JBG SMITH Properties — Director's Dealing 2026

Feb 18, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JBG SMITH Properties (JBGS)
CIK: 0001689796
Period of Report: 2026-02-17

Reporting Person: MUSELES STEVEN A (Chief Legal Off. & Corp. Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-17	Common Shares	C	20010	—	Acquired	20010	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-17	LTIP Units	$	C	20010	Disposed		Common Shares (20010)	Direct
2026-02-17	OP Units	$	C	20010	Acquired		Common Shares (20010)	Direct
2026-02-17	OP Units	$	C	20010	Disposed		Common Shares (20010)	Direct

Footnotes

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.