SCHEDULE: Philadelphia Financial Group Discloses 5.5% Stake in OneWater Marine

A group of investment entities led by Philadelphia Financial Management of San Francisco, LLC has disclosed a 5.5% beneficial ownership stake in OneWater Marine Inc.

Summary

• Philadelphia Financial Management of San Francisco, LLC and affiliated entities (Boathouse Row I, L.P., Boathouse Row II, L.P., Boathouse Row Offshore, Ltd., Jordan Hymowitz, and Hymowitz 1999 Trust) collectively reported beneficial ownership of 899,324 shares of OneWater Marine Inc. Class A common stock.
• This ownership represents 5.5% of the outstanding Class A common stock, based on 16,370,425 shares reported in OneWater Marine's Form 10-Q filed on August 1, 2025.
• The reporting persons share both voting and dispositive power over all 899,324 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of OneWater Marine Inc.

Sentiment

Score: 7

Explanation: The disclosure of a 5.5% beneficial ownership stake by a reputable investment group, Philadelphia Financial Management, signals a vote of confidence in OneWater Marine Inc. and its future prospects. This is generally viewed positively by the market as it indicates institutional interest and potential long-term holding.

Positives

• A significant institutional investor group has taken a 5.5% stake, indicating confidence in OneWater Marine Inc.'s long-term prospects.
• The investment is stated to be in the ordinary course of business, suggesting a passive, long-term investment strategy rather than an activist one.

Risks

• While the filing states no intent to influence control, a substantial ownership stake by an institutional group could still lead to future engagement with management or the board, potentially influencing strategic decisions.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding OneWater Marine Inc.'s future performance or operations.

Management Comments

• The filing does not contain direct quotes or paraphrased statements from OneWater Marine Inc. management, as it is a disclosure by an external investor group.

Industry Context

The disclosure of a significant stake by an investment group in OneWater Marine Inc., a prominent marine retailer, suggests continued investor interest in the recreational boating and marine industry. This sector has seen fluctuating demand, but long-term investors may be positioning for stability or growth.

Comparison to Industry Standards

• This filing is a standard beneficial ownership disclosure (Schedule 13G) required when an entity acquires more than 5% of a company's stock. The 5.5% stake is a notable position, placing the reporting group among the larger institutional holders, though not typically indicative of an activist stance given the 13G filing type and stated intent. No specific comparable companies or projects are mentioned in the filing to assess results against.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially increasing investor confidence and demand for the stock.

Next Steps

• The filing does not outline any specific future actions, events, or milestones for OneWater Marine Inc. or the reporting persons beyond the ongoing ownership.

Key Dates

Recommendation

The filing indicates a significant institutional investment, which is generally a positive signal of confidence. However, as a Schedule 13G, it explicitly states a passive investment intent, meaning no immediate activist action or strategic changes are anticipated from this group. Therefore, it primarily confirms institutional interest without providing new operational or financial data to warrant a 'buy' or 'sell' recommendation. A 'hold' recommendation reflects the confirmation of institutional confidence without new catalysts for immediate price movement based solely on this filing.

Keywords

OneWater Marine Inc., OWMC, Philadelphia Financial Management, Boathouse Row, Jordan Hymowitz, beneficial ownership, Schedule 13G, Class A common stock, investment adviser, marine industry, boating retail