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Oscar Health investor Joshua Kushner holds 12.1% stake

Thrive Capital–affiliated funds and Joshua Kushner update their 12.1% beneficial stake and internal reorganizations in Oscar Health’s dual-class share structure.

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Oscar Health, Inc. (OSCR) is the subject of an Amendment No. 4 to a Schedule 13D filed by investment entities affiliated with Thrive Capital and Joshua Kushner, updating their beneficial ownership of the company’s Class A Common Stock. Based on 273,469,000 Class A shares outstanding as of July 31, 2026, Joshua Kushner is reported as beneficially owning 37,525,451 shares, or 12.1% of the Class A Common Stock (treating Class B and certain convertible securities as converted solely for this calculation.

The amendment details Oscar’s dual-class structure, where Class A shares carry one vote and Class B shares carry 20 votes and are convertible into Class A, with automatic conversion after a set period or upon specified events. On September 18, 2026, various Thrive Capital funds executed exchanges of Class B for Class A shares among themselves and then made pro rata, no‑consideration distributions of Class A shares to their limited partners and general partners, with follow‑on pro rata distributions by the general partner entities. Certain Thrive funds also hold Oscar Convertible Notes, which may be converted into additional Class A shares at a stated Conversion Rate.

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Filing Explained

Completed intra-Thrive transfers changed which entities hold Class A and Class B; Joshua Kushner is reported at 37,525,451 shares, or 12.1%.

The September 18 amendment reports completed transfers and no-consideration distributions among Thrive-related entities: Class B shares were exchanged one-for-one for Class A shares, then Class A shares were distributed, reallocating holder-level ownership rather than documenting an issuer financing.

Each Class B share carries 20 votes and each Class A share carries one vote, so the disclosed exchanges move voting power between related entities and change the class attached to the transferred shares.

After the reported transactions, the filing lists Thrive Partners III GP with 18,128,279 beneficial shares, or 6.2%, and Thrive Partners VII Growth GP with 10,424,005 shares, or 3.7%; Joshua Kushner is reported at 37,525,451 shares, or 12.1%.

Those percentages use 273,469,000 Class A shares outstanding as of July 31, 2026 and treat Class B shares and potentially convertible notes as Class A only for the ownership calculation.

Class A shares outstanding 273,469,000 shares Class A Common Stock outstanding as of July 31, 2026, used for 13D calculations
Beneficial ownership – Joshua Kushner 37,525,451 shares (12.1%) Class A Common Stock deemed beneficially owned under Rule 13d-3
Thrive Capital Partners II, L.P. Class B holdings 4,779,730 shares Class B common stock directly held by Thrive II
Thrive Capital Partners III, L.P. Class B holdings 17,535,258 shares Class B common stock directly held by Thrive III
Thrive Capital Partners VII Growth, L.P. Class B holdings 6,268,097 shares Class B common stock directly held by Thrive VII Growth
Convertible Note shares – Thrive VII Growth 4,155,908 shares Class A shares issuable upon conversion of Convertible Notes at current Conversion Rate
Convertible Note shares – Claremount VII 50,112 shares Class A shares issuable upon conversion of Convertible Notes at current Conversion Rate
Voting power per Class B share 20 votes per share Each Class B common share has 20 votes versus one vote for Class A
beneficially own regulatory
"may be deemed to beneficially own the shares directly held"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Convertible Notes financial
"Class A common stock issuable upon conversion of the outstanding principal of Convertible Notes"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
Conversion Rate financial
"at the current Conversion Rate (as defined in the Indenture)"
Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.
dual-class structure financial
"The Issuer also has Class B common stock... together with the Class A Common Stock"
A dual-class structure is a way companies organize their ownership by creating two types of shares: one that gives shareholders more voting power and another with less or no voting rights. This approach allows certain shareholders, often company founders or insiders, to maintain control even if they own a smaller portion of the total shares. For investors, it matters because it can influence how much influence they have over company decisions and how the company's leadership is held accountable.
pro rata financial
"distributed to its limited partners and sole general partner, pro rata and without consideration"
Pro rata means dividing or distributing something proportionally based on a specific factor, such as ownership or contribution. For example, if an investor owns 10% of a company, they would receive 10% of any dividends or benefits allocated. This approach ensures everyone gets their fair share relative to their stake or input, helping investors understand how benefits, costs, or responsibilities are fairly shared.

