LiveOak funds report major in-kind transfer of CS Disco (LAW) stock

Rhea-AI Filing Summary

LOVP SBIC Management Services, L.L.C. and affiliated LiveOak entities reported related-party transfers of CS Disco, Inc. (LAW) common stock on 09/17/2025 executed as a pro rata in-kind distribution rather than a purchase or sale. The filing shows LiveOak Venture Partners 1A, L.P. disposed of 4,889,700 shares via the distribution. LiveOak Venture Partners I, L.P. received 4,612,116 shares and now beneficially owns 6,324,973 shares. Additional direct or indirect holdings are reported: 51,432 shares directly, 561,314 held by LiveOak I Co-Invest L.P., 768,058 by LiveOak I Co-Invest II L.P., and 172,940 by LiveOak I Co-Invest IV LP. Reporting parties include LOVP SBIC Management Services, L.L.C. and managing member Venu Shamapant, with multiple affiliated GP/LP entities disclaiming beneficial ownership except to the extent of pecuniary interest. Signatures date the filing 09/19/2025.

Positive

• Large block transfer executed as an in-kind distribution, indicating no open-market sale pressure from the reporting group
• LiveOak Venture Partners I, L.P. increased beneficial ownership to 6,324,973 shares following the distribution
• Clear disclaimers and attribution by general partners and managing members provide transparency on indirect holdings

Negative

• LiveOak Venture Partners 1A, L.P. disposed of 4,889,700 shares (distribution), reducing that entity's direct holdings to zero
• Complex ownership structure across multiple GP/LP entities may complicate outside investors' ability to track ultimate economic interests

Insights

Financial Analyst

TL;DR: Reallocation of holdings among affiliated LiveOak funds shifted large blocks of LAW shares without open-market trades, leaving aggregate ownership within the group.

The Form 4 documents a significant in-kind distribution on 09/17/2025 where LiveOak Venture Partners 1A, L.P. distributed 4,889,700 shares to affiliated partners and funds; no cash changed hands. One affiliated vehicle, LiveOak Venture Partners I, L.P., received 4,612,116 shares and reports 6,324,973 shares beneficially owned after the transaction. Several co-invest vehicles show substantial indirect holdings (561,314; 768,058; 172,940). From an ownership construct perspective, this is an internal reallocation across related entities rather than a dilution event or market sale, so it does not directly change the company’s outstanding shares or signal liquidity from the group via a public sale.

Corporate Governance Expert

TL;DR: The filing discloses compliant attribution and disclaimers across multiple affiliated GP/LP structures after an in-kind distribution.

The Form 4 provides clear attribution: general partners and managing members

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^*

LOVP SBIC MANAGEMENT SERVICES, LLC

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CS Disco, Inc. [ LAW ]

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)
09/17/2025

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	09/17/2025		J(1)		4,889,700	D	$0	0	I	By LiveOak Venture Partners 1A, L.P.(2)
Common Stock	09/17/2025		J(3)		4,612,116	A	$0	6,324,973	I	By LiveOak Venture Partners I, L.P.(4)
Common Stock	09/17/2025		J(3)		51,432	A	$0	51,432	D(5)
Common Stock								561,314	I	By LiveOak I Co-Invest L.P.(6)
Common Stock								768,058	I	By LiveOak I Co-Invest II L.P.(7)
Common Stock								172,940	I	By LiveOak I Co-Invest IV LP(8)

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^*

LOVP SBIC MANAGEMENT SERVICES, LLC

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LiveOak Venture Partners 1A, L.P.

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LOVP UPPER TIER GP I, LLC

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LiveOak Venture Partners I, L.P.

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LiveOak I Co-Invest L.P.

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LIVEOAK I CO-INVEST II L.P.

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LIVEOAK CO-INVEST GP, LLC

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

LIVEOAK I CO-INVEST IV L.P.

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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^*

Venugopal Shamapant

(Last) (First) (Middle)

C/O LOVP MANAGEMENT SERVICES, LLC

805 LAS CIMAS PARKWAY, SUITE 125

(Street)

AUSTIN TX 78746

(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. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by LiveOak Venture Partners 1A, L.P. ("LVP IA") to its general partner and limited partners without additional consideration.

2. Securities are directly held by LVP IA. LOVP SBIC Management Services, L.L.C. ("SBIC GP") is the general partner of LVP IA and Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of SBIC GP. Each of SBIC GP and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

3. Represents receipt of shares in the distribution in kind described in footnote (1).

4. Securities are directly held by LiveOak Venture Partners I, L.P. ("LVP I"). LOVP GP I, L.P. ("LOVP GP I") is the general partner of LVP I and LOVP Upper Tier GP I, LLC ("LOVPUT GP I") is the general partner of LOVP GP I. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

5. Securities are directly held by SBIC GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of SBIC GP. Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

6. Securities are directly held by LiveOak I Co-Invest L.P. ("LICI"). LOVP TDA GP, LP ("LOVP TDA GP") is the general partner of LICI and LOVPUT GP I is the general partner of LOVP TDA GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

7. Securities are directly held by LiveOak I Co-Invest II L.P. ("LICI II"). LOVP TDA GP is the general partner of LICI II and LOVPUT GP I is the general partner of LOVP TDA GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

8. Securities are directly held by LiveOak I Co-Invest IV LP ("LICI IV"). LiveOak Co-Invest GP, LLC ("LICI GP") is the general partner of LICI IV and Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LICI GP. Each of LICI GP and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.

	LiveOak Venture Partners 1A, L.P., By LOVP SBIC Management Services, L.L.C., its General Partner, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LOVP SBIC Management Services, L.L.C., By /s/ Venu Shamapant, Managing Member	09/19/2025
	LiveOak Venture Partners I, L.P., By LOVP GP I, L.P., its General Partner, By LOVP Upper Tier GP I, LLC, its General Partner, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LiveOak I Co-Invest L.P., By LOVP TDA GP, LP, its General Partner, By LOVP Upper Tier GP I, LLC, its General Partner, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LiveOak I Co-Invest II L.P., By LOVP TDA GP, LP, its General Partner, By LOVP Upper Tier GP I, LLC, its General Partner, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LOVP Upper Tier GP I, LLC, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LiveOak I Co-Invest IV LP, By LiveOak Co-Invest GP, LLC, its General Partner, By /s/ Venu Shamapant, Managing Member	09/19/2025
	LiveOak Co-Invest GP, LLC, By /s/ Venu Shamapant, Managing Member	09/19/2025
	/s/ Venu Shamapant	09/19/2025
	** 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.

FAQ

What happened in the LAW Form 4 filed by LiveOak entities?

The filing reports a pro rata in-kind distribution on 09/17/2025 where LiveOak Venture Partners 1A, L.P. distributed 4,889,700 shares to affiliated partners and funds; no open-market sale occurred.

How many CS Disco (LAW) shares does LiveOak Venture Partners I, L.P. beneficially own after the transaction?

LiveOak Venture Partners I, L.P. reports beneficial ownership of 6,324,973 shares following the reported receipt of 4,612,116 shares.

Which individuals signed the Form 4 and when?

Venu Shamapant signed on behalf of the reporting entities; signatures are dated 09/19/2025.

Were any shares sold on the open market according to the filing?

No. The filing explicitly states the transaction was a pro rata, in-kind distribution and not a purchase or sale.

What other LiveOak-affiliated holdings are disclosed?

The filing lists direct or indirect holdings of 51,432 shares (direct), 561,314 by LiveOak I Co-Invest L.P., 768,058 by LiveOak I Co-Invest II L.P., and 172,940 by LiveOak I Co-Invest IV LP.