🧾 What This Document Is

This is an amended Schedule 13G filing. Think of it as a required "I own a big piece of your company" update submitted to the SEC. The "/A" means it's an amendment (the 5th one!) to a previous filing. This specific update was triggered because the investor's holdings crossed a reporting threshold as of March 31, 2026.

👉 Why it matters: These filings give the market and the company a transparent look at which large investors are buying or selling significant stakes. It helps track ownership concentration.

🏢 The Two Key Players

• The Company (Issuer): TrueBlue, Inc. (Ticker: TBI). They're a staffing and workforce management company based in Tacoma, WA. You might know them through their brands that help businesses find temporary and permanent workers.
• The Investor (Reporting Person): Royce & Associates LP. This is a New York-based investment firm. They are filing because they manage money for clients (like mutual funds) that own a large block of TrueBlue's stock.

💰 The Ownership Stake: The Key Numbers

This filing is all about reporting how many shares Royce & Associates controls.

• Total Shares Owned: 2,112,810 shares of TrueBlue common stock.
• Percentage of Company Owned: 7.03% of all outstanding shares.
• Voting & Selling Power: Royce reports it has sole power to vote and sell all 2.11 million shares. This means their clients, for whom they manage the investments, give them full discretion.

👉 Why it matters: Crossing the 5% ownership mark is a significant regulatory milestone. At 7.03%, Royce is a major institutional shareholder whose moves could influence the company's stock price and strategy.

📜 The "Passive Investor" Certification

In Item 10, Royce makes a crucial legal certification. They state the shares were "acquired and are held in the ordinary course of business" and not for the purpose of changing or influencing the control of TrueBlue (like in a takeover).

👉 Why it matters: This is what separates a passive, financial investor from an activist investor. Royce is saying, "We're just here for the investment return, not to run the company."

🔍 Understanding the Investor's Structure

The "Exhibit" contains important fine print. Royce & Associates is a subsidiary of Franklin Resources, Inc. However, they explain that Royce operates independently with "informational barriers" from its parent and sibling companies.

They also clarify that while the Johnson family (Charles B. Johnson and Rupert H. Johnson, Jr.) are major owners of the parent company Franklin Resources, they are not considered beneficial owners of these specific TrueBlue shares due to the independent management.

👉 Why it matters: It clarifies that this 7.03% stake is managed solely by the Royce team for its clients, and not pooled with or attributable to other parts of the Franklin Resources empire.

📅 Key Dates & Signatures

• Report Date: The ownership percentage is calculated as of 03/31/2026.
• Filing Date: The document was signed and filed on 04/22/2026.
• Signed By: Daniel A. O'Byrne, Vice President of Royce & Associates LP.

🧠 The Analogy

This is like a wealthy neighbor filing a public notice with the city, stating: "I now own 7% of the shares in the local apartment building. I bought them as an investment through my property management company. I'm not trying to become the building's landlord or change its rules; I just believe in the long-term value of the property."

🧩 Final Takeaway

This is a routine but important regulatory update showing that the investment firm Royce & Associates has a significant 7.03% passive ownership stake in staffing company TrueBlue. It signals strong institutional interest but no activist intent.