ISQ Holdings, LLC 4
4 · Kinetik Holdings Inc. · Filed Apr 8, 2026
Research Summary
AI-generated summary of this filing
Kinetik (KNTK) 10% Owner ISQ Global Fund II GP Converts 3,000,000 Shares
What Happened ISQ Global Fund II GP LLC (reported as a 10% owner) executed conversions of derivative securities on April 6, 2026. The filing shows:
- 1,500,000 shares acquired via conversion of a derivative security (conversion, price N/A)
- 1,500,000 shares disposed via conversion/derivative adjustment at $0.00 (no cash proceeds)
These entries reflect derivative conversions/cancellations rather than open-market purchases or cash sales.
Key Details
- Transaction date: April 6, 2026; Filing date: April 8, 2026 (reported promptly).
- Acquired: 1,500,000 shares (conversion of derivative security; acquisition price listed as N/A).
- Disposed: 1,500,000 shares (disposition listed at $0.00 — indicates a non‑cash conversion/cancellation).
- Shares owned after the transaction: not specified in the provided excerpt.
- Footnotes: Transactions relate to a prior Contribution Agreement (F1). “Kinetik Holdings Units” are paired partnership units and Class C shares; redemption/cancellation mechanics apply (F2). Securities are directly held by Buzzard Midstream LLC; ISQ Global Fund II GP acts as general partner with voting/investment power (F3).
- No indication this was a 10b5-1 plan, cash sale, award, or tax-withholding event.
Context
- This is an institutional (10% owner) derivative conversion, not insider executive trading; such conversions often reflect structural unit/share mechanics rather than a signal of buy/sell intent.
- The $0.00 disposal price typically means the shares were cancelled, exchanged, or otherwise adjusted through the derivative conversion process rather than sold for cash.
Insider Transaction Report
Form 4
ISQ Global Fund II GP LLC
10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2][F3]2026-04-06+1,500,000→ 1,500,001 total(indirect: See Explanation of Responses) - Conversion
Kinetik Holdings Units
[F1][F2][F3]2026-04-06−1,500,000→ 17,069,492 total(indirect: See Explanation of Responses)→ Class A Common Stock (1,500,000 underlying)
Footnotes (3)
- [F1]Securities issued pursuant to and in connection with a contribution agreement (the "Contribution Agreement"), dated October 21, 2021, by and among Kinetik Holdings Inc., a Delaware corporation (f/k/a Altus Midstream Company, the "Issuer"), Kinetik Holdings LP, a Delaware limited partnership (f/k/a Altus Midstream LP, the "Partnership"), BCP Raptor Holdco, LP, a Delaware limited partnership, and New BCP Raptor Holdco, LLC, a Delaware limited liability company.
- [F2]The term "Kinetik Holdings Units" is used herein to represent common units representing limited partnership interests in the Partnership ("Partnership Common Units") and an equal number of paired shares of Class C Common Stock of the Issuer. The terms of the Third Amended and Restated Agreement of Limited Partnership of the Partnership provide that each holder of Partnership Common Units (other than the Issuer) generally has the right to cause the Partnership to redeem all or a portion of its Partnership Common Units (the "Redemption Right") in exchange for shares of Class A Common Stock of the Issuer or, at the Partnership's election, an equivalent amount of cash. In connection with any redemption of Partnership Common Units pursuant to the Redemption Right, the corresponding number of shares of the Class C Common Stock will be cancelled. The Partnership Common Units and the right to exercise the Redemption Right have no expiration date.
- [F3]The securities are directly held by Buzzard Midstream LLC. ISQ Global Fund II GP, LLC ("Fund II GP") is the general partner of the members of the indirect owners of Buzzard Midstream LLC and, in such capacity, exercises voting and investment power over the securities directly held by Buzzard Midstream LLC. I Squared Capital, LLC ("I Squared Capital") is the sole member of Fund II GP. ISQ Holdings, LLC ("ISQ Holdings") is the managing member of I Squared Capital. Each of Sadek Wahba and Gautam Bhandari is a member of ISQ Holdings and disclaims beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein.