North Reef Capital Management LP, North Reef Capital Management GP LLC, and James Hanna, III filed an amended beneficial ownership statement with the SEC on November 13, 2026, disclosing a 9.67% position in i3 Verticals, Inc. Class A Common Stock as of September 30, 2026.

Key Highlights

  • Three reporting persons: North Reef Capital Management LP, North Reef Capital Management GP LLC, and James Hanna, III each filed as part of this statement.
  • Aggregate beneficial ownership: All three reporting persons each report 1,741,868 shares of Class A Common Stock beneficially owned.
  • Ownership percentage: The 1,741,868 shares represent 9.67% of the class, according to the filing.
  • Voting and dispositive power: Each reporting person reports 0 shares of sole voting or sole dispositive power, with all 1,741,868 shares held as shared voting and shared dispositive power.
  • Triggering event date: The date of the event requiring this filing is stated as September 30, 2026.
  • Amendment: This statement is designated Amendment No. 1 to a prior filing.

North Reef Capital Discloses Amended Position in i3 Verticals Class A Shares

According to the filing, i3 Verticals, Inc. is a Nashville, Tennessee-based company whose principal executive offices are located at 40 Burton Hills Blvd., Suite 415, Nashville, TN 37215. The company's Class A Common Stock carries a par value of $0.0001 per share and is identified by CUSIP number 46571Y107. The filing does not describe i3 Verticals' business operations in detail, but the issuer is identified on NASDAQ under the ticker IIIV.

The three reporting persons, all based at 1833 South Coast Highway, Suite 210, Laguna Beach, California 92651, are organized or domiciled in Delaware (the LP and LLC) and California (James Hanna, III). North Reef Capital Management LP is classified as an investment adviser and limited partnership (IA, PN), North Reef Capital Management GP LLC is classified as a limited liability company (OO), and James Hanna, III is classified as an individual (IN). The filing identifies Daniel Locasto as Chief Compliance Officer of the LP and James Hanna, III as Managing Member of the GP LLC.

The filing states that the securities "were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer." Items 5 through 9 of the filing are each marked Not Applicable, indicating no dissolution of a group, no ownership of 5% or less, and no subsidiary or group-member disclosures were triggered.

What Was Disclosed

North Reef Capital Management LP, its general partner North Reef Capital Management GP LLC, and James Hanna, III disclosed a combined amended beneficial ownership of 1,741,868 shares, equaling 9.67% of i3 Verticals, Inc. Class A Common Stock, with all voting and dispositive power held on a shared basis as of September 30, 2026.