Standard Investments lifts Ashland stake to 7.9%

Standard Investments and affiliated funds filed Amendment No. 2 to Schedule 13D on Ashland Inc., reporting beneficial ownership of 3,605,001 common shares, or 7.873% of the company.

Rhea-AI Filing Summary

Standard Investments and affiliated funds filed Amendment No. 2 to Schedule 13D on Ashland Inc., reporting beneficial ownership of 3,605,001 common shares, or 7.873% of the company. The stake was built through open-market purchases by Standard Latitude Master Fund for a total of $185,427,584.24 including brokerage commissions.

The reporting group holds shared voting and dispositive power over all reported shares and may pledge some or all of them as loan collateral. Alongside these shares, they use Total Return Swaps, and after early terminating swaps on 490,000 shares, their combined economic exposure to Ashland is approximately 9.89% of shares outstanding.

The investors state they bought additional stock because they view Ashland shares as an attractive investment opportunity, and they expressly disclaim beneficial ownership of securities they do not directly own.

Insights

Equity ownership & activism analyst

Standard Investments increases Ashland exposure to just under 10% via shares and swaps.

The filing shows Standard Investments and related entities now beneficially own 3,605,001 Ashland shares, or 7.873% of the company, based on 45,787,777 shares outstanding as of March 31, 2026. Purchases used fund working capital totaling $185,427,584.24.

They also maintain exposure through Total Return Swaps. After terminating swaps on 490,000 shares, their combined economic exposure is about 9.89% of shares. The group cites viewing Ashland as an attractive investment, but the filing does not outline any specific plans, so implications depend on future disclosures or actions.

Key Figures

Beneficial ownership: 3,605,001 shares Ownership percentage: 7.873% Shares outstanding: 45,787,777 shares +3 more

6 metrics

Beneficial ownership 3,605,001 shares Ashland common stock beneficially owned by reporting persons

Ownership percentage 7.873% Percent of Ashland common stock based on 45,787,777 shares outstanding

Shares outstanding 45,787,777 shares Ashland shares outstanding as of March 31, 2026

Total purchase price $185,427,584.24 Aggregate consideration for reported Ashland share purchases including commissions

Swap early termination size 490,000 shares Reference shares for Total Return Swaps terminated early (1.07% of shares)

Total economic exposure 9.89% of shares Combined exposure via owned shares and remaining Total Return Swaps

Key Terms

Schedule 13D, beneficially owned, Total Return Swaps, economic exposure, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No. 2 amends and supplements the filed by the Reporting Persons with the U.S. Securities and Exchange Commission on December 1, 2025 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.

beneficially owned financial

"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."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Total Return Swaps financial

"Standard Latitude Master terminated early an additional portion of the Total Return Swaps, which terminated portion covered an aggregate of 490,000 Shares."

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

"Following the Share purchases and the Swap Early Terminations #2, the Reporting Persons have economic exposure to the Issuer of approximately 9.89% of the Shares outstanding."

Economic exposure is the degree to which a company’s future cash flows and overall value can change because of shifts in broad economic forces—most commonly currency rates, interest rates, or inflation. Think of a business as a sailboat whose speed and direction can be pushed off course by changing winds; investors care because greater exposure means more uncertainty in earnings and valuation, influencing risk assessment and hedging choices.

brokerage commissions financial

"The total purchase price for the Shares reported herein was $185,427,584.24, including brokerage commissions."

Brokerage commissions are fees charged by a broker for executing buy or sell orders of stocks, bonds, or other securities on an investor’s behalf. Think of them as a service or ticket fee paid each time you use a broker to make a trade; they reduce your net returns and can influence how often you trade, so investors weigh their size and structure when deciding where and how actively to invest.

working capital financial

"The Shares reported in this Amendment were purchased by Standard Latitude Master in open market purchases using its working capital."

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Standard Investments and its affiliated entities report beneficial ownership of 3,605,001 Ashland common shares, representing 7.873% of the company. This percentage is based on 45,787,777 shares outstanding as of March 31, 2026, from Ashland’s latest quarterly report.

What is Standard Investments’ total economic exposure to Ashland (ASH)?

Standard Investments’ total economic exposure to Ashland is approximately 9.89% of shares outstanding. This figure combines beneficially owned shares and exposure through remaining Total Return Swaps, after early terminating swaps referencing 490,000 shares during the reported period.

How much did Standard Investments pay for its reported Ashland (ASH) stake?

The reported Ashland shares were purchased by Standard Latitude Master Fund in open-market transactions for a total of $185,427,584.24, including brokerage commissions. The purchases were funded from the fund’s working capital, according to the Schedule 13D amendment.

Why did Standard Investments acquire additional Ashland (ASH) shares?

Standard Investments states it acquired additional Ashland shares because it believes they represent an attractive investment opportunity. This language appears in the purpose-of-transaction section, indicating an investment-driven rationale rather than a specified strategic or control-related plan at this stage.

What percentage of Ashland (ASH) does Standard Investments’ 3,605,001 shares represent?

The 3,605,001 Ashland shares reported represent 7.873% of the company’s outstanding common stock. This percentage is calculated using 45,787,777 shares outstanding as of March 31, 2026, as disclosed in Ashland’s Form 10-Q filed April 29, 2026.

What changes did Standard Investments make to its swap positions on Ashland (ASH)?

Alongside purchasing additional shares, Standard Latitude Master early terminated Total Return Swaps referencing 490,000 Ashland shares, or 1.07% of shares. The filing notes these terminations do not change the number of shares beneficially owned, only the derivative exposure mix.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/12/2026 - 08:15 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

05/11/2026

(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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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 3,605,001.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,605,001.00

11

Aggregate amount beneficially owned by each reporting person

3,605,001.00

12

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

13

Percent of class represented by amount in Row (11)

7.873 %

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. 2 (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, the "Initial 13D", and such Amendment No. 1, the "Amendment No. 1), 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. 1. The information set forth in this Amendment is current as of 4:00 p.m., New York City time, on May 11, 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 $185,427,584.24, 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 #2"). These Swap Early Terminations #2 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 #2 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 9.89% 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:	05/11/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Managing Member
Date:	05/11/2026

SI GP III LLC

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Principal
Date:	05/11/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Principal
Date:	05/11/2026

Standard Latitude Master Fund Ltd.

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Director
Date:	05/11/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Director
Date:	05/11/2026

Standard Latitude Fund LP

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Principal of SI GP III LLC, its General Partner
Date:	05/11/2026

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Principal of SI GP III LLC, its General Partner
Date:	05/11/2026

David S. Winter

Signature:	/s/ David S. Winter
Name/Title:	David S. Winter, Individually
Date:	05/11/2026

David J. Millstone

Signature:	/s/ David J. Millstone
Name/Title:	David J. Millstone, Individually
Date:	05/11/2026