Pegasus trims Creative Realities (NASDAQ: CREX) stake and reports sales

Rhea-AI Filing Summary

Creative Realities, Inc. received an updated Schedule 13D/A from a group of Pegasus- and Slipstream-affiliated entities reporting their current ownership and recent share sales. Slipstream Communications, LLC and related reporting persons beneficially own 1,731,498 shares of common stock through warrants, representing 14.13% of the company’s common stock based on outstanding shares plus the warrant shares. The amendment also reports that on January 6, 2026, Slipstream Funding, LLC sold 317,455 shares and Slipstream Communications, LLC sold 1,108,030 shares of common stock at $2.52 per share, with all sales made under a previously filed Rule 424(b) prospectus on Form S-3.

Insights

Equity ownership and filings analyst

Large holder updates its Creative Realities stake and discloses recent sales.

The filing shows a Pegasus- and Slipstream-affiliated group reporting beneficial ownership of 1,731,498 Creative Realities common shares through warrants. Using a base of 10,518,932 shares outstanding plus these warrant shares, this equates to 14.13% of the company’s common stock, indicating a significant but not controlling position.

The amendment also discloses secondary-market sales on January 6, 2026: Slipstream Funding, LLC sold 317,455 shares and Slipstream Communications, LLC sold 1,108,030 shares at $2.52 per share under a Rule 424(b) prospectus tied to a Form S-3 registration. These are sales by existing holders rather than new share issuance, so the activity reflects a change in who holds the stock rather than a direct capital raise for the company.

The disclosure notes that percentage ownership is calculated using the latest reported outstanding share count from the company’s November 11, 2025 share figure and adds the warrant shares. Future amendments or company filings may clarify any further changes in this group’s holdings.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Creative Realities, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

97652A302

(CUSIP Number)

Pegasus Capital Advisors, L.P.
750 East Main Street, Suite 600
Stamford, CT, 06902
(203) 869-4400

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

01/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Slipstream Funding, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.00 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Slipstream Communications, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ANGUILLA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

BCOM Holdings, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

BCOM GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Business Services Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Pegasus Investors IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Pegasus Investors IV GP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Pegasus Capital, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

CUSIP No. 97652A302

1

Name of reporting person

Craig Cogut

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,731,498.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,731,498.00

11

Aggregate amount beneficially owned by each reporting person

1,731,498.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.13 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10, and 11: Represents 1,731,498 shares of Common Stock issuable upon exercise of Warrants directly held by Slipstream Communications, LLC. Row 13: Based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Creative Realities, Inc.
(c)	Address of Issuer's Principal Executive Offices: 13100 Magisterial Drive, Suite 102, Louisville, KENTUCKY , 40223.
Item 1 Comment: This Amendment No. 7 ("Amendment No. 7") amends the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on August 29, 2014, as amended by Amendment No. 1 filed with the SEC on September 22, 2014, Amendment No. 2 filed with the SEC on December 16, 2022, Amendment No. 3 filed with the SEC on February 3, 2023, Amendment No. 4 filed with the SEC on May 1, 2023, Amendment No. 5 filed with the SEC on November 15, 2023, and Amendment No. 6 filed with the SEC on December 1, 2023 (the "Schedule 13D"), with respect to the Common Stock of Creative Realties, Inc. (the "Company"). Capitalized terms used herein and not otherwise defined in this Amendment No. 7 have the meanings set forth in the Schedule 13D. Except as specifically amended herein, the Schedule 13D shall otherwise remain in effect.
Item 5.	Interest in Securities of the Issuer
(a)	The information relating to the beneficial ownership of the Shares by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein and is as of the date hereof. Percentage ownership is based on 10,518,932 shares of Common Stock outstanding as of November 11, 2025, as reported in the Company's Form 10-Q filed with the SEC on November 12, 2025, plus 1,731,498 shares of Common Stock underlying the Warrants.
(b)	The information relating to the number of Shares beneficially owned by each of the Reporting Persons set forth in Rows 7 through 10 of the cover pages hereto is incorporated by reference herein and is as of the date hereof.
(c)	This Amendment No. 7 is being filed to report sales of Shares of Common Stock effected during the past 60 days by the Reporting Persons listed below. All sales were conducted pursuant to the Company's Rule 424(b) prospectus, dated October 24, 2024, which was filed under the Registration Statement on Form S-3 that became effective on the same date. The Reporting Persons have no additional transactions to report within the prior 60 days. On January 6, 2026, Slipstream Funding, LLC sold 317,455 Shares of Common Stok at a price of $2.52 per share after discounts and commissions. On January 6, 2026, Slipstream Communications, LLC sold 1,108,030 Shares of Common Stok at a price of $2.52 per share after discounts and commissions.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that such person is the beneficial owner of any of the shares of Common Stock referred to herein for purposes of the Act, or for any other purpose.
(e)	Not applicable
Item 7.	Material to be Filed as Exhibits.
	EX-99.4 Joint Filing Agreement among the Reporting Persons, dated as of August 29, 2014, incorporated by reference to the Schedule 13D filed on such date by the Reporting Persons.

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.

Slipstream Funding, LLC

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President
Date:	01/07/2026

Slipstream Communications, LLC

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President
Date:	01/07/2026

BCOM Holdings, LP

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President of its general partner BCOM GP LLC
Date:	01/07/2026

BCOM GP LLC

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President
Date:	01/07/2026

Business Services Holdings, LLC

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President
Date:	01/07/2026

Pegasus Investors IV, L.P.

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President of its general partner Pegasus Investors IV GP, L.L.C.
Date:	01/07/2026

Pegasus Investors IV GP, L.L.C.

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, President
Date:	01/07/2026

Pegasus Capital, LLC

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut, Managing Member
Date:	01/07/2026

Craig Cogut

Signature:	/s/ Craig Cogut
Name/Title:	Craig Cogut
Date:	01/07/2026

FAQ

What does the new Schedule 13D/A disclose about Creative Realities (CREX)?

The amendment reports updated beneficial ownership in Creative Realities, Inc. by a group of Pegasus- and Slipstream-affiliated entities and discloses recent sales of common stock made under a previously filed Rule 424(b) prospectus.

How many Creative Realities shares does the reporting group now beneficially own?

The reporting persons disclose beneficial ownership of 1,731,498 shares of Creative Realities common stock through warrants, as reflected in Rows 8, 10, and 11 of their cover pages.

What percentage of Creative Realities’ common stock does this holding represent?

The filing states that the 1,731,498 warrant shares represent 14.13% of Creative Realities’ common stock, calculated using 10,518,932 shares outstanding as of November 11, 2025 plus the warrant shares.

What recent share sales by Pegasus or Slipstream entities are reported for CREX?

The amendment reports that on January 6, 2026, Slipstream Funding, LLC sold 317,455 shares and Slipstream Communications, LLC sold 1,108,030 shares of Creative Realities common stock.

At what price were the Creative Realities shares sold by Slipstream entities?

Both Slipstream Funding, LLC and Slipstream Communications, LLC sold their Creative Realities shares at a price of $2.52 per share after discounts and commissions.

Under what offering document were the reported CREX share sales made?

The filing notes that all reported sales were conducted under the company’s Rule 424(b) prospectus dated October 24, 2024, filed under a Form S-3 registration statement that became effective the same date.

Does Slipstream Funding, LLC still report beneficial ownership of Creative Realities shares?

Slipstream Funding, LLC reports an aggregate beneficial ownership of 0 shares of Creative Realities common stock, with no voting or dispositive power reflected in its cover page.