Bank of Montreal and affiliates have disclosed a significant passive stake in Freshpet, Inc. They report beneficial ownership of 2,555,965 shares of Freshpet common stock, representing 5.23% of the outstanding class as of 12/31/2025.
The filing breaks down sole and shared voting and dispositive powers across multiple related entities, including Bank of Montreal, BMO Nesbitt Burns, BMO Asset Management, BMO Financial Corp., Burgundy Asset Management and others. The group certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Freshpet.
Positive
None.
Negative
None.
Insights
Bank of Montreal reports a 5.23% passive stake in Freshpet.
The filing shows Bank of Montreal and numerous affiliates collectively beneficially own 2,555,965 Freshpet common shares, equal to 5.23% of the class as of 12/31/2025. This makes them a significant institutional holder under U.S. disclosure rules.
The certification states the position is held in the ordinary course of business and not to change or influence control. Various entities, including 1001271606 Ontario Inc and Burgundy Asset Management, Inc., hold sizable portions, with detailed allocations of sole versus shared voting and dispositive power.
Because this is filed on Schedule 13G with a passive-purpose certification, it signals institutional investment rather than activist intent. Future ownership reports for Freshpet may clarify whether this stake grows, shrinks, or remains stable over subsequent reporting dates.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Freshpet, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
358039105
(CUSIP Number)
12/31/2025
(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.
358039105
1
Names of Reporting Persons
Bank of Montreal
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,163,331.00
6
Shared Voting Power
72,435.00
7
Sole Dispositive Power
2,483,530.00
8
Shared Dispositive Power
72,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,555,965.00
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)
5.23 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BANK OF MONTREAL HOLDING INC.
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
324,724.00
6
Shared Voting Power
72,435.00
7
Sole Dispositive Power
324,724.00
8
Shared Dispositive Power
72,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
397,159.00
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)
BK
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,820.00
6
Shared Voting Power
170.00
7
Sole Dispositive Power
2,820.00
8
Shared Dispositive Power
170.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,820.00
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)
BD
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO ASSET MANAGEMENT INC.
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,820.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,820.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,820.00
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
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO NESBITT BURNS INC.
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
321,904.00
6
Shared Voting Power
72,265.00
7
Sole Dispositive Power
321,904.00
8
Shared Dispositive Power
72,265.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
394,169.00
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)
0.8 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO FINANCIAL CORP.
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
144,370.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
147,479.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
147,479.00
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)
0.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO Delaware Trust Company
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
8.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
8.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8.00
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)
HC
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO CAPITAL MARKETS CORP.
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
143,427.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
143,427.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
143,427.00
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)
0.29 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO BANK N.A.
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
943.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,070.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,070.00
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)
BK
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
BMO FAMILY OFFICE, 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
0.00
7
Sole Dispositive Power
1,982.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,982.00
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
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
1001271606 ONTARIO INC
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
871,077.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,188,167.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,188,167.00
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)
2.43 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
358039105
1
Names of Reporting Persons
Burgundy Asset Management, Inc.
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
871,077.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,188,167.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,188,167.00
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)
2.43 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Freshpet, Inc.
(b)
Address of issuer's principal executive offices:
1450 US-206, BEDMINSTER, NEW JERSEY
07921
Item 2.
(a)
Name of person filing:
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
BMO ASSET MANAGEMENT INC.
BMO NESBITT BURNS INC.
BMO FINANCIAL CORP.
BMO Delaware Trust Company
BMO CAPITAL MARKETS CORP.
BMO BANK N.A.
BMO FAMILY OFFICE, LLC
1001271606 ONTARIO INC
Burgundy Asset Management, Inc.
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - CANADA (FEDERAL LEVEL)
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL)
BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
BMO FINANCIAL CORP. - DELAWARE
BMO Delaware Trust Company - DELAWARE
BMO CAPITAL MARKETS CORP. - DELAWARE
BMO BANK N.A. - ILLINOIS
BMO FAMILY OFFICE, LLC - DELAWARE
1001271606 ONTARIO INC - CANADA (FEDERAL LEVEL)
Burgundy Asset Management, Inc. - CANADA (FEDERAL LEVEL)
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
358039105
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:
2,555,965
(b)
Percent of class:
5.23 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 2,163,331
BANK OF MONTREAL HOLDING INC. - 324,724
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,820
BMO ASSET MANAGEMENT INC. - 2,820
BMO NESBITT BURNS INC. - 321,904
BMO FINANCIAL CORP. - 144,370
BMO Delaware Trust Company - 8
BMO CAPITAL MARKETS CORP. - 143,427
BMO BANK N.A. - 943
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 871,077
Burgundy Asset Management, Inc. - 871,077
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 72,435
BANK OF MONTREAL HOLDING INC. - 72,435
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 170
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 72,265
BMO FINANCIAL CORP. - 0
BMO Delaware Trust Company - 0
BMO CAPITAL MARKETS CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
Burgundy Asset Management, Inc. - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 2,483,530
BANK OF MONTREAL HOLDING INC. - 324,724
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,820
BMO ASSET MANAGEMENT INC. - 2,820
BMO NESBITT BURNS INC. - 321,904
BMO FINANCIAL CORP. - 147,479
BMO Delaware Trust Company - 8
BMO CAPITAL MARKETS CORP. - 143,427
BMO BANK N.A. - 2,070
BMO FAMILY OFFICE, LLC - 1,982
1001271606 ONTARIO INC - 1,188,167
Burgundy Asset Management, Inc. - 1,188,167
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 72,435
BANK OF MONTREAL HOLDING INC. - 72,435
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 170
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 72,265
BMO FINANCIAL CORP. - 0
BMO Delaware Trust Company - 0
BMO CAPITAL MARKETS CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
Burgundy Asset Management, Inc. - 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.
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 Documents.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
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.
What stake in Freshpet (FRPT) does Bank of Montreal report on this Schedule 13G?
Bank of Montreal and its affiliates report beneficial ownership of 2,555,965 Freshpet common shares, representing 5.23% of the class as of 12/31/2025. This makes them a significant institutional shareholder under U.S. disclosure thresholds.
Which Bank of Montreal entities are included in the Freshpet (FRPT) Schedule 13G filing?
The filing lists Bank of Montreal and multiple affiliates, including Bank of Montreal Holding Inc., BMO Nesbitt Burns entities, BMO Asset Management Inc., BMO Financial Corp., BMO Bank N.A., Burgundy Asset Management, Inc. and others, all reporting combined beneficial ownership.
Is Bank of Montreal’s Freshpet (FRPT) stake described as passive or activist?
The stake is certified as passive. The reporting persons state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Freshpet or participating in control-related transactions.
How much voting power over Freshpet (FRPT) shares does Bank of Montreal report?
Bank of Montreal reports 2,163,331 shares with sole voting power and 72,435 shares with shared voting power. Other affiliates also report specific sole and shared voting powers, all contributing to the disclosed 5.23% beneficial ownership stake.
What is the event date for Bank of Montreal’s Freshpet (FRPT) Schedule 13G?
The event date triggering the filing is 12/31/2025. As of this date, the reporting group’s beneficial ownership in Freshpet common stock reached 2,555,965 shares, or 5.23% of the outstanding class, requiring public disclosure under beneficial ownership rules.
Do Bank of Montreal and affiliates claim to be a group regarding Freshpet (FRPT) stock?
The filing notes each reporting person may be deemed part of a group for Section 13 purposes, but expressly disclaims any admission of acting as a partnership, syndicate, or group for acquiring, holding, or disposing of Freshpet securities or influencing the issuer.
