Form 144: Proposed resale of vested common shares

Morgan Stanley Smith Barney LLC submitted a Form 144 notice indicating proposed sales of Common shares, tied to restricted stock vesting, with several small tranches listed on specific dates.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Form 144 notice indicating proposed sales of Common shares, tied to restricted stock vesting, with several small tranches listed on specific dates. The notice lists share amounts of 13, 1, 262, 2,449, and 2,100 associated with vesting dates between 11/21/2025 and 04/13/2026.

Insights

Securities Compliance Analyst

Form 144 lists proposed resale of vested restricted shares by an issuer-affiliated account.

The entries document small, dated tranches of vested restricted common stock tied to services rendered. Each line pairs a vesting date with a specific share count, indicating planned dispositions rather than open-market purchases.

Timing and exact sale methods are not shown in the excerpt; subsequent filings or broker reports would state completed transactions and cash-flow recipients.

Key Figures

Tranche - 11/21/2025: 262 shares Tranche - 02/22/2026: 2,449 shares Tranche - 02/24/2026: 2,100 shares +2 more

5 metrics

Tranche - 11/21/2025 262 shares Restricted stock vesting under a registered plan on 11/21/2025

Tranche - 02/22/2026 2,449 shares Restricted stock vesting under a registered plan on 02/22/2026

Tranche - 02/24/2026 2,100 shares Restricted stock vesting under a registered plan on 02/24/2026

Tranche - 01/12/2026 1 share Restricted stock vesting under a registered plan on 01/12/2026

Tranche - 04/13/2026 13 shares Restricted stock vesting under a registered plan on 04/13/2026

Key Terms

Form 144, restricted stock vesting, issuer

3 terms

Form 144 regulatory

"Filer Information | 144: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

restricted stock vesting financial

"Restricted stock vesting under a registered plan"

Restricted stock vesting is the timetable and conditions under which shares granted to employees or insiders become fully owned and can be sold, typically requiring continued work or meeting performance goals. It matters to investors because large blocks of shares can become tradable at once, which can change share supply and price, and because vesting aligns insiders’ incentives with the company’s long‑term performance—think of it like a timed unlock that both rewards and locks in key people.

issuer financial

"Restricted stock vesting under a registered plan | Issuer"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 for STLD indicate?

It indicates proposed sales of vested common shares by an issuer-associated account. The filing lists specific vested tranches: 13, 1, 262, 2,449, and 2,100 shares on dated vesting events between 11/21/2025 and 04/13/2026.

Who is the reported filer on the STLD Form 144?

The filer is Morgan Stanley Smith Barney LLC, an executing broker-dealer. The notice lists the broker's address and NASDAQ as the market identifier with dates tied to the proposed sales and vesting events.

Do the listed vesting entries mean shares were sold?

No, the entries document restricted stock vesting and proposed resale authority, not confirmed sales. The Form 144 shows planned dispositions linked to vesting dates; completion would be reflected in later transaction reports.

What quantities of STLD common stock are listed in the filing?

The filing lists individual tranche amounts of 13, 1, 262, 2,449, and 2,100 shares with corresponding vesting dates from 11/21/2025 to 04/13/2026.

Does Form 144 state who receives sale proceeds for STLD?

The excerpt ties the shares to the issuer and services rendered but does not state who will receive proceeds. Cash-flow treatment and final recipients are not specified in the provided excerpt.

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

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Accepted by SEC EDGAR 04/23/2026 - 04:08 PM EDT Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001767177
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	STEEL DYNAMICS, INC.
SEC File Number	000-21719
Address of Issuer	7575 West Jefferson Blvd. Fort Wayne INDIANA 46804
Phone	(260) 969-3500
Name of Person for Whose Account the Securities are To Be Sold	MIGUEL ALVAREZ
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	4825	1088446.66	144882401	04/23/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	04/13/2026	Restricted stock vesting under a registered plan	Issuer			13	04/13/2026	Services Rendered
Common	01/12/2026	Restricted stock vesting under a registered plan	Issuer			1	01/12/2026	Services Rendered
Common	11/21/2025	Restricted stock vesting under a registered plan	Issuer			262	11/21/2025	Services Rendered
Common	02/22/2026	Restricted stock vesting under a registered plan	Issuer			2449	02/22/2026	Services Rendered
Common	02/24/2026	Restricted stock vesting under a registered plan	Issuer			2100	02/24/2026	Services Rendered

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	04/23/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Miguel Alvarez
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)