Phreesia, Inc. institutional holders report a 4.1% stake in the company’s common stock. Greenhouse Funds LLLP, Greenhouse GP LLC and Joseph Milano jointly report beneficial ownership of 2,471,960 shares of Phreesia common stock as of December 31, 2025, representing 4.1% of the outstanding class.
The group reports no sole voting or dispositive power, with shared voting power over 2,228,698 shares and shared dispositive power over 2,471,960 shares. All reported securities are directly owned by advisory clients of Greenhouse Funds LLLP, and no individual client is deemed to own more than 5% of the class.
The reporting persons state the holdings are maintained in the ordinary course of business and not for the purpose of changing or influencing control of Phreesia. They also formally disclaim beneficial ownership except to the extent of any pecuniary interest.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
PHREESIA, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
71944F106
(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.
71944F106
1
Names of Reporting Persons
Greenhouse Funds LLLP
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
0.00
6
Shared Voting Power
2,228,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,471,960.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,471,960.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
71944F106
1
Names of Reporting Persons
Greenhouse GP 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
0.00
6
Shared Voting Power
2,228,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,471,960.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,471,960.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
71944F106
1
Names of Reporting Persons
Joseph Milano
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
2,228,698.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,471,960.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,471,960.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PHREESIA, INC.
(b)
Address of issuer's principal executive offices:
1521 Concord Pike, Suite 301 PMB 221, Wilmington, DE 19803
Item 2.
(a)
Name of person filing:
Greenhouse Funds LLLP
Greenhouse GP LLC
Joseph Milano
(b)
Address or principal business office or, if none, residence:
Greenhouse Funds LLLP
605 S Eden St.
Suite 250
Baltimore, MD 21231
Greenhouse GP LLC
605 S Eden St.
Suite 250
Baltimore, MD 21231
Joseph Milano
605 S Eden St.
Suite 250
Baltimore, MD 21231
(c)
Citizenship:
Greenhouse Funds LLLP - Delaware
Greenhouse GP LLC - Delaware
Joseph Milano - United States
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
71944F106
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:
Greenhouse Funds LLLP - 2,471,960
Greenhouse GP LLC - 2,471,960
Joseph Milano - 2,471,960
(b)
Percent of class:
Greenhouse Funds LLLP - 4.1%
Greenhouse GP LLC - 4.1%
Joseph Milano - 4.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Greenhouse Funds LLLP - 0
Greenhouse GP LLC - 0
Joseph Milano - 0
(ii) Shared power to vote or to direct the vote:
Greenhouse Funds LLLP - 2,228,698
Greenhouse GP LLC - 2,228,698
Joseph Milano - 2,228,698
(iii) Sole power to dispose or to direct the disposition of:
Greenhouse Funds LLLP - 0
Greenhouse GP LLC - 0
Joseph Milano - 0
(iv) Shared power to dispose or to direct the disposition of:
Greenhouse Funds LLLP - 2,471,960
Greenhouse GP LLC - 2,471,960
Joseph Milano - 2,471,960
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.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Greenhouse Funds LLLP. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, par value $0.01 per share.
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.
Please see Exhibit B attached hereto.
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.
Greenhouse Funds LLLP
Signature:
By: /s/ Joseph Milano*
Name/Title:
Joseph Milano / Authorized Person of the general partner
Date:
02/17/2026
Greenhouse GP LLC
Signature:
By: /s/ Joseph Milano*
Name/Title:
Joseph Milano / Authorized Person
Date:
02/17/2026
Joseph Milano
Signature:
By: /s/ Joseph Milano*
Name/Title:
Joseph Milano
Date:
02/17/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Material to be Filed as Exhibit:
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
What ownership stake in Phreesia (PHR) is reported in this Schedule 13G/A?
The filing reports beneficial ownership of 2,471,960 shares of Phreesia common stock, representing 4.1% of the outstanding class. This level reflects a significant institutional position but remains below the 5% threshold often associated with larger block holders.
Who are the reporting persons in Phreesia (PHR)’s Schedule 13G/A filing?
The reporting persons are Greenhouse Funds LLLP, Greenhouse GP LLC, and Joseph Milano. Each reports the same 2,471,960 shares as beneficially owned, with shared voting and dispositive power, reflecting their related roles in managing the advisory clients’ positions.
How much voting and dispositive power do the reporting persons have over Phreesia (PHR) shares?
The reporting persons have no sole voting or dispositive power. They report shared voting power over 2,228,698 shares and shared dispositive power over 2,471,960 shares, indicating coordinated authority over how these shares are voted and potentially sold.
Who directly owns the Phreesia (PHR) shares referenced in this Schedule 13G/A?
All reported shares are directly owned by advisory clients of Greenhouse Funds LLLP. The filing states that none of these advisory clients may be deemed to beneficially own more than 5% of Phreesia’s common stock, distributing ownership across multiple accounts.
Is the reported Phreesia (PHR) stake intended to influence control of the company?
The reporting persons certify the securities were acquired and are held in the ordinary course of business and not for changing or influencing control of Phreesia. They state the holdings are not part of any control-related transaction, other than limited nomination-related activities.
Do the reporting persons fully acknowledge beneficial ownership of all Phreesia (PHR) shares reported?
The filing notes that each reporting person disclaims beneficial ownership of the securities except to the extent of any pecuniary interest. This means they report the stake for regulatory purposes but do not concede full economic ownership beyond their financial participation.
