[SCHEDULE 13D/A] 180 Degree Capital Corp. SEC Filing

Rhea-AI Filing Summary

Schedule 13D/A (Amendment No. 2) – 180 Degree Capital Corp. (NASDAQ: TURN)

On 07/11/2025 a group of eight related investors filed an amended Schedule 13D disclosing collective beneficial ownership of 565,525 common shares, or approximately 5.7% of TURN’s 10,000,141 shares outstanding (as of 01/15/2025). The filing formally aligns the parties under an Amended & Restated Group Agreement (Exhibit 99.2) and updates source-of-funds, ownership and transaction data.

Group composition: (i) Marlton Partners, L.P. (168,685 sh; 1.7%); (ii) its manager Marlton, LLC; (iii) James C. Elbaor; (iv) ATG Fund II LLC (300,004 sh; 3.0%); (v) its manager ATG Capital Management, LLC; (vi) Gabriel D. Gliksberg (individually 78,799 sh; total 3.8% when combined with ATG holdings); (vii) Aaron T. Morris (10,670 sh; 0.1%); and (viii) Andrew M. Greenberg (10,000 sh; 0.1%).

Capital deployed: Aggregate purchase costs were disclosed for each holder – e.g., Marlton Partners invested roughly $628.8 k, ATG Fund II ~$993.9 k and Mr. Gliksberg ~$303.5 k – funded mainly with working capital or personal funds (some purchases may involve brokerage margin).

Control attributes: Voting and dispositive power are largely shared within each sub-group (Marlton group and ATG group). No reporting person has been subject to criminal or civil securities violations in the past five years.

The Schedule 13D/A does not outline specific strategic intentions but signals that an organized investor group now meets the >5% reporting threshold, potentially providing them influence over future corporate actions.

Positive

• Investor group now controls 5.7% of TURN’s outstanding shares, providing a potentially influential shareholder voice.
• Approximately US$2.0 million of combined capital committed by sophisticated funds and individuals signals confidence in TURN’s valuation.
• All reporting persons affirm no criminal or civil securities violations in the past five years, reducing governance risk.

Negative

• None.

Insights

Securities Analyst – Activist & Event-Driven

TL;DR: A newly aligned investor group now owns 5.7% of TURN, indicating coordinated positioning and possible future engagement.

The amendment aggregates previously separate holdings under one filing, clarifying relationships and revealing a meaningful ownership block. While individual stakes are small, ATG Fund II (3.0%) and Marlton Partners (1.7%) provide the core. Total cash deployed (~$2.0 million) represents a notable commitment for a micro-cap issuer. Crossing the 5% threshold gives the group additional disclosure duties and opens the door to potential activism, although no explicit plans are stated. From an event-driven perspective, the disclosure is incrementally positive: concentrated, sophisticated investors now have a seat at the table, which can catalyze strategic or governance changes over time.

Corporate Governance Expert

TL;DR: Filing consolidates governance transparency; no adverse legal history, modest but influential stake.

The amendment restates identity, background and source-of-funds sections, stressing clean legal records for all parties. Joint filing under an A&R Group Agreement enhances transparency and may streamline any shareholder communications with the board. Although each holder individually owns <4%, collective ownership above 5% often leads issuers to monitor proposals or board nomination attempts closely. Investors should watch upcoming proxy materials for any follow-up initiatives.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

180 DEGREE CAPITAL CORP. /NY/

(Name of Issuer)

Common Stock, par value $0.03

(Title of Class of Securities)

00687D101

(CUSIP Number)

James C. Elbaor
Marlton Partners, L.P., 1358 N. State Pkwy
Chicago, IL, 60610
(214) 405-4141

Christopher P. Davis
Kleinberg, Kaplan, Wolff & Cohen, P.C., 500 Fifth Avenue
New York, NY, 10110
(212) 986-6000

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

07/09/2025

(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).

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Marlton Partners, L.P.

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 168,685.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 168,685.00

11

Aggregate amount beneficially owned by each reporting person

168,685.00

12

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

13

Percent of class represented by amount in Row (11)

1.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Marlton, 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 168,685.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 168,685.00

11

Aggregate amount beneficially owned by each reporting person

168,685.00

12

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

13

Percent of class represented by amount in Row (11)

1.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Elbaor James C.

