Andersons (ANDE) Director Reports Dividend Reinvestment; 8,935.081 Shares Owned

Rhea-AI Filing Summary

Andersons, Inc. (ANDE) director Gary A. Douglas reported a dividend reinvestment transaction dated 07/21/2025 that purchased 47.697 shares of the company's common stock at a price of $36.334 per share. After the reinvestment, Mr. Douglas beneficially owned 8,935.081 shares. The Form 4 was executed under a limited power of attorney and signed on 08/29/2025. The filing identifies the transaction code as J(1), which the filer's explanation states corresponds to a reinvestment of dividend.

Positive

• Transparent disclosure of the dividend reinvestment transaction with transaction code and explanation
• Post-transaction beneficial ownership is reported, enabling clear investor visibility into insider holdings

Negative

• None.

Insights

Securities Analyst

TL;DR: Director modestly increased holdings via dividend reinvestment; transaction is routine and non-material.

The Form 4 shows a small, automatic purchase of 47.697 shares via dividend reinvestment at $36.334 per share, resulting in 8,935.081 shares beneficially owned. This type of J(1) transaction indicates an ordinary course dividend reinvestment rather than an opportunistic buy or sale. Given the size relative to the reported total holding, the transaction is unlikely to materially affect control or signal a change in insider conviction.

Corporate Governance Expert

TL;DR: Disclosure is standard and compliant; signed by POA and includes appropriate explanatory code.

The form includes required elements: reporting person name, issuer ticker, transaction date, transaction code (J(1)), number of shares acquired, acquisition price, post-transaction beneficial ownership, and signature authority via limited power of attorney. The filing is clear that the acquisition was a dividend reinvestment and does not raise governance concerns based on the disclosed facts alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Douglas Gary A.

(Last) (First) (Middle)

1947 BRIARFIELD BLVD

(Street)

MAUMEE OH 43537

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Andersons, Inc. [ ANDE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		J(1)		47.697	A	$36.334	8,935.081	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reinvestment of dividend.

Remarks:

	Gary A. Douglas, by Melissa Trippel, Limited Power of Attorney	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Andersons (ANDE) director Gary A. Douglas report on Form 4?

The filing reports a dividend reinvestment on 07/21/2025 that purchased 47.697 shares at $36.334 per share.

How many Andersons (ANDE) shares does Gary A. Douglas beneficially own after the transaction?

The Form 4 states he beneficially owned 8,935.081 shares following the reported transaction.

What does transaction code J(1) mean on this Form 4 for ANDE?

The filer explains code J(1) corresponds to a reinvestment of dividend—an automatic purchase using dividend proceeds.

When was the Form 4 for the ANDE transaction signed and by whom?

The signature block shows Gary A. Douglas, signed by Melissa Trippel under a limited power of attorney on 08/29/2025.

Was this Form 4 filing made by a single reporting person for ANDE?

Yes, the form indicates it was filed by one reporting person.