[SCHEDULE 13G] Winmark Corp SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed Amendment 20 to Schedule 13G reporting its passive ownership in Welltower Inc. (WELL) as of 30 June 2025.

• Shares owned: 85,785,659
• Ownership percentage: 13.11 % of outstanding common stock
• Voting power: Sole – 0; Shared – 1,185,096
• Dispositive power: Sole – 82,347,104; Shared – 3,438,555
• Filer classification: Investment Adviser (Rule 13d-1(b)(1)(ii)(E))

The filing confirms that Vanguard’s stake is held in the ordinary course of business with no intent to influence control. Although Vanguard controls more than 5 %, its lack of sole voting power underscores a purely passive position. The update solidifies strong institutional ownership of WELL, but does not signal strategic changes or governance activism.

Insights

Equity Portfolio Manager

TL;DR – Vanguard now owns 13.1 % of WELL; passive stake, limited voting power, neutral governance impact.

Vanguard’s 13G confirms it is WELL’s largest shareholder with 85.8 million shares. Because the firm reports zero sole voting power and files under Rule 13d-1(b), this is a passive investment typical of index strategies. The sizeable stake can enhance liquidity and signal institutional confidence, but investors should not expect Vanguard-driven strategic initiatives. Overall market impact is modest unless combined with other shareholder actions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Winmark Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

974250102

(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. 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 1,880.00
7	Sole Dispositive Power 176,390.00
8	Shared Dispositive Power 4,971.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

181,361.00

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)

5.13 %

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 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.: 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: 181361
(b)	Percent of class: 5.13 %
(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: 1880
	(iii) Sole power to dispose or to direct the disposition of: 176390
	(iv) Shared power to dispose or to direct the disposition of: 4971
Item 5.	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, Inc.'s clients, 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:	07/29/2025

FAQ

How many Welltower shares does Vanguard own?

Vanguard reports ownership of 85,785,659 common shares.

What percentage of Welltower’s outstanding stock is owned by Vanguard?

The filing states 13.11 % ownership.

Does Vanguard have voting control over Welltower?

No. Vanguard shows 0 sole voting power and only 1,185,096 shares with shared voting power.

Why was Schedule 13G filed instead of 13D?

Because Vanguard is a passive investment adviser without intent to influence control, a 13G is appropriate.

When is the reporting date for this ownership data?

The stake is reported as of 30 June 2025.

Who signed the Schedule 13G for Vanguard?

The filing was signed by Ashley Grim, Head of Global Fund Administration on 29 July 2025.