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 168,685.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 168,685.00

11

Aggregate amount beneficially owned by each reporting person

168,685.00

12

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

13

Percent of class represented by amount in Row (11)

1.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

ATG Fund II 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)

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 300,004.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 300,004.00

11

Aggregate amount beneficially owned by each reporting person

300,004.00

12

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

13

Percent of class represented by amount in Row (11)

3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

ATG Capital Management, 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 300,004.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 300,004.00

11

Aggregate amount beneficially owned by each reporting person

300,004.00

12

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

13

Percent of class represented by amount in Row (11)

3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Gabriel D. Gliksberg

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, PF

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 78,799.00
8	Shared Voting Power 300,004.00
9	Sole Dispositive Power 78,799.00
10	Shared Dispositive Power 300,004.00

11

Aggregate amount beneficially owned by each reporting person

378,803.00

12

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

13

Percent of class represented by amount in Row (11)

3.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Aaron T. Morris

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)

PF

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 10,670.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,670.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,670.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 00687D101

1

Name of reporting person

Andrew M. Greenberg

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, PF

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 10,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,000.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

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 $0.03
(b)	Name of Issuer: 180 DEGREE CAPITAL CORP. /NY/
(c)	Address of Issuer's Principal Executive Offices: 7 N. WILLOW STREET, SUITE 4B, MONTCLAIR, NEW JERSEY , 07042.
Item 1 Comment: The following constitutes Amendment No.2 to the Schedule 13D filed by the undersigned ("Amendment No.2"). This Amendment No.2 amends the Schedule 13D as specifically set forth herein. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Schedule 13D.
Item 2.	Identity and Background
(a)	Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows: (a) This Schedule 13D is being filed on behalf of the following Reporting Persons (collectively, the "Reporting Persons"): (i) Marlton Partners, L.P., a Delaware limited partnership ("Marlton Partners"); (ii) Marlton, LLC, a Delaware limited liability company ("Marlton"), the managing member of Marlton Partners; (iii) James C. Elbaor (together with Marlton Partners and Marlton, the "Marlton Persons"), a United States citizen and the managing member of Marlton; (iv) ATG Fund II LLC, a Delaware limited liability company ("ATG Fund II"); (v) ATG Capital Management, LLC, a Delaware limited liability company ("ATG Management"), the managing member of ATG Fund II; (vi) Gabriel Gliksberg (together with ATG Fund II and ATG Management, the "ATG Persons"), a United States citizen, and the managing member of ATG Management; (vii) Aaron T. Morris, a United States citizen; and (viii) Andrew M. Greenberg, a United States citizen. Each of the Reporting Persons is party to that certain A&R Group Agreement as further described in Item 6 and filed as Exhibit 99.2 to this Schedule 13D. Accordingly, the Reporting Persons are hereby jointly filing this Schedule 13D.
(b)	The business address of each of the Marlton Persons is 1358 N. State Pkwy, Chicago, IL 60610. The business address of each of the ATG Persons is 16690 Collins Avenue, Suite #1103, Sunny Isles Beach, FL 33160. The business address of Mr. Morris is 4915 Mountain Road, Unit 4, Stowe, Vermont 05672. The business address of Mr. Greenberg is 2739 N. Lakewood Avenue, Chicago, IL 60614.
(c)	The principal business of Marlton Partners is investing in securities. The principal business of Marlton is serving as the investment manager of Marlton Partners. The principal occupation of Mr. Elbaor is serving as the managing member of Marlton Partners. The principal business of ATG Fund II is investing in securities. The principal business of ATG Management is to serve as the managing member of certain private investment funds, including ATG Fund II. The principal occupation of Mr. Gliksberg is serving as the managing member of ATG Management. The principal business of Mr. Morris is an attorney in private practice. The principal occupation of Mr. Greenberg is serving as the managing member of certain private investment funds.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	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)	Marlton Partners, Marlton, ATG Fund II and ATG Management are organized under the laws of the State of Delaware. Messrs. Elbaor, Gliksberg, Morris and Greenberg are citizens of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows: The Shares purchased by Marlton Partners 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 168,685 Shares owned directly by Marlton Partners is approximately $628,807, excluding brokerage commissions. The Shares purchased by ATG Fund II 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 300,004 Shares directly owned by ATG Fund II is approximately $993,855, including brokerage commissions. The Shares directly owned by Mr. Gliksberg were purchased with personal funds of Mr. Gliksberg. The aggregate purchase price of the 78,799 Shares directly owned by Mr. Gliksberg is approximately $303,542, excluding brokerage commissions. The Shares directly owned by Mr. Morris were purchased with personal funds of Mr. Morris. The aggregate purchase price of the 10,670 Shares directly owned by Mr. Morris is approximately $40,011, including brokerage commissions. The Shares directly owned by Mr. Greenberg were purchased with personal funds of Mr. Greenberg through the AMG Revocable Trust u/a/d 5/3/2001 (the "AMG Trust"), of which Mr. Greenberg is the sole trustee and beneficiary. The aggregate purchase price of the 10,000 Shares directly owned by Mr. Greenberg is approximately $39,900 excluding brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 10,000,141 Shares outstanding as of January 15, 2025, which is the total number of Shares outstanding as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 24, 2025. As of the date hereof, Marlton Partners beneficially owned 168,685 Shares, constituting approximately 1.7% of the Shares outstanding. As of the date hereof, Marlton, as the investment manager of Marlton Partners, may be deemed to beneficially own the 168,685 Shares beneficially owned by Marlton Partners, constituting approximately 1.7% of the Shares outstanding. As of the date hereof, Mr. Elbaor, as the managing member of Marlton, may be deemed to beneficially own the 168,685 Shares beneficially owned by Marlton, constituting approximately 1.7% of the Shares outstanding. As of the date hereof, ATG Fund II beneficially owned 300,004 Shares, constituting approximately 3.0% of the Shares outstanding. As of the date hereof, ATG Management, as the managing member of ATG Fund II, may be deemed to beneficially own the 300,004 Shares beneficially owned by ATG Fund II, constituting approximately 3.0% of the Shares outstanding. As of the date hereof, Mr. Gliksberg individually beneficially owned 78,799 Shares, constituting approximately 0.8% of the Shares outstanding. Mr. Gliksberg, as the managing member of ATG Management, may be deemed to beneficially own the 300,004 Shares beneficially owned by ATG Fund II which, together with the 78,799 Shares individually beneficially owned by him, constitutes an aggregate beneficial ownership of 378,803 Shares, constituting approximately 3.8% of the Shares outstanding. As of the date hereof, Mr. Morris individually beneficially owned 10,670 Shares, constituting approximately 0.1% of the Shares outstanding. As of the date hereof, Mr. Greenberg, as the sole trustee and sole beneficiary of the AMG Trust, may be deemed to beneficially own the 10,000 Shares directly beneficially owned by the AMG Trust, constituting approximately 0.1% of the Shares outstanding. Each Reporting Person may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and such group may be deemed to beneficially own the 565,525 Shares owned in the aggregate by all of the Reporting Persons, constituting approximately 5.7% of the outstanding Shares. 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 Exchange Act, 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)	Each of Marlton Partners, Marlton and Mr. Elbaor may be deemed to share the power to vote and dispose of the Shares directly beneficially owned by Marlton Partners. Each of ATG Fund II, ATG Management and Mr. Gliksberg may be deemed to share the power to vote and dispose of the Shares directly beneficially owned by ATG Fund II. Mr. Gliksberg has the sole power to vote and dispose of the Shares individually beneficially owned by him. Mr. Morris has the sole power to vote and dispose of the Shares individually beneficially owned by him. Mr. Greenberg has the sole power to vote and dispose of the Shares individually beneficially owned by him.
(c)	The transactions in the securities of the Issuer by the Reporting Persons during the past 60 days or since the last filing by the Reporting Persons on Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein.
(d)	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)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	1 Transactions in Securities

