LIBERTY MUTUAL INSURANCE CO 4

What Happened
Liberty Mutual Holding Company Inc. (reported as a 10% owner) purchased a total of 563,276 shares of 5C Lending Partners on July 24, 2026. The filing reports two purchases at $24.29 per share: 337,966 shares ($8,209,194) and 225,310 shares ($5,472,780), totaling $13,681,974. These are reported as purchases (transaction code P), i.e., an increase in holdings.

Key Details

• Transaction date: July 24, 2026; price: $24.29 per share.
• Shares acquired: 337,966 and 225,310 (total 563,276); total value ≈ $13,681,974.
• Transaction type: P — reported as open-market or private purchases.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: Securities are held directly by 5C Lending Partners Structured Feeder LP (the "5C Feeder"); the reported holdings reflect the pro rata portion attributable to Liberty Mutual entities under the Feeder’s LPA and related Note Purchase Agreement. Liberty Mutual Holding Co. (LMHC) may be deemed to beneficially own the pro rata portion; LMHC disclaims beneficial ownership except to the extent of its pecuniary interest.
• Filing timeliness & remark: Form 4 filed July 28, 2026 (timely within the two business-day window). The filing notes that Liberty Mutual Insurance Company (LMIC) is no longer a 10% beneficial owner, and this filing serves as an "exit filing" by LMIC.

Context
This is an institutional transaction by a large shareholder structure (Liberty Mutual entities via a feeder fund), not an individual executive trade. Purchases by 10% owners can reflect portfolio or structural arrangements as well as investment intent; the footnotes indicate the holdings are governed by partnership and collateral agreements rather than a simple direct personal investment.