Bluerock and FB Financial Lead Two Companies, $7.01M of Insider Buys
Two companies cleared the October 19–23 screen with $7,008,885 of officer and director purchases above $1 million: a fund director's 25th straight session of buying at a 44% discount to net asset value, and a Nashville bank director's first open-market purchase since 2023, after an IPO-priced allocation, a rights-offering backstop and a 10b5-1 seller were set aside.
Two US-listed companies cleared the $1 million insider-purchase screen for the trading week of October 19–23, 2026. Two directors put $7,008,885 of their own money into their companies' shares. 1
The window runs on trade dates, Monday October 19 through Friday October 23, Eastern time. It covers every open-market purchase Form 4 posted to EDGAR from October 17 up to the cutoff.
That cutoff is 9:00 a.m. Eastern on Monday, October 26. The last purchase filing this edition read reached EDGAR at 8:44 that morning. Anything posted after that falls to the next edition.
Fourteen rows cleared $1 million. Three of them were open-market purchases by an officer or a director; the rest were offering prices, a contract price, plan-driven buying and 10% holders.
Both retained buyers bought into weakness. One is a director of a fund that trades at a 44% discount to the value of what it owns. The other bought a bank stock six days after it closed at a one-year low.
| Company (ticker) | Insider and role | Trade dates | Shares | Price | Value | Oct 23 close | Mark vs average cost |
|---|---|---|---|---|---|---|---|
| Bluerock Private Real Estate Fund (BPRE) | Ramin Kamfar, director | Oct 19–23 | 441,875 | $12.2545–$12.5175 | $5,471,097 | $12.45 | +0.6% 23 |
| FB Financial Corp. (FBK) | Orrin H. Ingram II, director | Oct 20 | 29,081 | $52.68–$53.11 | $1,537,788 | $53.46 | +1.1% 4 |
The threshold is more than $1 million in one transaction, or more than $1 million combined per insider across the week. Option exercises, gifts, Rule 10b5-1 automatic purchases and shares bought at an offering price stay out.
1. Bluerock Private Real Estate Fund (BPRE)
Ramin Kamfar's buying arrived in two filings covering five sessions. He took 64,662 shares at $12.2707 on October 19, 92,029 at $12.4304 on October 20 and 114,864 at $12.2545 on October 21. 2
The second filing reached EDGAR this morning: 61,028 shares at $12.421 on October 22 and 109,292 at $12.5175 on October 23. 3
That is 441,875 shares for $5,471,097, at a weighted average of $12.3816. Bluerock Asset Management LLC, an entity Kamfar controls, holds them, and the filings put his indirect position at 2,890,743 shares.
The reported prices are weighted averages; the footnotes give the individual fills, which range from $12.21 to $12.70 across the week.
Friday's $12.45 close leaves this week's buying 0.6% above cost. 5
None of this is one week's work. Kamfar has bought on all 25 trading days since September 21, taking 2,890,299 shares for $36,533,923 at an average of $12.6402. That whole run sits 1.5% under Friday's close.
A tranche filed too late for last week's edition belongs inside it. On October 15 he bought 92,475 shares at $12.5647 and on October 16 another 101,753 at $12.3870, $2,422,335 together. 6
The filing arrived at 5:01 p.m. Eastern on October 19, eight hours after last week's edition closed.
Kamfar is not the only buyer inside the fund. President Jordan Ruddy took 2,040 shares at $12.2484 on October 21 for $24,987, below the line but on the same side of the trade. 7
What they are buying is a closed-end fund holding private real estate funds and real estate credit, on the New York Stock Exchange since December 16, 2025, after more than a decade as an interval fund. 8
The shares closed Friday at $12.45 against a net asset value of $22.47, a 44.6% discount. The same data put the fund's average discount at 37.8%. 9
The gap has a campaign attached to it. Saba Capital, Boaz Weinstein's firm, told shareholders in soliciting material filed September 25 that the fund traded 47% below net asset value on September 21, citing Bloomberg data. 10
The same filing says the last published value before listing was $24.36 a share, that the first day of trading cleared at $14.70, and that holders can end the manager contract on 60 days' notice with a majority of shares. A vote on the fund's future is expected in 2027.
The distribution runs alongside the campaign. October's payment is $0.1371 a share, went ex-dividend on October 21 and is payable October 30. 11
Annualized at Friday's price that is 13.2%, and it is 7.3% of net asset value. The October 20 purchase was made before the payment came off the share price.
His measurable record before this run is one purchase. The June 4 buy of 1,667 shares at $15.00 was 14.3% lower a month later, and the shares were still 20.1% below that price two months on.
Three sessions of the current run have now reached thirty days. September 21 at $11.963 and September 22 at $12.0205 were 2.8% and 2.9% higher, and September 23 at $12.4743 was 0.2% lower. Everything after that is younger than a month.
One caveat on the price. A net asset value for a fund holding private real estate is an appraisal, not a quote; the discount is real in the market's eyes, but what it discounts is marked by the manager and its auditors.
2. FB Financial Corp (FBK)
Orrin H. Ingram II bought 29,081 shares on October 20 in two blocks. The first was 15,591 shares at $52.68, filled between $51.93 and $52.92; the second 13,490 at $53.11, filled between $52.95 and $53.25. 4
The total was $1,537,788 at an average of $52.8795, and his direct holding rose to 124,391 shares.
