SCHEDULE 13G/A 0001589943 XXXXXXXX LIVE 3 Class A Common Shares, without par value 03/31/2025 0001319947 Designer Brands Inc. 250565108 810 DSW Drive Columbus OH 43219 Rule 13d-1(c) Stone House Capital Management, LLC DE 0 7000000 0 7000000 7000000 N 17.4 OO IA The figures in Items 6, 8, and 9 include 1,500,000 Class A Common Shares, without par value ("Common Stock") of Designer Brands Inc. (the "Issuer") that may be acquired by the Reporting Persons within 60 days upon the exercise of call options (the "Options") to purchase Common Stock of the Issuer. The figure in Item 11 is based upon 40,242,472 shares of Common Stock of the Issuer outstanding as of March 17, 2025, as disclosed in the Issuer's annual report on Form 10-K for the fiscal year ended February 1, 2025, filed with the U.S. Securities and Exchange Commission on March 24, 2025. SH Capital Partners, L.P. DE 0 7000000 0 7000000 7000000 N 17.4 PN The figures in Items 6, 8, and 9 include 1,500,000 shares of Common Stock that may be acquired by the Reporting Persons within 60 days upon the exercise of the Options. The figure in Item 11 is based upon 40,242,472 shares of Common Stock of the Issuer outstanding as of March 17, 2025, as disclosed in the Issuer's annual report on Form 10-K for the fiscal year ended February 1, 2025, filed with the U.S. Securities and Exchange Commission on March 24, 2025. Mark Cohen X1 0 7000000 0 7000000 7000000 N 17.4 IN HC The figures in Items 6, 8, and 9 include 1,500,000 shares of Common Stock that may be acquired by the Reporting Persons within 60 days upon the exercise of the Options. The figure in Item 11 is based upon 40,242,472 shares of Common Stock of the Issuer outstanding as of March 17, 2025, as disclosed in the Issuer's annual report on Form 10-K for the fiscal year ended February 1, 2025, filed with the U.S. Securities and Exchange Commission on March 24, 2025. Designer Brands Inc. 810 DSW Drive, Columbus, Ohio, 43219 This statement is jointly filed by and on behalf of each of Stone House Capital Management, LLC ("Stone House"), SH Capital Partners, L.P. ("Partners"), and Mark Cohen (collectively referred to herein as "Reporting Persons"). Partners is the record and direct beneficial owner of the securities covered by this statement. Stone House is the general partner and investment manager of, and may be deemed to beneficially own securities owned by, Partners. Mr. Cohen is the managing member of, and may be deemed to beneficially own securities owned by, Stone House. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each of the reporting persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer. The address of the principal business office of each of the reporting persons is c/o Stone House Capital Management, LLC, 1019 Kane Concourse, Suite 202, Bay Harbor Islands, Florida 33154. See Item 4 on the cover page(s) hereto. Y See Item 9 on the cover page(s) hereto. See Item 11 on the cover page(s) hereto. See Item 5 on the cover page(s) hereto. See Item 6 on the cover page(s) hereto. See Item 7 on the cover page(s) hereto. See Item 8 on the cover page(s) hereto. 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. Stone House Capital Management, LLC /s/ Mark Cohen 05/15/2025 SH Capital Partners, L.P. /s/ Mark Cohen 05/15/2025 Mark Cohen /s/ Mark Cohen 05/15/2025 Exhibit Information Joint Filing Agreement (incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on September 17, 2024, by the Reporting Persons with the SEC)