Creative Realities (Ticker: CREX) insiders detail preferred stake

Rhea-AI Filing Summary

Creative Realities, Inc. insider filing shows a large preferred equity position tied to several North Run entities. North Run Strategic Opportunities Fund I, LP directly holds 25,000 shares of Series A Convertible Preferred Stock and NR-SOF I (Co-Invest I), LP holds 5,000 shares, for a total of 30,000 preferred shares with a stated value of $1,000 each and a conversion price at issuance of $3.00 per share of common stock. These securities may be deemed indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as general partner, and by Thomas B. Ellis and Todd B. Hammer as members of that GP, although each party disclaims beneficial ownership beyond its pecuniary interest. The preferred stock is convertible at any time, with no expiration date, but is subject to blocker provisions that limit conversion if ownership would exceed 19.99% of the common stock or if total common shares issued upon conversion would exceed 2,102,734.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I, LP

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/06/2025

3. Issuer Name and Ticker or Trading Symbol
CREATIVE REALITIES, INC. [ CREX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	(2)	(2)	Common Stock	10,000,001(2)	$3(1)	I	See footnotes(1)(3)

1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I, LP

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I GP, LLC

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

NR-SOF I (Co-Invest I), LP

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ELLIS THOMAS B

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

HAMMER TODD B

(Last) (First) (Middle)

867 BOYLSTON STREET

5TH FLOOR #1361

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The reported securities consist of 25,000 shares of Series A Convertible Preferred Stock ("Preferred Stock" directly held by North Run Strategic Opportunities Fund I, LP ("NR-SOF") and 5,000 shares of Preferred Stock NR-SOF I (Co-Invest I), LP ("NR Co-Invest"), and may be deemed to be indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC ("NR GP") as the general partner of NR-SOF and NR Co-Invest. The reported securities may also be deemed to be indirectly beneficially owned by Thomas B. Ellis and Todd B. Hammer as members of NR GP. Each share of preferred stock has a stated value of $1,000 and a conversion price at issuance of $3.00.

2. The Series A Convertible Preferred Stock has no expiration date and is convertible at any time at the option of the holder, subject to blocker provisions that prevents conversion into shares of Common Stock of the Issuer if the reporting person, together with its affiliates, would beneficially own more than 19.99% of the Common Stock following such conversion and that prevent conversion to the extent that all shares of Common Stock issued upon conversion of shares of Series A Convertible Preferred Stock would exceed 2,102,734.

3. North Run Strategic Opportunities Fund I GP, LLC, North Run GP, LP, North Run Advisors, LLC, Thomas B. Ellis, Todd B. Hammer and Michael Bosco disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interest therein, and this report shall not be deemed an admission that any of them are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Remarks:

Each of NR-SOF, NR Co-Invest, and NR GP may be deemed to be a director by deputization for purposes of Section 16 under the Securities and Exchange Act of 1934, as amended, by virtue of the fact that Thomas B. Ellis, a member of NR GP, currently serves on the board of directors of the Issuer. Exhibit List: Exhibit 24.1 – Power of Attorney for Thomas B. Ellis

	/s/ North Run Strategic Opportunities Fund I, LP, By: Thomas B. Ellis, Member of GP	01/09/2026
	/s/ North Run Strategic Opportunities Fund I GP, LLC, By: Thomas B. Ellis, Member	01/09/2026
	/s/ NR-SOF I (Co-Invest I), LP, By: Thomas B. Ellis, Member of GP	01/09/2026
	/s/ Thomas B. Ellis	01/09/2026
	/s/ Todd B. Hammer	01/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does the Creative Realities (CREX) Form 3 filing disclose?

The Form 3 discloses that North Run Strategic Opportunities Fund I, LP and NR-SOF I (Co-Invest I), LP beneficially own Series A Convertible Preferred Stock of Creative Realities, Inc., with related entities and individuals potentially deemed indirect beneficial owners subject to stated disclaimers.

How many shares of Series A Convertible Preferred Stock are reported for CREX?

The filing reports 25,000 shares of Series A Convertible Preferred Stock held by North Run Strategic Opportunities Fund I, LP and 5,000 shares held by NR-SOF I (Co-Invest I), LP, for a total of 30,000 preferred shares.

What are the key economic terms of the CREX Series A Convertible Preferred Stock?

Each share of the Series A Convertible Preferred Stock has a stated value of $1,000 and an initial conversion price of $3.00 per share of Creative Realities common stock, with the preferred stock having no expiration date and being convertible at any time at the holder’s option, subject to blocker provisions.

What conversion limits apply to the Series A Convertible Preferred Stock in this CREX filing?

Conversion is subject to blocker provisions that prevent conversion if, after conversion, the reporting person and its affiliates would beneficially own more than 19.99% of Creative Realities common stock and that limit total common shares issued upon conversion to no more than 2,102,734 shares.

Which entities and individuals are associated with the reported CREX preferred stock holdings?

The reported securities are directly held by North Run Strategic Opportunities Fund I, LP and NR-SOF I (Co-Invest I), LP, and may be deemed indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC, as well as Thomas B. Ellis and Todd B. Hammer as members of that GP, though each disclaims beneficial ownership except for their pecuniary interests.

Do the individuals in the CREX Form 3 personally claim full ownership of the preferred shares?

No. The filing states that North Run Strategic Opportunities Fund I GP, LLC, affiliated entities, and individuals including Thomas B. Ellis and Todd B. Hammer disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interests.

Why are North Run entities considered directors by deputization in relation to CREX?

The remarks explain that each of NR-SOF, NR Co-Invest, and NR GP may be deemed a director by deputization because Thomas B. Ellis, a member of NR GP, currently serves on the Creative Realities board of directors.