[SCHEDULE 13G/A] Sleep Number Corporation SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A disclosure: M Partners Fund LP, together with its general partner M Partners Fund (GP) LLC and managing member Ali John Mirshekari, reports collective beneficial ownership of 2,263,729 shares of Sleep Number Corporation common stock, representing 9.94% of the outstanding class based on 22,771,000 shares outstanding as reported in the company filings. The reported position reflects shared voting and shared dispositive power for all disclosed shares and no sole voting or dispositive power.

The filing includes a certification that the shares were not acquired to change or influence control of the issuer. The reporting persons identify their organization and principal business address and expressly disclaim forming a statutory group under Rule 13d-5(b)(1).

Insights

Financial Analyst

TL;DR: A disclosed near-10% stake via shared voting/dispositive power; no stated intent to influence control.

The filing reports a material equity position of 2,263,729 shares (9.94%) in Sleep Number (SNBR). Ownership is held through M Partners Fund LP with governance links to its GP and managing member, and all voting and dispositive power is reported as shared rather than sole. The certification language states the holdings were not acquired to change or influence control, which frames this as a disclosed passive or non-control stake under Schedule 13G/A rules.

Corporate Governance Expert

TL;DR: Structured ownership disclosed with clear attribution to GP and managing member; reporting persons disclaim a statutory group.

The statement clarifies the chain of ownership and control: M Partners Fund LP is the record holder, M Partners Fund (GP) LLC is the general partner, and Ali John Mirshekari is the managing member, who is therefore deemed an indirect owner. The filing expressly disclaims group formation and affirms no intent to influence issuer control, which is relevant to governance assessments and proxy considerations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sleep Number Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

83125X103

(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. 83125X103

1

Names of Reporting Persons

M Partners Fund LP

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 2,263,729.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,263,729.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,263,729.00

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)

9.94 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 83125X103

1

Names of Reporting Persons

M Partners Fund (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 2,263,729.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,263,729.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,263,729.00

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)

9.94 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 83125X103

1

Names of Reporting Persons

Ali John Mirshekari

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 2,263,729.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,263,729.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,263,729.00

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)

9.94 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: M Partners Fund LP is a Delaware limited partnership whose sole general partner is M Partners Fund (GP) LLC. The managing member of M Partners Fund (GP) LLC is Ali John Mirshekari. As a result, Ali John Mirshekari is deemed to be the indirect owner of the shares held directly by M Partners Fund LP. Despite such shared beneficial ownership, the Reporting Persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934. Based on the 22,771,000 shares of common stock, par value $0.01 per share, outstanding as of June 28, 2025, as reported in the Form 10-Q for the quarterly period ended June 28, 2025, of Sleep Number Corporation.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sleep Number Corporation
(b)	Address of issuer's principal executive offices: 1001 Third Avenue South Minneapolis, MN, 55404
Item 2.
(a)	Name of person filing: This Schedule is filed by M Partners Fund LP, M Partners Fund (GP) LLC and Ali John Mirshekari.
(b)	Address or principal business office or, if none, residence: The principal business address of the Reporting Persons is 24 Shipyard Drive, Suite 102, Hingham, MA 02043.
(c)	Citizenship: M Partners Fund LP is a Delaware limited partnership. M Partners Fund (GP) LLC is a Delaware limited liability company. Ali John Mirshekari is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 83125X103
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: 2263729
(b)	Percent of class: 9.94 %
(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: 2263729
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2263729
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	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.
	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 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.

M Partners Fund LP

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari, Managing Member of M Partners Fund (GP) LLC
Date:	08/14/2025

M Partners Fund (GP) LLC

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari, Managing Member
Date:	08/14/2025

Ali John Mirshekari

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari
Date:	08/14/2025