SCHEDULE: Kaufman Plans Full Divestment of Daily Journal Stake
Beneficial Ownership Report
Peter D. Kaufman, as trustee, plans to terminate trusts and distribute his 8.7% beneficial ownership in Daily Journal Corp by Q1 2026.
Summary
- Peter D. Kaufman, acting as trustee for certain trusts, beneficially owns 119,175 shares of Daily Journal Corp Common Stock.
- This ownership represents 8.7% of the company's outstanding shares, based on 1,377,722 shares as of December 16, 2025.
- Mr. Kaufman plans to terminate these trusts during the first quarter of 2026.
- Upon termination, the shares will be distributed to the trusts' beneficiaries, and Mr. Kaufman will no longer beneficially own any shares.
- Recent sales by the trusts include 1,429 shares on December 9, 2025, at an average price of $464.75 per share.
- Additional sales include 4,691 shares on December 10, 2025, at an average price of $472.17 per share, and 6,001 shares on December 11, 2025, at an average price of $480.35 per share.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing describes a planned, procedural divestment by a trustee due to trust termination, rather than a discretionary sale based on company performance. While a large block sale could create market pressure, the stated reason is administrative.
Negatives
- A significant beneficial owner, Peter D. Kaufman, plans to fully divest his 8.7% stake in Daily Journal Corp by Q1 2026, which could introduce selling pressure on the stock.
Future Outlook
Peter D. Kaufman plans to terminate the trusts holding Daily Journal Corp shares during the first quarter of 2026, leading to the distribution of these shares to beneficiaries and his cessation of beneficial ownership.
Management Comments
- Mr. Kaufman plans to terminate these Trusts during the first quarter of 2026.
- Prior to these terminations, the Shares will be distributed to the Trusts' beneficiaries and, upon these distributions, Mr. Kaufman will no longer beneficially own any of the Shares.
Industry Context
This filing primarily concerns a change in beneficial ownership by a significant individual shareholder and does not provide broader industry context or trends. It reflects a specific trust-related divestment rather than a strategic industry move.
Stakeholder Impact
- Shareholders: The planned distribution of 8.7% of outstanding shares could lead to increased selling pressure on the stock, potentially impacting its price. Existing shareholders might experience dilution of voting power if the shares are widely distributed.
Next Steps
- Termination of the trusts holding Daily Journal Corp shares during the first quarter of 2026.
- Distribution of the shares to the trusts' beneficiaries.
- Cessation of Peter D. Kaufman's beneficial ownership in Daily Journal Corp.
Key Dates
| Date | Description |
|---|---|
| 2025-12-09 | Trusts sold 1,429 shares at an average price of $464.75. |
| 2025-12-10 | Trusts sold 4,691 shares at an average price of $472.17. |
| 2025-12-11 | Trusts sold 6,001 shares at an average price of $480.35. |
| 2025-12-16 | Date used for calculating 1,377,722 shares outstanding. |
| 2025-12-29 | Date Annual Report on Form 10-K for fiscal year ended September 30, 2025, was filed. |
| 2026-01-16 | Date of event requiring the filing of this statement. |
| 2026-Q1 | Planned termination of trusts and distribution of shares. |
Keywords
Daily Journal Corp, Peter D. Kaufman, Schedule 13D, Beneficial Ownership, Trust Termination, Share Distribution, Divestment, Common Stock
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