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ADW Capital adjusts Compass Diversified (NYSE: CODI) call option positions

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Compass Diversified Holdings received a Form 4 showing derivative trades by entities affiliated with ADW Capital. ADW Capital Partners, L.P. sold 30,000 call options described as an obligation to sell at a price of $2.48 per option, referencing 3,000,000 underlying common shares. On the same date, it purchased 30,000 call options described as a right to buy at $5.30 per option, also referencing 3,000,000 underlying common shares. Both option positions carry exercise prices of $20.00 and $10.00 respectively and expire on January 15, 2027. The filing states that ADW Capital Management, LLC and Adam D. Wyden may be deemed to beneficially own these securities through their roles, but each reporting person disclaims beneficial ownership except to the extent of their pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

ADW Capital rebalances its Compass Diversified call option exposure.

The Form 4 shows ADW Capital Partners, L.P. simultaneously selling and buying 30,000 call options tied to Compass Diversified Holdings common shares. It sold call options with a $20.00 exercise price at a premium of $2.48, and bought call options with a $10.00 exercise price at $5.30, both expiring on January 15, 2027.

The matched sizes and common expiration date suggest a repositioning of derivative exposure rather than a simple directional bet, with each series referencing 3,000,000 underlying common shares. Because the filing does not show remaining derivative positions, the scale relative to ADW’s total stake cannot be assessed from this document alone.

Footnotes clarify that ADW Capital Partners is the direct beneficial owner, while ADW Capital Management, LLC and Adam D. Wyden may be deemed beneficial owners but disclaim beneficial ownership beyond their pecuniary interests. This makes the activity more about fund-level positioning than personal trading decisions.

Insider ADW Capital Management, LLC, ADW Capital Partners, L.P., Wyden Adam D
Role null | null | null
Bought 30,000 shs ($159K)
Sold 30,000 shs ($74K)
Type Security Shares Price Value
Purchase Call Option (Right to Buy) 30,000 $5.30 $159K
Sale Call Option (Obligation to Sell) 30,000 $2.48 $74K
Holdings After Transaction: Call Option (Right to Buy) — 30,000 shares (Indirect, See Footnotes); Call Option (Obligation to Sell) — 30,000 shares (Indirect, See Footnotes)
Footnotes (1)
  1. This statement is being jointly filed by and on behalf of each of ADW Capital Partners, L.P., a Delaware limited partnership ("ADW Capital Partners"), ADW Capital Management, LLC, a Delaware limited liability company ("ADW Capital Management"), and Adam D. Wyden. ADW Capital Partners is the record and direct beneficial owner of the securities covered by this statement. ADW Capital Management is the general partner and investment manager of, and may be deemed to beneficially own securities owned by, ADW Capital Partners. Mr. Wyden is the sole manager of, and may be deemed to beneficially own securities owned by, ADW Capital Management. Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Act"), or otherwise, the beneficial owner of any securities covered by this statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities. Each reporting person, among others, may be deemed to be a member of a group with respect to Compass Diversified Holdings (the "Issuer"), or securities of the Issuer for purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer. Freely exercisable.
Call options sold 30,000 derivative securities Call Option (Obligation to Sell) at $2.48 premium
Call options bought 30,000 derivative securities Call Option (Right to Buy) at $5.30 premium
Exercise prices $20.00 and $10.00 per share Strike prices of sold and bought call options
Expiration date January 15, 2027 Expiration for both call option positions
Underlying shares per leg 3,000,000 underlying shares Compass Diversified common shares referenced by each option leg
Call Option (Obligation to Sell) financial
"security_title: "Call Option (Obligation to Sell)""
Call Option (Right to Buy) financial
"security_title: "Call Option (Right to Buy)""
beneficial owner financial
"ADW Capital Partners is the record and direct beneficial owner of the securities"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
pecuniary interest financial
"disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest"
Section 16 of the Securities Exchange Act of 1934 regulatory
"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"
A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
ADW Capital Management, LLC
(Last)(First)(Middle)
6431 ALLISON ROAD
(Street)
MIAMI BEACH FLORIDA 33141
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Compass Diversified Holdings [ CODI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Call Option (Right to Buy)$1005/07/2026P30,000 (4)01/15/2027Common Shares3,000,000$5.330,000ISee Footnotes(1)(2)(3)
Call Option (Obligation to Sell)$2005/07/2026S30,000 (4)01/15/2027Common Shares3,000,000$2.4830,000ISee Footnotes(1)(2)(3)
1. Name and Address of Reporting Person*
ADW Capital Management, LLC
(Last)(First)(Middle)
6431 ALLISON ROAD
(Street)
MIAMI BEACH FLORIDA 33141
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
ADW Capital Partners, L.P.
(Last)(First)(Middle)
6431 ALLISON ROAD
(Street)
MIAMI BEACH FLORIDA 33141
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Wyden Adam D
(Last)(First)(Middle)
6431 ALLISON ROAD
(Street)
MIAMI BEACH FLORIDA 33141
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. This statement is being jointly filed by and on behalf of each of ADW Capital Partners, L.P., a Delaware limited partnership ("ADW Capital Partners"), ADW Capital Management, LLC, a Delaware limited liability company ("ADW Capital Management"), and Adam D. Wyden. ADW Capital Partners is the record and direct beneficial owner of the securities covered by this statement. ADW Capital Management is the general partner and investment manager of, and may be deemed to beneficially own securities owned by, ADW Capital Partners. Mr. Wyden is the sole manager of, and may be deemed to beneficially own securities owned by, ADW Capital Management.
2. Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Act"), or otherwise, the beneficial owner of any securities covered by this statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.
3. Each reporting person, among others, may be deemed to be a member of a group with respect to Compass Diversified Holdings (the "Issuer"), or securities of the Issuer for purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.
4. Freely exercisable.
ADW CAPITAL PARTNERS, L.P., By: ADW Capital Management, LLC, Its: General Partner, By: /s/ Adam D. Wyden, Name: Adam D. Wyden, Title: Sole Manager05/11/2026
ADW CAPITAL MANAGEMENT, LLC, By: /s/ Adam D. Wyden, Name: Adam D. Wyden, Title: Sole Manager05/11/2026
ADAM D. WYDEN, /s/ Adam D. Wyden05/11/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider derivative transactions did ADW Capital report in CODI?

