STADIUM CAPITAL MANAGEMENT LLC

Stadium Capital (10% owner) accumulated 43,140 shares across 4 purchases for $556,389.93 at blended $12.90, extending recent SNBR buying spree.

Stadium Capital increased its SNBR holdings by 43,140 shares (2.0% of pre-transaction holdings) through 4 separate purchases totaling $556,389.93 from November 14–18, with a blended average price of $12.90. This filing is the latest in a rapid succession of 5 prior buys at Sleep Number within the preceding 8 calendar days (November 6–13), indicating sustained acquisition activity. The timing of these purchases is notable: Sleep Number's stock is currently 37.8% below its 52-week high of $19.59, down 20.5% over 30 days and 10.2% over 90 days, and the company is unprofitable (net income of $-3.1M in the latest quarter) with annual revenue decline of 10.7%. The 10% shareholder's sequential accumulation pattern through weakness, combined with depressed valuation relative to recent trading range, warrants attention as an institutional investor's positioning signal during a period of operational and market stress.

10% Owner Stadium Capital buys 77,185 shares across 3 days (Nov 11-13) for $1,107,192.50 at $14.34 blended avg; stock now $13.82, down -29.4% YTD.

Stadium Capital Management LLC, a 10% shareholder, executed 3 separate purchases totaling 77,185 shares for $1,107,192.50 between November 11–13, 2024, at a blended average price of $14.34—occurring as the stock trades at $13.82, well below its 52-week high of $19.59. The company is currently unprofitable (net income $-3,136,000.00 over the latest quarter) with annual revenue declining -10.7% year-over-year, providing a backdrop of operational stress. The timing of these purchases—immediately following 5 prior buys at the same ticker between November 4–6—suggests sustained accumulation by the largest shareholder despite near-term price weakness, though the stock's 30-day decline of -5.4% underscores near-term volatility and challenges at the company level.

Stadium Capital (10% owner) purchases 39,873 shares at $13.54 avg across 4 transactions; stock unprofitable, down -10.7% YoY in revenue

Stadium Capital Management LLC, a 10% shareholder, executed 4 separate purchases totaling 39,873 shares for $539,909.60 over November 5–6, 2024, at a blended average price of $13.54. The current stock price of $15.19 is -22.5% from the 52-week high, and the company reported net income of $-3,136,000.00 and annual revenue decline of -10.7%. The insider has completed 5 prior purchases at Sleep Number within the past week alone (October 31–November 4), and the accumulated holdings now stand at 2,094,675 shares post-transaction. This sustained accumulation pattern at a 10% ownership level during a period of negative profitability and declining revenue is noteworthy as it represents material capital deployment by a significant shareholder in an unprofitable company.

10% owner Stadium Capital buys 193,813 shares ($2.6M) at $12.97–$13.96 as SNBR stock down 28.2% in 30 days, 33.1% from highs.

Stadium Capital Management LLC, holding 2.05M shares post-transaction, executed 5 separate purchases totaling 193,813 shares for $2,574,451.94 between Oct 31 and Nov 4, at prices ranging from $12.93 to $13.96, while Sleep Number trades at $13.10—33.1% below its 52-week high and down 28.2% over 30 days. The company reported a net loss of $5,051,000.00 in its latest quarter and negative full-year earnings, with annual revenue declining 10.7%. This purchase occurs in a context of sharp recent price deterioration and persistent unprofitability, representing a 10.4% increase in this major shareholder's holdings at depressed valuations relative to recent trading history.