Keyframe cuts Forum Energy Technologies (NYSE: FET) ownership to 1.5%

Rhea-AI Filing Summary

Forum Energy Technologies, Inc. (FET) received an amended ownership report from Keyframe Capital and related entities. They report beneficial ownership of 175,853 shares of common stock, representing 1.5% of shares outstanding based on 11,377,958 shares reported as of October 24, 2025.

The filing notes that as of December 31, 2025, the reporting persons may have been deemed to beneficially own 578,449 shares, or 5.1% of the company. The securities are held by Keyframe-managed funds, and the parties state the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of Forum Energy Technologies.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Forum Energy Technologies, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

34984V209

(CUSIP Number)

12/31/2025

(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. 34984V209

1

Names of Reporting Persons

Keyframe Capital Partners, L.P.

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 175,853.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,853.00

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)

1.5 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. As of December 31, 2025, the Reporting Person may have been deemed to beneficially own 578,449 shares of Common Stock (as defined in Item 2(a)), representing 5.1% of the shares of Common Stock outstanding on such date.

SCHEDULE 13G

CUSIP No. 34984V209

1

Names of Reporting Persons

Keyframe Capital Partners GP, L.L.C.

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 175,853.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,853.00

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)

1.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. As of December 31, 2025, the Reporting Person may have been deemed to beneficially own 578,449 shares of Common Stock, representing 5.1% of the shares of Common Stock outstanding on such date.

SCHEDULE 13G

CUSIP No. 34984V209

1

Names of Reporting Persons

John R. Rapaport

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 175,853.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 175,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,853.00

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)

1.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. As of December 31, 2025, the Reporting Person may have been deemed to beneficially own 578,449 shares of Common Stock, representing 5.1% of the shares of Common Stock outstanding on such date.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Forum Energy Technologies, Inc.
(b)	Address of issuer's principal executive offices: 10344 Sam Houston Park Drive, Suite 300, Houston, TX 77064
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Keyframe Capital Partners, L.P., a Delaware limited partnership ("KCP"), the investment manager to certain funds and accounts (collectively, the "Keyframe Funds") who holds all discretion over the investment activities of the Keyframe Funds, with respect to the shares of common stock, par value $0.01 per share ("Common Stock"), of Forum Energy Technologies, Inc. (the "Issuer"), a Delaware corporation, directly held by the Keyframe Funds; (ii) Keyframe Capital Partners GP, L.L.C., a Delaware limited liability company ("KCPGP"), the general partner of KCP, with respect to the shares of Common Stock directly held by the Keyframe Funds; and (iii) Mr. John R. Rapaport, a United States citizen ("Mr. Rapaport"), the Chief Investment Officer and Managing Partner of KCP and the Managing Member of KCPGP, with respect to the shares of Common Stock directly held by the Keyframe Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 65 East 55th Street, 35th Floor, New York, New York 10022.
(c)	Citizenship: KCP is a Delaware limited partnership. KCPGP is a Delaware limited liability company. Mr. Rapaport is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 34984V209
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: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G as of December 31, 2025 and as of the date hereof are calculated based upon an aggregate of 11,377,958 shares of Common Stock reported to be outstanding as of October 24, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on October 31, 2025.
(b)	Percent of class: 1.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
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 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

Keyframe Capital Partners, L.P.

Signature:	/s/ John R. Rapaport
Name/Title:	John R. Rapaport, Chief Investment Officer and Managing Partner
Date:	02/12/2026

Keyframe Capital Partners GP, L.L.C.

Signature:	/s/ John R. Rapaport
Name/Title:	John R. Rapaport, Managing Member
Date:	02/12/2026

John R. Rapaport

Signature:	/s/ John R. Rapaport
Name/Title:	John R. Rapaport, Individually
Date:	02/12/2026

FAQ

What does the Schedule 13G/A filing reveal about Keyframe’s stake in Forum Energy Technologies (FET)?

The filing shows Keyframe Capital and related entities beneficially own 175,853 Forum Energy Technologies shares, equal to 1.5% of outstanding common stock. This is based on 11,377,958 shares outstanding reported in the company’s Form 10-Q dated October 24, 2025.

How has Keyframe’s ownership in Forum Energy Technologies (FET) changed over time?

The report states that as of December 31, 2025, Keyframe may have been deemed to own 578,449 FET shares, representing 5.1% of the company. As of the filing date, ownership is 175,853 shares, or 1.5%, indicating a significantly smaller stake.

Who are the reporting persons in the Forum Energy Technologies (FET) Schedule 13G/A?

The filing lists Keyframe Capital Partners, L.P., Keyframe Capital Partners GP, L.L.C., and John R. Rapaport as reporting persons. They report indirect beneficial ownership through funds and accounts managed by Keyframe, while noting the filing does not concede beneficial ownership status.

Is Keyframe Capital’s investment in Forum Energy Technologies (FET) passive or activist?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Forum Energy Technologies. It characterizes the position as a passive investment under the relevant SEC rules.

What percentage of Forum Energy Technologies (FET) shares does 175,853 shares represent?

The filing calculates that 175,853 shares of Forum Energy Technologies common stock equal 1.5% of the class. This percentage uses 11,377,958 outstanding shares, as reported in the company’s Form 10-Q for the quarter ended September 30, 2025.

Who signed the Schedule 13G/A for Forum Energy Technologies (FET) on behalf of Keyframe?

The filing is signed by John R. Rapaport in three capacities: as Chief Investment Officer and Managing Partner of Keyframe Capital Partners, L.P., as Managing Member of Keyframe Capital Partners GP, L.L.C., and individually. Each signature is dated February 12, 2026.