SCHEDULE: Vanguard Boosts Blackbaud Stake to 11.37%

The Vanguard Group reported an 11.37% beneficial ownership stake in Blackbaud Inc. common stock as of September 30, 2025.

Summary

• The Vanguard Group holds 5,516,432 shares of Blackbaud Inc. common stock.
• This represents 11.37% of Blackbaud Inc.'s outstanding common stock.
• The beneficial ownership was reported as of September 30, 2025.
• The Vanguard Group has sole dispositive power over 5,209,213 shares and shared dispositive power over 307,219 shares.
• The Vanguard Group has shared voting power over 258,949 shares and no sole voting power.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Blackbaud Inc.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive institutional investment by The Vanguard Group in Blackbaud Inc., suggesting confidence in the company's long-term prospects without seeking control. This is generally a positive signal for the market.

Positives

• A significant stake by a major institutional investor like The Vanguard Group can signal confidence in Blackbaud Inc.'s long-term prospects.
• The passive nature of the investment, as certified by Vanguard, indicates a stable, long-term holding rather than an activist position.

Risks

• The filing explicitly states that the shares were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Blackbaud Inc., mitigating risks associated with an activist investor seeking control.

Future Outlook

No forward-looking statements or guidance are provided by Blackbaud Inc. in this filing, as it is a disclosure from an institutional investor.

Management Comments

• The Vanguard Group certifies that, to the best of its knowledge and belief, the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of Blackbaud Inc.

Industry Context

The disclosure reflects a routine update of a significant passive investment by one of the world's largest asset managers, The Vanguard Group, in Blackbaud Inc., a leading provider of cloud software solutions for the social good community. Such institutional holdings are common and indicate a broad market presence for the issuer's stock.

Stakeholder Impact

• Shareholders may view the significant institutional ownership as a positive indicator of long-term stability and confidence in Blackbaud Inc.
• Increased institutional holdings can sometimes lead to greater liquidity in the stock.

Key Dates

Recommendation

The significant passive stake by The Vanguard Group, a major institutional investor, indicates a long-term investment perspective. While it signals confidence, the filing itself does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation, thus a 'hold' is appropriate for existing investors, and it serves as a positive signal for potential investors to conduct further due diligence.

Keywords

Blackbaud, Vanguard Group, Beneficial Ownership, Common Stock, Institutional Investor, Schedule 13G, Investment, Equity Stake