BJs Restaurants (BJRI) PW Partners group trims stake to 2.6%

Rhea-AI Filing Summary

PW Partners and Patrick Walsh filed an amended Schedule 13D on BJs Restaurants after substantial share sales reduced their stake below five percent. The group now reports beneficial ownership of 550,701 Common Shares, or about 2.6% of the 21,197,187 shares outstanding as of February 25, 2026. Recent activity includes large open-market sales by PW Partners Atlas Fund IV LP in June 2026 at average prices around $53–$55 per share and multiple sales by Patrick Walsh, some tied to equity compensation vesting and option exercises. Following these transactions, the reporting persons state they have no current plans for corporate actions but reserve the right to change their intentions.

Insights

Event-driven equities analyst

Activist-related holder trims BJs Restaurants stake to a sub-5% level.

PW Partners and Patrick Walsh report owning 550,701 BJs Restaurants Common Shares, or about 2.6% of outstanding stock, after a series of open-market sales and compensation-related disposals in May and June 2026.

The filing shows sizable sales by PW Partners Atlas Fund IV LP, including 413,670 shares at an average of 54.0635 per share, and multiple transactions by Walsh linked to vested restricted stock units and option exercises. These actions reduced the group’s holding below the 5% Schedule 13D reporting threshold.

The group indicates the sales were made in the ordinary course of managing its investment and states no present plans for major corporate actions at the issuer. Future filings or public communications would be needed to signal any renewed activism or strategy shift.

Key Figures

Beneficial ownership: 550,701 Common Shares (2.6%) Shares outstanding: 21,197,187 Common Shares Atlas Fund IV large sale: 413,670 shares at 54.0635 per share +3 more

6 metrics

Beneficial ownership 550,701 Common Shares (2.6%) Aggregate stake reported by PW Partners entities and Patrick Walsh

Shares outstanding 21,197,187 Common Shares Issuer’s shares outstanding as of February 25, 2026

Atlas Fund IV large sale 413,670 shares at 54.0635 per share PW Partners Atlas Fund IV LP sale on or about June 20, 2026

Walsh major sale 40,000 shares at 54.466758 per share Patrick Walsh sale on or about June 24, 2026

PW Partners, LLC holding 530,000 Common Shares Shares held directly by PW Partners, LLC

Walsh direct holding 20,201 Common Shares Shares held directly by Patrick Walsh

Key Terms

beneficially own, open market transactions, equity compensation arrangements, restricted stock units, +1 more

5 terms

beneficially own financial

"Atlas Fund IV (as defined below) beneficially owns 0 Common Shares."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

open market transactions financial

"sales of Common Shares of the Issuer in open market transactions as described in Item 5(c)"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

equity compensation arrangements financial

"in connection with equity compensation arrangements, Mr. Walsh sold an aggregate of approximately 20,532 Common Shares"

restricted stock units financial

"at prices ranging from approximately 53.52 to 54.33 per share in connection with the vesting and disposition of restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

same day exercise and sale of stock options financial

"sold 8,805 Common Shares at a price of 53.375 per share in connection with a same day exercise and sale of stock options."

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Available on EDGAR 07/01/2026 - 10:26 AM Accepted by SEC EDGAR 07/01/2026 - 10:26 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

BJs RESTAURANTS INC

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

09180C106

(CUSIP Number)

Patrick Walsh
4300 S US-1,
Jupiter, FL, 33477
(612) 632-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/24/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

PW Partners Atlas Fund IV LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Atlas Fund IV (as defined below) beneficially owns 0 Common Shares. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuers Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

PW Partners Atlas Fund LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 500.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 500.00

11

Aggregate amount beneficially owned by each reporting person

500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Atlas Fund LP (as defined below) beneficially owns an aggregate of 500 Common Shares, consisting of Common Shares held in record name. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer Annual Report on Form 10-K filed with the SEC.

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

PW Partners Atlas Funds, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 500.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 500.00

11

Aggregate amount beneficially owned by each reporting person

500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

By virtue of being the general partner of Atlas Fund LP (as defined below), Atlas Fund GP (as defined below) may be deemed to beneficially own the Common Shares owned directly by Atlas Fund LP. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer Annual Report on Form 10-K filed with the SEC.

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

PW Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 530,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 530,000.00

11

Aggregate amount beneficially owned by each reporting person

530,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

PW Partners, LLC beneficially owns an aggregate of 530,000 Common Shares. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer Annual Report on Form 10-K filed with the SEC.

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

PW Partners Capital Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 20,201.00
8	Shared Voting Power 530,000.00
9	Sole Dispositive Power 20,201.00
10	Shared Dispositive Power 530,500.00

11

Aggregate amount beneficially owned by each reporting person

550,701.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

By virtue of being the investment manager of each of Atlas Fund LP (as defined below) and PW Partners, LLC, PW Partners Capital Management LLC (as defined below) may be deemed to beneficially own the Common Shares owned directly by Atlas Fund LP and PW Partners, LLC, aggregating 530,500 Common Shares. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer Annual Report on Form 10-K filed with the SEC.

