GOLDSTEIN PHILLIP 4

What Happened

• Phillip Goldstein, Chairman & Secretary and a director (and affiliate of the adviser) for Special Opportunities Fund, acquired a total of 4,152 shares of convertible preferred stock in early March 2026. The activity includes two small late-recorded acquisitions of 100 shares each and an open-market purchase of 3,952 shares.
• Transactions: 100 shares @ $25.09 on 2026-03-02 ($2,509); 100 shares @ $25.09 on 2026-03-04 ($2,509); 3,952 shares @ $25.09 on 2026-03-05 ($99,156). Total cash value ≈ $104,174. These were purchases (buying activity), which are generally viewed as more informative than sales.

Key Details

• Dates & prices: 3/2/2026 — 100 @ $25.09 (coded L); 3/4/2026 — 100 @ $25.09 (L); 3/5/2026 — 3,952 @ $25.09 (P).
• Total acquired: 4,152 preferred shares for ≈ $104,174.
• Shares owned after transaction: not specified in the provided filing summary.
• Filing timeliness: two transactions are marked with code "L" (late-filed). Late filings can delay public visibility of insider trading.
• Footnotes (important): F1 — the preferred shares are immediately convertible into common stock at a current ratio of 1.6813 common shares per preferred share. F2 — the preferred shares will be redeemed by the issuer if not converted prior to January 21, 2027.

Context

• These are derivative securities (convertible preferred stock). Each preferred share can be converted into common shares at the stated ratio, so conversion would increase common share count by ~1.6813× the preferred shares converted.
• Purchases by insiders are factual signals of buying activity but do not by themselves explain motivation; they may reflect confidence, portfolio adjustments, or other personal reasons.
• Note the redemption date (Jan 21, 2027) — if not converted before then, the issuer will redeem the preferred shares rather than let them remain outstanding.