William Blair trims Treace Medical (TMCI) stake to 1.8% of shares

Rhea-AI Filing Summary

William Blair Investment Management, LLC filed an amended Schedule 13G reporting its beneficial ownership of 1,145,498 shares of Treace Medical Concepts, Inc. common stock, representing 1.8% of the class as of the triggering date.

The firm has sole voting power over 879,228 shares and sole dispositive power over all 1,145,498 shares, with no shared voting or dispositive power. It certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Treace Medical Concepts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TREACE MEDICAL CONCEPTS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

89455T109

(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. 89455T109

1

Names of Reporting Persons

WILLIAM BLAIR INVESTMENT MANAGEMENT, 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 879,228.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,145,498.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,145,498.00

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)

1.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TREACE MEDICAL CONCEPTS, INC.
(b)	Address of issuer's principal executive offices: 100 PALMETTO PARK PLACE, 100 PALMETTO PARK PLACE, PONTE VEDRA, FLORIDA, 32081.
Item 2.
(a)	Name of person filing: William Blair Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 150 North Riverside Plaza, Chicago, IL 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 89455T109
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: 1,145,498
(b)	Percent of class: 1.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 879,228
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,145,498
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	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 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.

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

Signature:	Telmo Martins
Name/Title:	Chief Compliance Officer
Date:	02/09/2026

FAQ

What does TMCI's Schedule 13G/A filing with William Blair disclose?

The filing shows William Blair Investment Management, LLC beneficially owns 1,145,498 shares of Treace Medical Concepts, Inc. common stock, equal to 1.8% of the class. It reports sole voting power over 879,228 shares and sole dispositive power over all 1,145,498 shares.

How large is William Blair's ownership stake in TMCI?

William Blair Investment Management, LLC reports beneficial ownership of 1,145,498 shares of Treace Medical Concepts, Inc., representing 1.8% of the outstanding common stock. This places the firm below the 5 percent threshold, which is why the filing also notes ownership of 5 percent or less of the class.

Does William Blair seek to influence control of Treace Medical Concepts (TMCI)?

No. William Blair certifies the securities were acquired and are held in the ordinary course of business and not for the purpose, or with the effect, of changing or influencing control of Treace Medical Concepts. The filing also states they are not part of any control-related transaction.

What voting and dispositive powers over TMCI shares does William Blair report?

William Blair reports sole voting power over 879,228 shares of Treace Medical Concepts, Inc. common stock and no shared voting power. It also reports sole dispositive power over 1,145,498 shares, with no shared dispositive power, indicating exclusive authority over decisions to sell those shares.

Why is TMCI's Schedule 13G/A marked as ownership of 5 percent or less?

The filing indicates William Blair’s beneficial ownership is 1.8% of Treace Medical Concepts’ common stock. Because this is below 5%, Item 5 is marked to show ownership of 5 percent or less of the class, reflecting a reduced or relatively small institutional position.

Who signed the TMCI Schedule 13G/A on behalf of William Blair?

The Schedule 13G/A was signed by Telmo Martins, Chief Compliance Officer of William Blair Investment Management, LLC. The signature section certifies, after reasonable inquiry, that the information in the statement is true, complete, and correct as of the signing date.