SCHEDULE: Topline Capital Discloses 5.1% Stake in CS Disco

Topline Capital Management, LLC and affiliates have disclosed a 5.1% passive beneficial ownership stake in CS Disco, Inc. common stock.

Summary

• Topline Capital Management, LLC, Collin McBirney, and Topline Capital Partners, LP (the "Fund") have reported beneficial ownership of 3,224,469 shares of CS Disco, Inc. common stock.
• This ownership represents 5.1% of CS Disco, Inc.'s outstanding common stock.
• The percentage is calculated based on 62,491,594 shares outstanding as of October 31, 2025.
• The shares are held for the benefit of the Fund, with Topline Capital Management, LLC acting as the investment manager and general partner, and Collin McBirney as its member-manager.
• The reporting persons disclaim any intent to change or influence control of CS Disco, Inc., stating the securities were acquired and are held in the ordinary course of business.

Sentiment

Score: 7

Explanation: The disclosure of a new 5.1% passive stake by an institutional investor is generally viewed as a positive signal, indicating external validation and confidence in the company's value proposition, without suggesting any immediate operational changes or challenges.

Positives

• A new institutional investor, Topline Capital Management, LLC, has taken a significant 5.1% stake in CS Disco, Inc., potentially signaling confidence in the company's future prospects.
• The investment is stated to be for passive purposes, indicating a long-term holding strategy rather than an activist intent to disrupt management.

Risks

• While the filing disclaims intent to influence control, any significant shareholder could, in theory, exert influence over time, which could diverge from the interests of other shareholders.
• The calculation of the percentage of class is based on shares outstanding as of October 31, 2025, which is a future date relative to the filing date, potentially indicating a forward-looking estimate or a specific reporting period interpretation.

Future Outlook

The filing does not provide any forward-looking statements or guidance from CS Disco, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• Topline Capital Management, LLC, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities.
• Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.
• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

This filing is a standard disclosure of a significant passive investment by an institutional fund. It does not provide specific insights into broader industry trends or competitive landscape for CS Disco, Inc., beyond indicating an investment firm's interest in the e-discovery and legal technology sector.

Stakeholder Impact

• Shareholders: The entry of a new significant institutional investor may be perceived positively, potentially boosting investor confidence and liquidity.
• Management: No direct impact on management or operations is indicated, as the investment is passive and disclaims intent to influence control.

Next Steps

• CS Disco, Inc. will continue its operations as usual, with no immediate actions required based on this passive ownership disclosure.
• Topline Capital Management, LLC and its affiliates will continue to hold their stake in CS Disco, Inc. as a passive investment.

Key Dates

Keywords

CS Disco, Topline Capital Management, Collin McBirney, Schedule 13G, Beneficial Ownership, Institutional Investment, Common Stock, Passive Investment, SEC Filing