Creative Realities (CREX) entities sell 1.43M shares at $2.52

Rhea-AI Filing Summary

Creative Realities, Inc. reported a large insider sale by affiliated entities. On January 6, 2026, Slipstream Funding, LLC and Slipstream Communications, LLC sold 1,425,485 shares of Creative Realities common stock at $2.52 per share after discounts and commissions. The Form 4 shows that these entities held the common stock indirectly and reported 0 shares beneficially owned after the transaction.

The filing explains an ownership chain in which Slipstream Communications is the sole member of Slipstream Funding, with BCOM Holdings, BCOM GP, Business Services Holdings, Pegasus Investors IV, Pegasus Investors IV GP, Pegasus Capital and Mr. Craig Cogut sitting above them in the ownership structure. Each of these entities and Mr. Cogut expressly disclaims beneficial ownership of the issuer’s securities beyond any pecuniary interest.

SEC Form 4

FORM 4

UNITED 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^*

Slipstream Communications, LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/06/2026

4. 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 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/06/2026		S		1,425,485	D	$2.52(1)	0	I	See Footnotes(2)(3)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Slipstream Communications, LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

Business Services Holdings, LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

Slipstream Funding, LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

BCOM GP LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

BCOM Holdings, LP

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, LP

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

COGUT CRAIG M

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

PEGASUS CAPITAL LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

Pegasus Investors IV GP, LLC

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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^*

Pegasus Investors IV, L.P.

(Last) (First) (Middle)

C/O PEGASUS CAPITAL ADVISORS, L.P.

750 EAST MAIN STREET, SUITE 600

(Street)

STAMFORD CT 06902

(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. On January 6, 2026, Slipstream Funding, LLC ("Slipstream Funding") and Slipstream Communications, LLC ("Slipstream Communications") sold the shares at a price of $2.52 per share after discounts and commissions.

2. The reported securities were held directly by Slipstream Funding and Slipstream Communications. Slipstream Communications is the sole member of Slipstream Funding. BCOM Holdings, LP ("BCOM Holdings") is the managing member of Slipstream Communications. BCOM GP LLC ("BCOM GP") is the general partner of BCOM Holdings. Business Services Holdings, LLC ("Business Services Holdings") is the sole member of BCOM GP. Pegasus Investors IV, L.P. ("Pegasus Investors") directly and indirectly holds 100% of the interests in Business Services Holdings. Pegasus Investors IV GP, L.L.C. ("Pegasus Investors GP") is the general partner of Pegasus Investors.

3. Pegasus Investors GP is wholly owned by Pegasus Capital, LLC ("Pegasus Capital"). Pegasus Capital may be deemed to be directly or indirectly controlled by Mr. Craig Cogut. Each of Slipstream Funding, Slipstream Communications, BCOM Holdings, BCOM GP, Business Services Holdings, Pegasus Investors, Pegasus Investors GP, Pegasus Capital and Mr. Cogut disclaim beneficial ownership of any of the issuer's securities as to which this report relates except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of the foregoing entities or Mr. Cogut is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934 or for any other purposes.

	Slipstream Funding, LLC, By: /s/ Craig Cogut, President	01/07/2026
	Slipstream Communication, LLC, By: /s/ Craig Cogut, President	01/07/2026
	BCOM Holdings, LP, By BCOM GP LLC, its general partner, By: /s/ Craig Cogut, President	01/07/2026
	BCOM GP LLC, By: /s/ Craig Cogut, President	01/07/2026
	Business Services Holdings, LLC, By: /s/ Craig Cogut, President	01/07/2026
	Pegasus Investors IV, L.P., By: Pegasus Investors IV GP, L.L.C., its general partner, By: /s/ Craig Cogut, President	01/07/2026
	Pegasus Investors IV GP, L.L.C., By: /s/ Craig Cogut, President	01/07/2026
	Pegasus Capital, LLC, By: /s/ Craig Cogut, Managing Member	01/07/2026
	/s/ Craig Cogut for himself	01/07/2026
	** Signature of Reporting Person	Date
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).
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FAQ

What insider transaction did CREX report in this Form 4?

The Form 4 reports that Slipstream Funding, LLC and Slipstream Communications, LLC sold 1,425,485 shares of Creative Realities, Inc. common stock on January 6, 2026.

At what price were Creative Realities (CREX) shares sold in this insider trade?

The reported shares of Creative Realities, Inc. common stock were sold at a price of $2.52 per share after discounts and commissions.

Who are the reporting persons named in the Creative Realities (CREX) Form 4?

Reporting persons include Slipstream Funding, LLC, Slipstream Communications, LLC, BCOM Holdings, LP, BCOM GP LLC, Business Services Holdings, LLC, Pegasus Investors IV, L.P., Pegasus Investors IV GP, LLC, Pegasus Capital, LLC and Craig Cogut, all listed as 10% owners.

How many Creative Realities (CREX) shares were held after the reported sale?

Following the reported transaction, the Form 4 shows 0 shares beneficially owned in the line for the common stock position that was sold.

What ownership structure is described for the CREX reporting entities?

The filing states that the securities were held directly by Slipstream Funding and Slipstream Communications, with a chain of control through BCOM Holdings, BCOM GP, Business Services Holdings, Pegasus Investors IV, Pegasus Investors IV GP and Pegasus Capital, which may be controlled by Craig Cogut.

Do the Pegasus- and Cogut-affiliated entities claim full beneficial ownership of CREX shares?

No. The filing states that each of Slipstream Funding, Slipstream Communications, the intermediate entities, and Craig Cogut disclaim beneficial ownership of the issuer’s securities covered by the report except to the extent of their pecuniary interest.