP Units 1,164,073 units Long term incentive units of the Operating Partnership held by Spodek, including 1,000,436 unvested units

Fully diluted economic interest 9.2% Approximate beneficial economic interest in the issuer when OP Units and LTIP Units are considered

General ownership limit 8.5% Standard cap on beneficial or constructive ownership of Common Stock under the issuer’s charter

Spodek Excepted Holder Limit 15% Higher ownership limit applicable to Spodek as an Excepted Holder

Key Terms

Operating Partnership Units, LTIP Units, Excepted Holder, Spodek Excepted Holder Limit, +1 more

5 terms

Operating Partnership Units financial

"In addition to the Common Stock and Class B Common Stock reported herein, Mr. Spodek also owns (1) 1,418,412 Operating Partnership Units"

Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.

LTIP Units financial

"and (2) 1,164,073 long term incentive units ("LTIP Units") of the Operating Partnership"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Excepted Holder regulatory

"Mr. Spodek has been designated as an "Excepted Holder" pursuant to the Articles"

Spodek Excepted Holder Limit regulatory

"such limit, the "Spodek Excepted Holder Limit""

real estate investment trust financial

"The Spodek Excepted Holder Limit will apply so long as the Issuer qualifies as a real estate investment trust"

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

FAQ

How many PSTL shares does Andrew Spodek report owning in this Schedule 13D/A?

He reports beneficial ownership of 971,128 shares of Postal Realty Trust, Inc. Class A Common Stock and Class B Common Stock, with sole voting and dispositive power over all of these shares.

What percentage of Postal Realty Trust (PSTL) does 971,128 shares represent?

The filing states that 971,128 shares represent 3.2% of the outstanding Class A Common Stock, based on 30,248,873 Common shares and 27,206 Class B shares reported as outstanding.

What additional OP Units and LTIP Units related to PSTL does Andrew Spodek hold?

He holds 1,418,412 Operating Partnership Units and 1,164,073 LTIP Units in Postal Realty LP, including 85,300 OP Units from a property contribution and 1,000,436 unvested LTIP Units, which are not included in current beneficial ownership.

What is Andrew Spodek’s total economic interest in PSTL on a fully diluted basis?

Combining his shareholdings and partnership interests, he and his affiliates have an approximate 9.2% beneficial economic interest in Postal Realty Trust, Inc. on a fully diluted basis, as stated in the filing.

What special ownership limit applies to Andrew Spodek under PSTL’s charter?

While most holders are limited to 8.5% of outstanding Common Stock, Andrew Spodek is designated an “Excepted Holder” with a 15% Spodek Excepted Holder Limit, effective so long as the company qualifies as a real estate investment trust.

Did Andrew Spodek report any recent PSTL share transactions in this Schedule 13D/A?

He states that, except as reported in the amendment, he has not engaged in any transactions in Postal Realty Trust, Inc. Common Stock during the past 60 days.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/09/2026 - 04:22 PM Accepted by SEC EDGAR 09/09/2026 - 04:21 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Postal Realty Trust, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

73757R102

(CUSIP Number)

Andrew Spodek
c/o Postal Realty Trust, Inc., 75 Columbia Avenue
Cedarhurst, NY, 11516
516-295-7820

James V. Davidson
Hogan Lovells Cadwalader US LLP, 555 Thirteenth Street NW
Washington, DC, 20004
202-637-5600

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/04/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 73757R102

1

Name of reporting person

Andrew Spodek

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 971,128.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 971,128.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

