Funko investor Fund 1 discloses 9.8% stake

Fund 1 Investments reports a 9.8% Funko stake plus additional economic exposure through cash-settled swaps.

Rhea-AI Filing Summary

Funko, Inc. (FNKO) has an updated Schedule 13D/A disclosure from Fund 1 Investments, LLC. The reporting person beneficially owns 5,497,413 shares of Funko Class A common stock, representing approximately 9.8% of the 55,995,766 shares outstanding as of August 4, 2026. These shares were acquired using the funds' working capital, including possible margin loans, for an aggregate purchase price of about $39.5 million. Fund 1 holds sole voting and dispositive power over all of these shares. In addition, it has entered into cash-settled total return swap agreements providing economic exposure to a further 6,462,462 notional shares, or about 11.5% of the outstanding shares, without voting or dispositive power over those referenced shares.

Filing Explained

The holder reports 9.8% direct ownership plus separate 11.5% economic exposure through swaps, without voting or disposal rights over the swap shares.

This Schedule 13D amendment updates Fund 1 Investments, LLC’s reported position in Funko: it directly owns $5,497,413 shares, or 9.8% of Class A common stock, with sole voting and disposal power.

The filing also reports cash-settled total return swaps on 6,462,462 notional shares, or 11.5% of the outstanding shares. Those swaps provide economic results comparable to ownership but do not give the holder voting or disposal power over those shares.

The filing states that the directly owned shares were purchased using fund working capital, with an aggregate purchase price of approximately $39,523,665 including commissions. The ownership percentage uses 55,995,766 shares outstanding as of August 4, 2026, as reported in Funko’s Form 10-Q.

The amendment is dated to the September 18, 2026 event and was signed on September 22, 2026; future amendments or filings would be needed to show changes to the direct stake, swap exposure, or stated arrangements.

Key Figures

Shares beneficially owned: 5,497,413 shares Ownership percentage: 9.8% Shares outstanding: 55,995,766 shares +3 more

6 metrics

Shares beneficially owned 5,497,413 shares Funko Class A common stock beneficially owned by Fund 1 Investments, LLC

Ownership percentage 9.8% Percentage of outstanding Funko shares beneficially owned by Fund 1

Shares outstanding 55,995,766 shares Funko Class A shares outstanding as of August 4, 2026

Aggregate purchase price $39,523,665 Total cost, including commissions, for 5,497,413 Funko shares

Notional shares under cash-settled swaps 6,462,462 shares Notional Funko shares referenced by Fund 1’s total return swaps

Economic exposure via swaps 11.5% Approximate percentage of outstanding shares referenced by cash-settled swaps

Key Terms

beneficially owned, cash-settled total return swap, dispositive power, working capital, +1 more

5 terms

beneficially owned financial

"As of the date hereof, the Reporting Person beneficially owned 5,497,413 Shares"

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.

cash-settled total return swap financial

"The Reporting Person has entered into certain cash-settled total return swap agreements"

dispositive power financial

"sole Dispositive Power 5,497,413.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

working capital financial

"Shares beneficially owned by the Reporting Person were purchased with working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"which may, at any given time, include margin loans made by brokerage firms"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Funko (FNKO) shares does Fund 1 Investments, LLC now beneficially own?

Fund 1 Investments, LLC beneficially owns 5,497,413 shares of Funko Class A common stock, representing approximately 9.8% of the 55,995,766 shares outstanding as of August 4, 2026, based on Funko’s Form 10-Q filed August 6, 2026.

How much did Fund 1 Investments pay for its Funko (FNKO) share position?

Fund 1 Investments reports an aggregate purchase price of approximately $39,523,665 for the 5,497,413 shares of Funko Class A common stock it beneficially owns, including brokerage commissions, using working capital of the funds, which may include margin loans.

What voting and dispositive power does Fund 1 Investments have over its Funko (FNKO) shares?

Fund 1 Investments has sole power to vote or direct the vote of, and to dispose or direct the disposition of, the 5,497,413 Funko shares held by the funds, with no shared voting or dispositive power reported.

What additional economic exposure to Funko (FNKO) does Fund 1 hold through derivatives?

Fund 1 has entered into cash-settled total return swap agreements providing economic exposure to an aggregate of 6,462,462 notional Funko shares, representing approximately 11.5% of the outstanding shares, but without voting or dispositive power over the referenced shares.

Does Fund 1’s cash-settled swap position in Funko (FNKO) provide voting rights?

No. The cash-settled total return swaps give Fund 1 economic results comparable to ownership with respect to 6,462,462 notional shares, but they do not provide power to vote, direct voting, dispose, or direct disposition of the underlying Funko shares.

What is the total Funko (FNKO) share count used to calculate Fund 1’s ownership percentage?

Fund 1’s reported ownership percentage is calculated using 55,995,766 shares of Funko Class A common stock outstanding as of August 4, 2026, as reported in Funko’s Quarterly Report on Form 10-Q filed on August 6, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 07:01 PM Accepted by SEC EDGAR 09/22/2026 - 07:00 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. 4)

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)

09/18/2026

(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 5,497,413.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,497,413.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,497,413.00

12

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

13

Percent of class represented by amount in Row (11)

9.8 %

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 5,497,413 Shares beneficially owned by the Reporting Person is approximately $39,523,665, 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 55,995,766 Shares outstanding as of August 4, 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 August 6, 2026. As of the date hereof, the Reporting Person beneficially owned 5,497,413 Shares, constituting approximately 9.8% 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 5,497,413 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 during the past 60 days 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 to add the following: 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 6,462,462 notional Shares, representing approximately 11.5% 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.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

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 Compliance Officer
Date:	09/22/2026