Ariel Investments (NASDAQ: LIND) holds 3.44M shares, 5.3% stake

Rhea-AI Filing Summary

Ariel Investments, LLC reports beneficial ownership of 3,439,063 shares of Lindblad Expeditions Holdings common stock, representing 5.3% of the class as disclosed on this Schedule 13G/A. The filing shows sole voting power of 2,861,776 shares and sole dispositive power of 3,439,063.

The report notes these holdings are held on behalf of adviser clients and that no single client has an economic interest exceeding 5%. The filing is signed by a company compliance officer on 05/14/2026.

Insights

Institutional Ownership Analyst

Ariel Investments holds a 5.3% stake in Lindblad, disclosed via Schedule 13G/A.

The filing lists 3,439,063 shares beneficially owned with 2,861,776 shares of sole voting power; these counts are tied to the common stock CUSIP 535219109. The date stamp shows 03/31/2026 and the form was signed 05/14/2026.

Ownership is reported as held on behalf of adviser clients; the filing states no single client holds > 5.0%. Subsequent disclosures would show any material changes in stake or voting alignments.

Corporate Governance Specialist

Voting and dispositive powers are separated in the report; Ariel reports sole dispositive control.

The table shows sole voting power: 2,861,776 and sole dispositive power: 3,439,063. That indicates Ariel can direct sales of the reported shares even where voting power is smaller.

Item 6 clarifies these shares are held for advisory clients and that none of those clients individually exceed the 5% threshold. Any future reclassification or aggregation of client positions could change regulatory status.

Key Figures

Beneficial ownership: 3,439,063 shares Percent of class: 5.3% Sole voting power: 2,861,776 shares +3 more

6 metrics

Beneficial ownership 3,439,063 shares as reported on Schedule 13G/A

Percent of class 5.3% percentage of Lindblad Expeditions common stock

Sole voting power 2,861,776 shares shares with sole power to vote

Sole dispositive power 3,439,063 shares shares with sole power to dispose

CUSIP 535219109 Lindblad Expeditions common stock identifier

Form signature date 05/14/2026 signed by Vice President, Compliance

Key Terms

Schedule 13G/A, Beneficially owned, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 6 to a Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned regulatory

"Amount beneficially owned: 3,439,063 (b) Percent of class: 5.3 %"

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 dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 3,439,063"

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.

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)

03/31/2026

(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 2,861,776.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,439,063.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,439,063.00

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)

5.3 %

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: 3,439,063
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,861,776
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,439,063
	(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. 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:	05/14/2026

FAQ

What stake does Ariel Investments report in Lindblad Expeditions (LIND)?

Ariel Investments reports beneficial ownership of 3,439,063 shares, equal to 5.3% of Lindblad Expeditions common stock. The filing lists 2,861,776 shares with sole voting power and was signed on 05/14/2026.

Does Ariel Investments control the voting of the shares reported in the 13G/A?

The filing shows Ariel has sole voting power for 2,861,776 shares, while retaining sole dispositive power for 3,439,063 shares. This indicates Ariel can direct dispositions and votes on substantial portions of the reported position.

Are the reported Lindblad shares held for Ariel’s clients or for Ariel itself?

Item 6 states the shares are held on behalf of Ariel Investments’ adviser clients. The filing also discloses that no single Ariel client has an economic interest exceeding 5% in the reported securities.

What dates are relevant in Ariel’s Schedule 13G/A for LIND?

The header shows an effective date of 03/31/2026 for the position, and the filing is signed by Ariel’s compliance officer on 05/14/2026, reflecting the report and attestation dates included in the form.

What is the CUSIP and class of the securities reported?

The filing identifies the security as Lindblad Expeditions common stock with CUSIP 535219109. The class is listed as Common Stock SH in the Schedule 13G/A table.