DD Revocable Trust reports 11.29% Xerox stake

DD Revocable Trust has disclosed a large ownership stake in Xerox Holdings Corporation.

Rhea-AI Filing Summary

DD Revocable Trust has disclosed a large ownership stake in Xerox Holdings Corporation. The trust reports beneficial ownership of 15,283,672 Xerox common shares, equal to 11.29% of the company, including both existing common stock and shares issuable from preferred stock.

The position consists of 8,542,096 common shares and 6,741,576 shares issuable upon conversion of 180,000 shares of Series A Convertible Perpetual Voting Preferred Stock. These securities passed to the trust under the will of Darwin Deason, and three executors now oversee the holdings for investment and eventual distribution to beneficiaries.

The trust also received 7,641,828 warrants to buy additional Xerox shares at an exercise price of $8.00 per warrant, expiring on February 11, 2028, which are currently excluded from the reported 11.29% stake. If exercised, total beneficial ownership would rise to 22,925,500 shares, or 16.03% of Xerox’s outstanding shares under SEC calculation rules.

Insights

Equity ownership & governance analyst

Estate transfer concentrates a double‑digit Xerox stake in a single trust.

The DD Revocable Trust now controls 15,283,672 Xerox shares, or 11.29% of the company, via common stock and convertible preferred. This is a sizable block, giving the trust meaningful influence in shareholder votes and corporate matters.

The holding arose from Darwin Deason’s passing, with assets moving to the trust under his will. Three executors jointly oversee the position for investment and future distribution. While the filing states investment purposes and no current plans for major corporate actions, any future share purchases, sales, or voting decisions by this trust could affect Xerox’s shareholder dynamics.

The trust also holds 7,641,828 warrants exercisable at $8.00 per share until February 11, 2028. If eventually exercised, total beneficial ownership would reach 22,925,500 shares, or 16.03%, further increasing its influence under SEC ownership calculations.

Key Figures

Beneficial ownership: 15,283,672 shares Ownership percentage: 11.29% Common shares held: 8,542,096 shares +5 more

8 metrics

Beneficial ownership 15,283,672 shares Aggregate Xerox shares beneficially owned by the DD Revocable Trust

Ownership percentage 11.29% Portion of Xerox outstanding common shares represented by trust’s position

Common shares held 8,542,096 shares Xerox common stock directly counted in the trust’s beneficial ownership

As-converted preferred 6,741,576 shares Common shares issuable from 180,000 Series A preferred shares held by the trust

Warrants held 7,641,828 warrants Warrants to purchase Xerox common shares received in a distribution

Warrant exercise price $8.00 per warrant Price to purchase one Xerox share under each warrant

Warrant expiry February 11, 2028 Scheduled expiration date for the Xerox warrants, absent earlier conditions

Potential ownership with warrants 22,925,500 shares (16.03%) Total Xerox shares if warrants included under SEC calculation guidance

Key Terms

beneficially own, Series A Convertible Perpetual Voting Preferred Stock, warrants, Letters Testamentary, +1 more

5 terms

beneficially own financial

"the Trust may be deemed to beneficially own, in the aggregate, 15,283,672 Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Series A Convertible Perpetual Voting Preferred Stock financial

"6,741,576 Shares issuable upon the conversion of 180,000 shares of Series A Convertible Perpetual Voting Preferred Stock"

warrants financial

"Such amounts do not include 7,641,828 warrants to purchase Shares (the "Warrants")"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Letters Testamentary regulatory

"On February 6, 2026, the appropriate court issued Letters Testamentary appointing the Executors"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

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.

FAQ

How many Xerox (XRX) shares does the DD Revocable Trust beneficially own?

The DD Revocable Trust beneficially owns 15,283,672 Xerox shares. This includes 8,542,096 common shares and 6,741,576 shares issuable upon conversion of 180,000 shares of Series A Convertible Perpetual Voting Preferred Stock, representing 11.29% of Xerox’s outstanding common shares under SEC rules.

What percentage of Xerox (XRX) is held by the DD Revocable Trust?

The DD Revocable Trust reports beneficial ownership of 11.29% of Xerox’s outstanding common shares. This percentage is based on 128,617,804 shares outstanding as of February 28, 2026, plus 6,741,576 common shares issuable upon conversion of the trust’s Series A preferred stock holdings.

How did the DD Revocable Trust acquire its Xerox (XRX) stake?

