SCHEDULE: Ameriprise Financial Reports 4% Stake in Chefs' Warehouse

Ameriprise Financial, Inc. has reported a 4.0% beneficial ownership stake in Chefs' Warehouse, Inc. as of September 30, 2025, held in the ordinary course of business.

Summary

• Ameriprise Financial, Inc. (AFI) filed an Amendment No. 1 to Schedule 13G regarding its ownership in Chefs' Warehouse, Inc.
• AFI beneficially owns an aggregate of 1,636,042 shares of Common Stock in Chefs' Warehouse, Inc.
• This ownership represents 4.0% of the total class of securities.
• AFI holds shared voting power over 1,596,861 shares and shared dispositive power over 1,636,042 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is largely neutral as it is a routine disclosure of passive institutional ownership. The presence of a significant institutional investor like Ameriprise Financial can be seen as a minor positive, indicating confidence in the issuer.

Positives

• Ameriprise Financial, a significant institutional investor, holds a notable stake, indicating confidence in Chefs' Warehouse, Inc.'s business.
• The holding is for investment purposes in the ordinary course of business, not for control, suggesting a stable, long-term investment perspective from a major financial institution.

Negatives

• The stake is below 5%, meaning Ameriprise Financial is a passive investor and does not intend to influence control, which might limit potential activist pressure for strategic changes.

Risks

• Ameriprise Financial, Inc. disclaims beneficial ownership of any shares reported on this Schedule, which is a legal formality but means they are not directly claiming ownership for all underlying entities.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Chefs' Warehouse, Inc.'s future performance or outlook.

Management Comments

• Michael G. Clarke, Senior Vice President, North America Head of Operations & Investor Services for Ameriprise Financial, Inc., certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

This filing reflects routine institutional investment activity within the food distribution industry, indicating continued interest from major financial institutions in companies like Chefs' Warehouse, Inc.

Comparison to Industry Standards

• Ameriprise Financial's 4.0% stake in Chefs' Warehouse, Inc. represents a significant, albeit passive, institutional investment.
• This level of ownership aligns with typical portfolio allocations by large asset managers in established companies within the food service distribution sector.
• No specific comparable companies, projects, or results are detailed in this filing for direct comparison.

Stakeholder Impact

• Shareholders may view the significant institutional ownership by Ameriprise Financial as a positive signal of confidence in Chefs' Warehouse, Inc.'s long-term prospects.
• There is no direct impact on employees, customers, suppliers, or creditors as this is a passive investment disclosure.

Next Steps

• The filing does not specify any immediate future actions or milestones related to this ownership disclosure.

Key Dates

Recommendation

This Schedule 13G filing merely discloses a passive institutional ownership stake by Ameriprise Financial, Inc. in Chefs' Warehouse, Inc. It does not contain any operational, financial performance, or strategic updates from the issuer that would warrant a change in investment recommendation. The stake is below the threshold for active influence, suggesting no immediate catalyst for significant share price movement based solely on this filing. Investors should continue to hold and monitor the company's fundamental performance and broader market conditions.

Keywords

Chefs' Warehouse, Ameriprise Financial, Schedule 13G, institutional ownership, common stock, passive investment, food distribution