Forward Air (FWRD) sees 5.1% stake reported by Bracebridge-led group

Rhea-AI Filing Summary

Forward Air Corporation has a new Schedule 13G reporting group institutional ownership. FFI Fund Ltd., FYI Ltd., and Olifant Fund, Ltd., all Cayman Islands exempted companies, and Bracebridge Capital, LLC, a Delaware investment manager, report aggregate beneficial ownership of 1,608,505 shares of common stock. This represents approximately 5.1% of the company’s outstanding common stock, based on 31,625,046 shares outstanding as of April 29, 2026. FFI holds 1,127,575 shares (3.6%), FYI 238,032 shares (0.8%), and Olifant 242,898 shares (0.8%). The funds each retain voting and dispositive power over the shares they directly own, while Bracebridge, as investment manager, has shared voting and dispositive power over the full 1,608,505 shares and disclaims beneficial ownership except to the extent of its pecuniary interest.

Key Figures

Aggregate shares owned: 1,608,505 shares Aggregate ownership percentage: 5.1% Shares outstanding: 31,625,046 shares +5 more

8 metrics

Aggregate shares owned 1,608,505 shares Shares of Forward Air common stock beneficially owned by the Reporting Persons in aggregate

Aggregate ownership percentage 5.1% Percent of Forward Air common stock class beneficially owned by the Reporting Persons

Shares outstanding 31,625,046 shares Forward Air common stock outstanding as of April 29, 2026

FFI Fund holding 1,127,575 shares Forward Air common stock directly owned by FFI Fund Ltd.

FYI Ltd. holding 238,032 shares Forward Air common stock directly owned by FYI Ltd.

Olifant Fund holding 242,898 shares Forward Air common stock directly owned by Olifant Fund, Ltd.

FFI ownership percentage 3.6% Percent of Forward Air common stock directly owned by FFI Fund Ltd.

FYI and Olifant ownership percentages 0.8% each Percent of Forward Air common stock directly owned by FYI Ltd. and Olifant Fund, Ltd.

Key Terms

Schedule 13G, beneficial ownership, shared voting power, dispositive power, +1 more

5 terms

Schedule 13G regulatory

"This joint statement on is being filed by FFI Fund Ltd. ..."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficial ownership regulatory

"may be deemed to beneficially own 1,608,505 shares of Common Stock"

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.

shared voting power financial

"Shared Voting Power 1,127,575.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 1,127,575.00"

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.

Joint Filing Agreement regulatory

"have entered into a Joint Filing Agreement, dated as of July 29, 2026"

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FAQ

What percentage of Forward Air (FWRD) does the Bracebridge group report owning?

The reporting group may be deemed to beneficially own 5.1% of Forward Air’s common stock, representing 1,608,505 shares, based on 31,625,046 shares outstanding as of April 29, 2026.

How many Forward Air (FWRD) shares does each Bracebridge-related fund hold?

FFI Fund Ltd. directly owns 1,127,575 shares, FYI Ltd. owns 238,032 shares, and Olifant Fund, Ltd. owns 242,898 shares of Forward Air common stock.

What are the individual ownership percentages for the funds in Forward Air (FWRD)?

FFI Fund Ltd. holds about 3.6% of Forward Air’s common stock, FYI Ltd. about 0.8%, and Olifant Fund, Ltd. about 0.8%, all calculated from 31,625,046 outstanding shares.

Who is the investment manager for the reporting funds holding Forward Air (FWRD)?

Bracebridge Capital, LLC is the investment manager of FFI Fund Ltd., FYI Ltd., and Olifant Fund, Ltd., with shared voting and dispositive power over 1,608,505 Forward Air shares.

Where are the reporting entities for the Forward Air (FWRD) Schedule 13G organized?

FFI Fund Ltd., FYI Ltd., and Olifant Fund, Ltd. are Cayman Islands exempted companies, while Bracebridge Capital, LLC is a Delaware limited liability company.

What baseline share count was used to calculate the 5.1% stake in Forward Air (FWRD)?

The reported 5.1% ownership is based on 31,625,046 shares of Forward Air common stock outstanding as of April 29, 2026, as disclosed in a Form 10-Q.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Forward Air Corporation

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

34986A104

(CUSIP Number)

07/23/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 34986A104

1

Names of Reporting Persons

FFI Fund Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,127,575.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,127,575.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,127,575.00

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)

3.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026.

