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Insider Trading Pulse — August 25, 2026

Insider Trading Pulse

By Gunpowder Editorial ·

50 high priority 50 total filings analysed

Executive Summary

The August 25, 2026, insider trading digest reveals a bifurcated market with significant insider buying in select deep-value and special situation names, contrasted by a broad wave of insider selling, particularly in the technology and consumer sectors.

The most notable buying signals come from Alibaba (Director Tsai Joseph C bought $10.4M), EBR Systems (10% owner bought $20.8M), and Borr Drilling (Director bought $875K), suggesting strong conviction in these companies' undervaluation or growth prospects. Conversely, a cluster of sales at Sea Ltd (COO sold $1.74M under 10b5-1 plan), Estee Lauder (Exec VP sold $554K), and QuantumScape (CTO sold $76.5K) raise caution flags. The data also reveals a significant number of routine, non-directional transactions (awards, tax withholdings, option exercises) at companies like Leggett & Platt and Commerce.com, which are neutral for sentiment. A key portfolio-level trend is the prevalence of 10b5-1 plan sales, which can mask bearish intent but still warrant monitoring. The absence of forward-looking guidance changes in this batch limits catalyst calendar building, but the insider activity patterns provide actionable signals for near-term positioning.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Form 4

Tracking the trend? Catch up on the prior Insider Trading Pulse digest from August 18, 2026.

Investment Signals (12)

  • Alibaba Group Holding Ltd ↓ (BULLISH)
    ▲

    Director Tsai Joseph C bought 720,000 shares at $14.47 for $10.4M, increasing his already massive stake to 115M shares. This is a massive vote of confidence from a key insider at a time of regulatory and competitive uncertainty.

  • EBR Systems, Inc. ↓ (BULLISH)
    ▲

    10% owner Host-Plus Pty Ltd bought 7.7M shares at $2.70 for $20.8M, tripling its stake. This massive institutional buying at a relatively low price suggests a strong belief in the company's technology or upcoming catalysts.

  • Borr Drilling Ltd ↓ (BULLISH)
    ▲

    Director Troim Tor Olav bought 200,000 shares at $4.37 for $875K, adding to his already substantial 29.4M share position. This insider buying in a cyclical industry signals confidence in a recovery or asset value.

  • Sea Ltd ↓ (BEARISH)
    ▲

    COO Ye Gang sold 14,747 shares at $117.90 for $1.74M under a 10b5-1 plan. While the plan provides cover, the magnitude of the sale by a top executive is a bearish signal, especially given the stock's recent volatility.

  • Estee Lauder Companies Inc ↓ (BEARISH)
    ▲

    Exec VP & General Counsel La Lande Rashida exercised options at $92.87 and immediately sold all 5,564 shares at $99.55 for $554K. This same-day exercise-and-sell pattern is a classic bearish signal, indicating no desire to hold the stock.

  • QuantumScape Corp ↓ (BEARISH)
    ▲

    CTO Holme Timothy exercised 12,723 options and sold all shares at $6.01 for $76.5K under a 10b5-1 plan. The sale by the chief technology officer at a low stock price is a significant bearish signal for a pre-revenue company.

  • NGL Energy Partners LP ↓ (BULLISH)
    ▲

    Director Raymond John T bought 25,500 units at $16.22 for $414K, significantly increasing his stake. This insider buying in a midstream energy partnership suggests confidence in the distribution or asset base.

  • Jianpu Technology Inc. ↓ (BULLISH)
    ▲

    Director Daqing Ye bought 10,000 ADS at $0.84 for $8.35K across multiple transactions. While small in absolute terms, this is a strong signal from a director buying at a distressed price.

  • Northern Trust Corp ↓ (BEARISH)
    ▲

    Executive Vice President South Thomas A sold 1,800 shares at $184.90 for $333K. The sale by a senior executive at a relatively high price is a moderate bearish signal for the asset manager.

  • Vesta Real Estate Corporation ↓ (BEARISH)
    ▲

    CEO Berho Carranza Lorenzo Dominique sold 30,000 shares at $3.59 for $108K. The CEO selling a significant portion of his holdings is a bearish signal for the Mexican real estate company.

  • Greif, Inc. ↓ (BEARISH)
    ▲

    EVP, Chief Human Resources Officer Sathyanarayanan Bala sold 1,000 shares at $109.67 for $110K. While not a top executive, the sale by a senior officer is a minor bearish signal.

  • Horizon Kinetics Holding Corp ↓ (BULLISH)
    ▲

    Director Brennan Alice C bought 200 shares at $26.87 for $5.37K. A small but symbolic purchase by a director, indicating confidence in the asset manager's strategy.

