Politan books $826M on MASI: whale moves Jun 12

Politan books $826M on MASI: whale moves Jun 12

Politan Capital's 13D/A Amendment No. 17 reports zero MASI shares, closing a four-year activist campaign that ran from a 9% derivative stake in 2022 to Danaher's $180/share buyout — estimated exit proceeds ~$826M. D.E. Shaw enters Gossamer Bio at 9.5% via debt-for-equity exchange; BHR announces full board reset and self-managed REIT conversion worth $25M+ annual savings; CoreWeave reveals $98.8B revenue backlog alongside its $3.5B notes offering. Nerdy CEO Cohn's 477K trust buy at sub-$1 is the window's cleanest discretionary insider signal.

Whale Investor Holdings
Whale Investor Holdings@NeoDrop Official
2026. 6. 12. · 21:28
구독 1개 · 콘텐츠 23개
Friday's EDGAR queue landed on a single unavoidable story before anything else: Politan Capital Management filed 13D/A Amendment No. 17 for Masimo (MASI) reporting exactly zero shares — the closing document on a four-year activist campaign that started with a 9% stake accumulated via total-return swaps and ended with Danaher paying $180 per share in cash. Estimated proceeds: ~$826M. Everything else in the window played against that backdrop: D.E. Shaw stepping into Gossamer Bio (GOSS) with a 9.5% position via debt-for-equity mechanics, Braemar Hotels pulling the trigger on a board-clearing strategic reset, and Nerdy (NRDY) CEO Charles Cohn buying nearly a half-million shares with personal trust money — the window's cleanest discretionary insider buy signal.

Quick scan: all items, Jun 11–12

TickerFilerActionEst. valueFiling typeSignal
MASIPolitan Capital (Quentin Koffey)Exit — Danaher buyout at $180/sh~$826MSched 13D/A✅ Activist cycle closed
GOSSD.E. Shaw (Valence + entities)New 9.5% — debt-for-equityN/A (swap)Sched 13D🔵 New SM entry
BHRBoard / Special CommitteeStrategic review conclusion — self-managed REIT—8-K Reg FD📋 Proxy fight escalation
CRWVCoreWeave (company)$3.5B senior notes + Reg FD backlog reveal—8-K Item 7.01📋 Capital structure
NRDYCEO Charles Cohn (trust)Buy — 477K shares, 2 days~$450KForm 4 (×2)🟢 Discretionary
STTKRedmile Group (Jeremy Green)9.9% — warrant exercise + new buy~$8.4MSched 13D/A🔵 Biotech add
CRWDCEO George KurtzSell — 5,000 sh (10b5-1)~$3.2MForm 4⚙️ Pre-planned
SVCODir/10% Katherine Ngai-PesicSell — 200K sh (discretionary)~$2.25MForm 4🔴 Non-plan sell
AFLJapan Post Holdings (trust)Sell — 26.5K sh (10b5-1)~$3.1MForm 4⚙️ Pre-planned
HOWLRA Capital fundsSell — 678K sh~$254KForm 4🔴 Trim
NMMAngeliki Frangou (Raymar)Buy — 3,484 units (10b5-1)~$252KForm 4⚙️ Pre-planned
DXLGZodiac/Camac FundTender offer amendment — $0.82/sh~$45M impliedSC TO-T/A📋 M&A pending
RPAY—8-K Item 5.07 vote results still absent——⚠️ 48+ hr delay
Coverage: 2026-06-11 18:00 UTC → 2026-06-12 18:00 UTC
통계 카드를 불러오는 중…

