SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* TCFIII Spaceco SPV LP (Last) (First) (Middle) 2021 MCKINNEY AVENUE, SUITE 1200 (Street) DALLAS TX 75201 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Karman Holdings Inc. [ KRMN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/25/2025
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/25/2025		S(1)(2)		23,623,968	D	$49(1)(2)	50,450,859(1)(2)	I	See Footnotes(3)(4)
Common Stock	07/25/2025		J(1)(2)		50,450,859(1)(2)	D	$0	0(1)(2)	I	See Footnotes(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* TCFIII Spaceco SPV LP (Last) (First) (Middle) 2021 MCKINNEY AVENUE, SUITE 1200 (Street) DALLAS TX 75201 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Trive Capital Fund III LP (Last) (First) (Middle) 2021 MCKINNEY AVENUE, SUITE 1200 (Street) DALLAS TX 75201 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Former 10% holder

1. Name and Address of Reporting Person* Trive Capital Fund III-A LP (Last) (First) (Middle) 2021 MCKINNEY AVENUE, SUITE 1200 (Street) DALLAS TX 75201 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Former 10% holder

Explanation of Responses:

1. On July 25, 2025, TCFIII Spaceco SPV LP sold 20,473,968 shares of Common Stock at a price of $49.00, before deducting underwriting discounts and commissions, in connection with a registered underwritten offering and granted the underwriters a standard overallotment option for an additional 3,150,000 shares, which overallotment was exercised in full (such sale in the registered underwritten offering and overallotment option, collectively the "Secondary Offering"). Concurrent with the consummation of the Secondary Offering (the "Distribution Date"), TCFIII Spaceco SPV LP effected a distribution in-kind consisting of all shares of Common Stock held by TCFIII Spaceco SPV LP not sold in the Secondary Offering (the "Trive LP Distribution") to Trive Capital Fund III LP ("Trive Fund III") and Trive Capital Fund III-A LP ("Trive Fund III-A") for no consideration and Trive Fund III and

2. (Continued from footnote 1) Trive Fund III-A effected a pro rata distribution-in-kind of such shares of Common Stock to its partners for no consideration. If requested by any limited partner of Trive Fund III (each, a "Trive LP") in connection with the Trive LP Distribution, TCFIII Spaceco SPV LP may continue to manage the shares for such Trive LP following the Trive LP Distribution (and, as a result, TCFIII SpaceCo SPV LP may continue to have voting and dispositive power over such shares). As of the Distribution Date, TCFIII Spaceco SPV LP has no pecuniary interest in any shares of Common Stock.

3. Shares reported herein are directly held by TCFIII Spaceco SPV LP. Trive Capital Holdings LLC (which we refer to as "Trive Holdings") ultimately has voting control over TCFIII Spaceco SPV LP. Each of Messrs. Conner Searcy and Christopher Zugaro, as a manager of Trive Holdings, has voting control over Trive Holdings. As a result of the foregoing, each of Mr. Searcy, Mr. Zugaro,

4. (Continued from footnote 3) and Trive Holdings may be deemed to have beneficial ownership (as determined under Section 13(d) of the Exchange Act) of the securities directly held by TCFIII Spaceco SPV LP. Each of Trive Holdings and Messrs. Searcy and Zugaro disclaims beneficial ownership of any shares owned by TCFIII Spaceco SPV LP, except to the extent of its or his pecuniary interest therein. David Stinnett, a Partner of Trive Capital Management LLC, serves on the Board of Directors of the Issuer (the "Board"), together with John Hamilton, a Vice President of Trive Capital Management LLC.

	TCFIII Spaceco SPV LP, By: Trive Capital Fund III GP LLC, its general partner and Trive Capital Holdings LLC, its managing member, By: /s/ Conner Searcy, Managing Partner	07/29/2025
	Trive Capital Fund III LP, By: Trive Capital Fund III GP LLC, its general partner and Trive Capital Holdings LLC, its managing member, By: /s/ Conner Searcy, Managing Partner	07/29/2025
	Trive Capital Fund III-A LP, By: Trive Capital Fund III GP LLC, its general partner and Trive Capital Holdings LLC, its managing member, By: /s/ Conner Searcy, Managing Partner	07/29/2025
	** Signature of Reporting Person	Date
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