SCHEDULE 13D

CUSIP Number(s): 09180C106

1

Name of reporting person

Walsh Patrick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 20,201.00
8	Shared Voting Power 530,500.00
9	Sole Dispositive Power 20,201.00
10	Shared Dispositive Power 530,500.00

11

Aggregate amount beneficially owned by each reporting person

550,701.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

By virtue of being the Managing Member and Chief Executive Officer of each of PW Partners, LLC and PW Partners Capital Management LLC and the Managing Member of Atlas Fund GP (as defined below), Mr. Walsh may be deemed to beneficially own the Common Shares owned directly by Atlas Fund LP and PW Partners, LLC. Mr. Walsh beneficially owns an aggregate of 550,701 Common Shares, consisting of (i) 20,201 Common Shares held directly by him and (ii) 530,500 Common Shares beneficially owned through such entities. All percentage calculations set forth herein are based upon the aggregate of 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer Annual Report on Form 10-K filed with the SEC.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: BJs RESTAURANTS INC
(c)	Address of Issuer's Principal Executive Offices: 7755 CENTER AVENUE, SUITE 300, HUNTINGTON BEACH, CALIFORNIA , 92647.
Item 2.	Identity and Background
(a)	Patrick Dennis Walsh
(b)	c/o PW Partners Capital Management LLC 4300 S US-1 Jupiter, Florida 33477
(c)	Mr. Walsh serves as the Managing Member and Chief Executive Officer of PW Partners, LLC and PW Partners Capital Management LLC, which are investment management firms. The principal business address of each such entity is 4300 S US-1, Jupiter, Florida 33477.
(d)	No.
(e)	No.
(f)	United States of America
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented as follows: During the past sixty days, the Reporting Persons effected sales of Common Shares of the Issuer in open market transactions as described in Item 5(c) of this Amendment and received proceeds from such sales.
Item 4.	Purpose of Transaction
	The Reporting Persons have engaged in transactions in the Common Shares of the Issuer as described in Item 5(c) of this Amendment. Such transactions consist primarily of sales of Common Shares effected in the ordinary course of managing the Reporting Persons investment in the Issuer. As a result of the transactions described herein, including the sales described in Item 5(c), the Reporting Persons have reduced their beneficial ownership of the Common Shares of the Issuer to below five percent of the outstanding Common Shares. Other than as described herein, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the matters described in clauses (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to formulate plans or proposals in the future with respect to the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons may be deemed to beneficially own an aggregate of 550,701 Common Shares, including 500 Common Shares held directly by PW Partners Atlas Fund LP, 530,000 Common Shares held directly by PW Partners, LLC, and 20,201 Common Shares held directly by Patrick Walsh. Such Common Shares represent approximately 2.6 percent of the outstanding Common Shares, based on 21,197,187 Common Shares outstanding as of February 25, 2026, as reported in the Issuer most recent Annual Report on Form 10-K.
(b)	The Reporting Persons have the following voting and dispositive power with respect to the Common Shares: PW Partners Atlas Fund IV LP Sole voting power: 0 Shared voting power: 0 Sole dispositive power: 0 Shared dispositive power: 0 PW Partners Atlas Fund LP Sole voting power: 0 Shared voting power: 500 Sole dispositive power: 0 Shared dispositive power: 500 PW Partners Atlas Funds, LLC Sole voting power: 0 Shared voting power: 500 Sole dispositive power: 0 Shared dispositive power: 500 PW Partners, LLC Sole voting power: 0 Shared voting power: 530,000 Sole dispositive power: 0 Shared dispositive power: 530,000 PW Partners Capital Management LLC Sole voting power: 0 Shared voting power: 530,500 Sole dispositive power: 0 Shared dispositive power: 530,500 Patrick Walsh Sole voting power: 20,201 Shared voting power: 530,500 Sole dispositive power: 20,201 Shared dispositive power: 530,500
(c)	All transactions in Common Shares effected during the past sixty days by the Reporting Persons are set forth below. Unless otherwise indicated, such transactions were effected in the open market through a broker acting as agent and were unsolicited. PW Partners Atlas Fund IV LP On or about June 18, 2026, PW Partners Atlas Fund IV LP sold 38,105 Common Shares at an average price of 54.5942 per share. On or about June 19, 2026, PW Partners Atlas Fund IV LP sold 16,225 Common Shares at an average price of 53.3401 per share. On or about June 20, 2026, PW Partners Atlas Fund IV LP sold 413,670 Common Shares at an average price of 54.0635 per share. PW Partners Atlas Fund LP On or about May 1, 2026, PW Partners Atlas Fund LP sold 1,000 Common Shares at an average price of 37.7801 per share. On or about May 14, 2026, PW Partners Atlas Fund LP sold 6,000 Common Shares at an average price of 42.8978 per share. On or about May 15, 2026, PW Partners Atlas Fund LP sold 2,000 Common Shares at an average price of 41.8009 per share. On or about May 16, 2026, PW Partners Atlas Fund LP sold 1,000 Common Shares at an average price of 41.5050 per share. On or about May 19, 2026, PW Partners Atlas Fund LP sold 2,000 Common Shares at an average price of 41.7735 per share. On or about June 3, 2026, PW Partners Atlas Fund LP sold 1,000 Common Shares at an average price of 44.1541 per share. On or about June 4, 2026, PW Partners Atlas Fund LP sold 1,500 Common Shares at an average price of 44.1485 per share. Patrick Walsh On or about June 24, 2026, Mr. Walsh sold 40,000 Common Shares at an average price of 54.466758 per share. On or about June 24, 2026, Mr. Walsh sold an aggregate of 1,400 Common Shares at prices ranging from approximately 53.68 to 54.055 per share, and purchased 100 Common Shares at a price of approximately 53.3652 per share. On June 10, 2026, Mr. Walsh sold an aggregate of 200 Common Shares at prices ranging from approximately 48.415 to 48.4462 per share. On June 9, 2026, Mr. Walsh sold 100 Common Shares at a price of approximately 44.9601 per share. On June 4, 2026, Mr. Walsh sold 200 Common Shares at a price of approximately 44.2862 per share. On May 19, 2026, Mr. Walsh sold 500 Common Shares at a price of approximately 41.6101 per share. Between May 8, 2026 and May 15, 2026, Mr. Walsh sold an aggregate of 4,000 Common Shares at prices ranging from approximately 41.5084 to 42.84 per share. On June 24, 2026, in connection with equity compensation arrangements, Mr. Walsh sold an aggregate of approximately 20,532 Common Shares at prices ranging from approximately 53.52 to 54.33 per share in connection with the vesting and disposition of restricted stock units. On June 23, 2026, Mr. Walsh sold 8,805 Common Shares at a price of 53.375 per share in connection with a same day exercise and sale of stock options. The foregoing transactions were effected in the ordinary course of trading or, where applicable, pursuant to the Issuer equity compensation arrangements. The prices set forth above reflect weighted average prices where applicable. The Reporting Persons undertake to provide to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased or sold at each separate price.
(d)	No person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares beneficially owned by the Reporting Persons, except to the extent of the pecuniary interest therein.
(e)	As a result of the transactions described herein, the Reporting Persons ceased to be the beneficial owners of more than five percent of the outstanding Common Shares of the Issuer as of June 24, 2026.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	None
Item 7.	Material to be Filed as Exhibits.
	None