SCHEDULE 13G

CUSIP Number(s): 34986A104

1

Names of Reporting Persons

FYI Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 238,032.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 238,032.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

238,032.00

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)

0.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026.

SCHEDULE 13G

CUSIP Number(s): 34986A104

1

Names of Reporting Persons

Olifant Fund, Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 242,898.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 242,898.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

242,898.00

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)

0.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026.

SCHEDULE 13G

CUSIP Number(s): 34986A104

1

Names of Reporting Persons

Bracebridge Capital, LLC

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 0.00
6	Shared Voting Power 1,608,505.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,608,505.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,608,505.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

OO, IA

Comment for Type of Reporting Person: Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Forward Air Corporation
(b)	Address of issuer's principal executive offices: 3200 Olympus Boulevard, Suite 300, Dallas, TX, 75019
Item 2.
(a)	Name of person filing: This joint statement on Schedule 13G is being filed by FFI Fund Ltd. ("FFI"), FYI Ltd. ("FYI"), Olifant Fund, Ltd. ("Olifant" and collectively with FFI and FYI, the "Funds"), and Bracebridge Capital, LLC (the "Investment Manager"), who are collectively referred to as the "Reporting Persons." The Investment Manager is the investment manager of each of the Funds. The Reporting Persons have entered into a Joint Filing Agreement, dated as of July 29, 2026, a copy of which is filed with this Schedule 13G as Exhibit 99.1 (which is incorporated herein by reference), pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act. Each of the Funds has the power to vote and dispose of the shares of Common Stock beneficially owned by such entity, and each of the Funds expressly disclaims beneficial ownership of any shares of Common Stock not owned directly by it except to the extent of any pecuniary interest therein. The Investment Manager, as the investment manager of each of the Funds, has the authority to vote and dispose of all of the shares of Common Stock reported in this Schedule 13G, but expressly disclaims beneficial ownership of any shares of Common Stock except to the extent of its pecuniary interest therein.
(b)	Address or principal business office or, if none, residence: The principal business office of the Reporting Persons is 888 Boylston Street, 15th Floor, Boston, Massachusetts 02199.
(c)	Citizenship: The Investment Manager is a Delaware limited liability company. Each of the Funds is a Cayman Islands exempted company.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP Number(s): 34986A104
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: As of the date hereof, the Reporting Persons, in the aggregate, may be deemed to beneficially own 1,608,505 shares of Common Stock. The shares of Common Stock are directly beneficially owned as follows: (i) the 1,127,575 shares of Common Stock owned directly by FFI, (ii) the 238,032 shares of Common Stock owned directly by FYI, and (iii) the 242,898 shares of Common Stock owned directly by Olifant.
(b)	Percent of class: As of the date hereof, the Reporting Persons, in the aggregate, may be deemed the beneficial owner of approximately 5.1% of shares of Common Stock outstanding, which amount includes (i) 3.6% directly owned by FFI, (ii) 0.8% directly owned by FYI, and (iii) 0.8% directly owned by Olifant. The percentage of shares of Common Stock beneficially owned by each Reporting Person is based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: FFI : 1,127,575 FYI : 238,032 Olifant: 242,898 The Investment Manager: 1,608,505
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: FFI : 1,127,575 FYI : 238,032 Olifant: 242,898 The Investment Manager: 1,608,505
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 securities referred to above 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.

FFI Fund Ltd.

Signature:	/s/ John N. Spinney, Jr.
Name/Title:	John N. Spinney, Jr./Authorized Signatory
Date:	07/28/2026

FYI Ltd.

Signature:	/s/ John N. Spinney, Jr.
Name/Title:	John N. Spinney, Jr./Authorized Signatory
Date:	07/28/2026

Olifant Fund, Ltd.

Signature:	/s/ John N. Spinney, Jr
Name/Title:	John N. Spinney, Jr./Authorized Signatory
Date:	07/28/2026

Bracebridge Capital, LLC

Signature:	/s/ John N. Spinney, Jr.
Name/Title:	John N. Spinney, Jr./Authorized Signatory
Date:	07/28/2026