Luther King Capital reports 78.7% of DSGR

Affiliated LKCM entities and principals report control of over three-quarters of DSGR’s common stock and disclose a new confidentiality agreement with the company.

Rhea-AI Filing Summary

Distribution Solutions Group, Inc. (DSGR) received Amendment No. 32 to a Schedule 13D from a group of affiliated investment entities and individuals reporting their beneficial ownership of the company’s common stock. Luther King Capital Management Corporation reports beneficial ownership of 36,357,588 shares, representing 78.7% of the common stock, with identical amounts reported by J. Luther King, Jr. and slightly fewer shares reported by J. Bryan King.

Other reporting entities include 301 HW Opus Investors, LLC with 16,000,000 shares (34.6%) and LKCM TE Investors, LLC with 8,000,000 shares (17.3%), along with several LKCM-sponsored partnerships holding smaller stakes. The reporting persons expressly disclaim membership in a “group” and beneficial ownership beyond their pecuniary interests. On September 9, 2026, LKCM Headwater Investments, LLC entered into a Confidentiality Agreement with Distribution Solutions Group, which is filed as an exhibit.

Key Figures

Luther King Capital Management Corp. beneficial ownership: 36,357,588 shares (78.7% of common stock) J. Luther King, Jr. beneficial ownership: 36,357,588 shares (78.7% of common stock) J. Bryan King beneficial ownership: 35,838,638 shares (77.6% of common stock) +5 more

8 metrics

Luther King Capital Management Corp. beneficial ownership 36,357,588 shares (78.7% of common stock) Reported with sole voting and dispositive power over Distribution Solutions Group common stock

J. Luther King, Jr. beneficial ownership 36,357,588 shares (78.7% of common stock) Reports same share count and percentage as Luther King Capital Management Corporation

J. Bryan King beneficial ownership 35,838,638 shares (77.6% of common stock) Sole voting and dispositive power over reported shares

301 HW Opus Investors, LLC holdings 16,000,000 shares (34.6%) Beneficial ownership of Distribution Solutions Group common stock

LKCM TE Investors, LLC holdings 8,000,000 shares (17.3%) Beneficial ownership of Distribution Solutions Group common stock

LKCM Private Discipline Master Fund, SPC / PDLP Lawson, LLC holdings 3,578,228 shares (7.7%) Sole voting and dispositive power reported

Date of event requiring filing September 9, 2026 Trigger date for Amendment No. 32 to Schedule 13D

Confidentiality Agreement date September 9, 2026 Agreement between LKCM Headwater Investments, LLC and Distribution Solutions Group

Key Terms

Schedule 13D, beneficial ownership, pecuniary interest, Confidentiality Agreement, +1 more

5 terms

Schedule 13D regulatory

"This Amendment No. 32 to amends and supplements the filed by the Reporting Persons"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership financial

"Each of the Reporting Persons hereby expressly disclaims beneficial ownership of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"other than to the extent of its pecuniary interest therein"

Confidentiality Agreement regulatory

"entered into a Confidentiality Agreement with the Issuer attached hereto as Exhibit 1"

A confidentiality agreement is a legal promise that stops people from sharing sensitive business information — like financial plans, product designs, or deal terms — with others. For investors it matters because such agreements protect value during negotiations and due diligence, reduce the risk of leaks that can move a stock price, and give a clear basis for legal action if important information is exposed.

group regulatory

"hereby expressly disclaims membership in a "group""

FAQ

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

What percentage of Distribution Solutions Group (DSGR) is beneficially owned by Luther King Capital Management Corporation?

Luther King Capital Management Corporation reports beneficial ownership of 36,357,588 shares of Distribution Solutions Group common stock, representing 78.7% of the outstanding class, with sole voting and dispositive power over these shares.

How much of DSGR does J. Luther King, Jr. report owning?

J. Luther King, Jr. reports beneficial ownership of 36,357,588 shares of Distribution Solutions Group common stock, or 78.7% of the class, with sole voting and dispositive power. He expressly disclaims beneficial ownership beyond his pecuniary interest.

What is J. Bryan King’s reported ownership stake in DSGR?

J. Bryan King reports beneficial ownership of 35,838,638 shares of Distribution Solutions Group common stock, representing 77.6% of the class, with sole voting and dispositive power over those shares, subject to the same pecuniary-interest disclaimer.

Which other entities hold large stakes in Distribution Solutions Group (DSGR)?

301 HW Opus Investors, LLC reports 16,000,000 shares (34.6% of the class), and LKCM TE Investors, LLC reports 8,000,000 shares (17.3%). Several LKCM-affiliated partnerships and funds hold additional smaller positions.

Did LKCM enter into any agreement with Distribution Solutions Group on September 9, 2026?

Yes. On September 9, 2026, LKCM Headwater Investments, LLC entered into a Confidentiality Agreement with Distribution Solutions Group, which is attached as Exhibit 1 to the amendment.

Do the reporting persons claim to be part of a group with respect to DSGR shares?

No. Each reporting person expressly disclaims membership in a “group” with respect to Distribution Solutions Group securities and disclaims beneficial ownership of the reported shares beyond their pecuniary interest.

