Fund 1 Investments boosts Funko (FNKO) stake to 9.41% with added swap exposure

Rhea-AI Filing Summary

Fund 1 Investments, LLC has amended its Schedule 13D on Funko, Inc., disclosing a significant equity and derivative position in the company’s Class A common stock.

The fund beneficially owns 5,257,086 shares, which is about 9.41% of the 55,839,584 shares outstanding as of May 5, 2026, purchased for approximately $41,723,700 including commissions. Fund 1 reports sole voting and dispositive power over these shares.

In addition to its shareholdings, Fund 1 has entered into cash-settled total return swaps referencing an aggregate of 5,248,201 notional shares, representing roughly 9.40% of Funko’s outstanding shares. These swaps provide economic exposure similar to ownership but do not convey voting or disposal rights over the referenced shares.

Insights

Equity ownership & activism analyst

Fund 1 discloses a near-10% Funko stake plus sizable swap exposure.

Fund 1 Investments, LLC reports beneficial ownership of 5,257,086 Funko Class A shares, or 9.41% of the 55,839,584 shares outstanding as of May 5, 2026. The stake was acquired for about $41,723,700, and the fund holds sole voting and dispositive power over these shares.

Separately, Fund 1 uses cash-settled total return swaps on 5,248,201 notional shares, adding economic exposure equal to about 9.40% of outstanding stock without voting or disposal rights. This structure concentrates economic interest while limiting formal control.

The combination of direct ownership and derivative exposure gives Fund 1 substantial financial sensitivity to Funko’s share price. Subsequent company and ownership disclosures may clarify whether this position leads to governance engagement or remains a primarily economic investment.

Key Figures

Beneficially owned shares: 5,257,086 shares Beneficial ownership percentage: 9.41% Shares outstanding: 55,839,584 shares +3 more

6 metrics

Beneficially owned shares 5,257,086 shares Funko Class A common stock beneficially owned by Fund 1

Beneficial ownership percentage 9.41% Percent of Funko’s outstanding shares represented by Fund 1’s holdings

Shares outstanding 55,839,584 shares Funko shares outstanding as of May 5, 2026

Aggregate purchase price $41,723,700 Total cost of 5,257,086 shares including brokerage commissions

Notional swap exposure 5,248,201 notional shares Shares referenced by cash-settled total return swaps

Swap exposure percentage 9.40% Percent of Funko’s outstanding shares referenced by swaps

Key Terms

beneficially owned, sole voting power, sole dispositive power, cash-settled total return swap, +1 more

5 terms

beneficially owned financial

"The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based on 55,839,584 Shares outstanding"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"The Reporting Person has sole power (i) to vote or direct the vote of ... the 5,257,086 Shares"

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 power financial

"The Reporting Person has sole power ... (ii) to dispose or direct the disposition of, the 5,257,086 Shares"

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.

cash-settled total return swap financial

"The Reporting Person has entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps")"

economic exposure financial

"The Cash-Settled Swaps provide the Reporting Person with economic exposure to an aggregate of 5,248,201 notional Shares"

Economic exposure is the degree to which a company’s future cash flows and overall value can change because of shifts in broad economic forces—most commonly currency rates, interest rates, or inflation. Think of a business as a sailboat whose speed and direction can be pushed off course by changing winds; investors care because greater exposure means more uncertainty in earnings and valuation, influencing risk assessment and hedging choices.

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Available on EDGAR 06/18/2026 - 04:18 PM Accepted by SEC EDGAR 06/18/2026 - 04:17 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Funko, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

361008105

(CUSIP Number)

Kenneth Mantel, Esq.
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

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

06/12/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 361008105

1

Name of reporting person

Fund 1 Investments, LLC

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)

AF

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,257,086.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,257,086.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,257,086.00

12

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

13

Percent of class represented by amount in Row (11)

9.41 %

14

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value per share
(b)	Name of Issuer: Funko, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2802 WETMORE AVE, EVERETT, WASHINGTON , 98201.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares beneficially owned by the Reporting Person were purchased with working capital of the Funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 5,257,086 Shares beneficially owned by the Reporting Person is approximately $41,723,700 including brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based on 55,839,584 Shares outstanding as of May 5, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2026. As of the date hereof, the Reporting Person beneficially owned 5,257,086 Shares, constituting approximately 9.41% of the outstanding Shares.
(b)	Item 5(b) is hereby amended and restated to read as follows: The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 5,257,086 Shares held by the Funds.
(c)	Item 5(c) is hereby amended and restated to read as follows: The transactions in the Shares by the Reporting Person since the most recent filing of Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and restated to read as follows: The Reporting Person has entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps") with an unaffiliated third-party financial institution, which provide the Reporting Person with economic exposure to an aggregate of 5,248,201 notional Shares, representing approximately 9.40% of the outstanding Shares. The Cash-Settled Swaps provide the Reporting Person with economic results that are comparable to the economic results of ownership, but do not provide the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Cash-Settled Swaps. Other than as described herein, there are no contracts, arrangements, understandings, or relationships between the Reporting Person and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	1 - Transactions in the Securities of the Issuer Since the Most Recent Filing of Schedule 13D

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.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable, Chief Operating Officer
Date:	06/18/2026

FAQ

What percentage of Funko (FNKO) shares does Fund 1 Investments now report owning?

Fund 1 Investments reports beneficial ownership of about 9.41% of Funko’s shares. It holds 5,257,086 Class A shares, based on 55,839,584 shares outstanding as of May 5, 2026, giving the fund a sizable minority equity position in the company.

How many Funko (FNKO) shares does Fund 1 Investments beneficially own and what did it pay?

Fund 1 beneficially owns 5,257,086 Funko Class A shares, with an aggregate purchase price of approximately $41,723,700 including brokerage commissions. These shares give the fund sole voting and dispositive power over a meaningful portion of Funko’s equity base.

What is the role of cash-settled total return swaps in Fund 1’s Funko (FNKO) position?

Fund 1 uses cash-settled total return swaps for additional Funko exposure. These swaps reference 5,248,201 notional shares, about 9.40% of outstanding stock. They provide economic results similar to ownership but do not grant voting or dispositive power over the referenced shares.

How many Funko (FNKO) shares are outstanding in this Schedule 13D/A disclosure?

The disclosure is based on 55,839,584 Funko shares outstanding as of May 5, 2026. This figure comes from Funko’s Form 10-Q filed May 7, 2026 and is used to calculate Fund 1’s 9.41% beneficial ownership percentage.

Who signed the amended Funko (FNKO) Schedule 13D/A for Fund 1 Investments?

Benjamin C. Cable signed the amended Schedule 13D/A as Chief Operating Officer on June 18, 2026. His signature certifies, after reasonable inquiry, that the information in the statement regarding Fund 1’s Funko holdings and related arrangements is true, complete, and correct.

Does Fund 1 Investments have sole voting power over its Funko (FNKO) shares?

Yes, Fund 1 reports sole voting and dispositive power over the 5,257,086 Funko shares held by its funds. It lists zero shared voting or shared dispositive power, indicating centralized control over how these shares are voted and potentially sold.