LGN Legence Corp. Insider Trading

Blackstone EMA III sells 15.39M LGN shares for $831.3M, reducing stake 44.4%; stock at 52-wk high

Blackstone EMA III, a 10% owner of Legence Corp., executed 2 separate sales totaling 15,394,112 shares for $831,282,048.00 at $54.00 on 2026-04-09, reducing holdings from 34,691,493 to 19,297,381 shares (a -44.4% net change vs pre-transaction holdings). The sale occurred exactly at the 52-week high of $59.75, with the stock up 16.3% in 30 days and 34.3% in 90 days prior to the filing date. Blackstone's prior 4 sales at LGN show a 0.00% well-timed rate at the 90-day mark—all prior sales were followed by stock appreciation, suggesting a pattern of selling before rallies rather than before declines. The company trades near its 52-week high despite fundamental headwinds: annual revenue growth of +21.5% masks an unprofitable full-year net income and a -$576.0K loss in the latest quarter, signaling potential valuation risk at elevated price levels.

10% Owner Legence Parent ML LLC sells 15.39M shares ($831.3M) at $54.00; holds 19.30M post-sale.

Legence Parent ML LLC executed 2 separate sales totaling 15,394,112 shares for $831,282,048.00 at $54.00 on 2026-04-09, reducing its holdings by 44.4% from 34.69M to 19.30M shares. The transaction is significant in scale but the timing warrants scrutiny: the stock has appreciated 16.3% over 30 days and 34.3% over 90 days since the sale, and currently trades at $59.75—well above the $54.00 execution price. At the same ticker, prior sales on 2026-01-08 and 2025-12-16 were also followed by gains (90d returns of +28.3% and +15.7% respectively), indicating a pattern where this insider's sales have not preceded declines. The company reported revenue of $708.0M but remains unprofitable with net income of $-576.0K in the latest quarter, creating a technical context of vulnerability despite strong 21.5% annual revenue growth. The FLAG indicates this conversion of derivative securities should not be framed as a full position exit, but the magnitude of the reduction and continued underperformance in timing suggest investor attention is warranted.

Legence Parent ML LLC sells 1,260,326 shares for $56,714,670 at $45.00; retains 25,162,794 shares

Legence Parent ML LLC, a 10% owner, executed 2 separate sales totaling 1,260,326 shares for $56,714,670.00 on 2026-01-08, at a blended average price of $45.00 per share. The 10% owner retains 25,162,794 shares post-transaction, representing a -4.8% reduction in holdings. The current stock price of $43.53 is now -10.2% from the 52-week high of $48.48, and the transactions occurred within the 52-week range at $45.00. The company reported revenue of $708,006,000.00 in the latest quarter but posted a net loss of $-576,000.00. This filing involves a derivative-conversion transaction; the insider's full position includes unreported derivative securities in Form 4 Table II, so the remaining holdings do not represent the complete stake.

Blackstone EMA III sold 1,260,326 shares at $45.00 for $56,714,670; retains 25,162,794 shares post-transaction

Blackstone EMA III L.L.C., a 10% owner, executed 2 separate sales totaling 1,260,326 shares for $56,714,670 at $45.00 on 2026-01-08, reducing its holding by 4.8% to 25,162,794 shares. The stock closed at $43.53 immediately after the transactions, representing a 10.2% decline from its 52-week high of $48.48 and a 10.2% drop over the prior 30 days, though it remains up 39.3% over 90 days. The company reported quarterly revenue of $708,006,000 against a net loss of $576,000, indicating operational challenges at scale. This filing contains a derivative conversion (Table II), so the reported share count reflects only a partial position statement; the insider's total economic exposure cannot be assessed from Table I alone without access to derivative holdings data.

Blackstone EMA III sells 8.40M shares of Legence for $378.1M at $45.00

Blackstone EMA III L.L.C., a 10% owner of Legence Corp., executed 2 separate sales totaling 8,402,178 shares on 2025-12-16 for $378,098,010.00 at $45.00 per share, reducing its stake from 34,045,177 to 25,642,999 shares (-24.7% of pre-transaction holdings). The sale occurred at a price substantially above the current price of $41.92 (7.4% premium) and near the 52-week high of $48.48, while the company recently posted a quarterly net loss of $576,000. The magnitude of this institutional reduction—8.4M shares for $378.1M—reflects meaningful portfolio action by a major holder. Investors should monitor whether this derivative-conversion transaction signals a shift in the PE sponsor's conviction or capital allocation priorities, particularly given the company's negative net income in its latest quarter.

Legence Parent ML LLC sells 8,402,178 shares for $378,098,010 at $45.00; holds 25,642,999 shares post-sale

Legence Parent ML LLC, a 10% owner, executed two separate sales totaling 8,402,178 (8.40M shares) for $378,098,010.00 at $45.00 per share on 2025-12-16. This represents a -24.7% reduction of the filer's pre-transaction stake from 34,045,177 to 25,642,999 shares. The transaction occurred at a price that is -13.5% below the 52-week high of $48.48, though the stock has appreciated +4.1% over the past 30 days and +38.2% over the past 90 days. The company reported quarterly revenue of $708,006,000.00 but a net loss of $-576,000.00, indicating operational profitability challenges. This is a conversion of derivative securities; the insider's full position remains partly held in non-Table I derivative securities, so the reported 25,642,999 shares does not represent the complete stake.

Director Keenen Terrence purchases 8,928 shares of LGN at $28.00 (+166.7% of prior holding) two days after IPO

Keenen Terrence, a Director at Legence Corp., acquired 8,928 shares at $28.00 on 2025-09-15, expanding his position from 5,357 shares to 14,285 shares—a 166.7% increase in his holdings. This purchase occurred just 2 trading days after the company's recent listing, when the current market price stands at $30.55. The timing and magnitude of this insider accumulation in the immediate post-IPO window warrant attention, as director buying at this early stage may reflect confidence in the company's near-term trajectory, though limited public history makes fundamental assessment difficult. Investors should monitor whether this buying pattern continues or reverses as the company begins regular reporting cycles.