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National Rural Utilities Cooperative Finance Corp (NRUC) has filed Pricing Supplement No. 637 under Rule 424(b)(3) for a new InterNotes offering of Senior Unsecured Notes.

• Coupon: 4.050% fixed, paid monthly starting 08/15/2025 (first coupon $3.15 per $1,000).
• Maturity: 07/15/2027 (two-year tenor).
• Offering price: 100.000% of principal; gross concession: 0.550% to selling agents.
• Redemption: Non-callable; includes a survivor鈥檚 option.
• Denomination: $1,000 minimum and $1,000 increments; DTC book-entry settlement on 07/17/2025.
• Distribution group: InspereX (lead), Citigroup, Wells Fargo, RBC; trustee is U.S. Bank Trust Company NA.

The filing provides final terms but does not specify total principal amount or use of proceeds. At issuance, investors obtain a short-duration, investment-grade senior unsecured exposure to NRUC with a steady 4.05% cash flow and no early-call risk.

Insider transaction overview: Cencora, Inc. (NYSE: COR) filed a Form 4 showing that Executive Vice President Elizabeth S. Campbell acquired company stock on 06/30/2025.

• Shares acquired: 45.611 common shares.
• Purchase price: $254.873 per share.
• Total outlay: 鈮� $11.6 thousand.
• Post-transaction ownership: 14,710.141 shares held directly.
• Transaction type: Purchase through the Employee Stock Purchase Plan, exempt under Rule 16b-3(c).

No derivative securities were involved and no additional material events or financial data were disclosed. The purchase represents a routine, small-scale increase (鈮�0.3 % of the executive鈥檚 existing holding) and is unlikely to have a material impact on Cencora鈥檚 valuation, but it does modestly reinforce insider alignment with shareholders.

Triumph Group, Inc. (TGI) filed a Form 8-K reporting that on 30 June 2025 it executed amendments to its $75 million receivables securitization facility, originally established in August 2008.

The company and its special-purpose entity, Triumph Receivables, LLC, entered into three restated agreements: (1) the Receivables Purchase Agreement, (2) the Purchase and Sale Agreement, and (3) a Performance Guaranty.

Main changes:

• Facility administration transferred from PNC Bank, National Association to MUFG Bank, Ltd.
• Updated benchmark transition provisions to reflect market reference rate changes.
• Technical revisions linked to the pending acquisition of Triumph Group by affiliates of Warburg Pincus LLC and Berkshire Partners LLC.

The amendments do not disclose any change to the facility鈥檚 $75 million capacity, and no financial statements accompanied the filing.

Aligning the securitization documentation with the upcoming change of control should help preserve liquidity and operational continuity as the acquisition process advances.

JPMorgan Chase Financial Company LLC is offering $1.08 million of Auto Callable Contingent Interest Notes linked to the common stock of Merck & Co., Inc. (MRK). The unsecured notes price on 2 July 2025, settle on or about 8 July 2025 and mature on 7 January 2027 unless automatically called earlier.

Interest mechanics: Investors receive a Contingent Interest Payment of $9.9167 per $1,000 note (11.90% p.a., paid monthly) for each Review Date on which MRK鈥檚 closing price is at least 65 % of the Initial Value ($53.5535). If the price is below that level, the coupon for that period is forfeited.

Automatic call: Beginning with the 9th Review Date (2 Apr 2026), the notes are redeemed at par plus the current coupon if MRK closes at or above the Initial Value ($82.39) on any subsequent Review Date (except the final one). Early call shortens the investment to as little as nine months.

Principal repayment: 鈥� If not called and MRK鈥檚 Final Value 鈮� 65 % of the Initial Value, investors receive par plus the final coupon.
鈥� If the Final Value is < 65 %, repayment is $1,000 + ($1,000 脳 Stock Return), exposing investors to full downside below the 35% buffer, with potential total loss of principal.

Pricing & fees: The public offering price equals par; affiliated advisory accounts forgo commissions. The estimated value is $978.80 per $1,000, reflecting structuring and hedging costs. Minimum denomination is $1,000; CUSIP 48136EU52.

Key risks highlighted: loss of principal, non-payment of interest, issuer/guarantor credit risk, early-call reinvestment risk, lack of secondary-market liquidity, valuation discount to issue price and limited upside (investors do not participate in any MRK appreciation beyond coupons).

On 06/30/2025, Monarch Casino & Resort Inc. (MCRI) director Yvette Landau filed a Form 4 reporting an equity award rather than any open-market trade. The filing shows:

• Grant of 6,100 stock options ("Options / Right to Buy") with an exercise price of $86.44 and expiration on 06/30/2035.
• No common-stock purchases or sales were reported; Table I simply restates 24,400 shares held directly.
• Following the grant, Landau beneficially owns the same 24,400 shares plus 61,000 previously issued options with strike prices ranging from $21.85 to $86.44.

