ARX 10-K & 10-Q changes, risk factors and insider trading
Accelerant Holdings · NYSE · Insurance Agents, Brokers & Service · CIK 1997350 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in the section entitled “Risk Factors” in our 2025 Annual Report.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Recent Business Developments”
New heading “Proposed Merger”
New heading “Treatment of our equity awards”
New heading “Conditions to the Merger”
New heading “Partnership with WoodStar Reciprocal Exchange”
Removed heading “Number of MGA Operations Members”
Largest changes
“The Merger Agreement and the transactions contemplated thereby, including the Merger, have been unanimously approved by Accelerant’s Board of Directors. Consummation of the Merger is subject to certain customary closing conditions, including, among other things, receipt of Company shareholder approval and applicable regulatory approvals and is expected to close in the first half of 2027. The Merger Agreement also contains termination rights for each of the Company and Parent and associated fees under specified circumstances. …”see in full comparison
“(2) Refer to “Reconciliation of Non-GAAP financial measures” section for details on how non-GAAP measures are defined and reconciled to to the most applicable GAAP measures. Beginning with first quarter of 2026, we updated certain definitions for our non-GAAP measures to exclude the impact of net realized and unrealized investment gains or losses. Net realized and unrealized investment gains (losses) were $53.0 million and $(0.1) million in the second quarter of 2026 and 2025, respectively, and $53.1 million and $3.9 million in the first six months of 2026 and 2025, respectively. …”see in full comparison
Full comparison: every changed paragraph (193)
By harnessing our proprietary technology, access to data, and industry experience, we believe we have created the preeminent marketplace of the specialty insurance industry. As of MarchJune 31,30, 2026, we had 296314 Members (an increase of 1618 Members since DecemberMarch 31, 20252026) and 9697 Risk Capital Partners on our platform. We have grown Exchange Written Premium at a 178%171% compounded annual growth rate since our inception. As we have matured and continued to scale our business, our annual growth rate has moderated.
Recent Business Developments
Proposed Merger
On August 13, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cherry Tree BidCo, a Cayman Islands exempted company (“Parent”), and Cherry Tree Merger Sub, a Cayman Islands exempted company and a wholly owned subsidiary of Parent (“Merger Sub”). Parent and Merger Sub are affiliates of Thoma Bravo Discover Fund V, L.P., an investment fund managed by Thoma Bravo, L.P. Pursuant to, and subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into Accelerant, with Accelerant continuing as the surviving company and becoming a wholly-owned subsidiary of Parent (the “Merger”).
Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each Class A common share and Class B common share of the Company, $0.0000011951862 par value per share (the “Shares”), issued and outstanding immediately prior to the Effective Time will be converted automatically into the right to receive $20.25 in cash, without interest, plus, if applicable, an additional consideration via a “ticking fee” that will accrue daily at a rate of 6% per annum if certain insurance regulatory approvals have not been obtained by a certain date (together, the “Merger Consideration”). Accrual of the ticking fee commences no more than fifteen business days following the satisfaction of certain closing conditions (other than those related to insurance regulatory approvals) and ends after the receipt of such insurance regulatory approvals.
Treatment of our equity awards
The Merger Agreement also provides that, at the Effective Time, by virtue of the Merger:
•Each in-the-money share option, whether vested or unvested, will be canceled and exchanged for a cash payment equal to its aggregate spread value (based on the excess of the Merger Consideration over the per-Share exercise price and the number of Shares underlying such share option). All underwater share options, whether vested or unvested, will be cancelled for no consideration.
•Each restricted share unit (“RSU”) that vests at the Effective Time in accordance with the terms of the applicable award agreement (“Single Trigger RSUs”) will be canceled in exchange for a cash payment equal to the product of the Merger Consideration and the number of Shares subject to such Single Trigger RSU.
•RSUs that are not a Single Trigger RSU will be canceled and converted into the right to receive a cash amount equal to the product of the Merger Consideration and the number of Shares subject to such RSU, which will vest and be paid out on the same vesting terms, and will be subject to the same terms and conditions, that applied to the corresponding RSU.
