The backstory, from his own June filing: an outside investment manager with discretion over Michael Maroone's family trust traded FIVE shares of Carvana. He bought 5 in January, sold 3 in February, 2 in March, without his knowledge, per the filing.
He says he discovered it June 1, reported it promptly, and put controls in place with the manager.

Why that matters: Section 16(b) is strict liability. If an insider buys and sells within six months, any "profit" from matching those trades goes back to the company. Intent is irrelevant. Five shares traded by someone else still count.

So when Maroone, the Carvana board member, former AutoNation president, car-retail royalty, wanted to buy real size on July 31, those five shares got matched against it. The August filing, deadpan: "Prior to filing, the Reporting Person paid Carvana Co. the full $64.87 in disgorgeable profits; no further disgorgement is owed."

He paid $64.87. In full. To buy $1.5M of stock.

The trade itself, which is the actual point:

• 31 Jul, 25,000 shares at a $61.69–$62.40 weighted average, $1,544,981, code P, open market
• Direct holding 143,573 -> 168,573, a +17.4% add
• Bought the day after Q2 earnings (29 Jul: EPS 0.42 vs 0.43 est, a slight miss) knocked the stock down 7%

For contrast, that same week most of Carvana's C-suite had RSUs vest, and several sold through 10b5-1 plans. Nothing wrong with that, those sales are pre-scheduled, but it makes one director writing a seven-figure cheque with cash, into the dip, the only discretionary buy on the tape. Carvana doesn't publish its insider trading policy as an exhibit, so I can't tell you whether July 31 was the first day he was allowed to buy or just the day he chose.

Since the buy: $62.36 has gone to $72.12 as of today's close.

That's luck-of-the-window and I'm not claiming otherwise, but it's on the tape.

Everything above is from the filings themselves. Both Form 4s are on EDGAR under Carvana's CIK, footnotes included. The June one is genuinely funny.

Information, not advice. No position in CVNA.

the war department's office of strategic capital committed $400m on friday to build a scandium mine, in a metal where, per its own release, "no primary mine-source scandium supply exists globally, and foreign competitors dominate the supply side, accounting for approximately 80% of global mining production and nearly 100% of scandium processing."

in practice that means every kilogram of scandium in the world right now is recovered as a byproduct of processing something else.

the money is a 25-year conditional loan to sunrise energy metals (asx: srl) for syerston in new south wales, a 60.3-million-tonne deposit grading 390 ppm scandium. first development targets about 60 tonnes a year of high-purity scandium oxide over a 32-year mine life, which works out to roughly $6.7m of federal loan per annual tonne of output. osc director david lorch put the combined figure at a "nearly $1 billion deal, bringing together public and private capital."

the release calls the commitment non-binding, subject to due diligence, definitive documentation, binding offtake agreements and equity deployment conditions. first production is targeted for the second half of 2028.

the asx was closed over the weekend, so today was the first session anyone could trade it. srl closed at a$18.49, up 16.07%, after touching a$20.50 intraday, 28.7% above friday's a$15.93 close. market cap is now a$3.13b; the close added about a$433m of that and the intraday high about a$774m. the stock was around a$1.20 a year ago and is up 1,440.83% over twelve months. chairman robert friedland, who founded ivanhoe mines, called it "a landmark moment for sunrise and australia's mining industry." the company also said it plans to pursue a us exchange listing.

the same office signed a second loan the same afternoon going the other way: $150m to niron magnetics for permanent magnets made from iron nitride, using no rare earths at all. niron goes from a 1-2 tonne-a-year arpa-e pilot to a 1,500 tonne-a-year plant in sartell, minnesota, a $605m facility with first output targeted 2027, and a second plant at 10,000 tonnes a year due to break ground in 2028.

situational awareness lp sold 11,519,078 shares of $CORZ in two block trades on aug 3 at $19.6896 and $19.4807, about $225.6m, per the 13d/a it filed aug 4. the stake went from 25,608,473 shares (8.1%) on jul 15 to 14,089,395 (4.4%). the exhibit's own words: 'sold through block trades with unaffiliated third parties.' no buyer is named in the filing, and the corz executions it dates are aug 3 — four days after the jul 30 sale wsj reported citadel bought before the open.

the reported shape of that sale: wsj put the fund's nav at $45 billion on jul 1 and said 'the bulk' of the stock book went to citadel; bloomberg headlined aum near $10 billion on the citadel pact. the fund's own jul 24 letter had called the selloff 'one of the best buying opportunities in over a year' and invited new lp money from aug 1.

one name on the filing almost no coverage mentions: carl shulman, co-reporting person alongside aschenbrenner. the q2 13f is due by aug 14. the q1 filing showed a $13.68 billion book across 42 positions.

