Porch Group, Inc. shows a Schedule 13G reporting that Park West Asset Management LLC and Peter S. Park beneficially own 5,284,559 shares (5.0%) of common stock as of January 13, 2026. The filing states this stake is based on 105,371,353 shares outstanding as of October 31, 2025. The ownership is held through PWIMF (4,773,447 shares) and PWPI (511,112 shares); the Reporting Persons report shared voting and dispositive power over the 5,284,559 shares. The filing notes 18,312,208 shares held by an affiliate are treated as treasury for GAAP and Delaware law.
Positive
None.
Negative
None.
Insights
Park West discloses a passive >5% stake in Porch Group via managed funds.
The joint Schedule 13G states PWAM, as investment manager, may be deemed to beneficially own 5,284,559 shares, equal to 5.0% of common stock using the issuer's October 31, 2025 outstanding share base. The stake is held through two Cayman funds: PWIMF and PWPI.
The filing characterizes ownership as shared voting and dispositive power and does not assert active control language. Subsequent filings or amendments could change status if the holder becomes active or exceeds ownership thresholds.
Key Figures
Reported beneficial ownership:5,284,559 sharesPercent of class:5.0%Shares outstanding used:105,371,353 shares+3 more
6 metrics
Reported beneficial ownership5,284,559 sharesreported as of <date>January 13, 2026</date>
Percent of class5.0%based on <date>October 31, 2025</date> outstanding share base
Shares outstanding used105,371,353 sharesissuer-reported outstanding as of <date>October 31, 2025</date>
PWIMF holdings4,773,447 sharesheld by Park West Investors Master Fund, Limited
PWPI holdings511,112 sharesheld by Park West Partners International, Limited
Treasury shares excluded18,312,208 sharesheld by Porch Reciprocal Exchange; treated as treasury under GAAP/Delaware law
"PWAM as investment manager to the PW Funds may be deemed to beneficially own 5,284,559 shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared dispositive powerregulatory
"Shared Dispositive Power 5,284,559.00"
treasury sharesfinancial
"18,312,208 shares held by Porch Reciprocal Exchange, an affiliate...are considered treasury shares"
Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Porch Group, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
733245104
(CUSIP Number)
01/13/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
733245104
1
Names of Reporting Persons
Park West Asset Management LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,284,559.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,284,559.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,284,559.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.0 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: See Item 2 for additional information.
SCHEDULE 13G
CUSIP Number(s):
733245104
1
Names of Reporting Persons
Peter S. Park
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,284,559.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,284,559.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,284,559.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.0 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 2 for additional information.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Porch Group, Inc.
(b)
Address of issuer's principal executive offices:
411 1st Avenue S. Suite 501,Seattle,WA,98104
Item 2.
(a)
Name of person filing:
This report on Schedule 13G (this "Schedule 13G") is being jointly filed by (i) Park West Asset Management LLC, a Delaware limited liability company ("PWAM") and (ii) Peter S. Park ("Mr. Park" and, together with PWAM the "Reporting Persons"). PWAM is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company ("PWIMF") and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI" and, together with PWIMF, the "PW Funds"). Mr. Park, through one or more affiliated entities, is the controlling manager of PWAM.
As of January 13, 2026 (the "Event Date"), PWIMF held 4,773,447 shares of common stock, par value $0.0001 per share (the "Common Stock") and PWPI held 511,112 shares of Common Stock of Porch Group, Inc. (the "Issuer").
PWAM as investment manager to the PW Funds may be deemed to beneficially own 5,284,559 shares of Common Stock of the Issuer.
The foregoing beneficial ownership percentage is based upon 105,371,353 shares of Common Stock issued and outstanding as of October 31, 2025, based on information reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2025. The number of Issuer shares outstanding excludes 18,312,208 shares held by Porch Reciprocal Exchange, an affiliate of the Issuer, which are considered treasury shares for GAAP accounting purposes and under Delaware law and are not considered outstanding for quorum and are not entitled to vote.
(b)
Address or principal business office or, if none, residence:
The address for the Reporting Persons is: One Letterman Drive, Building C, Suite C5-900, San Francisco, CA 94129.
(c)
Citizenship:
PWAM is organized under the laws of the State of Delaware. Mr. Park is a citizen of the United States.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP Number(s):
733245104
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:
PWAM and Mr. Park - 5,284,559.00
(b)
Percent of class:
PWAM and Mr. Park - 5.0%
(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:
PWAM and Mr. Park - 5,284,559.00
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
PWAM and Mr. Park - 5,284,559.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
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.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
Park West Asset Management LLC
Signature:
/s/ Melissa Victoria Frayer
Name/Title:
Melissa Victoria Frayer, Senior Legal Officer and Chief Compliance Officer
Park West Asset Management and Peter S. Park report beneficial ownership of 5,284,559 shares (5.0%). This figure is computed using 105,371,353 shares outstanding as of October 31, 2025 as stated in the filing.
How are the 5,284,559 Porch shares held?
The filing states the stake is held through PWIMF (4,773,447 shares) and PWPI (511,112 shares) with PWAM acting as investment manager and Mr. Park as controlling manager of PWAM.
Does Park West claim voting control over the shares?
The Schedule 13G reports shared voting power and shared dispositive power over 5,284,559 shares. The filing lists zero sole voting or sole dispositive power for the Reporting Persons.
Are any Porch shares excluded from the outstanding count?
Yes. The filing notes 18,312,208 shares held by Porch Reciprocal Exchange are treated as treasury shares for GAAP and Delaware law and are excluded from the 105,371,353 shares outstanding base used.
