Designer Brands holder sells all 15,000 options

The amendment reports the partnership’s direct beneficial ownership separately from the options transaction: 5,500,000 DBI shares, or approximately 12.7%.

Rhea-AI Filing Summary

Designer Brands Inc. disclosed that SH Capital Partners, L.P. sold all 15,000 options referencing an aggregate of 1,500,000 Class A common shares on October 6, 2026. The options had a $10.00-per-share exercise price, were set to expire on January 15, 2027, and were sold for $0.145 per option; Partners no longer has exposure to them.

Separately, Partners directly beneficially owned 5,500,000 shares, approximately 12.7% of the class. The percentage is based on 43,390,683 shares outstanding as of September 3, 2026. Stone House Capital Management, LLC, as Partners’ general partner and investment manager, and Mark Cohen, as Stone House’s managing member, may each be deemed beneficial owners of those shares; each disclaims beneficial ownership of securities not directly owned.

Key Figures

Options sold: 15,000 options Shares referenced by options: 1,500,000 shares Exercise price: $10.00 per share +5 more

8 metrics

Options sold 15,000 options Sold October 6, 2026

Shares referenced by options 1,500,000 shares Aggregate shares referenced by the options

Exercise price $10.00 per share Options sold by SH Capital Partners

Sale price $0.145 per option Options sold October 6, 2026

Expiration date January 15, 2027 Options sold by SH Capital Partners

Shares directly beneficially owned 5,500,000 shares SH Capital Partners

Ownership percentage Approximately 12.7% Percentage of the class beneficially owned

Shares outstanding 43,390,683 shares As of September 3, 2026; basis for the reported ownership percentage

Key Terms

beneficial owner, exercise price, Shared Voting Power, Shared Dispositive Power

4 terms

beneficial owner regulatory

"may be deemed the beneficial owner of the 5,500,000 Shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

exercise price financial

"had an exercise price of $10.00 per Share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Shared Voting Power regulatory

"Shared Voting Power 5,500,000.00"

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 regulatory

"Shared Dispositive Power 5,500,000.00"

FAQ

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

How many DBI options did SH Capital Partners sell, and on what terms?

SH Capital Partners sold 15,000 options on October 6, 2026, referencing an aggregate of 1,500,000 shares. They had a $10.00-per-share exercise price and a January 15, 2027 expiration date, and sold for $0.145 per option. Partners no longer has exposure to those options.

How many DBI shares did SH Capital Partners beneficially own?

SH Capital Partners directly beneficially owned 5,500,000 shares, approximately 12.7% of the class. The percentage is based on 43,390,683 shares outstanding as of September 3, 2026. Stone House Capital Management and Mark Cohen may each be deemed beneficial owners of those same shares through their stated roles.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/07/2026 - 04:15 PM Accepted by SEC EDGAR 10/07/2026 - 04:14 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)

Designer Brands Inc.

(Name of Issuer)

Class A Common Shares, without par value

(Title of Class of Securities)

250565108

(CUSIP Number)

MARK COHEN
STONE HOUSE CAPITAL MANAGEMENT, LLC, 1019 Kane Concourse, Suite 202
Bay Harbor Islands, FL, 33154
212-543-1500

STEVE WOLOSKY & IAN ENGORON
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

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

10/06/2026

(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): 250565108

1

Name of reporting person

Stone House 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 5,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,500,000.00

11

Aggregate amount beneficially owned by each reporting person

5,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

12.7 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP Number(s): 250565108

1

Name of reporting person

SH 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 5,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,500,000.00

11

Aggregate amount beneficially owned by each reporting person

5,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

12.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 250565108

1

Name of reporting person

Cohen Mark A.

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 5,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,500,000.00

11

Aggregate amount beneficially owned by each reporting person

5,500,000.00

12

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

13

Percent of class represented by amount in Row (11)

12.7 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Shares, without par value
(b)	Name of Issuer: Designer Brands Inc.
(c)	Address of Issuer's Principal Executive Offices: 810 DSW DRIVE, COLUMBUS, OHIO , 43219.
Item 1 Comment: This Amendment No. 2 to Schedule 13D is jointly filed by and on behalf of each of the Reporting Persons to amend the Schedule 13D related to the shares of Class A Common Shares, without par value (the "Shares") of Designer Brands Inc., an Ohio corporation (the "Issuer"), initially filed with the U.S. Securities and Exchange Commission on June 11, 2026, as amended on September 15, 2026 (the "Schedule 13D"). Each capitalized term used and not defined herein shall have the meaning assigned to such term in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 43,390,683 Shares outstanding as of September 3, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2026. As of the date hereof, Partners directly beneficially owned 5,500,000 Shares, constituting approximately 12.7% of the Shares outstanding. Stone House, as the general partner and investment manager of Partners, may be deemed the beneficial owner of the 5,500,000 Shares owned by Partners, constituting approximately 12.7% of the Shares outstanding. Mr. Cohen, as the managing member of Stone House, may be deemed the beneficial owner of the 5,500,000 Shares beneficially owned by Stone House, constituting approximately 12.7% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(c)	Item 5(c) is hereby amended and restated to read as follows: On October 6, 2026, Partners sold the 15,000 Options referencing an aggregate of 1,500,000 Shares, which had an exercise price of $10.00 per Share and were set to expire on January 15, 2027, for a price of $0.145 per Option.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: As previously disclosed, Partners purchased the Options referencing an aggregate of 1,500,000 Shares, which had an exercise price of $10.00 per Share and an expiration date of January 15, 2027. As described above in Item 5(c), Partners sold all of such Options on October 6, 2026 and, accordingly, Partners no longer has any exposure to such Options.

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.

Stone House Capital Management, LLC

Signature:	/s/ Mark Cohen
Name/Title:	Managing Member
Date:	10/07/2026

SH Capital Partners, L.P.

Signature:	/s/ Mark Cohen
Name/Title:	Managing Member of the General Partner
Date:	10/07/2026

Cohen Mark A.

Signature:	/s/ Mark Cohen
Name/Title:	Mark Cohen
Date:	10/07/2026