[Form 4] Firefly Aerospace Inc. Insider Trading Activity

Rhea-AI Filing Summary

Firefly Aerospace Inc. director Ryan Michael Boland reported internal restructuring transactions involving the company’s common stock. On March 23, 2026, he filed several "J" code entries, categorized as other acquisitions or dispositions, totaling 2,952,194 shares connected to entity restructurings.

Footnotes explain that Ares Technology I LLC, Mars Technology Holdings LLC, and Lunar Technology I LLC distributed Firefly Aerospace shares pro rata to their limited partners, including allocations to the Ryan M. Boland Revocable Trust. Boland exercised voting and dispositive control over shares previously held by these entities.

Following these transactions, the Ryan M. Boland Revocable Trust holds 122,860 shares of common stock, and Boland also holds 3,334 shares directly. These entries reflect shifts in how existing holdings are organized rather than open‑market buying or selling.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Boland Ryan Michael

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	539,143	$0.00	--
Other	Common Stock	688,751	$0.00	--
Other	Common Stock	1,601,440	$0.00	--
Other	Common Stock	122,860	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 0 shares (Indirect, See footnote); Common Stock — 3,334 shares (Direct)

Footnotes (1)

1. Represents shares of common stock distributed by Ares Technology I LLC ("Ares") on a pro rata basis to its limited partners, including 26,537 shares to the Ryan M. Boland Revocable Trust. Includes 1 share of common stock that was inadvertently excluded from the Form 3 filed by the reporting person on August 6, 2025. The reporting person exercised voting and dispositive control over the shares of common stock previously held by Ares. Represents shares of common stock distributed by Mars Technology Holdings LLC ("Mars") on a pro rata basis to its limited partners, including 36,803 shares to the Ryan M. Boland Revocable Trust. Includes 3 shares of common stock that were inadvertently excluded from the Form 3 filed by the reporting person on August 6, 2025. The reporting person exercises voting and dispositive control over the shares of common stock held by Mars. Represents shares of common stock distributed by Lunar Technology I LLC ("Lunar") on a pro rata basis to its limited partners, including 59,520 shares to the Ryan M. Boland Revocable Trust. The reporting person exercised voting and dispositive control over the shares of common stock previously held by Lunar. These shares are held directly by the Ryan M. Boland Revocable Trust for which the reporting person serves as trustee. The reporting person may be deemed to have beneficial ownership of the shares held by the trust.

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Boland Ryan Michael

(Last) (First) (Middle)

C/O FIREFLY AEROSPACE INC.

1320 ARROW POINT DRIVE #109

(Street)

CEDAR PARK TEXAS 78613

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Firefly Aerospace Inc. [ FLY ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Common Stock	03/23/2026		J		539,143(1)(2)	D	(1)	0	I	See footnote(3)
Common Stock	03/23/2026		J		688,751(4)(5)	D	(4)	40,821	I	See footnote(6)
Common Stock	03/23/2026		J		1,601,440(7)	D	(7)	0	I	See footnote(8)
Common Stock	03/23/2026		J		122,860(1)(4)(7)	A	(1)(4)(7)	122,860	I	See footnote(9)
Common Stock								3,334	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. Represents shares of common stock distributed by Ares Technology I LLC ("Ares") on a pro rata basis to its limited partners, including 26,537 shares to the Ryan M. Boland Revocable Trust.

2. Includes 1 share of common stock that was inadvertently excluded from the Form 3 filed by the reporting person on August 6, 2025.

3. The reporting person exercised voting and dispositive control over the shares of common stock previously held by Ares.

4. Represents shares of common stock distributed by Mars Technology Holdings LLC ("Mars") on a pro rata basis to its limited partners, including 36,803 shares to the Ryan M. Boland Revocable Trust.

5. Includes 3 shares of common stock that were inadvertently excluded from the Form 3 filed by the reporting person on August 6, 2025.

6. The reporting person exercises voting and dispositive control over the shares of common stock held by Mars.

7. Represents shares of common stock distributed by Lunar Technology I LLC ("Lunar") on a pro rata basis to its limited partners, including 59,520 shares to the Ryan M. Boland Revocable Trust.

8. The reporting person exercised voting and dispositive control over the shares of common stock previously held by Lunar.

9. These shares are held directly by the Ryan M. Boland Revocable Trust for which the reporting person serves as trustee. The reporting person may be deemed to have beneficial ownership of the shares held by the trust.

	/s/ David Wheeler, Attorney-in-fact	03/25/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Firefly Aerospace (FLY) disclose for Ryan Michael Boland?

Firefly Aerospace director Ryan Michael Boland reported several "J" code transactions labeled as other acquisitions or dispositions. These involved internal restructurings of common stock holdings through LLC distributions rather than open‑market purchases or sales, according to the filing details and accompanying footnotes.

How many Firefly Aerospace (FLY) shares were affected by Boland’s restructuring transactions?

The filing shows restructuring transactions involving 2,952,194 shares of Firefly Aerospace common stock. These shares were tied to pro rata distributions from Ares Technology I LLC, Mars Technology Holdings LLC, and Lunar Technology I LLC to their limited partners, including Boland’s revocable trust.

Did Ryan Michael Boland buy or sell Firefly Aerospace (FLY) shares on the open market?

The transactions are coded "J" as other acquisitions or dispositions and described as pro rata distributions from LLCs. The data and footnotes show internal reallocations of existing holdings, not open‑market buying or selling of Firefly Aerospace common stock by Boland.

How many Firefly Aerospace (FLY) shares does the Ryan M. Boland Revocable Trust hold after these transactions?

After the reported restructuring, the Ryan M. Boland Revocable Trust holds 122,860 shares of Firefly Aerospace common stock. Footnotes state the trust received shares via pro rata distributions from Ares, Mars, and Lunar entities, and Boland may be deemed to beneficially own those shares.

What are Ryan Michael Boland’s direct Firefly Aerospace (FLY) holdings after the Form 4 filing?

The Form 4 shows Ryan Michael Boland with 3,334 shares of Firefly Aerospace common stock held directly. This direct position is separate from the 122,860 shares held indirectly through the Ryan M. Boland Revocable Trust, where he serves as trustee.

What role did Ares, Mars, and Lunar entities play in the Firefly Aerospace (FLY) share movements?

Ares Technology I LLC, Mars Technology Holdings LLC, and Lunar Technology I LLC distributed Firefly Aerospace common shares on a pro rata basis to their limited partners. Footnotes note that Boland exercised voting and dispositive control over shares previously held by these entities before the distributions.