SCHEDULE: Paulson & Co. Boosts Thryv Holdings Stake to 19.12%

Paulson & Co. Inc. has disclosed an increased beneficial ownership of 19.12% in Thryv Holdings, Inc., holding 8,443,835 shares of common stock.

Summary

• Paulson & Co. Inc. reported beneficial ownership of 8,443,835 shares of Thryv Holdings, Inc. common stock.
• This represents 19.12% of the total outstanding common stock of Thryv Holdings, Inc.
• The ownership is based on 44,165,023 shares outstanding as of February 24, 2026, as disclosed in Thryv's Annual Report on Form 10-K.
• Paulson & Co. Inc. acts as an investment adviser to various funds that own these securities and disclaims beneficial ownership of the securities themselves.
• The filing is an Amendment No. 3 to a Schedule 13G, indicating an update to their previous disclosure.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as moderately positive. A significant stake by a reputable investment adviser like Paulson & Co. Inc. can be interpreted as a vote of confidence in Thryv Holdings, Inc., potentially signaling undervaluation or strong future prospects.

Positives

• A significant stake by a prominent investment adviser like Paulson & Co. Inc. can signal confidence in Thryv Holdings, Inc.'s long-term prospects.
• Paulson & Co. Inc. holds sole voting and dispositive power over the 8,443,835 shares, indicating a concentrated position.

Risks

• Paulson & Co. Inc. disclaims beneficial ownership of the securities, stating they are owned by the funds they advise, which could imply a lack of direct financial exposure for Paulson & Co. Inc. itself.
• The certification states the securities were not acquired for the purpose of changing or influencing control, 'other than activities solely in connection with a nomination under Rule 14a-11'. This exception could imply potential future engagement in proxy contests or board nominations, which can sometimes be contentious.

Future Outlook

NA

Management Comments

• Paulson & Co. Inc. disclaims beneficial ownership of such securities.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

StockSavvy.ai notes that a significant stake (over 5%) by an institutional investor like Paulson & Co. Inc. in a company like Thryv Holdings, Inc. often signals a belief in the company's underlying value or future growth potential. Such disclosures can attract attention from other institutional investors and potentially influence market perception, especially when it's an amendment indicating a change in their position.

Comparison to Industry Standards

• Paulson & Co. Inc.'s 19.12% stake in Thryv Holdings, Inc. is a substantial position for an institutional investor, often indicating a high-conviction investment. For comparison, activist investors typically build stakes in the 5-20% range to exert influence, though Paulson & Co. Inc. explicitly disclaims intent to control, with the exception of potential Rule 14a-11 nominations.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a large institutional stake by Paulson & Co. Inc. could be seen as a positive signal, potentially increasing investor confidence and attracting further investment.
• Management: Management may need to consider the implications of a large, active investor, especially given the allowance for Rule 14a-11 nominations.

Next Steps

• Paulson & Co. Inc. may engage in activities solely in connection with a nomination under Rule 14a-11, which relates to proxy solicitations for director elections.

Key Dates

Recommendation

The filing indicates a significant, high-conviction stake by a major investment adviser, Paulson & Co. Inc., in Thryv Holdings, Inc. While this is generally a positive signal, the filing itself does not provide new financial performance data or strategic updates from Thryv. The "other than activities solely in connection with a nomination under Rule 14a-11" clause suggests potential future engagement, which could introduce volatility. Without further information on Thryv's operational performance or Paulson's specific intentions, a "hold" recommendation is prudent, acknowledging the positive signal of institutional interest while awaiting more fundamental company-specific news.

Keywords

Thryv Holdings, Paulson & Co., Schedule 13G, beneficial ownership, common stock, investment adviser, institutional investor, equity stake, TRVY