The headline count hides the interesting part.

Why “acquired” does not mean “bought”

The acquired/disposed field is a direction, not a complete explanation. The SEC transaction code describes the transaction context. For example, code A can describe a grant or award; M an exercise or conversion; F delivery or withholding for an exercise price or tax liability. P and S cover open-market or private purchases and sales. A dashboard that treats every acquisition as a purchase loses that distinction.

We unioned the derivative and non-derivative transaction tables from the imported archive, retaining each row and its filed code. Of 79,090 rows across 33,841 filing accessions and 4,241 issuer identifiers, 47,831 do not carry P/S codes (including empty codes). These are transaction rows, not unique economic trades or people.

Footnotes are part of the record

68,188 rows have footnote references. This counts references on transaction rows, not distinct footnote text and not independently validated explanations. One footnote can be referenced by multiple rows. Its presence is a reason to preserve context, not evidence of wrongdoing or a trading recommendation.

A Form D notice is not verified fundraising

The offering table contains 15,952 notices: 10,291 marked as initial and 5,661 marked as amendments. Multiple disclosures can concern the same offering. Initial notices may describe offerings that began before the quarter. Reported offering amounts are not a reliable total of new capital raised.

Among the initial notices, 3,196 (31.1%) report an “Indefinite” offering amount. Adding these records to a simple dollar total would require inventing a value. We retain the source distinction instead.

Method and reproducibility

1. Read the immutable imported SEC 2026Q3 archives in one read-only, repeatable-read database transaction.
2. Count rows in both transaction tables; group by original code, direction and table. Count a row as footnoted when its transaction record carries at least one reference.
3. Read the Form D offering table; partition notices by the source amendment flag and group by the reported industry.
4. Preserve source archive URL, retrieval time and SHA256. Reconcile category counts to each table total before exporting aggregates.

The chart’s 200 squares are a rounded proportional representation using largest remainders; a square is not a trade. Industry charts show the five largest categories for the selected notice population. All exact totals are available in the downloadable JSON.

Sources and scope

• SEC insider transactions data set: 2026Q3 · retrieved 2026-10-27
  SHA256 a4e6a681cfcfa43a3d9e4ca9cfec1fd26a59d0a01eac7e9f7b5a0122092c90f3
• SEC Form D data set: 2026Q3 · retrieved 2026-10-27
  SHA256 03669a23e724645a8bbcad51822cf7f4b27f91c3f2bedac9dcff3c23e68e84bf
• SEC Form 4 instructions and transaction codes
• Full aggregates, source hashes, counts and limitations

One quarter cannot establish a trend, seasonality or a market-wide change. Amendments and derivative legs remain unreconciled. These findings describe the imported source records and do not infer investor intent, data fraud or investment returns.