Cascade buys $836 million of Republic Services; Cohen adds a million GameStop shares
A filing-by-filing guide to this week's executed buying and selling, two underwritten blocks, a backstopped rights offering and the ownership maps whose measurement dates run from March to September.
The disclosure window runs from September 8, 2026 at 8:00 a.m. through September 15, 2026 at 8:00 a.m. (UTC-05:00). Every filing below became publicly available inside that window, and each entry keeps two dates apart: the availability date says when the market could first read the disclosure, and the underlying date says when the sale, agreement, or ownership measurement actually happened. What separates a signal worth following from background is the kind of evidence a filing carries — an executed trade at a disclosed price, a block placed through an underwriter, a privately negotiated purchase, a financing mechanic, a conversion, or an ownership map.
Quick scan
| Ticker and holder | Filing available / underlying date | Disclosed change | Remaining stake or structure | Follow-up question |
|---|---|---|---|---|
| RSG — Cascade Investment | Sep. 9 / Aug. 20–Sep. 8 | Bought 3,762,705 shares at a weighted average of $222.07, about $836 million | 116,166,330 shares, 37.9% | Does the buying continue at this pace? 1 |
| GME — Ryan Cohen | Sep. 10 / Sep. 10 | Bought 1,000,000 shares at a weighted average of $20.3759, about $20.4 million | 43,082,626 shares, 8.5% | Does the founder keep buying? 2 |
| QVC — GoldenTree Asset Management | Sep. 8 and Sep. 10 / Aug. 14–Sep. 8 | Bought 1,600,000 shares from Silver Point at $16.25 and 830,189 shares on the open market | 10,991,951 shares, 22.0% | What follows a 22% position in a distressed name? 34 |
| GPI — Conifer Management | Sep. 8 / Aug. 31–Sep. 4 | Purchases on every trading day, weighted averages from $267.97 to $300.15; 205,540 shares in total | 1,362,640 shares, 11.4% | Does Conifer keep buying above $300? 5 |
| KIDS — Squadron Capital | Sep. 11 / Sep. 2 and Sep. 10 | Sold 302,369 shares at $21.01 on Sep. 10, plus 22,500 shares at $23.35 | 6,201,764 shares, 23.8% | Does the remaining 23.8% get sold? 6 |
| TLYS — Fund 1 Investments | Sep. 8 / Sep. 3–Sep. 8 | Sold 2,256,335 shares at prices from $4.14 to $4.67, about $10.1 million | 5,801,933 shares, 24.9% | Is the fund reducing toward an exit? 7 |
| DELL — Silver Lake | Sep. 11 / Sep. 3–Sep. 11 | Converted 1,156,821 Class B shares into Class C, sold 810,000 and distributed 233,098 | SL SPV-2 at 4.9%, SLTA SPV-2 at 5.2% | Where does the exit go next? 8 |
| HGTY — Hagerty Holding Corp. and Markel | Sep. 11 and Sep. 14 / Sep. 11 | Family holder sold 10,637,500 Class A shares at $11.472; Markel exchanged 7,836,411 units | Hagerty family 56.5%, Markel 42.0% | How much of the family block remains to sell? 910 |
| TH — TDR Capital | Sep. 14 / Sep. 8–Sep. 10 | Arrow Holdings and MFA Global placed 16,100,000 shares at $17.71375, about $285 million | 29,878,409 shares, 30.5% | What happens to the remaining 30.5%? 11 |
| RENT — CHS US Investments, Nexus and STORY3 | Sep. 11 / Sep. 1 and Sep. 11 | A $10 million term loan and a $15 million rights offering backstopped at a $3.55 floor | CHS 59.2%, Nexus and STORY3 12.7% each | How much of the rights offering does the group take? 12 |
| VIP — Atlas Capital Resources and Conversant Capital | Sep. 11 and Sep. 14 / Jul. 19–Sep. 10 | Atlas bought 2,923,976 shares at $1.71 in a private placement and filed a conversion notice | Atlas about 20%, Conversant 9.8% | What does Atlas do with a fifth of the company? 1314 |
| CAPR — Millennium Management | Sep. 14 / Sep. 8 | Reported 2,943,086 shares, 5.1% | Ownership report with no transaction table | Does a later filing add transaction evidence? 15 |
The week's largest disclosed purchase: Cascade in Republic Services
Cascade Investment, Bill Gates's investment office, reported that it bought 3,762,705 Republic Services shares in open-market transactions from August 20 through September 8. Its exhibit lists 44 purchase lines, from 127,199 shares at a weighted average of $219.9220 on August 20 to 249,866 shares at $221.8189 on September 8, with daily weighted averages running between $219.41 and $224.47. Weighting those lines by size puts the average at $222.07 a share, or about $836 million for the run. The position now stands at 116,166,330 shares, 37.9% of the company. 1
The buying is the largest dollar figure disclosed by any manager in this week's window, and it is sustained rather than a single block: Cascade bought on 13 of the 14 trading days the table covers. A holder at 37.9% can keep adding without changing the character of the position, so the pace is the thing to watch.
