[SCHEDULE 13G/A] Fluent, Inc. Amended Passive Investment Disclosure
Fluent investor reports 8.23% ownership stake
Fluent, Inc. has a significant shareholder group led by Bleichroeder LP and related entities reporting beneficial ownership of 2,571,428 common shares as of June 30, 2026.
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Fluent, Inc. has a significant shareholder group led by Bleichroeder LP and related entities reporting beneficial ownership of 2,571,428 common shares as of June 30, 2026. This represents 8.23% of Fluent’s common stock believed to be outstanding.
The position includes 1,142,857 common shares and 1,428,571 additional shares issuable upon exercise of warrants. Bleichroeder Holdings LLC, Bleichroeder LP, and Andrew Gundlach each report sole voting and dispositive power over these shares, while the underlying economic rights to dividends and sale proceeds belong to Bleichroeder’s investment-advisory clients.
Key Figures
Beneficial ownership:2,571,428 sharesOwnership percentage:8.23%Common shares held:1,142,857 shares+3 more
6 metrics
Beneficial ownership2,571,428 sharesTotal Fluent common shares beneficially owned by the reporting group
Ownership percentage8.23%Percentage of Fluent common stock believed to be outstanding
Common shares held1,142,857 sharesPortion of the beneficial ownership in currently outstanding common stock
Warrant shares1,428,571 sharesCommon shares issuable upon exercise of warrants included in ownership
Sole voting power2,571,428 sharesShares over which each reporting person has sole voting power
Sole dispositive power2,571,428 sharesShares over which each reporting person has sole dispositive power
Key Terms
beneficial owner, sole voting power, sole dispositive power, Investment Advisers Act of 1940, +1 more
5 terms
beneficial ownerfinancial
"is deemed to be the beneficial owner of 2,571,428 shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
sole voting powerfinancial
"5 | Sole Voting Power 2,571,428.00 6 | Shared Voting Power 0.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
sole dispositive powerfinancial
"7 | Sole Dispositive Power 2,571,428.00 8 | Shared Dispositive Power 0.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Investment Advisers Act of 1940financial
"an investment adviser registered under Section 203 of the Investment Advisers Act of 1940"
A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.
warrantsfinancial
"1,428,571 shares of common stock issuable upon exercise of warrants"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in Fluent, Inc. (FLNT) does Bleichroeder report?
Bleichroeder and related filers report beneficial ownership of 2,571,428 shares of Fluent, Inc., representing 8.23% of the common stock believed to be outstanding, based on their role as investment adviser to various clients.
How many Fluent (FLNT) shares held by Bleichroeder are from warrants?
Of the 2,571,428 beneficially owned shares, 1,428,571 are shares of Fluent common stock issuable upon exercise of warrants. The remaining 1,142,857 are outstanding common shares already held.
Who has voting and dispositive power over the Fluent (FLNT) shares?
Bleichroeder Holdings LLC, Bleichroeder LP, and Andrew Gundlach each report sole voting power and sole dispositive power over 2,571,428 Fluent common shares, with no shared voting or dispositive power reported.
Who ultimately benefits economically from the Fluent (FLNT) shares advised by Bleichroeder?
Clients of Bleichroeder LP have the right to receive and direct the receipt of dividends and sale proceeds from the Fluent shares, while Bleichroeder is deemed beneficial owner due to its advisory authority.
What is the nature of Bleichroeder LP’s role regarding Fluent (FLNT) shares?
Bleichroeder LP is described as an investment adviser registered under the Investment Advisers Act of 1940, deemed beneficial owner of 2,571,428 Fluent shares through its advisory services to various clients.
Which individuals and entities are named as Fluent (FLNT) beneficial owners in this filing?
The filing lists Bleichroeder Holdings LLC, Bleichroeder LP, and Andrew Gundlach as persons filing, each reporting beneficial ownership of 2,571,428 Fluent common shares with sole voting and dispositive power.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Fluent, Inc.
(Name of Issuer)
Common Shares
(Title of Class of Securities)
34380C201
(CUSIP Number)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
34380C201
1
Names of Reporting Persons
Bleichroeder LP
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
2,571,428.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,571,428.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,571,428.00
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)
8.23 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
34380C201
1
Names of Reporting Persons
Bleichroeder Holdings 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
2,571,428.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,571,428.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,571,428.00
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)
8.23 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
34380C201
1
Names of Reporting Persons
Andrew Gundlach
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
2,571,428.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,571,428.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,571,428.00
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)
8.23 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Fluent, Inc.
(b)
Address of issuer's principal executive offices:
300 VESEY STREET 9TH FLOOR , NEW YORK, NY 10282
Item 2.
(a)
Name of person filing:
Bleichroeder Holdings LLC
Bleichroeder LP
Andrew Gundlach
(b)
Address or principal business office or, if none, residence:
1345 Avenue of the Americas, 47th Floor
New York, NY 10105
(c)
Citizenship:
Bleichroeder Holdings LLC and Bleichroeder LP: Delaware, USA
Andrew Gundlach: United States
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
34380C201
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:
See cover page.
(b)
Percent of class:
See cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See cover page.
(ii) Shared power to vote or to direct the vote:
See cover page.
(iii) Sole power to dispose or to direct the disposition of:
See cover page.
(iv) Shared power to dispose or to direct the disposition of:
See cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
Bleichroeder LP ("Bleichroeder"), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is deemed to be the beneficial owner of 2,571,428 shares, or 8.23% of the common stock believed to be outstanding as a result of acting as investment adviser to various clients. The 2,571,428 shares include 1,142,857 shares of common stock and 1,428,571 shares of common stock issuable upon exercise of warrants. Clients of Bleichroeder have the right to receive and the ultimate power to direct the receipt of dividends from, or the proceeds of the sale of, such securities.
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 Exhibit 99.1
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.
