Drawbridge Special Opportunities Fund LP 4

What Happened

• Drawbridge Special Opportunities Fund LP (reported as a 10% owner) sold a total of 1,904,762 shares of Playboy, Inc. (PLBY) in multiple open-market/private-sale transactions on June 18, 2026. Each lot was sold at $1.05 per share for aggregate proceeds of about $2.0 million.
• These were outright sales (transaction code S). Sales are often routine portfolio transactions by institutional holders and do not necessarily indicate insider sentiment.

Key Details

• Transaction date: June 18, 2026. Filing date: June 23, 2026 (5 days after the trades) — this appears to be a late filing relative to the typical 2-business-day Form 4 window (timeliness flagged as L).
• Price(s): $1.05 per share for each reported lot.
• Lots sold (shares): 923,499; 371,639; 295,540; 108,292; 95,451; 44,472; 42,866; 23,003 (total 1,904,762).
• Aggregate proceeds: approximately $2.0 million.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes: the filing shows the shares are held through a complex set of related entities (see F1–F9), with Drawbridge Special Opportunities Advisors LLC as the investment advisor to the fund and a broad disclaimer of beneficial ownership (F10). The report is one of two jointly filed reports covering the same holdings.

Context

• This transaction was executed by a 10% institutional owner (Drawbridge/Fortress-related entities), not an individual executive. Institutional sales can reflect portfolio management rather than an assessment of company fundamentals.
• No options, awards, or gifts were involved; these were straight dispositions (sales).