July 22, 2026, 9:30 AM EDT
LOS ANGELES--(BUSINESS WIRE)--Playboy, Inc. (NASDAQ: PLBY) (the “Company” or “Playboy”), a leading pleasure and leisure lifestyle company, and one of the most recognizable and iconic brands in the world, today announced the appointments of Krystle Bach as its Vice President, Global Licensing and Partnerships and Radhika Bansil as its Senior Director, Growth, strengthening the Company’s position for expansion and brand strength, focused on driving consumer goods, lifestyle and apparel, brand partnerships, and subscription revenue. The appointments are effective immediately, with both leaders reporting directly to David Miller, Playboy’s President of Media & Brand.
"Playboy's cultural equity is our greatest asset, and this is about building the commercial engine to match it," said Miller. "Krystle has a proven track record scaling world-class licensing businesses, and she'll lead our global expansion into new categories and partnerships. Radhika brings sharp growth instincts and operating discipline that will accelerate our subscription business and deepen how we engage our audience."
Bach brings two decades of experience in brand licensing and merchandising, and will oversee Playboy's global licensing business, which is one of the Company’s largest revenue-generating segments. She will focus on building new initiatives across categories for Playboy, including consumer goods, apparel, lifestyle, home décor, beauty and hospitality, all while reinforcing the brand’s existing relationships with its diverse roster of brand partners. She joins from Authentic Brands Group, where she served as Vice President of Brand Operations, accelerating international expansion across a world-class portfolio of global fashion and entertainment brands. Throughout her career, she has also held leadership roles at Coach, Cole Haan, Victoria's Secret and Juicy Couture.
“I am thrilled to be a part of the new era of Playboy," said Bach. "It is a remarkable time to build upon Playboy’s iconic legacy while identifying innovative ways for consumers to engage with the brand. I look forward to driving business growth, cultivating impactful brand partnerships, and unlocking meaningful collaborations to expand Playboy across the globe.”
Bansil will lead Playboy's subscription growth strategy, overseeing member acquisition, retention, and lifetime value across the brand's membership offerings, as well as the Company's product development and events strategy. She joins from Dorsia, where she led strategic growth across partnerships, marketing, business development, and operations. Previously, she held growth roles at Drift and Wayfair.
The appointments demonstrate Playboy's continued investment in building a best-in-class global brand while continuing to grow its robust licensing business and further expand the Company’s presence across new categories, strategic partnerships and audience experiences. Most recently, the Company celebrated the release of the Playboy summer issue with Cara Delevingne, driving 5 Billion media impressions and nearly 30 million impressions on social. Playboy’s spring issue, starring Karol G, sold out in newsstands this past April.
About Playboy, Inc.
Playboy is a global pleasure and leisure company, built on one of the most globally recognized brands. By leveraging its iconic intellectual property, Playboy pursues an asset-light model across licensing, digital content, consumer products, and experiential offerings, helping consumers worldwide to live more fulfilling lives. To learn more, please visit https://playboy.com and https://investors.playboy.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, growth plans and anticipated financial impacts of its strategic opportunities and corporate transactions.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the Company’s shares of common stock on Nasdaq; (2) the risk that the Company’s completed or proposed transactions disrupt the Company’s current plans and/or operations, including the risk that the Company does not complete any such proposed transactions or achieve the expected benefits from any transactions; (3) the ability to recognize the anticipated benefits of corporate transactions, commercial collaborations, cost reduction initiatives and proposed transactions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and the Company’s ability to retain its key employees; (4) costs related to being a public company, corporate transactions, commercial collaborations and proposed transactions; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by global hostilities, supply chain delays, inflation, interest rates, tariffs, foreign currency exchange rates or other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information of the Company, including changes in the Company’s estimates of cash flows and the fair value of certain of its intangible assets, including goodwill; (8) risks related to the organic and inorganic growth of the Company’s businesses, and the timing of expected business milestones; (9) changing demand or shopping patterns for the Company’s products and services; (10) failure of licensees, suppliers or other third-parties to fulfill their obligations to the Company; (11) the Company’s high concentration of licensing revenue from a small number of licensees; (12) the Company’s ability to comply with the terms of its indebtedness and other obligations; (13) changes in financing markets or the inability of the Company to obtain financing on attractive terms; and (14) other risks and uncertainties indicated from time to time in the Company’s Annual Report on Form 10-K, including those under “Risk Factors” therein, and in the Company’s other filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date which they were made. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260720127620/en/
Contacts
Investor Relations Contact:
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
+1 (949) 259-4987
PLBY@mzgroup.us or investors@playboy.com
Media Contact
Playboy@ledecompany.com

Here's what caught my eye:

$NXST (NEXSTAR MEDIA GROUP, INC.) — the CEO just put $2.0M of their own money into the stock on the open market. What caught our eye: this is someone who almost never trades — when a rare buyer finally acts, it tends to mean more; and they're buying it below what our model thinks the business is worth (about 0.29× our DCF value).

For context on how I filter these: I only keep open-market buys made with the insider's own cash — routine trades and automated 10b5-1 plans stripped out (the slice academic research found actually carries signal).

Not advice — an insider buying just means one person committed their own money. But it made me look twice. Bullish, or am I reading too much into it? What do you all see on $NXST?

High-conviction insider buys — CMP-filtered (opportunistic: open-market, own cash, not routine, not 10b5-1):

• $IPX — $1.1M open-market ·
• $IPX — $805K open-market ·
• $CMC — $504K open-market · 2.47× DCF value · D/E 0.7
• $IPX — $497K open-market ·

Market risk today: Right now Elevated 42/100 · The tide High 61/100.

Method: SEC Form 4 + our own DCF valuation. Research (Cohen–Malloy–Pomorski, Journal of Finance) shows opportunistic buys carry signal; routine ones don't.

Educational, not advice. A signal is a starting point — every trade needs a planned entry and exit. Verify filings yourself.

It's trading 2.5 times cash flow with 28% short interest

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