Large Passive Stake: Ariel's 32.8% Ownership in Leslie's (LESL)

Rhea-AI Filing Summary

Ariel Investments, LLC reports beneficial ownership of 60,903,406 shares of Leslie's common stock, equal to 32.8% of the class. The filer reports sole voting power over 59,295,206 shares and sole dispositive power over 60,903,406 shares.

The filing discloses that Ariel's adviser clients hold economic interests in the reported securities, including Ariel Fund which owns 44,816,291 shares, and certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Beneficial ownership of 60,903,406 shares (32.8% of the class) reported by Ariel Investments
• Sole voting power over 59,295,206 shares and sole dispositive power over 60,903,406 shares
• Ariel Fund holds 44,816,291 shares as an economic interest of Ariel's advisory clients
• Filing certifies holdings are in the ordinary course of business and not intended to change or influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Ariel holds a material 32.8% passive stake in Leslie's with substantial sole voting and dispositive power reported.

Ariel Investments, filed as an investment adviser, reports beneficial ownership of 60,903,406 shares representing 32.8% of the class, with sole voting power over 59,295,206 shares and sole dispositive power over 60,903,406 shares. The filing also discloses that Ariel's advisory clients, notably Ariel Fund, own 44,816,291 shares as an economic interest. The statement affirms holdings are in the ordinary course and not intended to change control, consistent with a Schedule 13G reporting classification.

Corporate Governance Expert

TL;DR: A large, concentrated ownership position is reported but explicitly characterized as passive under the filing.

The submission documents significant concentrated ownership—32.8% of Leslie's common stock—with Ariel reporting sole voting and dispositive authority over the majority of those shares. The filing highlights that advisory clients hold economic interests, including Ariel Fund's 44,816,291-share position, and includes a certification that the holdings are ordinary-course and not meant to influence control. This is a material disclosure of ownership concentration while retaining a passive classification.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Leslie's Inc

(Name of Issuer)

Common Stock SH

(Title of Class of Securities)

527064109

(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. 527064109

1

Names of Reporting Persons

Ariel Investments, 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 59,295,206.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 60,903,406.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

60,903,406.00

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)

32.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Leslie's Inc
(b)	Address of issuer's principal executive offices: 2005 E. INDIAN SCHOOL ROAD, PHOENIX, AZ, 85016, US
Item 2.
(a)	Name of person filing: Ariel Investments, LLC
(b)	Address or principal business office or, if none, residence: 200 E. Randolph Street, Suite 2900, Chicago, 60601, United States
(c)	Citizenship: DELAWARE LIMITED LIABILITY COMPANY
(d)	Title of class of securities: Common Stock SH
(e)	CUSIP No.: 527064109
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: 60,903,406
(b)	Percent of class: 32.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 59,295,206
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 60,903,406
	(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. Ariel Investments, LLC's adviser clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, all securities reported upon this Schedule. Ariel Fund, a series of Ariel Investment Trust, an open-end management investment company, owns 44,816,291 shares of the Issuer which represents an economic interest in more than 5% of the subject securities reported upon this Schedule.
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.

Ariel Investments, LLC

Signature:	James Prescott
Name/Title:	Vice President, Compliance
Date:	08/13/2025

FAQ

How many LESL shares does Ariel Investments report beneficially owning?

Ariel Investments reports beneficial ownership of 60,903,406 shares of Leslie's common stock.

What percentage of Leslie's common stock does Ariel report owning?

The filing states an ownership percentage of 32.8% of the class.

How much voting power does Ariel Investments report for LESL?

Ariel reports sole voting power over 59,295,206 shares and sole dispositive power over 60,903,406 shares.

Does Ariel Investments disclose any related fund holdings in the filing?

Yes. The filing discloses Ariel Fund owns 44,816,291 shares as an economic interest of Ariel's advisory clients.

Did Ariel state the purpose of the LESL holdings?

The filing certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.