ADW Capital Partners, L.P. reported selling 30,000 call options and buying 30,000 call options on Compass Diversified common shares. The options have different exercise prices but share the same January 15, 2027 expiration date, indicating a restructuring of derivative exposure rather than a single-direction move.

Who is the direct beneficial owner in the Compass Diversified Form 4?

The Form 4 states that ADW Capital Partners, L.P. is the record and direct beneficial owner of the reported securities. ADW Capital Management, LLC and Adam D. Wyden may be deemed beneficial owners through their roles but each disclaims beneficial ownership except for their pecuniary interests.

What are the key terms of the call options ADW Capital sold on CODI?

ADW Capital Partners sold 30,000 call options described as an obligation to sell, with an exercise price of $20.00 and a premium of $2.48 per option. These options reference 3,000,000 Compass Diversified common shares and expire on January 15, 2027, according to the Form 4.

What are the key terms of the call options ADW Capital bought on CODI?

ADW Capital Partners bought 30,000 call options described as a right to buy, with an exercise price of $10.00 and a premium of $5.30 per option. These options also reference 3,000,000 Compass Diversified common shares and share the same January 15, 2027 expiration date.

How does the Form 4 describe beneficial ownership for ADW Capital and Adam Wyden?

The Form 4 explains that ADW Capital Management, LLC and Adam D. Wyden may be deemed to beneficially own securities held by ADW Capital Partners. However, each reporting person disclaims beneficial ownership of the securities, except to the extent of that person’s pecuniary interest in them.

What does the Form 4 reveal about ADW Capital’s net trading direction in CODI options?

The filing shows matched volumes: 30,000 call options sold and 30,000 call options purchased, resulting in a neutral net share count. It indicates a mixed trading direction in derivatives rather than a straightforward increase or decrease in overall option exposure based solely on this document.