SCHEDULE: BlackRock Amends Stake in Topgolf Callaway Brands, Reports 11.0% Beneficial Ownership

BlackRock, Inc. has filed an amended Schedule 13G, disclosing a beneficial ownership of 11.0% in Topgolf Callaway Brands Corp., totaling 20,274,023 common shares as of June 30, 2025.

Summary

• BlackRock, Inc. reported beneficial ownership of 20,274,023 shares of Topgolf Callaway Brands Corp. common stock.
• This ownership represents 11.0% of the total outstanding common stock.
• BlackRock holds sole voting power over 19,937,470 shares.
• BlackRock holds sole dispositive power over 20,274,023 shares.
• No shared voting or dispositive power was reported.
• The filing is Amendment No. 18 to Schedule 13G.
• Various persons have the right to receive dividends or proceeds from the sale of these securities, but no single person's interest exceeds five percent of the total outstanding common shares.

Sentiment

Score: 6

Explanation: The document is a routine beneficial ownership filing, indicating a stable, significant institutional holding. It does not contain positive or negative news about the issuer's operations or financial performance, but the continued large stake by a major investor is generally viewed as a neutral to slightly positive signal.

Positives

• BlackRock, a major institutional investor, maintains a significant and stable stake in Topgolf Callaway Brands Corp., indicating continued confidence in the company.
• The filing represents a routine and transparent disclosure of institutional holdings, providing clarity to the market.

Future Outlook

NA

Industry Context

BlackRock is a global asset manager, and its filings reflect its investment positions across various industries, including leisure and sports entertainment through its holding in Topgolf Callaway Brands Corp. This filing is a standard disclosure of an institutional investment position.

Stakeholder Impact

• Shareholders of Topgolf Callaway Brands Corp. are informed of a significant and stable institutional ownership stake by BlackRock, Inc.

Next Steps

• BlackRock, Inc. will continue to file amendments to Schedule 13G as required by SEC regulations if its beneficial ownership percentage changes significantly.

Key Dates

Keywords

BlackRock, Topgolf Callaway Brands Corp, Schedule 13G, beneficial ownership, institutional investor, common stock, equity stake