A Schedule 13G filed on November 5, 2026, reveals that HRTG GPE, LLC and affiliated entities reported beneficial ownership of 25,429,032 shares of Class A common stock in Madison Air Solutions Corp, representing 9.5% of the class, as of a triggering event dated September 1, 2026.

Key Highlights

  • Filing entities: Five reporting persons are named: HRTG PV, L.P.; HRTG CIF 2026, L.P.; HRTG GPE, LLC; Kevin Anthony Kelly; and Keith Bryon Johnson.
  • Combined beneficial ownership: HRTG GPE, LLC, Kevin Anthony Kelly, and Keith Bryon Johnson each report aggregate beneficial ownership of 25,429,032 shares, or 9.5% of Class A common stock outstanding.
  • Direct holdings split: 20,423,025 shares are directly owned by HRTG PV, L.P. (7.6%), and 5,006,007 shares are directly owned by HRTG CIF 2026, L.P. (1.9%).
  • No sole voting or dispositive power: All reported shares are held with shared voting and shared dispositive power; sole voting and sole dispositive power are each reported as 0 for all reporting persons.
  • Share count basis: The 9.5% figure is based on 267,450,883 total shares outstanding, which includes 177,342,753 shares as of July 28, 2026, and 90,108,130 shares issued in a private placement reported on August 25, 2026.
  • Beneficial ownership disclaimer: According to the filing, "Each of HRTG, Mr. Johnson and Mr. Kelly disclaims beneficial ownership of the securities held directly by HRTG PV and HRTG CIF 2026, except to the extent of such person's pecuniary interest therein, if any."

HRTG Group's Reported Position in Madison Air Solutions Class A Shares

According to the Schedule 13G filed with the SEC, the triggering event for this filing occurred on September 1, 2026. The filing covers Class A common stock of Madison Air Solutions Corp (CUSIP 55658T105), with the issuer's principal executive offices listed at 444 West Lake Street, Suite 4460, Chicago, Illinois 60606. The reporting persons' address is listed as 5237 HHR Ranch Rd, Suite 2, Wilson, WY 83014.

The filing discloses that HRTG GPE, LLC serves as the general partner of both HRTG PV, L.P. and HRTG CIF 2026, L.P. Kevin Anthony Kelly and Keith Bryon Johnson each serve as Managing Members of HRTG GPE, LLC, according to the filing. Because of this structure, HRTG GPE, Kelly, and Johnson each report the same aggregate beneficial ownership figure of 25,429,032 shares, representing 9.5% of the class, all on a shared voting and shared dispositive basis.

The total share count used to calculate the ownership percentage, 267,450,883 shares, reflects two components described in the filing: 177,342,753 shares of Class A common stock reported by the issuer in its Form 10-Q for the quarter ended June 30, 2026, filed July 30, 2026, and 90,108,130 shares issued in a private placement as reported in a Form 8-K filed August 25, 2026. All three entity-type reporting persons are organized in Delaware; Kelly and Johnson are identified as United States citizens.

What Was Disclosed

A Schedule 13G was filed disclosing that HRTG-affiliated entities and their two Managing Members collectively report beneficial ownership of 25,429,032 shares of Madison Air Solutions Corp Class A common stock, equal to 9.5% of the class, based on a September 1, 2026 triggering event.