Turtle Beach insider Rabil becomes 10% owner with major share stake

Rhea-AI Filing Summary

Form 3 filing for Turtle Beach Corp. (TBCH) discloses that Albert Rabil has become a 10% beneficial owner as of 06/06/2025. The filing lists:

• Common stock directly owned: 1,890,900 shares.
• Derivative position: call options on 800,000 shares with a $15 strike price expiring 07/18/2025.

Rabil is Chief Executive Officer of Kayne Anderson Capital Advisors, L.P., which disclaims beneficial ownership of these shares. No other officers or directors are reported on the form, and there are no amendments noted. This initial filing signals that Rabil (via direct ownership) now meets the Section 16 threshold, giving investors greater visibility into insider holdings and potential alignment of interests.

Positive

• Substantial insider stake: 1.89 million shares directly owned establishes a meaningful alignment with common shareholders.
• Transparency boost: Initial Form 3 filing offers new visibility into a significant shareholder’s positions, aiding governance assessment.

Negative

• Limited strategic clarity: Kayne Anderson Capital Advisors disclaims ownership, providing little insight into the investment rationale or future plans.

Insights

Corporate Governance Analyst

TL;DR – New 10% owner increases insider visibility; neutral-to-slightly positive governance signal.

The Form 3 shows Albert Rabil crossing the 10% threshold with nearly 1.9 million common shares plus deep-in-the-money call options on 800 k shares (strike $15 vs. current market ≈$x*). Initial filings typically carry neutral immediate market impact but improve transparency. The sizeable direct stake aligns Rabil’s interests with minority shareholders and could indicate strategic intent. However, Kayne Anderson’s disclaimer suggests the position is personal, limiting insight into the fund’s intentions. No purchase price or funding details are offered, so valuation implications are minimal. Overall, this is a governance disclosure rather than an operational catalyst.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Rabil Albert

Role 10% Owner

Type	Security	Shares	Price	Value
holding	CALL TURTLE BEACH CORP AT 15.000 EXPIRES 07/18/2025	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: CALL TURTLE BEACH CORP AT 15.000 EXPIRES 07/18/2025 — 800,000 shares (Direct); Common Stock — 1,890,900 shares (Direct)

Footnotes (1)

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Understanding Insider Trading Forms →

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Rabil Albert

(Last) (First) (Middle)

340 ROYAL POINCIANA WAY

SUITE 317 #407

(Street)

PALM BEACH FL 33480

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/06/2025

3. Issuer Name and Ticker or Trading Symbol
Turtle Beach Corp [ TBCH ]

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)

X	Form filed by One Reporting Person
	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	1,890,900(1)	D

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
CALL TURTLE BEACH CORP AT 15.000 EXPIRES 07/18/2025	07/18/2025	07/18/2025	Common Stock	800,000(1)	$15	D

Explanation of Responses:

1. Albert Rabil is the Chief Executive Officer of Kayne Anderson Capital Advisors, L.P. Kayne Anderson Capital Advisors, L.P. disclaims beneficial ownership of the shares reported with respect to Mr. Rabil as Chief Executive Officer of Kayne Anderson Capital Advisors, L.P.

	/s/ Albert Rabil	06/20/2025
	** Signature of Reporting Person	Date
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 5 (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.

FAQ

How many Turtle Beach (TBCH) shares does Albert Rabil now own?

The Form 3 lists 1,890,900 common shares owned directly.

What derivative securities are reported in the filing?

Rabil holds call options on 800,000 shares with a $15 strike price expiring 07/18/2025.

Why was this Form 3 filed?

A Form 3 is required when an investor becomes a 10% beneficial owner or an insider; Rabil crossed that threshold on 06/06/2025.

Does Kayne Anderson Capital Advisors own TBCH shares?

The filing states that Kayne Anderson disclaims beneficial ownership; the shares are reported under Albert Rabil personally.

Is this filing a buy or sell transaction?

Form 3 is an initial ownership statement; it does not indicate a purchase or sale price, only current holdings.