[SCHEDULE 13G/A] Spectral AI, Inc. Warrants SEC Filing

Rhea-AI Filing Summary

Spectral AI, Inc. received a Schedule 13G/A reporting that Laurence E. Hirsch, Highlander Partners, L.P. and Highlander Partners GP, LLC each beneficially own 900,000 shares of the issuer's common stock, representing 3.50% of the outstanding class based on 25,737,820 shares stated outstanding as of June 30, 2025. The filing notes these holdings are comprised of common stock held by Highlander Partners, L.P., which were formerly held directly by Laurence E. Hirsch, and identifies Mr. Hirsch as sole manager of Highlander Partners GP, LLC. The filing clarifies voting and dispositive powers: Hirsch and Highlander Partners, L.P. report sole voting and dispositive power over 900,000 shares while Highlander Partners GP, LLC reports shared voting and dispositive power over the same amount. The schedule includes a joint filing agreement, an Item 8 statement, and a previously filed power of attorney.

Insights

Securities Analyst

TL;DR: Disclosure shows a passive sub-5% stake of 3.50% by related parties with clear voting/dispositive allocations.

The Schedule 13G/A documents a non-control ownership position totaling 900,000 shares (3.50%) held by closely related reporting persons: Laurence E. Hirsch, Highlander Partners, L.P., and Highlander Partners GP, LLC. The filing explicitly attributes sole voting and dispositive power to Mr. Hirsch and Highlander Partners, L.P., and shared powers to the general partner entity. Because the stake is under 5% and the filing includes the required joint filing agreement and power of attorney reference, this is a routine beneficial ownership disclosure rather than an activist or control-oriented filing. Materiality is limited; the position is transparent and compliant with reporting obligations.

Corporate Governance Expert

TL;DR: Related-party ownership and governance roles are disclosed; no indication of change-in-control intent.

The filing clarifies the organizational relationships and control roles: Mr. Hirsch is identified as sole manager of the GP entity and prior direct holder of the shares now held by Highlander Partners, L.P. The Schedule includes certifications that the securities were not acquired to influence control, consistent with Rule 13d-1(b) reporting. For governance assessment, the disclosed allocation of sole versus shared voting and dispositive powers helps shareholders understand who can direct voting and disposition. There is no indication in the filing of coordinated group action beyond the joint filing agreement; impact on issuer governance appears negligible given the sub-5% stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Spectral AI, Inc.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

84757T105

(CUSIP Number)

08/13/2025

(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. 84757T105

1

Names of Reporting Persons

Laurence E. Hirsch

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 900,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 900,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

900,000.00

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)

3.50 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Comprised of shares of Common Stock held by Highlander Partners, L.P., which shares were formerly held by Laurence E. Hirsch directly. Mr. Hirsch is the sole manager of Highlander Partners GP, LLC, the general partner of Highlander Partners, L.P.

SCHEDULE 13G

CUSIP No. 84757T105

1

Names of Reporting Persons

Highlander Partners, 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 900,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 900,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

900,000.00

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)

3.50 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84757T105

1

Names of Reporting Persons

Highlander Partners 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 900,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 900,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

900,000.00

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)

3.50 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Comprised of shares of Common Stock held by Highlander Partners, L.P., of which Highlander Partners GP, LLC is the general partner.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spectral AI, Inc.
(b)	Address of issuer's principal executive offices: 2515 McKinney Avenue, Suite 1000, Dallas, TX 75201
Item 2.
(a)	Name of person filing: Laurence E. Hirsch, Highlander Partners, L.P. and Highlander Partners GP, LLC
(b)	Address or principal business office or, if none, residence: The address of the business office for Laurence E. Hirsch, Highlander Partners, L.P. and Highlander Partners GP, LLC is 300 Crescent Court, Suite 550, Dallas, TX 75201.
(c)	Citizenship: Highlander Partners, L.P. and Highlander Partners GP, LLC - Texas Laurence E. Hirsch - United States citizen
(d)	Title of class of securities: Common stock, par value $0.0001 per share
(e)	CUSIP No.: 84757T105
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: Laurence E. Hirsch - 900,000 shares Highlander Partners, L.P. - 900,000 shares Highlander Partners GP, LLC - 900,000 shares
(b)	Percent of class: Laurence E. Hirsch - 3.50% Highlander Partners, L.P. - 3.50% Highlander Partners GP, LLC - 3.50% *Based on 25,737,820 shares of common stock stated to be outstanding as of June 30, 2025 based on information provided by the Issuer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Laurence E. Hirsch - 900,000 shares Highlander Partners, L.P. - 900,000 shares
	(ii) Shared power to vote or to direct the vote: Highlander Partners GP, LLC - 900,000 shares
	(iii) Sole power to dispose or to direct the disposition of: Laurence E. Hirsch - 900,000 shares Highlander Partners, L.P. - 900,000 shares
	(iv) Shared power to dispose or to direct the disposition of: Highlander Partners GP, LLC - 900,000 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit B
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 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.

Laurence E. Hirsch

Signature:	Nicholas Thicksten
Name/Title:	Attorney-In-Fact
Date:	08/14/2025

Highlander Partners, L.P.

Signature:	Chris McRorie
Name/Title:	Vice President, General Counsel & Secretary
Date:	08/14/2025

Highlander Partners GP, LLC

Signature:	Chris McRorie
Name/Title:	Vice President, General Counsel & Secretary
Date:	08/14/2025

Exhibit Information

Exhibit A. Joint Filing Agreement. Exhibit B. Item 8 Statement. Exhibit C. Power of Attorney. (1) (1) Power of Attorney previously filed as Exhibit A to a Schedule 13G with regard to Spectral AI, Inc. filed with the Securities and Exchange Commission on November 3, 2023 by Laurence E. Hirsch.

FAQ

What stake in Spectral AI, Inc. (MDAIW) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 900,000 shares, representing 3.50% of common stock based on 25,737,820 shares outstanding as of June 30, 2025.

Who are the reporting persons named on the filing for MDAIW?

The reporting persons are Laurence E. Hirsch, Highlander Partners, L.P., and Highlander Partners GP, LLC.

Does the filing indicate who has voting and dispositive power over the shares?

Yes. Laurence E. Hirsch and Highlander Partners, L.P. report sole voting and dispositive power over 900,000 shares; Highlander Partners GP, LLC reports shared voting and dispositive power over the same shares.

Was the stake filed as aimed at changing or influencing control of the issuer?

No. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Where is the issuer headquartered as stated in the filing?

The filing lists the issuer's principal executive offices at 2515 McKinney Avenue, Suite 1000, Dallas, TX 75201.