Durable Capital Discloses 6.67M Shares, 9.9% of Shift4 (FOUR)

Rhea-AI Filing Summary

Durable Capital Partners LP reported beneficial ownership of 6,665,443 shares of Shift4 Payments, Inc. (Class A common stock), representing 9.9% of the outstanding Class A shares based on 67,471,184 shares outstanding as of April 22, 2025. The filing states Durable Capital Master Fund LP directly holds the shares and Durable Capital Partners LP, as investment adviser, has sole voting and dispositive power. The reporting person is organized in Delaware and lists principal offices in Bethesda, Maryland. The filing is an amendment to Schedule 13G and includes a certification that the shares are held in the ordinary course of business.

Positive

• Material disclosure of 9.9% beneficial ownership clarifies market ownership and voting control
• Sole voting and dispositive power is explicitly stated, reducing ambiguity about who directs the shares
• Clear identification of relationships (Durable Capital Master Fund LP, Durable Capital Partners GP LLC, Henry Ellenbogen) provides governance transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Durable Capital reports a 9.9% stake in Shift4, held through Durable Capital Master Fund LP with sole voting and dispositive power.

The Schedule 13G/A discloses a near-10% position in Shift4 Payments (FOUR), with 6,665,443 shares beneficially owned and sole authority over vote and disposition. The filing cites 67,471,184 Class A shares outstanding as the base for the percentage. This is a standard disclosure under the Exchange Act when ownership crosses material thresholds and clarifies control and ownership structure without indicating activist intent; the certifying language states the position is held in the ordinary course of business.

Corporate Governance Expert

TL;DR: The report documents material ownership and identifies the advisory and GP relationships that control voting/disposition rights.

The filing identifies Durable Capital Partners LP as investment adviser to Durable Capital Master Fund LP, Durable Capital Master Fund LP as the direct holder, Durable Capital Partners GP LLC as general partner, and Henry Ellenbogen as CIO/managing member of the GP. It confirms sole voting/dispositive power and provides addresses and organizational details. This disclosure clarifies who holds economic and voting interests for governance recordkeeping and regulatory transparency.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Shift4 Payments, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 per share

(Title of Class of Securities)

82452J109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 82452J109

1

Names of Reporting Persons

Durable Capital Partners LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,665,443.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,665,443.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,665,443.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Shift4 Payments, Inc.
(b)	Address of issuer's principal executive offices: 3501 Corporate Pkwy, Center Valley, Pennsylvania 18034
Item 2.
(a)	Name of person filing: Durable Capital Partners LP
(b)	Address or principal business office or, if none, residence: 4747 Bethesda Avenue, Suite 1002, Bethesda, Maryland 20814
(c)	Citizenship: The Reporting Person is a limited partnership organized under the laws of the State of Delaware.
(d)	Title of class of securities: Class A Common Stock, $0.0001 per share
(e)	CUSIP No.: 82452J109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to the Reporting Person is set forth in Rows 5 through 9 and 11 of the cover page to this Schedule 13G. The ownership percentages reported are based on 67,471,184 outstanding shares of Class A Common Stock, $0.0001 per share (the "Shares") as of April 22, 2025, as reported in the Issuer's Form 10-Q filed on April 29, 2025. Durable Capital Master Fund LP directly holds 6,665,443 Shares. The Reporting Person, as the investment adviser to Durable Capital Master Fund LP, has sole power to direct the vote and disposition of the Shares. Durable Capital Partners GP LLC ("Durable GP") is the general partner of the Reporting Person, and Henry Ellenbogen is the chief investment officer of the Reporting Person and the managing member of Durable GP.
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6665443
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6665443
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See disclosure of relationships among parties under Item 4. The economic benefits of the Shares are shared based on agreements among the parties.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See control and Shares holding disclosure in Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Durable Capital Partners LP

Signature:	/s/ Julie Jack
Name/Title:	Authorized Person
Date:	08/14/2025

FAQ

How many shares of Shift4 Payments (FOUR) does Durable Capital Partners LP report owning?

Durable Capital Partners LP reports beneficial ownership of 6,665,443 shares of Class A common stock.

What percentage of Shift4 (FOUR) does the 13G/A filing report?

The filing reports ownership of 9.9% of the Class A common stock based on 67,471,184 shares outstanding as of April 22, 2025.

Who directly holds the shares reported in the Schedule 13G/A?

Durable Capital Master Fund LP directly holds the reported 6,665,443 shares; Durable Capital Partners LP is the investment adviser.

Does Durable Capital claim voting or dispositive control over the shares?

Yes. The filing states Durable Capital Partners LP has sole power to vote and sole power to dispose of the reported shares.

Where is the reporting entity organized and where is its principal office?

The reporting person is organized in Delaware and lists a principal office at 4747 Bethesda Avenue, Suite 1002, Bethesda, Maryland.