SCHEDULE: AQR Capital Management Adjusts Sleep Number Stake

AQR Capital Management entities have amended their Schedule 13G filing to reflect changes in beneficial ownership of Sleep Number Corp. common stock.

Summary

• AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Capital Management II, LLC have filed an amendment to their Schedule 13G.
• The filing indicates a change in beneficial ownership of Sleep Number Corp. common stock.
• As of June 30, 2026, AQR Capital Management, LLC and AQR Capital Management Holdings, LLC collectively hold 549,715 shares, representing 2.38% of the class.
• AQR Capital Management II, LLC holds 191,171 shares, representing 0.83% of the class.
• These shares are held by investment funds managed by AQR Capital Management II, LLC, which may be deemed to beneficially own these securities due to its voting and disposition authority.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, as it primarily reports a change in beneficial ownership without providing new operational or financial performance data.

Positives

• The filing provides transparency regarding significant institutional ownership changes.
• The reporting entities are established investment managers, suggesting a professional approach to their holdings.

Negatives

• The filing does not provide any new financial performance data or operational updates for Sleep Number Corp.
• The aggregate beneficial ownership reported by AQR entities is a relatively small percentage of the total class of securities.

Risks

• Potential for further changes in beneficial ownership by AQR Capital Management entities, which could impact stock price volatility.
• The filing does not disclose the specific investment strategy or rationale behind the reported ownership levels.

Future Outlook

No forward-looking statements or guidance are provided in this filing, as it is a disclosure of beneficial ownership.

Management Comments

• "The shares reported herein are held directly by one or more investment funds for which AQR Capital Management II, LLC serves as managing member."
• "AQR Capital Management II, LLC may be deemed to beneficially own such securities by virtue of its authority with respect to the voting and disposition of such securities."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for institutional investors crossing certain ownership thresholds. This filing indicates AQR Capital Management's ongoing, albeit modest, position in Sleep Number Corp., a company operating in the competitive bedding and sleep products market.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is a regulatory requirement for institutional investors holding more than 5% of a company's stock, or for those who have acquired a significant stake. The reporting by AQR Capital Management aligns with standard practices for investment firms disclosing their holdings to the SEC.

Stakeholder Impact

• Shareholders: Increased transparency regarding institutional ownership, potentially influencing trading decisions.
• Management of Sleep Number Corp.: Awareness of significant institutional investor positions and potential influence.

Next Steps

• AQR Capital Management will continue to monitor its holdings in Sleep Number Corp. and may file further amendments to Schedule 13G if ownership levels change significantly.
• Sleep Number Corp. will continue its operations and financial reporting as usual.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Institutional Investor, Sleep Number Corp, AQR Capital Management, Common Stock, Investment Funds