AltraVue Capital reports 4.9% Winmark Corp (WINA) passive stake

Rhea-AI Filing Summary

AltraVue Capital, LLC has filed a Schedule 13G reporting beneficial ownership of 174,073 shares of Winmark Corp common stock, representing about 4.89% of the class as of 12/31/2025. AltraVue reports sole voting power over 114,972 shares and shared voting power over 59,101 shares, with sole dispositive power over all 174,073 shares and no shared dispositive power.

The firm certifies that these securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Winmark, indicating a passive investment position rather than an activist stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WINMARK CORP

(Name of Issuer)

Common

(Title of Class of Securities)

974250102

(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. 974250102

1

Names of Reporting Persons

AltraVue Capital, 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 114,972.00
6	Shared Voting Power 59,101.00
7	Sole Dispositive Power 174,073.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

174,073.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WINMARK CORP
(b)	Address of issuer's principal executive offices: 605 HIGHWAY 169 N SUITE 400, MINNEAPOLIS, MINNESOTA, 55441
Item 2.
(a)	Name of person filing: AltraVue Capital, LLC
(b)	Address or principal business office or, if none, residence: 11747 NE 1st Street, Suite 205 Bellevue, WA 98005-3018
(c)	Citizenship: USA
(d)	Title of class of securities: Common
(e)	CUSIP No.: 974250102
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: 174,073
(b)	Percent of class: 4.89%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 114,972
	(ii) Shared power to vote or to direct the vote: 59,101
	(iii) Sole power to dispose or to direct the disposition of: 174,073
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

AltraVue Capital, LLC

Signature:	Tom Parkhurst
Name/Title:	COO & CCO
Date:	01/21/2026

FAQ

What stake did AltraVue Capital report in Winmark Corp (WINA)?

AltraVue Capital, LLC reported beneficial ownership of 174,073 shares of Winmark Corp common stock, representing about 4.89% of the outstanding class as of 12/31/2025.

Is AltraVue Capital an active or passive investor in Winmark Corp (WINA)?

AltraVue Capital certified that the Winmark Corp securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company, indicating a passive investment.

How much voting power does AltraVue Capital have in Winmark Corp?

AltraVue Capital reported sole voting power over 114,972 shares and shared voting power over 59,101 shares of Winmark Corp common stock.

What dispositive power does AltraVue Capital hold over its Winmark Corp shares?

AltraVue Capital reported sole dispositive power over all 174,073 shares of Winmark Corp common stock and no shared dispositive power.

Why did AltraVue Capital file a Schedule 13G for Winmark Corp (WINA)?

The Schedule 13G was filed because AltraVue Capital's beneficial ownership in Winmark Corp common stock reached about 4.89% of the class as of 12/31/2025, triggering a reporting obligation under beneficial ownership rules.

Who signed the Winmark Corp (WINA) Schedule 13G for AltraVue Capital?

The Schedule 13G for Winmark Corp was signed by Tom Parkhurst, identified as COO & CCO of AltraVue Capital, LLC, dated 01/21/2026.