[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 08/01/2025, Settian Capital LP, its managed vehicle PAVP Family Office Fund, LP, and Managing Partner Karl K. Segerberg filed a Schedule 13D disclosing beneficial ownership of 470,515 shares of Westwood Holdings Group (WHG), representing 5.0 % of the 9,379,680 shares outstanding. PAVP individually holds 211,732 shares (2.3 %). Settian Capital and Segerberg have sole voting and dispositive power over the full 5 % block.

The group acquired the position for $7.43 million using fund working capital. They describe WHG shares as an “attractive investment opportunity” and may increase, reduce or otherwise adjust their stake. The filing outlines a broad activist agenda: potential M&A or divestitures, board or management changes, capital raises, dividend policy review, AI-driven cost-cutting, and other strategic alternatives aimed at boosting shareholder value. No additional contracts or arrangements are reported beyond a joint filing agreement.

Positive

• Settian Capital and affiliates disclosed a 5.0 % stake, crossing the activist reporting threshold.
• $7.43 million invested signals financial commitment and belief in undervaluation.
• Detailed list of potential strategic actions indicates proactive engagement to enhance shareholder value.

Negative

• None.

Insights

Activist Investing Specialist

TL;DR: 5 % stake gives Settian leverage to push strategic changes, indicating an emerging activist posture.

Crossing the 5 % threshold requires a 13D, signaling the group’s willingness to influence corporate policy. The filing explicitly lists potential actions—M&A, board refresh, dividend review, AI cost efficiencies—mirroring classic activist playbooks. While no concrete proposals are lodged yet, sole voting power over the entire stake and a detailed menu of options suggest engagement is likely. For a micro-cap like WHG, even a 5 % block can be influential, especially if other holders align. Investors should watch for follow-up letters or proxy activity that could unlock value through strategic alternatives.

Portfolio Manager

TL;DR: New 5 % holder may catalyze near-term re-rating but adds activism-related uncertainty.

The $7.4 M purchase implies an average cost near recent market levels, limiting downside protection but showing conviction. A credible activist can accelerate operational reviews and capital allocation discipline, potentially improving WHG’s ROE and valuation multiples. Conversely, management distraction or resistance could weigh on execution. The position is large versus WHG’s float, so any escalation—tender offer or proxy contest—could move the stock materially. Risk-reward skews positive, yet investors should monitor for signaling events such as additional share accumulation or 14A filings.

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).

X

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^*

Vidal Daniel

(Last) (First) (Middle)

C/O EXPENSIFY, INC.

401 SW 5TH AVE

(Street)

PORTLAND OR 97204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Expensify, Inc. [ EXFY ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. 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 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
Class A Common Stock	08/01/2025		S(1)		9,000	D	$1.95(2)	286,817	D

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

Explanation of Responses:

1. The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 27, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.93 to $2.00, inclusive. The reporting person undertakes to provide to Expensify, Inc., any security holder of Expensify, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	08/04/2025
	** 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 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Westwood Holdings Group (WHG) shares does Settian Capital control?

470,515 shares, equal to 5.0 % of WHG’s outstanding stock.

What was the total purchase price for the WHG shares?

The filing states a cumulative cost of $7,428,133 funded with working capital.

What percentage of WHG does PAVP Family Office Fund, LP own?

PAVP holds 211,732 shares, or roughly 2.3 % of WHG.

What strategic changes might Settian Capital propose to WHG?

Possibilities include M&A, board or management changes, financing transactions, dividend policy review, and AI-driven cost cuts.

Can Settian Capital increase or reduce its WHG position?

Yes. The group may buy additional shares or sell its holdings depending on market conditions and valuation.

Who is Karl K. Segerberg in relation to Settian Capital?

He is the Managing Partner of Settian Capital’s general partner and signs the 13D on behalf of all reporting persons.