AE Industrial-linked holders trim 8M Firefly (FLY) shares in open-market sales

Rhea-AI Filing Summary

Firefly Aerospace Inc. large shareholders associated with AE Industrial Partners reported open-market sales of a combined 8,000,000 shares of Common Stock at $48.0000 per share, all held indirectly through affiliated entities. Following these sales, one affiliated holder reported 17,688,857 shares indirectly owned and another reported 33,016,575 shares indirectly owned. A separate indirect holding entry shows 11,111 shares held, attributed in the footnotes to David Rowe. The footnotes state that various AE Industrial Partners funds and their general partners, including AeroEquity GP, LLC and its managing members Michael Greene and David Rowe, in each case disclaim beneficial ownership of these securities except to the extent of their pecuniary interest.

Insider Trade Summary

Net Seller: 8,000,000 shares ($384,000,000)

Net Sell 3 txns

Insider AEROEQUITY GP, LLC, Glow NS Holdings, LLC, Glow Holdings Aggregator, LLC, GREENE MICHAEL ROBERT, ROWE DAVID H.

Role null | null | null | null | null

Sold 8,000,000 shs ($384.00M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,198,872	$48.00	$249.55M
Sale	Common Stock	2,801,128	$48.00	$134.45M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 33,016,575 shares (Indirect, See Footnotes)

Footnotes (1)

1. Glow NS Holdings, LLC is controlled by Glow NS Intermediate Holdings, LLC, its sole member. Glow NS Intermediate Holdings LLC is controlled by Glow Aggregator, LLC, its sole member. Glow Aggregator, LLC is controlled by AE Industrial Partners Fund II, L.P., its managing member. AE Industrial Partners Fund II, L.P. is controlled by AE Industrial Partners Fund II GP, LP ("AE Fund II GP"), its general partner. Glow Holdings Aggregator, LLC is controlled by AE Co-Investment Partners Fund III-F, LP, its managing member. AE Co-Investment Partners Fund III-F, LP is controlled by AE Industrial Partners Fund III GP, LP ("AE Fund III GP"), its general partner. (Continued from footnote 1) AE Fund II GP and AE Fund III GP are each managed by each entity's respective general partner, AeroEquity GP, LLC. AeroEquity GP, LLC is controlled by its managing members, Michael Greene and David Rowe. Messrs. Greene and Rowe make all voting and investment decisions with respect to the securities held by AE Industrial Partners. Each of the entities and individuals named above disclaims beneficial ownership of the securities held by AE Industrial Partners, except to the extent of its pecuniary interest therein. Held by Glow NS Holdings, LLC. Held by Glow Holdings Aggregator, LLC. Shares previously reported as held by Glow B Holdings, LLC, Glow C Holdings, LLC, Glow D Holdings, LLC and AE Co-Investment Partners Fund III-F, LP were contributed to Glow Holdings Aggregator, LLC in an exempted transaction pursuant to Rule 16a-13. Held by David Rowe.

Key Figures

Shares sold: 8,000,000 shares Sale price: $48.0000 per share Post-sale holding A: 17,688,857 shares +2 more

5 metrics

Shares sold 8,000,000 shares Total open-market sales of Common Stock

Sale price $48.0000 per share Price for both reported sales of Common Stock

Post-sale holding A 17,688,857 shares Common Stock indirectly owned after one sale

Post-sale holding B 33,016,575 shares Common Stock indirectly owned after other sale

Additional indirect holding 11,111 shares Common Stock held indirectly, attributed to David Rowe

Key Terms

beneficial ownership, pecuniary interest, ten percent owner, open-market sale, +1 more

5 terms

beneficial ownership financial

"disclaims beneficial ownership of the securities held by AE Industrial Partners"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of the securities ... except to the extent of its pecuniary interest therein"

ten percent owner financial

"is_ten_percent_owner": 1"

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Rule 16a-13 regulatory

"contributed to Glow Holdings Aggregator, LLC in an exempted transaction pursuant to Rule 16a-13"

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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^*

AEROEQUITY GP, LLC

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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

	Form filed by One Reporting Person
X	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	06/01/2026		S		5,198,872	D	$48	33,016,575	I	See Footnotes(1)(2)(3)
Common Stock	06/01/2026		S		2,801,128	D	$48	17,688,857	I	See Footnotes(1)(2)(4)
Common Stock								11,111	I	See Footnotes(1)(2)(5)

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

1. Name and Address of Reporting Person^*

AEROEQUITY GP, LLC

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Glow NS Holdings, LLC

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Glow Holdings Aggregator, LLC

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GREENE MICHAEL ROBERT

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

ROWE DAVID H.

