Coliseum Capital's $124M UTI exit leads: whale moves Jun 10–11

Thursday's EDGAR queue had a clear theme: large-dollar sellers outnumbered buyers by a wide margin, and the exits came from credible, institutional sources. Coliseum Capital unloaded $124M of Universal Technical Institute (UTI), cutting its stake by 76%. Marc Andreessen shaved $39M off his Samsara (IOT) position — a 25% trim. And Datadog's CEO and CFO combined for $46.8M in sales, the window's sharpest SaaS insider signal. Against that tide, a five-person insider team at Horizon Technology Finance (HRZN) put up $586K in coordinated open-market buys, the strongest cluster buy signal in the BDC sector this week.

Coverage: 2026-06-10 13:32 UTC → 2026-06-11 17:00 UTC (~27.5 hours)

Universal Technical Institute (NYSE: UTI) — the largest post-secondary automotive and diesel technician training network in the U.S. — saw its biggest institutional backer file a near-full exit. Coliseum Capital Management LLC, classified as a director, sold 3,000,000 shares at $41.40 on June 8, collecting $124,200,000 and cutting its stake from roughly 3.97 million shares to 971,440 shares — a 76% reduction. 1

The scale matters here: this is the window's single largest dollar-value sale. Coliseum had been a long-term UTI backer; a 76% trim leaving less than 1 million shares is closer to an orderly exit than a portfolio rebalance. At $41.40, UTI's stock was trading near multi-year highs — the largest block seller in the window chose to sell near the top, not into weakness.

Samsara (NYSE: IOT) — the IoT (Internet of Things) fleet management platform connecting physical operations via sensors and software — had its board member Marc Andreessen (co-founder of venture capital firm Andreessen Horowitz, also known as a16z) sell 1,142,827 shares at $34.11 on June 8 for $38,977,309. Post-transaction, Andreessen holds 3,370,147 shares — down 25% from his prior position. 1

This was an open-market sale, not a planned 10b5-1 execution. A $39M open-market director sale represents a deliberate decision to reduce exposure at current prices. Andreessen retains a meaningful position (~$115M at transaction price), so this reads as partial profit-taking rather than a full exit.

CoreWeave (Nasdaq: CRWV) — the GPU cloud infrastructure company that IPO'd earlier this year — had its Chief Development Officer Brannin McBee execute two Form 4 transactions on June 8, filed June 10. 1

Both transactions involved converting Class B shares to Class A before the open-market sale — standard post-IPO mechanics for founders and executives. McBee's second transaction left him holding just 1,800 shares, effectively a near-zero position. 1

The same day the Form 4s were filed (June 11), CoreWeave separately announced plans to issue $3.5 billion in 2032 senior notes via an 8-K filing. 2 Debt issuance and executive share sales are not directly linked — CoreWeave is a capital-intensive AI infrastructure business that routinely accesses debt markets — but the combination of a CDO liquidating nearly his entire stake alongside a $3.5B debt raise is a data point worth holding in mind.

Datadog (Nasdaq: DDOG) — a cloud infrastructure monitoring and security platform — had its two most senior executives file on the same day, both covering June 8 transactions. 1

CEO Olivier Pomel sold 127,141 shares at $231.69 for $29,457,514, reducing his position 17% to 612,747 shares. CFO David Obstler sold 75,000 shares at $231.69 for $17,376,592, cutting his stake 15% to 434,591 shares. Combined: $46.8M in the same two-day window.

Neither filing disclosed a 10b5-1 plan election. At $231.69, DDOG was trading at elevated valuations — CEO and CFO both selling double-digit percentages of their personal holdings at the same price on the same day is a coordinated signal, whatever the planning context.

The SaaS sell theme extended further. Elastic NV (NYSE: ESTC) — a search and data platform — saw six C-suite insiders file cluster sales totaling approximately $6.6M on June 9 transactions: CEO Kulkarni ($2.45M), CPO Exner ($1.12M), CRO Dodds ($1.12M), CFO Welihinda ($786K), GC Herzog ($575K), and CTO Banon ($563K). 1 Okta (Nasdaq: OKTA) CFO Brett Tighe separately filed a $7.6M sale (65,000 shares at $117.25) with a 35% position reduction, via a SALE+OE transaction. 1 JFrog (Nasdaq: FROG) CEO Shlomi Ben Haim filed a $7.9M sale (93,072 shares at $84.60). 1

Four independent cloud/SaaS companies with insider sales in a single 27.5-hour window is a consistent pattern. Coordinated calendar-based selling programs can explain same-week clustering — but the breadth (six different C-suite roles at ESTC alone) makes this worth tracking across the next two weeks.

Silver Lake — the technology-focused private equity firm running a structured exit of its Dell Technologies (NYSE: DELL) stake — filed two new Form 4s on June 10 covering June 8 transactions. 3 4

Both entities converted Class B shares to Class C before the sale — the standard mechanics of Silver Lake's ongoing exit program. Egon Durban (Silver Lake co-CEO and DELL board director) separately received 12,009 Class C shares via in-kind distribution and donated the full amount to charity on the same day. 3

Adding the new tranches: cumulative estimated Silver Lake DELL sales since June 3 now stand at approximately $393M ($337M reported through Jun 5 + $55.7M from Jun 8). A 13D/A #15 — which would formally update the ownership count and reflect these sales — has not been filed. Per the last 13D/A (#14, filed June 5), Silver Lake held approximately 46.5 million Class C shares plus 46.3 million unconverted Class B shares as of June 3. The gap between disclosed sales and an updated ownership schedule is now approaching $393M.

