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  "docSlug": "75aa3b2bd0fb",
  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "pageNumber": 112,
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  "notes": "The slide uses a table to demonstrate a pattern of insider selling, contrasting company growth claims with the behavior of its primary stakeholders.",
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      "text": "Current FND investors should carefully evaluate the insider selling behavior. FND's two private equity sponsors, Freeman Spogli and Ares, completely cashed out before it even reached 160 stores or ~30% of the 500 stores that the Company currently claims it can reach.",
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      "text": "Beneficial Ownership %: 2.1%",
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      "text": "Current FND investors should carefully evaluate the insider selling behavior. FND's two private equity sponsors, Freeman Spogli and Ares, completely cashed out before it even reached 160 stores or ~30% of the 500 stores that the Company currently claims it can reach. Founder George West also sold 60% of his holdings by March 2020 and has retained a small residual stake that is diluted by stock issuance. CEO Taylor has reduced his beneficial ownership by 64% since the IPO.",
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      "text": "Source: Company Proxy Statements",
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      "text": "Beneficial Ownership % of Floor & Decor Equity",
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      "text": "Sponsors, Management And The Founder Have Been Steadily Cashing Out",
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