(Last) (First) (Middle)

C/O AE INDUSTRIAL PARTNERS, LP

6700 BROKEN SOUND PKWY NW

(Street)

BOCA RATON FLORIDA 33487

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Glow NS Holdings, LLC is controlled by Glow NS Intermediate Holdings, LLC, its sole member. Glow NS Intermediate Holdings LLC is controlled by Glow Aggregator, LLC, its sole member. Glow Aggregator, LLC is controlled by AE Industrial Partners Fund II, L.P., its managing member. AE Industrial Partners Fund II, L.P. is controlled by AE Industrial Partners Fund II GP, LP ("AE Fund II GP"), its general partner. Glow Holdings Aggregator, LLC is controlled by AE Co-Investment Partners Fund III-F, LP, its managing member. AE Co-Investment Partners Fund III-F, LP is controlled by AE Industrial Partners Fund III GP, LP ("AE Fund III GP"), its general partner.

2. (Continued from footnote 1) AE Fund II GP and AE Fund III GP are each managed by each entity's respective general partner, AeroEquity GP, LLC. AeroEquity GP, LLC is controlled by its managing members, Michael Greene and David Rowe. Messrs. Greene and Rowe make all voting and investment decisions with respect to the securities held by AE Industrial Partners. Each of the entities and individuals named above disclaims beneficial ownership of the securities held by AE Industrial Partners, except to the extent of its pecuniary interest therein.

3. Held by Glow NS Holdings, LLC.

4. Held by Glow Holdings Aggregator, LLC. Shares previously reported as held by Glow B Holdings, LLC, Glow C Holdings, LLC, Glow D Holdings, LLC and AE Co-Investment Partners Fund III-F, LP were contributed to Glow Holdings Aggregator, LLC in an exempted transaction pursuant to Rule 16a-13.

5. Held by David Rowe.

	AeroEquity GP, LLC /s/ Michael Greene, Authorized Signatory	06/03/2026
	Glow NS Holdings, LLC /s/ Kirk Konert, Authorized Signatory	06/03/2026
	Glow Holdings Aggregator, LLC /s/ Kirk Konert, Authorized Signatory	06/03/2026
	/s/ Michael Greene	06/03/2026
	/s/ David H. Rowe	06/03/2026
	** 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 share sales did Firefly Aerospace (FLY) report in this Form 4?

The Form 4 reports that entities associated with AE Industrial Partners executed open-market sales totaling 8,000,000 shares of Firefly Aerospace Common Stock at $48.0000 per share, all held indirectly through affiliated investment entities.

Which entities are involved in the Firefly Aerospace (FLY) insider transactions?

The transactions involve Glow NS Holdings, LLC and Glow Holdings Aggregator, LLC, which are controlled through multiple AE Industrial Partners funds and general partners, as detailed in the footnotes describing the ownership and control chain.

How many Firefly Aerospace (FLY) shares do the affiliated holders report after the sales?

After the reported sales, one affiliated holder reports 17,688,857 shares of Common Stock indirectly owned, while another reports 33,016,575 shares indirectly owned. An additional indirect entry shows 11,111 shares held, attributed in the footnotes to David Rowe.

What sale price was received in the Firefly Aerospace (FLY) insider transactions?

Both reported open-market sales were executed at $48.0000 per share for Firefly Aerospace Common Stock. One transaction covered 2,801,128 shares and the other 5,198,872 shares, together totaling 8,000,000 shares sold at that price.

How do the Firefly Aerospace (FLY) insiders characterize their beneficial ownership?

The footnotes state that AE Industrial Partners entities, AeroEquity GP, LLC, and individuals Michael Greene and David Rowe each disclaim beneficial ownership of the securities held by AE Industrial Partners, except to the extent of their pecuniary interest in those holdings.

Who makes voting and investment decisions for the Firefly Aerospace (FLY) affiliated holdings?

According to the footnotes, Michael Greene and David Rowe, as managing members of AeroEquity GP, LLC, make all voting and investment decisions with respect to securities held by AE Industrial Partners through its various controlled entities.