•Each Performance Share Unit (“PSU”) will be canceled and converted into the right to receive a cash payment equal to the product of the Merger Consideration and the number of Shares subject to such to which the holder of such PSU would be entitled upon settlement thereof assuming satisfaction of the performance goal(s) based on maximum performance for the Company PSUs, which will vest and be paid out on the same terms, and will be subject to the same terms and conditions, that applied to the corresponding PSU.
Conditions to the Merger
The Merger Agreement and the transactions contemplated thereby, including the Merger, have been unanimously approved by Accelerant’s Board of Directors. Consummation of the Merger is subject to certain customary closing conditions, including, among other things, receipt of Company shareholder approval and applicable regulatory approvals and is expected to close in the first half of 2027. The Merger Agreement also contains termination rights for each of the Company and Parent and associated fees under specified circumstances. If the Merger is consummated, the Shares will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended.
The foregoing summary of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, which is filed as Exhibit 2.1 of our Current Report on Form 8-K filed on August 13, 2026.
Partnership with WoodStar Reciprocal Exchange
During the second quarter of 2026, we entered a partnership with the newly formed WoodStar Reciprocal Exchange (“WoodStar”). WoodStar was funded with a total of $220 million of surplus notes, composed of $160 million investment in surplus notes by unrelated third parties and a $60 million investment in surplus notes by WoodStar Risk Management Inc. ("WRMI"), WoodStar's attorney-in-fact, also funded by unrelated third parties. WRMI's investment in the surplus notes was partly funded by $40 million paid in kind interest debt instrument issued by an unrelated third party. WoodStar will provide underwriting capacity for the Accelerant Risk Exchange. Accelerant will provide underwriting and other services to WoodStar pursuant to contractual service arrangements. WoodStar is managed by WRMI. We hold a majority ownership interest in WRMI, a variable interest entity, however a third-party investor in the WoodStar structure maintains certain rights that provide contractual authority over the most substantial activities of WRMI, and therefore we do not consolidate WoodStar's financial results. Our ownership interest in WRMI will be treated as an equity method investment within our consolidated financial statements. Our maximum exposure to loss consists of our basis in our investment in WRMI (which was immaterial as of June 30, 2026), the obligation to perform under our service contracts with WoodStar and our share of the operating results from WRMI.
The remaining Members consist of “Mission Members” and “Owned Members.” Mission Members are Members started within Mission Underwriters, our MGA incubation platform. With Mission Underwriters, we support entrepreneurial specialty underwriters with start-up capital and operational tools and resources to form their own MGAs that are then jointly owned by Mission Underwriters and the specialty underwriters. Our primary means of identifying such underwriters is our reliance on the Accelerant management team’s knowledge of the specialty insurance markets, which includes reliance on certain historical metrics (such as loss ratios) from their underwriting track records at reputable incumbent institutions and, generally, prospective underwriters’ reputations among the industry, leveraging our experience and tenure in the space. Such knowledge includes an awareness of high-quality underwriters in these markets. Mission Underwriters attracts specialty underwriters with its independence, turnkey back office, and equity incentivization combined with the overall Accelerant value proposition. We supplement this market awareness withthrough arrangements with a number of specialist recruiters that seek out underwriters that match our desired profile. While our ongoing recruitment efforts will continue to be important as we grow, we do not currently expect any associated recruitment costs to increase materially over time. Mission Underwriters owns the majority of the MGAs that it helped to create, with meaningful equity shared with management teams based on the performance of their MGA. Owned Members are Members in which we either have a minority ownership interest or controlling equity interest. Typically, our investments in Owned Members take the form of an initial minority ownership interest and a contractual call option for a controlling equity ownership interest over time.
(1) The year-over-year growth rate of 16%23% and 20% for the three and six months ended MarchJune 31,30, 2026 was suppressed relative to prior periods as it reflects our placement of certainan Membersunderperforming Member into runoff. Excluding that Member, Exchange Written Premium grew by $204.1$291.4 million (or 22%28%) and $495.5 million (or 25%) for the three and six months ended MarchJune 31,30, 2026 as compared to the three and six months ended MarchJune 31,30, 2025.
