FIG LLC 4

What Happened

• FIG Buyer GP, LLC (reported as a 10% owner) converted its convertible notes into common stock of NextNav. The filing shows an acquisition of 3,989,738 shares at $12.56 per share (total ≈ $50,111,109). The same report also lists a disposal of 50,000,000 derivative shares reported at $0.00 (conversion/termination of derivative securities).
• The conversions are governed by the Convertible Notes’ terms (footnote F1), which convert principal plus accrued interest into common stock at $12.56 per share. This is an institutional transaction (Fortress-related entities), not an individual executive trade.

Key Details

• Transaction date: 2026-06-17; Form 4 filed: 2026-06-22 (appears later than the 2-business-day Section 16 filing window).
• Acquired: 3,989,738 shares @ $12.56 each — value ≈ $50,111,109.
• Disposed (derivative): 50,000,000 shares @ $0.00 (reported as the conversion/termination of derivative securities).
• Transaction code: C (conversion of derivative security).
• Shares owned after transaction: not specified in the excerpts provided.
• Important footnotes: F1 explains conversion formula ($12.56 conversion price). F2–F7 and F5 detail the Fortress ownership chain; F8 notes reporting persons disclaim beneficial ownership except for pecuniary interest.
• Filing timeliness: filed 5 days after the transaction date; may be late under Section 16 rules.

Context

• This is an institutional conversion of debt to equity by a 10% owner and related Fortress entities — such conversions can reflect noteholders electing to take common stock per the note terms rather than a market buy/sell decision by company insiders.
• The reported disposal of 50M derivative shares at $0.00 reflects conversion/termination accounting of derivative securities (see footnote F1) and does not necessarily indicate a cash sale to the market.