JOHNSON MARIANNE BOYD

The sales come in uniform blocks. Since early 2025 the Boyd Gaming vice chairman's disposals have arrived in slices of one hundred thousand: 50,000 at $77.68 on February 11, 2025 and 49,800 at $77.59 the next day; a clean 100,000 at $84.17 on August 13; another 100,000 at $86.62 on September 4; then 37,086 at $85.27 on May 1, 2026 and 62,914 at $84.03 on May 5 — two clips that sum to exactly 100,000 again. Four blocks, four price windows between $77 and $87, roughly 400,000 shares in fifteen months. Executives harvesting options leave jagged share counts tied to grant sizes; a repeating six-figure block at steady intervals is a liquidity program — wealth being drawn down at a governed pace.

The transfers are an order of magnitude bigger than the sales. On March 6, 2025 the file records code-J rows of 300,000 and 909,091 shares; on August 18, 2025 the identical pair appears again, followed by a 45,482-share J row three days later. Code J marks non-market movements — reclassifications and transfers between reporting capacities — and the exact repetition of those two figures five months apart points to structured movements between family and trust vehicles, not economic exits. Counted together, roughly 2.46 million shares changed legal position in 2025 while only about 300,000 were actually sold that year. Most of what happens in this file never touches the market.