Divisadero Street Capital and affiliated filers reported beneficial ownership of 1,024,970 shares of Build-a-Bear Workshop common stock, representing 7.9% of the class. The filing also shows Divisadero Street Partners, L.P. holds 709,761 shares ( 5.5% ).
The reported holdings are shown as shared voting and dispositive power rather than sole power. The filing includes a disclaimer that each reporting person disclaims beneficial ownership except for pecuniary interest. Signatures are dated 05/15/2026.
Positive
None.
Negative
None.
Insights
Concentrated institutional stake reported: 7.9% by Divisadero entities.
The filing lists 1,024,970 shares owned by Divisadero Street Capital Management and affiliated entities, shown as shared voting and dispositive power. The ownership percentages are 7.9% and 5.5% for related entities and funds.
Filers include a disclaimer denying broader beneficial ownership beyond pecuniary interest. Subsequent filings may clarify whether these advisory-client holdings exceed 5% individually or are aggregated across advisory relationships.
Key Figures
Divisadero total holdings:1,024,970 sharesDivisadero ownership percent:7.9%Divisadero Street Partners holdings:709,761 shares+2 more
5 metrics
Divisadero total holdings1,024,970 sharesBeneficially owned by Divisadero Street Capital Management and affiliates
Divisadero ownership percent7.9%Percent of class reported for Divisadero Street Capital Management / William Zolezzi
Divisadero Street Partners holdings709,761 sharesBeneficially owned by Divisadero Street Partners, L.P.
Divisadero Street Partners percent5.5%Percent of class reported for Divisadero Street Partners, L.P.
Signature date05/15/2026Date signatures were executed on the amendment
"Amendment No. 3 ) Build-a-Bear Workshop, Inc. Common Stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Shared Voting Powerfinancial
"Shared Voting Power 1,024,970.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Beneficially ownedregulatory
"Amount beneficially owned: Divisadero Street Capital Management, LP - 1,024,970"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Disclaims beneficial ownershiplegal
"Each Reporting Person disclaims beneficial ownership"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Build-a-Bear Workshop, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
120076104
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
120076104
1
Names of Reporting Persons
Divisadero Street Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,024,970.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,024,970.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,024,970.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
120076104
1
Names of Reporting Persons
William Zolezzi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,024,970.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,024,970.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,024,970.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
120076104
1
Names of Reporting Persons
Divisadero Street Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
709,761.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
709,761.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
709,761.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
120076104
1
Names of Reporting Persons
Divisadero Street Partners GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
709,761.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
709,761.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
709,761.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
120076104
1
Names of Reporting Persons
Divisadero Street Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,024,970.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,024,970.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,024,970.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Build-a-Bear Workshop, Inc.
(b)
Address of issuer's principal executive offices:
415 South 18th Street, St. Louis, Missouri 63103
Item 2.
(a)
Name of person filing:
Divisadero Street Capital Management, LP
William Zolezzi
Divisadero Street Partners, L.P.
Divisadero Street Partners GP, LLC
Divisadero Street Capital, LLC
(b)
Address or principal business office or, if none, residence:
Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
William Zolezzi
c/o Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners, L.P.
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners GP, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Capital, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
(c)
Citizenship:
Divisadero Street Capital Management, LP - Delaware
William Zolezzi - United States
Divisadero Street Partners, L.P. - Delaware
Divisadero Street Partners GP, LLC - Delaware
Divisadero Street Capital, LLC - Delaware
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
120076104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Divisadero Street Capital Management, LP - 1,024,970
William Zolezzi - 1,024,970
Divisadero Street Partners, L.P. - 709,761
Divisadero Street Partners GP, LLC - 709,761
Divisadero Street Capital, LLC - 1,024,970
(b)
Percent of class:
Divisadero Street Capital Management, LP - 7.9%
William Zolezzi - 7.9%
Divisadero Street Partners, L.P. - 5.5%
Divisadero Street Partners GP, LLC - 5.5%
Divisadero Street Capital, LLC - 7.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(ii) Shared power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 1,024,970
William Zolezzi - 1,024,970
Divisadero Street Partners, L.P. - 709,761
Divisadero Street Partners GP, LLC -709,761
Divisadero Street Capital, LLC - 1,024,970
(iii) Sole power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(iv) Shared power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 1,024,970
William Zolezzi - 1,024,970
Divisadero Street Partners, L.P. - 709,761
Divisadero Street Partners GP, LLC - 709,761
Divisadero Street Capital, LLC - 1,024,970
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Divisadero Street Capital Management, LP
Signature:
Divisadero Street Capital, LLC, its general partner, /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
William Zolezzi
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi
Date:
05/15/2026
Divisadero Street Partners, L.P.
Signature:
Divisadero Street Partners GP, LLC, its general partner, /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Divisadero Street Partners GP, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Divisadero Street Capital, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/15/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
What stake does Divisadero Street report in Build-a-Bear (BBW)?
Divisadero Street Capital Management reports beneficial ownership of 1,024,970 shares, shown as 7.9% of common stock. The filing also shows Divisadero Street Partners, L.P. holds 709,761 shares representing 5.5%.
Does the filing show sole voting power for these shares?
No. The filing reports 0 sole voting power and lists the holdings under shared voting and dispositive power, indicating decision authority is shared among the reporting entities rather than held solely by one filer.
When was the Schedule 13G/A signature dated?
The signatures on the amendment are dated 05/15/2026. An earlier date 03/31/2026 appears on the coverline, but the executed signature pages indicate the filing was signed on 05/15/2026.
Who is William Zolezzi in this filing?
William Zolezzi is listed as a reporting person and manager signing on behalf of affiliated entities. He is shown with beneficial ownership of 1,024,970 shares and is identified as a U.S. citizen in the filing.
Are these shares owned directly by Divisadero or advisory clients?
The filing states that the securities are directly owned by advisory clients of Divisadero Street Capital Management, LP, and notes that, except for Divisadero Street Partners, L.P., individual advisory clients are not identified as owning over 5% of the class.
