ADW Capital (NYSE: CODI) discloses 7.5M-share Compass Diversified stake

Rhea-AI Filing Summary

ADW Capital Partners and related parties amended their ownership filing on Compass Diversified Holdings to report beneficial ownership of 7,500,000 shares, or 9.9% of the class. This total includes 3,750,000 shares that could be acquired within 60 days through call options.

On March 26, 2026, ADW Capital Partners spent approximately $4,322,500 to buy call options on 1,750,000 shares with a $7.00 exercise price, expiring January 15, 2027, and sold call options on 1,750,000 shares with a $15.00 exercise price, also expiring January 15, 2027. On February 27, 2026, it sold call options on 500 shares for about $590 with a $15.00 exercise price expiring January 15, 2027.

Insights

Equity ownership & derivatives analyst

ADW Capital reports a 9.9% economic stake in Compass Diversified, partly via call options.

ADW Capital Partners, its management entity, and Adam D. Wyden together report beneficial ownership of 7,500,000 Compass Diversified shares, equal to 9.9% of the class, based on 75,235,966 shares outstanding as of February 24, 2026. Half of this exposure can be acquired within 60 days through call options.

The filing details a derivatives structure: on March 26, 2026 ADW Capital Partners purchased call options on 1,750,000 shares with a $7.00 strike and sold call options on 1,750,000 shares with a $15.00 strike, all expiring on January 15, 2027, after previously selling call options on 500 shares with a $15.00 strike. This creates leveraged, capped-upside exposure while generating option premium.

The position keeps reported beneficial ownership just under the 10% threshold, which is often a key regulatory line for investors. Subsequent filings may provide further detail on any changes to this equity and options exposure.

Key Figures

Beneficial ownership: 7,500,000 shares Ownership percentage: 9.9% of class Shares via call options: 3,750,000 shares +5 more

8 metrics

Beneficial ownership 7,500,000 shares Aggregate Compass Diversified shares reported as beneficially owned

Ownership percentage 9.9% of class Based on 75,235,966 shares outstanding as of February 24, 2026

Shares via call options 3,750,000 shares Shares that may be acquired within 60 days through call options

Outstanding shares baseline 75,235,966 shares Shares outstanding as of February 24, 2026 per Form 10-K

Option purchase outlay $4,322,500 Amount spent March 26, 2026 on call options for 1,750,000 shares

Low-strike call options $7.00 per share Exercise price for 1,750,000-share call options expiring January 15, 2027

High-strike call options $15.00 per share Exercise price for call options on 500 and 1,750,000 shares, expiring January 15, 2027

Option premium received $1,718,963 Approximate proceeds from selling 1,750,000-share call options on March 26, 2026

Key Terms

beneficially owned, call options, shared voting power, shared dispositive power, +2 more

6 terms

beneficially owned financial

"The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person"

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.

call options financial

"purchased call options referencing an aggregate of 1,750,000 Shares in an open market transaction"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.

shared voting power financial

"Shared Voting Power 7,500,000.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 7,500,000.00"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

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.

Joint Filing Agreement regulatory

"Exhibit 99.1 Joint Filing Agreement (incorporated herein by reference)"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

COMPASS DIVERSIFIED HOLDINGS

(Name of Issuer)

Shares representing beneficial interests in Compass Diversified Holdings

(Title of Class of Securities)

20451Q104

(CUSIP Number)

C. Robert Bruner
2801 N. Harwood Street, Suite 2300
Dallas, TX, 75201
(214) 651-5231

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

03/26/2026

(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): 20451Q104

1

Name of reporting person

ADW Capital Partners, L.P.

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 7,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,500,000.00

11

Aggregate amount beneficially owned by each reporting person

7,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 3,750,000 Shares representing beneficial interests in Compass Diversified Holdings ("Shares") that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Shares. The percentage in Item 13 is based upon 75,235,966 Shares outstanding as of February 24, 2026, according to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Compass Diversified Holdings (the "Issuer") with the U.S. Securities and Exchange Commission (the "SEC") on February 27, 2026.

SCHEDULE 13D

CUSIP Number(s): 20451Q104

1

Name of reporting person

ADW Capital Management, 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 7,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,500,000.00

11

Aggregate amount beneficially owned by each reporting person

7,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

HC, IA

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 3,750,000 Shares that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Shares. The percentage in Item 13 is based upon 75,235,966 Shares outstanding as of February 24, 2026, according to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the Issuer with the SEC on February 27, 2026.

