Hoffmann family reports 53.47% stake in Lee Enterprises (LEE)

Rhea-AI Filing Summary

David Hoffmann, Jerrilyn M. Hoffmann and the Jerrilyn M. Hoffmann Revocable Trust have filed Amendment No. 10 to report their stake in Lee Enterprises. As of 4:00 p.m. Eastern time on March 13, 2026, they beneficially owned 11,885,349 shares of common stock, representing approximately 53.47% of the company’s outstanding shares.

The ownership is split between 11,266,449 shares held individually by David Hoffmann, over which he has sole voting and dispositive power, and 618,900 shares held by the revocable trust, over which David and Jerrilyn Hoffmann share voting and dispositive power. The filing notes the reporting persons used an aggregate of about $47,677,960 to purchase the shares reported as beneficially owned.

Insights

Equity ownership and governance analyst

Hoffmann group discloses a majority 53.47% stake in Lee Enterprises.

The filing shows the Hoffmanns collectively beneficially own 11,885,349 Lee Enterprises shares, or about 53.47% of the common stock based on 22,229,939 shares outstanding as of February 6, 2026. This reflects a majority position with significant influence over shareholder decisions.

Most of the stake, 11,266,449 shares, is held directly by David Hoffmann, with sole voting and dispositive power. An additional 618,900 shares are held in a Florida revocable trust where David and Jerrilyn M. Hoffmann share voting and dispositive power.

The filing states the reporting persons used approximately $47,677,960 in aggregate to acquire the reported shares, giving investors a sense of the capital committed to this position. Subsequent filings may provide further detail on any changes to this ownership level or related arrangements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

Lee Enterprises, Incorporated

(Name of Issuer)

Common Stock - $.01 Par Value Per Share

(Title of Class of Securities)

(CUSIP Number)

John McCarron
568 Lincoln Ave.,
Winnetka, IL, 60093
586-219-5266

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/03/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001 (the "Trust")

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 618,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 618,900.00

11

Aggregate amount beneficially owned by each reporting person

11,885,349.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

53.47 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Trust owns 618,900 Shares, and shares voting and dispositive power of such Shares with Jerrilyn M. Hoffmann ("Ms. Hoffmann"), the sole trustee of the Trust and David Hoffman ("Mr. Hoffmann"), Ms. Hoffmann's spouse.

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Jerrilyn M. Hoffmann

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 618,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 618,900.00

11

Aggregate amount beneficially owned by each reporting person

11,885,349.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

53.47 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Ms. Hoffmann is the sole trustee of the Trust and shares voting and dispositive power of the Shares held by the Trust with Mr. Hoffmann.

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

David Hoffmann

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 11,266,449.00
8	Shared Voting Power 618,900.00
9	Sole Dispositive Power 11,266,449.00
10	Shared Dispositive Power 618,900.00

