STOCK TITAN

[Form 4] Popular, Inc. Popular Capital Tr II 6.125% Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

ValueAct Capital has filed Amendment No. 1 to its Schedule 13D, disclosing a significant position in Rocket Companies, Inc. (RKT). Through its master fund and related entities (VA Partners I, ValueAct Capital Management, ValueAct Holdings and affiliates), the group now beneficially owns 19,727,127 Class A shares of Rocket Companies, representing approximately 7.7 % of the company’s outstanding common stock.

The aggregate cost basis of the holding is about $246.4 million, funded entirely from the working capital of ValueAct Capital Master Fund. All voting and dispositive authority over the shares is shared among the various ValueAct entities; no entity reports sole power.

The ownership calculation is based on 254,664,311 shares outstanding, which includes 103,391,679 shares issued in Rocket’s all-stock acquisition of Redfin Corporation announced on 1 July 2025. As a direct consequence of that acquisition, ValueAct received an incremental 4,601,518 Rocket shares on 2 July 2025, lifting its stake to the current level.

ValueAct’s 7.7 % position places a well-known activist investor among Rocket’s largest public shareholders, potentially giving the firm influence over future strategic, financial and governance decisions at the Detroit-based mortgage and real-estate platform.

ValueAct Capital ha presentato l'Emendamento n. 1 al suo Schedule 13D, rivelando una posizione significativa in Rocket Companies, Inc. (RKT). Attraverso il suo fondo master e le entità correlate (VA Partners I, ValueAct Capital Management, ValueAct Holdings e affiliati), il gruppo ora possiede beneficiariamente 19.727.127 azioni di Classe A di Rocket Companies, che rappresentano circa il 7,7% del capitale sociale ordinario in circolazione della società.

Il costo complessivo dell'investimento è di circa 246,4 milioni di dollari, finanziato interamente dal capitale operativo del ValueAct Capital Master Fund. Tutti i diritti di voto e le autorità dispositive sulle azioni sono condivisi tra le varie entità di ValueAct; nessuna entità detiene il potere esclusivo.

Il calcolo della proprietà si basa su 254.664.311 azioni in circolazione, che includono 103.391.679 azioni emesse nell'acquisizione interamente in azioni di Redfin Corporation annunciata il 1° luglio 2025. Come conseguenza diretta di tale acquisizione, ValueAct ha ricevuto un incremento di 4.601.518 azioni Rocket il 2 luglio 2025, portando la sua partecipazione al livello attuale.

La posizione del 7,7% di ValueAct colloca questo noto investitore attivista tra i maggiori azionisti pubblici di Rocket, potenzialmente conferendo all'azienda influenza sulle future decisioni strategiche, finanziarie e di governance della piattaforma immobiliare e ipotecaria con sede a Detroit.

ValueAct Capital ha presentado la Enmienda n.º 1 a su Schedule 13D, revelando una posición significativa en Rocket Companies, Inc. (RKT). A través de su fondo maestro y entidades relacionadas (VA Partners I, ValueAct Capital Management, ValueAct Holdings y afiliados), el grupo posee ahora beneficiariamente 19.727.127 acciones Clase A de Rocket Companies, que representan aproximadamente el 7,7% del capital social común en circulación de la compañía.

El costo total de la participación es de unos 246,4 millones de dólares, financiado íntegramente con el capital de trabajo del ValueAct Capital Master Fund. Toda la autoridad de voto y disposición sobre las acciones es compartida entre las diversas entidades de ValueAct; ninguna entidad reporta poder exclusivo.

El cálculo de la propiedad se basa en 254.664.311 acciones en circulación, que incluyen 103.391.679 acciones emitidas en la adquisición totalmente en acciones de Redfin Corporation anunciada el 1 de julio de 2025. Como consecuencia directa de esa adquisición, ValueAct recibió un incremento de 4.601.518 acciones de Rocket el 2 de julio de 2025, elevando su participación al nivel actual.