Risk Flags (8)

  • Sea Ltd / Insider Selling Cluster↓ [HIGH RISK]
    ▼

    Both the COO (Ye Gang, $1.74M) and CCO (Wang Yanjun, $123K) sold shares under 10b5-1 plans on the same day. This coordinated selling by two top executives is a high-risk flag for the company's near-term outlook.

  • Estee Lauder / Same-Day Exercise and Sell↓ [HIGH RISK]
    ▼

    Exec VP La Lande Rashida exercised options and sold all resulting shares for $554K. This pattern indicates the insider has no confidence in holding the stock at current levels, a strong bearish signal.

  • QuantumScape / CTO Sale↓ [HIGH RISK]
    ▼

    CTO Holme Timothy sold all 12,723 shares acquired from option exercise. The sale by the chief technology officer, who is critical to the company's technology roadmap, is a significant risk flag for a pre-revenue company.

  • Leggett & Platt / Multiple Director Awards↓ [MODERATE RISK]
    ▼

    Seven directors and officers were awarded phantom stock/stock at ~$7.50, totaling ~$12K. While routine, the low stock price and high number of awards suggest the company is using equity to compensate directors, potentially diluting shareholders.

  • Public Policy Holding Company / Director & Officer Sales↓ [MODERATE RISK]
    ▼

    Director Austin Keenan Nealean sold 2,033 shares ($22.2K) and Chief Legal Officer Strum Neal Howard sold 1,702 shares ($18.6K) on the same day. This coordinated selling by two insiders is a risk flag.

  • Commerce.com / Multiple Tax Withholdings↓ [LOW RISK]
    ▼

    CFO, CEO, General Counsel, and Chief Accounting Officer all had shares withheld for taxes, totaling ~$19.6K. While routine, the broad-based nature of these transactions across the C-suite suggests a potential liquidity event or vesting schedule that could lead to further selling.

  • Vesta Real Estate / CEO Sale↓ [MODERATE RISK]
    ▼

    CEO Berho Carranza sold 30,000 shares for $108K. The CEO selling a significant number of shares is a risk flag, especially for a company operating in a volatile emerging market.

  • PLDT Inc. / Chairman & CEO Sales↓ [LOW RISK]
    ▼

    Chairman, President & CEO Pangilinan Manuel Velez sold 540 shares across 11 transactions at ~$19.30 for $10.5K. The multiple small transactions suggest a pre-arranged plan, but the CEO selling any shares is a risk flag.

Opportunities (8)

  • Alibaba Group / Director's Massive Buy↓ (OPPORTUNITY)
    ◆

    Director Tsai Joseph C's $10.4M purchase at $14.47 is a strong signal that the stock is undervalued. With a 115M share stake, his interests are deeply aligned with shareholders. The stock could re-rate as regulatory concerns ease.

  • EBR Systems / 10% Owner's $20.8M Buy↓ (OPPORTUNITY)
    ◆

    Host-Plus Pty Ltd's purchase of 7.7M shares at $2.70 is a massive vote of confidence. This could be a prelude to a takeover bid or a signal of an upcoming positive catalyst.

  • Borr Drilling / Director's $875K Buy↓ (OPPORTUNITY)
    ◆

    Director Troim Tor Olav's purchase at $4.37, adding to his 29.4M share stake, signals confidence in the offshore drilling market recovery. The stock could benefit from rising oil prices and day rates.

  • NGL Energy Partners / Director's $414K Buy↓ (OPPORTUNITY)
    ◆

    Director Raymond John T's purchase of 25,500 units at $16.22 suggests confidence in the partnership's distribution coverage and asset base. The yield may be attractive, and insider buying supports the thesis.

  • Jianpu Technology / Director Buying at Distressed Levels↓ (OPPORTUNITY)
    ◆

    Director Daqing Ye's purchase of 10,000 ADS at $0.84 is a classic value signal. The stock is trading at a deep discount, and insider buying suggests a potential turnaround or asset value realization.

  • Horizon Kinetics Holding Corp / Director's Small Buy↓ (OPPORTUNITY)
    ◆

    Director Brennan Alice C's purchase of 200 shares at $26.87 is a symbolic but positive signal for this small-cap asset manager. The stock may be undervalued relative to its assets under management.

  • Armour Residential REIT / Option Exercises by Directors↓ (OPPORTUNITY)
    ◆

    Chairman STATON DANIEL C and Director BELL MARC H both exercised options, converting phantom stock to common stock. This suggests they see value in holding the equity, a positive signal for the REIT.

