SCHEDULE: Jonathan Carlon Discloses 5.91% Stake in Neptune Insurance

Jonathan Carlon has reported a beneficial ownership of 5.91% of Neptune Insurance Holdings Inc.'s Class A Common Stock, totaling 5,685,000 shares.

Summary

• Jonathan Carlon, the Reporting Person, beneficially owns an aggregate of 5,685,000 shares of Neptune Insurance Holdings Inc.'s Class A Common Stock.
• This aggregate amount represents 5.91% of the Class A Common Stock outstanding.
• The ownership is comprised of 575,000 shares held directly by Jonathan Carlon.
• An additional 4,599,000 shares are held by the JWC Irrevocable Trust, where Jonathan Carlon and Steve Wynne share voting and dispositive power.
• The Carlon Family Trust dated May 7, 2024, holds 511,000 shares, with Jonathan Carlon and Alexis Carlon sharing voting and dispositive power.
• The percentage ownership is based on 96,185,000 shares of Class A Common Stock outstanding as of September 30, 2025, as disclosed in the Issuer's Form 10-Q filed on November 12, 2025.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, which is neutral in sentiment. The significant stake could be interpreted positively by some investors, but the filing itself does not contain explicit positive or negative news.

Positives

• A significant beneficial ownership stake of 5.91% by an individual, Jonathan Carlon, indicates strong alignment of interests with the company's performance.
• The disclosure provides transparency regarding a substantial insider holding, which can bolster investor confidence.

Future Outlook

NA

Industry Context

This filing provides insight into the ownership structure of Neptune Insurance Holdings Inc., a company operating in the insurance sector. Significant beneficial ownership by individuals, especially those potentially involved with the company, is a common feature in many industries, including insurance, and can signal long-term commitment or strategic interest.

Comparison to Industry Standards

• A 5.91% beneficial ownership stake by an individual is a substantial holding, often indicative of a significant investor or an insider with a vested interest in the company's long-term success.
• Such a concentration of ownership can be viewed positively by investors as it suggests strong conviction, aligning the interests of the large shareholder with those of other shareholders.

Related Party Transactions

• Jonathan Carlon shares voting and dispositive power over 4,599,000 shares held by the JWC Irrevocable Trust with Steve Wynne.
• Jonathan Carlon shares voting and dispositive power over 511,000 shares held by the Carlon Family Trust dated May 7, 2024, with Alexis Carlon.

Stakeholder Impact

• Shareholders gain transparency regarding a significant beneficial owner and the structure of their holdings, which can influence perceptions of corporate control and stability.
• The disclosure of a substantial insider stake may enhance investor confidence due to perceived alignment of interests.

Key Dates

Keywords

Neptune Insurance Holdings Inc., Jonathan Carlon, Beneficial Ownership, Schedule 13G, Class A Common Stock, Insider Ownership, Insurance, SEC Filing