Schedule 13G/A: Fortress-Related Entities Report 15.4% Ownership in PLBY

Rhea-AI Filing Summary

Drawbridge / Fortress group disclosed significant common stock holdings of Playboy, Inc. Combined filings by multiple affiliated entities report beneficial ownership positions ranging from 14.0% to 15.4% of Playboy's common stock based on 107,548,055 shares outstanding. The largest reported aggregate amount is 16,589,531 shares, representing 15.4% of the class.

The Schedule 13G/A lists each reporting entity, their Delaware organization, and voting/dispositive power: all report 0 sole voting and dispositive power and substantial shared voting and dispositive power (e.g., 16,589,531 shared for several entities). A Joint Filing Agreement dated February 5, 2025 is incorporated by reference into this amendment.

Positive

• Material stake disclosed: Group entities report up to 16,589,531 shares (15.4%) of PLBY common stock
• Clear basis for percentage: Percentages calculated using 107,548,055 shares outstanding as reported by the issuer
• Shared voting/dispositive power documented: All reporting persons show 0 sole and substantial shared voting and dispositive power
• Joint Filing Agreement referenced: Establishes coordinated reporting among affiliated entities (dated Feb 5, 2025)

Negative

• None.

Insights

Financial Analyst

TL;DR: Multiple Fortress-related entities disclose a collective stake of up to 15.4% in PLBY, reported with shared voting and dispositive power.

The filing shows coordinated beneficial ownership across affiliated entities, with the highest reported aggregate amount at 16,589,531 shares (15.4%) based on the issuer's 107,548,055 outstanding shares. All reporting persons state no sole voting or dispositive power and instead report shared authority, indicating centralized control within the group structure. The amendment incorporates a Joint Filing Agreement (Feb 5, 2025), establishing the joint reporting arrangement. For investors, this is a material ownership disclosure that clarifies who holds significant influence over PLBY equity.

Corporate Governance Expert

TL;DR: Governance picture: a connected set of Delaware entities collectively holds a material stake and report shared control of PLBY shares.

The Schedule 13G/A enumerates each reporting entity, their relationship chain, and consistent reporting of shared voting and dispositive power (e.g., 15,072,683 to 16,589,531 shares across entities). The disclosure structure — separate cover pages for each entity and a referenced Joint Filing Agreement — indicates coordinated reporting under SEC rules. The filing expressly certifies the holdings were not acquired to change control, as required. This filing is materially relevant to governance and voting dynamics at Playboy, Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Playboy, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

72814P109

(CUSIP Number)

08/22/2025

(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. 72814P109

1

Names of Reporting Persons

Drawbridge Special Opportunities Fund 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 0.00
6	Shared Voting Power 15,072,683.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,072,683.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,072,683.00

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)

14.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Drawbridge Special Opportunities Advisors 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 15,273,025.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,273,025.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,273,025.00

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)

14.2 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Drawbridge Special Opportunities 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 0.00
6	Shared Voting Power 15,072,683.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,072,683.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,072,683.00

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)

14.0 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FIG 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Fortress Principal Investment Holdings IV 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 15,072,683.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,072,683.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,072,683.00

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)

14.0 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Fortress Operating Entity I 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 0.00
6	Shared Voting Power 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

PN, HC

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FIG Blue 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Fortress Investment Group 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FINCO I Intermediate Holdco 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FINCO I 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FIG Parent, 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 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

Foundation Holdco 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 0.00
6	Shared Voting Power 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 72814P109

1

Names of Reporting Persons

FIG Buyer 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 0.00
6	Shared Voting Power 16,589,531.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,589,531.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,589,531.00

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)

