De Lisle Partners reports 5.9% Friedman Industries stake (FRD)

Rhea-AI Filing Summary

De Lisle Partners LLP reported beneficial ownership of 419,816 shares of Friedman Industries, Inc. common stock, representing 5.9% of the class as of the event date. The firm holds sole voting and sole dispositive power over all these shares, with no shared authority.

The filing is an amended Schedule 13G, submitted by Institutional Investment Manager Isabelle Cordwell-Riant, who serves as Head of Finance and Compliance and certifies that the applicable foreign regulatory framework is substantially comparable to the U.S. regime for similar institutions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

FRIEDMAN INDUSTRIES INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

358435105

(CUSIP Number)

12/31/2025

(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. 358435105

1

Names of Reporting Persons

De Lisle Partners LLP

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

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 419,816.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 419,816.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

419,816.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FRIEDMAN INDUSTRIES INC
(b)	Address of issuer's principal executive offices: 1121 JUDSON RD, SUITE 124, LONGVIEW, TEXAS, 75601
Item 2.
(a)	Name of person filing: Isabelle Cordwell-Riant
(b)	Address or principal business office or, if none, residence: 3 Firs Lane, Poole, BH14 8JG, United Kingdom
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 358435105
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).
	Institutional Investment Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 419,816
(b)	Percent of class: 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 419,816
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 419,816
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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 foreign regulatory scheme applicable to Institutional Investment Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a 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.

De Lisle Partners LLP

Signature:	Isabelle Cordwell-Riant
Name/Title:	Head of Finance and Compliance
Date:	02/11/2026

FAQ

What ownership did De Lisle Partners report in FRD on this Schedule 13G/A?

De Lisle Partners LLP reported beneficial ownership of 419,816 shares of Friedman Industries (FRD) common stock, equal to 5.9% of the class. All of these shares are subject to the firm’s sole voting and sole dispositive power, with no shared authority disclosed.

Who filed the amended Schedule 13G/A for Friedman Industries (FRD)?

The amended Schedule 13G/A was filed by Isabelle Cordwell-Riant, Head of Finance and Compliance. She is identified as the person filing on behalf of the institutional investment manager and certifies the accuracy of the information and the comparability of the applicable foreign regulatory framework.

What voting and dispositive powers are reported over FRD shares?

The filer reports sole voting power over 419,816 Friedman Industries shares and sole dispositive power over the same 419,816 shares. The filing states zero shared voting power and zero shared dispositive power, indicating exclusive control over how these shares are voted and disposed of.

What percentage of Friedman Industries’ common stock does 419,816 shares represent?

According to the filing, the 419,816 shares beneficially owned represent 5.9% of Friedman Industries’ common stock. This level of ownership requires disclosure on Schedule 13G/A, which is used for institutional investors with a passive stake above the 5% reporting threshold.

What is the event date for the ownership reported in this FRD Schedule 13G/A?

The event that triggered this amended Schedule 13G filing is dated December 31, 2025. Ownership information such as the 419,816 shares and 5.9% of the class is stated as of this date, reflecting the filer’s position at that time.

How is the reporting entity classified in this Friedman Industries filing?

The reporting party is classified as an Institutional Investment Manager under the relevant SEC rules. The filer certifies that the foreign regulatory scheme applicable to this manager is substantially comparable to the U.S. regime for functionally equivalent institutions and agrees to provide additional information upon request.