Follow-up: the next amendment, and whether the reported daily sizes stay in the six-figure range.
Buying done inside the window: GameStop, QVC Group and Group 1 Automotive
Ryan Cohen bought 1,000,000 GameStop shares on September 10 in multiple open-market transactions at prices from $20.0199 to $20.4699, for a weighted average of $20.3759 and about $20.4 million. His holding is now 43,082,626 shares, or 8.5%, of the retailer he runs. 2
GoldenTree Asset Management built its QVC Group position two ways. On September 8 the funds agreed to buy 1,600,000 shares from Silver Point Capital at $16.25 a share, or $26 million, and the purchase closed the same day. The fund also bought 830,189 shares on the open market between August 14 and September 3. The two filings move the reported stake from 9,391,951 shares, 18.8%, to 10,991,951 shares, or 22.0%. 34
The price difference matters. The open-market purchases show what the market was paying for the stock; the $16.25 purchase was negotiated with a single seller, and a reader comparing the two sees where the fund was willing to transact privately.
Conifer Management bought Group 1 Automotive stock on each of the five trading days from August 31 through September 4, with weighted averages climbing from $267.9661 to $300.1544 as the shares rose. The filing's transaction tables total 205,540 shares, roughly $58 million at those averages, and the firm now reports 1,362,640 shares, 11.4%. 5
Follow-up: weekly position updates from each holder, and whether Conifer's buying survives a higher price.
Selling that continued: OrthoPediatrics, Tilly's and Dell
Squadron Capital sold another 302,369 OrthoPediatrics shares on September 10 at a weighted average of $21.01, about $6.35 million, after selling 22,500 shares at $23.35 on September 2. The filing gives the reason: the sales provide capital for its other portfolio businesses. Squadron still directly holds 6,201,764 shares, 23.8%, and the selling follows the larger trim this channel covered from the September 8 filings. 6
Fund 1 Investments sold 2,256,335 Tilly's shares across September 3, 4 and 8 at prices from $4.1436 to $4.6686, about $10.1 million. Its remaining 5,801,933 shares are 24.9% of the retailer. 7
Silver Lake's Dell filing mixes three mechanics a reader should keep apart. The group converted 1,156,821 Class B shares into Class C shares on September 3, 4, 8 and 9, sold 810,000 Class C shares over the same stretch, and initiated pro rata distributions of 233,098 Class C shares to its own equity holders on September 8. A conversion changes the share class and not the economic exposure; a distribution moves stock to the investors behind the fund without a sale price. SL SPV-2 now reports 4.9% and SLTA SPV-2 reports 5.2% of Dell's Class C stock. 8
Follow-up: the next Dell amendment, and whether the reported sales keep pace with the conversions.
Blocks placed through underwriters, loans and conversions
Hagerty Holding Corp., the vehicle of the Hagerty family and related trusts, sold 10,637,500 Class A shares to underwriters on September 11 at $11.472 a share, about $122 million, in a secondary offering. Markel Group, which exchanged 7,836,411 Class V shares and the operating-company units paired with them into Class A shares as the offering closed, waived its notice and participation rights for that offering and reports 79,380,264 shares, 42.0%. The family vehicle keeps 155,914,656 Class V shares and the associated units, 56.5%. 910
Target Hospitality's largest holders, Arrow Holdings and MFA Global, sold 16,100,000 shares at $17.71375 under an underwriting agreement dated September 8 with Morgan Stanley, Deutsche Bank Securities and J.P. Morgan Securities. The block was worth about $285 million, and TDR Capital's funds still report 29,878,409 shares, 30.5%. 11
Rent the Runway's investor group supplied cash rather than buying stock. CHS US Investments, Nexus Capital Management and STORY3 Capital Partners signed a third amendment to the credit agreement on September 1 that adds a $10 million term loan from a CHS affiliate, and on September 11 the group backstopped a $15 million rights offering, agreeing to buy every unsubscribed share at no less than $3.55. The group's stakes — CHS at 59.2%, Nexus and STORY3 at 12.7% each — carried no open-market transactions in the prior 60 days. 12
Vulcan Infrastructure & Power drew two institutions through a private placement. Atlas Capital Resources' affiliate agreed on July 19 to buy 2,923,976 Class A shares at $1.71, $5 million in total, assigned the right on September 3, and gave notice on September 10 that it would convert Class B shares. Atlas entities report about 20% of the class; Conversant Capital's funds separately report 9.8% and disclose no transactions in the prior 60 days. 1314
Follow-up: the closing conditions on the Target Hospitality placement, and what the Vulcan holders do once the conversions settle.
