Weekly Insider Trading Report (February 8, 2026 - February 15, 2026)

Executive Summary

• Insider Activity: A total of 237 buy transactions and 610 sell transactions were reported, indicating a sell-prevalent market with a buy/sell ratio of 0.39.
• Total Values: Insiders bought shares worth approximately $183.11 million while selling shares valued at $959.95 million during the reporting period.
• Top Buy: Harrison Street Real Assets Fund LLC made significant purchases in NFRX, totaling approximately $39.99 million on February 12.
• Top Sell: JANA Partners Management, LP executed multiple significant sells in THS, generating a total value of $47.96 million on February 10.
• Market Dynamics: The discrepancy between buy and sell volumes suggests a bearish sentiment among insiders, which could indicate underlying concerns about market conditions.

Top Conviction Buys

The following are notable non-10b5-1 purchases that may reflect genuine insider confidence in the respective companies:

1. NFRX

   • Insider: Harrison Street Real Assets Fund LLC
   • Transaction Date: February 12, 2026
   • Total Value: $39,999,90.76
   • Shares: 1,485,332
   • Price: $26.93

2. NFRX (duplicate entry)

   • Insider: Harrison Street Real Assets Fund LLC
   • Transaction Date: February 12, 2026
   • Total Value: $39,999,90.76
   • Shares: 1,485,332
   • Price: $26.93

3. NDAQ

   • Insider: INVESTOR AB
   • Transaction Date: February 13, 2026
   • Total Value: $15,835,040.00
   • Shares: 200,000
   • Price: $79.1752

4. PSEC

   • Insider: Eliasek M Grier
   • Transaction Date: February 11, 2026
   • Total Value: $2,749,770.48
   • Shares: 942,800
   • Price: $2.9166

5. SGP

   • Insider: Nielsen Kirk G.
   • Transaction Date: February 9, 2026
   • Total Value: $2,640,000.00
   • Shares: 165,000
   • Price: $16.00

Risk Radar

The following sells are noteworthy and may indicate potential risk factors for investors:

1. THS

   • Insider: JANA Partners Management, LP
   • Transaction Date: February 10, 2026
   • Total Value: $47,961,730.08
   • Shares: 1,959,221
   • Price: $24.48

2. PG

   • Insider: Moeller Jon R
   • Transaction Date: February 12, 2026
   • Total Value: $26,354,361.28
   • Shares: 162,232
   • Price: $162.4486

3. APD

   • Insider: Mantle Ridge LP
   • Transaction Date: February 12, 2026
   • Total Value: $19,944,436.75
   • Shares: 70,175
   • Price: $284.21

The high volume of sell transactions, particularly from directors and management, may suggest insider concerns regarding future performance and market conditions.

Market Sentiment Analysis

The current insider trading landscape reflects a predominantly bearish sentiment among corporate insiders. The substantially higher sell volume (610) against buy volume (237) indicates a cautious outlook, potentially driven by external economic pressures or internal company challenges. The buy/sell ratio of 0.39 further corroborates this sentiment.

Given the substantial sell transactions by notable insiders, it is critical for investors to exercise caution and evaluate the underlying fundamentals of the companies involved.

Investment Opportunities

Despite the prevailing bearish sentiment, there remain pockets of opportunity, particularly in companies with recent insider buying activity:

• NFRX: Significant purchases by Harrison Street Real Assets Fund LLC may indicate confidence in the company's strategy and future performance.
• NDAQ: The sizeable investment by INVESTOR AB could suggest growth potential, making it a candidate for further analysis.
• PSEC: Multiple purchases by Eliasek M Grier may indicate a strategy to capitalize on undervaluation, presenting a potential buying opportunity.

Investors should conduct thorough due diligence while considering these opportunities, particularly in the context of broader market conditions and trends.