  • Adtalem Global Education / VP Award↓ (OPPORTUNITY)
    ◆

    VP, Chief Accounting Officer Gangadharan Manjunath was awarded 1,500 shares at $132.35 for $199K. This is a significant award, indicating the company is incentivizing key talent with equity, which could drive performance.

Sector Themes (6)

  • Deep Value Insider Buying
    ◆

    A cluster of insider buying is occurring in deep-value and special situation names (Alibaba, EBR Systems, Borr Drilling, NGL Energy, Jianpu Technology). This suggests that insiders see significant undervaluation in these out-of-favor sectors, presenting a potential contrarian opportunity.

  • Tech Insider Selling Under 10b5-1 Plans
    ◆

    Multiple tech executives (Sea Ltd, QuantumScape) sold shares under 10b5-1 plans. While these plans provide legal cover, the volume and timing of sales suggest a lack of confidence in near-term stock performance, a bearish theme for the sector.

  • Consumer Staples Insider Caution
    ◆

    The same-day exercise-and-sell by Estee Lauder's Exec VP is a bearish signal for the consumer staples sector, which is facing headwinds from inflation and changing consumer preferences. This could be a leading indicator of further insider selling.

  • Routine Equity Awards Masking True Sentiment
    ◆

    A significant number of filings (Leggett & Platt, Commerce.com, Columbia Financial) involve routine equity awards and tax withholdings. These are non-directional and should be ignored for sentiment analysis, but they highlight the importance of filtering for material, voluntary transactions.

  • Energy Sector Insider Confidence
    ◆

    Insider buying in Borr Drilling and NGL Energy Partners suggests confidence in the energy sector's recovery, particularly in offshore drilling and midstream. This contrasts with the broader market's caution on energy transition risks.

  • Small-Cap Insider Activity as a Signal
    ◆

    Several small-cap companies (Jianpu Technology, Horizon Kinetics, Public Policy Holding) saw insider transactions. In small caps, insider activity is often a more powerful signal due to the lack of analyst coverage and lower liquidity, making these filings particularly actionable.

Watch List (8)

  • Sea Ltd↓
    👁

    Watch for further insider selling, especially by the CEO or founder. The COO and CCO sales under 10b5-1 plans could be followed by more. Earnings call expected in November.

  • Alibaba Group Holding Ltd↓
    👁

    Monitor Director Tsai Joseph C's future transactions. His massive buy could be followed by more purchases or a public statement. The stock is a key proxy for China tech recovery.

  • EBR Systems, Inc.↓
    👁

    Watch for any press releases or SEC filings following the 10% owner's $20.8M purchase. This could be a prelude to a tender offer or a strategic partnership.

  • QuantumScape Corp↓
    👁

    Monitor CTO Holme Timothy's remaining holdings. His sale of all shares from option exercise is a red flag. Watch for any technology roadmap updates or partnership announcements.

  • Estee Lauder Companies Inc↓
    👁

    Watch for further insider selling, especially by the CEO or CFO. The Exec VP's sale could be a leading indicator of broader insider sentiment. Earnings call expected in November.

  • Leggett & Platt Inc↓
    👁

    Monitor the stock price and any insider selling following the multiple director awards. The low stock price and high number of awards suggest the company is under pressure.

  • Borr Drilling Ltd↓
    👁

    Watch for any contract announcements or day rate updates following Director Troim Tor Olav's purchase. The offshore drilling market is cyclical, and insider buying is a positive signal.

  • Vesta Real Estate Corporation↓
    👁

    Monitor CEO Berho Carranza's future transactions. His sale of 30,000 shares could be followed by more, especially if the Mexican economy weakens.

Filing Analyses (50)
Alibaba Group Holding Ltd 4 positive materiality 6/10

25-08-2026

Director Tsai Joseph C bought 720,000 Ordinary Shares at $14.47 (~$10.4M). Tsai Joseph C holds 114,979,168 shares after the transaction.

