Kenneth Dart entity boosts Flutter (FLUT) exposure via 50,633-share total return swap
Rhea-AI Filing Summary
DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.
Flutter Entertainment plc disclosed that an entity associated with major shareholder Kenneth Bryan Dart entered into a new cash‑settled Total Return Swap referencing 50,633 shares of Flutter common stock. The swap has a reference price of $95.5636 per share and is scheduled to terminate on March 2, 2028.
LBS Limited, owned by Mr. Dart, is the direct party to the swap and the holder of the notional shares. Together with previously reported swaps, entities owned by Mr. Dart now reference an aggregate position in 15,820,903 notional shares, while Mr. Dart disclaims beneficial ownership beyond his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 50,633 shares ($4,838,672)
Net Buy
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
50,633 shs ($4.84M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 50,633 | $95.5636 | $4.84M |
Holdings After Transaction:
Total Return Swap — 15,820,903 shares (Indirect, See footnote)
Footnotes (1)
- The reference price for the Swap is $95.5636 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap. LBS Limited is the party to the reported transaction and direct "holder" of the "notional" shares. Lake Michigan Limited and LBS Limited were parties to previously reported swap transactions that provide an aggregate position in 15,770,270"notional" shares. As owner of LBS Limited and Lake Michigan Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.
Key Figures
New swap notional size: 50,633 shares
Swap reference price: $95.5636 per share
Aggregate notional exposure after trade: 15,820,903 shares
+3 more
6 metrics
New swap notional size
50,633 shares
Total Return Swap reference shares on May 18, 2026
Swap reference price
$95.5636 per share
Reference price for the new Total Return Swap
Aggregate notional exposure after trade
15,820,903 shares
Notional Flutter shares referenced by swaps after this transaction
Previously reported swap notional
15,770,270 shares
Notional shares from prior swap transactions
Swap maturity date
March 2, 2028
Scheduled termination date; swap is cash-settled at maturity
Post-transaction position field
15,820,903
Total shares following transaction as reported for derivative exposure
Key Terms
Total Return Swap, SOFR, notional shares, pecuniary interest
4 terms
Total Return Swap financial
"The reference price for the Swap is $95.5636 per share. The Swap is scheduled to terminate..."
A total return swap is a private contract where one party pays the full economic performance of an asset (income plus price changes) to another party, while receiving a set payment such as a fixed rate or short-term interest in return. It matters to investors because it lets someone gain or shed exposure to an asset’s gains or losses without owning it, offering a way to borrow, hedge, or take leveraged positions while relying on the other party to make payments.
SOFR financial
"The Swap requires the Reporting Person to pay monthly interest... at a rate based on SOFR."
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
pecuniary interest financial
"Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Kenneth Bryan Dart’s affiliated entity do in this Flutter (FLUT) Form 4?
An entity owned by Kenneth Bryan Dart entered into a new cash-settled Total Return Swap referencing 50,633 Flutter shares at a reference price of $95.5636 per share. This derivative increases his economic exposure without directly owning additional common shares.
Who is the direct party to the Flutter (FLUT) Total Return Swap reported in this filing?
LBS Limited is the direct party to the reported Total Return Swap and the holder of the notional shares. LBS Limited, along with Lake Michigan Limited, is owned by Kenneth Bryan Dart, giving him indirect economic exposure through these entities.
How does the cash settlement of the Flutter (FLUT) swap work at maturity?
At maturity on March 2, 2028, the swap will be cash-settled. Dart’s entity pays the counterparty for any decline below the $95.5636 reference price, while the counterparty pays Dart’s entity for any increase above that reference price.
What ongoing payments are involved in Kenneth Dart’s Flutter (FLUT) Total Return Swap?
Under the swap, the Dart-affiliated entity pays monthly interest on the financing leg at a rate based on SOFR. In return, the entity is entitled to payments from the counterparty equal to any dividends paid on the referenced Flutter shares during the swap term.