FAQ

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

What ownership stake in Oscar Health (OSCR) is reported for Joshua Kushner?

Joshua Kushner is reported as beneficially owning 37,525,451 shares of Oscar Health Class A Common Stock, representing 12.1% of the class, calculated under Rule 13d-3 using 273,469,000 Class A shares outstanding as of July 31, 2026.

How many Oscar Health Class A shares were outstanding for this Schedule 13D/A calculation?

The percent-of-class figures are based on 273,469,000 shares of Oscar Health Class A Common Stock outstanding as of July 31, 2026, as reported in Oscar Health’s Quarterly Report on Form 10-Q filed on August 7, 2026.

What dual-class voting structure does Oscar Health (OSCR) disclose in this filing?

Oscar Health has Class A and Class B Common Stock. Each Class A share has one vote, while each Class B share has 20 votes and is convertible into one Class A share. Class B shares automatically convert into Class A after seven years from the IPO prospectus date or upon specified events.

What internal share transfers among Thrive Capital funds occurred on September 18, 2026?

On September 18, 2026, Thrive II, Thrive III, and Claremount TW transferred Class B shares to Thrive VII Growth and Claremount VII in exchange for equal numbers of Class A shares those entities held, as detailed in Item 5(c) of the amendment.

What pro rata distributions of Oscar Health shares did the Thrive funds make?

After the exchanges on September 18, 2026, Thrive II, Thrive III, and Claremount TW distributed 1,323,589, 4,855,810, and 164,218 Class A shares, respectively, to their limited partners and sole general partner, pro rata and without consideration. The general partners then distributed the received shares pro rata to their members.

Do the Thrive Capital funds hold Oscar Health Convertible Notes?

Yes. Thrive VII Growth may be deemed to beneficially own 4,155,908 Class A shares issuable upon conversion of Convertible Notes at the current Conversion Rate, and Claremount VII may be deemed to beneficially own 50,112 such Class A shares, subject to the Indenture’s conversion terms.

How many Oscar Health Class B shares are directly held by key Thrive Capital funds?

Direct holdings disclosed include 4,779,730 Class B shares by Thrive II, 17,535,258 by Thrive III, 1,040,704 by Thrive V, 2,498,513 by Thrive VI Growth, and 6,268,097 by Thrive VII Growth, plus smaller Class B holdings by various Claremount entities.

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

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687793109

(CUSIP Number)
Jed Feldman
c/o Thrive Capital, 295 Lafayette Street, 7th Fl.
New York, NY, 10012
646-680-0240

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
09/18/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




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Thrive Capital Partners II, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners II GP, LLC, its general partner
Date:09/18/2026
Thrive Partners II GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Thrive Capital Partners III, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners III GP, LLC, its general partner
Date:09/18/2026
Claremount TW, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners III GP, LLC, its general partner
Date:09/18/2026
Thrive Partners III GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Thrive Capital Partners V, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners V GP, LLC, its general partner
Date:09/18/2026
Claremount V Associates, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners V GP, LLC, its general partner
Date:09/18/2026
Thrive Partners V GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Thrive Capital Partners VI Growth, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners VI GP, LLC, its general partner
Date:09/18/2026
Claremount VI Associates, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners VI GP, LLC, its general partner
Date:09/18/2026
Thrive Partners VI GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Thrive Capital Partners VII Growth, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners VII Growth GP, LLC, its general partner
Date:09/18/2026
Thrive Partners VII Growth GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Claremount VII Associates, L.P.
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member of Thrive Partners VII GP, LLC, its general partner
Date:09/18/2026
Thrive Partners VII GP, LLC
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner, Managing Member
Date:09/18/2026
Joshua Kushner
Signature:/s/ Joshua Kushner
Name/Title:Joshua Kushner
Date:09/18/2026

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