Vanguard realignment leads to separate reporting; Winmark (WINA) shows 0 shares

Rhea-AI Filing Summary

Winmark Corp ownership disclosure: The Vanguard Group filed an amendment stating it beneficially owns 0 shares of Winmark Corp common stock, representing 0% of the class. The filing explains an internal realignment completed on January 12, 2026, after which certain Vanguard subsidiaries report holdings separately in reliance on SEC Release No. 34-39538.

The filing lists Vanguard's address and identifies Ashley Grim, Head of Global Fund Administration, as the signatory on March 27, 2026. The statement notes Vanguard-managed accounts retain dividend/proceeds rights where applicable.

Insights

Institutional Ownership Specialist

Amendment reports zero beneficial ownership following Vanguard internal realignment.

The filing discloses 0 shares owned and 0% beneficial ownership as of the amendment, reflecting a reporting change tied to an internal realignment on January 12, 2026. This is a recordkeeping/disaggregation update under SEC Release No. 34-39538 rather than an economic transaction.

Cash-flow treatment is not described; subsequent filings from Vanguard or its subsidiaries may show redistributed holdings. Watch future 13G/A or 13D filings for any reaggregation or subsidiary-level positions.

Compliance & SEC Reporting Advisor

Filing follows SEC guidance for separate reporting by subsidiaries after organizational change.

The amendment cites SEC Release No. 34-39538 and explains that certain Vanguard subsidiaries now report separately; the filing therefore clarifies beneficial ownership attribution rather than conveying a sale or purchase.

Procedurally, this reduces perceived aggregate ownership under The Vanguard Group name in public records. Review subsequent subsidiary filings to reconstruct total Vanguard-related exposure if required.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Winmark Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

974250102

(CUSIP Number)

03/13/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 974250102

1

Names of Reporting Persons

The Vanguard Group

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Winmark Corp
(b)	Address of issuer's principal executive offices: 605 Highway 169 North, Suite 400, Minneapolis, MN, 55441
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
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: 0
(b)	Percent of class: 0 %
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/27/2026

FAQ

Does The Vanguard Group own any Winmark (WINA) shares according to this amendment?

No. The amendment reports 0 shares beneficially owned, representing 0% of Winmark's common stock. It records a reporting change tied to Vanguard's internal realignment on January 12, 2026.

Why does Vanguard say it no longer reports some holdings for Winmark under its own name?

Vanguard cites SEC Release No. 34-39538 and an internal realignment on January 12, 2026, after which certain subsidiaries report beneficial ownership separately from The Vanguard Group, Inc.

Who signed the Schedule 13G/A amendment for Vanguard and when?

The amendment is signed by Ashley Grim, Head of Global Fund Administration, and dated March 27, 2026, as shown on the filing's signature block.

Does this amendment indicate a purchase or sale of Winmark shares by Vanguard?

No. The amendment documents a reporting change and lists ownership as 0 shares. It does not describe any purchase, sale, or cash-flow transaction in the provided excerpt.

Will Vanguard subsidiaries’ separate filings show Winmark holdings instead?

Possibly. The filing explains certain subsidiaries will report beneficial ownership separately in reliance on SEC Release No. 34-39538; check subsequent 13G/A filings from Vanguard subsidiaries for subsidiary-level positions.