# EDGAR Filing Document

**Accession Number:** 0001802156
**File Stem:** 0001193125-26-054897
**Filing Date:** 2026-2
**Character Count:** 36577
**Document Hash:** ac7bd975568aa159c4427e20c11cb2bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-054897.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001193125-26-054897

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Xponential Fitness, Inc.
- **CENTRAL INDEX KEY:** 0001802156
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 844395129
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92735
- **FILM NUMBER:** 26642594

**BUSINESS ADDRESS:**
- **STREET 1:** 17877 VON KARMAN AVE
- **STREET 2:** SUITE 100
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614
- **BUSINESS PHONE:** 949.346.3000

**MAIL ADDRESS:**
- **STREET 1:** 17877 VON KARMAN AVE
- **STREET 2:** SUITE 100
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MSD Partners, L.P.
- **CENTRAL INDEX KEY:** 0001514334

**ORGANIZATION NAME:**
- **EIN:** 271522220
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 550 MADISON AVENUE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 303-1650

**MAIL ADDRESS:**
- **STREET 1:** 550 MADISON AVENUE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSDC Management, L.P.
- **DATE OF NAME CHANGE:** 20110302

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** Xponential Fitness, Inc.

**Title of Class of Securities:** Class A Common Stock, Par Value $0.0001 per share

**CUSIP Number:** 98422X101

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>MSD Partners, L.P. | Names of Reporting Persons<br>MSD Partners, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1655390 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1655390 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1655390 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1655390 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.7% | Percent of Class Represented by Amount in Row (9)<br>4.7% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD Credit Opportunity Master Fund, L.P. | Names of Reporting Persons<br>MSD Credit Opportunity Master Fund, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>105000 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>105000 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>105000 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>105000 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.3% | Percent of Class Represented by Amount in Row (9)<br>0.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD Special Investments Fund, L.P. | Names of Reporting Persons<br>MSD Special Investments Fund, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>155727 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>155727 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>155727 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>155727 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.4% | Percent of Class Represented by Amount in Row (9)<br>0.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD SIF Holdings, L.P. | Names of Reporting Persons<br>MSD SIF Holdings, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>78335 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>78335 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>78335 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>78335 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.2% | Percent of Class Represented by Amount in Row (9)<br>0.2% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD Special Investments Fund II, L.P. | Names of Reporting Persons<br>MSD Special Investments Fund II, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>843285 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>843285 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>843285 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>843285 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.4% | Percent of Class Represented by Amount in Row (9)<br>2.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD SIF Holdings II, L.P. | Names of Reporting Persons<br>MSD SIF Holdings II, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>473043 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>473043 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>473043 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>473043 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.3% | Percent of Class Represented by Amount in Row (9)<br>1.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD PCOFMAS2 SPV, LLC | Names of Reporting Persons<br>MSD PCOFMAS2 SPV, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>MSD Private Credit Opportunity Master Fund, L.P. | Names of Reporting Persons<br>MSD Private Credit Opportunity Master Fund, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD PCOF1 - BC, LLC | Names of Reporting Persons<br>MSD PCOF1 - BC, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>MSD PCOF2 - BC2, LLC | Names of Reporting Persons<br>MSD PCOF2 - BC2, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>MSD PCOF1 - PC, LLC | Names of Reporting Persons<br>MSD PCOF1 - PC, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>MSD SBAFLA SPV, LLC | Names of Reporting Persons<br>MSD SBAFLA SPV, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Gregg R. Lemkau | Names of Reporting Persons<br>Gregg R. Lemkau |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>339062 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>339062 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>339062 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>339062 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.0% | Percent of Class Represented by Amount in Row (9)<br>1.0% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

| 1. | Names of Reporting Persons<br>Byron D. Trott | Names of Reporting Persons<br>Byron D. Trott |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1316328 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1316328 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1316328 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1316328 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.7% | Percent of Class Represented by Amount in Row (9)<br>3.7% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**Item 1(a). Name of Issuer:**
Xponential Fitness, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
17877 Von Karman Ave, Suite 100, Irvine, CA, 92614

