# EDGAR Filing Document

**Accession Number:** 0001806201
**File Stem:** 0001104659-25-066219
**Filing Date:** 2025-7
**Character Count:** 18666
**Document Hash:** 741cb8697fda1ac5620e9417caaf7731
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-066219.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001104659-25-066219

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Open Lending Corp
- **CENTRAL INDEX KEY:** 0001806201
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 845031428
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91538
- **FILM NUMBER:** 251109301

**BUSINESS ADDRESS:**
- **STREET 1:** 1501 S. MOPAC EXPRESSWAY
- **STREET 2:** SUITE #450
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746
- **BUSINESS PHONE:** 512-892-0400

**MAIL ADDRESS:**
- **STREET 1:** 1501 S. MOPAC EXPRESSWAY
- **STREET 2:** SUITE #450
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nebula Parent Corp.
- **DATE OF NAME CHANGE:** 20200310
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palogic Value Management, L.P.
- **CENTRAL INDEX KEY:** 0001532943

**ORGANIZATION NAME:**
- **EIN:** 205611076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** (214) 871-2700

**MAIL ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

## Ex-99.A

**<u>ANNEX A</u>**

**RECENT TRANSACTIONS BY THE REPORTING PERSONS IN THE SECURITIES OF OPEN LENDING CORPORATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Date of<br> Transaction** | &nbsp;&nbsp;**Description<br> of Transaction** | &nbsp;&nbsp;**Shares<br> Acquired** | &nbsp;&nbsp;**Shares<br> Disposed** | &nbsp;&nbsp;**Price <br> Per Share (1)** |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/04/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;53700 | &nbsp;&nbsp;$1.92 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/05/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;22683 | &nbsp;&nbsp;$1.95 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/06/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;121117 | &nbsp;&nbsp;$1.97 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/09/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;275441 | &nbsp;&nbsp;$2.10 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/10/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;109421 | &nbsp;&nbsp;$2.10 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;366804 | &nbsp;&nbsp;$2.10 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.20 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;07/02/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;400294 | &nbsp;&nbsp;$2.24 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;159706 | &nbsp;&nbsp;$2.27 |
| &nbsp;&nbsp;Palogic Value Fund, L.P. | &nbsp;&nbsp;07/07/2025 | &nbsp;&nbsp;Open Market Sale |  | &nbsp;&nbsp;1167500 | &nbsp;&nbsp;$2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes commissions.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Open Lending Corp**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**68373J104**

*(CUSIP Number)*

**Ryan L. Vardeman**<br>8333 Douglas Ave<br>Suite 775<br>Dallas TX 75225<br>(214) 871-2700

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

**07/02/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **68373J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Value Management, L.P.** | Name of reporting person<br>**Palogic Value Management, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4172500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4172500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.5%** | Percent of class represented by amount in Row (11)<br>**3.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** The figure in Item 13 is based upon 119,786,421 shares of common stock, par value $0.01 per share ("Common Stock") of Open Lending Corp (the "Issuer") outstanding as of May 5, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed by the Issuer with the U.S. Securities and Exchange Commission (the "SEC") for the quarterly period ended March 31, 2025, that was filed on May 8, 2025.

| **CUSIP No.** | **68373J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Value Fund, L.P.** | Name of reporting person<br>**Palogic Value Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4172500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4172500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.5%** | Percent of class represented by amount in Row (11)<br>**3.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The figure in Item 13 is based upon 119,786,421 shares of Common Stock outstanding as of May 5, 2025, as disclosed in the Issuer's Annual Report on Form 10-Q filed by the Issuer with the SEC for the quarterly period ended March 31, 2025, that was filed on May 8, 2025.

| **CUSIP No.** | **68373J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Palogic Capital Management, LLC** | Name of reporting person<br>**Palogic Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4172500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4172500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.5%** | Percent of class represented by amount in Row (11)<br>**3.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** The figure in Item 13 is based upon 119,786,421 shares of Common Stock outstanding as of May 5, 2025, as disclosed in the Issuer's Annual Report on Form 10-Q filed by the Issuer with the SEC for the quarterly period ended March 31, 2025, that was filed on May 8, 2025.

| **CUSIP No.** | **68373J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ryan L. Vardeman** | Name of reporting person<br>**Ryan L. Vardeman** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4172500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4172500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | Aggregate amount beneficially owned by each reporting person<br>**4172500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.5%** | Percent of class represented by amount in Row (11)<br>**3.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The figure in Item 13 is based upon 119,786,421 shares of Common Stock outstanding as of May 5, 2025, as disclosed in the Issuer's Annual Report on Form 10-Q filed by the Issuer with the SEC for the quarterly period ended March 31, 2025, that was filed on May 8, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Open Lending Corp

**(c) Address of Issuer's Principal Executive Offices:**
1501 S. Mopac Expressway, Suite #450, Austin, TX, 78746

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is stated in Items 11 and 13 on the cover page(s) hereto.

Each Reporting Person declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this Schedule 13D.

Each Reporting Person may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purposes of Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any syndicate or group with respect to the Issuer or any securities of the Issuer.

**(b)**
Number of shares as to which each Reporting Person has:

(i)  sole power to vote or to direct the vote:

See Item 7 on the cover page(s) hereto.

(ii)  shared power to vote or to direct the vote:

See Item 8 on the cover page(s) hereto.

(iii)  sole power to dispose or to direct the disposition of:

See Item 9 on the cover page(s) hereto.

(iv)  shared power to dispose or to direct the disposition of:

See Item 10 on the cover page(s) hereto.

Palogic Value Fund is the record and direct beneficial owner of the securities covered by this Schedule 13D. Palogic Value Fund has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the shares of Common Stock owned by it.

As the general partner of Palogic Value Fund, Palogic Value Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock owned by Palogic Value Fund. Palogic Value Management does not own any shares of Common Stock directly and disclaims beneficial ownership of any shares of Common Stock owned by Palogic Value Fund.

As the general partner of Palogic Value Management, Palogic Capital Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock beneficially owned by Palogic Value Management. Palogic Capital Management does not own any shares of Common Stock directly and disclaims beneficial ownership of any shares of Common Stock beneficially owned by Palogic Value Management.

As the sole member of Palogic Capital Management, Mr. Vardeman may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock beneficially owned by Palogic Capital Management. Mr. Vardeman does not own any shares of Common Stock directly and disclaims beneficial ownership of any shares of Common Stock beneficially owned by Palogic Capital Management.

As of the date hereof, no Reporting Person owns any shares of Common Stock of the Issuer other than as set forth in this Item 5.

**(c)**
Other than as set forth on Annex A hereto, there have been no transactions in the class of securities reported on that were effected by the Reporting Persons during the past sixty days or since the most recent filing of Schedule 13D, whichever is less.

### 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.

**Reporting Person:** Palogic Value Management, L.P.

**Signature:** Palogic Capital Management, LLC

**Name/Title:** General Partner

**Date:** 07/07/2025

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.

**Reporting Person:** Palogic Value Fund, L.P.

**Signature:** Palogic Value Management, L.P.

**Name/Title:** General Partner

**Date:** 07/07/2025

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.

**Reporting Person:** Palogic Capital Management, LLC

**Signature:** /s/ Ryan L. Vardeman

**Name/Title:** Sole Member

**Date:** 07/07/2025

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.

**Reporting Person:** Ryan L. Vardeman

**Signature:** /s/ Ryan L. Vardeman

**Name/Title:** Ryan L. Vardeman

**Date:** 07/07/2025