Wolfe Josh 4

What Happened
Josh Wolfe (reported as a 10% owner) made two open‑market purchases on Feb 4, 2026 — 138,888 shares each at $18.00 per share (total 277,776 shares; $4,999,968). On Feb 6, 2026 the Form 4 shows multiple "conversion of derivative security" transactions: those conversions recorded acquisitions totaling 5,972,786 shares and dispositions totaling 42,472,241 shares (net decrease of 36,499,455 shares). The conversion entries have no per‑share price reported (N/A) and are labeled as derivative conversions.

Key Details

• Purchase(s): 2026-02-04 — two open‑market buys of 138,888 shares @ $18.00 each; total cash ~$5.0M.
• Derivative conversions: 2026-02-06 — multiple conversion entries (some show acquired shares, many show disposed shares); values reported as N/A.
• Net change on record: acquired 5,972,786 shares vs. disposed 42,472,241 shares → net decrease ≈ 36,499,455 shares.
• Shares owned after transactions: not stated in the provided excerpt of the filing.
• Footnotes: many shares are held by Lux-affiliated entities (see F1–F9) and certain preferred series previously converted to common on an IPO 1-for-7.4578 basis (F2–F10). Lux entities’ general partners and individual Lux managers (including Wolfe) are noted; they disclaim beneficial ownership except to extent of pecuniary interest.
• Timeliness: Report filed Feb 6, 2026 for transactions through Feb 4/6, 2026 — appears timely (not marked late).

Context

• "Conversion of derivative security" typically means non‑cash conversions (e.g., preferred shares, warrants, or other convertible instruments converted into common stock); the filing shows many such conversions with no cash price reported.
• Dispositions labeled as derivative conversions do not necessarily indicate open‑market sell orders — they often reflect structural changes in holdings (conversions, transfers between affiliated entities, or similar).
• As a 10% owner and manager of Lux-related funds, Wolfe’s reported activity largely involves institutional/affiliated positions; such filings can reflect fund-level restructurings rather than personal trading decisions.

If you want, I can check the full Form 4 PDF (accession 0001193125-26-041549) to extract the post‑transaction ownership totals and any additional footnote text.