Kinetik Holdings unit holder converts 1.5M units

Kinetik Holdings Inc. reporting persons associated with I Squared Capital reported the conversion of 1,500,000 Kinetik Holdings Units into 1,500,000 shares of Class A Common Stock on July 29, 2026.

Rhea-AI Filing Summary

Kinetik Holdings Inc. reporting persons associated with I Squared Capital reported the conversion of 1,500,000 Kinetik Holdings Units into 1,500,000 shares of Class A Common Stock on July 29, 2026. The securities are directly held by Buzzard Midstream LLC, over which the fund entities exercise voting and investment power, while Sadek Wahba and Gautam Bhandari disclaim beneficial ownership except for their pecuniary interests. After these transactions, 15,569,492 Kinetik Holdings Units and 1,928,894 Class A shares remain indirectly attributable to the reporting group.

Insider Trade Summary

1,500,000 shares exercised/converted

Exercise 2 txns

Insider ISQ Global Fund II GP LLC, I Squared Capital, LLC, ISQ Holdings, LLC, Wahba Sadek, Bhandari Gautam

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Conversion	Kinetik Holdings Units F1, F2, F3	1,500,000	$0.00	$0.00
Conversion	Class A Common Stock F1, F2, F3	1,500,000	--	--

Holdings After Transaction: Kinetik Holdings Units — 15,569,492 contracts (Indirect, See Explanation of Responses); Class A Common Stock — 1,928,894 shares (Indirect, See Explanation of Responses)

Footnotes (3)

1. F1. 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.
2. F2. 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.
3. F3. 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.

Key Figures

Kinetik Holdings Units converted: 1,500,000 units Class A shares acquired: 1,500,000 shares Kinetik Holdings Units owned after: 15,569,492 units +2 more

5 metrics

Kinetik Holdings Units converted 1,500,000 units Units exchanged for Class A Common Stock on July 29, 2026

Class A shares acquired 1,500,000 shares Shares received upon conversion of Kinetik Holdings Units on July 29, 2026

Kinetik Holdings Units owned after 15,569,492 units Indirectly attributable to reporting persons via Buzzard Midstream LLC after transactions

Class A shares owned after 1,928,894 shares Indirect Class A Common Stock position following the reported conversion

Exercise or conversion transactions 1,500,000 shares ExerciseShares total in transaction summary for derivative conversion code C

Key Terms

Kinetik Holdings Units, Redemption Right, Third Amended and Restated Agreement of Limited Partnership, pecuniary interest

4 terms

Kinetik Holdings Units financial

"The term "Kinetik Holdings Units" is used herein to represent common units represen"

Redemption Right financial

"each holder of Partnership Common Units ... has the right to cause the Partnership to redeem all or a portion of its Partnership Common Units (the "Redemption Right")"

Third Amended and Restated Agreement of Limited Partnership regulatory

"The terms of the Third Amended and Restated Agreement of Limited Partnership of the Partnership provide"

pecuniary interest financial

"disclaims beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein"

FAQ

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

What insider transaction was reported for Kinetik Holdings (KNTK)?

The filing reports a conversion of 1,500,000 Kinetik Holdings Units into 1,500,000 shares of Class A Common Stock on July 29, 2026, reflecting an internal equity reclassification rather than an open-market purchase or sale.

How many Kinetik Holdings (KNTK) units and shares are held after the Form 4 transaction?

After the reported conversion, entities associated with the reporting group indirectly hold 15,569,492 Kinetik Holdings Units and 1,928,894 shares of Class A Common Stock, all directly held through Buzzard Midstream LLC as disclosed.

Who is the direct holder in the Kinetik Holdings (KNTK) Form 4 filing?

The securities are directly held by Buzzard Midstream LLC. Fund II GP, I Squared Capital and ISQ Holdings exercise voting and investment power over these holdings, while individual members Sadek Wahba and Gautam Bhandari only have interests to the extent of their pecuniary interest.

What are Kinetik Holdings Units as described in the KNTK Form 4?

“Kinetik Holdings Units” represent Partnership Common Units plus paired Class C Common Stock. Holders may use a Redemption Right to exchange Partnership Common Units for Class A Common Stock of Kinetik Holdings Inc. or, at the partnership’s election, an equivalent amount of cash.

Which reporting persons are named in the Kinetik Holdings (KNTK) Form 4?

Named reporting persons are ISQ Global Fund II GP LLC, I Squared Capital, LLC, ISQ Holdings, LLC, Wahba Sadek and Bhandari Gautam, each identified as a ten percent owner due to their indirect interests in securities held by Buzzard Midstream LLC.

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

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Available on EDGAR 07/31/2026 - 04:26 PM Accepted by SEC EDGAR 07/31/2026 - 04:26 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

ISQ Global Fund II GP LLC

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Kinetik Holdings Inc. [ KNTK ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2026

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

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

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

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
Class A Common Stock	07/29/2026		C		1,500,000	A	(1)(2)	1,928,894	I	See Explanation of Responses(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
Kinetik Holdings Units	(1)(2)	07/29/2026		C			1,500,000	(1)(2)	(1)(2)	Class A Common Stock	1,500,000	$0	15,569,492	I	See Explanation of Responses(3)

1. Name and Address of Reporting Person^*

ISQ Global Fund II GP LLC

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

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^*

I Squared Capital, LLC

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

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^*

ISQ Holdings, LLC

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

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^*

Wahba Sadek

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

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^*

Bhandari Gautam

(Last) (First) (Middle)

600 BRICKELL AVENUE

PENTHOUSE

(Street)

MIAMI FLORIDA 33131-3067

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

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.

2. 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.

3. 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.

	ISQ Global Fund II GP, LLC, By: /s/ Gautam Bhandari, Director	07/31/2026
	I Squared Capital, LLC, By: ISQ Holdings, LLC, its managing member, By: /s/ Gautam Bhandari, Manager	07/31/2026
	ISQ Holdings, LLC, By: /s/ Gautam Bhandari, Manager	07/31/2026
	/s/ Sadek Wahba	07/31/2026
	/s/ Gautam Bhandari	07/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)