Exploring F45 Training Holdings Inc. (FXLV) Investor Profile: Who’s Buying and Why?

You're looking at F45 Training Holdings Inc. (FXLV) and wondering who, exactly, is still buying a stock with a tiny $18.82 million market capitalization as of November 2025, especially one that reported a -$159.2 million net loss against $81.95 million in trailing twelve-month revenue. Honestly, the answer isn't who you might think. While the company operates in the booming boutique fitness space, the institutional investor profile is defintely not what you'd expect from a publicly-traded franchisor; traditional funds have largely stepped away, evidenced by a total of only 802 shares held by the few institutional owners on file, a negligible stake. So, who is left, and why are they holding or buying? The real story is a high-stakes bet being made not by equity funds, but by key debt investors like Kennedy Lewis Management LP, who injected a $90 million subordinated debt facility into the company, and the general public, who now own nearly all the equity. This isn't a story about a growth stock; it's a deep-value, high-risk turnaround play where the equity is highly diluted, with shares outstanding growing by over 100% in the past year alone, making the risk/reward calculation extremely sharp. Are you buying the franchise model's resilience, or are you just catching a falling knife?

Who Invests in F45 Training Holdings Inc. (FXLV) and Why?

You're looking at F45 Training Holdings Inc. (FXLV) and seeing a stock that's fallen from its IPO height to trade on the OTC Pink Sheets (OTCPK), and you want to know who is still buying this high-risk name. The direct takeaway is that the investor base is overwhelmingly dominated by retail traders and a few deep-value, high-risk institutional funds, not the large, stable mutual funds you'd see in a BlackRock portfolio.

The company's current financial standing-a tiny market capitalization of around $3.12 million USD as of November 2025, a TTM (Trailing Twelve Months) Earnings Per Share of -$1.64, and a stock price hovering near $0.0320-has effectively cleared out most traditional institutional money. What remains is a highly speculative shareholder base.

Key Investor Types: A Retail-Driven, Micro-Cap Play

The investor breakdown for F45 Training Holdings Inc. is a clear reflection of its current OTCPK status and financial distress. The large-scale institutional presence is nearly non-existent, a major shift from its NYSE days.

• Retail Investors (The General Public): This group holds the majority of the float. They are the primary source of liquidity and volatility. In 2021, the general public held about 20% of the shares, but given the massive institutional exodus since then, their proportional ownership is defintely higher now.
• Institutional Investors: This is a very small cohort. As of late 2025, public filings show only 2 institutional owners holding a total of just 802 shares. These small positions, held by firms like Vermillion Wealth Management, Inc. and Guggenheim Active Allocation Fund, are negligible in the grand scheme and likely represent either residual holdings or tiny, highly speculative bets.
• Hedge Funds: Hedge fund activity is minimal and has been trending toward zero. In Q4 2023, only 1 hedge fund reported a position valued at a mere $3.01 thousand, with 4 funds closing their positions entirely. This isn't a hedge fund play; it's a liquidation story.

The institutional abandonment is the clearest signal you can get. When you see only 802 shares held by institutions, you know the stock is a pure retail-driven, micro-cap gamble.

Investment Motivations: Why Take the Risk?

Nobody is buying F45 Training Holdings Inc. for its dividends-it pays none-or its stable earnings. The motivations for the few remaining buyers are anchored in a high-risk, high-reward mentality, betting on an extreme turnaround from the current distressed levels.

• Deep-Value Speculation: The primary motivation is a bet on a financial restructuring or a strategic acquisition that could re-rate the stock from its current penny-stock price. Investors are looking at the potential for a massive percentage gain from a low base, even if the absolute price target is small.
• High Volatility Trading: The stock is known for its extreme volatility, with a reported 103.13% increase in a single 24-hour period in November 2025. This attracts short-term traders looking to capitalize on massive intraday swings, often driven by low float and low liquidity.
• Franchise Turnaround: A smaller group of investors may still believe in the core business model-the functional 45-minute workout concept. They are looking past the recent TTM revenue of $81.95 million (as of June 2023) and the high operating expenses to bet on a successful franchise stabilization and debt resolution. You can read more about the business model here: F45 Training Holdings Inc. (FXLV): History, Ownership, Mission, How It Works & Makes Money.

Honestly, the main motivation right now is the sheer percentage-gain potential from a near-zero price. That's the kind of risk-reward profile only a speculator accepts.

Investment Strategies: Betting on the Extreme

The strategies employed here are far from the long-term, buy-and-hold approach you'd use for a blue-chip stock. The current environment dictates highly aggressive and short-term tactics.

What this estimate hides is the high risk. The technical picture in November 2025 is a Strong Sell, and the stock's volatility is extremely high, meaning you could lose your entire investment quickly. The strategy is simple: buy low, hope for a miracle, and sell fast.