MASI / Politan Capital: activist playbook executed start to finish

Masimo Corporation (Nasdaq: MASI) — a medical device company best known for noninvasive patient monitoring hardware — officially ceased to exist as a public company on June 10, when Danaher Corporation (NYSE: DHR) completed its acquisition at $180.00 per share cash, valuing the transaction at approximately $9.9 billion enterprise value. 1
Politan Capital Management — the concentrated activist fund run by former Elliott Management partner Quentin Koffey — filed Schedule 13D/A Amendment No. 17 the following day, June 11, disclosing the outcome: 0 shares, 0.0% beneficial ownership, 0 voting power, 0 dispositive power. The filing reads: "the Reporting Persons ceased to beneficially own any shares of Common Stock." 1
The math on the way out: Politan held 4,590,873 shares plus 1,119 RSUs held by Koffey, all converted to cash at $180 per share. Exit value: approximately $826.4M. Politan's original Schedule 13D was filed on August 16, 2022. According to a 2022 WSJ report, the fund had accumulated roughly 9% of Masimo at that point, valued at approximately $750M; a Masimo proxy filing disclosed Politan raised about $440M to fund the position. 2 3
The campaign's sequence is a useful template for how concentrated activism can work: accumulate via derivatives (2022) → contest the board at the annual meeting (2023, winning 2 seats) → capture the majority (2024) → remove the founder-CEO Joe Kiani → sell the company (2026). Estimated gross return on disclosed capital raised: roughly 88% — though Politan's actual cost basis, swap financing, and fees are not publicly detailed, so this is a directional estimate.
Masimo was removed from the S&P MidCap 400 index effective June 11, replaced by Sirius XM (SIRI). The merger agreement was announced February 16–17, 2026; Masimo shareholders approved it May 1, 2026; it closed June 10. 1

GOSS / D.E. Shaw: $60B quant fund takes 9.5% via debt exchange

Gossamer Bio (Nasdaq: GOSS) — a clinical-stage biotech focused on seralutinib for pulmonary arterial hypertension — filed a Schedule 13D (active, not 13G passive) disclosing that D.E. Shaw related entities now hold 46,485,295 shares, or 9.5% of the company's common stock. 4
D.E. Shaw — the $60B+ multi-strategy quantitative fund founded by David E. Shaw — entered the position not via open-market purchases but through a debt-for-equity exchange offer that settled June 4. Gossamer had launched a swap of its existing 5.00% Convertible Senior Notes due 2027 for new 7.50% First Lien Secured Convertible Notes due 2030 plus newly issued shares and warrants. D.E. Shaw's Valence Portfolios entity tendered $28.8M in old notes, receiving approximately $10.4M in new notes + 45.7M new shares + 21.6M warrants. A second D.E. Shaw entity (Cogence) added 2.4M shares via a smaller note exchange. A third entity (DESIM) bought 389,431 shares in the open market for approximately $648K. 4 5
The exchange offer attracted ~90.5% of old noteholder participation in its early tender window (June 4 settlement), issuing a total of 254.2M new shares, 33.4M pre-funded warrants, and 135.8M warrants across all participants. The final tender window closes June 16, with final settlement expected June 18.
Two structural details worth noting: D.E. Shaw also holds a short position of 3,732,304 shares (a convertible arbitrage offset), and the new warrants carry a 9.99% beneficial ownership cap, meaning the full economic exposure is gated. Shaw signed a voting support agreement committing to support the company's proposed shareholder resolutions at a July 14 special meeting — including authorization for additional share issuance and a potential reverse stock split.
This is a Schedule 13D, signaling active intent, not passive investment. GOSS stock was trading near $0.177–$0.18 as of June 11, down from approximately $0.23 before the exchange offer settled — the dilution from 254M new shares accounts for the price compression.

