Blackbaud (BLKB) amended 13G/A shows Morgan Stanley 10.1%, Atlanta Capital 9.4%

Rhea-AI Filing Summary

Blackbaud Inc. beneficial ownership disclosures show institutional holders reporting large passive stakes. Morgan Stanley reports 4,619,817 shares (10.1%) with shared voting power of 4,009,458 and shared dispositive power of 4,417,911. Atlanta Capital reports 4,314,412 shares (9.4%) and Eaton Vance Atlanta Capital SMID‑Cap Fund reports 2,482,691 shares (5.4%).

The filing is an amended Schedule 13G/A that lists addresses, citizenships, joint filing agreement and signatures; the entries are presented as passive/beneficial ownership disclosures rather than trading actions.

Insights

Institutional Ownership Analyst

Large passive holdings by multiple institutions are disclosed; ownership percentages approach double digits.

The amendment lists Morgan Stanley with 4,619,817 shares (10.1%), Atlanta Capital with 4,314,412 shares (9.4%), and Eaton Vance Atlanta Capital SMID‑Cap Fund with 2,482,691 shares (5.4%). These are presented as beneficial ownership figures on a Schedule 13G/A.

Future filings may show changes; the disclosed percentages signal concentrated institutional ownership but do not by themselves indicate changes in control or planned disposals.

Corporate Governance Specialist

Joint filing structure and shared powers are important for proxy and voting monitoring.

The filing shows shared voting and dispositive powers for the listed entities and references a Joint Filing Agreement (Exhibit 99.1) and Item 7 subsidiary detail (Exhibit 99.2). The document follows Release No. 34‑39538 guidance for reporting units.

Stakeholders tracking board votes or potential activism should note the ownership thresholds disclosed and the identities/locations of the reporting persons.

Key Figures

Morgan Stanley beneficial ownership: 4,619,817 shares Morgan Stanley percent of class: 10.1% Atlanta Capital beneficial ownership: 4,314,412 shares +3 more

6 metrics

Morgan Stanley beneficial ownership 4,619,817 shares Schedule 13G/A amendment

Morgan Stanley percent of class 10.1% Schedule 13G/A amendment

Atlanta Capital beneficial ownership 4,314,412 shares Schedule 13G/A amendment

Atlanta Capital percent of class 9.4% Schedule 13G/A amendment

Eaton Vance fund beneficial ownership 2,482,691 shares Schedule 13G/A amendment

Eaton Vance fund percent of class 5.4% Schedule 13G/A amendment

Key Terms

Schedule 13G/A, shared dispositive power, Joint Filing Agreement

3 terms

Schedule 13G/A regulatory

"Amended Schedule 13G/A that lists addresses, citizenships"

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 dispositive power financial

"Shared Dispositive Power 4,417,911.00"

Joint Filing Agreement regulatory

"Exhibit 99.1 Joint Filing Agreement"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 20)

BLACKBAUD INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09227Q100

(CUSIP Number)

05/31/2026

(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): 09227Q100

1

Names of Reporting Persons

Morgan Stanley

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 4,009,458.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,417,911.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,619,817.00

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)

10.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 09227Q100

1

Names of Reporting Persons

Atlanta Capital Management Company, 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 3,721,904.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,122,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,314,412.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 09227Q100

1

Names of Reporting Persons

Eaton Vance Atlanta Capital SMID-Cap Fund

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,482,691.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,482,691.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,482,691.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BLACKBAUD INC
(b)	Address of issuer's principal executive offices: 65 FAIRCHILD STREET, CHARLESTON, SC, 29492
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Atlanta Capital Management Company, LLC 3: Eaton Vance Atlanta Capital SMID-Cap Fund
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1075 Peachtree Street, Suite 2100, Atlanta, GA 30309 ;3: One Post Office Square Boston, Massachusetts 02109
(c)	Citizenship: 1: Delaware 2: Delaware 3: Massachusetts
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 09227Q100
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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 10.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	Not Applicable
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. See Exhibit 99.2
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 acquired and are held in the ordinary course of business and 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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	06/05/2026

Atlanta Capital Management Company, LLC

Signature:	Kelly Williams
Name/Title:	Authorized Signatory, Atlanta Capital Management Company, LLC
Date:	06/05/2026

Eaton Vance Atlanta Capital SMID-Cap Fund

Signature:	Kelly Williams
Name/Title:	Authorized Signatory, Eaton Vance Atlanta Capital SMID-Cap Fund
Date:	06/05/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake does Morgan Stanley report in BLKB?

Morgan Stanley reports beneficial ownership of 4,619,817 shares (10.1%). The filing also shows shared voting power of 4,009,458 and shared dispositive power of 4,417,911 as disclosed in the Schedule 13G/A amendment.

What percent of Blackbaud does Atlanta Capital report owning?

Atlanta Capital Management Company, LLC reports beneficial ownership of 4,314,412 shares (9.4%). The Schedule 13G/A lists the firm’s address and citizenship details alongside the ownership percentages filed in the amendment.

How much does Eaton Vance Atlanta Capital SMID‑Cap Fund report owning?

Eaton Vance Atlanta Capital SMID‑Cap Fund reports owning 2,482,691 shares (5.4%). The filing characterizes these positions as beneficial ownership on the amended Schedule 13G/A and supplies the fund’s address and citizenship.

Does this filing indicate changes in control or trading activity?

No direct change‑of‑control or trading action is indicated; the Schedule 13G/A amendment discloses beneficial ownership levels and joint filing arrangements. It reports holdings and voting/dispositive powers rather than describing purchases, sales, or control actions.

What exhibits accompany the Schedule 13G/A amendment?

The amendment lists Exhibit 99.1 (Joint Filing Agreement) and Exhibit 99.2 (Item 7 subsidiary information). Signatures for the reporting entities are included on the amendment pages.