SCHEDULE: Blue Owl Boosts Katapult Stake to 48.55%

Blue Owl Capital Holdings LP increased its beneficial ownership in Katapult Holdings, Inc. to 48.55% due to changes in the issuer's stock price affecting conversion shares.

Summary

• Blue Owl Capital Holdings LP filed an Amendment No. 4 to its Schedule 13D regarding its beneficial ownership in Katapult Holdings, Inc.
• Blue Owl Capital Holdings LP now beneficially owns 4,306,771 shares of Katapult Holdings, Inc. Common Stock.
• This represents 48.55% of the outstanding Common Stock.
• The beneficial ownership includes 5,421 shares of Common Stock, 662,264 shares issuable upon exercise of Warrants, and 3,639,086 shares issuable as Conversion Shares.
• The percentage is calculated based on 4,569,546 shares outstanding as of August 8, 2025, plus the Warrants and Conversion Shares.
• The amendment was filed solely due to changes in Katapult's stock price, which increased the number of Conversion Shares acquirable under a Refinancing Agreement.
• No transactions in Common Stock were effected by the Reporting Person within the last 60 days.

Sentiment

Score: 7

Explanation: Blue Owl Capital Holdings LP's increased beneficial ownership in Katapult Holdings, Inc. to 48.55% is a result of changes in Katapult's stock price, which increased the number of conversion shares acquirable. This indicates a potentially favorable stock price movement for Katapult, leading to a larger stake for Blue Owl under existing agreements.

Positives

• Increased beneficial ownership by Blue Owl Capital Holdings LP to 48.55% of Katapult Holdings, Inc.
• The increase in conversion shares is a result of changes in Katapult's stock price, implying a favorable movement for the conversion terms.

Future Outlook

No explicit forward-looking statements or guidance are provided in this amendment.

Industry Context

This filing reflects a significant stake held by a major investment firm (Blue Owl Capital) in a fintech/e-commerce company (Katapult). Such large stakes can indicate strategic interest or a belief in the long-term value of the underlying company, especially when the increase is driven by stock price movements affecting conversion terms.

Stakeholder Impact

• Shareholders: Existing shareholders might view Blue Owl's increased stake as a sign of confidence, potentially influencing market perception. The increase in conversion shares implies a dilution effect if all are converted, but this is part of an existing agreement.

Key Dates

Recommendation

The filing indicates that Blue Owl Capital Holdings LP has increased its beneficial ownership in Katapult Holdings, Inc. to 48.55%, primarily due to changes in Katapult's stock price that made more conversion shares acquirable under a Refinancing Agreement. This suggests a positive underlying stock performance for Katapult from Blue Owl's perspective, reinforcing their significant existing stake. However, the filing does not introduce new operational or financial performance data that would fundamentally alter the investment thesis. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal from the increased stake without suggesting a new entry point based solely on this ownership update.

Keywords

Katapult Holdings, Blue Owl Capital, Schedule 13D, Beneficial Ownership, Common Stock, Warrants, Conversion Shares, SEC Filing, Investment, Financial Reporting