[Form 4] Triumph Financial, Inc. Insider Trading Activity

Rhea-AI Filing Summary

AT&T Inc. (T) – Insider Form 4 filing dated 07/02/2025

Chief Financial Officer Pascal Desroches reported a routine acquisition of 1,457.037 deferred stock units on 06/30/2025 at an average reference price of $28.94 per share. The units were accumulated automatically through the company’s deferred compensation plan, which uses payroll deductions with partial company matching and settle 1-for-1 in AT&T common stock.

Following the transaction, Desroches’ total beneficial ownership stands at:

• 126,882.227 shares – Indirect (Benefit Plan)
• 6,636.811 shares – Indirect (401(k) plan, statement dated 05/31/2025)
• 847,424 shares – Direct

No derivative securities were reported and no dispositions occurred. The filing indicates continued participation in long-term equity programs rather than an opportunistic open-market purchase. Given the modest size of the transaction relative to both Desroches’ existing stake and AT&T’s ~7.2 billion shares outstanding, the market impact is expected to be immaterial.

Insights

Financial Analyst

TL;DR: Routine benefit-plan share accrual; negligible size – neutral for valuation.

The 1.5 k-share addition represents less than 0.001% of CFO Desroches’ direct holdings and an even smaller fraction of AT&T’s float. Because the units were acquired through an automatic deferred compensation program, the action offers limited signaling value compared with discretionary open-market buying. The absence of dispositions keeps overall insider sentiment flat. Overall, the filing is not materially impactful to the investment thesis, but it does underscore ongoing executive alignment via equity ownership.

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^*

Sepulveda Carlos M

(Last) (First) (Middle)

12700 PARK CENTRAL DRIVE

SUITE 1700

(Street)

DALLAS TX 75251

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Triumph Financial, Inc. [ TFIN ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		A		857(1)	A	$0(1)	351,312(2)	D
Common Stock								265	I	By Spouse(3)
Depository Shares(4)								12,798	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 Common Stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

2. Consists of 209,086 shares of common stock of Issuer beneficially owned by reporting person, and (ii) 142,226 shares of common stock of Issuer beneficially owned jointly with reporting person's spouse Susan Sepulveda.

3. Represents 265 shares indirectly owned through reporting person's spouse.

4. Each Depository Shares represents a 1/40th interest in a share of the Issuer's 7.125% Series C Fixed Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share.

Remarks:

	/s/ Adam D. Nelson, Attorney-in-fact	07/02/2025
	** 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 AT&T (T) shares did CFO Pascal Desroches acquire?

1,457.037 deferred stock units were acquired on 06/30/2025 under a benefit plan.

At what price were the shares credited in the Form 4 filing?

The reference price disclosed for the units is $28.94 per share.

What is Desroches’ total beneficial ownership after the transaction?

Post-transaction holdings: 126,882.227 indirect (benefit plan), 6,636.811 indirect (401(k)), and 847,424 direct shares.

Was this an open-market purchase or a benefit-plan accrual?

It was a benefit-plan accrual via deferred compensation with company matching, not an open-market buy.

Does the filing include any share sales or derivative activity?

No. The Form 4 reports only the acquisition of deferred stock units; no sales or derivatives were recorded.