The trust acquired its Xerox stake through the Last Will and Testament of Darwin Deason. Upon his passing on December 2, 2025, all Xerox securities he beneficially owned transferred to the trust under applicable law, with no cash consideration paid by the trust for these shares.

What Xerox (XRX) preferred stock and warrants does the DD Revocable Trust hold?

The trust holds 180,000 shares of Xerox Series A Convertible Perpetual Voting Preferred Stock, convertible into 6,741,576 common shares. It also owns 7,641,828 warrants, each to buy one Xerox share at an exercise price of $8.00, currently expiring on February 11, 2028, unless earlier conditions apply.

Could the DD Revocable Trust’s Xerox (XRX) ownership increase further?

Yes. If its 7,641,828 warrants were included on an as-converted basis, the trust would beneficially own 22,925,500 Xerox shares. Under SEC calculation guidance, that combined position would equal 16.03% of Xerox’s outstanding common shares, increasing the trust’s potential voting influence.

Who manages the DD Revocable Trust’s Xerox (XRX) holdings and what is their role?

Executors Douglas R. Deason, Scott Letier, and Bryan C. Birkland manage the trust’s Xerox holdings. They have voting and dispositive power over the shares as fiduciaries, holding them for investment and to administer and eventually distribute the trust’s assets according to Darwin Deason’s will.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/08/2026 - 09:50 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Xerox Holdings Corporation

(Name of Issuer)

Common Stock, $1.00 par value

(Title of Class of Securities)

(CUSIP Number)

DD Revocable Trust
3953 MAPLE AVE, SUITE 150,
DALLAS, TX, 75219
(214) 378-3600

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

02/06/2026

(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 No.

1

Name of reporting person

DD Revocable Trust

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)

OO

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 15,283,672.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 15,283,672.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

15,283,672.00

12

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

13

Percent of class represented by amount in Row (11)

11.29 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Includes 8,542,096 shares of common stock (the "Shares") and 6,741,576 Shares issuable upon the conversion of 180,000 shares of Xerox Holdings Series A Convertible Perpetual Voting Preferred Stock, (the "Series A Preferred Stock").