BHR: board reset, self-managed REIT, $25M+ annual savings

Braemar Hotels & Resorts (NYSE: BHR) — the externally managed hotel REIT — filed an 8-K (Item 7.01 Reg FD) on June 12 announcing the outcome of its strategic review. The board's conclusion: no sale of the company, but a near-complete internal restructuring. 6
The key moves:
  • Terminate the Fifth Amended Advisory Agreement with Ashford Inc. (the external manager) — ending the relationship that critics, including the Al Shams activist bloc, argued extracted excess fees.
  • Convert to self-managed REIT — bringing investment management functions in-house.
  • Full board reconstitution: 5 new independent directors (sourced via Ferguson Partners executive search) plus an independent chairman. Current directors — including chairman Monty Bennett — resign when the advisory agreement terminates.
  • CEO Richard Stockton stays.
  • Annual G&A savings: $25M+ — eliminating external management fees and affiliated-party service contracts.
  • Asset dispositions: sell approximately 2–3 properties to fund advisory termination fees and exit costs; retain a core portfolio of roughly 6–8 US and Caribbean luxury assets with total value exceeding $1 billion.
Special Committee chair Rebeca Odino-Johnson said: "The steps we are announcing today are the result of the Special Committee's thorough review of strategic alternatives and represent what the Board believes is the best outcome for Braemar's shareholders." 6
This announcement arrives in the middle of a contested proxy situation: the Al Shams group had been filing DFAN14A solicitation materials pushing for board seats and a strategic overhaul. BHR's pre-emptive restructuring substantially removes the surface area for that campaign — if the board is replaced anyway and the external manager is fired, the activist's stated demands are largely met without a proxy contest win. The company's own DEF 14A proxy statement has not yet been filed; it remains a pending watch item.
통계 카드를 불러오는 중…

CRWV: $3.5B notes, $98.8B backlog, $18.8B run-rate EBITDA

CoreWeave (Nasdaq: CRWV) — the GPU cloud infrastructure company — filed an 8-K on June 11 (Item 7.01 Reg FD) announcing plans to issue $3.5 billion in senior unsecured notes due 2032 in both dollar and euro tranches. 7 The bigger news sat in the concurrent investor presentation (EX-99.2): 8
  • Revenue backlog (remaining performance obligations) as of March 31, 2026: $98.8 billion
  • LTM Q1 2026 Adjusted EBITDA: $3.644 billion
  • Run-Rate Adjusted EBITDA: $18.758 billion (including $15.114B from new contracts expected to contribute profits)
  • Current total debt: $25.149 billion (6.9× EBITDA) → post-notes pro-forma debt: $68.456 billion (3.6× run-rate EBITDA)
  • Enterprise value: $111.117 billion current → estimated $146.506 billion pro-forma
The scale of the backlog disclosure — $98.8B in contracted future revenue — substantially exceeded estimates circulating before this filing. CoreWeave is a capital-intensive business that funds GPU infrastructure via debt, so the $3.5B raise follows operational logic rather than signaling financial distress. However, leverage moving from $25B to a pro-forma $68B warrants monitoring as AI infrastructure investment cycles mature.
통계 카드를 불러오는 중…
The Jun 11 filing window also included a single Form 4: CoreWeave CDO Brannin McBee's near-full exit (reported in the prior issue, Jun 11 morning).

NRDY / CEO Cohn: 477K trust shares in two days

Nerdy Inc. (NYSE: NRDY) — an online learning platform offering live tutoring, test prep, and academic support — had its CEO Charles K. Cohn disclose two separate open-market purchases through the Charles K. Cohn Revocable Trust, filing Form 4s on June 11 and 12. 9 10
  • June 10: 219,019 shares at a weighted average $0.91 ($0.91–$0.92 range) — value ~$199,307. Trust position: 0 → 219,019 shares.
  • June 11: 258,204 shares at a weighted average $0.97 ($0.94–$0.99 range) — value ~$250,458. Trust position: 219,019 → 477,223 shares.
  • 2-day total: 477,223 shares, ~$449,765
Both transactions were discretionary open-market buys, not under a Rule 10b5-1 plan. Cohn is simultaneously CEO, a Director, and a 10%+ owner of Nerdy — he already holds over 58 million shares across direct and affiliated family trusts. The trust buys are new accumulation in a separate vehicle at current prices.
NRDY's stock was trading at $0.96 on June 11, implying a market cap of approximately $182M. The company's performance-based RSUs vest only if the stock reaches $18–$42 per share by September 2028 — price targets that sit 18–43× above current levels. Cohn putting discretionary personal trust capital in at sub-$1 prices, absent a 10b5-1 plan, is the session's clearest insider conviction signal.

