Vanguard realignment leads to separate filings for Dine Brands (DIN)

Rhea-AI Filing Summary

Dine Brands Global Inc ownership disclosure: The Vanguard Group filed an amendment reporting 0 shares beneficially owned and 0% of the class as of the amendment. The filing explains an internal realignment on January 12, 2026 that caused separate reporting by Vanguard subsidiaries and business divisions.

The amendment states Vanguard no longer is deemed to have beneficial ownership over securities held by those subsidiaries and business divisions, and the filing is signed by a Vanguard official on 03/26/2026.

Insights

Institutional Ownership Analyst

Vanguard disaggregated holdings after internal realignment; reported zero ownership in DIN.

The filing states that due to an internal realignment on January 12, 2026, certain Vanguard subsidiaries and business divisions will report beneficial ownership separately. The amendment reports 0 shares and 0% beneficial ownership for The Vanguard Group in Dine Brands Global Inc.

Implications hinge on the separate filings by the disaggregated entities; subsequent 13G/A or 13D/G filings by those entities will clarify aggregate institutional exposure.

Corporate Governance Expert

Administrative restructuring changes reporting, not necessarily overall economic ownership.

The amendment cites SEC Release No. 34-39538 and explains that Vanguard "no longer has, or is deemed to have, beneficial ownership" of securities reported by its subsidiaries. This is a reporting change tied to internal structure rather than a stated sale or acquisition.

Watch for separate filings from Vanguard affiliates that may disclose holdings previously aggregated under The Vanguard Group; timing and amounts are not provided here.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 16)

Dine Brands Global Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

(CUSIP Number)

03/13/2026

(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 No.

1

Names of Reporting Persons

The Vanguard Group

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Dine Brands Global Inc
(b)	Address of issuer's principal executive offices: 10 West Walnut Street, 4th Floor, Pasadena, CA, 91103
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
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: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	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. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/26/2026

FAQ

What does Vanguard report for Dine Brands (DIN)?

Vanguard reports 0 shares beneficially owned and 0% of the class for Dine Brands. The amendment attributes this to an internal realignment and disaggregated reporting by Vanguard subsidiaries effective January 12, 2026.

Does the filing indicate Vanguard sold DIN shares?

No; the filing explains an internal realignment that led subsidiaries to report separately. It does not state any sale or transfer of economic ownership in Dine Brands by Vanguard in this amendment.

Why does Vanguard say it "no longer is deemed to have beneficial ownership"?

Per the amendment, Vanguard invoked SEC Release No. 34-39538 after an internal reorganization on January 12, 2026, causing previously aggregated holdings to be reported separately by subsidiaries or business divisions.

Will Vanguard affiliates report their Dine Brands holdings separately?

Yes; the amendment states that certain subsidiaries or business divisions will report beneficial ownership separately. The amendment does not provide amounts or the timing of those separate filings.

Who signed the amendment for Vanguard and when?

The amendment was signed by Ashley Grim, Head of Global Fund Administration, and dated 03/26/2026, certifying the disaggregated reporting and the zero beneficial ownership entry.