SCHEDULE: Nomura Holdings Boosts Stake in BJ's Restaurants

Nomura Holdings Inc. and its subsidiaries have reported a significant passive stake of 8.9% in BJ's Restaurants Inc., totaling 1,959,336 shares.

Summary

• Nomura Holdings Inc. and its wholly-owned subsidiaries, Nomura Global Financial Products, Inc. and Nomura Securities International, Inc., collectively hold a beneficial ownership of 1,959,336 shares of BJ's Restaurants Inc. common stock.
• This aggregate ownership represents 8.9% of the total outstanding common stock of BJ's Restaurants Inc.
• The percentage of class is calculated based on 22,115,837 shares of common stock outstanding as of May 2, 2025, as reported in BJ's Restaurants Inc.'s quarterly report on Form 10-Q filed with the SEC on May 5, 2025.
• Nomura Global Financial Products, Inc. directly holds 1,935,256 shares, accounting for 8.8% of the class.
• Nomura Securities International, Inc. holds 24,080 shares, which are also beneficially owned by Nomura Holdings Inc.

Sentiment

Score: 7

Explanation: A major financial institution has taken a significant passive stake, which is generally viewed positively as a vote of confidence, though it does not imply active management involvement or immediate strategic changes.

Positives

• A major global financial institution, Nomura Holdings Inc., has increased its passive stake in BJ's Restaurants Inc., indicating confidence in the company's long-term prospects.
• The aggregate beneficial ownership of 8.9% by Nomura Holdings Inc. signifies a substantial investment by a reputable financial group.

Negatives

• No specific negative information was disclosed in this filing.

Risks

• The investment is stated to be for ordinary course of business and not for the purpose of changing or influencing control of BJ's Restaurants Inc., meaning the investor does not intend to actively drive strategic changes.

Future Outlook

No forward-looking statements or guidance were provided in this filing.

Management Comments

• 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

This filing indicates a significant institutional investment in the casual dining restaurant sector, potentially reflecting investor confidence in the recovery or growth prospects of the industry, or specifically in BJ's Restaurants Inc.'s business model and market position.

Comparison to Industry Standards

• No direct comparisons to industry standards or comparable companies were provided in this filing.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive signal, potentially leading to increased investor confidence and demand for the stock.

Next Steps

• No specific future actions, events, or milestones were mentioned in this filing.

Key Dates

Recommendation

The filing indicates a significant passive investment by a major financial institution, Nomura Holdings Inc., in BJ's Restaurants Inc. This suggests a vote of confidence in the company's long-term value from a large institutional investor. While this is a positive signal, the investment is explicitly stated to be for ordinary course of business and not for influencing control, meaning no immediate strategic changes are implied. Therefore, maintaining a 'hold' position is prudent to observe future operational performance and broader market trends, while acknowledging the positive institutional interest.

Keywords

BJ's Restaurants, Nomura Holdings, Nomura Global Financial Products, Nomura Securities International, Schedule 13G, beneficial ownership, passive investment, restaurant industry, common stock