Paine Schwartz buys SUJA, TBCH exits: the whale tape through September 1 (2026)

Data cutoff: SEC disclosures that became available from Tuesday, August 25, 2026, at 08:00 through Tuesday, September 1, 2026, at 08:00 (-05:00). Filing availability dates and the dates of the underlying trades or events are kept separate. This article tracks public disclosures; it is not a recommendation to copy a position.

Paine Schwartz's purchase of SUJA is the clearest fresh buy in the window: 827,248 shares bought in open-market transactions from August 26 through August 31 for $7.89 million. Diversis Capital's Turtle Beach sale is the clearest exit signal, while Andreessen Horowitz's Nautilus sales show continued distribution from a still-material position. Several other filings arrived this week with older transaction ranges, threshold exits, proxy activity, or financing terms. Those disclosures matter, but they answer different questions from a one-week buy or sell.

Quick scan

Ticker	Holder	Filing availability	Disclosed change	Remaining stake or status	Follow-up signal
SUJA	Paine Schwartz Food Chain Fund V	Sep. 1	Bought 827,248 Class A shares, Aug. 26-31, for $7,890,116.38	26,107,565 shares, 67.6%	Confirmed accumulation; watch for another purchase or a pause after the filing. 1
TBCH	Diversis Capital / DC VGA	Aug. 28	Sold 769,102 shares on Aug. 27 at a weighted average of $12.9361	674,706 shares, 3.8%	Threshold exit from the reporting level; watch for further selling. 2
NAUT	Andreessen Horowitz affiliates	Aug. 28	AH Bio Fund II sold 231,738 shares on Aug. 26 at a $0.93 weighted average	Aggregate reported ownership 6.0%	Active reduction remains the signal; the full schedule spans July 31-Aug. 27. 3
MAX	Eugene Nonko / O.N.E. Holdings	Aug. 28	Schedule reports 1,265,428 shares sold under 10b5-1 plans from Feb. 27, 2025-Aug. 26, 2026	5,198,121 shares, 9.8%, on an as-converted basis	Large disclosed exit history, not a clean one-week flow. 4
AUPH	ILJIN group	Aug. 26	Sales through Aug. 20 took the group below 5%	ILJIN SNT reports 3.7%; group no longer has to file Section 13(d) reports	Newly disclosed threshold exit; underlying selling predates this window. 5
ETD	Bergeron / DGB Investment	Aug. 28	Exercised OTC calls for 275,000 shares on Aug. 25 and amended a proxy campaign on Aug. 27	1,300,000 shares, about 5.1%	Governance catalyst, with derivative exercise attached. 6
GD	Longview Asset Management	Aug. 28	Stated it may sell up to 12.5% of its position; Form 144 lists proposed sale blocks	27,096,788 shares, about 10.0%	Potential supply watch; a Form 144 is a notice of possible sale. 7
XPON	Five Narrow Lane LP	Aug. 26	$4.5 million convertible debenture plus warrant for up to 1,058,609 shares	Common ownership capped at 9.99%	Financing-linked exposure; instrument terms matter more than the headline share count. 8

Confirmed open-market trades

SUJA: Paine Schwartz put real cash behind the position

The Paine Schwartz Food Chain Fund V group reported 26,107,565 SUJA Life Class A shares, or 67.6%, after PSP Suja Life Aggregator bought 827,248 shares in open-market transactions from August 26 through August 31. The aggregate consideration was $7,890,116.38, including commissions. The reported ownership calculation uses 23,788,700 Class A shares outstanding plus 14,836,312 exchangeable limited-partner units. 1

The date distinction matters. The filing became available at the edge of the September 1 cutoff, while the purchases occurred over six trading days. The filing therefore supplies both a current disclosure and a dated transaction trail. The retail signal is accumulation by an already controlling holder; the next useful evidence is another dated purchase, a sale, or a filing that changes the group's reported stake.

TBCH: Diversis fell below 5%

Diversis Capital and related reporting persons disclosed the sale of 769,102 Turtle Beach shares on August 27 at a weighted-average price of $12.9361. The group reported 674,706 shares remaining, equal to 3.8% of the 17,909,711 shares outstanding cited in the filing. The same amendment also recounted sales of 115,016 shares on August 13 at $12.9030 and 19,438 shares on August 14 at $12.8507. 2

The August 27 block is the clean current-window transaction. The move below 5% changes the reporting context and makes future ownership changes harder to read from Schedule 13D filings alone. A follow-up Form 4, 13G, or other ownership filing would tell readers whether the remaining stake is still being reduced.

NAUT: Andreessen's sales continued across a wider range

AH Bio Fund II reported 7,094,691 Nautilus Biotechnology shares, while Andreessen Horowitz LSV Fund II reported 590,241 shares. Together, the filing reports 7,684,932 shares, or 6.0%, based on 127,255,223 shares outstanding. AH Bio Fund II sold 231,738 shares on August 26 at a $0.93 weighted-average price, with transaction prices ranging from $0.93 to $0.95. 3

The filing's full transaction schedule runs from July 31 through August 27. The August 26 sale qualifies as a current-window trade, while the remaining schedule gives the sale a longer context. The signal is continued distribution from a still-material holder. The disclosed 6.0% position also means one filing does not establish a near-complete exit.

