SCHEDULE 13G/A 0001514334 XXXXXXXX LIVE 4 Class A Common Stock, Par Value $0.0001 per share 12/31/2025 0001802156 Xponential Fitness, Inc. 98422X101 17877 Von Karman Ave Suite 100 Irvine CA 92614 Rule 13d-1(c) MSD Partners, L.P. b DE 0 1655390 0 1655390 1655390 N 4.7 PN MSD Credit Opportunity Master Fund, L.P. b E9 0 105000 0 105000 105000 N 0.3 PN MSD Special Investments Fund, L.P. b DE 0 155727 0 155727 155727 N 0.4 PN MSD SIF Holdings, L.P. b DE 0 78335 0 78335 78335 N 0.2 PN MSD Special Investments Fund II, L.P. b DE 0 843285 0 843285 843285 N 2.4 PN MSD SIF Holdings II, L.P. b DE 0 473043 0 473043 473043 N 1.3 PN MSD PCOFMAS2 SPV, LLC b DE 0 0 0 0 0 N 0.0 OO MSD Private Credit Opportunity Master Fund, L.P. b E9 0 0 0 0 0 N 0.0 PN MSD PCOF1 - BC, LLC b DE 0 0 0 0 0 N 0.0 OO MSD PCOF2 - BC2, LLC b DE 0 0 0 0 0 N 0.0 OO MSD PCOF1 - PC, LLC b DE 0 0 0 0 0 N 0.0 OO MSD SBAFLA SPV, LLC b DE 0 0 0 0 0 N 0.0 OO Gregg R. Lemkau b X1 0 339062 0 339062 339062 N 1.0 IN Byron D. Trott b X1 0 1316328 0 1316328 1316328 N 3.7 IN Xponential Fitness, Inc. 17877 Von Karman Ave, Suite 100, Irvine, CA, 92614 This Schedule 13G is being jointly filed by and on behalf of each of MSD Partners, L.P. ("MSD Partners"), MSD Credit Opportunity Master Fund, L.P. ("MSD Credit Opportunity Master Fund"), MSD Special Investments Fund, L.P. ("MSD Special Investments Fund"), MSD SIF Holdings, L.P. ("MSD SIF Holdings"), MSD Special Investments Fund II, L.P. ("MSD Special Investments Fund II"), MSD SIF Holdings II, L.P. ("MSD SIF Holdings II"), MSD PCOFMAS2 SPV, LLC ("MSD PCOFMAS2 SPV"), MSD Private Credit Opportunity Master Fund, L.P. ("MSD Private Credit Opportunity Master Fund"), MSD PCOF1 - BC, LLC ("MSD PCOF1 - BC"), MSD PCOF2 - BC2, LLC ("MSD PCOF2"), MSD PCOF1 - PC, LLC ("MSD PCOF1 - PC"), MSD SBAFLA SPV, LLC ("MSD SBAFLA SPV"), Gregg R. Lemkau and Byron D. Trott (collectively, the "Reporting Persons"). MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, MSD SIF Holdings II, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, and MSD SBAFLA SPV (collectively, the "MSD Funds") are the direct owners of the securities covered by this statement. MSD Partners, a wholly-owned subsidiary of BDT & MSD Holdings, L.P. ("BDT & MSD"), is the investment manager of, and may be deemed to beneficially own the securities beneficially owned by, the MSD Funds. Messrs. Lemkau and Trott are co-CEOs of BDT & MSD; Mr. Trott also serves as Chairman of BDT & MSD. Mr. Lemkau maintains investment discretion over the investments in the Issuer of MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, and MSD SBAFLA SPV and therefore may be deemed to beneficially own the Issuer's securities beneficially owned by them. Mr. Trott maintains investment discretion over the investments in the Issuer of MSD Special Investments Fund II and MSD SIF Holdings II, and therefore may be deemed to beneficially own the Issuer's securities beneficially owned by them. The Reporting Persons have entered into a Joint Filing Agreement, dated February 17, 2026, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. Neither the filing of this statement nor anything herein shall be construed as an admission that any person other than the Reporting Persons 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. The principal business address of MSD Partners, MSD Credit Opportunity Master Fund, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, MSD SIF Holdings II, MSD PCOFMAS2 SPV, MSD Private Credit Opportunity Master Fund, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC, MSD SBAFLA SPV and Gregg R. Lemkau is 550 Madison Ave, 20th Floor, New York, NY 10022. The principal business address of Byron D. Trott is 340 Royal Palm Way, Suite 300, Palm Beach, FL 33480. MSD Partners, MSD Special Investments Fund, MSD SIF Holdings, MSD Special Investments Fund II, and MSD SIF Holdings II are