<SEC-DOCUMENT>0000905148-26-001097.txt : 20260302
<SEC-HEADER>0000905148-26-001097.hdr.sgml : 20260302
<ACCEPTANCE-DATETIME>20260302172727
ACCESSION NUMBER:		0000905148-26-001097
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260226
FILED AS OF DATE:		20260302
DATE AS OF CHANGE:		20260302

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ISQ Holdings, LLC
		CENTRAL INDEX KEY:			0001904413
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38048
		FILM NUMBER:		26709588

	BUSINESS ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067
		BUSINESS PHONE:		786-693-5700

	MAIL ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			I Squared Capital, LLC
		CENTRAL INDEX KEY:			0001904404
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38048
		FILM NUMBER:		26709589

	BUSINESS ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067
		BUSINESS PHONE:		786-693-5700

	MAIL ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wahba Sadek
		CENTRAL INDEX KEY:			0002020905
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38048
		FILM NUMBER:		26709587

	MAIL ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ISQ Global Fund II GP LLC
		CENTRAL INDEX KEY:			0001904934
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38048
		FILM NUMBER:		26709590

	BUSINESS ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067
		BUSINESS PHONE:		786-693-5700

	MAIL ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bhandari Gautam
		CENTRAL INDEX KEY:			0002020876
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38048
		FILM NUMBER:		26709586

	MAIL ADDRESS:	
		STREET 1:		600 BRICKELL AVENUE
		STREET 2:		PENTHOUSE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131-3067

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kinetik Holdings Inc.
		CENTRAL INDEX KEY:			0001692787
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				814675947
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2700 POST OAK BLVD.
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-621-7330

	MAIL ADDRESS:	
		STREET 1:		2700 POST OAK BLVD.
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Altus Midstream Co
		DATE OF NAME CHANGE:	20181113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kayne Anderson Acquisition Corp
		DATE OF NAME CHANGE:	20161220
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-02-26</periodOfReport>

    <issuer>
        <issuerCik>0001692787</issuerCik>
        <issuerName>Kinetik Holdings Inc.</issuerName>
        <issuerTradingSymbol>KNTK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001904934</rptOwnerCik>
            <rptOwnerName>ISQ Global Fund II GP LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 BRICKELL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>PENTHOUSE</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131-3067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001904404</rptOwnerCik>
            <rptOwnerName>I Squared Capital, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 BRICKELL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>PENTHOUSE</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131-3067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001904413</rptOwnerCik>
            <rptOwnerName>ISQ Holdings, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 BRICKELL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>PENTHOUSE</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131-3067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002020905</rptOwnerCik>
            <rptOwnerName>Wahba Sadek</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 BRICKELL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>PENTHOUSE</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131-3067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002020876</rptOwnerCik>
            <rptOwnerName>Bhandari Gautam</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 BRICKELL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>PENTHOUSE</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131-3067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-02-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4000001</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Explanation of Responses</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-02-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>44.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Explanation of Responses</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Kinetik Holdings Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-02-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18569492</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Explanation of Responses</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Securities issued pursuant to and in connection with a contribution agreement (the &quot;Contribution Agreement&quot;), dated October 21, 2021, by and among Kinetik Holdings Inc., a Delaware corporation (f/k/a Altus Midstream Company, the &quot;Issuer&quot;), Kinetik Holdings LP, a Delaware limited partnership (f/k/a Altus Midstream LP, the &quot;Partnership&quot;), BCP Raptor Holdco, LP, a Delaware limited partnership, and New BCP Raptor Holdco, LLC, a Delaware limited liability company.</footnote>
        <footnote id="F2">The term &quot;Kinetik Holdings Units&quot; is used herein to represent common units representing limited partnership interests in the Partnership (&quot;Partnership Common Units&quot;) and an equal number of paired shares of Class C Common Stock of the Issuer. The terms of the Third Amended and Restated Agreement of Limited Partnership of the Partnership provide that each holder of Partnership Common Units (other than the Issuer) generally has the right to cause the Partnership to redeem all or a portion of its Partnership Common Units (the &quot;Redemption Right&quot;) in exchange for shares of Class A Common Stock of the Issuer or, at the Partnership's election, an equivalent amount of cash. In connection with any redemption of Partnership Common Units pursuant to the Redemption Right, the corresponding number of shares of the Class C Common Stock will be cancelled. The Partnership Common Units and the right to exercise the Redemption Right have no expiration date.</footnote>
        <footnote id="F3">The securities are directly held by Buzzard Midstream LLC. ISQ Global Fund II GP, LLC (&quot;Fund II GP&quot;) is the general partner of the members of the indirect owners of Buzzard Midstream LLC and, in such capacity, exercises voting and investment power over the securities directly held by Buzzard Midstream LLC. I Squared Capital, LLC (&quot;I Squared Capital&quot;) is the sole member of Fund II GP. ISQ Holdings, LLC (&quot;ISQ Holdings&quot;) is the managing member of I Squared Capital. Each of Sadek Wahba and Gautam Bhandari is a member of ISQ Holdings and disclaims beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>ISQ Global Fund II GP, LLC, By: /s/ Gautam Bhandari, Director</signatureName>
        <signatureDate>2026-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>I Squared Capital, LLC, By: ISQ Holdings, LLC, its managing member, By: /s/ Gautam Bhandari, Manager</signatureName>
        <signatureDate>2026-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>ISQ Holdings, LLC, By: /s/ Gautam Bhandari, Manager</signatureName>
        <signatureDate>2026-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Sadek Wahba</signatureName>
        <signatureDate>2026-03-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Gautam Bhandari</signatureName>
        <signatureDate>2026-03-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
