Reporting Persons update beneficial ownership in Blue Owl Capital Inc. The filing discloses that the named reporting persons, led by Divesh Makan and ICONIQ-related entities, may be deemed to beneficially own 34,353,844 shares of Class A Common Stock, representing approximately 5.1% of outstanding Class A Common Stock as of March 31, 2026.
The disclosure breaks down holdings by entity, including BB Holdings AA with 20,000,000 shares (3.0%), ICQ BB with 23,500,000 shares (3.5%), and Co-Investment Portfolio 2021 with 10,000,000 shares (1.5%). The percent calculations are based on 675,802,413 shares outstanding as of March 31, 2026.
Positive
None.
Negative
None.
Insights
Ownership schedule details concentrated holdings tied to ICONIQ-linked entities and a single individual.
The amendment lists beneficial ownership across several related entities and identifies 34,353,844 shares (5.1%) attributable to the group led by Divesh Makan as of March 31, 2026. The filing uses exact share counts and percent of class based on 675,802,413 shares outstanding.
Cash-flow treatment or plans to trade are not disclosed; subsequent filings would state any transactions. For governance, note the aggregation of voting and dispositive power across the named entities and the specific per-entity holdings disclosed in the schedule.
Key Figures
Group beneficial ownership:34,353,844 sharesPercent of class (group):5.1%BB Holdings AA position:20,000,000 shares+3 more
6 metrics
Group beneficial ownership34,353,844 sharesBeneficially owned as of March 31, 2026
Percent of class (group)5.1%Of Class A Common Stock as of March 31, 2026
BB Holdings AA position20,000,000 sharesDirect ownership; represents 3.0% of Class A as of March 31, 2026
ICQ BB position23,500,000 sharesDeemed beneficial ownership; represents 3.5% of Class A as of March 31, 2026
Co-Investment Portfolio 2021 position10,000,000 sharesDirect ownership; represents 1.5% of Class A as of March 31, 2026
Shares outstanding used675,802,413 sharesShares outstanding as of March 31, 2026 (source: issuer 10-Q filed May 1, 2026)
"may be deemed to beneficially own 34,353,844 shares"
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.
sole dispositive powerregulatory
"sole power to dispose or direct the disposition of 3,500,000 shares"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
aggregate combined voting powerregulatory
"represents 0.5% of the aggregate combined voting power"
Schedule 13G/Aregulatory
"Item 1. | (a) | Name of issuer: BLUE OWL CAPITAL INC."
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
What stake does ICONIQ-related reporting persons hold in Blue Owl (OWL)?
The reporting persons collectively may be deemed to beneficially own 34,353,844 shares, representing 5.1% of Class A Common Stock as of March 31, 2026. Percentages are calculated from 675,802,413 shares outstanding.
Which entities hold the largest individual positions disclosed in this Schedule 13G/A?
The largest disclosed position is BB Holdings AA with 20,000,000 shares (3.0%). Other notable holdings include ICQ BB with 23,500,000 shares (3.5%) and Co-Investment Portfolio 2021 with 10,000,000 shares (1.5%).
How were the percentages of class calculated in the filing?
Percentages were calculated using 675,802,413 shares of Class A Common Stock outstanding as of March 31, 2026, as disclosed in the issuer's Quarterly Report on Form 10-Q filed May 1, 2026.
Does the filing indicate any planned sales or purchases by the reporting persons?
No. The Schedule 13G/A lists beneficial ownership and voting/dispositive power; it does not disclose any planned purchases or sales or cash‑flow treatment in the provided excerpt.
Who in the filing is identified as holding voting and dispositive power?
The filing states that each named reporting person has sole voting and sole dispositive power over the shares listed (for example, Divesh Makan has sole power over 34,353,844 shares as of March 31, 2026).
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
BLUE OWL CAPITAL INC.
(Name of Issuer)
Class A Common Stock, $0.0001 par value per share
(Title of Class of Securities)
09581B103
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
BB Holdings AC LP
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
3,500,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,500,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,500,000.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
BB Holdings AA LP
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
20,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
20,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,000,000.00
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 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
ICQ BB 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
23,500,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
23,500,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,500,000.00
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)
3.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
Co-Investment Portfolio 2021 LP
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
10,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,000,000.00
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)
1.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
Co-Investment Portfolio GP II LP
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
10,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,000,000.00
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)
1.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
ICQ Co-Investment II TT 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,000,000.00
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)
1.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
ICONIQ Capital, 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
853,844.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
853,844.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
853,844.00
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)
0.1 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
ICONIQ Capital Group, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
853,844.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
853,844.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
853,844.00
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)
0.1 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
ICONIQ Capital Group 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
853,844.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
853,844.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
853,844.00
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)
0.1 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP Number(s):
09581B103
1
Names of Reporting Persons
Divesh Makan
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
34,353,844.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
34,353,844.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
34,353,844.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BLUE OWL CAPITAL INC.
