Pleasant Lake Partners LLC 3
3 · Torrid Holdings Inc. · Filed Jul 1, 2025
Insider Transaction Report
Form 3
Fund 1 Investments, LLC
10% Owner
Holdings
- (indirect: See Footnotes)
Cash-Settled Total Return Swap
Exp: 2026-03-02→ Common stock, par value $0.01 per share (3,780,255 underlying) - 10,424,612(indirect: See Footnotes)
Common stock, par value $0.01 per share
Footnotes (3)
- [F1]Securities reported herein are held for the benefit of PLP Funds Master Fund LP, a private investment vehicle for which Pleasant Lake Partners LLC ("PLP") serves as investment adviser. Fund 1 Investments, LLC serves as managing member of PLP. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
- [F2]The Reporting Persons have entered into cash-settled total return swaps (the "Swap Agreements") with unaffiliated third-party financial institutions, which provide the Reporting Persons with economic exposure to an aggregate of 3,780,255 notional shares, and expire on a range of dates from March 2, 2026 to November 1, 2027. The Swap Agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do not provide the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares of common stock that are the subject of the Swap Agreements (the "Subject Shares"). Each of the Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein.
- [F3]The expiration date of the Swap Agreements will be automatically extended for successive 12 month periods unless one party provides written notice to the other party, at least 30 calendar days prior to the first extension and at least 15 calendar days prior to any subsequent extension, not to so extend the expiration date.