Frontier TopCo and EQT Disclose 19.76M Shares (22.8%) in Kodiak Gas

Rhea-AI Filing Summary

Kodiak Gas Services, Inc. Schedule 13G/A reports that Frontier TopCo Partnership, L.P., Frontier TopCo GP, LLC and EQT Fund Management S.a r.l. (the "Reporting Persons") collectively disclose beneficial ownership of 19,762,573 shares of the issuer's common stock, representing 22.8% of the class. The percentage is calculated using 86,683,860 shares outstanding as of September 3, 2025, per the issuer's prospectus supplement. Kodiak Holdings and Frontier GP are organized in Delaware; EFMS is organized in Luxembourg. Frontier GP is the general partner of Kodiak Holdings and EFMS manages investment vehicles with control over Frontier GP; each of Frontier GP and EFMS disclaim beneficial ownership while acknowledging the relationships disclosed. The filing is an Amendment No. 7 to Schedule 13G and includes signatures dated September 10, 2025.

Positive

• Material ownership disclosed: Reporting Persons collectively report 19,762,573 shares (22.8%) which is a significant, clearly stated stake.
• Clear organizational relationships: Filing identifies Frontier GP as general partner of Kodiak Holdings and describes EFMS's management role over investment vehicles.
• Disclosure of basis for percentage: Percentage calculated using 86,683,860 shares outstanding as of September 3, 2025, cited from the issuer's prospectus supplement.

Negative

• None.

Insights

Financial Analyst

TL;DR: A 22.8% stake is material and signals significant investor influence without an explicit group admission.

The Reporting Persons disclose ownership of 19,762,573 shares, or 22.8% of Kodiak Gas Services' common stock based on 86,683,860 shares outstanding. That stake is large enough to be material to capital structure and potential governance outcomes. The filing emphasizes legal disclaimers: Frontier GP and EFMS may be deemed to beneficially own the shares by virtue of organizational relationships but expressly disclaim such ownership for Section 13(d) purposes. No changes to voting agreements, board composition, or plans for disposition are stated in this amendment. For investors, the key takeaway is concentrated ownership by private-equity-affiliated entities, which can affect strategic options but no operational statements are provided in this filing.

Corporate Governance Expert

TL;DR: Disclosure shows significant ownership and clarifies control relationships while avoiding admission of a formal group.

The Schedule 13G/A clearly maps governance relationships: Frontier GP is general partner of Kodiak Holdings and EQT Fund Management S.a r.l. has management responsibility over investment vehicles tied to EQT Infrastructure III. The filing carefully disclaims beneficial ownership by Frontier GP and EFMS despite their control roles, a common legal posture to limit Section 13(d) implications. The presence of a >5% indirect interest by specific EQT funds is disclosed. The document contains no evidence of coordinated action or formation of a group; therefore, from a governance perspective, the disclosure is material but does not by itself indicate imminent governance changes or activist intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Kodiak Gas Services, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

50012A108

(CUSIP Number)

09/08/2025

(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. 50012A108

1

Names of Reporting Persons

Frontier TopCo Partnership, L.P.

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 19,762,573.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,762,573.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,762,573.00

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)

22.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Row 11. Calculated based on 86,683,860 shares of common stock outstanding as of September 3, 2025, as disclosed in the Issuer's prospectus supplement, dated as of September 8, 2025.

SCHEDULE 13G

CUSIP No. 50012A108

1

Names of Reporting Persons

Frontier TopCo 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 19,762,573.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,762,573.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,762,573.00

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)

22.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 11. Calculated based on 86,683,860 shares of common stock outstanding as of September 3, 2025, as disclosed in the Issuer's prospectus supplement, dated as of September 8, 2025.

SCHEDULE 13G

CUSIP No. 50012A108

1

Names of Reporting Persons

EQT Fund Management S.a r.l.

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

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 19,762,573.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,762,573.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,762,573.00

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)