(b)
Address of issuer's principal executive offices:
399 Park Avenue, New York, New York, 10022
Item 2.
(a)
Name of person filing:
(i) BB Holdings AC LP, a Delaware limited partnership ("BB Holdings AC").
(ii) BB Holdings AA LP, a Delaware limited partnership ("BB Holdings AA" and, together with BB Holdings AC, the "ICQ Limited Partnerships").
(iii) ICQ BB GP, LLC, a Delaware limited liability company ("ICQ BB"), is the general partner of the ICQ Limited Partnerships.
(iv) Co-Investment Portfolio 2021 LP, a Delaware limited partnership ("Co-Investment Portfolio 2021").
(v) Co-Investment Portfolio GP II LP, a Delaware limited partnership ("Co-Investment Portfolio GP"), is the general partner of Co-Investment Portfolio 2021.
(vi) ICQ Co-Investment II TT GP, LLC, a Delaware limited liability company ("ICQ Co-Investment"), is the general partner of Co-Investment Portfolio GP.
(vii) ICONIQ Capital, LLC, a Delaware limited liability company ("ICONIQ Capital"), is the investment manager to Income Co-Investment Portfolio 2026 LP ("Co-Investment Portfolio 2026").
(viii) ICONIQ Capital Group, L.P., a Delaware limited partnership ("ICONIQ Group"), is the sole member of ICONIQ Capital.
(ix) ICONIQ Capital Group GP, LLC, a Delaware limited liability company ("ICONIQ Group GP " and, together with ICQ BB and ICQ Co-Investment, the "Ultimate General Partners"), is the general partner of ICONIQ Group.
(x) Divesh Makan, a citizen of the United States ("Makan" and, together with the ICQ Limited Partnerships, Co-Investment Portfolio 2021, ICONIQ Capital, the Ultimate General Partners, Co-Investment Portfolio GP, ICONIQ Group, the "Reporting Persons"), is the managing member of each of the Ultimate General Partners and may be deemed to have voting, investment, and dispositive power with respect to the shares held by the ICQ Limited Partnerships, Co-Investment Portfolio 2021, and Co-Investment Portfolio 2026.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the reporting persons is c/o ICONIQ Capital, 50 Beale Street, Suite 2300, San Francisco, CA 94105.
(c)
Citizenship:
(i) BB Holdings AC is a Delaware limited partnership.
(ii) BB Holdings AA LP is a Delaware limited partnership.
(iii) ICQ BB is a Delaware limited liability company.
(iv) Co-Investment Portfolio 2021 is a Delaware limited partnership.
(v) Co-Investment Portfolio GP is a Delaware limited partnership.
(vi) ICQ Co-Investment is a Delaware limited liability company.
(vii) ICONIQ Capital is a Delaware limited liability company.
(viii) ICONIQ Group is a Delaware limited partnership.
(ix) ICONIQ Group GP is a Delaware limited liability company.
(x) Divesh Makan is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
09581B103
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:
As of March 31, 2026:
(i) BB Holdings AC directly owns 3,500,000 shares of Class A Common Stock.
(ii) BB Holdings AA directly owns 20,000,000 shares of Class A Common Stock.
(iii) ICQ BB may be deemed to beneficially own 23,500,000 shares of Class A Common Stock, held by the ICQ Limited Partnerships.
(iv) Co-Investment Portfolio 2021 directly owns 10,000,000 shares of Class A Common Stock.
(v) Co-Investment Portfolio GP may be deemed to beneficially own 10,000,000 shares of Class A Common Stock, held by Co-Investment Portfolio 2021.
(vi) ICQ Co-Investment may be deemed to beneficially own 10,000,000 shares of Class A Common Stock, beneficially owned by the Co-Investment Portfolio GP.
(vii) ICONIQ Capital may be deemed to beneficially own 853,844 shares of Class A Common Stock, held by Co-Investment Portfolio 2026.