While the sell side dominated the window, Horizon Technology Finance (Nasdaq: HRZN) — a BDC (Business Development Company) that provides venture loans to development-stage technology, life science, and sustainability companies — produced the session's cleanest buy signal. Five insiders filed on June 10 covering June 9–10 purchases, all at prices between $4.33 and $4.36. 5 6

The CIO's buy is notable: Paul Seitz went from zero HRZN shares to 12,242 in a single transaction — a new position initiated at a stock trading near $4.35. The CFO's 326% stake increase and the CEO's 70% bump are both substantial in percentage terms. Five-person clusters spanning CEO, CFO, CIO, and two independent directors buying in the same two-day window, all at open-market prices, represent coordinated insider conviction — the strongest BDC buy signal in this channel's tracking window since the QNT quantum computing cluster two days prior.

In the same sector, MSC Income Fund (NYSE: MSIF) — another closed-end BDC — had three insiders including CEO Dwayne Hyzak purchase a combined $159,565 (Hyzak: 4,274 shares at $11.69, +7% stake). 5 BDC insider buying is concentrated in a segment of the market where insiders have unusual visibility into portfolio credit quality and NAV trajectory.

Sirius XM Holdings (Nasdaq: SIRI) — the satellite and streaming audio platform — had long-time media mogul John Malone file an amended Schedule 13D/A on June 10, disclosing a 5.5% beneficial ownership stake alongside a significant position in call options. 7

Malone's SIRI stake has been a recurring fixture in 13D filings. The addition of call options to the disclosed position means Malone has levered upside exposure beyond his share count — he is positioned for a price increase, not just a passive hold. Malone does not typically file 13D/A amendments without meaningful changes in intent or position structure.

Eaton Corp (NYSE: ETN) — an industrial power management company — announced a $5.1 billion combination of its Mobility Group with Dana Inc (NYSE: DAN) — a drivetrain components supplier — via a Reverse Morris Trust structure, with multiple Form 425 merger communications filed June 11. 8

The combined entity would have approximately $11 billion in mobility-related revenue, with Eaton shareholders retaining at least 50.1% control. Close is expected in Q1 2027, pending regulatory review. The Reverse Morris Trust structure allows Eaton to spin off the Mobility Group into Dana without triggering an immediate tax liability on the distribution. For DAN holders, this means they own a business acquiring Eaton's drivetrain and e-mobility assets — potentially transformational given the electrification tailwind in commercial vehicles.

Blend Labs (NYSE: BLND) — a mortgage and consumer lending SaaS platform that powers digital loan applications for banks and credit unions — had Haveli Investments LP (a technology-focused PE/VC firm that already serves as a director and 10% owner) purchase 1,118,935 shares at $1.68 on June 8 for $1,882,391, increasing its stake 7% to 17,666,729 shares. 6

At $1.68 per share, BLND is a micro-cap bet. An existing 10% institutional owner choosing to add at these levels is a positioning signal — Haveli already has board-level visibility into Blend's financials and pipeline. This is not a new entrant taking a blind position.

Rigetti Computing (Nasdaq: RGTI) — a quantum computing hardware and software company — filed its 8-K (Item 5.07) on June 11, formally recording the 2026 annual meeting director election and auditor ratification vote tallies. 9 Four Form 4s covering insider transactions were also filed June 10. The prior RGTI director sell ($2.6M by Director Ray Johnson on June 8) was covered in the Jun 10 issue; the new Form 4s cover different insider transactions.

RPAY — 8-K still missing. Repay Holdings (Nasdaq: RPAY — a payments technology company) held its annual meeting June 10. As of the window's close (June 11 17:00 UTC), no 8-K with vote results (Item 5.07) had been filed. 10 The combined activist bloc — Forager Fund (12.4%) and Veradace Capital (8.2%) — stated intent to withhold all five director votes. The 8-K is expected by June 16 (four business days from the meeting). Actual vote tallies will confirm whether either director came close to losing plurality support.

BHR — proxy fight intensifies. Braemar Hotels & Resorts (NYSE: BHR — a hotel REIT) had three filings land June 10: an 8-K (Item 1.01), a DFAN14A (additional non-management proxy solicitation materials, 23 MB) from the Al Shams/B&D group, and an amended 13D/A. 11 The company's own DEF 14A has not yet been filed — expected mid-June. Al Shams's second DFAN14A in nine days suggests the non-management side is actively contesting the narrative ahead of the meeting.

TJX (NYSE: TJX) Executive Chairman Carol Meyrowitz sold 55,624 shares at $163.65 on June 9 for $9,102,740, reducing her stake 22% to 201,496 shares. 1 TJX is the off-price retail operator behind T.J. Maxx, Marshalls, and HomeGoods.

Liquidia Corp (Nasdaq: LQDA) — a pulmonary hypertension biotech — had Director Stephen Bloch sell 220,835 shares at $64.64 for $14,273,683, a 12% stake reduction. 1 Impinj (Nasdaq: PI) — an RFID and IoT semiconductor company — saw Director Sylebra Capital sell two tranches totaling ~$15.7M (122,266 combined shares at ~$128.50). 1

On the buy side: VF Corp (NYSE: VFC) Director Richard Carucci bought 30,000 shares at $17.17 for $515,010 (+10% stake), a notable conviction buy in the parent of Vans, The North Face, and Timberland at a price near multi-year lows. 6 Pebblebrook Hotel Trust (NYSE: PEB) CEO Jon Bortz purchased 40,000 shares at $16.97 for $678,600 (+2%), adding to a hotel REIT position amid an uneven hospitality recovery. 6