22.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Row 11. Calculated based on 86,683,860 shares of common stock outstanding as of September 3, 2025, as disclosed in the Issuer's prospectus supplement, dated as of September 8, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kodiak Gas Services, Inc.
(b)	Address of issuer's principal executive offices: 9950 Woodloch Forest Drive, 19th Floor, The Woodlands, TX 77380
Item 2.
(a)	Name of person filing: This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons" and each, a "Reporting Person": Frontier TopCo Partnership, L.P. ("Kodiak Holdings"); Frontier TopCo GP, LLC ("Frontier GP"); and EQT Fund Management S.a r.l. ("EFMS").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of Kodiak Holdings and Frontier GP is: EQT Partners Inc. 245 Park Avenue, 34th Floor New York, NY 10167 The address of the principal business office of EFMS is: EQT Fund Management S.A.R.L. 51A, Boulevard Royal L-2449 Luxembourg Luxembourg
(c)	Citizenship: See responses to Item 4 on each of the cover pages.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 50012A108
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: See responses to Item 9 on each of the cover pages.
(b)	Percent of class: See responses to Item 11 on each of the cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each of the cover pages.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each of the cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each of the cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each of the cover pages. Frontier GP is the general partner of Kodiak Holdings. EQT Infrastructure III SCSp ("EQT Infrastructure III") indirectly owns 100% of the membership interests in Frontier GP. EFMS has exclusive responsibility for the management and control of the business and affairs of investment vehicles which constitute the majority of the total commitments to EQT Infrastructure III. As such, EFMS has the power to control Frontier GP's voting and investment decisions and may be deemed to have beneficial ownership of the securities held by Kodiak Holdings. EFMS is managed by a five-member board of directors. Each of Frontier GP and EFMS may be deemed to beneficially own the shares of Common Stock beneficially owned by Kodiak Holdings, but neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person (other than Kodiak Holdings) is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) of the Act, or for any other purpose and each of Frontier GP and EFMS expressly disclaim beneficial ownership of such shares. The filing of this statement should not be construed to be an admission that any of the Reporting Persons are members of a "group" for the purposes of Sections 13(d) and 13(g) of the Act.
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. The several investment vehicles that collectively constitute the EQT Infrastructure III fund may be deemed to have the indirect right to receive or the indirect power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock held by Kodiak Holdings by virtue of their ownership of Frontier GP's membership interests. Of these vehicles, each of EQT IV Co-Invest SCSP (No. 1) Limited Partnership, EQT Infra IV Funds (No. 2) Limited Partnership and EQT Infra III Funds (No. 3) Limited Partnership may be deemed to have the indirect right to receive or the indirect power to direct the receipt of dividends from, or the proceeds from the sale of, 5.0% or more of the Issuer's outstanding Common Stock.
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:
	Not Applicable

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.

Frontier TopCo Partnership, L.P.

Signature:	/s/ Luuk Bogaarts
Name/Title:	Luuk Bogaarts, Authorized Officer
Date:	09/10/2025

Signature:	/s/ Joseph Turley
Name/Title:	Joseph Turley, Treasurer
Date:	09/10/2025

Frontier TopCo GP, LLC

Signature:	/s/ Luuk Bogaarts
Name/Title:	Luuk Bogaarts, Authorized Officer
Date:	09/10/2025

Signature:	/s/ Joseph Turley
Name/Title:	Joseph Turley, Treasurer
Date:	09/10/2025

EQT Fund Management S.a r.l.

Signature:	/s/ Sara Huda
Name/Title:	Sara Huda, Manager
Date:	09/10/2025

Signature:	/s/ Luca Luigi Baggioli
Name/Title:	Luca Luigi Baggioli, Authorized Signatory
Date:	09/10/2025

Comments accompanying signature: Frontier TopCo GP, LLC is the general partner of Frontier TopCo Partnership, L.P. Exhibit Information Exhibit 1 Agreement of Joint Filing, dated as of February 12, 2024 (incorporated by reference to Exhibit 1 of the Schedule 13G filed by the Reporting Persons on February 12, 2024).

FAQ

How many shares of KGS does Frontier TopCo Partnership, L.P. report owning?

The filing states Frontier TopCo Partnership, L.P. beneficially owns 19,762,573 shares of common stock.

What percent of Kodiak Gas Services (KGS) does the reported stake represent?

The reported ownership represents 22.8% of the class, calculated using 86,683,860 shares outstanding as of September 3, 2025.

Who are the Reporting Persons named in the Schedule 13G/A for KGS?

The Reporting Persons are Frontier TopCo Partnership, L.P.; Frontier TopCo GP, LLC; and EQT Fund Management S.a r.l.

Does the filing state that the Reporting Persons are acting as a group?

No. The filing states that the Reporting Persons expressly disclaim being members of a "group" for purposes of Sections 13(d) and 13(g).

Which entities may be deemed to have indirect rights to dividends or sale proceeds of KGS shares?

Certain investment vehicles comprising EQT Infrastructure III, including EQT IV Co-Invest SCSP (No. 1) LP, EQT Infra IV Funds (No. 2) LP and EQT Infra III Funds (No. 3) LP, may be deemed to have such indirect rights.