Standard Investments (NYSE: ASH) lifts Ashland exposure to about 9.88%

Rhea-AI Filing Summary

Standard Investments LLC and related funds filed Amendment No. 3 to their Schedule 13D on Ashland Inc. They now report beneficial ownership of 4,095,001 shares of Ashland common stock, representing 8.943% of the 45,787,777 shares outstanding as of March 31, 2026.

The shares were acquired by Standard Latitude Master Fund Ltd. in open market purchases using working capital, for a total cost of $212,895,232.49 including brokerage commissions. The group states they bought additional shares because they view Ashland stock as an attractive investment opportunity.

Concurrently with these purchases, Standard Latitude Master terminated an additional portion of its Total Return Swaps covering 490,000 shares, or 1.07% of Ashland’s outstanding shares. After combining remaining swaps with directly owned shares, the reporting persons have economic exposure to approximately 9.88% of Ashland’s shares.

Insights

Equity ownership & activism analyst

Standard Investments lifts its Ashland economic exposure to just under 10%.

The filing shows Standard Investments and affiliated funds increasing their beneficial stake in Ashland Inc. to 4,095,001 shares, or 8.943% of the company, based on 45,787,777 shares outstanding as of March 31, 2026. Purchases were made in the open market using fund capital.

They paid a total of $212,895,232.49 for the reported shares and describe Ashland stock as an “attractive investment opportunity,” signaling a constructive view rather than an exit. At the same time, they partially unwound Total Return Swaps on 490,000 shares, equal to 1.07% of outstanding shares.

After these trades and swap terminations, the group’s combined beneficial holdings and remaining swaps create economic exposure to about 9.88% of Ashland’s shares. This level often reflects a meaningful but not controlling position. Future company or fund disclosures may clarify whether the position remains purely financial or supports specific strategic views.

Key Figures

Beneficially owned shares: 4,095,001 shares Beneficial ownership percentage: 8.943% Shares outstanding: 45,787,777 shares +4 more

7 metrics

Beneficially owned shares 4,095,001 shares Ashland common stock beneficially owned by each reporting person

Beneficial ownership percentage 8.943% Portion of Ashland’s 45,787,777 shares outstanding as of March 31, 2026

Shares outstanding 45,787,777 shares Ashland shares outstanding as of March 31, 2026 per Form 10-Q

Total purchase price $212,895,232.49 Cost of shares bought by Standard Latitude Master, including commissions

Swaps terminated 490,000 shares Reference amount of Total Return Swaps terminated early (1.07% of shares)

Economic exposure 9.88% of shares Combined beneficially owned shares and remaining Total Return Swaps

Event date May 15, 2026 Date of event requiring the Schedule 13D/A amendment

Key Terms

Schedule 13D, beneficial ownership, Total Return Swaps, economic exposure, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No. 3 amends and supplements the filed by the Reporting Persons... relating to their beneficial ownership"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership financial

"relating to their beneficial ownership in Ashland Inc. (the "Issuer")"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Total Return Swaps financial

"Standard Latitude Master terminated early an additional portion of the Total Return Swaps"

A total return swap is a contract where one party agrees to pay another the full economic performance—price changes plus income—of an asset, while the other party pays a regular fee or interest. Think of it like renting the gains and losses of a stock or bond without owning it: investors can gain exposure, hedge positions, or add leverage more cheaply, but they take on the risk that the counterparty might fail to honor payments and that synthetic holdings can affect leverage and transparency.

economic exposure financial

"the Reporting Persons have economic exposure to the Issuer... of approximately 9.88% of the Shares outstanding"

open market purchases financial

"The Shares reported in this Amendment were purchased by Standard Latitude Master in open market purchases"

Open market purchases are buys of a company’s shares (or other securities) made on public exchanges at prevailing market prices rather than through private deals. For investors this matters because when a company buys back its own stock it reduces the number of shares available, which can boost per-share earnings and often signals management’s confidence; it also affects supply, demand and short-term liquidity much like someone quietly buying up items from a crowded marketplace.

brokerage commissions financial

"The total purchase price for the Shares reported herein was $212,895,232.49, including brokerage commissions"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Ashland Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

044186104

(CUSIP Number)

David S. Winter
Standard Investments LLC, 9 West 57th Street, 47th Floor
New York, NY, 10019
(212) 821-1600

David J. Millstone
Standard Investments LLC, 9 West 57th Street, 47th Floor
New York, NY, 10019
(212) 821-1600

Kyle A. Harris, Esq.
Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza
New York, NY, 10006
(212) 225-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/15/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

Standard Investments LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

SI GP III LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

Standard Latitude Master Fund Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

