Gate City Capital reports 5.8% stake in Clearwater Paper

Gate City Capital Management, LLC and Michael Melby report a passive ownership stake in Clearwater Paper Corp common stock.

Rhea-AI Filing Summary

Gate City Capital Management, LLC and Michael Melby report a passive ownership stake in Clearwater Paper Corp common stock. They beneficially own 938,496 Clearwater Paper common shares, representing 5.8% of the outstanding common stock.

The reporting persons have sole voting power and sole dispositive power over all 938,496 shares, with no shared voting or dispositive power. The shares are held in certain private investment funds and managed accounts advised by Gate City Capital Management, with Mr. Melby serving as managing member of the management company.

Key Figures

Beneficial ownership: 938,496 shares Percent of class: 5.8% Sole voting power: 938,496 shares +3 more

6 metrics

Beneficial ownership 938,496 shares Common shares of Clearwater Paper Corp beneficially owned by reporting persons

Percent of class 5.8% Percentage of Clearwater Paper common stock class beneficially owned

Sole voting power 938,496 shares Shares over which reporting persons have sole power to vote

Sole dispositive power 938,496 shares Shares over which reporting persons have sole power to dispose

CUSIP 18538R103 CUSIP number for Clearwater Paper Corp common stock

Signature date 08/14/2026 Date signed by Michael Melby as managing member

Key Terms

beneficially owned, sole voting power, sole dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 938496"

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.

sole voting power financial

"(i) Sole power to vote or to direct the vote: 938496"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"(iii) Sole power to dispose or to direct the disposition of: 938496"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

percent of class financial

"(b) | Percent of class: 5.8%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

managed accounts financial

"serves as an adviser to certain private investment funds and managed accounts"

Managed accounts are collections of investments owned by an individual or institution but run day-to-day by a professional who buys, sells and allocates assets according to an agreed plan. They matter to investors because they provide tailored oversight, active risk control and potential tax efficiency—like hiring a personal chef to manage your diet—while fees and the manager’s skill directly affect returns.

FAQ

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

What percentage of Clearwater Paper Corp (CLW) does Gate City Capital Management own?

Gate City Capital Management and Michael Melby beneficially own 5.8% of Clearwater Paper Corp’s common stock. This stake corresponds to 938,496 common shares held through private investment funds and managed accounts they advise.

How many Clearwater Paper (CLW) shares are reported as beneficially owned?

The filing reports beneficial ownership of 938,496 Clearwater Paper common shares. These shares carry sole voting and sole dispositive power for the reporting persons, with no shared voting or dispositive authority disclosed.

Who is the reporting person in this Schedule 13G for Clearwater Paper (CLW)?

The Schedule 13G is filed on behalf of Gate City Capital Management, LLC and Michael Melby. Gate City acts as adviser to certain funds, and Mr. Melby is the managing member of the management company.

What voting power does Gate City Capital report over Clearwater Paper (CLW) shares?

The reporting persons state sole voting power over 938,496 Clearwater Paper common shares and no shared voting power. They also report sole dispositive power over the same number of shares.

Where are the reporting persons in the Clearwater Paper (CLW) 13G based?

Gate City Capital Management lists its principal business office at 8725 W. Higgins Road, Suite 530, Chicago, IL 60631. Clearwater Paper’s principal executive offices are in Spokane, WA 99201.

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

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Available on EDGAR 08/14/2026 - 04:11 PM Accepted by SEC EDGAR 08/14/2026 - 04:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Clearwater Paper Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

18538R103

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 18538R103

1

Names of Reporting Persons

Gate City Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 938,496.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 938,496.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

938,496.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 18538R103

1

Names of Reporting Persons

Michael Melby

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 938,496.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 938,496.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

938,496.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This Schedule 13G (this "Schedule 13G") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13G relates to Common Shares (the "Common Shares") of the Issuer held by the Funds.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Clearwater Paper Corp
(b)	Address of issuer's principal executive offices: 601 West Riverside Avenue, Suite 1100, Spokane, WA 99201
Item 2.
(a)	Name of person filing: Gate City Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 8725 W. Higgins Road, Suite 530, Chicago, IL 60631
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 18538R103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 938496
(b)	Percent of class: 5.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 938496
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 938496
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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 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.

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.

Gate City Capital Management, LLC

Signature:	/s/ Michael Melby
Name/Title:	Michael Melby, Managing Member
Date:	08/14/2026

Michael Melby

Signature:	/s/ Michael Melby
Name/Title:	Michael Melby, Managing Member
Date:	08/14/2026