Brown Advisory group discloses 5.79% SI-BONE (SIBN) ownership in 13G/A

Rhea-AI Filing Summary

SI-BONE, Inc. (SIBN) received an updated Schedule 13G/A from Brown Advisory and related entities reporting their passive ownership in the company’s common stock as of 12/31/2025. Brown Advisory Inc and its listed subsidiaries report beneficial ownership of 2,513,268 shares, representing 5.79 % of the outstanding common stock.

The shares are held across multiple affiliated entities, including Brown Advisory LLC, Brown Investment Advisory & Trust, Signature Financial Management, Inc., and Brown Advisory Ltd, largely through investment companies and managed accounts. The group certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of SI-BONE.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

SI-BONE, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

825704109

(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. 825704109

1

Names of Reporting Persons

BROWN ADVISORY 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

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,964,524.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,512,657.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,513,268.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 825704109

1

Names of Reporting Persons

BROWN INVESTMENT ADVISORY & TRUST CO

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

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,282.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,671.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,282.00

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)

0.02 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 825704109

1

Names of Reporting Persons

BROWN ADVISORY 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

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,953,006.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,501,428.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,501,428.00

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)

5.76 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 825704109

1

Names of Reporting Persons

SIGNATURE FINANCIAL 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

VIRGINIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 894.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,216.00

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)

0.003 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 825704109

1

Names of Reporting Persons

BROWN ADVISORY LTD

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 342.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 342.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

342.00

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)

0.001 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SI-BONE, Inc.
(b)	Address of issuer's principal executive offices: 471 El Camino Real, Suite 101, Santa Clara, CALIFORNIA 95050
Item 2.
(a)	Name of person filing: BROWN ADVISORY INC BROWN INVESTMENT ADVISORY & TRUST CO BROWN ADVISORY LLC SIGNATURE FINANCIAL MANAGEMENT, INC. BROWN ADVISORY LTD
(b)	Address or principal business office or, if none, residence: 901 SOUTH BOND STREET SUITE #400 Baltimore, Maryland 21231
(c)	Citizenship: BROWN ADVISORY INC - MARYLAND BROWN INVESTMENT ADVISORY & TRUST CO - MARYLAND BROWN ADVISORY LLC - MARYLAND SIGNATURE FINANCIAL MANAGEMENT, INC. - VIRGINIA BROWN ADVISORY LTD - UNITED KINGDOM
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 825704109
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: 2,513,268
(b)	Percent of class: 5.79 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 1,964,524 BROWN INVESTMENT ADVISORY & TRUST CO - 10,282 BROWN ADVISORY LLC - 1,953,006 SIGNATURE FINANCIAL MANAGEMENT, INC. - 894 BROWN ADVISORY LTD - 342
	(ii) Shared power to vote or to direct the vote: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0 BROWN ADVISORY LTD - 0
	(iii) Sole power to dispose or to direct the disposition of: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0 BROWN ADVISORY LTD - 0
	(iv) Shared power to dispose or to direct the disposition of: BROWN ADVISORY INC - 2,512,657 BROWN INVESTMENT ADVISORY & TRUST CO - 9,671 BROWN ADVISORY LLC - 2,501,428 SIGNATURE FINANCIAL MANAGEMENT, INC. - 1,216 BROWN ADVISORY LTD - 342
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 total securities being reported are beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of BROWN ADVISORY INC (listed above). These subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over 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. BROWN ADVISORY INC is a parent holding company filing this schedule on behalf of the following subsidiaries pursuant to Rule 13d-1(b)(1)(ii)(G) under the Securities Exchange Act of 1934: BROWN INVESTMENT ADVISORY & TRUST CO - BK (Bank) BROWN ADVISORY LLC - IA (Investment Adviser) SIGNATURE FINANCIAL MANAGEMENT, INC. - IA (Investment Adviser) BROWN ADVISORY LTD - IA (Investment Adviser)
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.

BROWN ADVISORY INC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

BROWN ADVISORY LTD

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/13/2026

FAQ

What percentage of SI-BONE (SIBN) does Brown Advisory report owning?

Brown Advisory and affiliates report beneficial ownership of 5.79 % of SI-BONE’s common stock. This corresponds to 2,513,268 shares held across various investment adviser and bank subsidiaries as of December 31, 2025, according to the amended Schedule 13G filing.

How many SI-BONE (SIBN) shares does Brown Advisory beneficially own?

Brown Advisory Inc and related entities beneficially own 2,513,268 SI-BONE common shares. These shares are held in investment companies and managed accounts of its subsidiaries, which have voting and/or investment power under advisory contracts as of December 31, 2025.

Which Brown Advisory entities are included in the SI-BONE (SIBN) Schedule 13G/A?

The filing lists Brown Advisory Inc, Brown Investment Advisory & Trust Co, Brown Advisory LLC, Signature Financial Management, Inc., and Brown Advisory Ltd. Brown Advisory Inc files as a parent holding company on behalf of these investment adviser and bank subsidiaries.

Is Brown Advisory’s SI-BONE (SIBN) stake reported as passive or for control purposes?

The stake is reported as passive. Brown Advisory certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control of SI-BONE, and not in connection with any control-related transaction.

How is voting and dispositive power over SI-BONE (SIBN) shares allocated among Brown Advisory entities?

The filing shows sole voting power over various share amounts at each subsidiary and shared dispositive power over most reported shares. For example, Brown Advisory Inc has sole voting power over 1,964,524 shares and shared dispositive power over 2,512,657 shares.

Why is Brown Advisory Inc classified as a parent holding company in the SI-BONE filing?

Brown Advisory Inc is identified as a parent holding company because the SI-BONE shares are beneficially owned by investment companies and managed accounts of its direct and indirect subsidiaries. It files on behalf of bank and investment adviser subsidiaries under Rule 13d-1(b)(1)(ii)(G).