Track Group (TRCK) 5.8% holder backs major share increase

Rhea-AI Filing Summary

Track Group, Inc. received an amended Schedule 13D from CRC Founders Fund and related Carlson Ridge entities, which together report beneficial ownership of 691,691 shares of common stock, or 5.8% of shares outstanding. The filing notes an aggregate purchase price of approximately $742,724 for these shares.

On March 31, 2026, CRC Founders executed a written consent supporting an amendment to Track Group’s Certificate of Incorporation to increase authorized common shares from 30,000,000 to 60,000,000. The amendment is tied to the company’s plans to evaluate strategic transactions to raise capital and refinance or restructure certain debt. The reporting group states there have been no transactions in the issuer’s securities by them during the past 60 days.

Key Figures

Beneficial ownership: 691,691 shares Ownership percentage: 5.8% Shares outstanding: 11,863,758 shares +4 more

7 metrics

Beneficial ownership 691,691 shares Shares of Track Group common stock beneficially owned by reporting group

Ownership percentage 5.8% Portion of Track Group common stock outstanding held by reporting persons

Shares outstanding 11,863,758 shares Track Group common shares outstanding as of March 19, 2026

Aggregate purchase price $742,724 Approximate cost for 691,691 shares, including brokerage commissions

Authorized shares before 30,000,000 shares Common stock authorized in Track Group charter before proposed amendment

Authorized shares after 60,000,000 shares Proposed new authorized common stock level supported by written consent

Event date March 31, 2026 Date of written consent and Joint Filing Agreement

Key Terms

beneficially owned, Schedule 13D, working capital, Certificate of Incorporation, +1 more

5 terms

beneficially owned financial

"The aggregate purchase price of the 691,691 Shares beneficially owned by CRC Founders is approximately $742,724"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Schedule 13D regulatory

"The filing of this shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

working capital financial

"The Shares purchased by CRC Founders were purchased with working capital (which may, at any given time, include margin loans)"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

Certificate of Incorporation regulatory

"a proposed amendment to the Issuer's Certificate of Incorporation (the "Charter") to increase the total number of Shares authorized"

A certificate of incorporation is an official government document that creates a corporation and records key facts such as its legal name, basic governance structure, and stock authorization—think of it as a company's birth certificate plus its basic rulebook. Investors care because it establishes the company’s legal existence, limits owners’ personal liability, and sets the framework for issuing shares and enforcing shareholder rights, which affects ownership, control and the company’s ability to raise capital.

Joint Filing Agreement regulatory

"the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Track Group, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

81373R109

(CUSIP Number)

CRC Founders Fund, LP
1528 Wazee Street,
Denver, CO, 80202
(405) 830-3274

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 81373R109

1

Name of reporting person

CRC Founders Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 691,691.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 691,691.00

11

Aggregate amount beneficially owned by each reporting person

691,691.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 81373R109

1

Name of reporting person

Carlson Ridge Capital, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 691,691.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 691,691.00

11

Aggregate amount beneficially owned by each reporting person

691,691.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 81373R109

1

Name of reporting person

Carlson Ridge Capital GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 691,691.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 691,691.00

11

Aggregate amount beneficially owned by each reporting person

691,691.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 81373R109

1

Name of reporting person

Smith Denver Johnson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 691,691.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 691,691.00

