Pzena reports 7.5% stake in MasterBrand Inc

Pzena Investment Management, LLC reported beneficial ownership of 15,329,483 shares of MasterBrand Inc. common stock, representing 7.5% of the class as of June 30, 2026.

Rhea-AI Filing Summary

Pzena Investment Management, LLC reported beneficial ownership of 15,329,483 shares of MasterBrand Inc. common stock, representing 7.5% of the class as of June 30, 2026. Pzena has sole voting power over 11,521,222 shares and sole dispositive power over all 15,329,483 shares, with no shared voting or dispositive power.

The shares are held on behalf of Pzena’s investment management clients. Those clients have the right to receive, and the ultimate power to direct, dividends and sale proceeds from these securities, and no single client’s interest exceeds 5% of the outstanding class.

Key Figures

Beneficially owned shares: 15,329,483 shares Percent of class: 7.5% Sole voting power: 11,521,222 shares +3 more

6 metrics

Beneficially owned shares 15,329,483 shares MasterBrand Inc common stock beneficially owned by Pzena Investment Management, LLC

Percent of class 7.5% Percentage of MasterBrand Inc common stock class held by Pzena

Sole voting power 11,521,222 shares Shares over which Pzena has sole power to vote or direct the vote

Shared voting power 0 shares Shares over which Pzena has shared power to vote

Sole dispositive power 15,329,483 shares Shares over which Pzena has sole power to dispose or direct disposition

Shared dispositive power 0 shares Shares over which Pzena has shared dispositive power

Key Terms

beneficially owned, sole voting power, sole dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 15,329,483"

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.

sole voting power financial

"Sole power to vote or to direct the vote: 11,521,222"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 15,329,483"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

percent of class financial

"Percent of class: 7.5 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

CUSIP Number financial

"CUSIP Number(s): 57638P104"

A CUSIP number is a nine-character code that uniquely identifies a specific U.S. or Canadian stock, bond, or other security, similar to a barcode or a social-security number for a financial instrument. It matters to investors because it removes confusion between similar securities, ensures trades and settlements are applied to the correct issue, and helps locate official documents and transaction records quickly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MasterBrand Inc (FBIN) shares does Pzena Investment Management own?

Pzena Investment Management, LLC beneficially owns 15,329,483 shares of MasterBrand Inc. common stock. This position is disclosed as of June 30, 2026 and reflects shares held across Pzena’s investment management clients.

What percentage of MasterBrand Inc (FBIN) does Pzena Investment Management control?

Pzena Investment Management reports beneficial ownership of 7.5% of MasterBrand Inc.’s common stock. This percentage is based on 15,329,483 shares beneficially owned, making Pzena a significant institutional holder above the 5% reporting threshold.

What voting power does Pzena Investment Management have in MasterBrand Inc (FBIN)?

Pzena Investment Management has sole voting power over 11,521,222 MasterBrand Inc. shares and no shared voting power. This means Pzena alone can direct how those 11,521,222 shares are voted on corporate matters.

Who ultimately benefits from Pzena Investment Management’s MasterBrand Inc (FBIN) holdings?

Pzena’s clients ultimately benefit from these MasterBrand Inc. holdings. They have the right to receive and direct dividends and sale proceeds, and no individual client’s interest relates to more than 5% of the outstanding common stock class.

Does any single Pzena client hold over 5% of MasterBrand Inc (FBIN)?

No single Pzena client holds more than 5% of MasterBrand Inc.’s common stock. While Pzena reports aggregate beneficial ownership of 7.5%, the position is spread across multiple clients, each below the 5% level.

What dispositive power does Pzena Investment Management have over MasterBrand Inc (FBIN) shares?

Pzena Investment Management has sole dispositive power over 15,329,483 MasterBrand Inc. shares and no shared dispositive power. Sole dispositive power means Pzena can independently decide whether and how to sell or otherwise dispose of those shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/22/2026 - 03:40 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Masterbrand Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

57638P104

(CUSIP Number)

06/30/2026

(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): 57638P104

1

Names of Reporting Persons

Pzena Investment Management, 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 11,521,222.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,329,483.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,329,483.00

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)

7.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Masterbrand Inc
(b)	Address of issuer's principal executive offices: 3300 Enterprise Parkway Suite 300 Beachwood OH 44122
Item 2.
(a)	Name of person filing: Pzena Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 320 Park Avenue, 8th floor, New York, 10022, NY, United States
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 57638P104
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: 15,329,483
(b)	Percent of class: 7.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 11,521,222
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 15,329,483
	(iv) Shared power to dispose or to direct the disposition of: 0
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. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS 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.

Pzena Investment Management, LLC

Signature:	Steven Coffey
Name/Title:	Principal, Chief Legal Risk Officer & Chief Compliance Officer
Date:	07/22/2026