Glenn W. Welling – Engaged Capital Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Engaged Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Freshpet, Inc. (FRPT)

Increases – Evolent Health, Inc (EVH), YETI Holdings, Inc. (YETI)

Reductions – GXO Logistics, Inc. (GXO), V.F. Corporation (VFC), Portillo's Inc. (PTLO)

Complete Exits – Chart Industries, Inc. (GTLS), NCR Voyix Corporation (VYX), NCR Atleos Corporation (NATL)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Engaged Capital Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2024Sep 30, 2024	NATL NCR Atleos Corporation	NCR Atleos Corporation	Buy	+498,967+19.9%	$85.82M	3,008,223
Q3 2024Sep 30, 2024	EVH Evolent Health, Inc	Evolent Health, Inc	Sell	-121,990-3.0%	$112.82M	3,989,468
Q3 2024Sep 30, 2024	SHAK Shake Shack, Inc.	Shake Shack, Inc.	Sell - Position Exit	-266,883-100.0%	$0.00	-
Q3 2024Sep 30, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell - Position Exit	-671,496-100.0%	$0.00	-
Q3 2024Sep 30, 2024	ENV Envestnet, Inc	Envestnet, Inc	Sell - Position Exit	-692,483-100.0%	$0.00	-
Q3 2024Sep 30, 2024	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Sell - Position Exit	-1,167,051-100.0%	$0.00	-
Q2 2024Jun 30, 2024	EVH Evolent Health, Inc	Evolent Health, Inc	Buy	+850,000+26.1%	$78.61M	4,111,458
Q2 2024Jun 30, 2024	PTLO Portillo's Inc.	Portillo's Inc.	Buy	+770,443+38.7%	$26.83M	2,760,443
Q2 2024Jun 30, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Buy - Position Entry	+671,496	$29.60M	671,496
Q2 2024Jun 30, 2024	ENV Envestnet, Inc	Envestnet, Inc	Buy	+573,049+479.8%	$43.34M	692,483
Q2 2024Jun 30, 2024	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+450,000+7.7%	$77.63M	6,286,029
Q2 2024Jun 30, 2024	PRAA PRA Group, Inc.	PRA Group, Inc.	Sell	-149,737-8.1%	$33.49M	1,703,512
Q2 2024Jun 30, 2024	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Sell	-498,657-29.9%	$35.83M	1,167,051
Q2 2024Jun 30, 2024	SHAK Shake Shack, Inc.	Shake Shack, Inc.	Sell	-507,905-65.6%	$24.02M	266,883
Q1 2024Mar 31, 2024	PTLO Portillo's Inc.	Portillo's Inc.	Buy - Position Entry	+1,990,000	$28.22M	1,990,000
Q1 2024Mar 31, 2024	VYX NCR Voyix Corporation	NCR Voyix Corporation	Buy	+817,516+16.3%	$73.71M	5,836,029
Q1 2024Mar 31, 2024	ENV Envestnet, Inc	Envestnet, Inc	Buy - Position Entry	+119,434	$6.92M	119,434
Q1 2024Mar 31, 2024	PRAA PRA Group, Inc.	PRA Group, Inc.	Sell	-157,501-7.8%	$48.33M	1,853,249
Q1 2024Mar 31, 2024	NVRO Nevro Corp.	Nevro Corp.	Sell	-282,207-13.0%	$27.23M	1,885,956
Q1 2024Mar 31, 2024	SHAK Shake Shack, Inc.	Shake Shack, Inc.	Sell	-592,443-43.3%	$80.60M	774,788
Q1 2024Mar 31, 2024	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Sell	-731,208-30.5%	$58.65M	1,665,708
Q4 2023Dec 31, 2023	NATL NCR Atleos Corporation	NCR Atleos Corporation	Buy - Position Entry	+2,509,256	$60.95M	2,509,256
Q4 2023Dec 31, 2023	NVRO Nevro Corp.	Nevro Corp.	Buy - Position Entry	+2,168,163	$46.66M	2,168,163
Q4 2023Dec 31, 2023	PRAA PRA Group, Inc.	PRA Group, Inc.	Buy - Position Entry	+2,010,750	$52.68M	2,010,750
Q4 2023Dec 31, 2023	EVH Evolent Health, Inc	Evolent Health, Inc	Buy	+428,648+15.1%	$107.73M	3,261,458
Q4 2023Dec 31, 2023	BRCC BRC Inc.	BRC Inc.	Buy	+400,000+3.2%	$46.65M	12,851,018
Q4 2023Dec 31, 2023	VFC V.F. Corporation	V.F. Corporation	Buy	+145,084+2.8%	$100.42M	5,341,368
Q4 2023Dec 31, 2023	PRMW Primo Water Corporation	Primo Water Corporation	Sell - Position Exit	-878,751-100.0%	$0.00	-
Q4 2023Dec 31, 2023	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Sell	-1,270,457-34.6%	$81.42M	2,396,916
Q3 2023Sep 30, 2023	VFC V.F. Corporation	V.F. Corporation	Buy - Position Entry	+5,196,284	$91.82M	5,196,284

Page 2 of 10 • 282 total trades

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