Ownership maps and their measurement dates
Millennium Management reported 2,943,086 Capricor Therapeutics shares, 5.1%, measured September 8, in a filing that gives shares and shared voting power and no transaction table. It followed a threshold report on the same name this channel covered in August. The same manager reported 23,543,136 First Horizon shares, 4.97%, measured September 1, weeks after that holding crossed and then fell back through the 5% line. 1516
ALPS Advisors filed four amendments on September 10 for funds it advises on master limited partnerships, all of them measured June 30, 2026 — nearly ten weeks before the public could read them:
- Genesis Energy LP, 24,840,174 shares, 20.28% 17
- Suburban Propane Partners LP, 14,720,155 shares, 22.19% 18
- USA Compression Partners LP, 18,253,585 shares, 12.59% 19
- Plains All American Pipeline LP, 70,510,853 shares, 9.99% 20
The measurement date matters more than the filing date here. A position measured on June 30 and published on September 10 tells a reader what a fund held at the end of the second quarter, and a stake that size can move a lot in ten weeks.
Duquesne Family Office, Stanley Druckenmiller's firm, reported 24,699,825 Guardian Metal Resources shares, 12.7%, measured March 31, 2026 — five and a half months before the report became public. 21
SunPower drew two reports measured September 4, both including instruments that convert into common stock. John Doerr's vehicles report 44,724,680 shares, 14.0%, with a convertible note and a warrant counted in the total; Crosslink Capital reports 19,677,291 shares, 6.2%. 2223
Hornbeck Offshore Services shows how differently two managers can describe one company. Merced Capital reports 11,733,106 shares, 5.3%, of common stock measured September 1. Whitebox Advisors reports 37,873,696 shares, 15%, for the same measurement date, and the total includes 29,634,393 shares underlying Jones Act warrants, each exercisable for 10.27167 shares at a fraction of a cent. One report counts stock outstanding, the other counts stock the fund could hold, so the two percentages measure different things. 2425
What deserves another look
- RSG: the next Cascade amendment, and whether the daily purchase sizes stay near 250,000 shares.
- GME: any further filing from Ryan Cohen, since the September 10 purchase was his only trade since Amendment No. 15.
- QVC: the next GoldenTree amendment, to see whether the fund keeps buying from Silver Point at negotiated prices.
- GPI: Conifer's next update, which will show whether its buying continued past $300.
- KIDS: Squadron's next amendment against the 6,201,764 shares it still holds.
- TLYS: a further Fund 1 filing, to see whether the selling continues past 24.9%.
- DELL: the next Silver Lake amendment, and how much of the remaining Class C position moves by conversion, sale or distribution.
- HGTY: the next Hagerty Holding Corp. amendment, and whether the family vehicle sells again through an underwriter.
- TH: the closing of the September 8 placement and any further sale by TDR Capital's funds.
- RENT: the rights offering's subscription results and how large the group's backstop purchase turns out to be.
- VIP: the post-conversion share count and whether Atlas converts the rest of its Class B stake.
- CAPR, FHN, ALPS, Guardian Metal, SPWR and HOS: the next filing from each holder, since none of the reports above shows a transaction at a disclosed price.
The week's filings point in different directions because they record different events. Cascade and Cohen show executed open-market purchases at prices anyone could have paid. GoldenTree and Atlas show capital committed through negotiated agreements. The Hagerty and Target Hospitality placements moved large blocks to underwriters, and the Rent the Runway group put in cash rather than buying shares. The ownership maps from Millennium, ALPS, Duquesne, Doerr, Crosslink, Merced and Whitebox tell a reader who holds what, on dates that range from March to September. The next useful filing is the one that adds a transaction, an approval, a conversion or a governance action to that record.
References
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