Other4

Merlin, Inc.

Total Value

Filing Date

Sep 18, 2026

1 transactions

Trade Summary

On Sep 16, 2026, FR Capital Holdings, L.P., 10% Owner, reported $0 of Merlin, Inc. (MRLN) across 1 transactions. The filing covers Common Stock, par value $0.0001 per share and reflects balanced net activity of $0. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.

Insider Information

Name: FR Capital Holdings, L.P.
Role: 10% Owner
Location: PHILADELPHIA, PA

Filing Details

Filing Date: Sep 18, 2026
Transaction Date: Sep 16, 2026
Accession Number: 0001493152-26-043374
Form Type: 4

Non-Derivative Transactions

Date	Security	Shares	Price	Type	Value
Sep 16, 2026	Common Stock, par value $0.0001 per share	6,651,292	—	Other	—
Sep 16, 2026	Common Stock, par value $0.0001 per share	5,097,669	—	Other	—

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Footnotes

(F1)First Round Capital VI, L.P. ("FRCVI") distributed these shares to its partners on a pro rata basis, for no consideration.
(F2)First Round Capital VIII F, L.P. ("FRCVIII F") distributed these shares to its partners on a pro rata basis, for no consideration.
(F3)FR Capital Holdings, L.P., a Delaware limited partnership (the "Reporting Person"), is the investment manager of FRCVI, First Round Capital VI Partners Fund, L.P. ("FRCVI Partners"), FRCVIII F, and First Round Capital VIII F Partners Fund, L.P. ("FRCVIII F Partners"). The Reporting Person is managed by an investment committee comprised of three individuals. As a result, the Reporting Person may be deemed to have beneficial ownership of the securities reported herein. The Reporting Person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.
(F4)The securities were directly held by FRCVI, as nominee for itself and FRCVI Partners.
(F5)The securities were directly held by FRCVIII F, as nominee for itself and FRCVIII F Partners.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FR Capital Holdings, L.P.

(Last)

(First)

(Middle)

2400 MARKET STREET

(Street)

PHILADELPHIA

19103

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Merlin, Inc. [ MRLN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.0001 per share	09/16/2026		J⁽¹⁾		6,651,292	D	$0	0	I	See Footnote⁽³⁾⁽⁴⁾
Common Stock, par value $0.0001 per share	09/16/2026		J⁽²⁾		5,097,669	D	$0	0	I	See Footnote⁽³⁾⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. First Round Capital VI, L.P. ("FRCVI") distributed these shares to its partners on a pro rata basis, for no consideration.

2. First Round Capital VIII F, L.P. ("FRCVIII F") distributed these shares to its partners on a pro rata basis, for no consideration.

3. FR Capital Holdings, L.P., a Delaware limited partnership (the "Reporting Person"), is the investment manager of FRCVI, First Round Capital VI Partners Fund, L.P. ("FRCVI Partners"), FRCVIII F, and First Round Capital VIII F Partners Fund, L.P. ("FRCVIII F Partners"). The Reporting Person is managed by an investment committee comprised of three individuals. As a result, the Reporting Person may be deemed to have beneficial ownership of the securities reported herein. The Reporting Person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

4. The securities were directly held by FRCVI, as nominee for itself and FRCVI Partners.

5. The securities were directly held by FRCVIII F, as nominee for itself and FRCVIII F Partners.

	/s/ Jeffrey Donnon, Chief Financial Officer of FR Capital Holdings, L.P.	09/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Form 4 as rendered by the SEC from accession 0001493152-26-043374.

Merlin, Inc.

Trade Summary

Company Information

Insider Information

Filing Details

Non-Derivative Transactions

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Footnotes

SEC Form 4

SEC Filing

SEC Form 4