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.

PW Partners Atlas Fund IV LP

Signature:	/s/ Patrick Walsh
Name/Title:	Managing Member and Chief Executive Officer
Date:	06/30/2026

PW Partners Atlas Fund LP

Signature:	/s/ Patrick Walsh
Name/Title:	Managing Member and Chief Executive Officer
Date:	06/30/2026

PW Partners Atlas Funds, LLC

Signature:	/s/ Patrick Walsh
Name/Title:	Managing Member and Chief Executive Officer
Date:	06/30/2026

PW Partners, LLC

Signature:	/s/ Patrick Walsh
Name/Title:	Managing Member and Chief Executive Officer
Date:	06/30/2026

PW Partners Capital Management LLC

Signature:	/s/ Patrick Walsh
Name/Title:	Manager
Date:	06/30/2026

Walsh Patrick

Signature:	/s/ Patrick Walsh
Name/Title:	Patrick Walsh
Date:	06/30/2026

FAQ

How many BJs Restaurants (BJRI) shares do PW Partners and Patrick Walsh now own?

They report beneficial ownership of 550,701 Common Shares of BJs Restaurants. This represents approximately 2.6% of the company’s 21,197,187 Common Shares outstanding as of February 25, 2026, according to the issuer’s most recent Form 10-K.

Did PW Partners and Patrick Walsh fall below 5% ownership in BJs Restaurants (BJRI)?

Yes. The amended Schedule 13D states the reporting persons ceased to be beneficial owners of more than five percent of BJs Restaurants’ outstanding Common Shares as of June 24, 2026, following a series of open-market sales and compensation-related share dispositions.

What recent BJs Restaurants (BJRI) share sales did PW Partners Atlas Fund IV report?

PW Partners Atlas Fund IV LP reported selling 38,105, 16,225, and 413,670 Common Shares on or about June 18, 19, and 20, 2026. The average prices were 54.5942, 53.3401, and 54.0635 per share, respectively, in open-market transactions through a broker.

What BJs Restaurants (BJRI) transactions did Patrick Walsh make in May–June 2026?

Patrick Walsh disclosed multiple trades, including selling 40,000 shares at an average 54.466758 per share on June 24, 2026. He also sold additional blocks and a small purchase, plus sales tied to restricted stock unit vesting and a same day option exercise and sale of 8,805 shares.

Do PW Partners and Patrick Walsh have current plans to influence BJs Restaurants (BJRI)?

They state they have no present plans or proposals for actions such as mergers, board changes, or recapitalizations. However, they reserve the right to formulate plans or proposals regarding BJs Restaurants in the future, depending on circumstances and investment considerations.

What percentage of BJs Restaurants (BJRI) does Patrick Walsh personally hold?

Patrick Walsh directly holds 20,201 Common Shares and may be deemed to beneficially own 530,500 additional shares through related entities. In total, he is reported to beneficially own 550,701 Common Shares, or about 2.6% of the company’s outstanding Common Shares.