Our Risk Capital Partners (“Demand Side” of the Accelerant Risk Exchange)
Currently, our Risk Capital Partners include third-party insurance companies, reinsurance companies, and institutional investors. As of MarchJune 31,30, 2026, 1819 Accelerant Risk Exchange Insurers (an increase of five Accelerant Risk Exchange Insurers since MarchJune 31,30, 2025) accessed gross premium written directly from the Accelerant Risk Exchange (on a primary insurance basis) rather than via reinsurance from Accelerant Underwriting, accounting for 41%44% of the premium written on the Accelerant Risk Exchange for the threesix months ended MarchJune 31,30, 2026, as compared to 19%23% for the threesix months ended MarchJune 31,30, 2025.
We refer to gross written premium written directly on behalf of the Accelerant Risk Exchange Insurers as “Third-Party Direct Written Premium.” All premiums written by Accelerant Underwriting, including that which is ultimately reinsured to institutional investors and third-party reinsurers, is referred to as “Accelerant GWP.” We expect the premium placed with the Accelerant Risk Exchange Insurers will increase in coming years, and as a result, the contribution from Third-Party Direct Written Premium will continue to increase. This is expected to lead to less overall revenue growth in our Underwriting segment, but more direct commission income within our Exchange Services segment.
For Accelerant Underwriting, we have historically targeted reinsuring approximately 90% of our gross premium written to institutional investors and third-party reinsurers, while retaining approximately 10% of these gross premiums written. For the trailing twelve months ended MarchJune 31,30, 2026, Accelerant-Retained Exchange Premium represented 10%13% of Exchange Written Premium.
We operate our business across three reportable segments – Exchange Services, which is the core of Accelerant, as well as MGA Operations and Underwriting. Exchange Services and MGA Operations are both fee-based businesses. Underwriting captures the net ceding commission income from reinsurers and Flywheel ReRe, an unconsolidated reinsurance sidecar, and net underwriting profit from retained business that we write or assume.
•MGA Operations: This segment reports all revenue and expenses from Mission Members and Owned Members in which we have majority ownership positions. Equity method accounting is used for Owned Members in which we have a non-controlling equity ownership interest. The largest component of the segment is our investment in the 35 Mission Members as of MarchJune 31,30, 2026. There are 18 Owned Members as of MarchJune 31,30, 2026, of which nine are majority-owned and controlled by us and therefore consolidated in our financial statements.
•Underwriting: Our Underwriting segment includes all revenue and expenses associated with our Accelerant Underwriting companies (each of which solely operates through the Accelerant Risk Exchange) and reinsurance companies. We view the Underwriting segment as a strategic capability and source of operational flexibility and alignment with current and prospective Risk Capital Partners. Accelerant Underwriting earns premiums and pays losses from business sourced and retained through the Accelerant Risk Exchange. Accelerant Underwriting pays commissions to the Accelerant Risk Exchange as consideration to access this business on market-consistent terms with the Accelerant Risk Exchange Insurers. This is offset by the ceding commission we receive from several third-party reinsurers including Flywheel Re, a reinsurance sidecar, for ceding premium and losses to them. The performance of our Underwriting segment will vary with the performance of the portfolio reinsured to Risk Capital Partners. We expect the portion of the Accelerant Risk Exchange premium underwritten by Accelerant Underwriting to decrease over time, relative to other segments, as the Accelerant Risk Exchange Insurers increase in number and grow their premium written through our Accelerant Risk Exchange.
A high-level view of our business model is included below (based on activity for the trailing twelve months ended MarchJune 31,30, 2026):
Notes:
Notes: (all amounts exclude general and administrative expenses) (1) Calculated as Exchange Services direct commission income divided by Exchange Written Premium (rounded from 8.3%8.4%).
(2) Calculated as MGA Operations direct commission income and net investment income, divided by Exchange Written Premium attributable to Mission Members and Owned Members (rounded from 17.5%).Members.
Our future revenue growth also depends, in part, on our ability to expand our relationships with new and existing third-party capital providers to meet the growth of gross premiums sourced by our Members. We believe that the low-hazard, low-limit specialty business that we source from our Members will continue to attract these Risk Capital Partners. Since 2019, we have grown our Risk Capital Partners from two to 9697 as of MarchJune 31,30, 2026. As of MarchJune 31,30, 2026, we had 1819 Accelerant Risk Exchange Insurers.
