ACR Alpine Capital Research and its affiliated entities filed Amendment No. 2 to Schedule 13G revealing an aggregate holding of 4,265,031 Thor Industries (THO) common shares (CUSIP 885160101) as of 30 June 2025. This represents 8 % of THO’s 53.2 million shares outstanding reported in the company’s 31 May 2025 10-Q.
The shares are spread across numerous vehicles: ACR Alpine Capital Research, LP, its GP and related LLCs collectively report the full 4.27 million-share position; Alpine Private Capital accounts own 506,211 shares (≈1 %); ACR Opportunity, LP and ACR Opportunity Fund together hold 17,000 shares (<0.1 %). All voting and dispositive powers are shared; no party claims sole authority.
The certification states the securities were not acquired to influence control of the issuer, indicating a passive investment under Rule 13d-1(b)/(c). Other than updated ownership totals, the filing discloses no additional transactions, financing arrangements or governance intentions.
Positive
ACR group’s 8 % stake discloses a sizeable institutional position, signaling confidence in THO and surpassing the 5 % material ownership threshold.
Negative
None.
Insights
TL;DR Passive filing shows ACR group owns 8 % of THO, crossing 5 % threshold but offers no activism signal—market impact likely limited.
The 13G amendment confirms that ACR and associated funds collectively own 4.27 m THO shares. Because they disclaim any intent to influence control and report zero sole voting power, the stake appears purely investment–driven. Crossing the 5 % bar is material for disclosure purposes, yet without activist language it should not immediately affect governance dynamics or strategic direction. Liquidity considerations are minor; 8 % is meaningful but manageable against THO’s average trading volume. Investors may view the holding as a sign of institutional confidence, but valuation impact should be neutral unless future filings shift to 13D status.
TL;DR Ownership structure centralizes 8 % voting power within Tompras-controlled entities, yet filing reiterates a purely passive stance.
The reporting chain runs through a Missouri trust led by Nicholas V. Tompras, giving him indirect influence over all 4.27 m shares. Nevertheless, the Schedule 13G language explicitly distances the group from control objectives. With shared voting/dispositive power only, board-level leverage remains limited unless the group recasts itself under a 13D. From a governance view, concentration of an 8 % block bears watching, but the current filing triggers no change-of-control provisions nor demands defensive moves by THO’s board.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
THOR Industries, Inc.
(Name of Issuer)
Common Stock (Par value $0.10 Per Share)
(Title of Class of Securities)
885160101
(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.
885160101
1
Names of Reporting Persons
ACR Alpine Capital Research, 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
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ACR Opportunity, L.P.
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
7,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000.00
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)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ALPINE PARTNERS MANAGEMENT, 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
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,000.00
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)
0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ACR Opportunity Fund
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
10,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,000.00
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)
0 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ALPINE PRIVATE CAPITAL, 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
506,211.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
506,211.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
506,211.00
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)
1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ACR ALPINE CAPITAL RESEARCH, 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
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
ACR Alpine Capital 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
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
Alpine Investment Management, 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
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
Alpine Holdings Corp
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
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
Nicholas V. Tompras Living Trust 9/23/03, as amended
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
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
Tompras Nicholas V.
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
885160101
1
Names of Reporting Persons
Tompras Jennifer O.
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,265,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,265,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,265,031.00
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 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
THOR Industries, Inc.
(b)
Address of issuer's principal executive offices:
52700 Independence Court, Elkhart, Indiana, 46514
Item 2.
(a)
Name of person filing:
This statement is filed by (i) ACR Opportunity, L.P. ("ACROPP"); (ii) Alpine Partners Management, LLC ("APM"); (iii) ACR Opportunity Fund ("ACROX"); (iv) Alpine Private Capital, LLC ("APC"); (v) ACR Alpine Capital Research, LLC ("ACR"); (vi) ACR Alpine Capital Research, LP ("ACRLP"); (vii) ACR Alpine Capital GP, LLC ("ACRGP"); (viii) Alpine Investment Management, LLC ("AIM"); (ix) Alpine Holdings Corporation ("AHC"); (x) Nicholas V. Tompras Living Trust 9/23/03, as amended (the "Living Trust"); (xi) Nicholas V. Tompras; and (xii) Jennifer O. Tompras. The foregoing are collectively referred to herein as the "Reporting Persons."
ACROPP, ACROX, accounts separately managed by APC (the "APC Accounts"), and accounts separately managed by ACR (the "Separately Managed Accounts") each hold securities of the Issuer.
