ISQ Holdings, LLC 4

What Happened

• ISQ Global Fund II GP (reported as a 10% owner via its indirect interest in Buzzard Midstream LLC) reported conversions of derivative securities and an open-market sale. The filing shows 4,000,000 shares were converted and 4,000,000 shares were sold in the open market on Feb 26, 2026 at $44.85 per share, generating proceeds of $179,400,000. The filing also lists a related derivative conversion/disposition of 4,000,000 shares shown at $0 (see footnotes for structure details).
• This is a sale (liquidity event) by an institutional owner, not an individual executive purchase.

Key Details

• Transaction date: February 26, 2026. Open-market sale price: $44.85 per share; sale proceeds: $179,400,000.
• Reported transactions include conversions of derivative securities (labeled "C") and an open-market sale ("S").
• Shares owned after the transaction: not specified in the Form 4; securities are held indirectly by Buzzard Midstream LLC and voting/investment power is exercised by ISQ Global Fund II GP (see footnote F3).
• Notable footnotes:
  • F1/F2: Securities relate to Kinetik Holdings Units (partnership common units paired with Class C common stock) issued under a prior contribution agreement; partner redemption and pairing/cancellation mechanics apply.
  • F3: The securities are directly held by Buzzard Midstream LLC; ISQ Global Fund II GP is the general partner exercising control and I Squared Capital and ISQ Holdings are in the ownership chain. Individual members disclaim beneficial ownership except for pecuniary interest.
• Filing timeliness: Transaction date 2/26/2026; Form 4 filed 3/2/2026. The filing date matches the required reporting window and no late filing is indicated.

Context

• This filing reflects institutional disposition of shares tied to partnership/common-stock mechanics (conversions and possible cancellations/redemptions), not a typical insider purchase or option exercise by an executive. For retail investors, sales by large, non-executive holders can be routine liquidity or structural (related to conversions/redemptions) rather than a direct statement on company prospects.
• The derivative entries indicate conversions of partnership-related securities rather than standard option exercises; consult the footnotes for the agreement and pairing/redemption terms.