Our ability to maintain the support of Risk Capital Partners depends, in part, on maintaining an attractive ratio of gross premiums to gross losses and gross commissions that Risk Capital Partners pay to the Accelerant Risk Exchange. We believe the historic quality of the portfolio written by our Members is reflected by the grossGross lossLoss ratiosRatios of 52.1%52.0% and 53.3%51.8% for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. We intend to leverage our data and analytics capability and our team of expert underwriters to continue to produce a portfolio with increasing diversification and attractive risk/return characteristics for our Risk Capital Partners.
Net investment income represents interest earned from fixed maturity securities, short-term securities and other investments.investments, less interest expense on funds held under reinsurance. Dividends from equity securities and other investments are also included in net investment income. Interest, dividend income and amortization of fixed maturity market premiums and discounts related to these securities are recorded in net investment income, net of investment management and custody fees. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio.
General and administrative expenses primarily consist of salaries, employee benefits and other general operating expenses that are expensed as incurred, and share-based compensation expenses. Generally, we expect our distribution, underwriting, and claims operating expenses to be most closely tied to growth of our membership and our Accelerant Risk Exchange premium volume. However, these and other functions within the Accelerant Risk Exchange (including costs of supporting the development of the Accelerant Risk Exchange), and our other segments have large, fixed-cost components that we believe will increase operating leverage as gross premiums continue to grow. Share-based compensation expenses represent amortization of the grant date fair value of equity awards granted to employees and directors, including restricted stockshare units, stockshare options, and other awards that can settle in cash or the common shares, over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. The portion of the awards that settle in our common shares are non-cash in nature. We expect share-based compensation expenses to fluctuate over time in connection with new equity grants, changes in our workforce, and the overall structure of our long-term incentive programs.
As of MarchJune 31,30, 2026, we had net deferred tax assets of $78.3$76.4 million and also apply valuation allowances to certain of our deferred tax assets of unutilized net operating losses (“NOLs”) and other basis differences in jurisdictions that have generated cumulative losses. Our net deferred tax assets can not be offset with net deferred tax liabilities from different tax jurisdictions. As of June 30, 2026, one of our tax jurisdictions had $2.5 million of net deferred tax liabilities. All other jurisdictions had aggregate net deferred tax assets of $78.9 million.
(1) See definitions below for explanation of calculations and metrics.
(2) Refer to “Reconciliation of Non-GAAP financial measures” section for details on how non-GAAP measures are defined and reconciled to to the most applicable GAAP measures. Beginning with first quarter of 2026, we updated certain definitions for our non-GAAP measures to exclude the impact of net realized and unrealized investment gains or losses. Net realized and unrealized investment gains (losses) were $53.0 million and $(0.1) million in the second quarter of 2026 and 2025, respectively, and $53.1 million and $3.9 million in the first six months of 2026 and 2025, respectively. Amounts for the three and six months ended June 30, 2025 in the table above were recast to reflect the new presentation.
(1) Refer to “—Reconciliation of Non-GAAP financial measures” section for details on how non-GAAP measures are defined and reconciled to GAAP measures.
(2) See the definitions of Exchange Written Premium, Accelerant Direct Written Premium, Third-Party Direct Written Premium, Accelerant-Retained Exchange Premium, and Exchange Written Premium Growth Rate below for explanation of calculations and metrics.
As of MarchJune 31,30, 2026, we had 296314 Members. Our Members wrote $1.14$2.46 billion of Exchange Written Premium for the threesix months ended MarchJune 31,30, 2026. This compares to Exchange Written Premium of $985.2$2.06 millionbillion for the threesix months ended MarchJune 31,30, 2025, representing a 16%20% increase. Of our 296314 Members, 35 are Mission Members, 18 are Owned Members, and 243261 are Independent Members. Of the $1.14$2.46 billion in Exchange Written Premium for the threesix months ended MarchJune 31,30, 2026, 59%56% was written by Accelerant Underwriting as Accelerant Direct Written Premium and 41%44% was written by our 1819 Accelerant Risk Exchange Insurers as Third-Party Direct Written Premium.
