[SCHEDULE 13G/A] Waystar Holding Corp. SEC Filing

Rhea-AI Filing Summary

Canada Pension Plan Investment Board disclosed ownership of 24,964,225 shares of Waystar Holding Corp. common stock, representing 14.3% of the outstanding class based on 174,238,972 shares. The shares are held directly by CPP Investment Board Private Holdings (4) Inc., a wholly owned subsidiary, and the reporting persons state shared voting power and shared dispositive power for the entire position with no sole voting or dispositive power.

This filing is a Schedule 13G/A amendment reporting an institutional investor's passive ownership stake. The statement also references an incorporated power of attorney exhibit used for signature authority.

Positive

• Material equity stake disclosed: 24,964,225 shares representing 14.3% of the class
• Clear ownership structure: shares held directly by CPP Investment Board Private Holdings (4) Inc., a wholly owned subsidiary
• Consolidated reporting: filing consolidates beneficial ownership and discloses voting and dispositive powers

Negative

• None.

Insights

Financial Analyst

TL;DR: A large institutional passive stake of 14.3% has been disclosed, which is material to Waystar's ownership register.

This Schedule 13G/A reports a meaningful common-stock position of 24,964,225 shares held by CPP Investment Board via a wholly owned subsidiary. The holder reports only shared voting and dispositive powers, indicating the position is managed collectively rather than controlled singly. For investors and analysts, a 14.3% ownership is large enough to influence shareholder dynamics, board elections, or strategic discussions even if filed under passive ownership rules.

Corporate Governance Expert

TL;DR: Reporting discloses material ownership without indication of control; governance implications depend on future engagement.

The filing identifies the reporting entities and clarifies that the shares are held by a subsidiary with shared voting/dispositive authority and no sole control. As a matter of governance, this level of ownership typically places the reporting party among the largest shareholders and could lead to dialogue with management or nominations, but the Schedule 13G/A classification signals passive intent at the time of filing rather than an activist campaign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Waystar Holding Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

946784105

(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. 946784105

1

Names of Reporting Persons

Canada Pension Plan Investment Board

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 24,964,225.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,964,225.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,964,225.00

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)

14.3 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 174,238,972 shares of common stock of the issuer outstanding as of July 21, 2025, as disclosed in the issuer's Form 10-Q filed with the Securities and Exchange Commission on July 30, 2025. Shares reported on this Schedule 13G are held directly by CPP Investment Board Private Holdings (4) Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board.

SCHEDULE 13G

CUSIP No. 946784105

1

Names of Reporting Persons

CPP Investment Board Private Holdings (4) 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 24,964,225.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,964,225.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,964,225.00

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)

14.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 174,238,972 shares of common stock of the issuer outstanding as of July 21, 2025, as disclosed in the issuer's Form 10-Q filed with the Securities and Exchange Commission on July 30, 2025. Shares reported on this Schedule 13G are held directly by CPP Investment Board Private Holdings (4) Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Waystar Holding Corp.
(b)	Address of issuer's principal executive offices: 1550 Digital Drive #300 Lehi, UT, 84043
Item 2.
(a)	Name of person filing: Canada Pension Plan Investment Board CPP Investment Board Private Holdings (4) Inc.
(b)	Address or principal business office or, if none, residence: One Queen Street East, Suite 2500, Toronto, Ontario M5C 2W5 Canada
(c)	Citizenship: Canada (Federal)
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 946784105
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: See Item 9 on pages 2 and 3.
(b)	Percent of class: See Item 11 on pages 2 and 3.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on pages 2 and 3.
	(ii) Shared power to vote or to direct the vote: See Item 6 on pages 2 and 3.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on pages 2 and 3.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on pages 2 and 3.
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:
	Not Applicable

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.

Canada Pension Plan Investment Board

Signature:	/s/ Kathryn Daniels
Name/Title:	Kathryn Daniels, Managing Director, Head of Compliance
Date:	08/13/2025

CPP Investment Board Private Holdings (4) Inc.

Signature:	/s/ Pierre Abinakle
Name/Title:	Pierre Abinakle, Director
Date:	08/13/2025

Comments accompanying signature: 99.1 Power of Attorney of Canada Pension Plan Investment Board (incorporated by reference to Exhibit 99.1 of the Schedule 13G/A filed by the reporting persons in respect of the issuer on March 6, 2025).

Exhibit Information

99.1 Power of Attorney of Canada Pension Plan Investment Board (incorporated by reference to Exhibit 99.1 of the Schedule 13G/A filed by the reporting persons in respect of the issuer on March 6, 2025).

FAQ

How many Waystar (WAY) shares does CPP Investment Board report owning?

The filing reports 24,964,225 shares of Waystar common stock.

What percentage of Waystar (WAY) does this ownership represent?

The reported position represents 14.3% of the outstanding common stock based on 174,238,972 shares.

Who holds the shares on behalf of CPP Investment Board?

The shares are held directly by CPP Investment Board Private Holdings (4) Inc., a wholly owned subsidiary.

Does the filer report sole voting or dispositive power over these shares?

No; the filer reports 0 sole voting power and 0 sole dispositive power, with shared voting and shared dispositive power of 24,964,225 shares.

Is this filing an active takeover or passive disclosure?

This Schedule 13G/A is submitted under passive ownership provisions; the filing itself does not assert an active control intent.