Core & Main (CNM) CFO pre-planned stock sales follow 5,000-share conversion
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Core & Main, Inc. Chief Financial Officer Robyn L. Bradbury reported several equity moves involving Class A and Class B interests. On April 17, 2026, 5,000 Paired Interests, each consisting of Class B common stock and limited partnership interests, were exchanged one-for-one into 5,000 shares of Class A common stock pursuant to an exchange agreement. The same day, Bradbury sold a total of 5,000 shares of Class A common stock in open-market transactions: 3,353 shares at a weighted average price of $52.8417 and 1,647 shares at $51.9404, under a pre-arranged Rule 10b5-1 trading plan. After these transactions, Bradbury directly held 12,500 shares of Class A common stock, plus indirect Class A holdings and substantial Class B and limited partnership interests that remain exchangeable into Class A on a one-for-one basis.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 5,000 shares ($262,724)
Net Sell
7 txns
Insider
Bradbury Robyn L
Role
Chief Financial Officer
Sold
5,000 shs ($263K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class B Common Stock and Limited Partnership Interests | 5,000 | $0.00 | -- |
| Other | Class B Common Stock and Limited Partnership Interests | 5,000 | $0.00 | -- |
| Conversion | Class B Common Stock and Limited Partnership Interests | 5,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 5,000 | $0.00 | -- |
| Sale | Class A Common Stock | 1,647 | $51.9404 | $86K |
| Sale | Class A Common Stock | 3,353 | $52.8417 | $177K |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock and Limited Partnership Interests — 152,447 shares (Indirect, By LLC);
Class B Common Stock and Limited Partnership Interests — 5,000 shares (Direct, null);
Class A Common Stock — 17,500 shares (Direct, null);
Class A Common Stock — 22 shares (Indirect, By LLC)
Footnotes (1)
- On April 17, 2026, pursuant to the terms of an exchange agreement, dated as of July 22, 2021 (as amended, the "Exchange Agreement"), 5,000 shares of Class B common stock of the Issuer ("Class B common stock") and limited partnership interests of Core & Main Holdings, LP (together, a "Paired Interest") were exchanged for shares of Class A common stock, on a one-for-one basis. On April 17, 2026, pursuant to the terms of the Fourth Amended and Restated LLC Agreement of Core & Main Management Feeder, LLC ("Management Feeder"), dated as of February 13, 2024 (as amended, the "LLC Agreement"), 5,000 vested common units ("Units") held directly by the reporting person were redeemed at the discretion of the reporting person for 5,000 Paired Interests. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on January 16, 2026. The price reported represents the weighted average price of shares of Class A common stock sold in multiple transactions at prices ranging from $51.4900 to $52.4700 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. The price reported represents the weighted average price of shares of Class A common stock sold in multiple transactions at prices ranging from $52.4900 to $53.2200 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. Represents securities held by Management Feeder in respect of Units of Management Feeder held directly by the reporting person. Pursuant to the LLC Agreement such vested Units held by the reporting person are redeemable at the discretion of the reporting person for shares of Class A common stock, on a one-for-one basis. Pursuant to the terms of the Exchange Agreement, Paired Interests are exchangeable at the discretion of the reporting person for shares of Class A common stock on a one-for-one basis or, at the election of a majority of the disinterested members of the Issuer's board of directors, for cash from a substantially concurrent public offering or private sale (based on the price of Class A common stock sold in such public offering or private sale, net of any underwriting discounts and commissions, for each limited partnership interest exchanged, subject to certain exceptions, conditions and adjustments). The Class B common stock and limited partnership interests have no expiration date. Represents securities held by Management Feeder in respect of Units directly held by the reporting person. Pursuant to the LLC Agreement, such vested Units held by the reporting person are redeemable at the discretion of the reporting person for Paired Interests, on a one-for-one basis.
Key Figures
Shares sold at $52.8417: 3,353 shares
Shares sold at $51.9404: 1,647 shares
Class A shares from conversion: 5,000 shares
+5 more
8 metrics
Shares sold at $52.8417
3,353 shares
Class A open-market sale on April 17, 2026
Shares sold at $51.9404
1,647 shares
Class A open-market sale on April 17, 2026
Class A shares from conversion
5,000 shares
Exchange of Paired Interests on April 17, 2026
Direct Class A holdings after transactions
12,500 shares
Post-transaction ownership reported for CFO
Indirect Class A holdings
22 shares
Class A common stock held indirectly via LLC
Indirect Paired Interests via LLC
152,447 securities
Class B and limited partnership interests exchangeable into Class A
Net shares sold
5,000 shares
Net of conversions and sales per transaction summary
Rule 10b5-1 plan adoption date
January 16, 2026
Plan governing reported open-market sales
Key Terms
Rule 10b5-1 trading plan, Paired Interest, Exchange Agreement, Class B common stock, +2 more
6 terms
Rule 10b5-1 trading plan financial
"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Paired Interest financial
"Class B common stock and limited partnership interests of Core & Main Holdings, LP (together, a "Paired Interest")"
Exchange Agreement financial
"pursuant to the terms of an exchange agreement, dated as of July 22, 2021 (as amended, the "Exchange Agreement")"
Class B common stock financial
"5,000 shares of Class B common stock of the Issuer ("Class B common stock")"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
limited partnership interests financial
"limited partnership interests of Core & Main Holdings, LP (together, a "Paired Interest")"
An ownership stake in a limited partnership gives an investor the role of a limited partner who provides capital but does not run day-to-day operations; a separate general partner manages the business. It matters because limited partners share profits, losses, and tax benefits but generally cannot lose more than they invested and have little control or liquidity—think of it like quietly funding a small business while someone else manages it, with potential return and risk tied to the venture’s performance.
Fourth Amended and Restated LLC Agreement financial
"pursuant to the terms of the Fourth Amended and Restated LLC Agreement of Core & Main Management Feeder, LLC"
FAQ
What did CNM CFO Robyn Bradbury report in this Form 4?
Robyn Bradbury reported converting 5,000 Paired Interests into 5,000 shares of Class A common stock and selling 5,000 Class A shares in open-market transactions, while retaining a meaningful remaining equity position in Core & Main.
Were the CNM insider stock sales made under a Rule 10b5-1 plan?
Yes. The Form 4 states the reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted on January 16, 2026, indicating the transactions were pre-planned rather than timed opportunistically by the CFO.
What are Paired Interests in Core & Main (CNM) and how are they treated?
Paired Interests consist of Class B common stock and limited partnership interests in Core & Main Holdings, LP. Under an exchange agreement, they are exchangeable at the holder’s discretion into Class A common stock on a one-for-one basis or, in some cases, for cash from a concurrent sale.
Did the CNM CFO retain derivative or partnership interests after the Form 4 transactions?
Yes. The filing shows Bradbury continues to hold Class B common stock and limited partnership interests, including 152,447 such securities indirectly via an LLC, which remain exchangeable into Class A common stock on a one-for-one basis under existing agreements.