The disclosure represents a routine insider option grant and does not indicate any change in control or disposition of Monarch Casino shares.

Incyte Corp. (INCY) filed a Form 144 indicating a proposed sale of 8,617 common shares through Morgan Stanley Smith Barney on or about 03 Jul 2025. The shares have an aggregate market value of $587,272 and represent roughly 0.004% of the 193.57 million shares currently outstanding, signalling a relatively small disposal in percentage terms.

The shares were recently acquired on 02 Jul 2025 via two equity-based awards: 5,935 performance shares and 2,682 restricted shares. The filer reported no other sales in the past three months, and no 10b5-1 plan date was disclosed. The notice includes the standard representation that the seller possesses no undisclosed material adverse information about the company.

Enhabit, Inc. (EHAB) 鈥� Form 4 insider transaction

Chief Human Resources Officer Tanya Renee Marion reported a single transaction dated 1 July 2025. Under transaction code F (shares withheld by the issuer to satisfy tax obligations upon vesting), 1,983 common shares were disposed of at an average price of $7.88 per share. Following the withholding, the executive鈥檚 direct beneficial ownership stands at 57,651 common shares. No derivative securities were reported, and the filing was signed on 2 July 2025.

The transaction represents routine tax-related share withholding rather than an open-market sale, so it does not materially alter the insider鈥檚 economic exposure or signal a change in conviction. The filing meets Section 16 reporting requirements and contains no additional commentary or unusual provisions.

On 2 July 2025, Enstar Group Limited (&ldquo;Enstar&rdquo;) filed seven Post-Effective Amendments to Form S-8 registration statements to deregister all unsold ordinary shares that had been reserved for employee and director equity plans. The affected authorisations originally covered approximately 3.16 million ordinary shares across the following programmes:

• 1,200,000 shares 鈥� 2006 Equity Incentive Plan (Reg. No. 333-141793)
• 460,949 shares 鈥� 1997 Omnibus Incentive Plan and 29,422 shares 鈥� 2001 Outside Directors Stock Option Plan (Reg. No. 333-148862)
• 97,862 shares 鈥� Deferred Compensation Plan for Non-Employee Directors (Reg. No. 333-148863)
• 200,000 shares 鈥� Employee Share Purchase Plan (Reg. No. 333-149551)
• 689,654 shares 鈥� 2016 Equity Incentive Plan (Reg. No. 333-212131)
• 84,370 shares 鈥� A&R 2016 Equity Incentive Plan (Reg. No. 333-237259)
• 400,000 shares 鈥� A&R 2016 Equity Incentive Plan (Reg. No. 333-265567)

The amendments were triggered by the completion of a merger agreement dated 29 July 2024 under which Enstar survived a series of transactions and became a wholly-owned subsidiary of Elk Bidco Limited. As no further public issuances will occur, Enstar is terminating the effectiveness of the S-8 registrations in accordance with undertakings contained in each filing. The submission is administrative and contains no new financial results. The document was signed in Hamilton, Bermuda by General Counsel Audrey B. Taranto.

Confluent, Inc. (CFLT) 鈥� Form 144 Notice of Proposed Sale

On 07/02/2025 an affiliate of Confluent filed a Form 144 indicating the intention to sell up to 242,501 common shares, representing roughly 0.07 % of the company鈥檚 340,389,876 shares outstanding. The planned broker is Morgan Stanley Smith Barney LLC, Executive Financial Services, New York. Based on the market price used in the filing, the prospective sale is valued at $6.23 million.

The shares were acquired the same day (07/02/2025) via a stock-option exercise, with cash used to cover the exercise price. The filer鈥攊dentified in prior sales data within the notice as Melanie Vinson鈥攈as sold stock in two prior transactions during the last three months: 13,937 shares on 05/22/2025 for $304,662.82 and 14,087 shares on 05/20/2025 for $307,476.95, together totaling 28,024 shares and $612,140 in gross proceeds.

Key takeaways for investors

• Form 144 filings announce a proposed鈥�not yet executed鈥攕ale; actual sales may differ.
• The number of shares is immaterial to the company鈥檚 float but notable for tracking insider sentiment.
• The stock-option exercise increases the share count by an equal amount, but the dilution impact is de-minimis at the company level.

While the filing signals insider intent to monetize holdings, the relatively small percentage of outstanding shares suggests limited direct market impact. No undisclosed adverse information was asserted by the filer, as required by Rule 144.