The debt-for-equity swap reduces Alpine Holding's debt by $60M but is a related-party transaction among the Wilks family entities. Monitor for any further unwinding of the ProFrac/Flotek cross-ownership structure or potential strategic alternatives for FTK given the controlling group's continued 54.5% stake.
Price Chart
Executive Summary
ProFrac GDM transferred 2,306,806 FTK shares to THRC Holdings and Farris Wilks in exchange for cancellation of $60M in term loans, while ProFrac's aggregate beneficial ownership dropped from ~54.5% to ~54.5% (unchanged) after adjusting for warrant exercise and share transfers. This is a related-party debt-for-equity swap that reduces Alpine Holding's debt by $60M but does not change the controlling group's overall FTK stake.
Key Financial Metrics
Key Facts
- ProFrac GDM transferred 1,319,493 FTK shares to THRC Holdings in exchange for cancellation of $34,320,000 in term loans.
- ProFrac GDM transferred 987,313 FTK shares to Farris C. Wilks in exchange for cancellation of $25,680,000 in term loans.
- Total of 2,306,806 FTK shares transferred for cancellation of $60,000,000 in Alpine Holding term loans.
- ProFrac GDM exercised a warrant on March 13, 2026, receiving 6,000,000 FTK shares.
- ProFrac's aggregate beneficial ownership remains at 20,937,915 shares (54.5%) after the transfers.
- ProFrac GDM directly owns 3,693,194 FTK shares (10.2%) post-transfers.
Financial Impact
$60M in related-party term loans cancelled in exchange for 2,306,806 FTK shares
Risk Factors
- Related-party transaction complexity may obscure true economic terms
- Potential for further share transfers or restructuring among Wilks-family entities
- No change in controlling group's aggregate stake limits public float
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001104659-26-108028 |
| Document: tm2625516d1_ex3.htm | 0001104659-26-108028 |
| Document: tm2625516d1_ex99-i.htm | 0001104659-26-108028 |
| Document: 0001104659-26-108028-index-headers.html | 0001104659-26-108028 |
| Document: 0001104659-26-108028-index.html | 0001104659-26-108028 |
| Document: 0001104659-26-108028.txt | 0001104659-26-108028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | 8-K | $28.95 $29.79 | ▲ +2.90% | ▲ +3.32% | $25.86 (−10.67%) |
Sep 15, 2026 5w ago | SC 13D/A | $28.13 $30.43 | ▲ +8.18% | ▲ +6.35% | $25.86 (−8.07%) |
Sep 15, 2026 5w ago | Insider Cluster | $28.13 $30.43 | ▲ +8.18% | ▲ +5.61% | $25.86 (−8.07%) |
Sep 9, 2026 6w ago | 8-K | $27.88 $28.13 | ▲ +0.90% | ▲ +1.99% | $25.86 (−7.25%) |
Aug 19, 2026 9w ago | 8-K | $25.17 $23.61 | ▲ +6.20% | ▲ +5.81% | $25.86 (−2.74%) |
Aug 18, 2026 10w ago | 8-K | $27.02 $24.00 | ▲ +11.18% | ▲ +10.98% | $25.86 (+4.29%) |
Aug 18, 2026 10w ago | Press Release | $27.02 $24.00 | ▲ +11.18% | ▲ +10.98% | $25.86 (+4.29%) |
Aug 4, 2026 11w ago | 8-K | $36.07 $37.17 | ▲ +3.05% | ▲ +2.70% | $25.86 (−28.31%) |
Jul 6, 2026 16w ago | Press Release | $22.40 $26.77 | ▲ +19.51% | ▲ +18.96% | $25.86 (+15.45%) |
May 5, 2026 24w ago | 8-K | $16.33 $17.00 | ▲ +4.10% | ▲ +2.97% | $25.86 (+58.36%) |
US Market Status
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