AHLSTROM PAUL enters ANGEL STUDIOS, INC. with 5.59M shares plus derivative instruments

Holding both equity and derivatives at entry signals strong long-term conviction in the company.

Direct Indirect Derivatives

AHLSTROM PAUL

Filed: 9/22/2025ACC: 0001104659-25-092273

InsiderAHLSTROM PAULCIK 2020125

→

IssuerANGEL STUDIOS, INC.CIK 1865200

Director

Since Sep 2025

5.59M

Baseline shares

35% direct

1.95M

Direct ownership

1 position

320.96K

Derivative underlying

3 instruments

Security positions

3.64M indirect

Non-Derivative Holdings4

Class B Common Stock, par value $0.0001 per share

Indirect

Shares owned1.71K

Class A Common Stock, par value $0.0001 per share

Indirect

Shares owned1.71K

Class A Common Stock, par value $0.0001 per share

Direct

Shares owned1.95M

Class A Common Stock, par value $0.0001 per share

Indirect

Shares owned3.64M

Total

1.95M direct·3.64M indirect5.59M

Security Title	Shares Owned	Ownership Type
Class B Common Stock, par value $0.0001 per share	1.71K	Indirect
Class A Common Stock, par value $0.0001 per share	1.71K	Indirect
Class A Common Stock, par value $0.0001 per share	1.95M	Direct
Class A Common Stock, par value $0.0001 per share	3.64M	Indirect
Total	5.59M	1.95M direct·3.64M indirect

Derivative Holdings3

Stock Option (right to buy)

Indirect

Underlying security

Class B Common Stock

Underlying shares

123.24K

Shares owned

N/A

Exercise price

2.24

Expiration

—

Exercise window

—

Stock Option (right to buy)

Indirect

Underlying security

Class B Common Stock

Underlying shares

41.76K

Shares owned

N/A

Exercise price

6.13

Expiration

—

Exercise window

—

Stock Option (right to buy)

Indirect

Underlying security

Class B Common Stock

Underlying shares

155.96K

Shares owned

N/A

Exercise price

6.13

Expiration

—

Exercise window

—

Total

Underlying

320.96K

Owned

0.00

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Stock Option (right to buy) Indirect	Class B Common Stock	2.24	—	—	123.24K	N/A
Stock Option (right to buy) Indirect	Class B Common Stock	6.13	—	—	41.76K	N/A
Stock Option (right to buy) Indirect	Class B Common Stock	6.13	—	—	155.96K	N/A
Total					320.96K	0.00