X0202 SCHEDULE 13G 0001426486 XXXXXXXX LIVE Common Stock, par value $0.01 per share 07/23/2026 0000912728 Forward Air Corporation 34986A104 3200 Olympus Boulevard Suite 300 Dallas TX 75019 Rule 13d-1(c) FFI Fund Ltd. b E9 0 1127575 0 1127575 1127575 N 3.6 OO Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026. FYI Ltd. b E9 0 238032 0 238032 238032 N 0.8 OO Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026. Olifant Fund, Ltd. b E9 0 242898 0 242898 242898 N 0.8 OO Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026. Bracebridge Capital, LLC b DE 0 1608505 0 1608505 1608505 N 5.1 OO IA Row 11. Based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026. Forward Air Corporation 3200 Olympus Boulevard, Suite 300, Dallas, TX, 75019 This joint statement on Schedule 13G is being filed by FFI Fund Ltd. ("FFI"), FYI Ltd. ("FYI"), Olifant Fund, Ltd. ("Olifant" and collectively with FFI and FYI, the "Funds"), and Bracebridge Capital, LLC (the "Investment Manager"), who are collectively referred to as the "Reporting Persons." The Investment Manager is the investment manager of each of the Funds. The Reporting Persons have entered into a Joint Filing Agreement, dated as of July 29, 2026, a copy of which is filed with this Schedule 13G as Exhibit 99.1 (which is incorporated herein by reference), pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act. Each of the Funds has the power to vote and dispose of the shares of Common Stock beneficially owned by such entity, and each of the Funds expressly disclaims beneficial ownership of any shares of Common Stock not owned directly by it except to the extent of any pecuniary interest therein. The Investment Manager, as the investment manager of each of the Funds, has the authority to vote and dispose of all of the shares of Common Stock reported in this Schedule 13G, but expressly disclaims beneficial ownership of any shares of Common Stock except to the extent of its pecuniary interest therein. The principal business office of the Reporting Persons is 888 Boylston Street, 15th Floor, Boston, Massachusetts 02199. The Investment Manager is a Delaware limited liability company. Each of the Funds is a Cayman Islands exempted company. Y As of the date hereof, the Reporting Persons, in the aggregate, may be deemed to beneficially own 1,608,505 shares of Common Stock. The shares of Common Stock are directly beneficially owned as follows: (i) the 1,127,575 shares of Common Stock owned directly by FFI, (ii) the 238,032 shares of Common Stock owned directly by FYI, and (iii) the 242,898 shares of Common Stock owned directly by Olifant. As of the date hereof, the Reporting Persons, in the aggregate, may be deemed the beneficial owner of approximately 5.1% of shares of Common Stock outstanding, which amount includes (i) 3.6% directly owned by FFI, (ii) 0.8% directly owned by FYI, and (iii) 0.8% directly owned by Olifant. The percentage of shares of Common Stock beneficially owned by each Reporting Person is based on a total of 31,625,046 shares of Common Stock outstanding as of April 29, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026. 0 FFI : 1,127,575 FYI : 238,032 Olifant: 242,898 The Investment Manager: 1,608,505 0 FFI : 1,127,575 FYI : 238,032 Olifant: 242,898 The Investment Manager: 1,608,505 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. FFI Fund Ltd. /s/ John N. Spinney, Jr. 07/28/2026 FYI Ltd. /s/ John N. Spinney, Jr. 07/28/2026 Olifant Fund, Ltd. /s/ John N. Spinney, Jr 07/28/2026 Bracebridge Capital, LLC /s/ John N. Spinney, Jr. 07/28/2026