[Form 4] STRATUS PROPERTIES INC Insider Trading Activity

Rhea-AI Filing Summary

Oasis Investments II Master Fund Ltd., Oasis Management Co Ltd. and Seth Fischer reported an insider sale in Stratus Properties Inc. (STRS). On 09/18/2025 1,998 shares of Stratus common stock were sold at an average price of $21.0201 per share. After the sale the reporting persons beneficially own 1,134,878 shares, held indirectly through the Oasis II Fund. The filing explains that Oasis Management is the investment manager of the Oasis II Fund and that Mr. Fischer supervises the investment activities; each disclaims beneficial ownership except to the extent of any pecuniary interest.

Positive

• Timely SEC disclosure of insider transaction and post-transaction holdings, improving transparency
• Clear ownership structure explained: securities held by Oasis Investments II Master Fund Ltd., managed by Oasis Management Co Ltd., with Seth Fischer supervising investments

Negative

• Insider disposition of 1,998 shares at $21.0201, which reduces the reported position (though the filing does not state materiality)

Insights

Securities Analyst

TL;DR: Insiders disclosed a small sale versus a >1.1M share holding; filing documents ownership structure and disclaimers.

The Form 4 reports a disposition of 1,998 shares at $21.0201, leaving an indirect position of 1,134,878 shares. The disclosure clarifies the chain of control: the Oasis II Fund holds the securities, Oasis Management is the fund's manager, and Seth Fischer oversees investment decisions. The filing is routine and provides the required Section 16 transparency, showing the sale amount and post-transaction holdings. No derivative positions or other transactions are reported.

Corporate Governance Expert

TL;DR: Proper joint filing and signature block indicate compliant reporting by multiple related reporting persons.

The Form 4 includes signatures from the Investment Manager, the Oasis II Fund and Seth Fischer, plus explanatory footnotes disclaiming beneficial ownership beyond pecuniary interest. This structure is consistent with common fund-manager reporting practices and helps investors understand indirect ownership. The transaction appears isolated (single small sale) and the filing contains no admissions of beneficial ownership beyond the stated pecuniary interest.

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
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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^*

Oasis Management Co Ltd.

(Last) (First) (Middle)

4TH FLOOR ANDERSON SQUARE,

64 SHEDDEN ROAD, P.O. BOX 10324

(Street)

GRAND CAYMAN E9 KY1-1103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STRATUS PROPERTIES INC [ STRS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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

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

	Form filed by One Reporting Person
X	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 Stock, par value $0.01 per share	09/18/2025		S		1,998	D	$21.0201	1,134,878	I	See footnotes(1)(2)

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

1. Name and Address of Reporting Person^*

Oasis Management Co Ltd.

(Last) (First) (Middle)

4TH FLOOR ANDERSON SQUARE,

64 SHEDDEN ROAD, P.O. BOX 10324

(Street)

GRAND CAYMAN E9 KY1-1103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Oasis Investments II Master Fund Ltd.

(Last) (First) (Middle)

PO BOX 309, UGLAND HOUSE

(Street)

GRAND CAYMAN E9 KY1-1103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Fischer Seth

(Last) (First) (Middle)

C/O OASIS MANAGEMENT (HONG KONG)

25/F, LHT TOWER, 31 QUEEN'S ROAD CENTRAL

(Street)

CENTRAL K3 0

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The securities to which this filing relates are held directly by Oasis Investments II Master Fund Ltd., a Cayman Islands exempted company (the "Oasis II Fund"). Oasis Management Company Ltd., a Cayman Islands exempted company (the "Investment Manager"), is the investment manager of Oasis II Fund. Seth Fischer is responsible for the supervision and conduct of all investment activities of the Investment Manager, including all investment decisions with respect to the assets of the Oasis II Fund.

2. The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, if any.

	/s/ Oasis Management Company Ltd., By: Phillip Meyer, its General Counsel	09/22/2025
	/s/ Oasis Investments II Master Fund Ltd., By: Phillip Meyer, its Director	09/22/2025
	/s/ Seth Fischer	09/22/2025
	** 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 transaction did insiders report for STRS?

The reporting persons sold 1,998 shares of Stratus Properties Inc. on 09/18/2025 at $21.0201 per share.

How many STRS shares do the reporting persons own after the transaction?

They report beneficial ownership of 1,134,878 shares following the reported transaction.

Who are the reporting persons on this Form 4 for STRS?

The reporting persons are Oasis Investments II Master Fund Ltd., Oasis Management Co Ltd., and Seth Fischer.

What is the relationship between the reporting persons and STRS?

Each reporting person is indicated as a Director and a 10% Owner in the filing.

Does the filing indicate indirect ownership or direct ownership?

The filing shows indirect beneficial ownership; the securities are held directly by the Oasis II Fund and managed by Oasis Management.