11

Aggregate amount beneficially owned by each reporting person

11,885,349.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

53.47 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Mr. Hoffmann is the owner of 11,266,449 Shares individually and has sole voting and dispositive power over such Shares. Mr. Hoffmann shares voting and dispositive power over 618,900 Shares held by the Trust with Ms. Hoffmann. This Amendment No. 10 relates to the shares of common stock, $.01 par value, of Lee Enterprises, Incorporated, a Delaware corporation (the "Issuer" or the "Company") and amends the initial statement on Schedule 13D filed by the Reporting Persons on Schedule 13D on October 17, 2024, as amended by Amendment No. 1 filed on October 25, 2024, Amendment No. 2 filed on October 31, 2024, Amendment No. 3 filed on November 14, 2024, Amendment No. 4 filed on December 16, 2024, Amendment No. 5 filed on March 31, 2025, Amendment No. 6 filed on July 21, 2025, Amendment No. 7 filed on October 15, 2025, Amendment No. 8 filed on January 2, 2026, and Amendment No. 9 filed on February 9, 2026 (collectively, the "Amended Statement"). Capitalized terms used but not defined herein have the meanings assigned to them in the Amended Statement and unless amended and restated hereby, all information in the Amended Statement remains in effect.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock - $.01 Par Value Per Share
(b)	Name of Issuer: Lee Enterprises, Incorporated
(c)	Address of Issuer's Principal Executive Offices: 4600 E. 53rd Street, Davenport, IOWA , 52807.
Item 2.	Identity and Background
(a)	The Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001(the "Trust") Jerrilyn M. Hoffmann ("Ms. Hoffmann") David Hoffmann ("Mr. Hoffmann") The Trust, Ms. Hoffmann, and Mr. Hoffmann are referred to collectively as the "Reporting Persons." Ms. Hoffmann is the sole trustee of the Trust. Mr. Hoffmann and Ms. Hoffmann are a married couple.
(b)	The business address of each Reporting Person is 568 Lincoln Ave., Winnetka, IL 60093.
(c)	The Trust is an estate planning vehicle that makes and holds investments. Ms. Hoffmann is principally engaged as a private investor. Mr. Hoffmann is the founder and chairman of the Hoffmann Family of Companies.
(d)	None of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the past five years.
(e)	During the past five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding no Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The Trust is formed under the laws of Florida. Ms. Hoffmann is a citizen of the United States of America. Mr. Hoffmann is a citizen of the United States of America
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 to the Amended Statement is amended, in pertinent part, as follows: The Reporting Persons used an aggregate of approximately $47,677,960 to purchase the shares of Common Stock reported as beneficially owned in Item 5.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 to the Amended Statement is hereby amended as follows:
(b)	11,885,349
(c)	The response of each of the Reporting Persons to Items 7, 8, 9, 10, 11, and 13 on the cover pages of this Amendment Statement are incorporated herein by reference. As of 4:00 p.m. Eastern time on March 13, 2026, the Reporting Persons beneficially owned 11,885,349 Shares of Common Stock, representing approximately 53.47% of the outstanding Shares of Common Stock. The percentage in this paragraph relating to beneficial ownership of Common Stock is based on 22,229,939 Shares of Common Stock issued and oustanding as of February 6, 2026, as reported in the Issuer's Form 10-Q for the fiscal quarter ended December 28, 2025. Information with respect to all transactions in the Common Stock which were effected since February 9, 2026, the date of the filing of Amendment No. 9 to the initial Schedule 13D, by each of the Reporting Persons is set forth on Scheule A annexed hereto and incorporated herein by reference.
(d)	No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Other than as described in this Statement, to the knowledge of the Reporting Persons, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other persons with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

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.

Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001 (the "Trust")

Signature:	/s/ Jerrilyn M. Hoffmann
Name/Title:	Jerrilyn M. Hoffmann, Trustee
Date:	03/13/2026

Jerrilyn M. Hoffmann

Signature:	/s/ Jerrilyn M. Hoffmann
Name/Title:	Jerrilyn M. Hoffmann
Date:	03/13/2026

David Hoffmann

Signature:	/s/ David Hoffmann
Name/Title:	David Hoffmann
Date:	03/13/2026

FAQ

What ownership stake in Lee Enterprises (LEE) do the Hoffmann reporting persons disclose?

The Hoffmann reporting persons disclose beneficial ownership of 11,885,349 Lee Enterprises shares, representing approximately 53.47% of the outstanding common stock. This percentage is calculated using 22,229,939 shares outstanding as of February 6, 2026, as reported in the company’s Form 10-Q.

How are the 11,885,349 Lee Enterprises (LEE) shares held by the Hoffmann group structured?

David Hoffmann owns 11,266,449 Lee Enterprises shares individually, with sole voting and dispositive power. Another 618,900 shares are held by the Jerrilyn M. Hoffmann Revocable Trust, where David and Jerrilyn Hoffmann share voting and dispositive power over those trust-held shares.

How much did the Hoffmann reporting persons spend to acquire their Lee Enterprises (LEE) shares?

The reporting persons state they used an aggregate of approximately $47,677,960 to purchase the Lee Enterprises common stock reported as beneficially owned. This figure reflects the total capital committed across all acquisitions underlying the 11,885,349 beneficially owned shares.

What is the significance of Amendment No. 10 to the Hoffmann group’s Schedule 13D on Lee Enterprises (LEE)?

Amendment No. 10 updates the Hoffmann group’s Schedule 13D to reflect their current beneficial ownership of 11,885,349 shares, or 53.47% of Lee Enterprises. It also restates key details on how the shares are held and the aggregate funds used for their purchase.

Who are the reporting persons in the Lee Enterprises (LEE) Schedule 13D/A Amendment No. 10?

The reporting persons are the Jerrilyn M. Hoffmann Revocable Trust dated May 30, 2001, Jerrilyn M. Hoffmann, and David Hoffmann. Jerrilyn is the sole trustee of the trust, and she and David Hoffmann, who are married, share authority over the trust-held shares.

What outstanding share count does the Hoffmann group use to calculate their Lee Enterprises (LEE) ownership percentage?

The Hoffmann group bases their 53.47% beneficial ownership figure on 22,229,939 shares of Lee Enterprises common stock outstanding as of February 6, 2026. This outstanding share number comes from the company’s Form 10-Q for the fiscal quarter ended December 28, 2025.