Cardinal Infrastructure Group Inc. Class A Common Stock (CDNL)

Distributing

Strong institutional distribution: ownership decreased -54.50% quarter-over-quarter.

Data as of Q1 2026

Institutional Ownership

35.02%

QoQ Change

-54.50%

Total Value

$549.0B

Shares Outstanding

42.9M

Crowding AnalysisCrowded

Holders91of 5,944

Avg: 68

Uncrowded86th percentileCrowded

Institutional Activity

Buy/Sell Ratio3.24x

74th percentile

81 buying25 selling

+54

New

-15

Closed

+1.8M

Net shares

Holding Period Distribution

estimate

Median: 1 QAvg: 1.4 QHolders: 91

Ownership Concentration

Top 5: 35.6%Top 10: 57.7%

FMR13.2%

ALLIANCEBERNSTEIN L.P.6.2%

ACK Asset Management5.8%

Ophir Asset Management Pty5.3%

LORD, ABBETT & CO.5.0%

Others (86)64.4%

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Conviction-Weighted Ownership

Median weight: 0.15%Avg weight: 0.94%Max: 4.33%High conviction (>1%): 2

FMR

ALLIANCEBERNSTEIN L.P.

ACK Asset Management

Ophir Asset Management Pty

LORD, ABBETT & CO.

BlackRock,

WASATCH ADVISORS

FRED ALGER MANAGEMENT,

DRIEHAUS CAPITAL MANAGEMENT

EMERALD ADVISERS,

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Whale Moves Timeline (1 Quarters)

Biggest dollar-value position changes among top 10 holders

NEWBlackRock$28M697K shr

NEWFRED ALGER MANAGEMENT$27M687K shr

BOUGHTFMR$13M338K shr

SOLDOphir Asset Management Pty$7M184K shr

BOUGHTDRIEHAUS CAPITAL MANAGEMENT$6M152K shr

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Institutional Trends (2 Quarters)

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Institutional Holders

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