SCHEDULE: Vanguard Group Adjusts Build-A-Bear Ownership Reporting

The Vanguard Group reported 0% beneficial ownership in Build-A-Bear Workshop Inc. following an internal corporate realignment.

Summary

• The Vanguard Group filed an Amendment No. 2 to Schedule 13G for Build-A-Bear Workshop Inc. common stock.
• The filing indicates that The Vanguard Group now beneficially owns 0% of Build-A-Bear Workshop Inc.'s common stock.
• This change is a result of an internal realignment within The Vanguard Group, Inc. that occurred on January 12, 2026.
• Following the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report their beneficial ownership separately.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities held by these disaggregated subsidiaries and/or business divisions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, primarily a procedural change in how Vanguard reports its beneficial ownership, rather than an active investment decision regarding Build-A-Bear Workshop Inc.

Future Outlook

No forward-looking statements or guidance regarding Build-A-Bear Workshop Inc.'s performance or The Vanguard Group's future investment strategies were provided in this filing.

Management Comments

• The Vanguard Group, Inc. underwent an internal realignment on January 12, 2026.
• Certain subsidiaries or business divisions will now report beneficial ownership separately, in reliance on SEC Release No. 34-39538 (January 12, 1998).
• These subsidiaries and/or business divisions continue to pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

Industry Context

StockSavvy.ai notes that this filing primarily reflects a procedural change in The Vanguard Group's internal reporting structure rather than a strategic investment decision related to Build-A-Bear Workshop Inc. It aligns with regulatory guidance for disaggregated reporting by large institutional investors.

Stakeholder Impact

• Shareholders of Build-A-Bear Workshop Inc. may observe a change in reported institutional ownership data, as The Vanguard Group's direct beneficial ownership is now 0%.
• The underlying investment in Build-A-Bear Workshop Inc. by various Vanguard funds and managed accounts may still exist, but will be reported by different entities within the Vanguard ecosystem.

Key Dates

Keywords

Vanguard Group, Build-A-Bear Workshop, Schedule 13G, beneficial ownership, institutional ownership, common stock, internal realignment