First Advantage (FA) 10% Owner SLTA V GP Sells 12.5M Shares

What Happened

• SLTA V (GP), L.L.C., an entity tied to a 10% holder of First Advantage Corporation (FA), sold 12,500,000 shares on August 12, 2026 at $22.02 per share, generating $275,187,500. The $22.02 per-share proceeds reflect a $22.20 secondary public offering price less an underwriting discount (see footnote F1).
• The filing also reports an “other disposition” (code J) of 4,028,842 shares on the same date with $0 reported proceeds — these were in-kind distributions of common stock from SLP Fastball and affiliates and were exempt from reporting under Rule 16a-13 (see footnotes F3–F5). The sale is a liquidity/secondary offering event rather than a purchase.

Key Details

• Transaction date: August 12, 2026.
• Sale: 12,500,000 shares at $22.02 per share = $275,187,500 (open-market/registered offering sale; see F1).
• Other disposition: 4,028,842 shares @ $0 (in-kind distributions, exempt under Rule 16a-13; see F3).
• Shares owned after transaction: The filing does not state a clear total beneficial ownership for SLTA V (GP) after these transactions.
• Related parties and structure: Footnotes detail a multi-entity ownership chain (SLP Fastball, SLP V GP, SLTA V, SLTA V GP, SLG) and note that Joseph Osnoss is a board member of First Advantage and a managing member of SLG (see F2, F4–F8).
• Filing timeliness: Report dated for Aug 12, 2026 was filed Aug 14, 2026 (within typical Section 16 reporting timing).

Context

• This filing reflects an institutional/affiliate sale and related in-kind distributions tied to a secondary public offering and internal distributions — not a conventional insider buy or option exercise by an individual executive.
• In-kind distributions reported as $0 proceeds were treated as exempt receipts under Rule 16a-13, meaning recipients received shares via the issuer’s distribution process rather than through a market purchase or sale. These kinds of distributions/gifts often reflect portfolio or ownership restructuring and do not by themselves signal management buying or selling interest.