La posición del 7,7% de ValueAct sitúa a este conocido inversor activista entre los mayores accionistas públicos de Rocket, dándole potencial influencia sobre futuras decisiones estratégicas, financieras y de gobernanza en la plataforma hipotecaria e inmobiliaria con sede en Detroit.

ValueAct Capital은 Schedule 13D의 수정안 1호를 제출하여 Rocket Companies, Inc. (RKT)에 대한 중요한 지분을 공개했습니다. 마스터 펀드 및 관련 기관들(VA Partners I, ValueAct Capital Management, ValueAct Holdings 및 계열사)을 통해, 그룹은 현재 Rocket Companies의 클래스 A 주식 19,727,127주를 실질적으로 보유하고 있으며 이는 회사의 발행 보통주 약 7.7%에 해당합니다.

보유 지분의 총 취득 원가는 약 2억 4,640만 달러로, 전액 ValueAct Capital Master Fund의 운전자본에서 조달되었습니다. 모든 의결권 및 처분 권한은 여러 ValueAct 법인 간에 공유되며, 단독 권한을 가진 법인은 없습니다.

소유 계산은 254,664,311주의 발행 주식을 기준으로 하며, 여기에는 2025년 7월 1일 발표된 Rocket의 전액 주식 인수인 Redfin Corporation의 103,391,679주가 포함됩니다. 이 인수의 직접적인 결과로 ValueAct는 2025년 7월 2일에 추가로 4,601,518주의 Rocket 주식을 받았으며, 이로써 보유 지분이 현재 수준으로 상승했습니다.

ValueAct의 7.7% 지분은 잘 알려진 행동주의 투자자를 Rocket의 최대 공공 주주 중 하나로 자리매김하게 하여, 디트로이트에 본사를 둔 모기지 및 부동산 플랫폼의 향후 전략적, 재무적 및 거버넌스 결정에 영향을 미칠 잠재력을 제공합니다.

ValueAct Capital a déposé l'Amendement n° 1 à son Schedule 13D, révélant une position significative dans Rocket Companies, Inc. (RKT). Par l'intermédiaire de son fonds principal et des entités associées (VA Partners I, ValueAct Capital Management, ValueAct Holdings et affiliés), le groupe détient désormais 19 727 127 actions de Classe A de Rocket Companies, représentant environ 7,7 % du capital social ordinaire en circulation de la société.

Le coût total de cette participation s'élève à environ 246,4 millions de dollars, financé entièrement par le fonds de roulement du ValueAct Capital Master Fund. Tous les droits de vote et pouvoirs de disposition sur les actions sont partagés entre les différentes entités de ValueAct ; aucune entité ne détient un pouvoir exclusif.

Le calcul de la participation est basé sur 254 664 311 actions en circulation, incluant 103 391 679 actions émises dans le cadre de l'acquisition entièrement en actions de Redfin Corporation annoncée le 1er juillet 2025. En conséquence directe de cette acquisition, ValueAct a reçu 4 601 518 actions supplémentaires de Rocket le 2 juillet 2025, portant sa participation au niveau actuel.

La position de 7,7 % de ValueAct place cet investisseur activiste bien connu parmi les plus grands actionnaires publics de Rocket, lui conférant potentiellement une influence sur les futures décisions stratégiques, financières et de gouvernance de la plateforme immobilière et hypothécaire basée à Detroit.

ValueAct Capital hat Nachtrag Nr. 1 zu seinem Schedule 13D eingereicht und eine bedeutende Beteiligung an Rocket Companies, Inc. (RKT) offengelegt. Über seinen Masterfonds und verbundene Einheiten (VA Partners I, ValueAct Capital Management, ValueAct Holdings und Affiliates) hält die Gruppe nun wirtschaftlich 19.727.127 Class A Aktien von Rocket Companies, was etwa 7,7 % des ausstehenden Stammkapitals des Unternehmens entspricht.

Die Gesamtkostenbasis der Beteiligung beläuft sich auf ca. 246,4 Millionen US-Dollar, vollständig finanziert aus dem Betriebskapital des ValueAct Capital Master Fund. Alle Stimm- und Verfügungsrechte über die Aktien werden zwischen den verschiedenen ValueAct-Einheiten geteilt; keine Einheit meldet eine Alleinmacht.

