I Squared entity trims Kinetik (KNTK) stake with 4M-share Class A sale
Rhea-AI Filing Summary
Entities affiliated with I Squared Capital reported a major restructuring of their Kinetik Holdings stake. On February 26, 2026, Buzzard Midstream LLC, which holds the position for these reporting persons, converted 4,000,000 Kinetik Holdings Units into 4,000,000 shares of Class A Common Stock through a derivative conversion at no stated cost per share.
That same day, Buzzard Midstream LLC sold 4,000,000 shares of Class A Common Stock in an open‑market or private transaction at $44.85 per share, leaving it with one share of Class A Common Stock indirectly owned. Following the conversion, Buzzard Midstream LLC continued to hold 18,569,492 Kinetik Holdings Units, over which ISQ Global Fund II GP LLC and its upstream entities exercise voting and investment power, while individual members Sadek Wahba and Gautam Bhandari disclaim beneficial ownership except for any pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Large I Squared–affiliated holder converted 4M units then sold 4M Kinetik Class A shares.
The transactions show Buzzard Midstream LLC, associated with ISQ Global Fund II GP LLC and related I Squared entities, exchanging 4,000,000 Kinetik Holdings Units for 4,000,000 Class A shares, then selling those 4,000,000 Class A shares at $44.85 per share on February 26, 2026.
Afterward, Buzzard Midstream LLC still held 18,569,492 Kinetik Holdings Units, while only one Class A share remained. Individual members Sadek Wahba and Gautam Bhandari explicitly disclaim beneficial ownership beyond any pecuniary interest, so these are best viewed as entity‑level transactions rather than personal trading activity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Kinetik Holdings Units | 4,000,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 4,000,000 | $0.00 | -- |
| Sale | Class A Common Stock | 4,000,000 | $44.85 | $179.40M |
Footnotes (1)
- Securities issued pursuant to and in connection with a contribution agreement (the "Contribution Agreement"), dated October 21, 2021, by and among Kinetik Holdings Inc., a Delaware corporation (f/k/a Altus Midstream Company, the "Issuer"), Kinetik Holdings LP, a Delaware limited partnership (f/k/a Altus Midstream LP, the "Partnership"), BCP Raptor Holdco, LP, a Delaware limited partnership, and New BCP Raptor Holdco, LLC, a Delaware limited liability company. The term "Kinetik Holdings Units" is used herein to represent common units representing limited partnership interests in the Partnership ("Partnership Common Units") and an equal number of paired shares of Class C Common Stock of the Issuer. The terms of the Third Amended and Restated Agreement of Limited Partnership of the Partnership provide that each holder of Partnership Common Units (other than the Issuer) generally has the right to cause the Partnership to redeem all or a portion of its Partnership Common Units (the "Redemption Right") in exchange for shares of Class A Common Stock of the Issuer or, at the Partnership's election, an equivalent amount of cash. In connection with any redemption of Partnership Common Units pursuant to the Redemption Right, the corresponding number of shares of the Class C Common Stock will be cancelled. The Partnership Common Units and the right to exercise the Redemption Right have no expiration date. The securities are directly held by Buzzard Midstream LLC. ISQ Global Fund II GP, LLC ("Fund II GP") is the general partner of the members of the indirect owners of Buzzard Midstream LLC and, in such capacity, exercises voting and investment power over the securities directly held by Buzzard Midstream LLC. I Squared Capital, LLC ("I Squared Capital") is the sole member of Fund II GP. ISQ Holdings, LLC ("ISQ Holdings") is the managing member of I Squared Capital. Each of Sadek Wahba and Gautam Bhandari is a member of ISQ Holdings and disclaims beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein.