(viii) ICONIQ Group may be deemed to beneficially own 853,844 shares of Class A Common Stock, beneficially owned by ICONIQ Capital.
(ix) ICONIQ Group GP may be deemed to beneficially own 853,844 shares of Class A Common Stock, beneficially owned by ICONIQ Group.
(x) Makan may be deemed to beneficially own 34,353,844 shares of Class A Common Stock, held by the ICQ Limited Partnerships, Co-Investment Portfolio 2021, and Co-Investment Portfolio 2026.
(b)
Percent of class:
As of March 31, 2026:
(i) BB Holdings AC directly owns 3,500,000 shares of Class A Common Stock, which represents approximately 0.5% of the outstanding Class A Common Stock. The 3,500,000 shares of Class A Common Stock held by BB Holdings AC represents 0.5% of the aggregate combined voting power of the Class A Common Stock.
(ii) BB Holdings AA directly owns 20,000,000 shares of Class A Common Stock, which represents approximately 3.0% of the outstanding Class A Common Stock. The 20,000,000 shares of Class A Common Stock held by BB Holdings AA represents 3.0% of the aggregate combined voting power of the Class A Common Stock.
(iii) ICQ BB may be deemed to beneficially own 23,500,000 shares of Class A Common Stock, held by the ICQ Limited Partnerships, which represents approximately 3.5% of the outstanding Class A Common Stock. The 23,500,000 shares of Class A Common Stock beneficially owned by ICQ BB represents 3.5% of the aggregate combined voting power of the Class A Common Stock.
(iv) Co-Investment Portfolio 2021 directly owns 10,000,000 shares of Class A Common Stock, which represents approximately 1.5% of the outstanding Class A Common Stock. The 10,000,000 shares of Class A Common Stock held by Co-Investment Portfolio 2021 represents 1.5% of the aggregate combined voting power of the Class A Common Stock.
(v) Co-Investment Portfolio GP may be deemed to beneficially own 10,000,000 shares of Class A Common Stock, held by Co-Investment Portfolio 2021, which represents approximately 1.5% of the outstanding Class A Common Stock. The 10,000,000 shares of Class A Common Stock beneficially owned by Co-Investment Portfolio GP represents 1.5% of the aggregate combined voting power of the Class A Common Stock.
(vi) ICQ Co-Investment may be deemed to beneficially own 10,000,000 shares of Class A Common Stock, beneficially owned by Co-Investment Portfolio GP, which represents approximately 1.5% of the outstanding Class A Common Stock. The 10,000,000 shares of Class A Common Stock beneficially owned by ICQ Co-Investment represents 1.5% of the aggregate combined voting power of the Class A Common Stock.
(vii) ICONIQ Capital may be deemed to beneficially own 853,844 shares of Class A Common Stock, which represents approximately 0.1% of the outstanding Class A Common Stock. The 853,844 shares of Class A Common Stock held by Co-Investment Portfolio 2026 represents 0.1% of the aggregate combined voting power of the Class A Common Stock.
(viii) ICONIQ Group may be deemed to beneficially own 853,844 shares of Class A Common Stock, beneficially owned by ICONIQ Capital, which represents approximately 0.1% of the outstanding Class A Common Stock. The 853,844 shares of Class A Common Stock beneficially owned by ICONIQ Group represents 0.1% of the aggregate combined voting power of the Class A Common Stock.
(ix) ICONIQ Group GP may be deemed to beneficially own 853,844 shares of Class A Common Stock, beneficially owned by ICONIQ Group, which represents approximately 0.1% of the outstanding Class A Common Stock. The 853,844 shares of Class A Common Stock beneficially owned by ICONIQ Group GP represents 0.1% of the aggregate combined voting power of the Class A Common Stock.
(x) Makan may be deemed to beneficially own 34,353,844 shares of Class A Common Stock, held by the ICQ Limited Partnerships, Co-Investment Portfolio 2021, and Co-Investment Portfolio 2026, which represents approximately 5.1% of the outstanding Class A Common Stock. The 34,353,844 shares of Class A Common Stock held by the ICQ Limited Partnerships, Co-Investment Portfolio 2021, and Co-Investment Portfolio 2026 and beneficially owned by Makan represents 5.1% of the aggregate combined voting power of the Class A Common Stock.