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being jointly filed by and on behalf of each of MSD Partners, L.P. ("MSD Partners"), MSD Credit Opportunity Master Fund, L.P. ("MSD Credit Opportunity Master Fund"), MSD Special Investments Fund, L.P. ("MSD Special Investments Fund"), MSD SIF Holdings, L.P. ("MSD SIF Holdings"), MSD Special Investments Fund II, L.P. ("MSD Special Investments Fund II"), MSD SIF Holdings II, L.P. ("MSD SIF Holdings II"), MSD PCOFMAS2 SPV, LLC ("MSD PCOFMAS2 SPV"), MSD Private Credit Opportunity Master Fund, L.P. ("MSD Private Credit Opportunity Master Fund"), MSD PCOF1 - BC, LLC ("MSD PCOF1 - BC"), MSD PCOF2 - BC2, LLC ("MSD PCOF2"), MSD PCOF1 - PC, LLC ("MSD PCOF1 - PC"), MSD SBAFLA SPV, LLC ("MSD SBAFLA SPV"), Gregg R. Lemkau and Byron D. Trott (collectively, the "Reporting Persons"). MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, MSD SIF Holdings II, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, and MSD SBAFLA SPV (collectively, the "MSD Funds") are the direct owners of the securities covered by this statement.

MSD Partners, a wholly-owned subsidiary of BDT & MSD Holdings, L.P. ("BDT & MSD"), is the investment manager of, and may be deemed to beneficially own the securities beneficially owned by, the MSD Funds. Messrs. Lemkau and Trott are co-CEOs of BDT & MSD; Mr. Trott also serves as Chairman of BDT & MSD. Mr. Lemkau maintains investment discretion over the investments in the Issuer of MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, and MSD SBAFLA SPV and therefore may be deemed to beneficially own the Issuer's securities beneficially owned by them. Mr. Trott maintains investment discretion over the investments in the Issuer of MSD Special Investments Fund II and MSD SIF Holdings II, and therefore may be deemed to beneficially own the Issuer's securities beneficially owned by them.

The Reporting Persons have entered into a Joint Filing Agreement, dated February 17, 2026, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.

Neither the filing of this statement nor anything herein shall be construed as an admission that any person other than the Reporting Persons 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 statement.

**Item 2(b). Address of Principal Business Office:**
The principal business address of MSD Partners, MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, MSD SIF Holdings II, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, MSD SBAFLA SPV and Gregg R. Lemkau is 550 Madison Ave, 20th Floor, New York, NY 10022. The principal business address of Byron D. Trott is 340 Royal Palm Way, Suite 300, Palm Beach, FL 33480.

**Item 2(c). Citizenship:**
MSD Partners, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, and MSD SIF Holdings II are each organized as limited partnerships under the laws of the State of Delaware. MSD PCOFMAS2 SPV, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC and MSD SBAFLA SPV are each organized as limited liability companies under the laws of the State of Delaware. MSD Credit Opportunity Master Fund and MSD Private Credit Opportunity Master Fund are each organized as exempted limited partnerships under the laws of the Cayman Islands. Mr. Lemkau and Mr. Trott are United States citizens.

**Item 2(d). Title of Class of Securities:**
Class A Common Stock, Par Value $0.0001 per share

**Item 2(e). CUSIP Number:**
98422X101

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

MSD Partners: 1,655,390
MSD Credit Opportunity Master Fund: 105,000
MSD Special Investments Fund: 155,727
MSD SIF Holdings: 78,335
MSD Special Investments Fund II: 843,285
MSD SIF Holdings II: 473,043
MSD PCOFMAS2 SPV: 0
MSD Private Credit Opportunity Master Fund: 0
MSD PCOF1 - BC: 0
MSD PCOF2 - BC: 0
MSD PCOF1 - PC: 0
MSD SBAFLA SPV: 0
Gregg R. Lemkau: 339,062
Byron D. Trott: 1,316,328

