Fund 1 Investments Reports 9.94M SFIX Shares, 8.71% Ownership

Rhea-AI Filing Summary

Fund 1 Investments, LLC reports beneficial ownership of 9,943,821 shares of Stitch Fix Class A common stock, representing 8.71% of the outstanding Class A based on 114,225,435 shares outstanding. The filing shows no sole voting or dispositive power and shared voting and dispositive power over all 9,943,821 shares. The shares are held for private investment vehicles advised by Pleasant Lake Partners LLC, for which Fund 1 Investments serves as managing member; Jonathan Lennon is identified as the managing member of Fund 1 Investments. The filing also discloses that PLP Funds Master Fund LP has the right to receive dividends or sale proceeds for more than 5% of the Class A stock. The filer affirms the securities were acquired and are held in the ordinary course of business and not for the purpose of changing control.

Positive

• Material disclosure of ownership: Reports 9,943,821 shares representing 8.71% of Class A, a clearly significant stake
• Transparency on voting/dispositive power: All reported power is shared, with no sole voting or dispositive power declared
• Identification of advisory relationships: States shares are held for private vehicles advised by Pleasant Lake Partners LLC, aiding investor clarity
• Explicit non-control certification: Filer certifies holdings are in the ordinary course of business and not intended to change control

Negative

• None.

Insights

Financial Analyst

TL;DR: A reported 8.71% stake in Stitch Fix is large enough to warrant investor attention but the filer disclaims control intent.

The disclosed position of 9.94 million Class A shares equals 8.71% of outstanding Class A stock, a meaningful minority stake that can influence market perception and trading liquidity. All voting and dispositive power is reported as shared, not sole, and the filing expressly states the shares are held in the ordinary course of business and not to effect control. The identification of underlying private vehicles and the adviser relationship provides useful transparency on who ultimately directs investment strategy. From a valuation or activism perspective, absence of an expressed intent to change control reduces immediate governance risk, though the stake size could still prompt engagement or monitoring by investors.

Corporate Governance Expert

TL;DR: Ownership disclosure is thorough; no explicit control or activist intent is stated despite an >5% position.

The filing clearly discloses shared voting and dispositive power and names the adviser relationship (Pleasant Lake Partners LLC) and managing members, which supports effective stakeholder transparency. The explicit disclaimer of beneficial ownership except to pecuniary interest and the certification that holdings are not intended to change control are standard and reduce immediate governance alarm. However, an 8.71% stake remains material for board engagement considerations; governance teams should note the ownership and the identity of the adviser for any potential future outreach.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Stitch Fix, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

860897107

(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. 860897107

1

Names of Reporting Persons

Fund 1 Investments, 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 9,943,821.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,943,821.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,943,821.00

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)

8.71 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (Limited Liability Company)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Stitch Fix, Inc.
(b)	Address of issuer's principal executive offices: 1 Montgomery Street, Suite 1500, San Francisco, California, 94104
Item 2.
(a)	Name of person filing: Fund 1 Investments, LLC
(b)	Address or principal business office or, if none, residence: 100 Carr 115 Unit 1900 Rincon, Puerto Rico 00677
(c)	Citizenship: Delaware
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 860897107
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: 9,943,821
(b)	Percent of class: 8.71 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 9,943,821
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 9,943,821 Shares reported herein for Fund 1 Investments, LLC are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of Fund 1 Investments, LLC, Pleasant Lake Partners LLC and Mr. Lennon disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein. All percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025, as filed with the Securities and Exchange Commission on June 11, 2025, that there were 114,225,435 shares of Class A Common Stock of the Issuer outstanding as of June 6, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4. In addition, PLP Funds Master Fund LP, a private investment vehicle for which Pleasant Lake Partners LLC serves as investment adviser, has the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Class A Common Stock of the Issuer.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 4.
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.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable/Chief Operating Officer
Date:	08/14/2025

FAQ

How many Stitch Fix (SFIX) Class A shares does Fund 1 Investments, LLC report owning?

Fund 1 Investments, LLC reports beneficial ownership of 9,943,821 shares of Stitch Fix Class A common stock.

What percentage of SFIX Class A does this holding represent?

The reported position represents 8.71% of the outstanding Class A common stock, based on 114,225,435 shares outstanding.

Does Fund 1 Investments, LLC have sole voting or dispositive power over these SFIX shares?

No. The filing reports 0 shares with sole voting or dispositive power and 9,943,821 shares with shared voting and dispositive power.

Who manages the investments reported by Fund 1 Investments, LLC?

The shares are held for private investment vehicles advised by Pleasant Lake Partners LLC; Fund 1 Investments serves as managing member and Jonathan Lennon is the managing member of Fund 1 Investments.

Is there any other entity entitled to dividends or proceeds for more than 5% of SFIX Class A?

Yes. The filing discloses that PLP Funds Master Fund LP has the right to receive and/or direct receipt of dividends or sale proceeds for more than 5% of the Class A stock.