SCHEDULE: BlackRock Amends Boot Barn Stake to 14.1%

BlackRock, Inc. filed an amendment to its Schedule 13G, reporting a 14.1% beneficial ownership stake in Boot Barn Holdings, Inc. as of September 30, 2025.

Summary

• BlackRock, Inc. filed an Amendment No. 3 to its Schedule 13G regarding its beneficial ownership of common stock in Boot Barn Holdings, Inc.
• As of September 30, 2025, BlackRock, Inc. beneficially owns 4,294,803 shares of Boot Barn Holdings, Inc. common stock.
• This represents 14.1% of the total outstanding common stock of Boot Barn Holdings, Inc.
• BlackRock, Inc. holds sole voting power over 4,242,968 shares and sole dispositive power over 4,294,803 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.
• iShares Core S&P Small-Cap ETF, a BlackRock entity, holds more than 5% of the common stock.

Sentiment

Score: 7

Explanation: The filing indicates a significant and stable institutional ownership by BlackRock, a positive signal for investor confidence, without any negative implications. The passive nature of the investment is also a neutral to positive sign.

Positives

• A major institutional investor, BlackRock, maintains a significant 14.1% stake, indicating continued confidence in Boot Barn Holdings, Inc.
• The filing explicitly states the shares are held in the ordinary course of business and not for control, suggesting a passive investment strategy.

Future Outlook

This filing does not provide forward-looking statements or guidance from Boot Barn Holdings, Inc. It is an ownership disclosure by an institutional investor.

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 primarily concerns an institutional investor's stake and does not offer direct insights into broader industry trends for the retail or apparel sector. However, a significant stake by a major asset manager like BlackRock can be seen as a vote of confidence in the company within its industry.

Comparison to Industry Standards

• This filing is a standard ownership disclosure and does not contain information for comparison to industry-specific operational or financial benchmarks. It reflects a common practice for large asset managers to hold significant, passive stakes in publicly traded companies.

Stakeholder Impact

• Shareholders: Provides transparency regarding a major institutional holder's stake, potentially reinforcing confidence.
• Management: Awareness of a significant passive institutional investor.

Key Dates

Recommendation

This Schedule 13G filing from BlackRock, Inc. indicates a continued significant, passive ownership stake of 14.1% in Boot Barn Holdings, Inc. While a large institutional holding can be seen as a vote of confidence, this filing is a routine disclosure and does not provide new information that would fundamentally alter the investment thesis for Boot Barn. It confirms BlackRock's ongoing position without suggesting any new catalysts for significant price movement, thus a 'hold' recommendation is appropriate for existing investors.

Keywords

Boot Barn Holdings, BlackRock, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Retail, Apparel