Drawbridge/Fortress entities disclose significant PLBY share blocks in Form 3

Rhea-AI Filing Summary

Drawbridge-affiliated entities filed a Form 3 reporting initial beneficial ownership in Playboy, Inc. (PLBY). The filing lists multiple indirect holdings of Common Stock: 8,043,217, 3,236,791, 2,574,004, 943,168, 831,345, 387,326, 373,338 and 200,342 shares across several related entities. Footnotes describe a chain of ownership and advisory relationships among Drawbridge and Fortress-related entities and disclaimers limiting beneficial-ownership admissions.

Positive

• Comprehensive disclosure of multiple indirect holdings by Drawbridge-affiliated entities provides regulatory transparency
• Detailed footnotes map the ownership and advisory relationships among entities, aiding clarity for investors and regulators

Negative

• No aggregated percentage or total stake vs. outstanding shares is provided in the filing, leaving the overall ownership share unclear
• Complex ownership chain may make it difficult for third parties to immediately determine ultimate control or voting intent

Insights

Financial Analyst

TL;DR: Drawbridge entities disclosed substantial indirect holdings in PLBY via multiple related vehicles, increasing public transparency of ownership.

The Form 3 reports eight separate blocks of PLBY common shares held indirectly by Drawbridge-related and Fortress-affiliated entities, with the largest single block at 8,043,217 shares. The filing clarifies advisory and ownership links among fund, advisor, GP and holding companies, and includes a standard pecuniary-interest disclaimer. This is an initial Section 16 disclosure rather than an operational or earnings event; its primary investor impact is around ownership transparency and potential voting influence depending on aggregate stake.

Corporate Governance Expert

TL;DR: Ownership is layered across funds and managers, disclosed with detailed footnotes; governance implications depend on aggregated control and voting arrangements.

The report lists multiple indirect holdings and provides extensive explanatory footnotes mapping control from the reporting fund up through Drawbridge and Fortress entities. The filing was signed by an authorized representative and is one of two joint reports. While the Form 3 does not state combined percentage ownership or voting agreements, it documents who to contact for stewardship questions and establishes an initial regulatory record of these positions.

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^*

Drawbridge Special Opportunities Fund LP

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS, 46TH FLOOR

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/22/2025

3. Issuer Name and Ticker or Trading Symbol
Playboy, Inc. [ PLBY ]

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 Stock, $0.0001 par value per share	8,043,217	I	See Footnote(1)(9)(10)
Common Stock, $0.0001 par value per share	3,236,791	I	See Footnote(2)(9)(10)
Common Stock, $0.0001 par value per share	2,574,004	I	See Footnote(3)(9)(10)
Common Stock, $0.0001 par value per share	943,168	I	See Footnote(4)(9)(10)
Common Stock, $0.0001 par value per share	831,345	I	See Footnote(5)(9)(10)
Common Stock, $0.0001 par value per share	387,326	I	See Footnote(6)(9)(10)
Common Stock, $0.0001 par value per share	373,338	I	See Footnote(7)(9)(10)
Common Stock, $0.0001 par value per share	200,342	I	See Footnote(8)(9)(10)

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^*

Drawbridge Special Opportunities Fund LP

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS, 46TH FLOOR

(Street)

NEW YORK NY 10105

(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^*

DRAWBRIDGE SPECIAL OPPORTUNITIES ADVISORS LLC

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS, 46TH FLOOR

(Street)

NEW YORK NY 10105

(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^*

Drawbridge Special Opportunities GP LLC

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS, 46TH FLOOR

(Street)

NEW YORK NY 10105

(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. Held directly by Drawbridge Special Opportunities Fund LP ("DBSO"). Drawbridge Special Opportunities Advisors LLC ("DBSO Advisors") is the investment advisor to DBSO.

2. Held directly by Drawbridge DSO Securities LLC ("DBDSO"). DBSO is the sole member and owner of all of the outstanding membership interests in DBDSO.

3. Held directly by DBDB Funding LLC ("DBDB Funding"). DBSO is the indirect owner of all of the outstanding membership interests of DBDB Funding.

4. Held directly by FLF I Securities L.P ("FLF I"). Fortress Lending Advisors LLC ("Fortress Lending") is the investment manager of an entity that controls FLF I. FIG LLC is the holder of all of the issued and outstanding interests of Fortress Lending.

