The insider sales and increased pledging of shares suggest potential liquidity needs or de-risking by the controlling shareholder. Monitor for further sales or changes in pledge arrangements that could signal reduced conviction or financial pressure.
Price Chart
Executive Summary
Warren B. Kanders filed Amendment No. 3 to his Schedule 13D, reporting beneficial ownership of 11,117,928 shares (25.8%) of Cadre Holdings. The filing discloses recent open-market sales of 200,000 shares by Kanders SAF, LLC in late August 2026 at prices between $31.26 and $34.00 per share, and an amendment to a pledge agreement with Bank of America that increased margin borrowing capacity on 2,000,000 pledged shares. The stake decreased slightly from the prior filing due to these sales, and no new activist demands or changes in purpose were disclosed.
Key Financial Metrics
Key Facts
- Warren B. Kanders beneficially owns 11,117,928 shares (25.8%) of Cadre Holdings as of September 30, 2026.
- Kanders SAF, LLC sold a total of 200,000 shares in open-market transactions on August 24-25, 2026, at weighted average prices of $31.54 to $33.65 per share.
- Kanders SAF entered into an amendment to its Pledge Agreement with Bank of America on September 25, 2026, increasing margin borrowing capacity on 2,000,000 pledged shares.
- The filing is an amendment to Schedule 13D with no change in stated purpose — no new activist demands or strategic initiatives were disclosed.
- Kanders SAF has 3,750,000 shares pledged to Texas Capital Bank and 2,000,000 shares pledged to Bank of America as collateral.
Financial Impact
Insider sold 200,000 shares (~0.5% of outstanding) for approximately $6.5 million in late August 2026.
Risk Factors
- Continued insider selling could pressure the stock and signal reduced confidence.
- Increased margin borrowing against shares creates risk of forced selling if the stock declines.
- No catalyst for near-term value realization — the activist stake appears passive with no stated demands.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001104659-26-112476 |
| Document: 0001104659-26-112476-index-headers.html | 0001104659-26-112476 |
| Document: 0001104659-26-112476-index.html | 0001104659-26-112476 |
| Document: 0001104659-26-112476.txt | 0001104659-26-112476 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | SC 13D/A | $25.01 $24.83 | ▲ +0.72% | ▲ +2.02% | $29.99 (−19.91%) |
Sep 22, 2026 4w ago | Institutional Cluster | $26.88 $25.53 | ▼ −5.02% | ▼ −3.84% | $29.99 (+11.57%) |
Aug 26, 2026 8w ago | Insider Cluster | $31.10 $29.88 | ▲ +3.92% | ▲ +4.19% | $29.99 (+3.57%) |
Aug 10, 2026 11w ago | EFFECT | $32.76 $33.30 | ▲ +1.65% | ▲ +1.69% | $29.99 (−8.46%) |
Jun 15, 2026 19w ago | 144 | $28.75 $27.53 | ▲ +4.24% | ▲ +2.01% | $29.99 (−4.31%) |
Jun 2, 2026 20w ago | 3 | $29.19 $29.54 | ▲ +1.20% | ▲ +5.02% | $29.99 (+2.74%) |
May 14, 2026 23w ago | DEFA14A | $29.78 $30.31 | ▲ +1.78% | ▲ +0.82% | $29.99 (+0.71%) |
US Market Status
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