Stadium Capital funds sell Sleep Number (SNBR) shares in open market

Rhea-AI Filing Summary

Sleep Number Corp disclosed that investment funds associated with Stadium Capital completed open-market sales of Common Stock. Stadium Special Opportunity I, L.P. sold 59,944 shares at a weighted average price of $1.7791 per share and now holds 341,515 shares indirectly. Stadium Capital Partners, L.P. sold 330,732 shares at the same weighted average price and now holds 1,884,268 shares indirectly. The reporting group states these trades were executed across multiple prices between $1.6800 and $1.8750 per share and disclaims beneficial ownership beyond its pecuniary interest.

Insider Trade Summary

Net Seller: 390,676 shares ($695,052)

Net Sell 2 txns

Insider STADIUM CAPITAL MANAGEMENT LLC, STADIUM CAPITAL PARTNERS L P

Role null | null

Sold 390,676 shs ($695K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share	330,732	$1.7791	$588K
Sale	Common Stock, par value $0.01 per share	59,944	$1.7791	$107K

Holdings After Transaction: Common Stock, par value $0.01 per share — 1,884,268 shares (Indirect, By: Stadium Capital Partners, L.P.)

Footnotes (1)

1. This Form 4 is filed jointly by Stadium Capital Management, LLC ("SCM"), Stadium Capital Management GP, L.P. ("SCMGP"), Stadium Special Opportunity I, L.P. ("SSO"), Stadium Capital Partners, L.P. ("SCP") and Alexander M. Seaver (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that previously collectively beneficially owned more than 10% of Sleep Number Corporation's (the "Issuer") outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.6800 to $1.8750 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Securities owned directly by SCP. As the general partner of SCP, SCMGP may be deemed to beneficially own the securities owned directly by SCP. SCM, as the investment advisor of SCP and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SCP. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SCP. Securities owned directly by SSO. As the general partner of SSO, SCMGP may be deemed to beneficially own the securities owned directly by SSO. SCM, as the investment advisor of SSO and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SSO. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SSO.

Key Figures

Total shares sold: 390,676 shares Weighted average sale price: $1.7791 per share Shares sold by SSO: 59,944 shares +4 more

7 metrics

Total shares sold 390,676 shares Net open-market sales reported in this Form 4

Weighted average sale price $1.7791 per share Common Stock sales on 2026-05-28

Shares sold by SSO 59,944 shares Stadium Special Opportunity I, L.P. open-market sale

Shares sold by SCP 330,732 shares Stadium Capital Partners, L.P. open-market sale

SSO holdings after sale 341,515 shares Indirect ownership following 59,944-share sale

SCP holdings after sale 1,884,268 shares Indirect ownership following 330,732-share sale

Price range of sales $1.6800–$1.8750 per share Multiple transactions making up weighted average price

Key Terms

Section 13(d) group, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

Section 13(d) group regulatory

"may be deemed to be a member of a Section 13(d) group that previously collectively beneficially owned more than 10%"

weighted average price financial

"The price reported is a weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership regulatory

"Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein"

ten percent owner regulatory

"may be deemed to be a member of a Section 13(d) group that previously collectively beneficially owned more than 10%"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STADIUM CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)

199 ELM STREET

(Street)

NEW CANAAN CONNECTICUT 06840

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Sleep Number Corp [ SNBR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share(1)	05/28/2026		S		330,732	D	$1.7791(2)	1,884,268	I	By: Stadium Capital Partners, L.P.(3)
Common Stock, par value $0.01 per share(1)	05/28/2026		S		59,944	D	$1.7791(2)	341,515	I	By: Stadium Special Opportunity I, L.P.(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

STADIUM CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)

199 ELM STREET

(Street)

NEW CANAAN CONNECTICUT 06840

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

STADIUM CAPITAL PARTNERS L P

(Last) (First) (Middle)

199 ELM STREET

(Street)

NEW CANAAN CONNECTICUT 06840

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

Explanation of Responses:

1. This Form 4 is filed jointly by Stadium Capital Management, LLC ("SCM"), Stadium Capital Management GP, L.P. ("SCMGP"), Stadium Special Opportunity I, L.P. ("SSO"), Stadium Capital Partners, L.P. ("SCP") and Alexander M. Seaver (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that previously collectively beneficially owned more than 10% of Sleep Number Corporation's (the "Issuer") outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.6800 to $1.8750 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Securities owned directly by SCP. As the general partner of SCP, SCMGP may be deemed to beneficially own the securities owned directly by SCP. SCM, as the investment advisor of SCP and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SCP. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SCP.

4. Securities owned directly by SSO. As the general partner of SSO, SCMGP may be deemed to beneficially own the securities owned directly by SSO. SCM, as the investment advisor of SSO and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SSO. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SSO.

	Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager	06/01/2026
	Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager	06/01/2026
	Stadium Special Opportunity I, L.P.; By Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager	06/01/2026
	Stadium Capital Partners, L.P.; By Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager	06/01/2026
	/s/ Alexander M. Seaver	06/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider sales did Stadium Capital report in Sleep Number (SNBR)?

Funds associated with Stadium Capital reported selling 390,676 Sleep Number shares in open-market transactions. The trades occurred at a weighted average price of $1.7791 per share across a price range from $1.6800 to $1.8750.

Which entities sold Sleep Number (SNBR) shares in this Form 4?

The sellers were Stadium Special Opportunity I, L.P. and Stadium Capital Partners, L.P.. These entities are part of a reporting group that may be deemed a Section 13(d) group and are associated with Stadium Capital Management and related parties.

How many Sleep Number (SNBR) shares did each Stadium Capital fund sell?

Stadium Special Opportunity I, L.P. sold 59,944 shares, while Stadium Capital Partners, L.P. sold 330,732 shares. Both executed their sales on the same date at a weighted average price of $1.7791 per share in open-market transactions.

What are Stadium Capital’s remaining Sleep Number (SNBR) holdings after these sales?

After the reported sales, Stadium Special Opportunity I, L.P. holds 341,515 shares indirectly, and Stadium Capital Partners, L.P. holds 1,884,268 shares indirectly. These positions reflect what each entity reported as of the transaction date.

How does the Form 4 describe Stadium Capital’s beneficial ownership in SNBR?

The reporting group notes it may be deemed a Section 13(d) group that previously owned over 10% of Sleep Number’s common stock, but it disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest.

What pricing details are disclosed for the Sleep Number (SNBR) insider sales?

The filing reports a weighted average sale price of $1.7791 per share. It explains that individual trades occurred in multiple transactions within a price range from $1.6800 to $1.8750 per share on the transaction date.