Your next concrete step should be to check the actual earnings report from November 19, 2025, to see if there is any material change in the company's financial trajectory. If the TTM net income of -$159.2 million (as of June 2023) continues to widen, the speculative floor drops even lower.

Institutional Ownership and Major Shareholders of F45 Training Holdings Inc. (FXLV)

You're looking at F45 Training Holdings Inc. (FXLV) and wondering who the big money is, and honestly, the story here isn't about who's buying, but who isn't. The institutional ownership in FXLV is incredibly small, which is a major red flag for a publicly traded company. It tells you the major funds are defintely staying on the sidelines.

As of late 2025, the total institutional ownership is a mere 0.000405% of the company's outstanding shares. That's not a typo. This means the vast majority of the company's shares are held by the general public or by strategic, non-institutional investors and insiders, not the BlackRock-style funds you might expect. When institutions hold so little, it suggests they see the stock as too risky, too illiquid, or simply too small to bother with.

Top Institutional Investors: Who's Holding the Bag?

When we drill down into the institutional holders who have filed with the Securities and Exchange Commission (SEC) in 2025, the numbers are almost microscopic. We're talking about a total of only 802 shares held by institutions, which is practically nothing in the context of 198,080,292 shares outstanding. Here's the quick math on the two largest reported institutional positions as of the third quarter of the 2025 fiscal year:

To be fair, the combined market value of these institutional positions is less than US$30 based on the late 2025 stock price. This is a micro-cap situation where the traditional institutional investor is essentially absent.

Changes in Ownership: A Picture of Inaction

Recent filings from the largest institutional holders show a 0% change in their positions for the latest reporting periods in 2025. This stasis in holdings, combined with the tiny size of the positions, confirms the lack of active institutional interest. No one is accumulating, but no one is selling off this small stake either.

What this estimate hides, however, is the significant dilution that has occurred. Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 100.3%. That's a massive increase, and the fact that institutional ownership hasn't risen to absorb any of that new float is a strong signal of low confidence in the company's equity value.

• Institutional accumulation is non-existent.
• Share dilution has doubled the share count.
• The stock is a 'Strong Sell Candidate' as of November 2025.

Impact of Institutional Investors: The Strategic Creditor Angle

The role of a traditional institutional investor-like a mutual fund or pension fund-is to provide liquidity and exert some governance influence. But with only 802 shares in their hands, these particular institutions have virtually no impact on F45 Training Holdings Inc.'s stock price or strategy. The stock price, which fell by -60.00% on November 18, 2025, is primarily driven by retail trading, news, and the company's own financial health, not institutional buying pressure.

The real power lies with the strategic debt holders. In February 2023, F45 Training Holdings Inc. secured a crucial $90 million subordinated debt facility from a consortium of existing investors, led by affiliates of Kennedy Lewis Management LP. This is where the strategic influence lives. These investors are not buying equity for a quick return; they are providing capital to keep the business afloat and driving strategic changes to protect their debt investment.

This debt financing was directly tied to a board refresh, which appointed a new Chairman and four new independent directors. That's the kind of direct, high-impact action that a $90 million credit facility buys you, not a handful of publicly traded shares. You can see how this strategy aligns with the company's long-term goals by reviewing the Mission Statement, Vision, & Core Values of F45 Training Holdings Inc. (FXLV).

So, the takeaway is clear: don't look to the 13F filings for the company's direction. Look to the capital structure. The people who matter here are the creditors, not the public equity funds.

Key Investors and Their Impact on F45 Training Holdings Inc. (FXLV)

The investor profile for F45 Training Holdings Inc. (FXLV) is unusual right now; you're looking at a company with extremely low institutional interest and a profile heavily dominated by insiders and a key debt holder. The stark reality is that as of late 2025, institutional ownership is almost non-existent, totaling just 802 shares, which is a tiny fraction of the company's outstanding stock. This tells you the big money funds are largely sitting on the sidelines.

This kind of ownership structure means the stock's price movements are less about quarterly institutional buying (or selling) and more about news from the company's core operations, its debt situation, and the actions of its largest individual stakeholders. It's a very different risk/reward calculation than a stock with high institutional backing. You need to look beyond the 13F filings (institutional ownership reports) to understand who truly holds the power here.

Notable Investors and Their Influence

When institutional investors hold less than a thousand shares, as is the case here, you have to shift your focus to the insiders and the major debt holders, as they are the ones driving the bus. Their capital, not public equity trades, is what keeps the company running.

• Kennedy Lewis Management LP: This firm is the most influential outside entity. They led a consortium of existing investors to provide a new $90 million subordinated debt facility (a loan that ranks below all other debt in priority) in February 2023. This kind of financing gives them significant leverage and a seat at the table, especially concerning the company's financial restructuring and long-term strategy. They are essentially the lifeline.
• Adam Gilchrist: As the Founder and a Director, his stake is substantial. His holdings were valued at approximately $9.32 million, making him a key insider whose interests are tightly aligned with the company's survival and recovery.
• Mark Wahlberg: The well-known Chief Brand Officer and Director, his personal stake is valued around $300.00k. His influence is less about his equity and more about his brand power and celebrity endorsement, which is crucial for a franchisor like F45 Training Holdings Inc. (FXLV).

