Ferrellgas Part SEC Filings

Ferrellgas Partners, L.P. director Andrew Safran filed a Form 3, which is the required initial statement of beneficial ownership for new insiders. This filing lists him as a director but shows no reported share holdings or insider transactions at the time of the report.

Ferrellgas Partners, L.P. reports that on May 18, 2026, J. Carney Hawks was removed from the Board of Directors of Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P.

The company states that Mr. Hawks’ removal was not related to any disagreement over operations, policies, or practices. He had been appointed in 2021 under a voting agreement giving holders of Class B Units the right to designate one independent director. That right ended after all Class B Units were converted into Class A Units on March 16, 2026.

Ferrellgas Partners director Hawks Carney reported a series of equity compensation transactions involving Class A Units and Phantom Units. On May 18, 2026, he exercised 12,729 Phantom Units into the economic equivalent of Class A Units and then returned 12,729 Class A Units to the issuer, leaving him with 61,524 Class A Units held directly. The Phantom Units, each representing the economic equivalent of one Class A Unit, had vested on September 25, 2025 and became payable in cash based on the average closing price before May 18, 2026, but were forfeited on that date under the Phantom Unit Award Agreement.

Ferrellgas Partners director Pamela A. Breuckmann reported non-cash conversions of Class B Units into Class A Units. On March 16, 2026, 377 Class B Units held directly and 531 Class B Units held through the Pamela A. Breuckmann Revocable Trust were converted into Class A Units at a rate of five Class A Units for each Class B Unit. Following these conversions, she held 1,891 Class A Units directly and 4,744 Class A Units indirectly through the trust. All outstanding Class B Units of the issuer were converted to Class A Units on this date, and no Class B Units remain outstanding for this reporting person.

Ferrellgas Partners L.P. director James E. Ferrell reported a conversion of partnership units. On March 16, 2026, 3,120 Class B Units were converted into 15,600 Class A Units at a fixed rate of five Class A Units for each Class B Unit, with no cash price per unit.

The transaction is classified as an acquisition through derivative conversion, not an open-market purchase or sale, and leaves Ferrell with 15,600 Class A Units held directly. According to the footnote, all of the issuer's outstanding Class B Units were similarly converted into Class A Units.

Ares-affiliated entities reported an existing indirect ownership position in Ferrellgas Partners’ Class A Units. The filing shows 1,563,690 Class A Units held indirectly, with the position split among several Ares-managed funds and vehicles, including ASOF II entities, Ares Capital Corporation and other affiliated partnerships and corporations.

The units also include 9,120 Class A Units held in an account managed or subadvised by Ares Management LLC, over which the Ares entities may share voting or dispositive power. The Ares entities collectively may be deemed to share beneficial ownership but expressly disclaim beneficial ownership of the managed units and of securities not held of record by them.

Ares-affiliated entities filed an initial Form 3 for Ferrellgas Partners, L.P., reporting indirect holdings of 1,563,690 Class A Units. These units are spread across multiple Ares-managed funds and vehicles, with Ares Management LLC serving as manager or general partner for the relevant entities.

The filing notes that the Ares entities may be deemed to share beneficial ownership of the reported securities but disclaim beneficial ownership of units not held of record by them, including certain managed accounts.

Ares-affiliated investment entities reported a significant ownership position in Ferrellgas Partners, L.P. through a Schedule 13D filing. On March 16, 2026, Ferrellgas converted all outstanding Class B Units into Class A Units at a 5‑for‑1 conversion rate. As a result, the Ares entities acquired an aggregate of 1,563,690 Class A Units.

Based on 11,357,605 Class A Units outstanding, this stake represents about 13.8% of the class, with all voting and dispositive power reported as shared among various Ares funds and management vehicles. The position was originally funded by purchasing 312,738 Class B Units for total consideration of $75,036,400. The investors state they hold the units for investment purposes but may from time to time buy more, sell, or adjust exposure, and may discuss strategic alternatives with Ferrellgas management and its board, including potential mergers, asset transactions, capital structure changes, or other corporate actions, although they currently have no specific plans formed.

Ferrellgas Partners, L.P. has converted all of its Class B Units into Class A Units after reaching the Class B Conversion Threshold defined in its partnership agreement. On March 16, 2026, the partnership elected to apply a Class B Conversion Factor of 5.00, so each Class B Unit became five Class A Units.

In total, the partnership issued 6,500,000 Class A Units upon conversion of all Class B Units. The partnership’s public accounting firm determined that these newly issued Class A Units are fully fungible with existing Class A Units and are tradable on the same basis. Computershare Inc. and its affiliate Computershare Trust Company, N.A. were engaged to act as conversion agent.