# EDGAR Filing Document

**Accession Number:** 0002055575
**File Stem:** 0001193125-26-054564
**Filing Date:** 2026-2
**Character Count:** 11502
**Document Hash:** 5e2155dfef01bfe9cadfab4e1487e8e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-054564.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001193125-26-054564

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Karman Holdings Inc.
- **CENTRAL INDEX KEY:** 0002040127
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 852660232
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94932
- **FILM NUMBER:** 26640848

**BUSINESS ADDRESS:**
- **STREET 1:** 5351 ARGOSY AVE
- **CITY:** HUNTINGTON BEACH
- **STATE:** CA
- **ZIP:** 92649
- **BUSINESS PHONE:** (714) 898-9951

**MAIL ADDRESS:**
- **STREET 1:** 5351 ARGOSY AVE
- **CITY:** HUNTINGTON BEACH
- **STATE:** CA
- **ZIP:** 92649

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCFIII SPACECO HOLDINGS LLC
- **DATE OF NAME CHANGE:** 20241003
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KHIS Custodian LP
- **CENTRAL INDEX KEY:** 0002055575

**ORGANIZATION NAME:**
- **EIN:** 852701839
- **STATE OF INCORPORATION:** DE

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

**BUSINESS ADDRESS:**
- **STREET 1:** 2021 MCKINNEY AVENUE, SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214.499.9715

**MAIL ADDRESS:**
- **STREET 1:** 2021 MCKINNEY AVENUE, SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCFIII Spaceco SPV LP
- **DATE OF NAME CHANGE:** 20250207

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** Karman Holdings Inc.

**Title of Class of Securities:** Common Stock

**CUSIP Number:** 485924104

**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)

- [ ] Rule 13d-1(c)

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

---

| 1. | Names of Reporting Persons<br>KHIS Custodian LP | Names of Reporting Persons<br>KHIS Custodian LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 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>3942428 |
| 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>3942428 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3942428 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3942428 |
| 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>3.0% | Percent of Class Represented by Amount in Row (9)<br>3.0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Rows 6, 8 and 9: On July 25, 2025, TCFIII Spaceco SPV LP ("Spaceco") sold in a registered underwritten offering or distributed in-kind to Trive Capital Fund III LP ("Trive Fund III") and Trive Capital Fund III-A ("Trive Fund III-A") all common shares (the "Common Shares") of Karman Holdings Inc. (the "Issuer") held by that entity.  Trive Fund III and Trive Fund III-A each then effected a distribution in-kind of such Common Shares to its partners (each a "Trive LP").  Following that sale and distribution in-kind, none of Spaceco, Trive Fund III and Trive Fund III-A has any pecuniary interest in any Common Shares.  Certain Trive LPs requested that Spaceco continue to manage Common Shares of the Issuer following the distributions in-kind.  Additionally, certain Trive LPs did not establish their own accounts and/or transfer the distributed Common Shares to those accounts prior to September 30, 2025.  As a result, KHIS Custodian LP (formerly known as Spaceco) ("KHIS Custodian") may be deemed to continue to have voting and dispositive power over such Common Shares.  The reduction in the number of Common Shares held by KHIS Custodian since September 30, 2025 is due to certain of those Trive LPs establishing accounts and effecting the movement of Common Shares distributed as part of the distribution in-kind to those accounts subsequent to September 30, 2025.  Trive Fund III and Trive Fund III-A have no interest in or control over KHIS Custodian LP and  KHIS Custodian LP does not have any pecuniary interest in any shares of the Issuer.

Row 11: Based on 132,322,435 shares outstanding as of October 30, 2025, as reported by the Issuer in its Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 7, 2025.

---

**Item 1(a). Name of Issuer:**
Karman Holdings Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
5351 Argosy Avenue, Huntington Beach CA 92649

**Item 2(a). Name of Person Filing:**
KHIS Custodian LP (the "Reporting Person")

**Item 2(b). Address of Principal Business Office:**
The principal business office address for each of the Reporting Persons is 2021 McKinney Avenue, Suite 1200, Dallas, Texas, 75201

**Item 2(c). Citizenship:**
For each of the Reporting Persons: Delaware

**Item 2(d). Title of Class of Securities:**
Common Stock

**Item 2(e). CUSIP Number:**
485924104

**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:**

3,942,428 shares of Common Stock.
On July 25, 2025, TCFIII Spaceco SPV LP ("Spaceco") sold in a registered underwritten offering or distributed in-kind to Trive Fund III and Trive Fund III-A all common shares (the "Common Shares") of the Issuer held by that entity.  Trive Fund III and Trive Fund III-A each then effected a distribution in-kind of such Common Shares to its partners (each a "Trive LP").  Following that sale and distribution in-kind, none of Spaceco, Trive Fund III and Trive Fund III-A has any pecuniary interest in any Common Shares.  Certain Trive LPs requested that Spaceco continue to manage Common Shares of the Issuer following the distributions in-kind.  Additionally, certain Trive LPs did not establish their own accounts and/or transfer the distributed Common Shares to those accounts prior to September 30, 2025.  As a result, KHIS Custodian LP (formerly known as Spaceco) may be deemed to continue to have voting and dispositive power over such Common Shares.  The reduction in the number of Common Shares held by KHIS Custodian since September 30, 2025 is due to certain of those Trive LPs establishing accounts and effecting the movement of Common Shares distributed as part of the distribution in-kind to those accounts subsequent to September 30, 2025.  Trive Fund III and Trive Fund III-A have no interest in or control over KHIS Custodian LP and  KHIS Custodian LP does not have any pecuniary interest in any shares of the Issuer.
KHIS Custodian GP LLC is the general partner of KHIS Custodian LP.  Trive Capital Holdings LLC ("Trive Holdings") is the sole managing member of KHIS Custodian GP LLC and has voting control over KHIS Custodian GP LLC. Each of Messrs. Conner Searcy and Christopher Zugaro, as a manager of Trive Holdings, has voting control over Trive Holdings. As a result of the foregoing, each of Mr. Searcy, Mr. Zugaro, Trive Holdings, and KHIS Custodian GP LLC may be deemed to have beneficial ownership (as determined under Section 13(d) of the Exchange Act) of the securities over which KHIS Custodian LP has beneficial ownership. Each of Trive Holdings and Messrs. Searcy and Zugaro disclaims beneficial ownership of any shares of Common Stock beneficially owned by KHIS Custodian LP.

**(b) Percent of class:**

3.0%. Based on 132,322,435 shares outstanding as of October 30, 2025, as reported by the Issuer in its Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 7, 2025.

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

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

0

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

3,942,428

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

0

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

3,942,428

**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:**

—

### 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.

**KHIS Custodian LP**

**Date:** 02/17/2026

**By:** By: KHIS Custodian GP LLC, its general partner and and Trive Capital Holdings LLC, its managing member, By: /s/ Conner Searcy

**Name & Title:** Conner Searcy, Managing Partner