{
  "researchSlug": "sec-sale-footnote-review",
  "title": "SEC Sale Footnotes Across 48,912 Form 4/5 Candidates",
  "version": "1.0",
  "dataAsOf": "2026-08-31",
  "sourceMeasurement": {
    "sourceFamily": "SEC Forms 4 and 5 retained transaction evidence"
  },
  "scope": "Frozen August 31, 2026 aggregate analysis of 48,912 non-derivative SEC Form 4/5 sale candidates from the reviewed billionaire SEC ownership dataset. The release publishes aggregate blocker and pattern-family counts only. It does not redistribute raw footnote text or candidate ids, grant automatic approval of footnoted transactions, calculate net proceeds, or treat historical gross proceeds as current wealth.",
  "summary": {
    "profiles": 513,
    "saleCandidates": 48912,
    "lowFrictionDirectSaleCandidates": 785,
    "lowFrictionPercent": 1.6,
    "lowFrictionProfiles": 20,
    "manualReviewCandidates": 48127,
    "manualReviewPercent": 98.4,
    "exactReviewedSecurityMappings": 17521,
    "exactReviewedSecurityMappingsPercent": 35.8,
    "lowFrictionGrossProceedsUsdApprox": 6369000000,
    "footnoteBlockedCandidates": 45879,
    "footnoteBlockedPercent": 93.8,
    "footnoteBlockedPercentOfManualReview": 95.3,
    "footnoteOnlyCandidates": 7573,
    "footnoteOnlyPercent": 15.5,
    "footnoteOnlyGrossProceedsUsdApprox": 36955000000,
    "priceAggregationFootnoteOnlyCandidates": 6808,
    "priceAggregationShareOfFootnoteOnlyPercent": 89.9,
    "priceAggregationGrossProceedsUsdApprox": 35654000000,
    "priceAggregationShareOfFootnoteOnlyGrossProceedsPercent": 96.5
  },
  "reviewReasons": [
    {
      "id": "footnote-review",
      "label": "Footnote review",
      "candidates": 45879,
      "percentOfSaleCandidates": 93.8
    },
    {
      "id": "security-mapping-unavailable",
      "label": "Security mapping unavailable",
      "candidates": 31391,
      "percentOfSaleCandidates": 64.2
    },
    {
      "id": "indirect-holder-attribution",
      "label": "Indirect holder attribution",
      "candidates": 23971,
      "percentOfSaleCandidates": 49
    },
    {
      "id": "multiple-reporting-owners",
      "label": "Multiple reporting owners",
      "candidates": 8469,
      "percentOfSaleCandidates": 17.3
    },
    {
      "id": "amendment-related-review",
      "label": "Amendment-related review",
      "candidates": 536,
      "percentOfSaleCandidates": 1.1
    },
    {
      "id": "possible-duplicate-economic-row",
      "label": "Possible duplicate economic row",
      "candidates": 487,
      "percentOfSaleCandidates": 1
    },
    {
      "id": "amended-filing",
      "label": "Amended filing",
      "candidates": 349,
      "percentOfSaleCandidates": 0.7
    },
    {
      "id": "transaction-price-unavailable",
      "label": "Transaction price unavailable",
      "candidates": 80,
      "percentOfSaleCandidates": 0.2
    },
    {
      "id": "transaction-date-unavailable",
      "label": "Transaction date unavailable",
      "candidates": 33,
      "percentOfSaleCandidates": 0.1
    },
    {
      "id": "transaction-shares-unavailable",
      "label": "Transaction shares unavailable",
      "candidates": 5,
      "percentOfSaleCandidates": 0
    }
  ],
  "footnoteOnlyPatternFamilies": [
    {
      "id": "weighted-average-or-price-range",
      "label": "Weighted-average or price-range language",
      "candidates": 6808,
      "grossProceedsUsdApprox": 35654000000,
      "percentOfFootnoteOnlyCandidates": 89.9
    },
    {
      "id": "rule-10b5-1-or-trading-plan",
      "label": "Rule 10b5-1 or trading-plan context",
      "candidates": 5034,
      "grossProceedsUsdApprox": null,
      "percentOfFootnoteOnlyCandidates": 66.5
    },
    {
      "id": "equity-compensation-context",
      "label": "Equity-compensation context",
      "candidates": 2181,
      "grossProceedsUsdApprox": null,
      "percentOfFootnoteOnlyCandidates": 28.8
    },
    {
      "id": "tax-or-withholding",
      "label": "Tax or withholding context",
      "candidates": 882,
      "grossProceedsUsdApprox": null,
      "percentOfFootnoteOnlyCandidates": 11.6
    },
    {
      "id": "holder-or-beneficial-attribution",
      "label": "Holder or beneficial-attribution context",
      "candidates": 458,
      "grossProceedsUsdApprox": null,
      "percentOfFootnoteOnlyCandidates": 6
    },
    {
      "id": "gift-or-charitable-context",
      "label": "Gift or charitable context",
      "candidates": 358,
      "grossProceedsUsdApprox": null,
      "percentOfFootnoteOnlyCandidates": 4.7
    }
  ],
  "limitations": [
    "The 513-profile source population comes from the retained billionaire SEC extraction and is not a representative sample of all Form 4/5 filers or all insider sales.",
    "Review-reason counts overlap because one candidate may have several independent blockers; they must not be summed as mutually exclusive states.",
    "Footnote pattern families also overlap. A candidate may contain weighted-average language and Rule 10b5-1, compensation, tax, holder, gift, or other context at the same time.",
    "The approximately $36.955 billion and $35.654 billion proceeds values are rounded historical gross-flow summaries retained from the reviewed measurement, not exact net proceeds and not current cash or net worth.",
    "This August 31, 2026 study preserves the review state measured on that date. A later change to price-aggregation handling does not retroactively rewrite this historical measurement."
  ]
}