X0202 SCHEDULE 13D/A 0001589943 XXXXXXXX LIVE 2 Class A Common Shares, without par value 10/06/2026 true 0001319947 250565108 Designer Brands Inc.

810 DSW DRIVE COLUMBUS OH 43219

MARK COHEN 212-543-1500 STONE HOUSE CAPITAL MANAGEMENT, LLC 1019 Kane Concourse, Suite 202 Bay Harbor Islands FL 33154 STEVE WOLOSKY & IAN ENGORON 212-451-2300 OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York NY 10019 0001589943 N Stone House Capital Management, LLC a AF N DE 0.00 5500000.00 0.00 5500000.00 5500000.00 N 12.7 IA OO 0001497279 N SH Capital Partners, L.P. a WC N DE 0.00 5500000.00 0.00 5500000.00 5500000.00 N 12.7 PN 0001591240 N Cohen Mark A. a AF N X1 0.00 5500000.00 0.00 5500000.00 5500000.00 N 12.7 IN HC Class A Common Shares, without par value Designer Brands Inc. 810 DSW DRIVE COLUMBUS OH 43219 This Amendment No. 2 to Schedule 13D is jointly filed by and on behalf of each of the Reporting Persons to amend the Schedule 13D related to the shares of Class A Common Shares, without par value (the "Shares") of Designer Brands Inc., an Ohio corporation (the "Issuer"), initially filed with the U.S. Securities and Exchange Commission on June 11, 2026, as amended on September 15, 2026 (the "Schedule 13D"). Each capitalized term used and not defined herein shall have the meaning assigned to such term in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged. Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 43,390,683 Shares outstanding as of September 3, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2026. As of the date hereof, Partners directly beneficially owned 5,500,000 Shares, constituting approximately 12.7% of the Shares outstanding. Stone House, as the general partner and investment manager of Partners, may be deemed the beneficial owner of the 5,500,000 Shares owned by Partners, constituting approximately 12.7% of the Shares outstanding. Mr. Cohen, as the managing member of Stone House, may be deemed the beneficial owner of the 5,500,000 Shares beneficially owned by Stone House, constituting approximately 12.7% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own. Item 5(c) is hereby amended and restated to read as follows: On October 6, 2026, Partners sold the 15,000 Options referencing an aggregate of 1,500,000 Shares, which had an exercise price of $10.00 per Share and were set to expire on January 15, 2027, for a price of $0.145 per Option. Item 6 is hereby amended to add the following: As previously disclosed, Partners purchased the Options referencing an aggregate of 1,500,000 Shares, which had an exercise price of $10.00 per Share and an expiration date of January 15, 2027. As described above in Item 5(c), Partners sold all of such Options on October 6, 2026 and, accordingly, Partners no longer has any exposure to such Options. Stone House Capital Management, LLC /s/ Mark Cohen 10/07/2026 SH Capital Partners, L.P. /s/ Mark Cohen 10/07/2026 Cohen Mark A. /s/ Mark Cohen 10/07/2026