# EDGAR Filing Document

**Accession Number:** 0001776703
**File Stem:** 0001493152-26-012932
**Filing Date:** 2026-3
**Character Count:** 6875
**Document Hash:** f7e3fe2f492dab0e8fe4fc29e18edd4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-012932.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001493152-26-012932

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260316

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** FR Capital Holdings, L.P.
- **CENTRAL INDEX KEY:** 0001776703

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

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42392
- **FILM NUMBER:** 26798715

**BUSINESS ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** SUITE 237
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 610-834-1461

**MAIL ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** SUITE 237
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merlin, Inc.
- **CENTRAL INDEX KEY:** 0002028707
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 47TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 9177692999

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 47TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFLECTION POINT ACQUISITION CORP. IV
- **DATE OF NAME CHANGE:** 20251021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bleichroeder Acquisition Corp. I
- **DATE OF NAME CHANGE:** 20240627

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

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>FR Capital Holdings, L.P.<br><sub>(Last) (First) (Middle)</sub><br>2400 MARKET STREET<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Merlin, Inc. [ MRLN ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2026-03-16 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.0001 per share | 6651292 | I | See Footnote<sup>(1)(2)</sup> |
| Common Stock, par value $0.0001 per share | 5097669 | I | See Footnote<sup>(1)(3)</sup> |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 12.0% Series A Cumulative Convertible Preferred Stock | 2026-03-16 | <sup>(4)</sup> | Common Stock, par value $0.0001 per share | 105344 | $12.00 | I | See Footnote<sup>(1)(2)</sup> |
| 12.0% Series A Cumulative Convertible Preferred Stock | 2026-03-16 | <sup>(4)</sup> | Common Stock, par value $0.0001 per share | 166866 | $12.00 | I | See Footnote<sup>(1)(3)</sup> |
| Common Stock Purchase Warrants | 2026-03-16 | 2031-03-16 | Common Stock, par value $0.0001 per share | 108702 | $12.00 | I | See Footnote<sup>(1)(2)</sup> |
| Common Stock Purchase Warrants | 2026-03-16 | 2031-03-16 | Common Stock, par value $0.0001 per share | 172187 | $12.00 | I | See Footnote<sup>(1)(3)</sup> |

---

### Footnotes:

(1) FR Capital Holdings, L.P., a Delaware limited partnership (the "Reporting Person"), is the investment manager of First Round Capital VI, L.P. ("FRCVI"), First Round Capital VI Partners Fund, L.P. ("FRCVI Partners"), First Round Capital VIII-F, L.P. ("FRCVIII-F"), and First Round Capital VIII-F Partners Fund, L.P. ("FRCVIII-F Partners"). The Reporting Person is, with respect to these holdings, managed by an investment committee comprised of three individuals. As a result, the Reporting Person may be deemed to have beneficial ownership of the securities reported herein. The Reporting Person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

(2) The securities are directly held by FRCVI, as nominee for itself and FRCVI Partners.

(3) The securities are directly held by FRCVIII-F, as nominee for itself and FRCVIII-F Partners.

(4) The 12.0% Series A Cumulative Convertible Preferred Stock is convertible at any time, at the holder's election, into shares of common stock, par value $0.0001 of the Issuer, at a conversion price of $12.00 per share, subject to adjustment, and has no expiration date.

**Signature:** /s/ Jeffrey Donnon, Chief Financial Officer of FR Capital Holdings, L.P.  
**Date:** 2026-03-26

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**