Fund 1 Investments Reports 7.67M Shares of ENVIRI (NVRI)

Rhea-AI Filing Summary

Fund 1 Investments, LLC reports beneficial ownership of 7,674,443 shares of ENVIRI Corp common stock, representing 9.53% of the outstanding shares. The filing states these shares are held for private investment vehicles advised by Pleasant Lake Partners LLC; Fund 1 Investments serves as managing member and Jonathan Lennon is its managing member. The filing shows shared voting and dispositive power for all reported shares and indicates PLP Funds Master Fund LP has rights to dividends or proceeds for more than 5% of the class. Percentages are calculated from 80,497,280 shares outstanding as of April 24, 2025, per the issuer's quarterly report.

Positive

• Material stake disclosure: Reporting person discloses ownership of 7,674,443 shares (9.53% of class).
• Clear attribution: Filing specifies relationships among Fund 1 Investments, Pleasant Lake Partners LLC, and Jonathan Lennon.
• Clarified economic interest: Identifies PLP Funds Master Fund LP as having rights to dividends/proceeds exceeding 5%.

Negative

• Concentration: A single reporting group holds a 9.53% position, which is material relative to outstanding shares.
• Shared control only: Reporting person reports no sole voting or dispositive power, which may limit direct accountability.

Insights

Securities Analyst

TL;DR: A disclosed 9.53% position held via private vehicles with shared voting/dispositive power; non-controlling but material.

The Schedule 13G shows a sizeable passive stake below control thresholds: 7,674,443 shares (9.53%) held for private investment vehicles advised by Pleasant Lake Partners LLC. The reporting person indicates only shared voting and dispositive authority and disclaims sole beneficial ownership, consistent with an investment-adviser-managed position rather than an activist acquisition. The filing also identifies PLP Funds Master Fund LP as having rights to dividends or sale proceeds exceeding 5% of the class, which clarifies economically interested parties. This disclosure is material for shareholder registers and for market participants tracking significant holders.

Corporate Governance Expert

TL;DR: Material disclosure improves transparency; structure indicates collective ownership via adviser-managed funds, not individual control.

The Schedule 13G properly attributes the holdings to Fund 1 Investments, LLC and explains the advisory and membership relationships: Pleasant Lake Partners LLC is the investment adviser to the private vehicles; Fund 1 Investments is managing member of Pleasant Lake Partners LLC; Jonathan Lennon is managing member of Fund 1 Investments. The statement of shared voting/dispositive power and the disclaimer language suggest the filer is not asserting control. For governance purposes, this clarifies who to engage with for investor communications and identifies PLP Funds Master Fund LP as an economic beneficiary with >5% rights.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ENVIRI Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

415864107

(CUSIP Number)

06/30/2025

(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. 415864107

1

Names of Reporting Persons

Fund 1 Investments, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,674,443.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,674,443.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,674,443.00

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)

9.53 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (Limited Liability Company)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ENVIRI Corp
(b)	Address of issuer's principal executive offices: Two Logan Square, 100-120 North 18th Street, 17th Floor, Philadelphia, Pennsylvania, 19103
Item 2.
(a)	Name of person filing: Fund 1 Investments, LLC
(b)	Address or principal business office or, if none, residence: 100 Carr 115 Unit 1900 Rincon, Puerto Rico 00677
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 415864107
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: 7,674,443
(b)	Percent of class: 9.53 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 7,674,443
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7,674,443 Shares reported herein for Fund 1 Investments, LLC are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of Fund 1 Investments, LLC, Pleasant Lake Partners LLC and Mr. Lennon disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein. All percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the Securities and Exchange Commission on May 1, 2025, that there were 80,497,280 shares of Common Stock of the Issuer outstanding as of April 24, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4. In addition, PLP Funds Master Fund LP, a private investment vehicle for which Pleasant Lake Partners LLC serves as investment adviser, has the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Common Stock of the Issuer.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable/Chief Operating Officer
Date:	08/14/2025

FAQ

How many ENVIRI (NVRI) shares does Fund 1 Investments, LLC report owning?

The filing reports 7,674,443 shares beneficially owned by Fund 1 Investments, LLC.

What percentage of ENVIRI does the 7,674,443 shares represent?

The shares represent 9.53% of ENVIRI's outstanding common stock based on 80,497,280 shares outstanding as of April 24, 2025.

Does Fund 1 Investments, LLC have sole voting or dispositive power over the shares?

No. The filing shows 0 sole voting power and 0 sole dispositive power; it reports shared voting and dispositive power for 7,674,443 shares.

Who manages the investment vehicles holding the shares?

Pleasant Lake Partners LLC serves as the investment adviser to the private investment vehicles; Fund 1 Investments, LLC is the managing member of Pleasant Lake Partners LLC and Jonathan Lennon is the managing member of Fund 1 Investments, LLC.

Does any other entity have rights to dividends or sale proceeds for more than 5% of the class?

Yes. The filing states that PLP Funds Master Fund LP has the right to receive and/or direct receipt of dividends or proceeds for more than 5% of the common stock.