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $1.00 par value
(b)	Name of Issuer: Xerox Holdings Corporation
(c)	Address of Issuer's Principal Executive Offices: 201 Merritt 7, Norwalk, CONNECTICUT , 06851.
Item 1 Comment: This Schedule 13D is filed by the Trust with respect to Shares of the Issuer. The Issuer is the successor issuer to Xerox Corporation pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the "Act"). This Schedule 13D relates to the Shares of the Issuer. The principal executive offices of the Issuer are located at 201 Merritt 7, Norwalk, Connecticut 06851.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by the Trust. Following the passing of Darwin Deason, the Trust became irrevocable by operation of law. The Trust is the successor in interest to the shares previously beneficially owned by Darwin Deason, and for purposes of the federal securities laws, the Trust is the reporting person. The DD Revocable Trust. The Executors of the Trust are Douglas R. Deason, Scott Letier, and Bryan C. Birkland (collectively, the "Executors").
(b)	The principal business address of the Trust and each of the Executors is Deason Capital Services, LLC, 3953 Maple Ave, Suite 150, Dallas, Texas 75219.
(c)	The Trust is a trust formed under the laws of the State of Texas for the purpose of administering the assets of the deceased. The principal occupation of Douglas R. Deason is President of Deason Capital Services, LLC. The principal occupation of Scott Letier is Chief Investment Officer and Managing Director of Deason Capital Services, LLC. The principal occupation of Bryan C. Birkland is Attorney.
(d)	During the last five years, neither the Trust nor the Executors have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, neither the Trust nor the Executors were a 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)	The Trust is organized and administered under the laws of the State of Texas, United States of America. All Executors are citizens of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The Shares reported herein as beneficially owned by the Trust were acquired by the Trust pursuant to the Last Will and Testament of Darwin Deason (the "Will") and applicable law upon Darwin Deason's passing on December 2, 2025. No funds were used by the Trust to acquire such Shares.
Item 4.	Purpose of Transaction
	On December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Will and applicable law, admitted to probate on February 2, 2026, all Issuer securities beneficially owned by Darwin Deason were transferred to the Trust. On February 6, 2026, the appropriate court issued Letters Testamentary appointing the Executors as the personal representatives of the Trust. Consequently, the Executors have acquired shared voting and dispositive power over the Shares held by the Trust. The Trust holds the Shares for investment purposes and for the administration and eventual distribution of the Trust's assets in accordance with the Will. The Executors, in their capacity as fiduciaries of the Trust, will continuously evaluate the Issuer's business, financial condition, and the market for the Shares. Depending on market conditions and other factors, the Trust may acquire additional Shares or dispose of some or all of the Shares in the open market, in privately negotiated transactions, or by distribution to the beneficiaries of the Trust. Except as described in this Item 4, the Executors do not presently have any plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	As of the date hereof, the Trust may be deemed to beneficially own, in the aggregate, 15,283,672 Shares, consisting of 8,542,096 Shares and 6,741,576 Shares issuable upon the conversion of 180,000 shares of Series A Preferred Stock, representing approximately 11.29% of the outstanding Shares (based upon the 128,617,804 Shares stated to be outstanding by the Issuer as of February 28, 2026 as reported by the Issuer in its Annual Report on Form 10-K filed by the Issuer with the SEC on March 17, 2026, plus the 6,741,576 shares of Series A Preferred Stock on an as-converted basis). Such amounts do not include 7,641,828 warrants to purchase Shares (the "Warrants") received by the Trust in a distribution to all shareholders by the Issuer on February 12, 2026, at a ratio of one Warrant for every two Shares held as of the record date. Each Warrant entitles the holder to purchase one Share at an exercise price of $8.00 per Warrant, subject to the Issuer's right to voluntarily decrease such exercise price in its sole and absolute discretion from time to time. The Warrants are expected to expire and cease to be exercisable on February 11, 2028, unless certain conditions are met for an earlier expiration date. If such Warrants, which are currently significantly underwater, were included in ownership for purposes of this Statement, the Trust would beneficially own an aggregate of 22,925,500 Shares, which represents 16.03% of the outstanding Shares, calculated pursuant to applicable SEC rules and guidance. The information set forth in rows (11) and (13) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5(a). The reported securities, consisting of 8,542,096 Shares and 6,741,576 Shares issuable upon the conversion of 180,000 shares of Series A Preferred Stock, represent an aggregate of 15,283,672 Shares, that constitutes approximately 11.29% of the outstanding Shares. Such percentage is based upon the 128,617,804 Shares stated to be outstanding by the Issuer as of February 28, 2026 as reported by the Issuer in its Annual Report on Form 10-K filed by the Issuer with the SEC on March 17, 2026, plus the 6,741,576 shares of Series A Preferred Stock on an as-converted basis. Such securities and percentage do not include 7,641,828 Warrants received by the Trust in a distribution to all shareholders by the Issuer on February 12, 2026, at a ratio of one Warrant for every two Shares held as of the record date. Each Warrant entitles the holder to purchase one Share at an exercise price of $8.00 per Warrant, subject to the Issuer's right to voluntarily decrease such exercise price in its sole and absolute discretion from time to time. The Warrants are expected to expire and cease to be exercisable on February 11, 2028, unless certain conditions are met for an earlier expiration date. If such Warrants, which are currently significantly underwater, were included in ownership for purposes of this Statement, the Trust would beneficially own an aggregate of 22,925,500 Shares, which represents 16.03% of the outstanding Shares, calculated pursuant to applicable SEC rules and guidance. Prior to any conversion of the Series A Preferred Stock, the holder of the Series A Preferred Stock has the right to vote together with the Issuer's Shares, as a single class, on all matters submitted to the shareholders of the Issuer, but the Series A Preferred Stock will only be entitled to one vote for every ten Shares into which the Series A Preferred Stock is convertible (rounded down to the nearest whole number of votes). The filing of this Schedule 13D shall not be deemed an admission that the Reporting Person is, for purposes of Section 13(d) of the Act, the beneficial owner of any securities of the Issuer that it does not directly own. The Reporting Person specifically disclaims beneficial ownership of the securities reported herein that it does not directly own.
(b)	The information set forth in rows (7) through (10) of the cover pages and Item 5(a) of this Schedule 13D is incorporated by reference into this Item 5(b).
(c)	Except for the transfer of Shares from the decedent to the Trust as described in Item 4 above, no transactions in the Shares were effected during the past 60 days.
(d)	The beneficiaries of the Trust have the right to receive dividends from, or the proceeds from the sale of, the Shares held by the Trust, subject to the administration of the Trust.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	Not applicable.

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.

DD Revocable Trust

Signature:	/s/ Douglas R. Deason
Name/Title:	Douglas R. Deason, Executor of the DD Revocable Trust
Date:	04/07/2026