Travis W. Cocke, managing member of Voss Capital, L.P., disclosed an 18.2% stake in Xponential Fitness, Inc.’s Class A common stock. He filed a Schedule 13D on Mar. 04, 2026 after Voss issued an open letter to the board. The move signals an activist push to unlock value at Club Pilates and review options for the whole company.
Investor Intent
Cocke and Voss urged Xponential Fitness to start a formal process to explore strategic alternatives. They asked the board to “retain independent financial advisors and form a committee of independent directors” to run the review, “including a potential sale” of the company.
Voss argued that Club Pilates is the crown jewel and said, “Club Pilates alone is worth more than the current enterprise value” of Xponential Fitness. The group also signaled it may buy or sell shares and engage with other shareholders, potential buyers, and the board as it pushes for changes.
Investor’s Background
Voss Capital, L.P. is a Houston-based investment manager that oversees Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, and separately managed accounts. The firm, led by founder Travis W. Cocke, focuses on concentrated, value-driven and special situation investments, often with an activist approach. Cocke serves as managing member of Voss Capital and Voss Advisors GP, which oversee the funds named in the filing.
Original SEC Filing: Xponential Fitness, Inc. [ XPOF ] – SCHEDULE 13D – Mar. 04, 2026
Disclaimer
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.
