Vanguard Reports 5.42% Passive Stake in Sunbelt Rentals Holdings

Overview & Ownership Summary

On October 30, 2026, Vanguard Capital Management LLC filed Amendment No. 2 to Schedule 13G regarding its ownership in Sunbelt Rentals Holdings Inc (CIK: 0002083785). The filing reports beneficial ownership as of the event date of September 30, 2026.

Key ownership metrics disclosed include:

• Aggregate Beneficial Ownership: 22,245,996 shares of Common Stock
• Ownership Percentage: 5.42% of the outstanding class
• Sole Voting Power: 3,829,315 shares
• Shared Voting Power: 0 shares
• Sole Dispositive Power: 22,245,996 shares
• Shared Dispositive Power: 0 shares

Nature of Ownership and Filer Status

Vanguard Capital Management LLC filed pursuant to Rule 13d-1(b) as an institutional investment adviser (IA). The filing confirms that the shares are held in the ordinary course of business and were not acquired with the purpose or effect of changing or influencing the control of the issuer.

The holdings reflect aggregate positions across Vanguard funds and client accounts managed by affiliated entities, including Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd.

Market Impact & Significance

This filing carries Low trading significance:

1. Routine Index/Asset Management Activity: As one of the world's largest passive asset managers, Vanguard's ownership fluctuates due to fund flows, index rebalancings, and client allocations rather than activist interest.
2. Passive Classification: The Schedule 13G designation explicitly certifies passive intent without plans to seek corporate control or strategic changes.
3. Voting vs. Dispositive Disparity: Vanguard retains sole voting power over only ~3.83 million shares (out of 22.25 million beneficially owned), typical for institutional structures where underlying clients or funds retain certain voting discretion.