The percent of class was calculated based on 675,802,413 shares of Class A Common Stock outstanding as of March 31, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on May 1, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of March 31, 2026:
(i) BB Holdings AC had sole power to vote or direct the vote of 3,500,000 shares of Class A Common Stock.
(ii) BB Holdings AA had sole power to vote or direct the vote of 20,000,000 shares of Class A Common Stock.
(iii) ICQ BB had sole power to vote or direct the vote of 23,500,000 shares of Class A Common Stock, held by the ICQ Limited Partnerships.
(iv) Co-Investment Portfolio 2021 had sole power to vote or direct the vote of 10,000,000 shares of Class A Common Stock.
(v) Co-Investment Portfolio GP had sole power to vote or direct the vote of 10,000,000 shares of Class A Common Stock, held by Co-Investment Portfolio 2021.
(vi) ICQ Co-Investment had sole power to vote or direct the vote of 10,000,000 shares of Class A Common Stock, beneficially owned by the Co-Investment Portfolio GP.
(vii) ICONIQ Capital had sole power to vote or direct the vote of 853,844 shares of Class A Common Stock.
(viii) ICONIQ Group had sole power to vote or direct the vote of 853,844 shares of Class A Common Stock.
(ix) ICONIQ Group GP had sole power to vote or direct the vote of 853,844 shares of Class A Common Stock.
(x) Makan had sole power to vote or direct the vote of 34,353,844 shares of Class A Common Stock.
(ii) Shared power to vote or to direct the vote:
As of March 31, 2026, each of the Reporting Persons had shared power to vote or direct the vote of 0 shares of Class A Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of March 31, 2026:
(i) BB Holdings AC had sole power to dispose or direct the disposition of 3,500,000 shares of Class A Common Stock.
(ii) BB Holdings AA had sole power to dispose or direct the disposition of 20,000,000 shares of Class A Common Stock.
(iii) ICQ BB had sole power to dispose or direct the disposition of 23,500,000 shares of Class A Common Stock, held by the ICQ Limited Partnerships.
(iv) Co-Investment Portfolio 2021 had sole power to dispose or direct the disposition of 10,000,000 shares of Class A Common Stock.
(v) Co-Investment Portfolio GP had sole power to dispose or direct the disposition of 10,000,000 shares of Class A Common Stock, held by Co-Investment Portfolio 2021.
(vi) ICQ Co-Investment had sole power to dispose or direct the disposition of 10,000,000 shares of Class A Common Stock, beneficially owned by the Co-Investment Portfolio GP.
(vii) ICONIQ Capital had sole power to dispose or direct the disposition of 853,844 shares of Class A Common Stock.
(viii) ICONIQ Group had sole power to dispose or direct the disposition of 853,844 shares of Class A Common Stock.
(ix) ICONIQ Group GP had sole power to dispose or direct the disposition of 853,844 shares of Class A Common Stock.
(x) Makan had sole power to dispose or direct the disposition of 34,353,844 shares of Class A Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of March 31, 2026, each of the Reporting Persons had shared power to dispose or direct the disposition of 0 shares of Class A Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
The Reporting Persons expressly disclaim membership in a "group" as used in Rule 13d-5(b)(1).
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.
BB Holdings AC LP
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person of ICQ BB GP, LLC, its General Partner
Date:
05/15/2026
BB Holdings AA LP
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person of ICQ BB GP, LLC, its General Partner
Date:
05/15/2026
ICQ BB GP, LLC
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person
Date:
05/15/2026
Co-Investment Portfolio 2021 LP
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person of ICQ Co-Investment II TT GP, LLC, the General Partner of Co-Investment Portfolio GP II LP, its General Partner
Date:
05/15/2026
Co-Investment Portfolio GP II LP
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person of ICQ Co-Investment II TT GP, LLC, its General Partner
Date:
05/15/2026
ICQ Co-Investment II TT GP, LLC
Signature:
/s/ Louis D. Thorne
Name/Title:
Louis D. Thorne / Authorized Person
Date:
05/15/2026
ICONIQ Capital, LLC
Signature:
/s/ Divesh Makan
Name/Title:
Divesh Makan / Authorized Person of ICONIQ Capital Group GP, LLC, the General Partner of ICONIQ Capital Group, L.P., its sole member
Date:
05/15/2026
ICONIQ Capital Group, L.P.
Signature:
/s/ Divesh Makan
Name/Title:
Divesh Makan / Authorized Person of ICONIQ Capital Group GP, LLC, its General Partner
