SmartStop Director Mueller Strengthens Stake with New Long-Term Equity Award

Rhea-AI Filing Summary

SmartStop Self Storage REIT reported insider trading activity for Director David J. Mueller on June 24, 2025. Key details of the transaction include:

• Mueller received 2,814 Long-Term Incentive Plan (LTIP) Units upon reelection to the board of directors
• The new LTIP Units vest one year from reelection date
• Mueller currently holds 7,190.87 shares of Class A Common Stock directly
• He also owns 9,598 previously granted LTIP Units that vest ratably over four years

The LTIP Units are convertible into Class A common units of SmartStop OP, L.P. (operating partnership), which can be redeemed for either Class A Common Stock on a one-for-one basis or cash equivalent, at the company's discretion. This grant aligns with standard director compensation practices and creates long-term alignment with shareholder interests.

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

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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^*

Mueller David J

(Last) (First) (Middle)

10 TERRACE ROAD

(Street)

LADERA RANCH CA 92694

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SmartStop Self Storage REIT, Inc. [ SMA ]

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)
06/24/2025

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
Class A Common Stock								7,190.87(1)	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
Long-Term Incentive Plan Units(2)	$0(2)	06/24/2025		A		2,814(3)		(3)	(3)	Class A Common Stock	2,814	$0	7,234.25	D
Long-Term Incentive Plan Units(2)	$0(2)							(4)	(4)	Class A Common Stock	9,598		9,598(4)	D

Explanation of Responses:

1. Represents 7,190.87 shares of Class A Common Stock previously reported as being owned by the Reporting Person.

2. Represents long-term incentive plan units ("LTIP Units") of SmartStop OP, L.P., the Issuer's operating partnership (the "Operating Partnership"). Vested LTIP Units are convertible into Class A common units of the Operating Partnership ("Class A Common Units"). Class A Common Units are redeemable by the holder for, at the election of the Issuer, shares of the Issuer's Class A Common Stock on a one-for-one basis or the cash value of such shares.

3. The Reporting Person was awarded 2,814 LTIP Units upon his reelection to the board of directors, which LTIP Units vest one year from such reelection.

4. Represents 9,598 LTIP Units previously reported as being owned by the Reporting Person, which LTIP Units vest ratably over four years commencing on the first anniversary of the issuance thereof, subject to the Reporting Person's continued employment or service through each vesting date.

	/s/ David J. Mueller	06/26/2025
	** 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

How many LTIP Units did SMA's director David Mueller receive in June 2025?

David Mueller received 2,814 LTIP Units upon his reelection to SMA's board of directors on June 24, 2025. These LTIP Units vest one year from his reelection date.

What is the total number of LTIP Units David Mueller owns in SMA after the June 2025 transaction?

Following the June 2025 transaction, David Mueller owns a total of 7,234.25 LTIP Units directly, plus an additional 9,598 previously reported LTIP Units that vest ratably over four years.

How many shares of SMA Class A Common Stock does David Mueller own directly?

According to the Form 4 filing, David Mueller directly owns 7,190.87 shares of SMA Class A Common Stock.

What are the conversion terms for SMA's LTIP Units to Common Stock?

Vested LTIP Units can be converted into Class A common units of SmartStop OP, L.P. (the Operating Partnership). These Class A Common Units are then redeemable for either shares of SMA's Class A Common Stock on a one-for-one basis or the cash value of such shares, at the Issuer's election.

When did David Mueller file this Form 4 for SMA stock transactions?

David Mueller signed and filed the Form 4 on June 26, 2025, reporting transactions that occurred on June 24, 2025.