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

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Available on EDGAR 09/10/2026 - 04:01 PM Accepted by SEC EDGAR 09/10/2026 - 04:01 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. 32)

Distribution Solutions Group, Inc.

(Name of Issuer)

Common Stock, $1.00 par value

(Title of Class of Securities)

520776105

(CUSIP Number)

Jacob D. Smith
301 Commerce Street, Suite 1600,
Fort Worth, TX, 76102
817-332-3235

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

09/09/2026

(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): 520776105

1

Name of reporting person

LKCM Private Discipline Master Fund, SPC / PDLP Lawson, 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)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,578,228.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,578,228.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,578,228.00

12

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

13

Percent of class represented by amount in Row (11)

7.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Investment Partnership, 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 552,500.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 552,500.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

552,500.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Micro-Cap Partnership, 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 56,470.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 56,470.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

56,470.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Core Discipline, 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 23,182.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 23,182.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

23,182.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Headwater Investments II, 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 1,184,652.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,184,652.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,184,652.00

12

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

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Headwater II Sidecar Partnership, 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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

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

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Headwater Investments III, 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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

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

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

301 HW Opus Investors, 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)

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 16,000,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 16,000,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

16,000,000.00

12

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

13

Percent of class represented by amount in Row (11)

34.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM TE Investors, 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)

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 8,000,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,000,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,000,000.00

12

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

13

Percent of class represented by amount in Row (11)

17.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

Headwater Lawson Investors, 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)

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 3,522,988.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,522,988.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,522,988.00

12

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

13

Percent of class represented by amount in Row (11)

7.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

LKCM Headwater Investments IV, 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 3,434,044.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,434,044.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,434,044.00

12

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

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

Luther King Capital Management Corporation

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)

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 36,357,588.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 36,357,588.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

36,357,588.00

12

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

13

Percent of class represented by amount in Row (11)

78.7 %

14

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

J. Luther King, Jr.

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)

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 36,357,588.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 36,357,588.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

36,357,588.00

12

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

13

Percent of class represented by amount in Row (11)

78.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 520776105

1

Name of reporting person

J. Bryan King

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)

PF

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 35,838,638.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 35,838,638.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

35,838,638.00

12

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

13

Percent of class represented by amount in Row (11)

77.6 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $1.00 par value
(b)	Name of Issuer: Distribution Solutions Group, Inc.
(c)	Address of Issuer's Principal Executive Offices: 301 Commerce Street, Suite 1700, Fort Worth, TEXAS , 76102.
Item 1 Comment: This Amendment No. 32 to Schedule 13D amends and supplements the Schedule 13D filed by the Reporting Persons with respect to the Common Stock, par value $1.00 per share ("Common Stock"), of Distribution Solutions Group, Inc. (the "Issuer"). Except as set forth below, all previous Items remain unchanged. Capitalized terms used herein but not defined herein shall have the meanings given to them in the Schedule 13D, as amended, filed with the Securities and Exchange Commission. Each of the Reporting Persons hereby expressly disclaims membership in a "group" under the Securities Exchange Act of 1934, as amended, with respect to the securities reported herein, and this Schedule 13D shall not be deemed to be an admission that any such Reporting Person is a member of such a group. Each of the Reporting Persons hereby expressly disclaims beneficial ownership of the securities reported herein, other than to the extent of its pecuniary interest therein, and this Schedule 13D shall not be deemed to be an admission that any such Reporting Person is the beneficial owner of the securities reported herein for purposes of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On September 9, 2026, LKCM Headwater Investments, LLC entered into a Confidentiality Agreement with the Issuer attached hereto as Exhibit 1.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Confidentiality Agreement, dated September 9, 2026, by and between the Issuer and LKCM Headwater Investments, LLC.

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.

LKCM Private Discipline Master Fund, SPC / PDLP Lawson, LLC

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

LKCM Investment Partnership, L.P.

Signature:	/s/ J Luther King, Jr.
Name/Title:	President of the General Partner
Date:	09/09/2026

LKCM Micro-Cap Partnership, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

LKCM Core Discipline, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

LKCM Headwater Investments II, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President of the General Partner
Date:	09/09/2026

LKCM Headwater II Sidecar Partnership, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President of the General Partner
Date:	09/09/2026

LKCM Headwater Investments III, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President of the General Partner
Date:	09/09/2026

301 HW Opus Investors, LLC

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

LKCM TE Investors, LLC

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

Headwater Lawson Investors, LLC

Signature:	/s/ J. Bryan King
Name/Title:	President
Date:	09/09/2026

LKCM Headwater Investments IV, L.P.

Signature:	/s/ J. Bryan King
Name/Title:	President of the General Partner
Date:	09/09/2026

Luther King Capital Management Corporation

Signature:	/s/ J. Bryan King
Name/Title:	Principal and Vice President
Date:	09/09/2026

J. Luther King, Jr.

Signature:	/s/ J. Luther King, Jr.
Name/Title:	J. Luther King, Jr.
Date:	09/09/2026

J. Bryan King

Signature:	/s/ J. Bryan King
Name/Title:	J. Bryan King
Date:	09/09/2026