SCHEDULE: Pilgrim Global Group Discloses 12.9% Stake in Sable Offshore

Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin jointly report a significant beneficial ownership stake of 12.9% in Sable Offshore Corp.'s common stock.

Summary

• Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin have jointly filed an Amendment No. 3 to Schedule 13G, reporting their beneficial ownership in Sable Offshore Corp.
• As of December 31, 2025, Pilgrim Global ICAV beneficially owns 18,206,121 shares, representing 12.6% of the class, with shared voting and dispositive power.
• Pilgrim Global Advisors LLC beneficially owns 18,454,373 shares, representing 12.7% of the class, with shared voting and dispositive power.
• Darren Maupin beneficially owns an aggregate of 18,693,451 shares, representing 12.9% of the class, including 239,078 shares with sole voting and dispositive power and 18,454,373 shares with shared voting and dispositive power.
• The shares reported by Pilgrim Global Advisors LLC and Pilgrim Global ICAV are primarily owned by advisory clients and employees, with Darren Maupin holding 239,078 shares in his individual capacity.
• The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of Sable Offshore Corp., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, indicating increased institutional and individual investor confidence in Sable Offshore Corp. through a significant passive stake, which can be a favorable signal to the market.

Positives

• Increased institutional and individual investor confidence is indicated by the significant beneficial ownership stake of 12.9% held by Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin.
• The filing group includes an investment company (Pilgrim Global ICAV) and an investment advisor (Pilgrim Global Advisors LLC), suggesting a professional and strategic investment.

Management Comments

• Pilgrim Global ICAV certifies that the foreign regulatory scheme applicable to Irish Collective Asset-Management Vehicles is substantially comparable to the regulatory scheme applicable to functionally equivalent U.S. institutions.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Sable Offshore Corp., other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

StockSavvy.ai notes that a significant increase in beneficial ownership by institutional investors and associated individuals, as disclosed in a Schedule 13G, often signals a vote of confidence in the company's long-term prospects or valuation. While this filing is passive in nature, such a substantial stake can attract further investor attention to Sable Offshore Corp.

Comparison to Industry Standards

• This filing is a disclosure of beneficial ownership and does not contain financial or operational results that can be directly compared to industry benchmarks or specific comparable companies, projects, and results.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive indicator of confidence in the company's value and future prospects.
• The company's management may see this as validation of their strategy, although the filing explicitly states no intent to influence control beyond certain nomination activities.

Key Dates

Recommendation

The filing indicates a significant increase in beneficial ownership by a group of institutional and individual investors, suggesting confidence in Sable Offshore Corp. While this is a positive signal, a Schedule 13G does not provide sufficient financial or operational details to warrant a 'buy' or 'sell' recommendation. Therefore, a 'hold' recommendation is appropriate for existing investors, while new investors should conduct further due diligence.

Keywords

Sable Offshore Corp, Pilgrim Global ICAV, Pilgrim Global Advisors LLC, Darren Maupin, Schedule 13G, beneficial ownership, common stock, institutional ownership, SEC filing