Torrid Holdings (NYSE: CURV) 10% holder discloses 9.9M shares and 6.5M-swap exposure

Rhea-AI Filing Summary

Torrid Holdings Inc. reported that Fund 1 Investments, LLC is a 10% owner, filing as a single reporting person. Fund 1 has indirect beneficial ownership of 9,929,856 shares of Torrid common stock, held through private investment vehicles advised by Pleasant Lake Partners LLC. Jonathan Lennon is the managing member of Fund 1 Investments, LLC.

The filing also shows a cash-settled total return swap providing economic exposure to 6,514,479 notional shares of Torrid common stock. These swap agreements expire between March 2, 2026 and November 1, 2027 and automatically extend in 12‑month periods unless either party gives advance written notice. The swaps give economic results similar to share ownership but do not provide voting or disposition power, and the reporting person disclaims beneficial ownership beyond its pecuniary interest.

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^*

Fund 1 Investments, LLC

(Last) (First) (Middle)

100 CARR 115

UNIT 1900

(Street)

RINCON PR 00677

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/01/2025

3. Issuer Name and Ticker or Trading Symbol
Torrid Holdings Inc. [ CURV ]

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)

X	Form filed by One Reporting Person
	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)
Common stock, par value $0.01 per share	9,929,856	I	See Footnote(1)

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
Cash-Settled Total Return Swap	(2)	03/02/2026(2)(3)	Common stock, par value $0.01 per share	6,514,479	(2)	I	See Footnote(1)

Explanation of Responses:

1. Securities reported herein for Fund 1 Investments, LLC are held by private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

2. Referencing cash-settled total return swaps (the "Swap Agreements") with unaffiliated third-party financial institutions, which provide the holder with economic exposure to an aggregate of 6,514,479 notional shares, and expire on a range of dates from March 2, 2026 to November 1, 2027. The Swap Agreements provide the holder with economic results that are comparable to the economic results of ownership but do not provide the holder with the power to vote or direct the voting or dispose of or direct the disposition of the shares of common stock that are the subject of the Swap Agreements (the "Subject Shares"). The Reporting Person disclaims beneficial ownership of the Subject Shares except to the extent of its pecuniary interest therein.

3. The expiration date of the Swap Agreements will be automatically extended for successive 12 month periods unless one party provides written notice to the other party, at least 30 calendar days prior to the first extension and at least 15 calendar days prior to any subsequent extension, not to so extend the expiration date.

	/s/ Fund 1 Investments, LLC By: Benjamin C. Cable, Chief Operating Officer	12/05/2025
	** 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 5 (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.
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FAQ

What stake in Torrid Holdings Inc. (CURV) does Fund 1 Investments, LLC report?

Fund 1 Investments, LLC reports indirect beneficial ownership of 9,929,856 shares of Torrid Holdings Inc. common stock, held through private investment vehicles.

What is the relationship of the reporting person to Torrid Holdings Inc. (CURV)?

The reporting person is identified as a 10% owner of Torrid Holdings Inc., with the Form 3 filed by one reporting person.

What derivative exposure to CURV shares is disclosed in this Form 3?

The filing discloses a cash-settled total return swap referencing 6,514,479 notional shares of Torrid common stock, providing economic exposure but no voting or disposition power.

When do the total return swaps tied to Torrid (CURV) expire?

The swap agreements referencing Torrid common stock expire on dates ranging from March 2, 2026 to November 1, 2027, with automatic 12‑month extensions unless notice is given.

Does the reporting person have voting rights over the CURV shares referenced by the swaps?

No. The swap agreements provide economic results comparable to ownership but do not provide power to vote, direct voting, dispose of, or direct disposition of the subject shares.

How does Fund 1 Investments, LLC describe its beneficial ownership in this filing?

Fund 1 Investments, LLC disclaims beneficial ownership of the reported securities and the subject shares of the swaps except to the extent of its pecuniary interest in them.