Ariel Investments holds 4.2% stake in Lindblad

Ariel Investments, LLC reports passive ownership of common stock of Lindblad Expeditions Holdings on a Schedule 13G/A. Ariel reports beneficial ownership of 2,762,484 shares of common stock, representing 4.2% of the class.

Rhea-AI Filing Summary

Ariel Investments, LLC reports passive ownership of common stock of Lindblad Expeditions Holdings on a Schedule 13G/A. Ariel reports beneficial ownership of 2,762,484 shares of common stock, representing 4.2% of the class. Ariel has sole voting power over 2,280,261 shares and sole dispositive power over 2,762,484 shares, with no shared voting or dispositive power. Ariel states that its adviser clients hold the economic interest in these securities and that no individual client has an economic interest in more than 5% of the outstanding shares reported.

Key Figures

Beneficially owned shares: 2,762,484 shares Percent of class: 4.2 % Sole voting power: 2,280,261 shares +1 more

4 metrics

Beneficially owned shares 2,762,484 shares Common stock of Lindblad Expeditions Holdings reported by Ariel Investments, LLC

Percent of class 4.2 % Portion of Lindblad Expeditions common stock beneficially owned by Ariel Investments, LLC

Sole voting power 2,280,261 shares Shares over which Ariel Investments, LLC has sole power to vote or direct the vote

Sole dispositive power 2,762,484 shares Shares over which Ariel Investments, LLC has sole power to dispose or direct disposition

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Schedule 13G

4 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 2,762,484"

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

"5 | Sole Voting Power 2,280,261.00 6 | Shared Voting Power 0.00"

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

"7 | Sole Dispositive Power 2,762,484.00 8 | Shared Dispositive Power 0.00"

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.

Schedule 13G regulatory

"all securities reported upon this Schedule. None of Ariel Investments, LLC's clients"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

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

What percentage of Lindblad Expeditions Holdings (LIND) does Ariel Investments currently report owning?

Ariel Investments reports beneficial ownership of 4.2% of Lindblad Expeditions Holdings common stock. This corresponds to 2,762,484 shares as disclosed on the Schedule 13G/A, reflecting a passive investment position rather than an activist filing.

How many LIND shares does Ariel Investments report as beneficially owned?

Ariel Investments reports beneficial ownership of 2,762,484 Lindblad Expeditions Holdings common shares. This amount is tied to its role as investment adviser, with its clients holding the underlying economic interest in the securities.

What voting power does Ariel Investments have over LIND shares?

Ariel Investments has sole voting power over 2,280,261 shares of Lindblad Expeditions Holdings and no shared voting power. It can independently vote or direct the vote on those shares according to the disclosure.

What dispositive power does Ariel Investments disclose for its LIND position?

Ariel Investments has sole dispositive power over 2,762,484 shares of Lindblad Expeditions Holdings and no shared dispositive power. This means it can unilaterally decide to sell or otherwise dispose of those shares on behalf of its clients.

Do any Ariel Investments clients individually hold more than 5% of LIND?

No. Ariel states that none of its clients has an economic interest in more than 5% of Lindblad Expeditions Holdings’ outstanding common stock. The reported position is aggregated across multiple adviser clients.

Is Ariel Investments’ stake in Lindblad Expeditions (LIND) reported as passive?

Yes. The position is reported on a Schedule 13G/A, which is used for passive ownership. Ariel reports beneficial ownership and voting/dispositive powers as investment adviser for its clients, not as an activist holder.

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

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Available on EDGAR 08/14/2026 - 09:58 AM Accepted by SEC EDGAR 08/14/2026 - 09:58 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Lindblad Expeditions Holdings

(Name of Issuer)

Common Stock SH SH

(Title of Class of Securities)

535219109

(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): 535219109

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 2,280,261.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,762,484.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,762,484.00

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)

4.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Lindblad Expeditions Holdings
(b)	Address of issuer's principal executive offices: 9th Floor, 96 Morton Street, New York, US-NY, 10014, 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
(d)	Title of class of securities: Common Stock SH SH
(e)	CUSIP No.: 535219109
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: 2,762,484
(b)	Percent of class: 4.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,280,261
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,762,484
	(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. 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. None of Ariel Investments, LLC's clients have 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:	08/14/2026