15.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Playboy, Inc.
(b)	Address of issuer's principal executive offices: 10960 Wilshire Blvd., Suite 2200, Los Angeles, California 90024
Item 2.
(a)	Name of person filing: This statement is filed with respect to the Common Stock, par value $0.0001 per share (the "Common Stock") of Playboy, Inc. (the "Company") by the following (collectively, the "Reporting Persons"): I. Drawbridge Special Opportunities Fund LP ("DBSO"), a Delaware limited partnership, which directly holds Common Stock and is the direct or indirect holder of membership interests in certain entities that hold Common Stock and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; II. Drawbridge Special Opportunities Advisors LLC ("DBSO Advisors"), a Delaware limited liability company, which is the investment advisor to DBSO and investment manager to an entity that holds Common Stock and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; III. Drawbridge Special Opportunities GP LLC ("DBSO GP"), a Delaware limited liability company, which is the general partner of DBSO and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; IV. FIG LLC ("FIG LLC"), a Delaware limited liability company, which is the holder of all membership interests in DBSO Advisors and another investment advisor to certain investment funds that hold Common Stock and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; V. Fortress Principal Investment Holdings IV LLC ("FPI IV"), a Delaware limited liability company, which is the managing member of DBSO GP and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; VI. Fortress Operating Entity I LP ("FOE"), a Delaware limited partnership, which is the holder of all of the issued and outstanding membership interests of FIG LLC and FPI IV and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; VII. FIG Blue LLC ("FIG Blue"), a Delaware limited liability company, which is the general partner of FOE and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; VIII. Fortress Investment Group LLC ("Fortress"), a Delaware limited liability company, which is the sole member of FIG Blue and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; IX. FINCO I Intermediate Holdco LLC ("FINCO Intermediate"), a Delaware limited liability company, which is the sole member of Fortress and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; X. FINCO I LLC ("FINCO"), a Delaware limited liability company, which is the sole member of FINCO Intermediate and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; XI. FIG Parent, LLC ("FIG Parent"), a Delaware limited liability company, which is the sole member of FINCO and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; XII. Foundation Holdco LP ("Foundation"), a Delaware limited partnership, which is the sole member of FIG Parent, LLC and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby; and XIII. FIG Buyer GP, LLC, a Delaware limited liability company, which is the general partner of Foundation and may therefore be deemed to beneficially own the Common Stock beneficially owned thereby.
(b)	Address or principal business office or, if none, residence: The address of the principal office of each Reporting Person is: c/o Fortress Investment Group LLC, 1345 Avenue of the Americas, 46th Floor, New York, NY 10105.
(c)	Citizenship: See Row 4 of each of the cover pages.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 72814P109
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: See Row 9 of each of the cover pages.
(b)	Percent of class: See Row 11 of each of the cover pages. The percentages set forth herein are calculated based upon 107,548,055 shares of Common Stock outstanding, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of each of the cover pages.
	(ii) Shared power to vote or to direct the vote: See Row 6 of each of the cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of each of the cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of each of the cover pages.
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 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.

Drawbridge Special Opportunities Fund LP

Signature:	/s/ David N. Brooks
Name/Title:	By Drawbridge Special Opportunities GP LLC, its general partner By: David N. Brooks, Secretary
Date:	08/26/2025

Drawbridge Special Opportunities Advisors LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

Drawbridge Special Opportunities GP LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

FIG LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

Fortress Principal Investment Holdings IV LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, General Counsel
Date:	08/26/2025

Fortress Operating Entity I LP

Signature:	/s/ David N. Brooks
Name/Title:	By FIG Blue LLC, its general partner By: David N. Brooks, Secretary
Date:	08/26/2025

FIG Blue LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

Fortress Investment Group LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

FINCO I Intermediate Holdco LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

FINCO I LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

FIG Parent, LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

Foundation Holdco LP

Signature:	/s/ David N. Brooks
Name/Title:	By FIG Buyer GP, LLC, its general partner By: David N. Brooks, Secretary
Date:	08/26/2025

FIG Buyer GP, LLC

Signature:	/s/ David N. Brooks
Name/Title:	David N. Brooks, Secretary
Date:	08/26/2025

Comments accompanying signature: Joint Filing Agreement, dated as of February 5, 2025, incorporated by reference to this Amendment No. 1 to Schedule 13G

FAQ

How many PLBY shares does the group report owning and what percent of the class is that?

The largest reported aggregate amount is 16,589,531 shares, representing 15.4% of Playboy's common stock based on 107,548,055 shares outstanding.

Which entities filed the Schedule 13G/A reporting PLBY ownership?

Reporting persons include 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.

Do any reporting persons claim sole voting or dispositive power over the reported PLBY shares?

No. Each reporting person discloses 0 sole voting power and 0 sole dispositive power, and reports shared voting and shared dispositive power for their respective amounts.

What outstanding share count did the filing use to calculate percentages for PLBY?

Percentages are calculated using 107,548,055 shares of common stock outstanding, as reported by the issuer in its August 25, 2025 Current Report.

Is there a document that coordinates the joint filing among the reporting persons?

Yes. The amendment incorporates a Joint Filing Agreement dated February 5, 2025 by reference.