Die Berechnung der Beteiligung basiert auf 254.664.311 ausstehenden Aktien, einschließlich 103.391.679 Aktien, die im Rahmen der am 1. Juli 2025 angekündigten vollständigen Aktientransaktion zur Übernahme von Redfin Corporation ausgegeben wurden. Als direkte Folge dieser Übernahme erhielt ValueAct am 2. Juli 2025 zusätzliche 4.601.518 Rocket-Aktien, wodurch der Anteil auf das aktuelle Niveau anstieg.

Die 7,7 %-Beteiligung von ValueAct platziert den bekannten aktivistischen Investor unter den größten öffentlichen Aktionären von Rocket und könnte dem Unternehmen Einfluss auf künftige strategische, finanzielle und Governance-Entscheidungen der in Detroit ansässigen Hypotheken- und Immobilienplattform verschaffen.

Positive
  • ValueAct Capital discloses a 7.7 % stake (19.7 m shares), signalling institutional confidence in Rocket Companies.
  • $246.4 million aggregate investment underscores a sizeable financial commitment from a respected activist fund.
  • Stake increased by 4.6 million shares through Redfin acquisition, indicating willingness to maintain exposure post-deal.
  • Presence of an experienced activist shareholder could drive strategic and governance improvements.
Negative
  • None.

Insights

TL;DR ValueAct now owns 7.7 % of RKT, adding 4.6 m shares via Redfin deal; activist involvement may drive strategic change.

Detailed view: The filing reveals ValueAct’s consolidated 19.7 m-share stake, purchased for roughly $246 m. The group’s decision to convert Redfin stock into Rocket shares increases its economic exposure without open-market buying, signalling confidence in Rocket’s post-merger prospects. ValueAct’s history of constructive activism suggests potential engagement on capital allocation, digital expansion or margin improvement. Although 7.7 % is not a controlling position, the firm’s collaborative style and track record with similarly sized stakes (e.g., Nintendo, Citigroup) often catalyse operational enhancements. Overall, the disclosure is positive for minority shareholders, indicating both sophisticated due-diligence endorsement and the prospect of governance pressure that could unlock value.

ValueAct Capital ha presentato l'Emendamento n. 1 al suo Schedule 13D, rivelando una posizione significativa in Rocket Companies, Inc. (RKT). Attraverso il suo fondo master e le entità correlate (VA Partners I, ValueAct Capital Management, ValueAct Holdings e affiliati), il gruppo ora possiede beneficiariamente 19.727.127 azioni di Classe A di Rocket Companies, che rappresentano circa il 7,7% del capitale sociale ordinario in circolazione della società.

Il costo complessivo dell'investimento è di circa 246,4 milioni di dollari, finanziato interamente dal capitale operativo del ValueAct Capital Master Fund. Tutti i diritti di voto e le autorità dispositive sulle azioni sono condivisi tra le varie entità di ValueAct; nessuna entità detiene il potere esclusivo.

Il calcolo della proprietà si basa su 254.664.311 azioni in circolazione, che includono 103.391.679 azioni emesse nell'acquisizione interamente in azioni di Redfin Corporation annunciata il 1° luglio 2025. Come conseguenza diretta di tale acquisizione, ValueAct ha ricevuto un incremento di 4.601.518 azioni Rocket il 2 luglio 2025, portando la sua partecipazione al livello attuale.

La posizione del 7,7% di ValueAct colloca questo noto investitore attivista tra i maggiori azionisti pubblici di Rocket, potenzialmente conferendo all'azienda influenza sulle future decisioni strategiche, finanziarie e di governance della piattaforma immobiliare e ipotecaria con sede a Detroit.

ValueAct Capital ha presentado la Enmienda n.º 1 a su Schedule 13D, revelando una posición significativa en Rocket Companies, Inc. (RKT). A través de su fondo maestro y entidades relacionadas (VA Partners I, ValueAct Capital Management, ValueAct Holdings y afiliados), el grupo posee ahora beneficiariamente 19.727.127 acciones Clase A de Rocket Companies, que representan aproximadamente el 7,7% del capital social común en circulación de la compañía.

