Cardinal Infrastructure (CDNL) director boosts stake with 12,647-share buy

Rhea-AI Filing Summary

Zelman Ivy, a director of Cardinal Infrastructure Group Inc. (CDNL), reported purchasing 12,647 shares of Class A Common Stock on 2026-08-14 in an open market or private transaction at a weighted average price of $39.61 per share, with individual trade prices ranging from $39.45 to $39.81. Following this purchase, Ivy directly owns 32,891 shares of the company.

Insider Trade Summary

Net Buyer: 12,647 shares

Net Buy 1 txn

Insider Zelman Ivy

Role Director

Bought 12,647 shs ($501K)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock F1	12,647	$39.61	$501K

Holdings After Transaction: Class A Common Stock — 32,891 shares (Direct)

Footnotes (1)

1. F1. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $39.45 to $39.81, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) of this Form 4.

Key Figures

Shares purchased: 12,647 shares Weighted average purchase price: $39.61 per share Price range of purchases: $39.45 to $39.81 per share +2 more

5 metrics

Shares purchased 12,647 shares Class A Common Stock transaction on 2026-08-14

Weighted average purchase price $39.61 per share Price for 12,647-share purchase on 2026-08-14

Price range of purchases $39.45 to $39.81 per share Multiple transactions included in the reported purchase

Shares owned after transaction 32,891 shares Direct ownership following the 2026-08-14 purchase

Buy transactions in this filing 1 transaction Open market or private purchase of Class A Common Stock

Key Terms

weighted average price, open market or private transaction, Class A Common Stock

3 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open market or private transaction financial

"transaction_code_description: Purchase in open market or private transaction"

Class A Common Stock financial

"security_title: Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

What insider transaction did CDNL director Zelman Ivy report on this Form 4?

Zelman Ivy reported a purchase of 12,647 CDNL Class A Common shares on 2026-08-14. The transaction was an open market or private purchase and increased Ivy’s direct holdings to 32,891 shares.

At what price did Zelman Ivy buy Cardinal Infrastructure Group (CDNL) shares?

The reported weighted average price was $39.61 per share. Individual trades occurred in multiple transactions at prices ranging from $39.45 to $39.81, according to the Form 4 footnote.

How many Cardinal Infrastructure Group (CDNL) shares does Zelman Ivy hold after this transaction?

After the reported purchase, Zelman Ivy directly holds 32,891 shares of CDNL Class A Common Stock. This figure reflects the position following the 12,647-share acquisition on 2026-08-14.

Was Zelman Ivy’s CDNL share purchase made under a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the transaction was made under a Rule 10b5-1 trading plan. The document-level checkbox affirming Rule 10b5-1 plan status is shown as unchecked.

What does the price range in Zelman Ivy’s CDNL Form 4 filing mean?

The Form 4 states that the reported price is a weighted average, with shares purchased in multiple trades between $39.45 and $39.81. Full details by individual execution price are available upon request from the company, any security holder, or SEC staff.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/17/2026 - 05:38 PM Accepted by SEC EDGAR 08/17/2026 - 05:38 PM Learn about SEC filing dates

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^*

Zelman Ivy

(Last) (First) (Middle)

C/O CARDINAL INFRASTRUCTURE GROUP INC.

100 E. SIX FORKS ROAD, #300

(Street)

RALEIGH NORTH CAROLINA 27609

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Cardinal Infrastructure Group Inc. [ CDNL ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

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

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

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

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
Class A Common Stock	08/14/2026		P		12,647	A	$39.61(1)	32,891	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. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $39.45 to $39.81, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) of this Form 4.

	/s/ Tiffany Gidley, Attorney-in-Fact	08/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)