Cadre Holdings insider trims stake, still holds 11.6M shares

Rhea-AI Filing Summary

Cadre Holdings, Inc. (CDRE) Form 4 filing: CEO, Chairman and 10% owner Warren B. Kanders reported the sale of 25,000 common shares on 06/23/2025. The transaction, coded “S”, was executed at a weighted-average price of $32.78 per share through the insider-controlled entity Kanders SAF, LLC.

Following the disposition, Kanders’ reported beneficial ownership stands at 10,216,192 shares indirectly via Kanders SAF, LLC, 45,584 shares held directly, 1,305,650 shares held in his Roth IRA, and 23,450 shares held in his spouse’s Roth IRA, for an aggregate of approximately 11.59 million shares. The sale thus represents roughly 0.22 % of his total reported holdings, leaving his ownership well above the 10 % threshold.

No derivative securities were reported, and the footnotes confirm that the reported price is weighted across multiple trades ranging $32.67-$32.96. Kanders remains the sole manager of Kanders SAF, LLC and disclaims beneficial ownership beyond his pecuniary interest.

Key takeaway: The filing shows a modest insider sale in dollar terms (~$0.8 million) relative to Kanders’ large strategic stake, with no indication of broader changes in ownership structure or corporate strategy.

Positive

• None.

Negative

• CEO/Chairman sold 25,000 shares (~$0.8 M), which could be interpreted as a mildly bearish insider signal.

Insights

Financial Analyst

TL;DR: Small sale (0.22%)—mostly neutral signal, ownership still >11 M shares.

The $0.82 million sale is immaterial compared with Warren Kanders’ 11.6 million-share stake. It does not materially change insider alignment or float dynamics. No derivatives or 10b5-1 plan disclosure is cited, but the limited size, continued >10 % ownership and absence of concurrent negative news suggest a neutral reading for investors. Liquidity impact should be negligible given CDRE’s average daily volume.

Corporate Governance Expert

TL;DR: Routine Form 4, governance stance unchanged; watch for sale patterns.

Insider sales by controlling executives warrant monitoring, yet this filing shows a token disposal through an LLC vehicle. Kanders retains majority of his economic interest, preserving governance continuity. No red flags such as margin calls, derivative hedges, or multiple insiders selling concurrently are present. Unless the sale becomes part of a series, governance risk remains low.

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^*

KANDERS WARREN B

(Last) (First) (Middle)

C/O KANDERS & COMPANY, INC.

250 ROYAL PALM WAY, SUITE 201

(Street)

PALM BEACH FL 33480

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cadre Holdings, Inc. [ CDRE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

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 $0.0001 per share ("Common Stock")	06/23/2025		S		25,000	D	$32.78(1)	10,216,192	I	By Kanders SAF, LLC(2)(4)
Common Stock								45,584	D
Common Stock								1,305,650	I	By Warren B. Kanders Roth IRA
Common Stock								23,450	I	By Allison Kanders Roth IRA(3)(4)

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 per share. These shares of Common Stock were sold in multiple transactions at prices ranging from $32.67-$32.96 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the ranges set forth in this footnote (1) to this Form 4.

2. The Reporting Person is the sole manager and member of Kanders SAF, LLC.

3. Allison Kanders is the Reporting Person's spouse.

4. The Reporting Person disclaims beneficial ownership of the securities described in this statement, except to the extent of his pecuniary interest in such securities.

	/s/ Warren B. Kanders	06/24/2025
	** 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 Cadre Holdings (CDRE) shares did Warren Kanders sell?

He sold 25,000 common shares on 06/23/2025.

At what price were the CDRE shares sold in this Form 4?

The weighted-average sale price was $32.78 per share, with trades between $32.67 and $32.96.

How many CDRE shares does Warren Kanders now own after the sale?

He beneficially owns approximately 11.59 million shares (direct and indirect combined).

Does Warren Kanders remain a 10% owner of Cadre Holdings after this transaction?

Yes. Despite the sale, his ownership is still well above the 10 % threshold.

Were any derivative securities involved in this CDRE Form 4 filing?

No derivative securities were reported; the filing concerns only common stock transactions.