SCHEDULE 13G: BlackRock Discloses 6.6% Stake in Bentley Systems

BlackRock, Inc. has reported a 6.6% beneficial ownership stake in Bentley Systems Inc.'s Class B Stock as of December 31, 2025.

Summary

• BlackRock, Inc. beneficially owns 19,138,817 shares of Bentley Systems Inc. Class B Stock.
• This ownership represents 6.6% of the total outstanding Class B shares.
• BlackRock holds sole voting power over 18,208,036 shares and sole dispositive power over 19,138,817 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Bentley Systems Inc.
• BlackRock, Inc. is classified as a parent holding company (HC) for this filing.
• Several BlackRock subsidiaries are identified as having acquired the security, with BlackRock Fund Managers Ltd beneficially owning 5% or greater of the outstanding shares.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership by a large institutional investor. It does not contain positive or negative performance data or strategic announcements from the issuer.

Positives

• The disclosure of a significant institutional investor like BlackRock holding a 6.6% stake can signal confidence in Bentley Systems Inc.'s long-term prospects.
• BlackRock's certification that the shares are held in the ordinary course of business and not for influencing control suggests a stable, passive investment.

Negatives

• The filing itself does not contain any negative information regarding Bentley Systems Inc.'s performance or outlook.

Risks

• The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating the risk of an activist investor.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Bentley Systems Inc.'s future performance or outlook.

Management Comments

• "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."

Industry Context

The disclosure of a significant passive stake by a major institutional investor like BlackRock is a common occurrence in the public markets. It indicates that large asset managers are allocating capital to Bentley Systems, a company operating in the infrastructure engineering software industry. Such filings provide transparency into the ownership structure of publicly traded companies, which is crucial for market participants.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, which can influence market perception and liquidity.
• Management: Awareness of a large, passive institutional investor in the company's stock.

Key Dates

Keywords

Bentley Systems, BlackRock, Class B Stock, Institutional Ownership, SEC Filing, Schedule 13G, Beneficial Ownership, Software, Infrastructure