Schedule 13G/A: First Light and CEO Arens Report 16.36% of PHLT

Rhea-AI Filing Summary

Performant Healthcare, Inc. is reported to have two related reporting persons disclosing substantial common stock holdings. First Light Asset Management, LLC discloses shared beneficial ownership of 12,183,915 shares, representing 15.42% of the class. Mathew P. Arens discloses aggregate beneficial ownership of 12,923,915 shares, representing 16.36% of the class, comprised of shares held by the Manager plus 210,000 shares and a 530,000-share joint account directly associated with Mr. Arens. The filing states these holdings are in the ordinary course of business and not intended to change or influence control of the issuer.

Positive

• Material stake disclosed: First Light reports 12,183,915 shares (15.42%), and Mathew P. Arens reports 12,923,915 shares (16.36%)—clear transparency on ownership
• Filing classifies holdings as passive: The reporting persons state shares are held in the ordinary course of business and not to influence control

Negative

• None.

Insights

Securities Analyst

TL;DR: Two related reporting persons hold a material minority stake (15–16%), disclosed as passive and ordinary-course holdings.

This Schedule 13G/A shows an institutional investment adviser (First Light) and its managing member (Mathew Arens) reporting combined ownership exceeding 15% of Performant Healthcare common stock. The Manager reports shared voting and dispositive power over 12,183,915 shares while Mr. Arens reports both sole and shared powers totaling 12,923,915 shares. The filing explicitly states holdings are ordinary-course and not for control; that classification generally implies a passive investor posture under the Exchange Act.

Corporate Governance Expert

TL;DR: Disclosure signals a significant shareholder relationship without an asserted intent to control the company.

The joint filing and attached certification assert passive intent, which affects disclosure obligations and market interpretation. The reported percentages (15.42% and 16.36%) cross common materiality thresholds, triggering investor attention and potential engagement by the reporting persons, but the filing's explicit statement that the holdings are not for the purpose of influencing control is consistent with a Schedule 13G treatment rather than a Schedule 13D. From a governance perspective, such a position can nevertheless create influence through informal engagement, though no such actions are described in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Performant Healthcare, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

71377E105

(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. 71377E105

1

Names of Reporting Persons

First Light Asset Management, 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 12,183,915.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,183,915.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,183,915.00

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)

15.42 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 71377E105

1

Names of Reporting Persons

Mathew P. Arens

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 210,000.00
6	Shared Voting Power 12,713,915.00
7	Sole Dispositive Power 210,000.00
8	Shared Dispositive Power 12,713,915.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,923,915.00

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)

16.36 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Performant Healthcare, Inc.
(b)	Address of issuer's principal executive offices: 900 South Pine Island Road, Suite #150, Plantation, FL 33324
Item 2.
(a)	Name of person filing: This Schedule 13G is jointly filed by the following: First Light Asset Management, LLC (the "Manager") Mathew P. Arens ("Mr. Arens") The Manager may be deemed to be the beneficial owner of 12,183,915 of the Issuer's shares of common stock (the "Shares"). The Manager acts as an investment adviser to certain persons holding separately managed accounts with the Manager, each of whom has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, those shares. The Manager may also be deemed to be the beneficial owner of these shares because it acts as an investment adviser to certain private funds. Mr. Arens may also be deemed to be the beneficial owner of these shares because he controls the Manager in his position as managing member and majority owner of the Manager. Mr. Arens also directly holds 210,000 Shares in an individual capacity with sole control and 530,000 Shares held in a joint account over which he shares control. The Manager and Mr. Arens are filing this Schedule 13G/A with respect to these Shares pursuant to Rule 13d-1(b) under the Act. The Manager and Mr. Arens may be deemed to be the beneficial owner of the total amount of Shares set forth across from its or his respective name in Item 4 below. The filing of this Schedule 13G shall not be construed as an admission that the reporting persons or any of their affiliates are the beneficial owner of any securities covered by this Schedule 13G for any other purposes other than Section 13(d) of the Securities Exchange Act of 1934.
(b)	Address or principal business office or, if none, residence: Each of the reporting persons identified in Item 2(a) has its principal business office at: 3300 Edinborough Way, Suite 201, Edina, MN 55435
(c)	Citizenship: First Light Asset Management, LLC - Delaware limited liability company Mathew P. Arens - United States citizen
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 71377E105
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: First Light Asset Management, LLC - 12,183,915 Mathew P. Arens - 12,923,915
(b)	Percent of class: First Light Asset Management, LLC - 15.42% Mathew P. Arens - 16.36%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: First Light Asset Management, LLC - 0 Mathew P. Arens - 210,000
	(ii) Shared power to vote or to direct the vote: First Light Asset Management, LLC - 12,183,915 Mathew P. Arens - 12,713,915
	(iii) Sole power to dispose or to direct the disposition of: First Light Asset Management, LLC - 0 Mathew P. Arens -210,000
	(iv) Shared power to dispose or to direct the disposition of: First Light Asset Management, LLC - 12,183,915 Mathew P. Arens - 12,713,915
Item 5.	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.
	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.

First Light Asset Management, LLC

Signature:	/s/ Kurt T. Peterson
Name/Title:	Kurt T. Peterson/Chief Compliance Officer
Date:	08/14/2025

Mathew P. Arens

Signature:	/s/ Mathew P. Arens
Name/Title:	Mathew P. Arens/Chief Executive Officer
Date:	08/14/2025

Exhibit Information

Exhibit A: Joint Filing Agreement

FAQ

What stake did First Light Asset Management report in PHLT?

First Light Asset Management disclosed shared beneficial ownership of 12,183,915 shares, or 15.42% of the class.

How many shares does Mathew P. Arens report for PHLT?

Mathew P. Arens reports aggregate beneficial ownership of 12,923,915 shares, representing 16.36% of the class, including 210,000 sole-held shares.

Does the filing state the holdings are intended to change control of Performant Healthcare (PHLT)?

No. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who filed the Schedule 13G/A for PHLT?

The Schedule 13G/A is jointly filed by First Light Asset Management, LLC and Mathew P. Arens.

What voting/dispositive powers are reported in this filing?

First Light reports 0 sole voting and 12,183,915 shared voting powers; Mr. Arens reports 210,000 sole voting and 12,713,915 shared voting powers.