SCHEDULE: Kinetik Holdings Inc. Ownership Update

ISQ Global Fund II GP LLC and affiliates report an updated beneficial ownership stake of 21.9% in Kinetik Holdings Inc. following a unit redemption.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of Kinetik Holdings Inc. Class A Common Stock.
• The reporting persons, including ISQ Global Fund II GP LLC, I Squared Capital, LLC, ISQ Holdings, LLC, Wahba Sadek, and Gautam Bhandari, collectively beneficially own 19,098,785 shares of Class A Common Stock.
• This ownership stake represents approximately 21.9% of the Class A Common Stock outstanding.
• The increase in reported ownership is due to the redemption of 1,500,000 Common Units by Buzzard Midstream LLC on April 6, 2026, which were exchanged for an equal number of Class A Common Stock shares.
• The reporting persons have shared voting and dispositive power over these shares.
• The calculation of percentage ownership considers outstanding shares, shares issued upon unit conversion, and shares issuable upon redemption of owned units and paired Class C Common Stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting on ownership adjustments and past transactions without new strategic announcements or financial performance indicators.

Positives

• The reporting persons maintain a significant stake in Kinetik Holdings Inc., indicating continued investment and interest.
• The redemption of units for Class A Common Stock on a one-for-one basis suggests a straightforward conversion process.

Negatives

• The filing details a series of sales of Class A Common Stock by Buzzard Midstream LLC over the past 60 days, totaling 1,060,287 shares, with weighted average sale prices ranging from $48.0244 to $50.8603.

Risks

• The reporting persons disclaim being part of a 'group' with Blackstone, Apache, or their affiliates, which could imply potential disagreements or differing strategic interests.
• The potential redemption of Common Units for cash at the Partnership's option, rather than solely for Class A Common Stock, could introduce cash flow considerations for the company.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Kinetik Holdings Inc. It primarily reports on ownership changes and past transactions.

Management Comments

• Each Reporting Person disclaims being a member of a 'group' with Blackstone, Apache and/or their respective affiliates and further disclaims beneficial ownership of the shares of Class A Common Stock that may be deemed to be beneficially owned by such persons.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant ownership changes in publicly traded companies, particularly in the energy sector where consolidation and strategic investments are common. This filing indicates ongoing adjustments in major stakeholder positions within Kinetik Holdings Inc.

Related Party Transactions

• The filing references agreements and arrangements involving Blackstone and Apache and their respective affiliates, though it explicitly disclaims group membership.

Stakeholder Impact

• Shareholders: The significant ownership stake held by the reporting persons and their past sales activity may influence market perception and stock price volatility.
• Creditors: Changes in major shareholder positions could indirectly affect confidence in the company's stability and strategic direction.
• Management: The reporting persons' substantial stake implies continued influence on corporate governance and strategic decisions.

Next Steps

• Continued monitoring of Kinetik Holdings Inc. by the reporting persons and the market.
• Potential future redemptions or conversions of Common Units and Class C Common Stock.

Key Dates

Keywords

Kinetik Holdings Inc., Schedule 13D, Beneficial Ownership, ISQ Global Fund II GP LLC, I Squared Capital, Common Units, Class A Common Stock, Amendment, Ownership Stake, Redemption