Phillip Frost updates 24.7% Fluent (FLNT) stake, details warrants and note

Rhea-AI Filing Summary

Fluent, Inc.’s major shareholder updates ownership details. Phillip Frost, M.D. and Frost Gamma Investments Trust report beneficial ownership of 7,874,166 shares of Fluent common stock, representing 24.7% of the company, based on 30,287,597 shares outstanding as of November 12, 2025.

This total includes 66,667 shares underlying a convertible subordinated promissory note, 909,297 shares underlying warrants issued May 19, 2025, and 571,429 shares underlying warrants issued August 19, 2025. These 571,429 warrants, with a $2.21 exercise price, will be fully exercisable on February 20, 2026. The acquisitions were funded from the working capital of Frost Gamma Investments Trust.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 27)

Fluent, Inc.

(Name of Issuer)

Common Stock, par value $0.0005 per share

(Title of Class of Securities)

34380C201

(CUSIP Number)

Daniel Barsky, Esq.
300 Vesey Street, 9th Floor,
New York, NY, 10282
(646) 669-7272

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

12/22/2025

(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).

SCHEDULE 13D

CUSIP No. 34380C201

1

Name of reporting person

Phillip Frost, M.D.

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)

OO

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 8,334.00
8	Shared Voting Power 7,865,832.00
9	Sole Dispositive Power 8,334.00
10	Shared Dispositive Power 7,865,832.00

11

Aggregate amount beneficially owned by each reporting person

7,874,166.00

12

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

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Frost Gamma Investments Trust ("Gamma Trust") beneficially owns 7,865,832 shares of common stock, which includes 66,667 shares of the Issuer's common stock underlying the convertible subordinated promissory note entered into pursuant to that certain securities purchase agreement, dated August 19, 2024 (the "Convertible Note"), 909,297 shares of common stock underlying warrants issued on May 19, 2025, and 571,429 shares of common stock underlying the Warrants (as defined below) issued on August 19, 2025. Dr. Phillip Frost is the trustee of Gamma Trust. Frost Gamma L.P. is the sole and exclusive beneficiary of Gamma Trust. Dr. Frost is one of two limited partners of Frost Gamma L.P. The general partner of Frost Gamma L.P. is Frost Gamma, Inc., and the sole shareholder of Frost Gamma, Inc. is Frost-Nevada Corporation. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation. (2) Based on 30,287,597 shares of the Issuer's common stock outstanding as of November 12, 2025 (as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025).

SCHEDULE 13D

CUSIP No. 34380C201

1

Name of reporting person

Frost Gamma Investments Trust

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)

OO

5

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

6

Citizenship or place of organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,865,832.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,865,832.00