971,128.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Share amounts for "Sole Voting Power" (row 7), "Sole Dispositive Power" (row 9) and "Aggregate Amount Beneficially Owned By Each Reporting Person" (row 11) include (i) 29,346 shares of Class A common stock, par value $0.01 per share ("Common Stock") directly owned by Mr. Spodek, (ii) 277,518 shares of Common Stock owned indirectly by Mr. Spodek through the 2016 Spodek Family Trust, (iii) 637,058 shares of Common Stock that were previously directly owned by Mr. Spodek for which he retains voting control) and (iv) 27,206 shares of Class B common stock, par value $0.01 per share ("Class B Common Stock"). Each share of Class B Common Stock is convertible at any time at the option of Mr. Spodek into one share of Common Stock and has no expiration date. These share amounts reflect all the shares of Common Stock for which Mr. Spodek has sole voting and dispositive power, that are either currently convertible into Common Stock or are convertible into Common Stock within 60 days. In addition to the Common Stock and Class B Common Stock reported herein, Mr. Spodek also owns (1) 1,418,412 Operating Partnership Units ("OP Units") of Postal Realty LP (the "Operating Partnership"), a majority owned subsidiary of the Issuer which the Issuer is the sole general partner (including 85,300 OP Units acquired by Mr. Spodek in connection with the contribution of certain properties to the Issuer effective September 4, 2026), and (2) 1,164,073 long term incentive units ("LTIP Units") of the Operating Partnership (including 1,000,436 units not yet vested). Although Mr. Spodek's OP Units and LTIP Units provide him with the right to convert such units into an equivalent number of shares of Common Stock, such conversion rights (x) are not presently convertible within 60 days of the date hereof or (y) currently relate to unvested LTIP Units. Accordingly, Mr. Spodek disclaims beneficial ownership of any shares of Common Stock issuable upon the conversion of OP Units or LTIP Units at this time. As of the date hereof, Mr. Spodek and his affiliates owned approximately 33.28% of the outstanding OP Units (including LTIP Units) that are not owned by the Issuer, which, when aggregated with the 3.2% of Common Stock beneficially owned by Mr. Spodek, represent an approximate 9.2% beneficial economic interest in the Issuer on a fully diluted basis. The "Percent of Class Represented by Amount in Row (11)"(row 13) is based on 30,248,873 shares of Common Stock, and 27,206 shares of Class B Common Stock issued and outstanding as reported by the Issuer on its Quarterly Report on Form 10-Q filed with the Securities & Exchange Commission on August 4, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.01 per share
(b)	Name of Issuer: Postal Realty Trust, Inc.
(c)	Address of Issuer's Principal Executive Offices: 75 Columbia Avenue, Cedarhurst, NEW YORK , 11516.
Item 1 Comment: This Amendment No. 1 to Statement on Schedule 13D (this "Amendment No. 1") amends the Statement on Schedule 13D initially filed by Andrew Spodek with the Securities and Exchange Commission on May 24, 2019 (the "Original Schedule 13D" and, collectively with this Amendment, the "Schedule 13D") with respect to the Class A common stock, par value $0.01 per share ("Common Stock"), in Postal Realty Trust, Inc., a Maryland corporation (the "Issuer"). Capitalized terms used but not defined herein have the meanings given to such terms in the Original Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is hereby amended and supplemented by incorporating the information set forth in Items 5 and 6 below into this Item 4 by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Mr. Spodek is the beneficial owner of, and has the sole power to vote or direct the vote and to dispose or to direct the disposition of, 971,128 shares of Common Stock and Class B Common Stock comprised of (i) 29,346 shares of Common Stock directly owned by Mr. Spodek, (ii) 277,518 shares of Common Stock owned indirectly by Mr. Spodek through the 2016 Spodek Family Trust, (iii) 637,058 shares of Class A common stock that were previously directly owned by Mr. Spodek for which he retains voting control and (iv) 27,206 shares of Class B Common Stock which are convertible into Common Stock at any time by Mr. Spodek. In addition to the Common Stock and Class B Common Stock reported herein, Mr. Spodek also owns (1) 1,418,412 OP Units (including 85,300 OP Units acquired by Mr. Spodek in connection with the contribution of certain properties to the Issuer effective September 4, 2026), and (2) 1,164,073 LTIP units (including 1,000,436 units not yet vested). Although Mr. Spodek's OP Units and LTIP Units provide him with the right to convert such units into an equivalent number of shares of Common Stock, such conversion rights (x) are not presently convertible within 60 days of the date hereof or (y) currently relate to unvested LTIP Units. Accordingly, Mr. Spodek disclaims beneficial ownership of any shares of Common Stock issuable upon the conversion of OP Units or LTIP Units at this time.
(b)	There is no shared power to vote or to direct the vote, or shared power to dispose or to direct the disposition of, any shares of Common Stock referenced in paragraph 5(a).
(c)	Except as reported herein, Mr. Spodek has not engaged in any transactions in the Common Stock during the past 60 days.
(d)	Except as reported in Item 6, no other person is known to Mr. Spodek to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Schedule 13D.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Original Schedule 13D is amended and supplemented by adding the following disclosure to Item 6: The 637,058 shares beneficially owned by Mr. Spodek are shares of Common Stock that were previously directly owned by Mr. Spodek and for which Mr. Spodek retains voting control. As previously disclosed in the Original Schedule 13D, pursuant to the Articles of Amendment and Restatement of the Issuer, filed with the Secretary of State of the State of Maryland on May 15, 2019 (the "Articles"), no person may beneficially or constructively own a number of shares of Common Stock in excess of 8.5% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of Common Stock (including any Class B Common Stock then issued and outstanding), or such percentage as determined by the Board. Mr. Spodek has been designated as an "Excepted Holder" pursuant to the Articles, which permits Mr. Spodek to beneficially or constructively own up to 15% in value or number of shares, whichever is more restrictive, of the outstanding shares of Common Stock (such limit, the "Spodek Excepted Holder Limit"). If at any time Mr. Spodek beneficially or constructively owns more than the Spodek Excepted Holder Limit, the Board may retroactively establish or increase such limit pursuant to the Articles. The Spodek Excepted Holder Limit will apply so long as the Issuer qualifies as a real estate investment trust for U.S. federal income tax purposes. Other than as described herein, there are no contracts, arrangements, understandings or relationships among Mr. Spodek, on the one hand, and the Issuer or any other person, on the other hand, with respect to the Common Stock of the Issuer.

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.

Andrew Spodek

Signature:	/s/ Andrew Spodek
Name/Title:	Andrew Spodek
Date:	09/09/2026