STTK / Redmile Group: $8.4M in warrant activity builds 9.9% stake

Shattuck Labs (Nasdaq: STTK) — a clinical-stage biotech developing bifunctional fusion proteins — saw Redmile Group LLC and its principal Jeremy C. Green file Schedule 13D/A Amendment No. 5, reporting 9,819,084 shares (9.9%) of beneficial ownership. 11
Redmile — a San Francisco/New York healthcare and biotech fund with approximately $6B in assets under management — took the following actions in the June 3–9 window:
  • June 3: Cashless exercise of pre-funded warrants → received 1,012,203 shares at $0.0001 exercise price
  • June 9: Exercised standard warrants across multiple funds for 340,106 shares + 3,757,624 pre-funded warrants — cash paid: ~$4,444,022
  • June 9: Participated in STTK's underwritten offering — purchased warrants for 1,000,000 additional shares at $3.9999 per warrant — cash paid: ~$3,999,900
Combined cash outlay across June warrant activity: approximately $8,443,922. Including its earlier holdings, Redmile's direct share count stands at 7,038,119, plus 10,943,951 shares available via pre-funded warrants (of which 2,780,965 count toward beneficial ownership under the 9.99% cap). Total potential exposure if all pre-funded warrants were exercised without the cap: approximately 17.98 million shares, or roughly 15.8% of the post-offering share count of 95.5M.
Redmile has held a STTK position since October 2020 (original 13D). This is Amendment No. 5, each amendment reflecting a larger position. Separately, Redmile managing director Mike Lee — a former STTK board member — holds 146,086 options exercisable within 60 days.

Other notable filings

CrowdStrike (Nasdaq: CRWD) CEO George Kurtz sold 5,000 Class A shares on June 9–10 across two Form 4 filings, combined estimated value ~$3.2M at prices between $619.53 and $662.65. Both executions were under Kurtz's Rule 10b5-1 plan adopted January 6, 2026. Routine. 12 Post-sale, Kurtz directly holds 2,131,993 shares. Note: CRWD separately announced a 4-for-1 stock split on June 3, 2026.
Silvaco Group (Nasdaq: SVCO) director and 10% owner Katherine S. Ngai-Pesic sold 200,000 shares at $11.2716 (range: $11.02–$11.615) on June 11 for ~$2,254,320 — not under a 10b5-1 plan, per the Form 4. 13 She retains 9,176,403 shares. Silvaco provides TCAD, EDA, and semiconductor IP design software. A director (Ngai Anthony K.K.) bought 1,000 shares at $13.07 on June 8 — divergent signals within the same company.
Aflac (NYSE: AFL) 10% owner Japan Post Holdings (via J&A Alliance Trust) sold 26,500 shares at $116.25–$117.16 on June 10 for ~$3,100,401 under a 10b5-1 plan. 14 Post-sale holdings: 51,116,235 shares. The sale represents ~0.05% of Japan Post's AFL stake — programmatic trimming at a $59B market-cap insurer.
RA Capital Management sold 678,226 shares of Werewolf Therapeutics (Nasdaq: HOWL) — a biopharmaceuticals company — across June 9–11 at approximately $0.37–$0.38, for ~$254,335 total. 15 RA Capital retains approximately 5.4M shares across affiliated funds. A separate director (Luke Evnin-linked entity) sold 76,928 shares under a 10b5-1 plan on June 10.
Camac Fund / Zodiac Partners II filed SC TO-T/A Amendment No. 3 for Destination XL Group (Nasdaq: DXLG) — a men's big-and-tall apparel retailer — maintaining its $0.82/share all-cash tender offer for all outstanding shares (~54.8M shares outstanding per FY2025 10-K; implied deal value ~$45M). 16 DXLG stock was trading near $0.72 as of the filing, implying a ~14% premium. Financing includes an Equity Commitment Letter from Camac and an indicative $75M revolving credit facility term sheet. This is Amendment No. 3 of the offer originally commenced May 12, amended June 2; no results yet reported.
Navios Maritime Partners (NYSE: NMM) CEO and controlling shareholder Angeliki Frangou (via Raymar Investments S.A.) added 3,484 common units at $72.09–$73.34 on June 9–11 for approximately $252K under her 10b5-1 plan adopted December 9, 2025. 17 This is a continuation of the pattern running since late May — approximately 3,500 units purchased every three days under the plan.

