Keyframe Capital Partners, L.P.

Key Holdings

• Forum Energy Technologies (FET): $22.66M, 849,000 shares, 98.09% of the portfolio. This is the dominant holding by far. The filing indicates Forum’s share count was left unchanged during the quarter (the filing’s activity summary shows one “unchanged” position). Implied price per share movement: prior-quarter value attributable to this position can be back-calculated as $35.96M total minus $19.44M (the exited position) = $16.52M. That implies Forum’s market value rose from ~$16.52M to $22.66M on the same 849,000-share stake — an increase in value of ~$6.14M, or about +37.2% quarter-over-quarter in market price on the unchanged share count. This indicates the portfolio’s current concentration is driven both by retained shares and a meaningful price appreciation in Forum during the quarter.
• STEM, Inc. (STEM): $441.35K, 25,000 shares, 1.91% of the portfolio. This is a new, very small position introduced in the quarter. Implied purchase price is roughly $17.65 per share (441,350 / 25,000). Given its small size relative to the portfolio, it is likely an initial/experimental position rather than a core allocation.

Sector Allocation

The filing’s sector mapping is listed as “Unknown: $23.11M,” but the underlying businesses suggest a clear tilt:

• Forum Energy Technologies is an oilfield services/equipment supplier (Energy sector, Oil & Gas Equipment & Services). It represents ~98% of the reported long equity exposure, producing a de facto Energy sector concentration.
• STEM, Inc. provides energy storage and software for grid-scale and commercial installations (often categorized under clean energy/energy technology or utilities/energy infrastructure). Net: the portfolio has a strong energy/energy-technology orientation driven almost entirely by Forum Energy Technologies; the filing shows no meaningful diversification across standard GICS sectors.