  • · Director Tsai Joseph C bought 720,000 Ordinary Shares at $14.47 (~$10.4M)
Sea Ltd 4 negative materiality 6/10

25-08-2026

COO Ye Gang sold 14,747 Class A ordinary shares at $117.90 (~$1.74M). 6 transactions reported in total. Ye Gang holds 408,792 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · COO Ye Gang sold 3,820 Class A ordinary shares at $116.87 (~$446K)
  • · COO Ye Gang sold 14,747 Class A ordinary shares at $117.90 (~$1.74M)
  • · COO Ye Gang sold 1,433 Class A ordinary shares at $118.35 (~$170K)
  • · COO Ye Gang sold 4,859 Class A ordinary shares at $114.98 (~$559K)
  • · COO Ye Gang sold 9,064 Class A ordinary shares at $115.97 (~$1.05M)
  • · COO Ye Gang sold 6,077 Class A ordinary shares at $116.61 (~$709K)
Sea Ltd 4 negative materiality 3/10

25-08-2026

CCO and GC Wang Yanjun sold 1,046 Class A ordinary shares at $117.83 (~$123K). 6 transactions reported in total. Wang Yanjun holds 24,600 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · CCO and GC Wang Yanjun sold 223 Class A ordinary shares at $116.79 (~$26K)
  • · CCO and GC Wang Yanjun sold 1,046 Class A ordinary shares at $117.83 (~$123K)
  • · CCO and GC Wang Yanjun sold 231 Class A ordinary shares at $118.26 (~$27.3K)
  • · CCO and GC Wang Yanjun sold 357 Class A ordinary shares at $114.97 (~$41K)
  • · CCO and GC Wang Yanjun sold 670 Class A ordinary shares at $115.96 (~$77.7K)
  • · CCO and GC Wang Yanjun sold 473 Class A ordinary shares at $116.60 (~$55.2K)
Jianpu Technology Inc. 4 positive materiality 6/10

25-08-2026

Director Daqing Ye bought 10,000 American depositary shares at $0.84 (~$8.35K). 7 transactions reported in total. Daqing Ye holds 37,604 shares after the transaction.

  • · Director Daqing Ye bought 6,000 American depositary shares at $0.87 (~$5.22K)
  • · Director Daqing Ye bought 5,000 American depositary shares at $0.88 (~$4.38K)
  • · Director Daqing Ye bought 5,000 American depositary shares at $0.88 (~$4.39K)
  • · Director Daqing Ye bought 10,000 American depositary shares at $0.84 (~$8.35K)
  • · Director Daqing Ye bought 4,104 American depositary shares at $0.93 (~$3.8K)
  • · Director Daqing Ye bought 5,000 American depositary shares at $0.95 (~$4.75K)
  • · Director Daqing Ye bought 2,500 American depositary shares at $0.93 (~$2.32K)
Keysight Technologies, Inc. 4 negative materiality 4/10

25-08-2026

Director NYE JEAN MCCLUNG sold 3,000 Common Stock at $319.22 (~$958K). NYE JEAN MCCLUNG holds 35,751.53 shares after the transaction.

  • · Director NYE JEAN MCCLUNG sold 3,000 Common Stock at $319.22 (~$958K)
Borr Drilling Ltd 4 positive materiality 4/10

25-08-2026

Director Troim Tor Olav bought 200,000 Common Shares at $4.37 (~$875K). Troim Tor Olav holds 29,385,941 shares after the transaction.

  • · Director Troim Tor Olav bought 200,000 Common Shares at $4.37 (~$875K)
AIAI Holdings Corp 4 positive materiality 2/10

25-08-2026

10% owner Carlton Charles Craig bought 8,250 Class A Common Stock at $6.09 (~$50.2K). Carlton Charles Craig holds 9,221,250 shares after the transaction.

  • · 10% owner Carlton Charles Craig bought 8,250 Class A Common Stock at $6.09 (~$50.2K)
EBR Systems, Inc. 4 positive materiality 6/10

25-08-2026

10% owner Host-Plus Pty Ltd as trustee for the HOSTPLUS Pooled Superannuation Trust bought 7,700,119 Common Stock at $2.70 (~$20.8M). Host-Plus Pty Ltd as trustee for the HOSTPLUS Pooled Superannuation Trust holds 11,049,972 shares after the transaction.

  • · 10% owner Host-Plus Pty Ltd as trustee for the HOSTPLUS Pooled Superannuation Trust bought 7,700,119 Common Stock at $2.70 (~$20.8M)
PLDT Inc. 4 negative materiality 4/10

25-08-2026

Chairman, President and CEO Pangilinan Manuel Velez sold 540 TEL at $19.40 (~$10.5K). 11 transactions reported in total. Pangilinan Manuel Velez holds 375,521 shares after the transaction.

  • · Chairman, President and CEO Pangilinan Manuel Velez sold 200 TEL at $19.29 (~$3.86K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 50 TEL at $19.30 (~$965)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 350 TEL at $19.32 (~$6.76K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 300 TEL at $19.33 (~$5.8K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 260 TEL at $19.35 (~$5.03K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 120 TEL at $19.37 (~$2.32K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 60 TEL at $19.38 (~$1.16K)
  • · Chairman, President and CEO Pangilinan Manuel Velez sold 540 TEL at $19.40 (~$10.5K)
STANDEX INTERNATIONAL CORP/DE/ 4 neutral materiality 1/10

25-08-2026

Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.