Standard Latitude Fund LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

David S. Winter

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 044186104

1

Name of reporting person

David J. Millstone

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,001.00

11

Aggregate amount beneficially owned by each reporting person

4,095,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.943 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Ashland Inc.
(c)	Address of Issuer's Principal Executive Offices: 8145 Blazer Drive, Wilmington, DELAWARE , 19808.
Item 1 Comment: This Amendment No. 3 (this "Amendment") amends and supplements the Schedule 13D filed by the Reporting Persons with the U.S. Securities and Exchange Commission (the "SEC") on December 1, 2025 (as amended and supplemented by that certain Amendment No. 1 filed by the Reporting Persons with the SEC on May 6, 2026 and that certain Amendment No. 2 filed by the Reporting Persons with the SEC on May 12, 2026, the "Initial 13D", and such Amendment No. 2, the "Amendment No. 2"), relating to their beneficial ownership in Ashland Inc. (the "Issuer"). Except to the extent set forth in this Amendment, all information disclosed in the Initial 13D remains unchanged. Capitalized terms not defined in this Amendment shall have the respective meanings ascribed to them in the Initial 13D. This Amendment is being filed to reflect an increase in the number of Shares that the Reporting Persons may beneficially own of greater than 1% of the total number of Shares outstanding relative to that disclosed in the Amendment No. 2. The information set forth in this Amendment is current as of 4:00 p.m., New York City time, on May 15, 2026.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is amended and supplemented by adding the following: The Shares reported in this Amendment were purchased by Standard Latitude Master in open market purchases using its working capital. The total purchase price for the Shares reported herein was $212,895,232.49, including brokerage commissions. All or part of the Shares owned by the Reporting Persons may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such bank(s) or brokerage firm(s) to the Reporting Persons. Such indebtedness may be refinanced with other banks or broker dealers.
Item 4.	Purpose of Transaction
	Item 4 is amended and supplemented by adding the following: The Reporting Persons acquired additional Shares as disclosed in Item 5(c) below because they believe the Shares represent an attractive investment opportunity.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is amended and supplemented by adding the following: See rows (11) and (13) of the cover pages to this Amendment for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The aggregate percentage of Shares reported beneficially owned by each of the Reporting Persons is based upon 45,787,777 Shares outstanding, as of March 31, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on April 29, 2026. The filing of this Amendment shall not be deemed an admission that any Reporting Person is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	Item 5(b) is amended and supplemented by adding the following: See rows (7) through (10) of the cover pages to this Amendment for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	Item 5(c) is amended and supplemented by adding the following: Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty (60) days or since the most recent amendment to this Schedule 13D, whichever is less, is set forth in Schedule 1 attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the Shares listed therein were effected in the open market through various brokerage entities.
(d)	Item 5(d) is amended and supplemented by adding the following: No persons other than the Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares reported in this Amendment.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is amended and supplemented by adding the following: Concurrently with the Share purchases disclosed in Item 5(c), Standard Latitude Master terminated early an additional portion of the Total Return Swaps, which terminated portion covered an aggregate of 490,000 Shares (representing 1.07% of the Shares of the Issuer) (the "Swap Early Terminations #3"). These Swap Early Terminations #3 have no effect on the number of shares beneficially owned by Standard Latitude Master. Following the Share purchases described in Item 5(c) above and the Swap Early Terminations #3 described herein, the Reporting Persons have economic exposure to the Issuer, when the remaining Total Return Swaps and beneficially owned Shares are combined, of approximately 9.88% of the Shares outstanding.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1* - Joint Filing Agreement by and among the Reporting Persons, dated December 1, 2025. * Previously filed.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Standard Investments LLC

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Managing Member
Date:	05/18/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Managing Member
Date:	05/18/2026

SI GP III LLC

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Principal
Date:	05/18/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Principal
Date:	05/18/2026

Standard Latitude Master Fund Ltd.

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Director
Date:	05/18/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Director
Date:	05/18/2026

Standard Latitude Fund LP

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Principal of SI GP III LLC, its General Partner
Date:	05/18/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Principal of SI GP III LLC, its General Partner
Date:	05/18/2026

David S. Winter

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Individually
Date:	05/18/2026

David J. Millstone

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Individually
Date:	05/18/2026

FAQ

How many Ashland (ASH) shares does Standard Investments now beneficially own?

Standard Investments and its affiliated funds report beneficial ownership of 4,095,001 Ashland shares. This represents 8.943% of Ashland’s 45,787,777 shares outstanding, based on the company’s Form 10-Q dated March 31, 2026.

What percentage of Ashland (ASH) does Standard Investments economically control after this amendment?

The reporting group has economic exposure to about 9.88% of Ashland shares. This combines their beneficially owned 4,095,001 shares with exposure from remaining Total Return Swaps after recent partial terminations.

How much did Standard Investments pay for its Ashland (ASH) share purchases?

The shares reported in this amendment were acquired for a total of $212,895,232.49, including brokerage commissions. Purchases were made in open market transactions using the working capital of Standard Latitude Master Fund Ltd.

Why did Standard Investments increase its Ashland (ASH) position?

The filing states the reporting persons acquired additional Ashland shares because they believe the stock represents an attractive investment opportunity. This language indicates a positive investment view, without detailing any specific strategic plans.

What change did Standard Investments make to its Ashland Total Return Swaps?

Concurrently with buying more Ashland shares, Standard Latitude Master terminated a portion of its Total Return Swaps covering 490,000 shares, or 1.07% of outstanding shares. The amendment notes this termination does not change its beneficial share count.

How large is Ashland’s share count used in this Schedule 13D/A amendment?

The reported ownership percentages are based on 45,787,777 Ashland shares outstanding as of March 31, 2026. This figure comes from Ashland’s Form 10-Q filed with the SEC on April 29, 2026, and is used to calculate the 8.943% stake.