Vail Resorts (MTN) holder Baron discloses 13.44% ownership stake

Rhea-AI Filing Summary

Baron Capital Group and related entities report a large ownership stake in Vail Resorts, Inc. They collectively report beneficial ownership of 4,809,928 shares of Vail Resorts common stock, representing 13.44% of the class as of 12/31/2025, on a Schedule 13G/A (Amendment No. 24).

Baron Capital Group, Inc., BAMCO Inc., Baron Capital Management, Inc., Baron Growth Fund and Ronald Baron report no sole voting or dispositive power, but shared voting power over 4,679,385 shares and shared dispositive power over 4,809,928 shares. The filing states the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Vail Resorts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 24)

Vail Resorts, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

91879Q109

(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. 91879Q109

1

Names of Reporting Persons

BAMCO INC /NY/

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,992,394.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,122,937.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,122,937.00

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)

11.52 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 91879Q109

1

Names of Reporting Persons

Baron Capital Group, 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,679,385.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,809,928.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,809,928.00

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)

13.44 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. 91879Q109

1

Names of Reporting Persons

Baron Capital 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 686,991.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 686,991.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

686,991.00

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)

1.92 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 91879Q109

1

Names of Reporting Persons

Ronald Baron

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,679,385.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,809,928.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,809,928.00

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)

13.44 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 91879Q109

1

Names of Reporting Persons

Baron Growth Fund

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,000,000.00

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)

2.80 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Vail Resorts, Inc.
(b)	Address of issuer's principal executive offices: 390 Interlocken Crescent, Broomfield, CO 80021
Item 2.
(a)	Name of person filing: Baron Capital Group, Inc. ("BCG"), BAMCO, Inc. ("BAMCO"), Baron Capital Management, Inc. ("BCM"), Ronald Baron, Baron Growth Fund ("BGF")
(b)	Address or principal business office or, if none, residence: 767 Fifth Avenue, 49th Floor, New York, NY 10153
(c)	Citizenship: BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. BGF is a series of a Massachusetts Business Trust.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 91879Q109
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: 4,809,928
(b)	Percent of class: 13.44 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,679,385
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,809,928
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. The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
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. BAMCO and BCM are subsidiaries of BCG. BGF is an advisory client of BAMCO. Ronald Baron owns a controlling interest in BCG.
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)(J), so indicate under Item 3(j) 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. See Item 3.
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.

BAMCO INC /NY/

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	02/17/2026

Baron Growth Fund

Signature:	/s/ Ronald Baron
Name/Title:	CEO
Date:	02/17/2026

FAQ

What ownership stake in Vail Resorts (MTN) does Baron report?

Baron Capital Group and related filers report beneficial ownership of 4,809,928 Vail Resorts common shares, equal to 13.44% of the outstanding class as of December 31, 2025. This makes them a significant institutional shareholder in the company’s common stock.

Who are the reporting persons in this Vail Resorts (MTN) Schedule 13G/A?

The reporting persons are Baron Capital Group, Inc., BAMCO Inc., Baron Capital Management, Inc., Baron Growth Fund and Ronald Baron. They file jointly to disclose their combined beneficial ownership position in Vail Resorts common stock under Schedule 13G/A Amendment No. 24.

How much voting and dispositive power does Baron report over Vail Resorts (MTN) shares?

The group reports no sole voting or dispositive power. They report shared voting power over 4,679,385 Vail Resorts shares and shared dispositive power over 4,809,928 shares, reflecting how these holdings are managed collectively across affiliated investment entities and accounts.

Is Baron’s Vail Resorts (MTN) stake intended to influence control of the company?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Vail Resorts. It also notes they are not held in connection with any transaction aimed at such control.

What is Baron Growth Fund’s specific position in Vail Resorts (MTN)?

Baron Growth Fund reports beneficial ownership of 1,000,000 Vail Resorts common shares, representing 2.80% of the class. It has shared voting and shared dispositive power over all 1,000,000 shares, reflecting its role as an investment fund within the broader Baron complex.

What role does Ronald Baron personally play in the Vail Resorts (MTN) holding?

Ronald Baron is a reporting person and signs the filing as Chairman and CEO of multiple Baron entities and individually. He is disclosed as owning a controlling interest in Baron Capital Group, which in turn controls subsidiaries BAMCO and Baron Capital Management.