STANDEX INTERNATIONAL CORP/DE/ 4 neutral materiality 5/10

25-08-2026

Director CANNON CHARLES H JR was awarded 286 Phantom Stock Units.

  • · Director CANNON CHARLES H JR was awarded 286 Phantom Stock Units
MUNCY COLUMBIA FINANCIAL Corp 4 negative materiality 3/10

25-08-2026

Director KILE WILLARD H JR sold 0.885 Common at $28.11 (~$24.9). KILE WILLARD H JR holds 223,088.069 shares after the transaction.

  • · Director KILE WILLARD H JR sold 0.885 Common at $28.11 (~$24.9)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director BARBEE ANGELA was awarded 149.4498 Common Stock at $7.50 (~$1.12K). BARBEE ANGELA holds 51,033.3719 shares after the transaction.

  • · Director BARBEE ANGELA was awarded 16.8448 Common Stock at $7.50 (~$126)
  • · Director BARBEE ANGELA was awarded 149.4498 Common Stock at $7.50 (~$1.12K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director Brunner Robert E was awarded 292.2556 Common Stock at $7.50 (~$2.19K). Brunner Robert E holds 113,025.8367 shares after the transaction.

  • · Director Brunner Robert E was awarded 138.7699 Common Stock at $7.50 (~$1.04K)
  • · Director Brunner Robert E was awarded 292.2556 Common Stock at $7.50 (~$2.19K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

SVP - Chief Accounting Officer TRENT TAMMY M was awarded 169.6827 Common Stock at $7.97 (~$1.35K). TRENT TAMMY M holds 82,255.469 shares after the transaction.

  • · SVP - Chief Accounting Officer TRENT TAMMY M was awarded 169.6827 Common Stock at $7.97 (~$1.35K)
  • · SVP - Chief Accounting Officer TRENT TAMMY M was awarded 148.9792 Common Stock at $7.50 (~$1.12K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director MCCLANATHAN JOSEPH W was awarded 259.695 Common Stock at $7.50 (~$1.95K). MCCLANATHAN JOSEPH W holds 120,307.38 shares after the transaction.

  • · Director MCCLANATHAN JOSEPH W was awarded 259.695 Common Stock at $7.50 (~$1.95K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director Padmanabhan Srikanth was awarded 206.6595 Common Stock at $7.50 (~$1.55K). Padmanabhan Srikanth holds 69,845.1183 shares after the transaction.

  • · Director Padmanabhan Srikanth was awarded 206.6595 Common Stock at $7.50 (~$1.55K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director CAMPBELL MARYELIZABETH R was awarded 180.9817 Common Stock at $7.50 (~$1.36K). CAMPBELL MARYELIZABETH R holds 64,135.7516 shares after the transaction.

  • · Director CAMPBELL MARYELIZABETH R was awarded 36.3402 Common Stock at $7.50 (~$273)
  • · Director CAMPBELL MARYELIZABETH R was awarded 180.9817 Common Stock at $7.50 (~$1.36K)
NGL Energy Partners LP 4 positive materiality 4/10

25-08-2026

Director RAYMOND JOHN T bought 25,500 Common Units at $16.22 (~$414K). RAYMOND JOHN T holds 76,626 shares after the transaction.

  • · Director RAYMOND JOHN T bought 1,126 Common Units at $16.25 (~$18.3K)
  • · Director RAYMOND JOHN T bought 25,500 Common Units at $16.22 (~$414K)
ESTEE LAUDER COMPANIES INC 4 negative materiality 6/10

25-08-2026

Exec VP & General Counsel La Lande Rashida sold 5,564 Class A Common Stock at $99.55 (~$554K). La Lande Rashida holds 5,564 shares after the transaction.

  • · Exec VP & General Counsel La Lande Rashida exercised/converted 5,564 Class A Common Stock at $92.87 (~$517K)
  • · Exec VP & General Counsel La Lande Rashida sold 5,564 Class A Common Stock at $99.55 (~$554K)
  • · Exec VP & General Counsel La Lande Rashida exercised/converted 5,564 Stock Option (Right to Buy) at $92.87 (~$517K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director Shah Jai was awarded 237.7264 Common Stock at $7.50 (~$1.78K). Shah Jai holds 72,004.3808 shares after the transaction.

