SCHEDULE: Distribution Solutions Group: Amendment to Schedule 13D Filed

Distribution Solutions Group, Inc. has filed an Amendment No. 32 to its Schedule 13D, primarily updating information regarding beneficial ownership and entering into a confidentiality agreement.

Summary

• This filing is Amendment No. 32 to the Schedule 13D for Distribution Solutions Group, Inc.
• It concerns the Common Stock, $1.00 par value, of the Issuer.
• The filing details beneficial ownership percentages for several reporting persons, including LKCM Private Discipline Master Fund, SPC / PDLP Lawson, LLC (7.7%), LKCM Investment Partnership, L.P. (1.2%), LKCM Micro-Cap Partnership, L.P. (0.1%), LKCM Core Discipline, L.P. (0.1%), LKCM Headwater Investments II, L.P. (2.6%), 301 HW Opus Investors, LLC (34.6%), LKCM TE Investors, LLC (17.3%), Headwater Lawson Investors, LLC (7.6%), LKCM Headwater Investments IV, L.P. (7.4%), Luther King Capital Management Corporation (78.7%), J. Luther King, Jr. (78.7%), and J. Bryan King (77.6%).
• On September 9, 2026, LKCM Headwater Investments, LLC entered into a Confidentiality Agreement with the Issuer.
• The reporting persons expressly disclaim membership in a 'group' and beneficial ownership beyond their pecuniary interest.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily an amendment to existing disclosures, with no significant new financial or strategic information provided.

Positives

• A confidentiality agreement was entered into, which can be a precursor to further discussions or transactions.
• Multiple entities associated with Luther King Capital Management are listed with significant beneficial ownership, indicating sustained interest.

Negatives

• The filing is an amendment and does not introduce new financial performance data or strategic initiatives.
• The disclaimer regarding group membership and beneficial ownership may suggest a lack of unified strategy or control among the reporting entities.

Risks

• The disclaimer of beneficial ownership beyond pecuniary interest could imply a lack of direct control or influence over the company's strategic direction by some reporting persons.
• The significant aggregate ownership by entities associated with Luther King Capital Management could lead to future activist investor actions or strategic shifts that may not align with all stakeholders' interests.

Future Outlook

No specific forward-looking statements or guidance are provided in this amendment. The entry into a confidentiality agreement suggests potential future discussions or actions, but details are not disclosed.

Management Comments

• Each of the Reporting Persons hereby expressly disclaims membership in a 'group' under the Securities Exchange Act of 1934, as amended, with respect to the securities reported herein, and this Schedule 13D shall not be deemed to be an admission that any such Reporting Person is a member of such a group.
• Each of the Reporting Persons hereby expressly disclaims beneficial ownership of the securities reported herein, other than to the extent of its pecuniary interest therein, and this Schedule 13D shall not be deemed to be an admission that any such Reporting Person is the beneficial owner of the securities reported herein for purposes of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are common for significant investors accumulating stakes in public companies. The entry into a confidentiality agreement is a standard procedural step when parties begin exploring potential transactions or strategic collaborations.

Related Party Transactions

• LKCM Headwater Investments, LLC entered into a Confidentiality Agreement with the Issuer on September 9, 2026.

Stakeholder Impact

• Shareholders may observe increased attention on the company due to the significant aggregate ownership by Luther King Capital Management entities, potentially leading to future strategic changes or activist involvement.
• The confidentiality agreement suggests potential strategic discussions, which could impact future company direction and shareholder value, though specifics are not provided.

Next Steps

• The entry into a confidentiality agreement may lead to further discussions or negotiations between LKCM Headwater Investments, LLC and Distribution Solutions Group, Inc., the outcomes of which are not yet disclosed.

Key Dates

Keywords

Schedule 13D, Beneficial Ownership, Confidentiality Agreement, Distribution Solutions Group, Luther King Capital Management, Amendment