El costo total de la participación es de unos 246,4 millones de dólares, financiado íntegramente con el capital de trabajo del ValueAct Capital Master Fund. Toda la autoridad de voto y disposición sobre las acciones es compartida entre las diversas entidades de ValueAct; ninguna entidad reporta poder exclusivo.

El cálculo de la propiedad se basa en 254.664.311 acciones en circulación, que incluyen 103.391.679 acciones emitidas en la adquisición totalmente en acciones de Redfin Corporation anunciada el 1 de julio de 2025. Como consecuencia directa de esa adquisición, ValueAct recibió un incremento de 4.601.518 acciones de Rocket el 2 de julio de 2025, elevando su participación al nivel actual.

La posición del 7,7% de ValueAct sitúa a este conocido inversor activista entre los mayores accionistas públicos de Rocket, dándole potencial influencia sobre futuras decisiones estratégicas, financieras y de gobernanza en la plataforma hipotecaria e inmobiliaria con sede en Detroit.

ValueAct Capital은 Schedule 13D의 수정안 1호를 제출하여 Rocket Companies, Inc. (RKT)에 대한 중요한 지분을 공개했습니다. 마스터 펀드 및 관련 기관들(VA Partners I, ValueAct Capital Management, ValueAct Holdings 및 계열사)을 통해, 그룹은 현재 Rocket Companies의 클래스 A 주식 19,727,127주를 실질적으로 보유하고 있으며 이는 회사의 발행 보통주 약 7.7%에 해당합니다.

보유 지분의 총 취득 원가는 약 2억 4,640만 달러로, 전액 ValueAct Capital Master Fund의 운전자본에서 조달되었습니다. 모든 의결권 및 처분 권한은 여러 ValueAct 법인 간에 공유되며, 단독 권한을 가진 법인은 없습니다.

소유 계산은 254,664,311주의 발행 주식을 기준으로 하며, 여기에는 2025년 7월 1일 발표된 Rocket의 전액 주식 인수인 Redfin Corporation의 103,391,679주가 포함됩니다. 이 인수의 직접적인 결과로 ValueAct는 2025년 7월 2일에 추가로 4,601,518주의 Rocket 주식을 받았으며, 이로써 보유 지분이 현재 수준으로 상승했습니다.

ValueAct의 7.7% 지분은 잘 알려진 행동주의 투자자를 Rocket의 최대 공공 주주 중 하나로 자리매김하게 하여, 디트로이트에 본사를 둔 모기지 및 부동산 플랫폼의 향후 전략적, 재무적 및 거버넌스 결정에 영향을 미칠 잠재력을 제공합니다.

ValueAct Capital a déposé l'Amendement n° 1 à son Schedule 13D, révélant une position significative dans Rocket Companies, Inc. (RKT). Par l'intermédiaire de son fonds principal et des entités associées (VA Partners I, ValueAct Capital Management, ValueAct Holdings et affiliés), le groupe détient désormais 19 727 127 actions de Classe A de Rocket Companies, représentant environ 7,7 % du capital social ordinaire en circulation de la société.

Le coût total de cette participation s'élève à environ 246,4 millions de dollars, financé entièrement par le fonds de roulement du ValueAct Capital Master Fund. Tous les droits de vote et pouvoirs de disposition sur les actions sont partagés entre les différentes entités de ValueAct ; aucune entité ne détient un pouvoir exclusif.

Le calcul de la participation est basé sur 254 664 311 actions en circulation, incluant 103 391 679 actions émises dans le cadre de l'acquisition entièrement en actions de Redfin Corporation annoncée le 1er juillet 2025. En conséquence directe de cette acquisition, ValueAct a reçu 4 601 518 actions supplémentaires de Rocket le 2 juillet 2025, portant sa participation au niveau actuel.

La position de 7,7 % de ValueAct place cet investisseur activiste bien connu parmi les plus grands actionnaires publics de Rocket, lui conférant potentiellement une influence sur les futures décisions stratégiques, financières et de gouvernance de la plateforme immobilière et hypothécaire basée à Detroit.