The influence of these insiders and the debt holder is direct: they control the capital and the brand narrative. In a company with a market capitalization of only about US$9.891 million, a $90 million debt facility is a massive, controlling factor.

Recent Moves and the Institutional Exodus

The most notable recent move by institutional investors is their near-total absence. As of the latest filings in Q3 2025, the total institutional stake is negligible, with the two largest holders, Vermillion Wealth Management, Inc. and Guggenheim Active Allocation Fund, holding just 626 shares and 176 shares, respectively. This is not a vote of confidence; it's a sign that major funds view the stock as too risky or illiquid for their mandates.

Here's the quick math: with only 802 total shares held by institutions, any single large trade by an insider or a small fund could cause a disproportionate price swing. That's a huge liquidity risk for retail investors.

The institutional positions are so small that they have virtually no impact on company decisions or stock movements, which is a key difference from most publicly traded companies. The real 'recent move' of consequence was the 2023 debt restructuring, which solidified Kennedy Lewis Management LP's influence over the company's financial health. If you want to dive deeper into the company's financial standing, you should read Breaking Down F45 Training Holdings Inc. (FXLV) Financial Health: Key Insights for Investors.

The table below shows the minuscule institutional holdings as of the 2025 fiscal year data:

What this estimate hides is the potential for a major strategic shift driven by the debt holders. If the company struggles to service that $90 million debt, Kennedy Lewis Management LP and its partners could force a restructuring that dramatically changes the equity value for existing shareholders. That's the defintely bigger risk to watch.

Market Impact and Investor Sentiment

You are looking at F45 Training Holdings Inc. (FXLV) and seeing a stock price that has fallen off a cliff, and honestly, the investor sentiment reflects that dire trend. The simple takeaway is this: institutional investors have largely abandoned the stock, and the market is pricing in extreme risk, which is why the stock traded at just $0.0320 per share as of November 18, 2025. This is defintely a high-risk, low-liquidity situation.

The institutional investor profile is nearly non-existent, which is a huge red flag for a publicly traded company. Total institutional ownership is reported to be as low as 0.00% to 0.05%, with only two institutional owners holding a total of just 802 shares in one recent filing. When the smart money holds virtually no position, it tells you they see no near-term catalyst for a turnaround. The few major shareholders, like Vermillion Wealth Management, Inc. and Guggenheim Active Allocation Fund, hold negligible percentages, suggesting their positions are either legacy or purely nominal. This is not a vote of confidence; it's a whisper.

Recent Market Reactions and Ownership Shifts

The market's reaction to the company's financial health has been brutal and swift, mapping directly to the high-risk profile. Over the 52 weeks leading up to November 2025, the stock price has plummeted by a staggering -99.72%. This kind of price action translates to massive dilution for existing shareholders, with total shares outstanding growing by over 100.3% in the past year alone.

The near-term volatility is extreme. The stock fell by a shocking -60.00% on November 18, 2025, alone, dropping from $0.0800 to $0.0320. This kind of movement is not typical of a healthy company; it signals a distressed asset where every piece of bad news, or even a lack of good news, triggers a panic sell-off. The low trading volume of just 250 shares on that day also highlights the illiquidity, meaning even small trades can cause massive price swings. You can drill down into the core financial issues fueling this panic in Breaking Down F45 Training Holdings Inc. (FXLV) Financial Health: Key Insights for Investors.

• Price fell -60.00% on November 18, 2025.
• 52-week price change is a -99.72% decrease.
• Institutional ownership is near 0.00%.

Analyst Perspectives: The Conflicting View

The analyst community offers a confusing, split perspective, which you need to translate into a clear action plan. On one hand, the consensus rating from 10 analysts is a 'Hold,' with a mean price target of $3.06. This target is an astronomical 4,757.14% upside from the current price, but honestly, this likely reflects stale models or a long-shot bet on a massive turnaround or acquisition.

On the other hand, a more recent technical analysis as of November 18, 2025, downgraded the stock to a 'Strong Sell' candidate, citing multiple negative technical signals. Here's the quick math on the risk: the company's Return on Equity (ROE) is a devastating -3,151.58%, and its Altman Z-Score is -6.08, far below the 3.0 threshold that suggests an increased risk of bankruptcy. The market capitalization is only around $3.12 million as of a recent filing. The analyst's 'Strong Sell' is the more realistic perspective given the current financial metrics.

The key is to ignore the lofty price target and focus on the cold, hard numbers that explain the 'Strong Sell' sentiment. No one is buying because the financial structure is broken, not because the business idea is bad.