# EDGAR Filing Document

**Accession Number:** 0001605607
**File Stem:** 0001193125-25-329208
**Filing Date:** 2025-12
**Character Count:** 14617
**Document Hash:** 60a415aef9199f6518307939aeda96e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329208.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193125-25-329208

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251219

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Behler Albert P.
- **CENTRAL INDEX KEY:** 0001623940

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36746
- **FILM NUMBER:** 251594439

**MAIL ADDRESS:**
- **STREET 1:** PARAMOUNT GROUP, INC.
- **STREET 2:** 1633 BROADWAY, SUITE 1801
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paramount Group, Inc.
- **CENTRAL INDEX KEY:** 0001605607
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 320439307
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY, SUITE 1801
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-237-3100

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY, SUITE 1801
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] 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**<sup>*</sup><br>Behler Albert P.<br><sub>(Last) (First) (Middle)</sub><br>C/O PARAMOUNT GROUP, INC.<br>1633 BROADWAY<br><sub>(Street)</sub><br>NEW YORK, NY 10019<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-19 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chairman, CEO and President_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Paramount Group, Inc. [ PGRE ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-19 |  | D<sup>(1)</sup> |  | 751812 | D | 6.6<sup>(1)</sup> | 0.00 | D |  |
| Common Stock | 2025-12-19 |  | D<sup>(1)</sup> |  | 6500 | D | 6.6<sup>(1)</sup> | 0.00 | I | By Spouse |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| LTIP Units | <sup>(2)</sup> | 2025-12-19 |  | D<sup>(3)</sup> |  |  | 361274 | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 361274 | 6.6<sup>(3)</sup> | 0.00 | D |  |
| LTIP Units | <sup>(2)</sup> | 2025-12-19 |  | M<sup>(4)</sup> |  |  | 164763 | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 164763 | $0 | 0.00 | D |  |
| LTIP Units | <sup>(2)</sup> | 2025-12-19 |  | M<sup>(5)</sup> |  |  | 126640 | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 126640 | $0 | 0.00 | D |  |
| LTIP Units | <sup>(2)</sup> | 2025-12-19 |  | M<sup>(6)</sup> |  |  | 1037736 | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 1037736 | $0 | 0.00 | D |  |
| AOLTIP Units | $6.17 | 2025-12-19 |  | M<sup>(7)</sup> |  |  | 483486 | <sup>(7)</sup> | 2030-01-25 | Common Stock | 483486<sup>(7)</sup> | <sup>(7)</sup> | 0.00 | D |  |
| AOLTIP Units | $6.17 | 2025-12-19 |  | M<sup>(8)</sup> |  |  | 855546 | <sup>(8)</sup> | 2030-01-25 | Common Stock | 855546<sup>(8)</sup> | <sup>(8)</sup> | 0.00 | D |  |
| AOLTIP Units | $4.43 | 2025-12-19 |  | M<sup>(9)</sup> |  |  | 685041 | <sup>(9)</sup> | 2031-03-01 | Common Stock | 685041<sup>(9)</sup> | <sup>(9)</sup> | 0.00 | D |  |
| Performance-Based AOLTIP Units | $5.12 | 2025-12-19 |  | M<sup>(10)</sup> |  |  | 4460424 | <sup>(10)</sup> | 2033-09-08 | Common Stock | 4460424<sup>(10)</sup> | <sup>(10)</sup> | 0.00 | D |  |
| Common OP Units | <sup>(11)</sup> | 2025-12-19 |  | A<sup>(12)</sup> |  | 724848 |  | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 724848 | $0.00 | 7011017<sup>(13)</sup> | D |  |
| Common OP Units | <sup>(11)</sup> | 2025-12-19 |  | M<sup>(14)</sup> |  | 2641828 |  | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 2641828 | $0.00 | 9652845 | D |  |
| Common OP Units | <sup>(11)</sup> | 2025-12-19 |  | D<sup>(15)</sup> |  |  | 9652845 | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 9652845 | 6.60<sup>(15)</sup> | 0.00 | D |  |
| Common OP Units | <sup>(11)</sup> | 2025-12-19 |  | D<sup>(15)</sup> |  |  | 209697 | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 209697 | 6.60<sup>(15)</sup> | 0.00 | I | By Delphi Funds LLC |
| Common OP Units | <sup>(11)</sup> | 2025-12-19 |  | D<sup>(15)</sup> |  |  | 191548 | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 191548 | 6.60<sup>(15)</sup> | 0.00 | I | By Cornish Management LLC |

---

### Footnotes:

(1) Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the "Merger Agreement"), by and among the Issuer, Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the "Operating Partnership"), Rithm Capital Corp., a Delaware corporation ("Parent"), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Company Merger Effective Time (as defined in the Merger Agreement), these shares of common stock were cancelled and exchanged for the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

(2) Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the "Partnership Agreement"), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.

(3) Pursuant to the Merger Agreement, these securities, comprised of 109,266 LTIP Units granted on January 13, 2022 and 252,008 LTIP Units earned on January 25, 2023 upon the achievement of performance hurdles, in each case whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)), were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration of $6.60 per share.

(4) At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

(5) At the Partnership Merger Effective Time, these securities, comprised of LTIP Units earned on February 7, 2025 upon the achievement of performance hurdles that were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

(6) Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on September 8, 2023 that were subject to time-vesting and additional holding conditions, became fully vested, all restrictions lapsed, and such securities converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

(7) At the Partnership Merger Effective Time, each of these securities, comprised of vested AOLTIP Units granted on January 25, 2023, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

(8) At the Partnership Merger Effective Time, each of these securities, comprised of AOLTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions that became fully vested pursuant to the applicable award agreement, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

(9) At the Partnership Merger Effective Time, each of these securities, comprised of vested AOLTIP Units granted on February 29, 2024, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

(10) Pursuant to the Merger Agreement, these securities, comprised of AOLTIP Units granted on September 8, 2023 that were subject to performance-vesting conditions, became fully vested (with all performance goals deemed satisfied at the maximum level of performance) at the Partnership Merger Effective Time. Each such vested AOLTIP Unit converted into OP Units in accordance with the Partnership Agreement based on the increase in value of the Company Merger Consideration of $6.60 over such unit's exercise price.

(11) Represents common units of limited partnership interest ("OP Units") in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.

(12) At the Partnership Merger Effective Time, LTIP Units that were granted on January 25, 2023 and subject to performance-vesting conditions vested to the extent provided in the applicable award agreement, and such vested LTIP Units automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

(13) Includes 2,628,572 LTIP Units granted on November 24, 2014, 285,714 LTIP Units granted on November 24, 2014, 171,070 LTIP Units granted on March 18, 2016, 116,003 LTIP Units granted on January 30, 2017, 116,280 LTIP Units granted on February 5, 2018, 213,279 LTIP Units granted on February 5, 2018, 176,655 LTIP Units granted on January 14, 2019, 140,702 LTIP Units granted on January 14, 2019, 190,986 LTIP Units granted on January 17, 2020, 38,212 LTIP Units granted on January 17, 2020, and 117,777 LTIP Units granted on January 11, 2021, as well as 117,674 LTIP Units that were earned on January 17, 2020, 236,012 LTIP Units that were earned on January 30, 2024 and 126,639 LTIP Units that were earned on February 7, 2025, in each case upon the achievement of performance hurdles, that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

(14) Represents the acquisition of OP Units from the conversion of LTIP Units and AOLTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 4-10.

(15) Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

**Signature:** /s/ Timothy Dembo as attorney-in-fact for Albert P. Behler  
**Date:** 2025-12-22

### Remarks:

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.**