Fund 1 Investments boosts Funko (FNKO) exposure with 9.77% stake and swaps

Rhea-AI Filing Summary

Fund 1 Investments, LLC reports a significant position in Funko, Inc. Class A common stock. The fund beneficially owns 5,415,798 shares, or 9.77% of outstanding shares, based on 55,444,604 shares outstanding as of March 10, 2026. These shares were bought using fund working capital for an aggregate purchase price of approximately $42.44 million, including commissions.

The fund has sole voting and dispositive power over all 5,415,798 shares. In addition, it has cash‑settled total return swaps referencing 4,599,919 notional shares, equal to about 8.30% of the outstanding stock, providing economic exposure without voting or dispositive rights. The fund also holds multiple cash‑settled call option positions, each referencing 74,561 shares with a $5.00 exercise price and expiration dates from April 22, 2026 through May 11, 2026, further increasing its economic exposure to Funko’s shares.

Insights

Equity ownership & derivatives analyst

Fund 1 controls 9.77% of Funko stock plus sizable derivative exposure.

Fund 1 Investments, LLC now beneficially owns 5,415,798 shares of Funko, equal to 9.77% of the Class A common stock. The stake was acquired for about $42,441,766, giving the fund a meaningful voice in shareholder matters through sole voting and dispositive power.

Beyond the common shares, the fund has cash-settled total return swaps over 4,599,919 notional shares, or 8.30% of outstanding stock, plus a series of cash-settled call options each covering 74,561 shares at $5.00 per share expiring between April 22, 2026 and May 11, 2026. These instruments create additional economic exposure without direct voting rights.

This amendment primarily updates ownership and derivative exposure levels rather than announcing a new transaction or strategic plan. Future company filings may clarify whether this sizable and structured exposure leads to any governance or strategic initiatives.

Key Figures

Beneficial ownership: 5,415,798 shares Ownership percentage: 9.77% Shares outstanding: 55,444,604 shares +5 more

8 metrics

Beneficial ownership 5,415,798 shares Fund 1 Investments, LLC stake in Funko Class A

Ownership percentage 9.77% Portion of outstanding Funko Class A shares

Shares outstanding 55,444,604 shares Funko shares outstanding as of March 10, 2026

Aggregate purchase price $42,441,766 Cost of 5,415,798 Funko shares including commissions

Total return swap notional 4,599,919 shares Notional shares under cash-settled total return swaps

Swap exposure percentage 8.30% Notional exposure relative to Funko shares outstanding

Call option size per contract 74,561 shares Each cash-settled call option referencing Funko shares

Call option strike price $5.00 per share Exercise price for multiple cash-settled call options

Key Terms

beneficially owned, sole voting power, cash-settled total return swap agreements, cash-settled call options, +2 more

6 terms

beneficially owned financial

"As of the date hereof, the Reporting Person beneficially owned 5,415,798 Shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"The Reporting Person has sole power (i) to vote or direct the vote"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

cash-settled total return swap agreements financial

"entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps")"

cash-settled call options financial

"The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares"

economic exposure financial

"which provide the Reporting Person with economic exposure to an aggregate of 4,599,919 notional Shares"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Funko, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

361008105

(CUSIP Number)

Kenneth Mantel, Esq.
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

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

04/16/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 361008105

1

Name of reporting person

Fund 1 Investments, 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)

AF

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 5,415,798.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,415,798.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,415,798.00

12

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

13

Percent of class represented by amount in Row (11)

9.77 %

14

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value per share
(b)	Name of Issuer: Funko, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2802 WETMORE AVE, EVERETT, WASHINGTON , 98201.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares beneficially owned by the Reporting Person were purchased with working capital of the Funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 5,415,798 Shares beneficially owned by the Reporting Person is approximately $42,441,766 including brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based on 55,444,604 Shares outstanding as of March 10, 2026, which is the total number of Shares outstanding as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2026. As of the date hereof, the Reporting Person beneficially owned 5,415,798 Shares, constituting approximately 9.77% of the outstanding Shares.
(b)	Item 5(b) is hereby amended and restated to read as follows: The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 5,415,798 Shares held by the Funds.
(c)	Item 5(c) is hereby amended and restated to read as follows: The transactions in the Shares by the Reporting Person since the most recent filing of Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and restated to read as follows: The Reporting Person has entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps") with an unaffiliated third-party financial institution, which provide the Reporting Person with economic exposure to an aggregate of 4,599,919 notional Shares, representing approximately 8.30% of the outstanding Shares. The Cash-Settled Swaps provide the Reporting Person with economic results that are comparable to the economic results of ownership, but do not provide the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Cash-Settled Swaps. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 22, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 23, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 24, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 27, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 28, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 29, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on April 30, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 1, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 4, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 5, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 6, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 7, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 8, 2026. The Reporting Person holds cash-settled call options referencing an aggregate of 74,561 Shares, which have an exercise price of $5.00 per Share and expire on May 11, 2026. Other than as described herein, there are no contracts, arrangements, understandings, or relationships between the Reporting Person and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	1 - Transactions in the Securities of the Issuer Since the Most Recent Filing of Schedule 13D

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.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable, Chief Operating Officer
Date:	04/21/2026

FAQ

How large is Fund 1 Investments, LLC’s ownership stake in Funko (FNKO)?

Fund 1 Investments, LLC beneficially owns 5,415,798 Funko Class A shares, representing about 9.77% of the company’s outstanding stock. This stake is based on 55,444,604 shares outstanding as of March 10, 2026, as disclosed in Funko’s latest annual report.

How much did Fund 1 Investments pay for its Funko (FNKO) shares?

The fund reports an aggregate purchase price of approximately $42,441,766 for its 5,415,798 Funko shares. This amount includes brokerage commissions and reflects purchases funded with the working capital of the investment funds managed by the reporting person.

What voting power does Fund 1 Investments have over Funko (FNKO) shares?

Fund 1 Investments has sole voting and sole dispositive power over all 5,415,798 Funko shares it beneficially owns. This means it alone can decide how these shares are voted and when they are sold, without sharing that authority with other parties.

What derivative exposure to Funko (FNKO) does Fund 1 Investments hold?

The fund has cash-settled total return swaps on 4,599,919 notional Funko shares, about 8.30% of outstanding shares. These swaps provide economic exposure similar to ownership but confer no voting or dispositive rights over the underlying shares referenced in the contracts.

What are the key terms of Fund 1’s Funko (FNKO) call options?

Fund 1 holds multiple cash-settled call options, each referencing 74,561 Funko shares at a $5.00 exercise price. The options have staggered expirations from April 22, 2026, through May 11, 2026, adding short‑dated, economically focused exposure to Funko’s share price.

Does Fund 1’s Funko (FNKO) derivative position include voting rights?

No. The cash-settled total return swaps and cash-settled call options give Fund 1 economic results similar to owning Funko stock, but they do not provide the power to vote, direct voting, dispose of, or direct the disposition of the referenced shares.