Weekly Insider Trading Report

Period: March 29, 2026 - April 5, 2026

1. Executive Summary

• Insider Activity: A total of 723 transactions were reported, comprising 125 buys and 598 sells, resulting in a buy-to-sell ratio of 0.21.
• Transaction Values: The total value of insider buys reached $66,749,931.06, while total sells amounted to $3,059,421,050.24, indicating a significantly higher volume of sell transactions.
• Notable Buys: The largest buy was by Manufacturers Life Reinsurance Ltd, totaling $15,999,991.92 for 1,009,399.53 shares at an average price of $15.85 on March 31.
• Significant Sells: The most notable sell was executed by Zagari Raffaele for SBLK, totaling $2,616,687,000.00 for 11,500 shares at a staggering price of $227,538.00.
• Market Sentiment: The predominant selling activity suggests a cautious market sentiment, potentially reflective of broader economic concerns.

2. Top Conviction Buys

• Manufacturers Life Reinsurance Ltd

  • Transaction Value: $15,999,991.92
  • Shares: 1,009,399.53
  • Price: $15.85
  • Trade Date: March 31, 2026
  • 10b5-1 Plan: No

• Pale Fire Capital SE

  • Transaction Value: $8,160,478.20
  • Shares: 1,000,500
  • Price: $8.1564
  • Trade Date: March 31, 2026
  • 10b5-1 Plan: No

• Han Yusheng

  • Transaction Value: $5,466,143.20
  • Shares: 314,870
  • Price: $17.36
  • Trade Date: March 31, 2026
  • 10b5-1 Plan: No

• Caisse de Depot et Placement du Quebec

  • Transaction Value: $4,999,999.95
  • Shares: 338,294.99
  • Price: $14.78
  • Trade Date: March 30, 2026
  • 10b5-1 Plan: No

These significant non-10b5-1 purchases indicate strong conviction among insiders, particularly in the face of a predominantly selling environment.

3. Risk Radar

• Zagari Raffaele (Director, SBLK)

  • Transaction Value: $2,616,687,000.00
  • Shares: 11,500
  • Price: $227,538.00
  • Trade Date: March 31, 2026

• Perry Griffin (Other, FRMI)

  • Total Sold Value: $45,191,700.00 for 9,000,000 shares on March 30, 2026, and $11,076,800.00 for 2,000,000 shares on March 31, 2026.

• David A. Duffield (Other, WDAY)

  • Transaction Value: $9,449,703.09
  • Shares: 72,781
  • Price: $129.8375
  • Trade Date: March 31, 2026

These sales, particularly involving large volumes and values, may point to potential concerns regarding future performance and could signal a bearish outlook among insiders.

4. Market Sentiment Analysis

The significant disparity between buy and sell transactions, with a buy-to-sell ratio of 0.21, indicates a bearish trend among insiders. The high volume of sell transactions, particularly by key executives and directors, suggests a lack of confidence in the current market environment. This sentiment could be attributed to broader economic factors, regulatory concerns, or company-specific challenges that insiders may anticipate.

5. Investment Opportunities

Given the current landscape, investors might consider the following opportunities based on insider buying activity:

• PHR: The stock has seen considerable buying from Pale Fire Capital SE, indicating potential undervaluation and future growth prospects.
• RPAY: Multiple purchases by Forager Fund, L.P. suggest confidence in this asset, particularly given its recent price movements.
• NAVN: The strategic buy by Williams Anre D reflects potential bullish sentiment that warrants further investigation.

Investors should exercise caution and conduct thorough due diligence, given the overall bearish sentiment reflected by insider selling trends.

This report is intended for informational purposes only and does not constitute financial advice. Investors should consult with a financial advisor before making investment decisions.