SCHEDULE: Fund 1 Investments Discloses 9.89% Stake in Funko

Fund 1 Investments, LLC has reported a 9.89% beneficial ownership stake in Funko, Inc.'s Class A Common Stock as of September 30, 2025.

Summary

• Fund 1 Investments, LLC, a Delaware-organized entity, has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in Funko, Inc.
• As of September 30, 2025, Fund 1 Investments, LLC beneficially owns 5,413,887 shares of Funko, Inc.'s Class A Common Stock.
• This ownership represents 9.89% of the Class A Common Stock outstanding.
• Fund 1 Investments, LLC holds shared voting power and shared dispositive power over all 5,413,887 shares.
• The shares are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser.
• Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC, and Jonathan Lennon serves as the managing member of Fund 1 Investments, LLC.
• The percentage of class is calculated based on 54,717,577 shares of Class A Common Stock outstanding as of August 5, 2025, as reported in Funko's Form 10-Q for the quarter ended June 30, 2025.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership and does not contain performance or forward-looking statements to assess sentiment beyond the neutral act of reporting a significant stake.

Positives

• A significant institutional investor, Fund 1 Investments, LLC, maintains a substantial stake of 9.89% in Funko, Inc., which can be viewed as a vote of confidence in the company's long-term prospects.

Negatives

• The filing is a disclosure of beneficial ownership and does not contain information that would typically be categorized as negatives regarding the issuer's performance or outlook.

Risks

• The filing does not explicitly detail specific risks related to Funko, Inc.'s operations or financial health; it is solely a beneficial ownership disclosure.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Funko, Inc.'s future outlook.

Industry Context

This filing provides insight into the ownership structure of Funko, Inc., a company operating in the pop culture collectibles and consumer products industry. It reflects an institutional investor's significant stake but does not offer broader industry trend analysis.

Related Party Transactions

• Fund 1 Investments, LLC holds shares for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser.
• Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC.
• Jonathan Lennon serves as the managing member of Fund 1 Investments, LLC.
• PLP Funds Master Fund LP, a private investment vehicle advised by Pleasant Lake Partners LLC, has the right to receive dividends or proceeds from the sale of more than five percent of Funko's Common Stock.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Fund 1 Investments, LLC may influence investor perception and potentially provide a level of institutional oversight.
• Company Management: Awareness of a large institutional holder may influence strategic decisions and engagement with major investors.

Key Dates

Keywords

Funko, FNKO, Class A Common Stock, Beneficial Ownership, Schedule 13G, Fund 1 Investments, Pleasant Lake Partners, Institutional Ownership, Equity Stake