IKAV/VEPU Report 25.4M and 5.2M MNR Units in Form 3 Joint Filing

Rhea-AI Filing Summary

Mach Natural Resources LP (MNR) insiders filed an Initial Statement of Beneficial Ownership reporting indirect ownership of common units. IKAV General Partner S.a r.l. and VEPU Inc. jointly report 25,407,349 common units held of record by VEPU Inc. and 5,203,915 common units held of record by SIMLOG Inc. The filing explains a chain of ownership through affiliated entities and an individual majority owner, and states that the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest. The statement is filed jointly on behalf of the listed entities and the individual.

Positive

• Transparent disclosure of substantial indirect holdings totaling 30,611,264 common units
• Joint filing clarifies the chain of ownership across affiliated entities and the individual majority owner

Negative

• Disclaimer that the reporting persons do not admit beneficial ownership limits clarity on economic control
• No indication of changes in holdings or intent, so the filing provides limited actionable information for investors

Insights

Securities Analyst

TL;DR: Routine Form 3 disclosing large indirect holdings via affiliated entities; no new transactions or derivative positions reported.

The filing documents substantial indirect stakes in MNR totaling 30,611,264 common units when combining the two reported holdings. Ownership is held through a multi-tiered structure ending with a named majority owner, and the filers include the standard Section 16 disclaimer that they do not admit beneficial ownership beyond pecuniary interest. For investors, this provides clarity on who controls a significant block of units but does not indicate any change in holdings or intent.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting rules; structural ownership and disclaimers are typical for pooled investment vehicles.

The report appropriately attributes record holders (VEPU Inc. and SIMLOG Inc.) and traces control through subsidiaries and a general partner. The joint filing and disclaimers are consistent with entities protecting against automatic attribution under securities laws. There are no officer resignations, pledges, or derivative instruments disclosed, so governance risk from this filing alone appears neutral.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

IKAV General Partner S.a r.l.

(Last) (First) (Middle)

74A, ROUTE DE LUXEMBOURG

(Street)

WASSERBILLIG N4 L-6633

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/16/2025

3. Issuer Name and Ticker or Trading Symbol
MACH NATURAL RESOURCES LP [ MNR ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Units	25,407,349	I	See Footnotes(1)(3)(4)
Common Units	5,203,915	I	See Footnotes(2)(3)(4)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

IKAV General Partner S.a r.l.

(Last) (First) (Middle)

74A, ROUTE DE LUXEMBOURG

(Street)

WASSERBILLIG N4 L-6633

(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^*

VEPU Inc.

(Last) (First) (Middle)

1301 MCKINNEY STREET SUITE 1600

(Street)

HOUSTON TX 77010

(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. These common units are held directly by VEPU Inc., which is wholly owned by IDI Investment S.a r.l., which is controlled by IKAV SICAV FIS SCA, whose general partner is IKAV General Partner S.a r.l., which is wholly owned by Institut fur Kapitalanlagen und Vesicherungslosungen GmbH, whose majority owner is Constantin von Wasserschleben. This statement is jointly filed by and on behalf each of the foregoing entities and Mr. von Wasserschleben. As such, each of the foregoing entities and Mr. von Wasserschleben may be deemed to share beneficial ownership of the securities held of record by VEPU Inc.

2. These common units are held directly by SIMLOG Inc., which is wholly owned by Simlog S.a r.l., which is controlled by IKAV SICAV FIS SCA, whose general partner is IKAV General Partner S.a r.l., which is wholly owned by Institut fur Kapitalanlagen und Vesicherungslosungen GmbH, whose majority owner is Mr. von Wasserschleben. This statement is jointly filed by and on behalf each of the foregoing entities and Mr. von Wasserschleben. As such, each of the foregoing entities and Mr. von Wasserschleben may be deemed to share beneficial ownership of the securities held of record by SIMLOG Inc.

3. The reporting persons each disclaim beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such reporting person in such securities. Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such reporting person is, for purposes of Section 16 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise, the beneficial owner of any securities covered by this statement.

4. The reporting persons may be deemed to be a member of a group with respect to Mach Natural Resources LP (the "Issuer") or securities of the Issuer for purposes of Section 13(d) or 13(g) of the Exchange Act. The reporting persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.

	IKAV GENERAL PARTNER S.A R.L. By: /s/ Gregor Gruber Name: Gregor Gruber Title: Director By: /s/ Marco Hoopmann Name: Marco Hoopmann Title: Director	09/26/2025
	VEPU INC. By: /s/ Gregor Gruber Name: Gregor Gruber Title: Director	09/26/2025
	** Signature of Reporting Person	Date
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FAQ

What holdings does the Form 3 for MNR report?

The filing reports 25,407,349 common units held of record by VEPU Inc. and 5,203,915 common units held of record by SIMLOG Inc.

Who is the ultimate controller named in the filing?

The chain of ownership ends with Institut fur Kapitalanlagen und Vesicherungslosungen GmbH and the majority owner Constantin von Wasserschleben, as described in the explanations.

Does the Form 3 show any derivative securities or option positions?

No. Table II for derivative securities lists no exercisable or outstanding derivative positions in this filing.

Did the reporting persons admit beneficial ownership under Section 16?

No. The filing includes a specific disclaimer that the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.

Was this filing made jointly or by a single person?

The statement is filed jointly by multiple related entities and the individual, as indicated in the filing.