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Drawbridge fund trims Playboy, Inc. (PLBY) stake with 1.9M-share sale

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Drawbridge Special Opportunities Fund LP and related entities reported open-market sales of 1,904,762 shares of Playboy, Inc. common stock at $1.05 per share on June 18, 2026. The trades were reported as indirect ownership transactions across multiple affiliated investment vehicles.

After these sales, the filing shows remaining indirect holdings in several entities, including 7,119,718 shares in one vehicle and smaller positions such as 177,339 and 330,472 shares in others. The reporting persons expressly disclaim beneficial ownership of the reported securities beyond their pecuniary interests.

Positive

  • None.

Negative

  • None.

Insights

Large fund-affiliated holder reported net open-market sales but retained sizable indirect positions.

The filing shows entities associated with Drawbridge Special Opportunities Fund LP executing eight open-market sales totaling 1,904,762 shares of Playboy, Inc. common stock at $1.05 per share on June 18, 2026. All are non-derivative stock sales.

The transactions reduce indirect holdings but do not eliminate them. Post-transaction figures include positions such as 7,119,718 shares, 2,278,464 shares, and several smaller blocks. The reporting persons also disclaim beneficial ownership beyond their pecuniary interests, which frames these as portfolio-level moves by investment vehicles rather than personal insider trades.

Insider Drawbridge Special Opportunities Fund LP, DRAWBRIDGE SPECIAL OPPORTUNITIES ADVISORS LLC, Drawbridge Special Opportunities GP LLC
Role null | null | null
Sold 1,904,762 shs ($2.00M)
Type Security Shares Price Value
Sale Common Stock, $0.0001 par value per share 923,499 $1.05 $970K
Sale Common Stock, $0.0001 par value per share 371,639 $1.05 $390K
Sale Common Stock, $0.0001 par value per share 295,540 $1.05 $310K
Sale Common Stock, $0.0001 par value per share 108,292 $1.05 $114K
Sale Common Stock, $0.0001 par value per share 95,451 $1.05 $100K
Sale Common Stock, $0.0001 par value per share 44,472 $1.05 $47K
Sale Common Stock, $0.0001 par value per share 42,866 $1.05 $45K
Sale Common Stock, $0.0001 par value per share 23,003 $1.05 $24K
Holdings After Transaction: Common Stock, $0.0001 par value per share — 7,119,718 shares (Indirect, See Footnote)
Footnotes (1)
  1. Held directly by Drawbridge Special Opportunities Fund LP ("DBSO"). Drawbridge Special Opportunities Advisors LLC ("DBSO Advisors") is the investment advisor to DBSO. Held directly by Drawbridge DSO Securities LLC ("DBDSO"). DBSO is the sole member and owner of all of the outstanding membership interests in DBDSO. Held directly by DBDB Funding LLC ("DBDB Funding"). DBSO is the indirect owner of all of the outstanding membership interests of DBDB Funding. 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. 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. Held directly by Fortress Credit Opportunities XI CLO Limited ("FCO XI CLO"). FCOD CLO is the collateral manager of FCO XI CLO. 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. 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. 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. 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.
Total shares sold 1,904,762 shares Aggregate open-market sales on June 18, 2026
Sale price $1.05 per share Price for each reported PLBY common stock sale
Largest remaining block 7,119,718 shares Indirect holdings after transactions in one entity
Next largest remaining block 2,865,152 shares Indirect holdings after transactions in another entity
Transaction count 8 sales Non-derivative open-market sales of common stock
Net buy/sell direction net-sell 1,904,762 shares Form 4 transaction summary for June 18, 2026
open-market sale financial
"transaction_action: "open-market sale" for each common stock transaction"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
ten percent owner regulatory
"is_ten_percent_owner: 1 for each reporting person entry"
indirect ownership financial
"direct_or_indirect: "I" and ownership_type: "indirect" on all transactions"
pecuniary interest regulatory
"disclaims beneficial ownership except to the extent of its pecuniary interest therein"
beneficial ownership regulatory
"shall not be deemed to be an admission of beneficial ownership of the reported shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
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 NEW YORK 10105
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Playboy, Inc. [ PLBY ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock, $0.0001 par value per share06/18/2026S923,499D$1.057,119,718ISee Footnote(1)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S371,639D$1.052,865,152ISee Footnote(2)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S295,540D$1.052,278,464ISee Footnote(3)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S108,292D$1.05834,876ISee Footnote(4)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S95,451D$1.05735,894ISee Footnote(5)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S44,472D$1.05342,854ISee Footnote(6)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S42,866D$1.05330,472ISee Footnote(7)(9)(10)
Common Stock, $0.0001 par value per share06/18/2026S23,003D$1.05177,339ISee Footnote(8)(9)(10)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 NEW YORK 10105
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 NEW YORK 10105
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 NEW YORK 10105
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 4 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.
Drawbridge Special Opportunities Fund LP By: Drawbridge Special Opportunities GP LLC, its general partner By: David N. Brooks, Secretary, /s/ David N. Brooks06/23/2026
Drawbridge Special Opportunities Advisors LLC By: David N. Brooks, Secretary, /s/ David N. Brooks06/23/2026
Drawbridge Special Opportunities GP LLC By: David N. Brooks, Secretary, /s/ David N. Brooks06/23/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Drawbridge Special Opportunities entities do in this PLBY Form 4?

Entities associated with Drawbridge Special Opportunities Fund LP sold 1,904,762 Playboy, Inc. shares. The sales were open-market transactions at $1.05 per share on June 18, 2026, reported as indirect holdings across several affiliated investment vehicles.

At what price were the PLBY shares sold in this insider transaction?

The reported Playboy, Inc. shares were sold at $1.05 per share. All eight transactions involved common stock with $0.0001 par value, executed as open-market or private sales on June 18, 2026, by entities reporting indirect ownership.

How many PLBY shares were sold in total by the reporting entities?

The filing reports total sales of 1,904,762 Playboy, Inc. common shares. These were spread across eight separate non-derivative transactions, all coded as open-market sales, and are summarized in the filing’s transaction summary as net-sell activity.

Do the reporting persons still hold PLBY shares after these sales?

Yes, the filing shows remaining indirect PLBY holdings in multiple entities. Post-transaction positions include blocks such as 7,119,718 shares and 2,865,152 shares, along with several smaller holdings, indicating the sellers continue to own significant indirect stakes.

Who are the main reporting persons in this Playboy, Inc. Form 4?

The main reporting persons are Drawbridge Special Opportunities Fund LP and related entities. These include Drawbridge Special Opportunities Advisors LLC and Drawbridge Special Opportunities GP LLC, which are tied to various investment and collateral management structures listed in the footnotes.

How is beneficial ownership described for these PLBY transactions?

The reporting persons disclaim full beneficial ownership of the reported PLBY securities. They state that ownership is only to the extent of their pecuniary interest and that inclusion of the shares should not be considered an admission of beneficial ownership for Section 16 or other purposes.