**(b) Percent of class:**

The percentages provided herein are calculated based upon 35,169,000 shares of the Issuer's Class A Common Stock outstanding as of October 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.
MSD Partners: 4.7%
MSD Credit Opportunity Master Fund: 0.3%
MSD Special Investments Fund: 0.4%
MSD SIF Holdings: 0.2%
MSD Special Investments Fund II: 2.4%
MSD SIF Holdings II: 1.3%
MSD PCOFMAS2 SPV: 0.0%
MSD Private Credit Opportunity Master Fund: 0.0%
MSD PCOF1 - BC: 0.0%
MSD PCOF2 - BC: 0.0%
MSD PCOF1 - PC: 0.0%
MSD SBAFLA SPV: 0.0%
Gregg R. Lemkau: 1.0%
Byron D. Trott: 3.7%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

MSD Partners: 0
MSD Credit Opportunity Master Fund: 0
MSD Special Investments Fund: 0
MSD SIF Holdings: 0
MSD Special Investments Fund II: 0
MSD SIF Holdings II: 0
MSD PCOFMAS2 SPV: 0
MSD Private Credit Opportunity Master Fund: 0
MSD PCOF1 - BC: 0
MSD PCOF2 - BC: 0
MSD PCOF1 - PC: 0
MSD SBAFLA SPV: 0
Gregg R. Lemkau: 0
Byron D. Trott: 0

**(ii) Shared power to vote or to direct the vote:**

MSD Partners: 1,655,390
MSD Credit Opportunity Master Fund: 105,000
MSD Special Investments Fund: 155,727
MSD SIF Holdings: 78,335
MSD Special Investments Fund II: 843,285
MSD SIF Holdings II: 473,043
MSD PCOFMAS2 SPV: 0
MSD Private Credit Opportunity Master Fund: 0
MSD PCOF1 - BC: 0
MSD PCOF2 - BC: 0
MSD PCOF1 - PC: 0
MSD SBAFLA SPV: 0
Gregg R. Lemkau: 339,062
Byron D. Trott: 1,316,328

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

MSD Partners: 0
MSD Credit Opportunity Master Fund: 0
MSD Special Investments Fund: 0
MSD SIF Holdings: 0
MSD Special Investments Fund II: 0
MSD SIF Holdings II: 0
MSD PCOFMAS2 SPV: 0
MSD Private Credit Opportunity Master Fund: 0
MSD PCOF1 - BC: 0
MSD PCOF2 - BC: 0
MSD PCOF1 - PC: 0
MSD SBAFLA SPV: 0
Gregg R. Lemkau: 0
Byron D. Trott: 0

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

MSD Partners: 1,655,390
MSD Credit Opportunity Master Fund: 105,000
MSD Special Investments Fund: 155,727
MSD SIF Holdings: 78,335
MSD Special Investments Fund II: 843,285
MSD SIF Holdings II: 473,043
MSD PCOFMAS2 SPV: 0
MSD Private Credit Opportunity Master Fund: 0
MSD PCOF1 - BC: 0
MSD PCOF2 - BC: 0
MSD PCOF1 - PC: 0
MSD SBAFLA SPV: 0
Gregg R. Lemkau: 339,062
Byron D. Trott: 1,316,328

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### 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.

**MSD Partners, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, its General Partner

**MSD Credit Opportunity Master Fund, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD Special Investments Fund, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD SIF Holdings, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD Special Investments Fund II, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD SIF Holdings II, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD PCOFMAS2 SPV, LLC**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD Private Credit Opportunity Master Fund, L.P.**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**MSD PCOF1 - BC, LLC**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory

**MSD PCOF2 - BC2, LLC**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory

**MSD PCOF1 - PC, LLC**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory

**MSD SBAFLA SPV, LLC**

**Date:** 02/17/2026

**By:** /s/ Robert K. Simonds

**Name & Title:** Robert K. Simonds/Authorized Signatory of MSD Partners (GP), LLC, the General Partner of MSD Partners, L.P., its Investment Manager

**Gregg R. Lemkau**

**Date:** 02/17/2026

**By:** /s/ Gregg R. Lemkau

**Name & Title:** Gregg R. Lemkau

**Byron D. Trott**

**Date:** 02/17/2026

**By:** /s/ Byron D. Trott

**Name & Title:** Byron D. Trott