State Street discloses 3.14M-share passive position in Polaris on Schedule 13G

Rhea-AI Filing Summary

State Street Corporation reports beneficial ownership of 3,137,866 shares of Polaris Inc common stock, equal to 5.6% of the class. The filing shows shared voting power of 2,903,794 shares and shared dispositive power of 3,137,866, with no sole voting or sole dispositive power reported. Holdings are held through multiple State Street Global Advisors entities named in the filing. The filer certifies these securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Polaris.

Positive

• Material disclosure of a 5.6% beneficial stake (3,137,866 shares) providing transparency to the market
• Clear reporting of voting and dispositive powers, showing shared voting power of 2,903,794 and shared dispositive power of 3,137,866
• Holdings routed through established SSGA entities, which clarifies the custodial/manager structure for the position

Negative

• None.

Insights

Institutional Investor Analyst

TL;DR: A material passive stake disclosed; State Street holds a meaningful, non-control position in Polaris through SSGA entities.

The Schedule 13G shows a >5% beneficial position (3,137,866 shares, 5.6%), which is material for disclosure purposes but is reported as passive under 13G standards. Shared voting power of 2,903,794 indicates voting influence is exercised jointly via institutional channels rather than sole control. For investors, this signals a sizable institutional holder in the register without an expressed intent to seek control, and the position is managed through multiple State Street Global Advisors entities identified in the filing.

Corporate Governance Expert

TL;DR: Disclosure indicates passive ownership structure with limited governance-control implications.

The disclosure lists multiple SSGA subsidiaries as the vehicles for the holding, and the certification states the securities are held in the ordinary course of business and not to influence control. Absence of sole voting or dispositive power reduces likelihood of unilateral governance action by the filer. While the stake is large enough to be material, the filing indicates a passive, diversified management approach rather than an activist or control-seeking posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

POLARIS INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

731068102

(CUSIP Number)

06/30/2025

(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. 731068102

1

Names of Reporting Persons

STATE STREET CORPORATION

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 2,903,794.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,137,866.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,137,866.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: POLARIS INC
(b)	Address of issuer's principal executive offices: 2100 HIGHWAY 55 , MEDINA, MINNESOTA, 55340
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 731068102
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: 3137866.00
(b)	Percent of class: 5.6 %
(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: 2,903,794
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,137,866
Item 5.	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. NOT APPLICABLE
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. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS ASIA LIMITED (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
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)(K), so indicate under Item 3(k) 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. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	08/08/2025

FAQ

How many Polaris (PII) shares does State Street report owning?

The filing reports 3,137,866 shares beneficially owned, representing 5.6% of the class.

Does State Street have sole voting or dispositive power over these PII shares?

No. The filing reports 0 shares with sole voting power and 0 shares with sole dispositive power; shared voting power is 2,903,794.

Is this filing an indication that State Street seeks to control Polaris (PII)?

The filer certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control, consistent with a passive Schedule 13G disclosure.

Through which entities are the Polaris shares held?

The filing lists multiple State Street Global Advisors entities, including SSGA Funds Management, Inc. and several State Street Global Advisors regional entities.

What form was filed for this disclosure?

A Schedule 13G was filed disclosing beneficial ownership of Polaris common stock.