Hotchkis & Wiley (NCMI) reports 9.45M National CineMedia shares under management

Rhea-AI Filing Summary

Hotchkis and Wiley Capital Management, LLC, an investment adviser organized in Delaware, reported beneficial ownership of 9,451,093 shares of National CineMedia, Inc. common stock on this amended Schedule 13G. This position represents 10.08% of the outstanding common stock.

Hotchkis and Wiley has sole voting power over 8,113,552 shares and sole dispositive power over all 9,451,093 shares, with no shared voting or dispositive power. The securities are owned of record by the firm’s advisory clients, who are entitled to dividends and sale proceeds, and no single client is known to hold more than five percent of the class. The filing notes that certain clients retain voting authority over some shares, so the adviser can dispose of more shares than it can vote.

Key Figures

Shares beneficially owned: 9,451,093 shares Percent of class: 10.08% Sole voting power: 8,113,552 shares +4 more

7 metrics

Shares beneficially owned 9,451,093 shares Beneficial ownership of National CineMedia common stock reported by Hotchkis and Wiley

Percent of class 10.08% Portion of National CineMedia common stock class beneficially owned

Sole voting power 8,113,552 shares Shares over which Hotchkis and Wiley has sole power to vote

Shared voting power 0 shares Shares over which Hotchkis and Wiley has shared voting power

Sole dispositive power 9,451,093 shares Shares over which Hotchkis and Wiley has sole power to dispose

Shared dispositive power 0 shares Shares over which Hotchkis and Wiley has shared dispositive power

Amendment date signed 08/12/2026 Date the Schedule 13G/A was signed by the Chief Compliance Officer

Key Terms

beneficially owned, sole voting power, sole dispositive power, investment adviser, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 9,451,093"

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

"Sole power to vote or to direct the vote: 8,113,552"

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

"Sole power to dispose or to direct the disposition of: 9,451,093"

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.

investment adviser financial

"The securities as to which this Schedule is filed by HWCM, in its capacity as investment adviser"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

percent of class financial

"Percent of class: 10.08%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

How much of National CineMedia, Inc. (NCMI) does Hotchkis and Wiley own?

Hotchkis and Wiley Capital Management, LLC reports beneficial ownership of 9,451,093 National CineMedia shares, representing 10.08% of the company’s common stock outstanding, held on behalf of its investment advisory clients.

What voting power does Hotchkis and Wiley report in NCMI shares?

Hotchkis and Wiley reports sole voting power over 8,113,552 shares of National CineMedia and no shared voting power. Some clients retain voting rights, so the adviser cannot vote all shares it can dispose of.

What dispositive power does Hotchkis and Wiley have over NCMI stock?

The firm reports sole dispositive power over 9,451,093 shares of National CineMedia and no shared dispositive power. This means it can direct how those shares are sold or otherwise disposed, subject to client arrangements.

Who actually owns the National CineMedia (NCMI) shares managed by Hotchkis and Wiley?

The shares are owned of record by clients of Hotchkis and Wiley, for whom the firm acts as investment adviser. Those clients receive dividends and sale proceeds, and no single client holds more than 5% of the class.

Why does Hotchkis and Wiley’s NCMI filing mention different voting and dispositive powers?

The filing explains that some clients retain voting power over their National CineMedia shares. As a result, Hotchkis and Wiley can dispose of more shares than it can vote, creating a difference between voting and dispositive power figures.

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

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Available on EDGAR 08/12/2026 - 08:41 AM Accepted by SEC EDGAR 08/12/2026 - 08:41 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. 2)

National CineMedia, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

635309206

(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): 635309206

1

Names of Reporting Persons

Hotchkis and Wiley Capital Management, 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 8,113,552.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,451,093.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,451,093.00

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)

10.08 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National CineMedia, Inc.
(b)	Address of issuer's principal executive offices: 6300 S. SYRACUSE WAY, SUITE 300, CENTENNIAL, CO, 80111
Item 2.
(a)	Name of person filing: Hotchkis and Wiley Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 601 S. Figueroa Street, 39th Fl, Los Angeles, CA 90017
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 635309206
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: 9,451,093
(b)	Percent of class: 10.08%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8,113,552
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 9,451,093
	(iv) Shared power to dispose or to direct the disposition of: 0 Note that certain of HWCM's clients have retained voting power over the Common Shares that they beneficially own. Accordingly, HWCM has the power to dispose of more Common Shares than it can vote.
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 securities as to which this Schedule is filed by HWCM, in its capacity as investment adviser, are owned of record by clients of HWCM. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this 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.
	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.

Hotchkis and Wiley Capital Management, LLC

Signature:	Tina H. Kodama
Name/Title:	Tina H. Kodama | Chief Compliance Officer
Date:	08/12/2026