SCHEDULE 13D

CUSIP Number(s): 20451Q104

1

Name of reporting person

Adam D. Wyden

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 7,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,500,000.00

11

Aggregate amount beneficially owned by each reporting person

7,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 3,750,000 Shares that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Shares. The percentage in Item 13 is based upon 75,235,966 Shares outstanding as of February 24, 2026, according to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the Issuer with the SEC on February 27, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Shares representing beneficial interests in Compass Diversified Holdings
(b)	Name of Issuer: COMPASS DIVERSIFIED HOLDINGS
(c)	Address of Issuer's Principal Executive Offices: 301 Riverside Avenue, Second Floor, Westport, CONNECTICUT , 06880.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and supplemented as follows: "On March 26, 2026, the Reporting Persons expended an approximately $4,322,500 to purchase call options referencing an aggregate of 1,750,000 Shares in an open market transaction. The funds used for the purchase of the securities reported in this Schedule 13D were derived from the general working capital of ADW Capital Partners, L.P."
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended and restated in its entirety as follows: "The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is stated in Items 11 and 13 on the cover pages hereto.
(b)	Number of shares as to which each Reporting Person has (i) sole power to vote or direct the vote: See Item 7 on the cover pages hereto. (ii) shared power to vote or direct the vote See Item 8 on the cover pages hereto. (iii) sole power to dispose or to direct the disposition of: See Item 9 on the cover pages hereto. (iv) shared power to dispose or to direct the disposition of: See Item 10 on the cover pages hereto.
(c)	The information set forth in Item 6 of this Schedule 13D is incorporated by reference. Other than as reported in Item 6 of this Schedule 13D, none of the Reporting Persons have effected any transactions in the Shares during the past 60 days or since the most recent filing of Schedule 13D, whichever is less.
(d)	No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Schedule 13D.
(e)	Not applicable."
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and supplemented as follows: "The information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. On February 27, 2026, ADW Capital Partners, L.P. sold call options referencing an aggregate of 500 Shares for approximately $590. The call options have an exercise price of $15.00 per share and expire on January 15, 2027. On March 26, 2026, ADW Capital Partners, L.P. purchased call options referencing an aggregate of 1,750,000 Shares. The call options have an exercise price of $7.00 per share and expire on January 15, 2027. On March 26, 2026, ADW Capital Partners, L.P. sold call options referencing an aggregate of 1,750,000 Shares for approximately $1,718,963. The call options have an exercise price of $15.00 per share and expire on January 15, 2027."
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended and restated in its entirety as follows: "Exhibit 99.1 Joint Filing Agreement (incorporated herein by reference to Exhibit 99.1 to the Schedule 13D filed by the Reporting Persons with the SEC on February 25, 2026). Exhibit 99.2 Annex A - Recent Transactions by the Reporting Persons (incorporated herein by reference to Exhibit 99.2 to the Schedule 13D filed by the Reporting Persons with the SEC on February 25, 2026). Exhibit 99.3 Letter to the Board of Directors of Compass Diversified Holdings, dated February 24, 2026 (incorporated herein by reference to Exhibit 99.3 to the Schedule 13D filed by the Reporting Persons with the SEC on February 25, 2026)"

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.

ADW Capital Partners, L.P.

Signature:	/s/ Adam D. Wyden
Name/Title:	Sole Manager of ADW Capital Management, LLC, its general partner
Date:	03/30/2026

ADW Capital Management, LLC

Signature:	/s/ Adam D. Wyden
Name/Title:	Sole Manager
Date:	03/30/2026

Adam D. Wyden

Signature:	/s/ Adam D. Wyden
Name/Title:	Adam D. Wyden
Date:	03/30/2026

FAQ

What stake does ADW Capital report in Compass Diversified (CODI)?

ADW Capital and related reporting persons disclose beneficial ownership of 7,500,000 Compass Diversified shares, representing 9.9% of the outstanding class. This figure includes shares currently held plus shares that can be acquired within 60 days through call options on 3,750,000 shares.

How many Compass Diversified shares back ADW Capital’s call options?

The filing states that 3,750,000 Compass Diversified shares may be acquired within 60 days upon exercising call options. This exposure forms part of the 7,500,000 shares reported as beneficially owned by ADW Capital Partners, ADW Capital Management, and Adam D. Wyden.

What option transactions did ADW Capital execute on March 26, 2026 in CODI?

On March 26, 2026, ADW Capital Partners bought call options referencing 1,750,000 Compass Diversified shares with a $7.00 strike, expiring January 15, 2027, spending about $4,322,500. It also sold call options on 1,750,000 shares with a $15.00 strike, expiring the same date, for roughly $1,718,963.

What earlier option trade did ADW Capital report in Compass Diversified?

On February 27, 2026, ADW Capital Partners sold call options referencing 500 Compass Diversified shares for approximately $590. These call options carry a $15.00 per share exercise price and expire on January 15, 2027, adding a small short-call component to its derivatives activity.

What share count did ADW Capital use to calculate its 9.9% CODI ownership?

The 9.9% figure is based on 75,235,966 Compass Diversified shares outstanding as of February 24, 2026. That share count comes from the company’s Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026.

Who are the reporting persons in ADW Capital’s Compass Diversified filing?

The Schedule 13D amendment lists ADW Capital Partners, L.P., ADW Capital Management, LLC, and Adam D. Wyden as reporting persons. Each reports shared voting and dispositive power over 7,500,000 Compass Diversified shares, reflecting coordinated investment and management of the position.