Week of 2026-06-09

All 79 trades disclosed this week come from a single official — Navy Secretary John Phelan — whose filings reveal a sweeping liquidation of private funds and limited partnerships alongside selective new commitments.

The Big Picture

Every trade in this batch belongs to John Phelan, Secretary of the Department of the Navy. The filings cover activity stretching from May 2025 through late April 2026 and arrived in three separate disclosure packages. The dominant pattern is portfolio unwinding: Phelan has been selling stakes in private investment funds, limited partnerships, and closely held vehicles while simultaneously making new commitments to a handful of others. The single largest disclosed transaction — a sale of Blue Owl Capital stock valued between $5 million and $25 million — was filed 104 days after the trade, past the STOCK Act's 45-day window.

This Week's Notable Trades

John Phelan, Secretary (Department of the Navy)

• Disclosed a sale of a $5,000,001–$25,000,000 position in Blue Owl Capital (OWL) on June 20, 2025 — the largest single transaction in this batch by dollar range, and the one formally flagged as a late disclosure at 104 days after the trade date.
• Sold a $1,000,001–$5,000,000 stake in MSD Capital, L.P. on March 13, 2026, and a separate $1,000,001–$5,000,000 stake in MSD Partners, L.P. on the same date. MSD is a private investment firm associated with the Dell family.
• Sold a $1,000,001–$5,000,000 interest in Cotulla Aviation LP on January 9, 2026, continuing a multi-step exit from the same partnership that included a smaller sale in July 2025.
• Sold a $1,000,001–$5,000,000 stake in RSL Football Holdings LLC on July 16, 2025, and separately sold $1,000,001–$5,000,000 positions each in Double Mako Investments LLC and White Tip Investments LLC in March 2026.
• Purchased a $1,000,001–$5,000,000 position in the Valence8 PE 2025 Fund on March 30, 2026, the latest in an ongoing series of Valence8 private equity commitments spanning the 2022 through 2025 vintage funds.
• Purchased a $1,000,001–$5,000,000 stake in Highline Investors LLC on July 10, 2025, one of the larger new positions added while other holdings were being reduced.

By the Numbers

• Total trades disclosed: 79
• Buys vs. sells: approximately 38 purchases, 41 sales
• Officials active: 1 — John Phelan
• Agencies represented: 1 — Department of the Navy
• Most-traded ticker: MSD Investment Corp. (BDC), bought twice and sold once
• Sectors tagged: Technology (the only sector classification assigned in this batch, applied to MSD Investment Corp.)
• Potential conflicts flagged: 0
• Formally late filings in this batch: 1

Most notable late filing: John Phelan's sale of Blue Owl Capital (OWL) on June 20, 2025, disclosed October 2, 2025 — 104 days after the trade.

Late to File

Under the STOCK Act, officials must disclose a trade within 45 days. This batch contains one formally flagged late filing: John Phelan's June 20, 2025 sale of Blue Owl Capital Inc. Class A Common Stock, disclosed 104 days after the trade date.

Several additional Phelan transactions in the disclosure record show extended reporting timelines. Most notable: sales of Red Cell Partners ($1,000,001–$5,000,000) and Red Cell Incubation Fund LP ($500,001–$1,000,000), both traded May 27, 2025, were not disclosed until March 12, 2026 — a gap of 289 days. Those filings were not formally flagged as late in the underlying disclosure system. Other trades in this batch had disclosure lags in the 60–85 day range.

All-time: Across all executive-branch STOCK Act filings on record, 65.4 percent of disclosures have been filed after the 45-day deadline (6,511 of 9,960 total). The officials with the most cumulative late filings are former President Donald J. Trump (1,040), former Deputy Secretary of Education Mitchell M. Zais (284), former Federal Transit Administrator Nuria Fernandez (275), former Commerce Secretary Gina M. Raimondo (206), and former White House science adviser Eric S. Lander (203). These are disclosure-timing matters on the public record, not accusations of wrongdoing.

The Fine Print

Data derived from public STOCK Act disclosures. Disclosure date is not the trade date (filings lag 30-45 days). Dollar figures are disclosed ranges, not exact amounts. Conflict-of-interest flags are heuristic "potential overlaps," not assertions of wrongdoing. Not investment advice.