North Reef reports 5.5% stake in i3 Verticals

North Reef Capital Management LP, together with North Reef Capital Management GP LLC and James Hanna, III, reports beneficial ownership of 1,075,000 shares of i3 Verticals, Inc. Class A common stock.

Rhea-AI Filing Summary

North Reef Capital Management LP, together with North Reef Capital Management GP LLC and James Hanna, III, reports beneficial ownership of 1,075,000 shares of i3 Verticals, Inc. Class A common stock. This represents 5.50% of the class. The group has shared voting and dispositive power over all 1,075,000 shares and no sole voting or dispositive power.

Key Figures

Shares beneficially owned: 1,075,000 shares Percent of class: 5.50% Shared voting power: 1,075,000 shares +1 more

4 metrics

Shares beneficially owned 1,075,000 shares Class A common stock beneficially owned by reporting persons

Percent of class 5.50% Percentage of i3 Verticals Class A common stock beneficially owned

Shared voting power 1,075,000 shares Shares over which reporting persons share voting power

Shared dispositive power 1,075,000 shares Shares over which reporting persons share dispositive power

Key Terms

Schedule 13G, beneficially owned, shared voting power, shared dispositive power

4 terms

Schedule 13G regulatory

"This Schedule 13G relates to the Class A Common Stock of i3 Verticals, Inc."

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.

beneficially owned financial

"Amount beneficially owned: 1,075,000"

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.

shared voting power financial

"Shared power to vote or to direct the vote: 1,075,000"

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.

shared dispositive power financial

"Shared power to dispose or to direct the disposition of: 1,075,000"

FAQ

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

What percentage of i3 Verticals (IIIV) does North Reef Capital report owning?

North Reef Capital and related filers report beneficial ownership of 5.50% of i3 Verticals’ Class A common stock, based on 1,075,000 shares held with shared voting and dispositive power.

How many i3 Verticals (IIIV) shares does North Reef Capital beneficially own?

The filing states that the reporting group beneficially owns 1,075,000 shares of i3 Verticals Class A common stock, representing shared voting and dispositive power over all of these shares and no sole power.

Who are the reporting persons in this i3 Verticals (IIIV) Schedule 13G?

The reporting persons are North Reef Capital Management LP, North Reef Capital Management GP LLC, and James Hanna, III, who together report beneficial ownership and shared control over 1,075,000 shares of i3 Verticals Class A common stock.

What type of security in i3 Verticals (IIIV) is covered by this Schedule 13G?

The Schedule 13G covers Class A common stock of i3 Verticals, Inc., with a par value of $0.0001 per share, identified by CUSIP 46571Y107 in the ownership disclosure.

Does North Reef Capital have sole or shared voting power over its IIIV shares?

The reporting group has 0 shares with sole voting power and 1,075,000 shares with shared voting power, matching the shared dispositive power over the same 1,075,000 shares of i3 Verticals.

Where are the reporting persons for the i3 Verticals (IIIV) Schedule 13G based?

North Reef Capital Management LP and its GP are organized in Delaware, while James Hanna, III is a citizen of California, with a principal business office in Laguna Beach, California listed in the filing.

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

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Available on EDGAR 08/14/2026 - 04:01 PM Accepted by SEC EDGAR 08/14/2026 - 04:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

i3 Verticals, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 Par Value

(Title of Class of Securities)

46571Y107

(CUSIP Number)

06/30/2026

(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): 46571Y107

1

Names of Reporting Persons

North Reef Capital Management 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 0.00
6	Shared Voting Power 1,075,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,075,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,075,000.00

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)

5.50 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 46571Y107

1

Names of Reporting Persons

North Reef Capital Management GP 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 1,075,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,075,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,075,000.00

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)

5.50 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 46571Y107

1

Names of Reporting Persons

James Hanna, III

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,075,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,075,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,075,000.00

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)

5.50 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: i3 Verticals, Inc.
(b)	Address of issuer's principal executive offices: 40 Burton Hills Blvd., Suite 415, Nashville, TN, 37215
Item 2.
(a)	Name of person filing: North Reef Capital Management LP North Reef Capital Management GP LLC James Hanna, III
(b)	Address or principal business office or, if none, residence: c/o North Reef Capital Management LP 1833 South Coast Highway Suite 210 Laguna Beach, California 92651
(c)	Citizenship: North Reef Capital Management LP - Delaware North Reef Capital Management GP LLC - Delaware James Hanna, III - California
(d)	Title of class of securities: Class A Common Stock, $0.0001 Par Value
(e)	CUSIP Number(s): 46571Y107
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: 1,075,000
(b)	Percent of class: 5.50 %
(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: 1,075,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,075,000
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 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.

North Reef Capital Management LP

Signature:	/s/ Daniel Locasto
Name/Title:	Chief Compliance Officer
Date:	08/14/2026

North Reef Capital Management GP LLC

Signature:	/s/ James Hanna, III
Name/Title:	Managing Member
Date:	08/14/2026

James Hanna, III

Signature:	/s/ James Hanna, III
Name/Title:	James Hanna, III
Date:	08/14/2026

Exhibit Information

EXHIBIT 99.1 - JOINT FILING AGREEMENT