Number of MGA Operations Members
We define the number of MGA Operations members as the number of Mission Members and Owned Members under contract with the Accelerant Risk Exchange as of the period end date.
We define Net Revenue Retention, expressed as a percentage, as the current trailing twelve-month period’s Exchange Written Premium for Members that were actively writing Exchange Written Premium in the comparable trailing twelve-month period divided by these same Members’ prior-period Exchange Written Premium. This measure demonstrates an aggregate measure of the net growth of Exchange Written Premium from previously onboarded Members.
We define Accelerant-Retained Exchange Premium, expressed as a percentage, as Accelerant GWP net of ceded written premium for the trailing twelve-month period, divided by total Exchange Written Premium for the trailing twelve-month period. This represents the percentage of total Exchange Written Premium that Accelerant-owned insurance companies retain relative to total writtenExchange premiums.Written Premiums. We expect this retained portion of Exchange Written Premium in the aggregate to decrease over time as Exchange Written Premium is increasingly written with existing and new Accelerant Risk Exchange Insurers.
Adjusted EBITDA,EBITDA and Adjusted Net Income (Loss), and Adjusted Earnings Per Diluted Share
•Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses.expenses (including periodic buyouts of existing awards).
•Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stockshare units and stockshare options and other awards that can settle in cash, recognized over the requisite service period for the awards.
We define "Adjusted Net Income (Loss)" as GAAP net income (loss) excluding the impact of the following items:
We define “Adjusted Earnings per Diluted Share” as adjusted net income for a period divided by the corresponding weighted average diluted shares on a U.S. GAAP basis (GAAP diluted shares are used for simplicity and that any difference from recalculating such diluted shares using adjusted income is expected to be immaterial).
We define “Adjusted EBITDA Margin” as Adjusted EBITDA divided by Operating Revenues. Adjusted EBITDA Margin is an internal performance measure used in the management of our operations. The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table below.
The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this document.
The following table provides a reconciliation of net (loss) income to Adjusted net income (loss),income, Adjusted EBITDA and Adjusted EBITDA margin for the three and six months ended MarchJune 31,30, 2026 and 2025:
(1) Share-based compensation expenses are included in "General and administrative" expenses" in our condensed consolidated Statement of Operations.
(2) Other expenses for the three and six months ended MarchJune 31,30, 2026 and 2025 consisted of the following:
The following tables reflect our consolidated results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025 in the format that we use to analyze our financial performance. This information is derived from our interim condensed consolidated financial statements prepared in accordance with GAAP and included elsewhere in this Quarterly Report on Form 10-Q.
Comparison of the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
(1) General and administrative expenses include share-based compensation expenses of $32.1$25.2 million and $2.4$3.0 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively, $57.3 million and $5.4 million for the six months ended June 30, 2026 and 2025, respectively.
Comparison of the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
Ceding commission income of $75.1 million and $155.6 million for the three and six months ended June 30, 2026 decreased $26.5 million (or 26%) and $16.7 million (or 10%) from the three and six months ended June 30, 2025 amounts of $101.6 million and $172.3 million. Ceding commission income recognized for the three and six months ended June 30, 2026 included net reductions of $7.1 million due to sliding scale commission adjustments resulting from the loss experience of covered insurance contracts. For the three and six months ended June 30, 2025, ceding commission income recognized included increases of $12.5 million due to net sliding scale commission adjustments resulting from the favorable loss experience of covered insurance contracts.
Ceding commission income of $80.5 million for the three months ended March 31, 2026 increased $9.8 million (or 13.9%) from the prior year comparable period of $70.7 million due to the continued growth in our gross earned premium base and the amount ceded to reinsurers. There were no net sliding scale commission adjustments during the three months ended March 31, 2026 and 2025.