11

Aggregate amount beneficially owned by each reporting person

7,865,832.00

12

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

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) Gamma Trust beneficially owns 7,865,832 shares of common stock, which includes 66,667 shares of the Issuer's common stock underlying the Convertible Note and 909,297 shares of common stock underlying warrants issued on May 19, 2025, and 571,429 shares of common stock underlying the Warrants issued on August 19, 2025. Dr. Phillip Frost is the trustee of Gamma Trust. Frost Gamma L.P. is the sole and exclusive beneficiary of Gamma Trust. Dr. Frost is one of two limited partners of Frost Gamma L.P. The general partner of Frost Gamma L.P. is Frost Gamma, Inc., and the sole shareholder of Frost Gamma, Inc. is Frost-Nevada Corporation. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation. (2) Based on 30,287,597 shares of the Company's common stock outstanding as of November 12, 2025 (as reported in the Company's Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0005 per share
(b)	Name of Issuer: Fluent, Inc.
(c)	Address of Issuer's Principal Executive Offices: 300 Vesey Street, 9th Floor, New York, NEW YORK , 10282.
Item 1 Comment: This Schedule 13D is filed by the Reporting Person with respect to shares of common stock, par value $0.0005 per share, of Fluent, Inc., a Delaware corporation (the "Issuer" or the "Company"), formerly known as Cogint, Inc., formerly known as IDI, Inc., the successor to Tiger Media, Inc., SearchMedia Holdings Limited, Ideation Acquisition Corp. and ID Arizona Corp. The principal executive offices of the Issuer are located at 300 Vesey Street, 9th Floor, New York, New York 10282. EXPLANATORY NOTE This Amendment No. 27 (the "Amendment") amends and supplements the statement on Schedule 13D filed on December 6, 2007, as amended by Amendment No. 1 to the Schedule 13D filed on October 15, 2008, Amendment No. 2 to the Schedule 13D filed on April 13, 2009, Amendment No. 3 to the Schedule 13D filed on May 1, 2009, Amendment No. 4 to the Schedule 13D filed on July 14, 2009, Amendment No. 5 to the Schedule 13D filed on December 24, 2009, Amendment No. 6 to the Schedule 13D filed on November 22, 2011, Amendment No. 7 to the Schedule 13D filed on July 20, 2012, Amendment No. 8 to the Schedule 13D filed on August 23, 2012, Amendment No. 9 to the Schedule 13D filed on January 17, 2013, Amendment No. 10 to the Schedule 13D filed on July 12, 2013, Amendment No. 11 to the Schedule 13D filed on February 14, 2014, Amendment No. 12 to the Schedule 13D filed on April 6, 2015, Amendment No. 13 to the Schedule 13D filed on January 20, 2016, Amendment No. 14 to the Schedule 13D filed on March 29, 2016, Amendment No. 15 to the Schedule 13D filed on May 18, 2016, Amendment No. 16 to the Schedule 13D filed on July 21, 2016, Amendment No. 17 to the Schedule 13D filed on December 28, 2016, Amendment No. 18 to the Schedule 13D filed on December 22, 2017, Amendment No. 19 to the Schedule 13D filed on April 6, 2018, Amendment No. 20 to the Schedule 13D filed on February 14, 2019, Amendment No. 21 to the Schedule 13D filed on September 25, 2023, Amendment No. 22 filed on May 20, 2024, Amendment No. 23 filed on August 26, 2024, Amendment No. 24 filed on April 2, 2025, Amendment No. 25 filed on May 23, 2025 and Amendment No. 26 filed on August 26, 2025 (together the "Original Schedule 13D"), by Phillip Frost, M.D. ("Frost") and Frost Gamma Investments Trust ("Gamma Trust") (collectively, the "Reporting Person").
Item 2.	Identity and Background
(a)	No material change.
(b)	No material change.
(c)	No material change.
(d)	No material change.
(e)	No material change.
(f)	No material change.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows. The information set forth or incorporated under the heading "Explanatory Note" and in Items 4 and 5 is incorporated by reference in its entirety into this Item 3. The source of funds used by the Reporting Person for the acquisition of securities of the Issuer reported herein is the working capital of Gamma Trust.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended by adding the following sentence: The Warrants to purchase 571,429 shares of common stock of the Company with an exercise price of $2.21 per share previously reported on August 26, 2025 will be fully exercisable on February 20, 2026.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person is the beneficial owner of 7,874,166 shares of common stock of the Issuer, which includes 66,667 shares of the Issuer's common stock underlying the Convertible Note and 909,297 shares of common stock underlying warrants issued on May 19, 2025, and 571,429 shares of common stock underlying the Warrants, representing 24.7% of the Issuer's common stock. The percentage of beneficial ownership is based upon 30,287,597 shares of the Company's common stock outstanding as of November 12, 2025 (as reported in the Company's Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025).
(b)	The information contained on the cover page to this Amendment is incorporated herein by reference.
(c)	The information set forth or incorporated under Item 4 is incorporated by reference in its entirety into this Item 5.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is amended by adding the following paragraph: The description in Item 4 and the agreements incorporated therein by reference and set forth as an exhibit hereto is incorporated herein by reference in answer to this Item 6.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Form of Common Stock Warrant dated August 19, 2025 (incorporated by reference to Exhibit 4.4 on the Issuer's Form 10-Q filed on August 19, 2025). https://www.sec.gov/Archives/edgar/data/1460329/000143774925027383/ex_854691.htm Exhibit 99.2 Form of Securities Purchase Agreement by and between Fluent Inc. and the purchaser parties thereto (incorporated by reference to Exhibit 10.7 on the Issuer's Form 10-Q filed on August 19, 2025). https://www.sec.gov/Archives/edgar/data/1460329/000143774925027383/ex_854692.htm Exhibit 99.3 Form of Support Agreement by and among Fluent, Inc. and the parties thereto (incorporated by reference to Exhibit 10.8 on the Issuer's Form 10-Q filed on August 19, 2025). https://www.sec.gov/Archives/edgar/data/1460329/000143774925027383/ex_854693.htm Exhibit 99.4 Form of Registration Rights Agreement, dated as of August 19, 2025 by and among Fluent, Inc. and the purchasers parties thereto (incorporated by reference to Exhibit 10.9 on the Issuer's Form 10-Q filed on August 19, 2025). https://www.sec.gov/Archives/edgar/data/1460329/000143774925027383/ex_854694.htm Exhibit 99.5 Joint Filing Agreement.

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.

Phillip Frost, M.D.

Signature:	/s/ Phillip Frost, M.D.
Name/Title:	Phillip Frost, M.D., individually
Date:	01/28/2026

Frost Gamma Investments Trust

Signature:	/s/ Phillip Frost, M.D.
Name/Title:	Phillip Frost, M.D., Trustee
Date:	01/28/2026

FAQ

How much of Fluent, Inc. (FLNT) does Phillip Frost beneficially own?

Phillip Frost beneficially owns 7,874,166 shares of Fluent common stock, representing 24.7% of the company. This percentage is based on 30,287,597 shares outstanding as of November 12, 2025, as reported in Fluent’s Form 10-Q.

What securities are included in Phillip Frost’s 7,874,166-share FLNT position?

The 7,874,166 shares include common stock plus 66,667 shares underlying a convertible subordinated note, 909,297 shares underlying warrants issued May 19, 2025, and 571,429 shares underlying warrants issued August 19, 2025, all counted as beneficial ownership.

When do Phillip Frost’s 571,429 Fluent (FLNT) warrant shares become fully exercisable?

Warrants to purchase 571,429 Fluent common shares at an exercise price of $2.21 per share will be fully exercisable on February 20, 2026. These warrants were previously reported as issued on August 19, 2025.

What is the exercise price of Phillip Frost’s August 19, 2025 Fluent (FLNT) warrants?

The August 19, 2025 warrants held by Phillip Frost’s trust carry an exercise price of $2.21 per share. They cover 571,429 shares of Fluent common stock and will be fully exercisable on February 20, 2026.

How is Frost Gamma Investments Trust involved in the FLNT holdings?

Frost Gamma Investments Trust beneficially owns 7,865,832 Fluent shares, including note and warrant shares. Phillip Frost serves as trustee, and Frost Gamma L.P. is the sole beneficiary, with a multi-layer structure involving Frost Gamma, Inc. and Frost-Nevada Corporation.

What funds were used to acquire Phillip Frost’s Fluent (FLNT) securities?

The acquisitions reported were funded from the working capital of Frost Gamma Investments Trust. This trust is the vehicle through which the reported beneficial holdings in Fluent’s common stock, note, and warrants are held.