ValueAct Capital hat Nachtrag Nr. 1 zu seinem Schedule 13D eingereicht und eine bedeutende Beteiligung an Rocket Companies, Inc. (RKT) offengelegt. Über seinen Masterfonds und verbundene Einheiten (VA Partners I, ValueAct Capital Management, ValueAct Holdings und Affiliates) hält die Gruppe nun wirtschaftlich 19.727.127 Class A Aktien von Rocket Companies, was etwa 7,7 % des ausstehenden Stammkapitals des Unternehmens entspricht.

Die Gesamtkostenbasis der Beteiligung beläuft sich auf ca. 246,4 Millionen US-Dollar, vollständig finanziert aus dem Betriebskapital des ValueAct Capital Master Fund. Alle Stimm- und Verfügungsrechte über die Aktien werden zwischen den verschiedenen ValueAct-Einheiten geteilt; keine Einheit meldet eine Alleinmacht.

Die Berechnung der Beteiligung basiert auf 254.664.311 ausstehenden Aktien, einschließlich 103.391.679 Aktien, die im Rahmen der am 1. Juli 2025 angekündigten vollständigen Aktientransaktion zur Übernahme von Redfin Corporation ausgegeben wurden. Als direkte Folge dieser Übernahme erhielt ValueAct am 2. Juli 2025 zusätzliche 4.601.518 Rocket-Aktien, wodurch der Anteil auf das aktuelle Niveau anstieg.

Die 7,7 %-Beteiligung von ValueAct platziert den bekannten aktivistischen Investor unter den größten öffentlichen Aktionären von Rocket und könnte dem Unternehmen Einfluss auf künftige strategische, finanzielle und Governance-Entscheidungen der in Detroit ansässigen Hypotheken- und Immobilienplattform verschaffen.

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
Estimated average burden
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*
CARRADY ROBERT

(Last) (First) (Middle)
P O BOX 362708

(Street)
SAN JUAN PR 00936-2708

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
POPULAR, INC. [ BPOP ]
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)
07/01/2025
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 Par Value $0.01 per share 3,249.475(1) D
Common Stock Par Value $0.01 per share 2,750 I(2) Plaza Escorial Cinema Corp.
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
Restricted Stock Units (3) 07/01/2025 A(4) 158 (5) (5) Common Stock Par Value $0.01 per share 158 $0 25,024 D
Explanation of Responses:
1. Includes 7.111 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.
2. Popular, Inc.'s common stock held by Plaza Escorial Cinema Corp. of which Mr. Carrady has an ownership interest of 62.5%
3. Restricted stock units convert into common stock on a one-for-one basis.
4. Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents accrued with respect to outstanding RSUs granted to the reporting person. Dividend equivalents are accrued at the same rate and at the same time as dividends are paid to ordinary shareholders. Dividend equivalents on RSUs are subject to the same terms and conditions as the underlying RSUs.
5. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person on the 15th of August following the date of termination of service as a director.
Marie Reyes-Rodriguez, Attorney-in-act 07/03/2025
** 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

How many Rocket Companies (RKT) shares does ValueAct own?

ValueAct beneficially owns 19,727,127 Class A shares of Rocket Companies.

What percentage of Rocket Companies’ outstanding shares is held by ValueAct?

The stake represents approximately 7.7 % of Rocket Companies’ outstanding common stock.

How did ValueAct acquire an additional 4.6 million Rocket shares?

Those shares were received on 2 July 2025 when Rocket completed its all-stock acquisition of Redfin Corporation.

What is the total cost basis of ValueAct’s investment in Rocket Companies?

The aggregate purchase price reported is about $246,408,433.61.

Does ValueAct have sole voting power over its Rocket shares?

No. All voting and dispositive power is shared among the various ValueAct entities; sole power is reported as 0.

How many shares were used to calculate the 7.7 % ownership figure?

The calculation is based on 254,664,311 outstanding shares of Rocket Companies.
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