📚 What This Document Is 🏷️

This document is a Schedule 13G filing. Think of it as a mandatory public declaration that an institutional investor is filing to tell the world, "Here is how much stock I own in this company, and I intend to hold it passively." The 13G form is used by investors who acquire a position in a company's stock that meets specific thresholds but do not intend to actively influence or take control of the company.

👉 Why it matters: When you see an institutional investor file a 13G, it alerts the market to the size and stability of their ownership stake. It’s a sign of significant interest, but the filing itself is purely a disclosure of fact, not an indication of future corporate plans.

🏢 Who is Barrett Business Services, Inc.? 🏢

Barrett Business Services, Inc. is the issuer—the company whose stock is being discussed. The company maintains its Investor Relations office at 4724 S.W. Macadam Avenue in Portland, Oregon, 97239.

👉 In simple terms: This filing is about the company's stock (Common Stock). Although the document doesn't describe the company's business model, it confirms that BBSI is the company whose securities are being monitored by outside investors.

📊 Key Ownership Metrics 📈

This section reports the exact scale of the investment. The reporting party is Royce & Associates LP, and they are disclosing that they own a substantial portion of the common stock.

• Shares Owned: Royce & Associates LP beneficially owns 1,372,798.00 shares of the common stock.
• Ownership Percentage: This holding represents 5.45% of the outstanding common stock.

👉 Why it matters: Owning 5.45% is a very significant stake. It means Royce & Associates LP is a major shareholder, giving them substantial insight into the company's financial health and operational performance.

🏛️ The Filing Parties and Addresses 📍

The filing clearly identifies both the company being owned (the issuer) and the person/entity doing the owning (the reporting person).

• The Issuer (Barrett Business Services, Inc.): The company’s main point of contact for investors is its Investor Relations office in Portland, Oregon.
• The Reporting Party (Royce & Associates LP): The name of the entity filing the report is Royce & Associates LP. Their principal business address is One Madison Avenue, New York, NY 10010.

👉 Why it matters: Knowing the reporting party is key. The filing tells us this ownership is held by an investment management company, which signals that this is a professionally managed investment, rather than a single, casual investor.

💼 Investment Management Structure and Legal Disclaimers 🛡️

The filing includes a lengthy exhibit section explaining how this ownership is managed, which is crucial for understanding the legal nature of the investment.

• Investment Management Client: The securities are beneficially owned by Royce & Associates, LP (RALP), on behalf of one or more registered investment companies or other managed accounts.
• Sole Investment Discretion: When an agreement delegates investment discretion to RALP, the document states that RALP is treated as having sole investment discretion and voting authority over these securities. This means RALP is the entity responsible for making investment decisions on behalf of its clients.
• Group Status: RALP explicitly states that it believes it is not a "group" with its affiliates (including Franklin Resources, Inc. or its subsidiaries). This legal clarification is important because it limits which parties can be legally held accountable or considered acting together.
• No Control Intent: The filer certifies that the securities were not acquired for the purpose of "changing or influencing the control of the issuer." This confirms the owner's intent is to be a passive investor.

👉 Why it matters: This complex section reassures the market that the investment is governed by strict institutional rules, and the owners are legally distancing themselves from claims that they are trying to gain control of BBSI.

✍️ Signatories and Key Dates 📅

The report was officially submitted and signed by a designated representative of the filing party.

• Signee: Daniel A. O'Byrne, Vice President.
• Filing Date: The statement was signed on 04/21/2026.
• Event Date: The report notes that the event date requiring the filing was 03/31/2026.

👉 Why it matters: The dates provide a timeline, showing that this massive ownership disclosure was triggered by events that occurred in late March 2026.

📧 Key Contacts and Resources 📞

The filing provides specific contact information for both the company and the legal nature of the reporting entity.

• BBSI Investor Relations: 4724 S.W. Macadam Avenue, Portland, OR, 97239.
• RALP (Royce & Associates): The filing notes RALP is an investment management client of Franklin Resources, Inc. (FRI).

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🧠 The Analogy 🏡

Think of the company, Barrett Business Services, Inc., as a valuable, unique real estate building. A Schedule 13G filing from Royce & Associates LP is like a reputable, major tenant (RALP) walking into the building and saying, "Just so everyone knows, I currently lease and invest in 5.45% of this building's ownership. I intend to pay my rent reliably, but I don't plan on kicking out the current owners or dictating the next renovation plans."

🧩 Final Takeaway 💡

Royce & Associates LP is a significant, institutional shareholder (5.45% ownership) of Barrett Business Services, Inc. The filing confirms this large, passive investment but clarifies that the ownership decisions are made by professional managers acting independently of the company's control.