Cyrus Capital Trims Garrett Motion Stake; 23.1M Shares Still Held

Rhea-AI Filing Summary

On 7 July 2025, Cyrus Capital Partners, L.P. and affiliated entities—collectively a 10 % beneficial owner of Garrett Motion Inc. (NASDAQ: GTX)—filed a Form 4 reporting an open-market sale of 300,000 common shares. The shares were disposed of at a weighted-average price of $11.1033, with individual trades executed between $11.00 – $11.15.

After the transaction, the group continues to hold 23,133,686 shares indirectly through multiple Cyrus-managed funds, leaving its ownership largely intact; the sale represents roughly 1.3 % of its prior position. No derivative securities were involved and no further transactions were disclosed in the filing. The report was signed on 9 July 2025 by Stephen C. Freidheim, Chief Investment Officer of Cyrus Capital Partners.

While modest relative to the remaining stake, insider sales by large shareholders can be seen by the market as a potential softening of long-term conviction. Conversely, the sizeable residual holding suggests Cyrus Capital maintains a significant strategic interest in Garrett Motion.

Positive

• None.

Negative

• Insider selling: 10 % owner Cyrus Capital sold 300,000 GTX shares (~1.3 % of its stake) at ~$11.10, a move that can create mild negative market sentiment.

Insights

Financial Analyst

TL;DR – Cyrus trims 1.3 % of GTX stake; minor insider selling pressure

The 300 k-share sale at ~$11.10 generates roughly $3.3 million in proceeds and comes in a narrow price band, implying an opportunistic liquidity move rather than a wholesale exit. Although the absolute volume is limited versus daily trading for GTX, insider sales—even small—often weigh on short-term sentiment and can cap near-term upside. Importantly, the fund still owns 23.1 million shares, so the core thesis appears unaffected. Overall impact: slightly negative, mainly for sentiment.

Corporate Governance Expert

TL;DR – Transaction is routine, ownership control unchanged

Form 4 complies with Section 16 reporting rules, disclosing timely details and a weighted-average price breakdown. No new governance issues arise; Cyrus Capital remains a >10 % holder, preserving its filing obligations and potential board influence. From a governance standpoint the event is neutral, as control dynamics and reporting transparency remain intact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CYRUS CAPITAL PARTNERS, L.P.

(Last) (First) (Middle)

65 EAST 55 STREET

35TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Garrett Motion Inc. [ GTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/07/2025		S		300,000	D	$11.1033(1)	23,133,686	I	See footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

CYRUS CAPITAL PARTNERS, L.P.

(Last) (First) (Middle)

65 EAST 55 STREET

35TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

FREIDHEIM STEPHEN C

(Last) (First) (Middle)

C/O CYRUS CAPITAL PARTNERS, L.P.

65 EAST 55TH STREET, 35TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

CYRUS CAPITAL PARTNERS GP, LLC

(Last) (First) (Middle)

65 EAST 55TH STREET, 35TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.00 to $11.15, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

2. These securities of the Company are beneficially owned by (i) Cyrus Capital Partners, L.P. ("Cyrus Capital Partners"), as a result of being the investment manager of certain private investment funds that directly hold the securities, including Cyrus 1740 Master Fund, L.P., Canary SC Master Fund, L.P., Cyrus Opportunities Master Fund II, Ltd., Crescent 1, L.P., CRS Master Fund, L.P., Cyrus Select Opportunities Master Fund, Ltd., Cyrus Select Opportunities Master Fund II, L.P., Peterson Capital Investors LLC, and PJ A Capital LLC (the "Cyrus Funds"), (ii) Cyrus Capital Partners GP, L.L.C. ("Cyrus Capital GP"), as a result of being the sole general partner of Cyrus Capital Partners, and (iii) Stephen C. Freidheim, as a result of being the Chief Investment Officer of Cyrus Capital Partners and the sole member and manager of Cyrus Capital GP (collectively, the "Reporting Persons").

3. (Continued from footnote 2) Each of the Reporting Persons disclaims beneficial ownership of any securities reported by any person except to the extent of his or its pecuniary interest therein, if any.

	Cyrus Capital Partners, L.P., By: Cyrus Capital Partners GP, L.L.C., its general partner, By: /s/ Stephen C. Freidheim, Stephen C. Freidheim, its Sole Member/Manager	07/09/2025
	Cyrus Capital Partners GP, L.L.C., By: /s/ Stephen C. Freidheim, Stephen C. Freidheim, its Sole Member/Manager	07/09/2025
	/s/ Stephen C. Freidheim	07/09/2025
	** Signature of Reporting Person	Date
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FAQ

How many Garrett Motion (GTX) shares did Cyrus Capital sell on July 7 2025?

The Form 4 reports a sale of 300,000 common shares.

At what price were the GTX shares sold?

The weighted-average sale price was $11.1033, with individual trades ranging from $11.00 to $11.15.

How many GTX shares does Cyrus Capital own after the sale?

Post-transaction, the group beneficially owns 23,133,686 shares.

Does Cyrus Capital remain a 10 % owner of Garrett Motion?

Yes. Despite the sale, Cyrus Capital is still listed as a 10 % beneficial owner.

Were any derivative securities involved in this Form 4 filing?

No. No derivative securities were acquired or disposed of in the reported period.

Who signed the Form 4 on behalf of the reporting persons?

The filing was signed by Stephen C. Freidheim on 9 July 2025.