New filings with older transaction windows

MAX: a large sale history arrived this week

Eugene Nonko and O.N.E. Holdings reported that they may beneficially own 5,198,121 MediaAlpha Class A shares on an as-converted basis, or 9.8%, using 52,975,711 shares outstanding as of July 24. The amendment reports 540,435 shares acquired through RSU and PRSU vesting and 1,265,428 shares sold in open-market transactions under Rule 10b5-1 plans between February 27, 2025 and August 26, 2026. 4

The filing is new to this week's disclosure window, but its transaction period covers about 18 months. The useful reading is a disclosed reduction history that deserves monitoring, rather than a claim that MAX saw a $1,265,428-share weekly exit.

AUPH: ILJIN's below-5% filing closes the 13D chapter

The ILJIN group reported that sales through August 20 reduced its beneficial ownership of Aurinia Pharmaceuticals below 5%, ending its obligation to file further Section 13(d) reports. The filing lists 4,987,629 shares for ILJIN SNT, or 3.7%; 923,608 shares for ILJIN Steel, or 0.7%; and 5,911,237 shares for Chin Kyu Huh, or 4.4%. Since June 25, the reported sales totaled 423,904 shares by ILJIN SNT, 200,000 by ILJIN Steel, and 16,391 by Seoung Eun Huh. The filing reports no purchases since Amendment No. 16 on August 13, 2025. 5

The August 20 sales are the underlying event; the August 26 filing is the new disclosure. The current signal is a threshold exit and the loss of routine 13D visibility. Readers following AUPH will need to watch other ownership forms and issuer filings for the group's next disclosed move.

Activist and governance disclosures

ETD: call exercise arrived with a proxy campaign

DGB Investment exercised OTC calls for 275,000 Ethan Allen Interiors shares on August 25: 150,000 at $20.7561 and 125,000 at $20.1526. The group reported 1,300,000 shares, or about 5.1%, based on 25,446,339 shares outstanding as of April 22. An amended group agreement dated August 27 coordinates Schedule 13D filings and proxy solicitation for nominees at Ethan Allen's 2026 annual meeting. One nominee was withdrawn, and a Section 220 books-and-records demand concerning the board-size reduction remained unresolved in the filing. 6

The call exercise adds economic exposure, while the proxy language supplies the larger catalyst. Readers should track a definitive proxy, a board response, nominee changes, and any later disclosure that converts the derivative position into common shares.

GD: Longview signaled possible supply, not a completed sale

Longview Asset Management reported 27,096,788 General Dynamics shares, approximately 10.0%, as of August 26, based on 270,557,195 shares outstanding. Longview said it may sell up to 12.5% of that position for portfolio diversification. A related Form 144 dated August 28 lists five proposed sale blocks, including one block of 3,208,782 shares. The filing says Longview submitted the notice out of caution and disclaims that the notice admits affiliate status. 7 9

The distinction is practical: a Form 144 records an intention or possible route to sell, while a Form 4 or later ownership filing records an executed transaction. GD belongs on a potential-supply watch list until a completed sale appears.

Financing-linked special situations

XPON: the headline stake is capped and instrument-heavy

Five Narrow Lane LP reported beneficial ownership of approximately 96,000 Expion360 common shares, capped at 9.99% of the 962,335 shares outstanding cited in the filing. The investment also includes an 8% convertible debenture with $4,500,000 principal due August 21, 2029, and a warrant for up to 1,058,609 common shares at a $4.25 exercise price. The warrant remains subject to the 9.99% ownership cap and an issuable maximum. 8

The investor also received an Additional Investment Right that can cover up to $91 million of preferred stock. The filing says proceeds are intended for an Eastern Louisiana oil-and-gas asset acquisition and general corporate purposes. The follow-up question is whether the debenture, warrant, or preferred-stock right changes the share count and ownership calculation. The disclosure describes financing capacity and conversion rights; it does not supply the same evidence as an open-market common-stock purchase.

QSR: exchange and cash repurchase mechanics

3G Restaurant Brands reported 94,373,170 exchangeable units, equal to 21.3% of the class based on 348,758,065 common shares outstanding as of July 31. On August 10, 3G RBH transferred 4,784,732 exchangeable units. RBI LP elected to repurchase 2,784,549 units for cash effective at the close of August 31. 10

The cash repurchase is a meaningful ownership event, but the mechanism is an exchangeable-unit transaction tied to the issuer and its partnership structure. Readers should wait for the post-August 31 ownership count before treating it as a simple market sale by 3G.

What to follow next

SUJA: check whether Paine Schwartz extends the August 26-31 buying streak or leaves the 67.6% position unchanged.
TBCH and NAUT: look for completed follow-on sales, rather than inferring a new trade from a percentage alone.
MAX and AUPH: keep the filing date separate from the older sale periods and the below-5% reporting change.
ETD and GD: watch for a proxy filing, board response, or completed General Dynamics sale.
XPON and QSR: read the next share-count update alongside the debenture, warrant, exchange, and cash-repurchase terms.

The week's strongest directional evidence is Paine Schwartz's dated SUJA purchase and Diversis Capital's dated TBCH sale. The remaining disclosures are useful because they reveal where ownership, control, or future share supply may change, but their mechanics require a different reading from a fresh open-market trade.

References

1
Paine Schwartz SUJA Schedule 13D/A
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2
Diversis Capital Turtle Beach Schedule 13D/A
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3
Andreessen Horowitz Nautilus Schedule 13D/A
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4
Eugene Nonko MediaAlpha Schedule 13D/A
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5
ILJIN Aurinia Pharmaceuticals Schedule 13D/A
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6
DGB Investment Ethan Allen Interiors Schedule 13D/A
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7
Longview General Dynamics Schedule 13D/A
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8
Five Narrow Lane Expion360 Schedule 13D
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9
General Dynamics Form 144 notice
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10
3G Restaurant Brands QSR Schedule 13D/A
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