Ingram has been a director of the company since 2006 and is president and chief executive of Ingram Industries, the Nashville private company behind Ingram Content Group and Ingram Marine Group. 12
He bought after a results day. FB Financial reported third-quarter net income of $60.2 million, $1.20 a diluted share, against $1.13 in the prior quarter and $0.43 a year earlier. 13
Net interest margin slipped to 3.83% from 3.95%. Loans grew at a 9.68% annualized rate to $13.18 billion, deposits reached $14.67 billion, and tangible book value per share was $31.50.
The release also credits a $125.0 million subordinated debt issuance with added flexibility to fund growth.
The shares fell 4.2% on October 13 to $50.72, then to $50.38 the next session, their lowest close of the past year. Ingram bought six days later. 14
Friday's $53.46 close is 1.1% above his average, 13.9% below the 52-week closing high of $62.08 set on August 13, and 4.7% below the first close of 2026.
His earlier record on this stock is two open-market purchases. On April 28, 2023 he bought 6,770 shares at $29.79; a month later they were 7.5% lower, at six months 3.1% lower, and at twelve months 24.3% higher. 15
On May 4, 2023 he bought 7,965 shares at $25.19, and those were 11.3%, 24.7% and 52.9% higher at the same three marks. 16
A third earlier purchase, 55,700 shares at $19.00 on September 15, 2016, came through the issuer's directed share program in its initial public offering rather than the open market. 17
That one was 11.3% higher a month later, 76.2% after six months and 87.3% after twelve.
Two open-market observations are a small record. Both were profitable a year out, and neither is a rate.
Filed too late for last week
Besides the Bluerock tranche above, one purchase above $1 million was dated inside the previous week and reached EDGAR after the cutoff.
Iambic Therapeutics director Evan Lockwood Rachlin reported 718,750 shares at $16.00 on October 16, $11,500,000, held through Ascenta Capital Fund I. 18
The footnotes say the preferred stock converted immediately before the completion of the company's initial public offering and set the offering price at $16.00. This is an allocation at the offering price, not a market purchase.
Nippon Life's plan-driven buying at Corebridge Financial also continued into the gap, with $17,076,202 on October 15 and $12,052,562 on October 16 filed after the cutoff. 1920
Set aside this week
City Therapeutics: director Robert Nelsen and the ARCH Venture fund on whose investment committee he sits both reported 170,000 shares at $18.00 on October 19, $3,060,000. 21
That is one purchase reported twice. The footnote says the preferred stock converted into common on the closing of the issuer's initial public offering that day, and $18.00 is that offering's price.
Rent the Runway: two funds whose principals sit on the board, and one 10% holder, bought 1,724,089 shares at $3.55 on October 21 for $6,120,516. 222324
The ownership filing that accompanied them says its 632,922 shares were bought "pursuant to the A&R Backstop Agreement" the investor group signed with the company on October 20. 25
Rent the Runway closed at $2.18 that day. A backstop price fixed by contract, 63% above the market, is not an open-market purchase.
Corebridge Financial: Nippon Life, a 10% holder, bought $20,045,117 across October 19 to 21, and the filings state the purchases were made under a Rule 10b5-1 plan adopted August 7. 26
Dole: Pale Fire Capital's funds bought 648,356 shares over October 20 to 22 for $8,554,410, at prices from $13.0907 to $13.4646. 27
The group reports itself as a 10% holder with no board seat.
Tenax Therapeutics: Adar1 Capital Management, a 10% holder, bought 922,849 shares at $1.59 on October 19 for $1,463,426. 28
Global X Venture & Innovation Fund: the fund's own management company reported 1,945,525.292 Class I shares at $12.85 on October 19, exactly $25,000,000.00, the week's largest row. 29
A sponsor taking a round $25 million in its own fund is not a bet on an operating company.
Clusters and near misses
Rapport Therapeutics had the week's widest cluster, and none of it cleared the line. Six directors and officers bought over three sessions, starting October 21.
Steven M. Paul bought $974,278, the largest of them. 30
Together that is $1,664,825, about a quarter of what the two retained buyers spent.
Chief executive Abraham Ceesay sold 2,210 shares for $64,448 on October 21, the first day of the cluster, under a Rule 10b5-1 plan adopted March 27. 36
Dynex Capital: co-chief executives Smriti Laxman Popenoe and Byron L. Boston and chief financial officer Michael Andrew Sartori bought on October 20, between $10,700 and $156,560 each. 3738
NXG NextGen Infrastructure Income Fund: Jerry V. Swank, whose role the filing records as "See Remarks", bought $439,493 on October 23. 39
Cascade Real Assets Fund: director Matthew Eugene Worley bought $431,249 on October 21. 40
City Holding: five directors bought on October 23, from $13,502 to $23,451 each. 41
Dollar figures are gross purchase values reported on each Form 4. Marks compare the buyer's reported price with the October 23, 2026 close, and they are not an account of any realized return.
Both retained buyers sit above their cost a week later, by 0.6% and 1.1%. The larger and older position is Bluerock's: $36.5 million spent across 25 sessions, still 1.5% under water.
References
- 1
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- 4
- 5Daily close history, Bluerock Private Real Estate Fund
stockanalysis.com
- 6
- 7
- 8Bluerock Private Real Estate Fund, fund page
bluerock.com
- 9
- 10
- 11Dividend history, Bluerock Private Real Estate Fund
stockanalysis.com
- 12FirstBank investor relations, board of directors profile: Orrin Ingram II
investors.firstbankonline.com
- 13
- 14Daily close history, FB Financial Corp.
stockanalysis.com
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