APM is the general partner of ACROPP. ACR serves as the investment manager of ACROPP and ACROX and the Separately Managed Accounts, and has investment discretion over the APC Accounts delegated by APC. ACRLP is the sole member of ACR. ACRGP is the general partner of ACRLP. AIM is the sole member of ACRGP. AHC is the sole member of AIM. The Living Trust holds all of the voting capital stock of AHC. Nicholas V. Tompras and Jennifer O. Tompras are each a trustee of the Living Trust.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 190 Carondelet Plaza, Suite 1300, Saint Louis, Missouri 63105.
(c)
Citizenship:
Each of ACROPP and ACRLP is a Delaware limited partnership. Each of APM and AIM is a Missouri limited liability company. ACROX is a Delaware statutory trust. Each of APC, ACR, and ACRGP is a Delaware limited liability company. AHC is a Missouri corporation. The Living Trust is formed under the laws of the State of Missouri. Nicholas V. Tompras and Jennifer O. Tompras are citizens of the United States of America.
(d)
Title of class of securities:
Common Stock (Par value $0.10 Per Share)
(e)
CUSIP No.:
885160101
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:
ACROPP 7,000
APM 7,000
ACROX 10,000
APC 506,211
ACR 4,265,031
ACRLP 4,265,031
ACRGP 4,265,031
AIM 4,265,031
AHC 4,265,031
The Living Trust 4,265,031
Nicholas V. Tompras 4,265,031
Jennifer O. Tompras 4,265,031
ACROPP, APM, ACROX, APC, and ACR each disclaims beneficial ownership of all Common Stock included in this report other than the Common Stock held of record by such Reporting Person, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. ACRLP, ACRGP, AIM, AHC, the Living Trust, and Mr. and Mrs. Tompras each disclaims beneficial ownership of all Common Stock included in this report, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Exchange Act, or for any other purpose.
(b)
Percent of class:
ACROPP 0.0%
APM 0.0%
ACROX 0.0%
APC 1.0%
ACR 8.0%
ACRLP 8.0%
ACRGP 8.0%
AIM 8.0%
AHC 8.0%
The Living Trust 8.0%
Nicholas V. Tompras 8.0%
Jennifer O. Tompras 8.0%
The percentages are based on 53,203,568 Common Stock outstanding as of May 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed on June 4, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0 for all Reporting Persons
(ii) Shared power to vote or to direct the vote:
ACROPP 7,000
APM 7,000
ACROX 10,000
APC 506,211
ACR 4,265,031
ACRLP 4,265,031
ACRGP 4,265,031
AIM 4,265,031
AHC 4,265,031
The Living Trust 4,265,031
Nicholas V. Tompras 4,265,031
Jennifer O. Tompras 4,265,031
(iii) Sole power to dispose or to direct the disposition of:
0 for all Reporting Persons
(iv) Shared power to dispose or to direct the disposition of:
ACROPP 7,000
APM 7,000
ACROX 10,000
APC 506,211
ACR 4,265,031
ACRLP 4,265,031
ACRGP 4,265,031
AIM 4,265,031
AHC 4,265,031
The Living Trust 4,265,031
Nicholas V. Tompras 4,265,031
Jennifer O. Tompras 4,265,031
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.
The APC Accounts and Separately Managed Accounts described above in Item 2 have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities held in their respective accounts. To the knowledge of the Reporting Persons, the interest in any such account does not exceed 5% of the class of securities. Except to the extent described herein, the Reporting Persons disclaim beneficial ownership of all such securities.
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.
ACR Alpine Capital Research, LLC
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/Chief Executive Officer
Date:
08/01/2025
ACR Opportunity, L.P.
Signature:
Alpine Partners Management, LLC
Name/Title:
General Partner
Date:
08/01/2025
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/Chief Executive Officer
Date:
08/01/2025
ALPINE PARTNERS MANAGEMENT, LLC
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/Chief Executive Officer
Date:
08/01/2025
ACR Opportunity Fund
Signature:
ACR Alpine Capital Research, LLC
Name/Title:
Investment Manager
Date:
08/01/2025
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/Chief Executive Officer
Date:
08/01/2025
ALPINE PRIVATE CAPITAL, LLC
Signature:
Alpine Investment Management, LLC
Name/Title:
Majority Owner
Date:
08/01/2025
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/President
Date:
08/01/2025
ACR ALPINE CAPITAL RESEARCH, LP
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/Chief Executive Officer
Date:
08/01/2025
ACR Alpine Capital GP, LLC
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/President
Date:
08/01/2025
Alpine Investment Management, LLC
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/President
Date:
08/01/2025
Alpine Holdings Corp
Signature:
/s/ Nicholas V. Tompras
Name/Title:
Nicholas V. Tompras/President
Date:
08/01/2025
Nicholas V. Tompras Living Trust 9/23/03, as amended
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