Watch list: items still pending

RPAY — 8-K vote results not filed (48+ hours post-meeting, due June 16). Repay Holdings (Nasdaq: RPAY — a payment technology platform) held its annual meeting on June 10. SEC rules require 8-K Item 5.07 (voting results) within four business days, making the deadline Monday June 16. As of June 12 (the final business day of this week), no filing has appeared on EDGAR. 18 The activist bloc — Forager Fund (12.4%) and Veradace Capital (8.2%) — stated intent to withhold all five director votes, representing a combined ~20.6% opposition. If the tallies confirm a director received below-average support, expect escalation in the subsequent weeks. A filing by Monday is legally required.
DELL / Silver Lake 13D/A Amendment No. 15 — Dell Technologies filed an S-3ASR automatic shelf registration and approximately 15 Form 4s on June 11, but no updated 13D/A from Silver Lake has appeared. 19 Cumulative Silver Lake DELL sales are tracking above $393M since June 3. A fresh 13D/A would formally update the ownership count.
SNOW / Slootman final Form 4 — Frank Slootman's June 1 Form 4 (filed 0001402348-26-000011) left him with 38,046 shares directly held and ~5.34M unexercised options. A charitable contribution of the remaining 38,046 shares (June 9 date) has not yet appeared on EDGAR as of June 12. 20
TXO / Bob Simpson buy streak — frozen at 12 consecutive purchases (last Form 4 filed June 3). No new Form 4 appeared June 4–12.
MSTR / Strategy Bitcoin 8-K — Strategy (Nasdaq: MSTR) filed its shareholder vote results 8-K on June 10. The weekly Bitcoin holdings disclosure 8-K is expected during the week of June 15 and has not yet been filed.
NNDM / Nano Dimension EGM — Nano Dimension filed a DEFA14A and 8-K (Item 8.01) on June 11. The extraordinary general meeting (EGM) was previously pushed from its scheduled date on June 10; a new date has not been set as of this filing.
BHR / Braemar DEF 14A proxy statement — the company's own definitive proxy has not been filed. Now that the strategic review outcome is public, the DEF 14A will define the shareholder vote mechanics for approving the self-management transition and the new board slate.
Cover: AI-generated illustration.

참고 출처

  1. 1StockTitan — Masimo 13D/A Amendment No. 17 — Politan exits
  2. 2StockTitan — Masimo bought out at $180 as Politan exits
  3. 3MarketScreener — Danaher completed Masimo acquisition
  4. 4StockTitan — D.E. Shaw GOSS Schedule 13D (9.5% stake)
  5. 5TradingView — David E. Shaw 9.5% GOSS stake
  6. 6Braemar Hotels — 8-K EX-99.1 Press Release (Jun 12, 2026)
  7. 7CoreWeave SEC EDGAR EX-99.1 — Notes press release
  8. 8CoreWeave SEC EDGAR EX-99.2 — Reg FD investor presentation
  9. 9StockTitan — NRDY CEO Cohn buys 219,019 shares
  10. 10StockTitan — NRDY CEO trust buys 258K shares at $0.97
  11. 11StockTitan — Redmile STTK 13D/A Amendment No. 5
  12. 12StockTitan — CRWD SEC filings
  13. 13StockTitan — SVCO SEC filings
  14. 14StockTitan — AFL Japan Post Form 4
  15. 15StockTitan — HOWL SEC filings
  16. 16StockTitan — DXLG Zodiac SC TO-T/A Amendment No. 3
  17. 17StockTitan — NMM SEC filings
  18. 18SEC EDGAR — Repay Holdings filings (CIK 0001720592)
  19. 19SEC EDGAR — Dell Technologies filings (CIK 0001571996)
  20. 20SEC EDGAR — Snowflake insider transactions
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