SCHORSCH NICHOLAS S 4

What Happened
Nicholas S. Schorsch (reported as a 10% owner) recorded a disposition on July 7, 2026: 300,000 Class A shares were transferred (transaction code J) and shown as disposed by Bellevue Capital Partners, LLC (BCP). The Form 4 lists no sale price (N/A), indicating this was a distribution of partnership assets to Edward M. Weil rather than an open‑market sale.

Key Details

• Transaction date: July 7, 2026; Form 4 filed July 9, 2026 (timely filing).
• Transaction type/code: Other disposition (J) — distribution of partnership assets.
• Shares transferred: 300,000 Class A common shares. Price: N/A (no cash sale reported).
• Shares owned after transaction: not specified in the excerpt of the filing.
• Notable footnotes:
  • F1–F3 explain ownership chain: Mr. Schorsch is sole managing member of BCP, which is record holder through a chain of entities; BCP had voting/investment discretion.
  • F2: BCP distributed 300,000 shares to Edward M. Weil.
  • Filing notes the Reporting Persons may be part of a Section 13(d) group >10% and disclaim beneficial ownership of other group members' shares.

Context

• This was a transfer/distribution among related parties (partnership asset distribution), not an open‑market sale — such transfers don’t necessarily signal insider buying or selling sentiment.
• Because no price or proceeds are reported, there’s no direct cash value shown on the Form 4 for this transaction.
• The filing clarifies control relationships (BCP and affiliated entities) and includes standard disclaimers about beneficial ownership within the 13(d) group.