5. Held directly by Fortress Credit Opportunities XV CLO Limited ("FCO XV CLO"). FCOD CLO Management LLC ("FCOD CLO") is the collateral manager of FCO XV CLO. DBSO is the holder of all of the issued and outstanding interests of FCOD CLO.

6. Held directly by Fortress Credit Opportunities XI CLO Limited ("FCO XI CLO"). FCOD CLO is the collateral manager of FCO XI CLO.

7. Held directly by FCO XVII PLYB Holdings LLC ("FCO XVII"). Fortress Credit Opportunities XVII CLO Limited ("FCO XVII CLO") is the direct holder of 99.8%, and the indirect holder of 0.2%, of all of the issued and outstanding interests of FCO XVII. FCO XVII CLO CM LLC ("FCO XVII CLO CM") is the collateral manager of FCO XVII CLO. Fortress Lending is the holder of all of the issued and outstanding interests of FCO XVII CLO CM.

8. Held directly by DBO PLYB Holdings LLC ("DBO PLYB"). Drawbridge Special Opportunities Fund Ltd. ("DBSOF") is the direct holder of 99.8% and the indirect holder of 0.2% of all of the issued and outstanding interests of DBO PLYB. DBSO Advisors is the investment manager of DBSOF.

9. Drawbridge Special Opportunities GP LLC ("DBSO GP") is the general partner of DBSO. Fortress Principal Investment Holdings IV LLC ("FPI IV") is the managing member of DBSO GP. FIG LLC is the holder of all membership interests of DBSO Advisors. Fortress Operating Entity I LP ("FOE") is the holder of all of the issued and outstanding membership interests of FIG LLC and FPI IV. FIG Blue LLC ("FIG Blue") is the general partner of FOE. Fortress Investment Group LLC ("Fortress") is the sole member of FIG Blue. FINCO I Intermediate Holdco LLC ("FINCO Intermediate") is the sole member of Fortress. FINCO I LLC ("FINCO") is the sole member of FINCO Intermediate. FIG Parent, LLC ("FIG Parent") is the sole member of FINCO. Foundation Holdco LP ("Foundation") is the sole member of FIG Parent. FIG Buyer GP, LLC is the general partner of Foundation.

10. Each reporting person disclaims beneficial ownership of all reported securities except to the extent of its pecuniary interest therein and the inclusion of the securities in this report shall not be deemed to be an admission of beneficial ownership of the reported shares for the purposes of Section 16 or otherwise.

Remarks:

This Form 3 is one of two reports relating to the same holdings being filed jointly by Drawbridge Special Opportunities Fund LP, Drawbridge Special Opportunities Advisors LLC, Drawbridge Special Opportunities GP LLC, FIG LLC, Fortress Principal Investment Holdings IV LLC, Fortress Operating Entity I LP, FIG Blue LLC, Fortress Investment Group LLC, FINCO I Intermediate Holdco LLC, FINCO I LLC, FIG Parent, LLC, Foundation Holdco LP and FIG Buyer GP, LLC.

	/s/ David N. Brooks for Drawbridge Special Opportunities Fund LP, By: Drawbridge Special Opportunities GP LLC, its general partner, By: David N. Brooks, Secretary	08/26/2025
	/s/ David N. Brooks for Drawbridge Special Opportunities Advisors LLC, By: David N. Brooks, Secretary	08/26/2025
	/s/ David N. Brooks for Drawbridge Special Opportunities GP LLC, By: David N. Brooks, Secretary	08/26/2025
	** Signature of Reporting Person	Date
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FAQ

Who filed the Form 3 disclosing PLBY ownership?

The Form 3 was filed by Drawbridge Special Opportunities Fund LP and related Drawbridge/Fortress-affiliated entities, signed by David N. Brooks.

What date triggered the Section 16 filing for PLBY?

The Date of Event requiring the statement is 08/22/2025 and the Form 3 filings are signed on 08/26/2025.

How many PLBY common shares are reported and in what blocks?

The filing lists eight indirect holdings of PLBY common stock: 8,043,217, 3,236,791, 2,574,004, 943,168, 831,345, 387,326, 373,338, and 200,342 shares.

Do the filers claim direct beneficial ownership of the reported shares?

No; each reporting person includes a disclaimer stating they disclaim beneficial ownership except to the extent of their pecuniary interest in the reported securities.

Are there notes explaining the relationships among the reporting entities?

Yes; footnotes detail advisory roles, general partner structures, and layers of ownership linking Drawbridge entities and Fortress-related holding companies.