Cardinal Equity Fund (GRDN) sells 275,728 Guardian Pharmacy shares

Rhea-AI Filing Summary

Cardinal Equity Fund, L.P., a member of the 10% owner group of Guardian Pharmacy Services, Inc., reported an open-market sale of 275,728 shares of Class A common stock on March 20, 2026 at an average price of $29.6825 per share.

The shares were sold pursuant to an underwriting agreement among the company, certain selling stockholders, and underwriters led by BofA Securities and Jefferies. Following this transaction, Cardinal Equity Fund directly holds 345,123 shares of Guardian Pharmacy Class A common stock.

Insider Trade Summary

Net Seller: 275,728 shares ($8,184,296)

Net Sell 1 txn

Insider Cardinal Equity Fund, L.P.

Role Insider

Sold 275,728 shs ($8.18M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	275,728	$29.6825	$8.18M

Holdings After Transaction: Class A Common Stock — 345,123 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Cardinal Equity Fund, L.P.

(Last) (First) (Middle)

401 PENNSYLVANIA PARKWAY, SUITE 115

(Street)

INDIANAPOLIS INDIANA 46280

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Guardian Pharmacy Services, Inc. [ GRDN ]

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

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

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	03/20/2026		S(1)		275,728	D	$29.6825	345,123	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. Represents shares of Class A common stock, par value $0.001 per share, of Guardian Pharmacy Services, Inc. (the "Issuer"), sold pursuant to the Underwriting Agreement, dated March 18, 2026, by and among the Issuer, the selling stockholders party thereto, and BofA Securities, Inc. and Jefferies LLC, as representatives of the several underwriters named therein.

	/s/ Douglas Towns, Attorney-in-Fact	03/24/2026
	** 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)

FAQ

What insider transaction did Cardinal Equity Fund report for GRDN?

Cardinal Equity Fund reported selling 275,728 shares of Guardian Pharmacy Services Class A common stock. The sale occurred on March 20, 2026, and was executed as an open-market or private transaction under an underwriting agreement involving BofA Securities and Jefferies as lead underwriters.

How many Guardian Pharmacy (GRDN) shares did Cardinal Equity Fund sell and at what price?

Cardinal Equity Fund sold 275,728 shares of Guardian Pharmacy Services Class A common stock. The reported average sale price was $29.6825 per share, reflecting an open-market or private transaction executed on March 20, 2026, under a broader underwriting agreement.

How many GRDN shares does Cardinal Equity Fund hold after this Form 4 sale?

After the reported sale, Cardinal Equity Fund directly holds 345,123 shares of Guardian Pharmacy Services Class A common stock. This post-transaction ownership figure comes directly from the Form 4 and shows the fund’s remaining equity position following the March 20, 2026 transaction.

Was the GRDN share sale by Cardinal Equity Fund part of an underwriting agreement?

Yes. The sold shares were transferred pursuant to an underwriting agreement dated March 18, 2026. That agreement involved Guardian Pharmacy Services, the participating selling stockholders, and underwriters led by BofA Securities and Jefferies, which organized the broader sale process.

What type of security did Cardinal Equity Fund trade in the latest GRDN Form 4?

The transaction involved Class A common stock of Guardian Pharmacy Services, par value $0.001 per share. Cardinal Equity Fund’s Form 4 shows a sale of 275,728 Class A shares at an average price of $29.6825 per share in a single reported transaction.

Is Cardinal Equity Fund considered a significant holder of GRDN stock?

Cardinal Equity Fund is described as a member of a 10% owner group for Guardian Pharmacy Services. Even after selling 275,728 shares, the fund still directly owns 345,123 Class A shares, indicating a substantial ongoing stake in the company’s equity.