SCHEDULE: Foley, Trasimene Trebia Adjust System1 Stake to 4.8%

William P. Foley, II and Trasimene Trebia, LLC have updated their beneficial ownership in System1, Inc. Class A Common Stock to 4.8%.

Summary

• William P. Foley, II and Trasimene Trebia, LLC (collectively, the "Reporting Persons") filed an Amendment No. 1 to Schedule 13G for System1, Inc.
• The filing reports an aggregate beneficial ownership of 390,473 shares of System1, Inc. Class A Common Stock.
• This represents 4.8% of the Class A Common Stock outstanding, based on 8,128,321 shares as of October 29, 2025, as reported by System1, Inc. in its Quarterly Report on Form 10-Q.
• The ownership is comprised of 385,137 shares directly owned by William P. Foley, II and 5,336 shares directly owned by Trasimene Trebia, LLC.
• The amendment was filed because the Reporting Persons' ownership percentage changed by more than one percent from their previously reported ownership.
• The Reporting Persons certified that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral, as this is a standard regulatory disclosure of beneficial ownership, not an announcement of performance or strategic changes. The change in ownership percentage by more than 1% is a factual trigger for the amendment, not inherently positive or negative without further context of the previous filing.

Positives

• A significant investor, William P. Foley, II, maintains a substantial stake in System1, Inc., indicating continued interest in the company.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding System1, Inc.'s future performance or strategy.

Management Comments

• The Reporting Persons certified 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 System1, Inc.

Industry Context

This filing reflects a routine disclosure of a significant investor's stake in a publicly traded company, common across various industries for transparency and regulatory compliance. Such disclosures provide insight into the holdings of major shareholders.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant investor's stake, which can influence market perception and investor confidence.

Next Steps

• No specific future actions, events, or milestones are mentioned in this ownership disclosure filing.

Key Dates

Recommendation

This Schedule 13G Amendment No. 1 is a routine regulatory filing disclosing an updated beneficial ownership stake by William P. Foley, II and Trasimene Trebia, LLC in System1, Inc. The filing indicates a change in ownership by more than one percent, bringing their aggregate stake to 4.8%. While it provides transparency on a significant investor's position, it does not contain new financial performance data, strategic announcements, or forward-looking guidance that would warrant a change in investment recommendation. The certification that the shares are not held for control purposes further suggests a passive investment stance. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present new information to alter an existing investment thesis.

Keywords

System1 Inc., William P. Foley II, Trasimene Trebia LLC, Schedule 13G, Beneficial Ownership, Class A Common Stock, SEC Filing, Institutional Investor