[SCHEDULE 13G/A] The Wendy's Company SEC Filing

Rhea-AI Filing Summary

AQR Capital Management reports beneficial ownership of 13,843,438 shares of Wendy's common stock, representing 7.21% of the outstanding class. The filing shows the position is held with shared voting and shared dispositive power, while both filers report 0 sole voting and dispositive power, indicating the stake is not reported as an individually controlled block.

The Schedule is filed by AQR Capital Management, LLC and AQR Capital Management Holdings, LLC, with the filing stating the subsidiary relationship and certifying the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Material disclosure: AQR reports beneficial ownership of 13,843,438 Wendy's shares, equal to 7.21% of the class
• Entity transparency: Filing is made by both AQR Capital Management, LLC and AQR Capital Management Holdings, LLC, with the subsidiary relationship disclosed
• Ordinary-course certification: Filers state the shares are held in the ordinary course of business and not to change or influence control

Negative

• No sole control: Both filers report 0 sole voting power and 0 sole dispositive power, indicating no unilateral control over the position
• Limited governance signal: The certification of passive intent reduces the filing's indication of potential governance influence

Insights

Financial Analyst

TL;DR: AQR discloses a material passive position in Wendy's—13.84M shares (7.21%)—with shared voting and dispositive power.

The filing documents a material ownership stake above the 5% reporting threshold: 13,843,438 shares, or 7.21% of the class. The reported structure—0 sole voting or dispositive power and full shared voting/dispositive authority—means AQR has disclosed influence potential but not unilateral control. The Item 10 certification explicitly states the holdings are in the ordinary course of business and not intended to change or influence control, which is a factual disclosure investors can use to interpret the position as disclosed and likely passive.

Corporate Governance Expert

TL;DR: The Schedule 13G shows transparency on ownership and entity structure; shared power and ordinary-course certification limit control implications.

The filing is submitted on behalf of both AQR Capital Management, LLC and its parent AQR Capital Management Holdings, LLC, with an exhibit noting the subsidiary relationship. Both filers report identical beneficial ownership metrics and confirm shared voting and dispositive power for 13,843,438 shares. The certification that the securities are held in the ordinary course and not to influence control is a required legal assertion that narrows governance concerns to a stated passive posture rather than active control engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Wendy's Co

(Name of Issuer)

Common Stock, $.10 par value

(Title of Class of Securities)

95058W100

(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. 95058W100

1

Names of Reporting Persons

AQR Capital 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,843,438.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,843,438.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,843,438.00

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)

7.21 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 95058W100

1

Names of Reporting Persons

AQR Capital Management Holdings, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,843,438.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,843,438.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,843,438.00

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)

7.21 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Wendy's Co
(b)	Address of issuer's principal executive offices: ONE DAVE THOMAS BLVD, DUBLIN, OHIO 43017
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES
(d)	Title of class of securities: Common Stock, $.10 par value
(e)	CUSIP No.: 95058W100
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: 13,843,438
(b)	Percent of class: 7.21 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 13,843,438 AQR Capital Management Holdings, LLC - 13,843,438
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 13,843,438 AQR Capital Management Holdings, LLC - 13,843,438
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.
	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. See Item 2(a) above.
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.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/14/2025

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/14/2025

Exhibit Information

AQR Capital Management Holdings, LLC and AQR Capital Management, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC.

FAQ

How many Wendy's (WEN) shares does AQR beneficially own?

13,843,438 shares, representing 7.21% of the outstanding class.

Does AQR have sole voting or dispositive power over the WEN shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; the 13,843,438 shares are reported with shared voting and dispositive power.

Was AQR's holding reported as intended to change or influence control of Wendy's (WEN)?

No. The Item 10 certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Which entities filed the Schedule 13G for Wendy's (WEN)?

The Schedule was filed by AQR Capital Management, LLC and AQR Capital Management Holdings, LLC, with the filing noting the subsidiary relationship.

Does the filing indicate any group affiliation or group dissolution?

No. Items identifying group membership and notice of dissolution of group are marked Not Applicable.