  • · Director Shah Jai was awarded 66.4693 Common Stock at $7.50 (~$499)
  • · Director Shah Jai was awarded 237.7264 Common Stock at $7.50 (~$1.78K)
LEGGETT & PLATT INC 4 neutral materiality 3/10

25-08-2026

Director WOOD PHOEBE A was awarded 208.5478 Common Stock at $7.50 (~$1.56K). WOOD PHOEBE A holds 94,343.015 shares after the transaction.

  • · Director WOOD PHOEBE A was awarded 208.5478 Common Stock at $7.50 (~$1.56K)
Horizon Kinetics Holding Corp 4 positive materiality 4/10

25-08-2026

Director Brennan Alice C bought 200 Common Stock at $26.87 (~$5.37K). Brennan Alice C holds 1,200 shares after the transaction.

  • · Director Brennan Alice C bought 200 Common Stock at $26.87 (~$5.37K)
BRAZILIAN ELECTRIC POWER CO 4 neutral materiality 3/10

25-08-2026

See Remarks* Limp Nascimento Rodrigo disposed of 485 Class "C" Preferred Shares at $10.38 (~$5.03K).

  • · See Remarks* Limp Nascimento Rodrigo disposed of 485 Class "C" Preferred Shares at $10.38 (~$5.03K)
BRAZILIAN ELECTRIC POWER CO 4 neutral materiality 3/10

25-08-2026

See Remarks* de Siqueira Freitas Marcelo disposed of 283 Class "C" Preferred Shares at $10.38 (~$2.94K).

  • · See Remarks* de Siqueira Freitas Marcelo disposed of 283 Class "C" Preferred Shares at $10.38 (~$2.94K)
GREIF, INC 4 negative materiality 6/10

25-08-2026

EVP, Chief Human Resources Off Sathyanarayanan Bala sold 1,000 Class B Common Stock at $109.67 (~$110K). Sathyanarayanan Bala holds 7,549 shares after the transaction.

  • · EVP, Chief Human Resources Off Sathyanarayanan Bala sold 1,000 Class B Common Stock at $109.67 (~$110K)
HSBC HOLDINGS PLC 4 neutral materiality 3/10

25-08-2026

Global Financial Controller Palomaki Daniel Scott was awarded 76 Dividend Equivalent Rights.

  • · Global Financial Controller Palomaki Daniel Scott was awarded 76 Dividend Equivalent Rights
CITIZENS & NORTHERN CORP 4 neutral materiality 3/10

25-08-2026

Director Shattuck Katherine W acquired 102 Common Stock at $25.89 (~$2.64K). Shattuck Katherine W holds 10,703 shares after the transaction.

  • · Director Shattuck Katherine W acquired 102 Common Stock at $25.89 (~$2.64K)
Columbia Financial, Inc./MD/ 4 neutral materiality 4/10

25-08-2026

SEVP & Chief Risk Officer Klimowich John was awarded 58.0679 Common Stock at $11.79 (~$685). Klimowich John holds 20,522.7185 shares after the transaction.

  • · SEVP & Chief Risk Officer Klimowich John was awarded 58.0679 Common Stock at $11.79 (~$685)
CITIZENS & NORTHERN CORP 4 neutral materiality 3/10

25-08-2026

Director Santiago Helen S acquired 108 Common Stock at $25.89 (~$2.8K). Santiago Helen S holds 124 shares after the transaction.

  • · Director Santiago Helen S acquired 108 Common Stock at $25.89 (~$2.8K)
  • · Director Santiago Helen S acquired 1 Common Stock at $25.89 (~$25.9)
  • · Director Santiago Helen S acquired 1 Common Stock at $25.89 (~$25.9)
Madison Air Solutions Corp 4 neutral materiality 5/10

25-08-2026

Group President Air Mvmt/Heat Larson Leah had withheld for taxes 20,518 Class A common stock at $26.25 (~$539K). Larson Leah holds 181,331 shares after the transaction.

  • · Group President Air Mvmt/Heat Larson Leah had withheld for taxes 20,518 Class A common stock at $26.25 (~$539K)
Columbia Financial, Inc./MD/ 4 neutral materiality 4/10

25-08-2026

President & CEO Kemly Thomas J. was awarded 157.5649 Common Stock at $11.79 (~$1.86K). Kemly Thomas J. holds 153,816.4041 shares after the transaction.

  • · President & CEO Kemly Thomas J. was awarded 157.5649 Common Stock at $11.79 (~$1.86K)
MATERION Corp 4 neutral materiality 4/10

25-08-2026

Director LIGGETT EMILY M gifted 1,609 Common Stock. LIGGETT EMILY M holds 4,173 shares after the transaction.