The following table presents the amounts of ceding commissions deferred and amortized for the three and six months ended MarchJune 31,30, 2026 and 2025:
ARX insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 17 filings (5 insiders, 18 trade dates, 1,571,434 shares, about $20.9M; 16 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -1,571,434 (purchases minus sales); net value about -$20.9M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-21 | Meriwether Karen Sue |
Open-market sale | 542 | $19.62 | $10.6K |
| 2026-08-13 | Hasley Nancy |
Open-market sale |
20,489 | $19.56 | $400.8K |
| 2026-08-11 | Oneill Francis James |
Open-market sale |
89,219 | $12.41 | $1.1M |
| 2026-08-10 | Oneill Francis James |
Open-market sale |
63,616 | $12.07 | $767.8K |
| 2026-08-10 | Radke Jeffrey L |
Open-market sale |
80,000 | $12.09 | $967.2K |
| 2026-08-03 | Radke Jeffrey L |
Open-market sale |
80,000 | $12.06 | $964.8K |
| 2026-07-28 | Oneill Francis James |
Open-market sale |
104,647 | $14.56 | $1.5M |
| 2026-07-27 | Oneill Francis James |
Open-market sale |
110,467 | $14.63 | $1.6M |
| 2026-07-27 | Radke Jeffrey L |
Open-market sale |
80,000 | $14.63 | $1.2M |
| 2026-07-27 | Radke Jeffrey L |
Open-market sale |
15,223 | $14.45 | $220.0K |
| 2026-07-27 | Sternberg Matthew David |
Open-market sale |
17,568 | $14.64 | $257.2K |
| 2026-07-23 | Sternberg Matthew David |
Shares withheld for tax |
3,910 | $13.77 | $53.8K |
| 2026-07-20 | Radke Jeffrey L |
Open-market sale |
80,000 | $13.51 | $1.1M |
| 2026-07-17 | Radke Jeffrey L |
Open-market sale |
14,777 | $14.30 | $211.3K |
| 2026-07-15 | Oneill Francis James |
Open-market sale |
82,767 | $12.71 | $1.1M |
| 2026-07-14 | Oneill Francis James |
Open-market sale |
83,119 | $12.84 | $1.1M |
| 2026-07-13 | Radke Jeffrey L |
Open-market sale |
80,000 | $13.18 | $1.1M |
| 2026-07-06 | Radke Jeffrey L |
Open-market sale |
80,000 | $13.33 | $1.1M |
| 2026-06-29 | Radke Jeffrey L |
Open-market sale |
80,000 | $12.87 | $1.0M |
| 2026-06-26 | Oneill Francis James |
Open-market sale |
73,500 | $13.18 | $968.7K |
| 2026-06-25 | Oneill Francis James |
Open-market sale |
73,500 | $13.06 | $959.9K |
| 2026-06-23 | Hasley Nancy |
Open-market sale |
35,000 | $13.11 | $458.9K |
| 2026-06-23 | Radke Jeffrey L |
Open-market sale |
80,000 | $13.11 | $1.0M |
| 2026-06-23 | Oneill Francis James |
Open-market sale |
76,464 | $13.11 | $1.0M |
| 2026-06-22 | Oneill Francis James |
Open-market sale |
70,536 | $13.21 | $931.8K |
| 2026-05-13 | Sternberg Matthew David |
Grant/award | 279,329 | — | — |
| 2026-05-13 | Wainwright Simon |
Grant/award | 23,316 | — | — |
| 2026-05-13 | Talach David George Paul |
Grant/award | 23,316 | — | — |
| 2026-05-13 | Meriwether Karen Sue |
Grant/award | 11,658 | — | — |
| 2026-05-13 | Hasley Nancy |
Grant/award | 11,658 | — | — |
| 2026-05-13 | Little Paul Christopher |
Grant/award | 11,658 | — | — |
Well-known investors holding ARX (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 1,747,985 | $20.5M | 0.01% | Added 53% |
| Renaissance Technologies | 2026-06-30 | 296,100 | $3.5M | 0.0% | Added 7% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 166,692 | $2.2M | — | Sold out |
| Tiger Global Management (Chase Coleman) | 2026-06-30 | 75,000 | $879.0K | 0.0% | No change |
| Millennium Management (Israel Englander) | 2026-06-30 | 17,491 | $205.0K | 0.0% | Reduced 86% |
| Two Sigma Investments | 2026-06-30 | 11,079 | $129.8K | 0.0% | New position |