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.

Marlton Partners, L.P.

Signature:	/s/ James C. Elbaor
Name/Title:	James C. Elbaor, Managing Member of Marlton, LLC, Investment Manager
Date:	07/11/2025

Marlton, LLC

Signature:	/s/ James C. Elbaor
Name/Title:	James C. Elbaor, Managing Member
Date:	07/11/2025

Elbaor James C.

Signature:	/s/ James C. Elbaor
Name/Title:	James C. Elbaor
Date:	07/11/2025

ATG Fund II LLC

Signature:	/s/ Gabriel D. Gliksberg
Name/Title:	Gabriel D. Gliksberg, Managing Member of ATG Capital Management, LLC, Managing Member
Date:	07/11/2025

ATG Capital Management, LLC

Signature:	/s/ Gabriel D. Gliksberg
Name/Title:	Gabriel D. Gliksberg, Managing Member
Date:	07/11/2025

Gabriel D. Gliksberg

Signature:	/s/ Gabriel D. Gliksberg
Name/Title:	Gabriel D. Gliksberg
Date:	07/11/2025

Aaron T. Morris

Signature:	/s/ Aaron T. Morris
Name/Title:	Aaron T. Morris
Date:	07/11/2025

Andrew M. Greenberg

Signature:	/s/ Andrew M. Greenberg
Name/Title:	Andrew M. Greenberg
Date:	07/11/2025