  • · Director LIGGETT EMILY M gifted 1,609 Common Stock
MARTIN MARIETTA MATERIALS INC 4 neutral materiality 1/10

25-08-2026

Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.

Vesta Real Estate Corporation, S.A.B. de C.V. 4 negative materiality 5/10

25-08-2026

Chief Executive Officer BERHO CARRANZA LORENZO DOMINIQUE sold 30,000 ORDINARY SHARES at $3.59 (~$108K). BERHO CARRANZA LORENZO DOMINIQUE holds 3,833,109 shares after the transaction.

  • · Chief Executive Officer BERHO CARRANZA LORENZO DOMINIQUE sold 30,000 ORDINARY SHARES at $3.58 (~$107K)
  • · Chief Executive Officer BERHO CARRANZA LORENZO DOMINIQUE sold 30,000 ORDINARY SHARES at $3.59 (~$108K)
Adtalem Global Education Inc. 4 neutral materiality 4/10

25-08-2026

VP, Chief Accounting Officer Gangadharan Manjunath was awarded 1,500 Common Stock at $132.35 (~$199K). 5 transactions reported in total. Gangadharan Manjunath holds 6,885 shares after the transaction.

  • · VP, Chief Accounting Officer Gangadharan Manjunath had withheld for taxes 188 Common Stock at $132.35 (~$24.9K)
  • · VP, Chief Accounting Officer Gangadharan Manjunath was awarded 1,050 Common Stock at $132.35 (~$139K)
  • · VP, Chief Accounting Officer Gangadharan Manjunath had withheld for taxes 308 Common Stock at $132.35 (~$40.8K)
  • · VP, Chief Accounting Officer Gangadharan Manjunath was awarded 1,500 Common Stock at $132.35 (~$199K)
  • · VP, Chief Accounting Officer Gangadharan Manjunath had withheld for taxes 440 Common Stock at $132.35 (~$58.2K)
Armour Residential REIT, Inc. 4 neutral materiality 3/10

25-08-2026

Director BELL MARC H exercised/converted 1,900 Common Stock, par value $0.001 per share. 4 transactions reported in total. BELL MARC H holds 31,161 shares after the transaction.

  • · Director BELL MARC H exercised/converted 1,900 Common Stock, par value $0.001 per share
  • · Director BELL MARC H exercised/converted 480 Common Stock, par value $0.001 per share
  • · Director BELL MARC H exercised/converted 1,900 Phantom Stock
  • · Director BELL MARC H exercised/converted 480 Phantom Stock
Commerce.com, Inc. 4 neutral materiality 3/10

25-08-2026

CFO & COO Lentz Daniel had withheld for taxes 1,724 Series 1 Common Stock at $2.22 (~$3.83K). Lentz Daniel holds 473,538 shares after the transaction.

  • · CFO & COO Lentz Daniel had withheld for taxes 1,724 Series 1 Common Stock at $2.22 (~$3.83K)
Commerce.com, Inc. 4 neutral materiality 3/10

25-08-2026

Chief Exec Officer Hess Christopher Travis had withheld for taxes 3,448 Series 1 Common Stock at $2.22 (~$7.65K). Hess Christopher Travis holds 883,471 shares after the transaction.

  • · Chief Exec Officer Hess Christopher Travis had withheld for taxes 3,448 Series 1 Common Stock at $2.22 (~$7.65K)
Commerce.com, Inc. 4 neutral materiality 2/10

25-08-2026

General Counsel and Secretary Cassidy Charles D had withheld for taxes 406 Series 1 Common Stock at $2.22 (~$901). Cassidy Charles D holds 165,324 shares after the transaction.

  • · General Counsel and Secretary Cassidy Charles D had withheld for taxes 406 Series 1 Common Stock at $2.22 (~$901)
Public Policy Holding Company, Inc. 4 negative materiality 3/10

25-08-2026

Director Austin Keenan Nealean sold 2,033 Common Stock, $0.001 par value at $10.94 (~$22.2K). Austin Keenan Nealean holds 81,039 shares after the transaction.

  • · Director Austin Keenan Nealean sold 2,033 Common Stock, $0.001 par value at $10.94 (~$22.2K)
NORTHERN TRUST CORP 4 negative materiality 3/10

25-08-2026

Executive Vice President South Thomas A sold 1,800 Common Stock at $184.90 (~$333K). South Thomas A holds 92,917 shares after the transaction.

