ISQ Holdings, LLC 4

What Happened

• ISQ Global Fund II GP LLC (a reported 10% owner via its control of Buzzard Midstream LLC) converted derivative securities related to Kinetik Holdings units on July 29, 2026. The Form 4 reports an acquisition of 1,500,000 shares by conversion and a corresponding disposition of 1,500,000 derivative shares at $0.00 (i.e., cancellation of those derivative/paired shares).
• Reported amounts: 1,500,000 shares acquired by conversion; 1,500,000 derivative shares disposed at $0.00. No cash value was reported for the disposition.

Key Details

• Transaction date: 2026-07-29. Form 4 filed: 2026-07-31 (filed two days after the transaction).
• Prices: Acquisition reported as conversion (price N/A); disposition reported at $0.00 (derivative cancellation).
• Shares owned after transaction: not specified in the filing summary provided.
• Footnotes of note:
  • F1: Securities issued in connection with a 2021 contribution agreement among Kinetik, its partnership and certain sponsors.
  • F2: “Kinetik Holdings Units” represent paired Partnership Common Units and Class C common shares; redemptions of Partnership units can lead to cancellation of the paired Class C shares.
  • F3: The securities are directly held by Buzzard Midstream LLC; ISQ Global Fund II GP is the GP that controls those indirect holders. ISQ principals disclaim beneficial ownership except for pecuniary interest.
• Filing timeliness: Filed within two days of the transaction (appears timely under Section 16 reporting rules).

Context

• This is an institutional conversion by a 10% owner (an investment fund/GP), not an individual executive—so it reflects structural/unit conversion activity rather than a typical buy/sell by management.
• The entry shows a derivative conversion and cancellation of paired Class C shares (per footnote F2), not a cash sale; such conversions often reflect contractually mandated unit/share conversions or redemptions rather than market-timed trading.