SCHEDULE: Fund 1 Investments Discloses 10.5% Passive Stake in Torrid Holdings Inc.

Fund 1 Investments, LLC has reported a passive beneficial ownership of 10.5% in Torrid Holdings Inc., holding 10,433,112 shares of common stock.

Summary

• Fund 1 Investments, LLC reported beneficial ownership of 10,433,112 shares of Torrid Holdings Inc. common stock as of June 30, 2025.
• This ownership represents approximately 10.5% of Torrid Holdings Inc.'s outstanding common stock.
• The shares are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser.
• The percentage of ownership is calculated based on 99,041,174 shares outstanding as of June 26, 2025, following a secondary offering and concurrent share repurchase by Torrid Holdings Inc.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Torrid Holdings Inc.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive institutional investment, which is generally a positive signal of confidence in the company, although it provides no operational or financial performance details.

Positives

• A significant institutional investor, Fund 1 Investments, LLC, has taken a substantial 10.5% stake in Torrid Holdings Inc., which can be interpreted as a vote of confidence in the company's long-term prospects.
• The investment is declared as passive, indicating that the investor is not seeking to influence control, which may be viewed favorably by existing management and other shareholders.

Risks

• This Schedule 13G filing is a disclosure of beneficial ownership and does not contain specific risk factors related to Torrid Holdings Inc.'s operations or financial performance.

Future Outlook

This document is a Schedule 13G filing, which reports beneficial ownership and does not provide forward-looking statements or guidance from Torrid Holdings Inc.

Management Comments

• Benjamin C. Cable, Chief Operating Officer of Fund 1 Investments, LLC, certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing indicates a significant passive investment by an institutional fund in a publicly traded apparel retailer. Such disclosures are standard for large institutional investors taking substantial, non-controlling stakes in companies within their investment portfolios, reflecting ongoing capital allocation within the retail sector.

Comparison to Industry Standards

• This document is a standard Schedule 13G filing, which is a regulatory disclosure of beneficial ownership. It does not contain performance metrics of Torrid Holdings Inc. that would allow for a direct comparison to industry standards or specific comparable companies or projects.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by an institutional investor may be viewed positively, potentially increasing investor confidence in Torrid Holdings Inc.

Key Dates

Keywords

Torrid Holdings, Fund 1 Investments, SEC filing, Schedule 13G, beneficial ownership, common stock, institutional investment, passive stake, apparel retail