SCHEDULE: Neuberger Berman Reduces Getty Images Stake

Neuberger Berman's NBOKS Master Fund is winding down, leading to a reduction in its beneficial ownership of Getty Images Holdings, Inc. Class A Common Stock.

Summary

• Neuberger Berman Group LLC and its affiliates reported beneficial ownership of 74,112,262 shares of Getty Images Holdings, Inc. Class A Common Stock, representing 17.9% of the outstanding shares as of October 30, 2025.
• This filing, Amendment No. 4 to Schedule 13D, updates previous filings regarding their stake in Getty Images.
• NBOKS Master Fund, managed by Neuberger Berman Investment Advisers (NBIA), initiated a winding-down process on October 28, 2025.
• Limited partners of NBOKS Master Fund were offered options to take their pro-rata portion of Getty Images shares and cash in-kind or transfer their interest to a liquidating trust.
• NBIA has sold and may continue to sell Getty Images shares held by NBOKS Master Fund.
• On October 29, 2025, NBOKS Master Fund sold 63,000 shares at a weighted average price of $2.0786 per share in the open market.

Sentiment

Score: 3

Explanation: The filing indicates a significant institutional investor is liquidating its position in Getty Images, which typically creates selling pressure and negative sentiment for the stock. While not a direct commentary on Getty Images' performance, the impending sale of a large block of shares is generally viewed negatively by the market.

Negatives

• A significant institutional investor (Neuberger Berman via NBOKS Master Fund) is winding down its fund, which could lead to further selling pressure on Getty Images shares.
• The sale of 63,000 shares at $2.0786 per share indicates a recent market price for the stock, which is relatively low.

Risks

• Potential for increased selling pressure on Getty Images Class A Common Stock as NBOKS Master Fund continues its winding-down process and potentially liquidates its remaining 74,112,262 shares.
• Uncertainty regarding the method and timing of the disposition of the remaining shares (in-kind distribution vs. market sales) could create an overhang on the stock price.

Future Outlook

Neuberger Berman's NBOKS Master Fund is in the process of winding down, which implies a future disposition of its remaining 74,112,262 shares of Getty Images. This disposition may occur through in-kind distributions to limited partners or continued open market sales by NBIA.

Industry Context

This filing reflects a portfolio management decision by a large institutional investor to wind down a specific fund. While it impacts Getty Images' stock, it doesn't necessarily reflect a specific negative view on Getty Images' industry or competitive position, but rather a structural change within the investor's fund. However, a large block of shares potentially coming to market could create downward pressure, which is a common concern when major shareholders liquidate positions.

Stakeholder Impact

• Shareholders: Potential for increased supply of Getty Images shares on the market, which could lead to downward pressure on the stock price. Existing shareholders might see a decrease in share value.
• Limited Partners of NBOKS Master Fund: Will receive either in-kind distributions of Getty Images shares and cash or have their interest transferred to a liquidating trust.

Next Steps

• NBOKS Master Fund will continue its winding-down process.
• Limited partners will decide whether to take shares in-kind or transfer interest to a liquidating trust.
• NBIA may continue to sell Securities held by NBOKS Master Fund.

Key Dates

Recommendation

The impending liquidation of a significant stake (17.9%) by a major institutional investor (Neuberger Berman's NBOKS Master Fund) creates substantial selling pressure risk for Getty Images stock. While the initial sale of 63,000 shares is small, the stated intent to wind down the fund and potentially sell the remaining 74 million shares suggests a prolonged period of potential overhang on the stock. Investors should consider selling to avoid potential future price depreciation due to this large block of shares entering the market.

Keywords

Getty Images, Neuberger Berman, Schedule 13D, Shareholder, Beneficial Ownership, Stock Sale, Fund Wind Down, Institutional Investor