ADW Capital updates 14% stake in Compass Diversified

ADW Capital Partners and affiliates amended their Schedule 13D on Compass Diversified Holdings to report beneficial ownership of 10,500,000 shares, or 14.0% of the class.

Rhea-AI Filing Summary

ADW Capital Partners and affiliates amended their Schedule 13D on Compass Diversified Holdings to report beneficial ownership of 10,500,000 shares, or 14.0% of the class. This total includes 6,750,000 shares that could be acquired within 60 days through call options.

On April 2, 2026, ADW Capital Partners, L.P. spent approximately $8,610,000 to purchase call options referencing 3,000,000 shares with a strike price of $8.00 per share expiring January 15, 2027, and sold call options referencing 3,000,000 shares with a strike price of $15.00 per share expiring on the same date.

FAQ

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

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

ADW Capital and related reporting persons now report beneficial ownership of 10,500,000 Compass Diversified shares, representing 14.0% of the outstanding class. This figure includes shares that could be acquired through call options exercisable within 60 days.

How many Compass Diversified (CODI) shares are outstanding in this filing?

The filing states that Compass Diversified has 75,235,966 shares outstanding as of February 24, 2026. This share count is used to calculate the reporting persons’ 14.0% beneficial ownership disclosed in the amended Schedule 13D.

What call options on CODI did ADW Capital purchase on April 2, 2026?

On April 2, 2026, ADW Capital Partners, L.P. purchased call options on 3,000,000 Compass Diversified shares with an $8.00 per share exercise price, expiring on January 15, 2027. The filing notes they spent approximately $8,610,000 on these options.

What call options on CODI did ADW Capital sell on April 2, 2026?

The filing reports that ADW Capital Partners, L.P. sold call options on 3,000,000 Compass Diversified shares with a $15.00 per share exercise price, expiring on January 15, 2027, for proceeds of approximately $3,411,730 in that transaction.

How much of ADW Capital’s CODI stake comes from options?

The reporting persons’ disclosed holdings include 6,750,000 Compass Diversified shares that may be acquired within 60 days upon exercise of call options. These option-linked shares form a significant portion of the reported 10,500,000-share, 14.0% beneficial ownership position.

Who are the reporting persons in this Compass Diversified (CODI) Schedule 13D/A?

The amended Schedule 13D lists ADW Capital Partners, L.P., ADW Capital Management, LLC, and Adam D. Wyden as reporting persons. Each reports the same 10,500,000 shares beneficially owned, with shared voting and dispositive power over these securities.

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Accepted by SEC EDGAR 04/06/2026 - 04:40 PM 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)

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)

04/02/2026

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

11

Aggregate amount beneficially owned by each reporting person

10,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 6,750,000 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 10,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,500,000.00

11

Aggregate amount beneficially owned by each reporting person

10,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

HC, IA

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 6,750,000 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 10,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,500,000.00

11

Aggregate amount beneficially owned by each reporting person

10,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The figures in Items 8, 10 and 11 include 6,750,000 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 April 2, 2026, the Reporting Persons expended approximately $8,610,000 to purchase call options referencing an aggregate of 3,000,000 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 transaction 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 April 2, 2026, ADW Capital Partners, L.P. purchased call options referencing an aggregate of 3,000,000 Shares. The call options have an exercise price of $8.00 per share and expire on January 15, 2027. On April 2, 2026, ADW Capital Partners, L.P. sold call options referencing an aggregate of 3,000,000 Shares for approximately $3,411,730. 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 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:	04/06/2026

ADW Capital Management, LLC

Signature:	/s/ Adam D. Wyden
Name/Title:	Sole Manager
Date:	04/06/2026

Adam D. Wyden

Signature:	/s/ Adam D. Wyden
Name/Title:	Adam D. Wyden
Date:	04/06/2026