11

Aggregate amount beneficially owned by each reporting person

691,691.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Track Group, Inc.
(c)	Address of Issuer's Principal Executive Offices: 200 E. 5TH AVENUE SUITE 100, NAPERVILLE, ILLINOIS , 60563.
Item 2.	Identity and Background
(a)	Item 2(a) is hereby amended and restated to read as follows: This statement is filed by: (i) CRC Founders Fund, LP, a Delaware limited partnership ("CRC Founders"), with respect to the shares of Common Stock, par value $0.0001 per share, of the Issuer (the "Shares") directly and beneficially owned by it; (ii) Carlson Ridge Capital, LLC, a Delaware limited liability company ("Carlson Ridge Capital"), as the investment manager of CRC Founders; (iii) Carlson Ridge Capital GP, LLC, a Delaware limited liability company ("Carlson Ridge GP"), as the general partner of CRC Founders; and (iv) Denver J. Smith, as the Managing Member of each of Carlson Ridge Capital and Carlson Ridge GP. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	Item 2(b) is hereby amended to add the following: The address of the principal office of each of the Reporting Persons is 1528 Wazee Street, Denver, Colorado 80202.
(c)	Item 2(c) is hereby amended and restated to read as follows: The principal business of CRC Founders is investing in securities. Carlson Ridge Capital serves as the investment manager of CRC Founders. Carlson Ridge GP serves as the general partner of CRC Founders. Mr. Smith serves as the Managing Member of each of Carlson Ridge Capital and Carlson Ridge GP.
(d)	Item 2(d) is hereby amended and restated to read as follows: No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Item 2(e) is hereby amended and restated to read as follows: No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Item 2(f) is hereby amended and restated to read as follows: Each of CRC Founders, Carlson Ridge Capital and Carlson Ridge GP are organized under the laws of the State of Delaware. Mr. Smith is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by CRC Founders were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 691,691 Shares beneficially owned by CRC Founders is approximately $742,724, including brokerage commissions.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: On March 31, 2026, CRC Founders executed a written consent in support of a proposed amendment to the Issuer's Certificate of Incorporation (the "Charter") to increase the total number of Shares authorized for issuance thereunder from 30,000,000 Shares to 60,000,000 Shares. The Reporting Persons supported the amendment to the Charter based on the Issuer's stated rationale of evaluating potential strategic transactions to (i) secure additional capital in both the near and long-term, through public or private securities offerings to fund its working capital requirements, and (ii) refinance or restructure certain of its outstanding debt obligations. The Reporting Persons have engaged, and intend to continue to engage, in discussions with the Issuer and other interested parties regarding such potential strategic transactions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 11,863,758 Shares outstanding as of March 19, 2026, which is the total number of Shares outstanding as reported in the Issuer's information statement on Schedule 14C filed with the Securities and Exchange Commission on March 31, 2026. As of the date hereof, CRC Founders directly beneficially owned 691,691 Shares, constituting approximately 5.8% of the Shares outstanding. Carlson Ridge Capital, as the investment manager of CRC Founders, may be deemed to beneficially own the 691,691 Shares owned by CRC Founders, constituting approximately 5.8% of the Shares outstanding. Carlson Ridge GP, as the general partner of CRC Founders, may be deemed to beneficially own the 691,691 Shares owned by CRC Founders, constituting approximately 5.8% of the Shares outstanding. Mr. Smith, as the Managing Member of each of Carlson Ridge Capital and Carlson Ridge GP, may be deemed to beneficially own the 691,691 Shares owned by CRC Founders, constituting approximately 5.8% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	Item 5(b) is hereby amended and restated to read as follows: Each of CRC Founders, Carlson Ridge Capital, Carlson Ridge GP and Mr. Smith may be deemed to share the power to vote and dispose of the Shares owned by CRC Founders.
(c)	Item 5(c) is hereby amended and restated to read as follows: There have been no transactions in the securities of the Issuer by the Reporting Persons during the past 60 days.
(d)	Item 5(d) is hereby amended and restated to read as follows: No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Item 5(e) is hereby amended and restated to read as follows: Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: On March 31, 2026, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 99.1 - Joint Filing Agreement, dated March 31, 2026.

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.

CRC Founders Fund, LP

Signature:	/s/ Denver J. Smith
Name/Title:	Denver J. Smith, Managing Member of its General Partner
Date:	03/31/2026

Carlson Ridge Capital, LLC

Signature:	/s/ Denver J. Smith
Name/Title:	Denver J. Smith, Managing Member
Date:	03/31/2026

Carlson Ridge Capital GP, LLC

Signature:	/s/ Denver J. Smith
Name/Title:	Denver J. Smith, Managing Member
Date:	03/31/2026

Smith Denver Johnson

Signature:	/s/ Denver J. Smith
Name/Title:	Denver J. Smith
Date:	03/31/2026

FAQ

How much of Track Group (TRCK) stock does CRC Founders Fund report owning?

CRC Founders Fund and related Carlson Ridge entities report beneficial ownership of 691,691 Track Group shares, representing 5.8% of the common stock. This percentage is based on 11,863,758 shares outstanding as of March 19, 2026, per Track Group’s Schedule 14C.

What did the 5.8% holder of Track Group (TRCK) support in this filing?

The reporting group supported an amendment to increase authorized common shares in Track Group’s charter from 30,000,000 to 60,000,000. Their written consent on March 31, 2026 backs the issuer’s stated plan to pursue capital-raising transactions and potential debt refinancing or restructuring.

What is the total cost basis disclosed for CRC Founders’ Track Group (TRCK) stake?

CRC Founders states the aggregate purchase price for the 691,691 Track Group shares it beneficially owns is approximately $742,724, including brokerage commissions. The filing notes these shares were bought using working capital, which can include margin loans from brokerage firms in the ordinary course of business.

Did CRC Founders and related entities trade Track Group (TRCK) stock recently?

The filing states there have been no transactions in Track Group securities by the reporting persons during the past 60 days. Their disclosed position therefore reflects holdings accumulated before this period, with no recent buying or selling activity reported in the amendment.

Why is Track Group (TRCK) seeking more authorized shares according to this investor filing?

The amendment would double authorized common shares from 30,000,000 to 60,000,000 so Track Group can evaluate strategic transactions. The filing cites plans to secure additional capital through public or private offerings and to refinance or restructure certain outstanding debt obligations.

Who are the reporting persons in the Track Group (TRCK) Schedule 13D/A amendment?

The reporting group includes CRC Founders Fund, LP, Carlson Ridge Capital, LLC, Carlson Ridge Capital GP, LLC, and Denver J. Smith. Carlson Ridge Capital is investment manager, Carlson Ridge GP is general partner, and Denver J. Smith is Managing Member of both Carlson Ridge entities.