Earnest Partners Reports 1.22M Shares, 5.5% of CBRL

Rhea-AI Filing Summary

Earnest Partners, LLC reported beneficial ownership of 1,219,507 shares of Cracker Barrel Old Country Store, Inc. common stock, representing 5.5% of the class. The filing states Earnest Partners is an investment adviser organized in Delaware and holds sole dispositive power over all 1,219,507 shares and sole voting power over 825,777 shares, with 114,285 shares subject to shared voting power. The statement affirms the position was acquired and is held in the ordinary course of business and not for the purpose of influencing control of the issuer. No client holds more than 5% of the class.

Positive

• Clear disclosure of ownership: The filer reports detailed voting and dispositive powers for transparency
• Passive intent declared: The adviser certifies holdings are in the ordinary course and not to influence control
• Single adviser holds dispositive authority: Sole dispositive power over 1,219,507 shares simplifies custody and trading clarity

Negative

• Material stake at threshold: 5.5% ownership is large enough to be material to investors and could attract scrutiny
• Concentration of sole voting power: 825,777 shares held with sole voting power could impact close governance votes if position changes

Insights

Securities Analyst

TL;DR: A 5.5% passive stake by an investment adviser signals a meaningful but non-controlling position with full disposition authority.

Earnest Partners' disclosure shows an adviser-level accumulation that reaches the 5% reporting threshold, indicating material economic exposure without shared dispositive control. The mix of sole voting power (approximately two-thirds of the position) and some shared voting power implies voting influence concentrated at the adviser level. The certification that holdings are ordinary-course and not for control reduces immediate governance risk, but the position size is large enough to be relevant to activist potential or engagement discussions.

Corporate Governance Expert

TL;DR: This is a passive, reportable ownership disclosure; governance impact appears limited absent further action.

The filing classifies Earnest Partners as an investment adviser and affirms no intent to change or influence control. Sole dispositive power over the full position gives the adviser unilateral authority to trade, yet the adviser asserts passive intent. For directors or shareholders, this filing should be viewed as informative: a notable investor stake exists, but there is no immediate sign of an active governance campaign. Continued monitoring is warranted to detect any future changes in intent or coordination.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

CRACKER BARREL OLD COUNTRY STORE, INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

22410J106

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 22410J106

1

Names of Reporting Persons

EARNEST PARTNERS 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 825,777.00
6	Shared Voting Power 114,285.00
7	Sole Dispositive Power 1,219,507.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,219,507.00

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)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CRACKER BARREL OLD COUNTRY STORE, INC
(b)	Address of issuer's principal executive offices: 305 HARTMANN DRIVE, LEBANON, TENNESSEE, 37087-4779.
Item 2.
(a)	Name of person filing: EARNEST Partners, LLC
(b)	Address or principal business office or, if none, residence: 1180 Peachtree Street NE, Suite 2300, Atlanta, Georgia 30309
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 22410J106
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: 1,219,507
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 825,777
	(ii) Shared power to vote or to direct the vote: 114,285
	(iii) Sole power to dispose or to direct the disposition of: 1,219,507
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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. EARNEST Partners, LLC is filing as an investment adviser in accordance with 240.13d-1(b)(1)(ii)(E). No client interest relates to more than five percent of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

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.

EARNEST PARTNERS LLC

Signature:	James M. Wilson
Name/Title:	Chief Compliance Officer
Date:	08/12/2025

FAQ

What stake does Earnest Partners hold in Cracker Barrel (CBRL)?

Earnest Partners reports beneficial ownership of 1,219,507 shares, representing 5.5% of the common stock.

How much voting power does Earnest Partners have in CBRL?

The filing shows 825,777 shares with sole voting power and 114,285 shares with shared voting power.

Does Earnest Partners intend to influence control of Cracker Barrel?

The document certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Is Earnest Partners filing as an investment adviser for CBRL?

Yes. The filing states Earnest Partners is filing as an investment adviser under the applicable rule.

Does any client of Earnest Partners hold more than 5% of CBRL?

No. The filing states no client interest relates to more than 5% of the class.