Schedule 13G/A: Fund 1 Investments Discloses 1,000,000 DBI Shares

Rhea-AI Filing Summary

Fund 1 Investments, LLC reports beneficial ownership of 1,000,000 Class A common shares of Designer Brands Inc., representing 2.43% of the outstanding Class A shares based on 41,091,653 shares outstanding as of June 3, 2025. The filing states the shares are held for private investment vehicles advised by Pleasant Lake Partners LLC; Fund 1 Investments, LLC is the managing member and Jonathan Lennon is the managing member of the adviser. The filer disclaims beneficial ownership except for pecuniary interest. The statement affirms the securities were acquired in the ordinary course of business and not to influence control.

Insights

Financial Analyst

Minor passive stake disclosed; no control intent stated.

The filing shows a 2.43% ownership of Class A shares (1,000,000 shares) by Fund 1 Investments, LLC, calculated from 41,091,653 shares outstanding. Holdings are reported as shared voting and dispositive power, with no sole voting or dispositive power. The filer expressly disclaims control intent and certifies ordinary-course acquisition, indicating a passive investment position rather than an activist or control stake. For investors, this is a routine ownership disclosure without immediate implications for corporate governance or capital structure.

Corporate Governance Expert

Disclosure is standard; no governance change signaled.

The Schedule 13G/A identifies Pleasant Lake Partners LLC as adviser and clarifies that Fund 1 Investments, LLC serves as managing member. The statement includes the customary disclaimer of beneficial ownership beyond pecuniary interest and the certification that the stake is not intended to influence control. Because the position is under 5% and filed on Schedule 13G (passive investor route), it reflects non-control intent and does not trigger escalation to Schedule 13D content obligations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Designer Brands Inc.

(Name of Issuer)

Class A Common Shares

(Title of Class of Securities)

250565108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 250565108

1

Names of Reporting Persons

Fund 1 Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.43 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (Limited Liability Company)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Designer Brands Inc.
(b)	Address of issuer's principal executive offices: 810 DSW Drive, Columbus, Ohio, 43219
Item 2.
(a)	Name of person filing: Fund 1 Investments, LLC
(b)	Address or principal business office or, if none, residence: 100 Carr 115 Unit 1900 Rincon, Puerto Rico 00677
(c)	Citizenship: Delaware
(d)	Title of class of securities: Class A Common Shares
(e)	CUSIP No.: 250565108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,000,000
(b)	Percent of class: 2.43 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,000,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,000,000 Shares reported herein for Fund 1 Investments, LLC are held for the benefit of 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. Each of Fund 1 Investments, LLC, Pleasant Lake Partners LLC and Mr. Lennon disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein. All percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025, as filed with the Securities and Exchange Commission on June 10, 2025, that there were 41,091,653 shares of Class A Common Shares of the Issuer outstanding as of June 3, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable/Chief Operating Officer
Date:	08/14/2025

FAQ

What percentage of Designer Brands Inc. (DBI) does Fund 1 Investments, LLC own?

The filing reports 1,000,000 shares, equal to 2.43% of Class A common shares based on 41,091,653 shares outstanding as of June 3, 2025.

Who holds the reported shares on behalf of Fund 1 Investments, LLC?

The shares are held for private investment vehicles advised by Pleasant Lake Partners LLC, with Fund 1 Investments, LLC as managing member.

Does the filer claim control or intent to influence Designer Brands (DBI)?

No. The filer certifies the securities were acquired in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting and dispositive powers are reported by the filer?

The filing reports 0 shares with sole voting or dispositive power and 1,000,000 shares with shared voting and shared dispositive power.

When was the Schedule 13G/A signed and by whom?

The filing is signed by Benjamin C. Cable, Chief Operating Officer, on 08/14/2025.