SCHEDULE: Cyrus Capital Reduces Garrett Motion Stake to 6.0%

Cyrus Capital Partners and its affiliates have reduced their beneficial ownership in Garrett Motion Inc. to 6.0% through recent open market sales and short call options.

Summary

• Cyrus Capital Partners, L.P. and its affiliates now beneficially own 11,744,714 shares of Garrett Motion Inc. Common Stock, representing 6.0% of the outstanding shares.
• This percentage is calculated based on 194,482,518 shares of Common Stock outstanding as of October 17, 2025, as reported in the Company's Quarterly Report on Form 10-Q.
• Since the filing of Amendment No. 5, the reporting persons sold a total of 2,360,187 shares of Common Stock in open market transactions.
• These sales occurred between November 6, 2025, and December 5, 2025, at weighted average prices ranging from $15.8562 to $17.7073 per share.
• Cyrus Funds have also entered into physically settled short call options relating to 710,000 shares of Common Stock with strike prices ranging from $16.00 to $18.00, which have an expiration date of December 19, 2025.

Sentiment

Score: 4

Explanation: The filing indicates a significant reduction in a major investor's stake, which could be perceived negatively by the market. The entry into short call options further suggests a bearish or hedging sentiment from the reporting entity.

Negatives

• Cyrus Capital Partners and its affiliates have significantly reduced their beneficial ownership in Garrett Motion Inc. by selling 2,360,187 shares.
• The reporting persons have also entered into short call options for 710,000 shares, indicating a potentially bearish or hedging stance on the stock.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Garrett Motion Inc. The actions of the reporting person reflect their current outlook on the stock.

Industry Context

This filing primarily reflects an institutional investor's portfolio management decision to reduce its stake in Garrett Motion Inc. and take a hedging position, rather than providing broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: The reduction in stake by a significant institutional investor could signal reduced confidence, potentially leading to negative market sentiment and downward pressure on the stock price.

Next Steps

• Cyrus Capital Partners may file further amendments to Schedule 13D if their beneficial ownership changes significantly.
• The short call options will expire on December 19, 2025, which may lead to further transactions depending on the stock price.

Key Dates

Recommendation

The significant reduction in beneficial ownership by Cyrus Capital Partners, coupled with their entry into physically settled short call options, suggests a lack of confidence or a bearish outlook on Garrett Motion Inc. from a sophisticated institutional investor. This action by a major shareholder could signal potential headwinds or a belief that the stock is overvalued, warranting a 'sell' recommendation for investors considering the implications of such a move.

Keywords

Garrett Motion Inc., Cyrus Capital Partners, Schedule 13D/A, Beneficial Ownership, Stock Sales, Common Stock, Shareholder Activity, Investment Management, Equity Stake