each organized as limited partnerships under the laws of the State of Delaware. MSD PCOFMAS2 SPV, MSD PCOF1 - BC, MSD PCOF2, MSD PCOF1 - PC and MSD SBAFLA SPV are each organized as limited liability companies under the laws of the State of Delaware. MSD Credit Opportunity Master Fund and MSD Private Credit Opportunity Master Fund are each organized as exempted limited partnerships under the laws of the Cayman Islands. Mr. Lemkau and Mr. Trott are United States citizens. Y MSD Partners: 1,655,390 MSD Credit Opportunity Master Fund: 105,000 MSD Special Investments Fund: 155,727 MSD SIF Holdings: 78,335 MSD Special Investments Fund II: 843,285 MSD SIF Holdings II: 473,043 MSD PCOFMAS2 SPV: 0 MSD Private Credit Opportunity Master Fund: 0 MSD PCOF1 - BC: 0 MSD PCOF2 - BC: 0 MSD PCOF1 - PC: 0 MSD SBAFLA SPV: 0 Gregg R. Lemkau: 339,062 Byron D. Trott: 1,316,328 The percentages provided herein are calculated based upon 35,169,000 shares of the Issuer's Class A Common Stock outstanding as of October 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025. MSD Partners: 4.7% MSD Credit Opportunity Master Fund: 0.3% MSD Special Investments Fund: 0.4% MSD SIF Holdings: 0.2% MSD Special Investments Fund II: 2.4% MSD SIF Holdings II: 1.3% MSD PCOFMAS2 SPV: 0.0% MSD Private Credit Opportunity Master Fund: 0.0% MSD PCOF1 - BC: 0.0% MSD PCOF2 - BC: 0.0% MSD PCOF1 - PC: 0.0% MSD SBAFLA SPV: 0.0% Gregg R. Lemkau: 1.0% Byron D. Trott: 3.7% MSD Partners: 0 MSD Credit Opportunity Master Fund: 0 MSD Special Investments Fund: 0 MSD SIF Holdings: 0 MSD Special Investments Fund II: 0 MSD SIF Holdings II: 0 MSD PCOFMAS2 SPV: 0 MSD Private Credit Opportunity Master Fund: 0 MSD PCOF1 - BC: 0 MSD PCOF2 - BC: 0 MSD PCOF1 - PC: 0 MSD SBAFLA SPV: 0 Gregg R. Lemkau: 0 Byron D. Trott: 0 MSD Partners: 1,655,390 MSD Credit Opportunity Master Fund: 105,000 MSD Special Investments Fund: 155,727 MSD SIF Holdings: 78,335 MSD Special Investments Fund II: 843,285 MSD SIF Holdings II: 473,043 MSD PCOFMAS2 SPV: 0 MSD Private Credit Opportunity Master Fund: 0 MSD PCOF1 - BC: 0 MSD PCOF2 - BC: 0 MSD PCOF1 - PC: 0 MSD SBAFLA SPV: 0 Gregg R. Lemkau: 339,062 Byron D. Trott: 1,316,328 MSD Partners: 0 MSD Credit Opportunity Master Fund: 0 MSD Special Investments Fund: 0 MSD SIF Holdings: 0 MSD Special Investments Fund II: 0 MSD SIF Holdings II: 0 MSD PCOFMAS2 SPV: 0 MSD Private Credit Opportunity Master Fund: 0 MSD PCOF1 - BC: 0 MSD PCOF2 - BC: 0 MSD PCOF1 - PC: 0 MSD SBAFLA SPV: 0 Gregg R. Lemkau: 0 Byron D. Trott: 0 MSD Partners: 1,655,390 MSD Credit Opportunity Master Fund: 105,000 MSD Special Investments Fund: 155,727 MSD SIF Holdings: 78,335 MSD Special Investments Fund II: 843,285 MSD SIF Holdings II: 473,043 MSD PCOFMAS2 SPV: 0 MSD Private Credit Opportunity Master Fund: 0 MSD PCOF1 - BC: 0 MSD PCOF2 - BC: 0 MSD PCOF1 - PC: 0 MSD SBAFLA SPV: 0 Gregg R. Lemkau: 339,062 Byron D. Trott: 1,316,328 N 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. EXHIBIT INDEX Exhibit Description of Exhibit Exhibit 99.1 Joint Filing Agreement dated February 17, 2026. MSD Partners, L.P. /s/ Robert K. Simonds 02/17/2026 MSD Credit Opportunity Master Fund, L.P. /s/ Robert K. Simonds 02/17/2026 MSD Special Investments Fund, L.P. /s/ Robert K. Simonds 02/17/2026 MSD SIF Holdings, L.P. /s/ Robert K. Simonds 02/17/2026 MSD Special Investments Fund II, L.P. /s/ Robert K. Simonds 02/17/2026 MSD SIF Holdings II, L.P. /s/ Robert K. Simonds 02/17/2026 MSD PCOFMAS2 SPV, LLC /s/ Robert K. Simonds 02/17/2026 MSD Private Credit Opportunity Master Fund, L.P. /s/ Robert K. Simonds 02/17/2026 MSD PCOF1 - BC, LLC /s/ Robert K. Simonds 02/17/2026 MSD PCOF2 - BC2, LLC /s/ Robert K. Simonds 02/17/2026 MSD PCOF1 - PC, LLC /s/ Robert K. Simonds 02/17/2026 MSD SBAFLA SPV, LLC /s/ Robert K. Simonds 02/17/2026 Gregg R. Lemkau /s/ Gregg R. Lemkau 02/17/2026 Byron D. Trott /s/ Byron D. Trott 02/17/2026