Diana Shipping (DSX) Director Papatrifon Exercises and Sells 60,980 Warrants

What Happened
Director Eleftherios Papatrifon reported multiple derivative (code M) transactions between Sept 2 and Sept 15, 2026 in which he exercised or converted warrants/options and disposed of the resulting securities. In total the filings show 60,980 warrants were exercised/converted and disposed. The reported exercise price for the warrants was $1.69527 per warrant. These were dispositions (sales) of derivative-derived securities rather than open-market purchases.

Key Details

• Transaction dates: Sept 2, 2026 (20,000); Sept 3 (10,000); Sept 4 (10,980); Sept 11 (10,000); Sept 14 (5,000); Sept 15 (5,000). Total 60,980 warrants/warrant-derived shares disposed.
• Exercise price: $1.69527 per warrant (as noted in the filing footnote). No sale prices for the resulting common shares were reported on the Form 4.
• Holdings after transactions: Reporting person currently owns 211,311 warrants from the December 14, 2023 warrant distribution, which entitle him to 358,229 common shares upon exercise.
• Footnote: Warrants were originally distributed as a one-fifth warrant per share dividend on Dec 14, 2023. The footnote clarifies the 60,980-warrant disposals occurred between Sept 2–15, 2026.
• Filing: Form 4 filed Sept 16, 2026 covering transactions through Sept 15, 2026; appears to be filed within the usual Form 4 reporting window (no late filing flag noted).

Context
These transactions involve warrants (derivative securities) issued in a 2023 warrant distribution. The M code indicates exercise/conversion of derivatives; the “disposed” entries mean the insider did not retain the resulting securities but sold or otherwise disposed of them. Sales or disposals are common and can be for many non-investment reasons (taxes, liquidity, diversification); they do not by themselves signal management’s view of the company’s prospects.