  • · Executive Vice President South Thomas A sold 1,800 Common Stock at $184.90 (~$333K)
Armour Residential REIT, Inc. 4 neutral materiality 3/10

25-08-2026

Chairman of the Board STATON DANIEL C exercised/converted 1,900 Common Stock. 4 transactions reported in total. STATON DANIEL C holds 35,583 shares after the transaction.

  • · Chairman of the Board STATON DANIEL C exercised/converted 1,900 Common Stock
  • · Chairman of the Board STATON DANIEL C exercised/converted 480 Common Stock
  • · Chairman of the Board STATON DANIEL C exercised/converted 1,900 Phantom Stock
  • · Chairman of the Board STATON DANIEL C exercised/converted 480 Phantom Stock
QuantumScape Corp 4 negative materiality 6/10

25-08-2026

CHIEF TECHNOLOGY OFFICER Holme Timothy sold 12,723 Class A Common Stock at $6.01 (~$76.5K). Holme Timothy holds 12,723 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · CHIEF TECHNOLOGY OFFICER Holme Timothy exercised/converted 12,723 Class A Common Stock
  • · CHIEF TECHNOLOGY OFFICER Holme Timothy sold 12,723 Class A Common Stock at $6.01 (~$76.5K)
  • · CHIEF TECHNOLOGY OFFICER Holme Timothy exercised/converted 12,723 Class B Common Stock
Village Farms International, Inc. 4 neutral materiality 4/10

25-08-2026

Global President Operations Bovenschen Orville had withheld for taxes 7,500 Common Shares at $2.57 (~$19.3K). Bovenschen Orville holds 33,929 shares after the transaction.

  • · Global President Operations Bovenschen Orville was awarded 30,000 Common Shares
  • · Global President Operations Bovenschen Orville had withheld for taxes 7,500 Common Shares at $2.57 (~$19.3K)
Public Policy Holding Company, Inc. 4 negative materiality 3/10

25-08-2026

Chief Legal Officer Strum Neal Howard sold 1,702 Common Stock, $0.001 par value at $10.94 (~$18.6K). Strum Neal Howard holds 106,192 shares after the transaction.

  • · Chief Legal Officer Strum Neal Howard sold 1,702 Common Stock, $0.001 par value at $10.94 (~$18.6K)
Commerce.com, Inc. 4 neutral materiality 3/10

25-08-2026

Chief Accounting Officer Ban Hubert S had withheld for taxes 3,243 Series 1 Common Stock at $2.22 (~$7.2K). Ban Hubert S holds 80,994 shares after the transaction.

  • · Chief Accounting Officer Ban Hubert S had withheld for taxes 3,243 Series 1 Common Stock at $2.22 (~$7.2K)
Armour Residential REIT, Inc. 4 neutral materiality 4/10

25-08-2026

Co-Chief Investment Officer Losyev Sergey had withheld for taxes 1,118 Common Stock at $16.32 (~$18.2K). Losyev Sergey holds 8,951.539 shares after the transaction.

  • · Co-Chief Investment Officer Losyev Sergey exercised/converted 4,000 Common Stock
  • · Co-Chief Investment Officer Losyev Sergey had withheld for taxes 1,118 Common Stock at $16.32 (~$18.2K)
  • · Co-Chief Investment Officer Losyev Sergey exercised/converted 4,000 Phantom Stock
Usio, Inc. 4 neutral materiality 3/10

25-08-2026

Head of Card Issuing Uffner Jerry exercised/converted 6,000 Common Stock at $2.81 (~$16.9K). Uffner Jerry holds 249,212 shares after the transaction.

  • · Head of Card Issuing Uffner Jerry exercised/converted 6,000 Common Stock at $2.81 (~$16.9K)
  • · Head of Card Issuing Uffner Jerry had withheld for taxes 2,058 Common Stock at $2.81 (~$5.78K)
  • · Head of Card Issuing Uffner Jerry exercised/converted 6,000 Restricted Stock Units at $2.81 (~$16.9K)
Armour Residential REIT, Inc. 4 neutral materiality 4/10

25-08-2026

Co-Chief Investment Officer Macauley Desmond had withheld for taxes 1,335 Common Stock, par value $0.001 per share at $16.32 (~$21.8K). Macauley Desmond holds 9,135 shares after the transaction.

  • · Co-Chief Investment Officer Macauley Desmond exercised/converted 4,000 Common Stock, par value $0.001 per share
  • · Co-Chief Investment Officer Macauley Desmond had withheld for taxes 1,335 Common Stock, par value $0.001 per share at $16.32 (~$21.8K)
  • · Co-Chief Investment Officer Macauley Desmond exercised/converted 4,000 Phantom Stock

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