Steven A. Museles - 17 Feb 2026 Form 4 Insider Report for JBG SMITH Properties (JBGS)

Role: Chief Legal Off. & Corp. Secy
Signature: /s/ Steven A. Museles
Issuer symbol: JBGS
Transactions as of: 17 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 18 Feb 2026, 16:05:16 UTC
Previous filing: 06 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
MUSELES STEVEN A	Chief Legal Off. & Corp. Secy	C/O JBG SMITH PROPERTIES, 4747 BETHESDA AVENUE, SUITE 200, BETHESDA	/s/ Steven A. Museles	18 Feb 2026	0001256324

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	JBGS	Common Shares	Conversion of derivative security		+20,010			20,010	17 Feb 2026	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	JBGS	LTIP Units	Conversion of derivative security		-20,010	-5.8%		323,146	17 Feb 2026	Common Shares	20,010		Direct	F1, F3, F4
transaction	JBGS	OP Units	Conversion of derivative security		+20,010			20,010	17 Feb 2026	Common Shares	20,010		Direct	F1, F2, F3, F4
transaction	JBGS	OP Units	Conversion of derivative security		-20,010	-100%		0	17 Feb 2026	Common Shares	20,010		Direct	F1, F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.
F2	Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.
F3	Limited partnership units in the OP designated as LTIP Units are a class of units in the OP that, if vested, are convertible at the option of the holder, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of OP Units.
F4	For each of the LTIPs and OP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.
F5	Upon this conversion of OP Units, a corresponding number of Class B shares was automatically cancelled and redeemed for no consideration.