Form 4: Byron Deeter and Bessemer Funds Disposition of TTAN Shares
Rhea-AI Filing Summary
Reporting person: Byron B. Deeter, partner at Bessemer Venture Partners and director/10% owner of ServiceTitan, Inc. (TTAN).Transaction: On 09/12/2025 affiliated Bessemer funds sold a combined 9,495 shares of Class A common stock (4,208 by BVP VIII, 5,061 by BVP VIII Inst and 226 by 15 Angels II). The Form 4 reports the Reporting Person disclaimed direct beneficial ownership of the shares held by those funds except for any pecuniary interest. The Reporting Person directly beneficially owns 1,891 shares of Class A common stock, consisting of equity grants that he has agreed to assign to Deer Management Co, LLC. No derivative transactions were reported.
Positive
- Transparency: The filing clearly discloses the specific number of shares sold by each affiliated fund (4,208; 5,061; 226).
- Remaining direct holding: The Reporting Person retains 1,891 Class A shares from equity grants.
Negative
- Reduction in affiliated fund holdings: Bessemer-affiliated funds disposed of a combined 9,495 Class A shares, which reduces the funds' position in TTAN.
- Limited direct economic interest: The Reporting Person disclaims beneficial ownership of shares held by the funds except for any pecuniary interest, indicating his economic exposure is primarily indirect.
Insights
TL;DR: Affiliated funds sold 9,495 Class A shares; the reporting director retains 1,891 direct shares and disclaims beneficial ownership of fund holdings.
The filing documents routine disposition activity by funds affiliated with a director rather than an open-market sale by the individual. The report clarifies the director's ownership is primarily indirect through partnership interests and that he disclaims beneficial ownership of the fund-held shares except for any pecuniary interest. The remaining direct position of 1,891 shares derives from equity grants and is contractually assigned to Deer Management Co, LLC, which may affect voting/control rights. No options, warrants, or other derivatives are reported.
TL;DR: Transaction reflects fund-level portfolio rebalancing; disclosure clarifies indirect ownership and assignment of grant proceeds.
The Form 4 provides clear disclosure of the mechanics: entity-level dispositions by Bessemer funds and the Reporting Person's indirect interests via the general partner structure. The assignment of equity-grant proceeds to Deer Management Co, LLC is explicitly noted, which is relevant for understanding who ultimately receives economic benefits. The filing contains no indication of material changes to board composition or derivative exposure.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 0 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- On September 12, 2025, Bessemer Venture Partners VIII L.P. ("BVP VIII"), Bessemer Venture Partners VIII Institutional L.P. ("BVP VIII Inst") and 15 Angels II LLC ("15 Angels" and together with BVP VIII and BVP VIII Inst, the "Bessemer Funds") sold 4,208 shares, 5,061 shares and 226 shares of Class A Common Stock of the Issuer, respectively. The Reporting Person is a partner at Bessemer Venture Partners and has an indirect, passive economic interest in the shares held by the Bessemer Funds by virtue of his interest in (1) Deer VIII & Co. L.P., the general partner of the Bessemer Funds and (2) certain other indirect limited partnership interests in certain of the Bessemer Funds. The Reporting Person disclaims beneficial ownership of the securities held by the Bessemer Funds, except to the extent of his pecuniary interest, if any, in such securities by virtue of his indirect interest in the Bessemer Funds. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities. Consists of Class A Common Stock received by the Reporting Person related to equity grants issued by the Issuer. The Reporting Person has agreed to assign to Deer Management Co, LLC the right to any shares issuable pursuant to this grant or any proceeds from the sale thereof.
