Vail Resorts, Inc. Schedule 13G/A discloses that Baron Capital Group and affiliated entities report beneficial ownership of 5,043,533 shares of common stock, representing 14.15% of the class. The filing attributes shared voting power of 4,972,490 shares and shared dispositive power of 5,043,533, and states the holdings are held by BAMCO, Baron Capital Management, Baron Growth Fund and Baron Partners Fund.
The filing clarifies organizational relationships: BAMCO and BCM are subsidiaries of Baron Capital Group, BGF and BPF are advisory clients of BAMCO, and Ronald Baron controls BCG. The schedule states advisory clients have rights to dividends or sale proceeds in their accounts but that no third party is known to hold over 5% on that basis.
Positive
None.
Negative
None.
Insights
Baron-affiliated entities report a large, disclosed stake of 14.15% in Vail Resorts.
The filing lists 5,043,533 shares beneficially owned with 4,972,490 shares of shared voting power, reflecting coordinated ownership among Baron entities. The schedule follows the reporting framework for aggregated investment-adviser and fund holdings.
Key dependencies include the adviser-client structure and shared voting/dispositive designations; subsequent Form 13 filings could update percentages if positions change.
Filing clarifies control and group composition without asserting unilateral control.
The statement that BAMCO and BCM are subsidiaries of Baron Capital Group and that Ronald Baron controls BCG provides governance context relevant to voting coordination. Shared voting and dispositive powers are reported rather than sole powers.
Material effects depend on whether the group acts cohesively; any coordinated proposals or contested votes would be observable in later filings or proxy materials.
Key Figures
Beneficially owned:5,043,533 sharesPercent of class:14.15%Shared voting power:4,972,490 shares+2 more
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared dispositive powerregulatory
"Item 4. (iv) Shared power to dispose or to direct the disposition of: 5,043,533"
Advisory clientsfinancial
"The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt"
Schedule 13G/Aregulatory
"(Amendment No. 25 ) Vail Resorts, Inc. Common Stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 25)
Vail Resorts, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
91879Q109
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
BAMCO INC /NY/
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,426,491.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,497,534.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,497,534.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.62 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Capital Group, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,972,490.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,043,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,043,533.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.15 %
12
Type of Reporting Person (See Instructions)
CO, HC
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Capital Management, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
545,999.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
545,999.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
545,999.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.53 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Ronald Baron
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,972,490.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,043,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,043,533.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.15 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Growth Fund
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
755,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
755,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
755,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.12 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Baron Partners Fund
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,800,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,800,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,800,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.05 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Vail Resorts, Inc.
(b)
Address of issuer's principal executive offices:
390 INTERLOCKEN CRESCENT, SUITE 1000, BROOMFIELD, CO, 80021
Item 2.
(a)
Name of person filing:
Baron Capital Group, Inc. ("BCG"),
BAMCO, Inc. ("BAMCO"),
Baron Capital Management, Inc. ("BCM"),
Ronald Baron,
Baron Growth Fund ("BGF"),
Baron Partners Fund ("BPF")
(b)
Address or principal business office or, if none, residence:
767 Fifth Avenue, 49th Floor,
New York, NY 10153
(c)
Citizenship:
BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. BGF is a series of a Massachusetts Business Trust. BPF is a series of a Delaware Statutory Trust.
(d)
Title of class of securities:
Common Stock, $0.01 par value
(e)
CUSIP No.:
91879Q109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
5,043,533
(b)
Percent of class:
14.15 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
4,972,490
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
5,043,533
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
BAMCO and BCM are subsidiaries of BCG. BGF and BPF are advisory clients of BAMCO. Ronald Baron owns a controlling interest in BCG.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Item 3.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Baron Capital Group report in Vail Resorts (MTN)?
The filing reports 5,043,533 shares beneficially owned, equal to 14.15% of the class. This figure appears under Item 4 as the percent of class and the number of shares beneficially owned.
How much voting power do the Baron entities report in this filing?
The filing shows 4,972,490 shares of shared voting power. Item 4 lists sole voting power as 0 and shared voting power as 4,972,490 for the reporting group.
Which Baron-related entities are named as holders in the Schedule 13G/A?
Named filers include Baron Capital Group, Inc.; BAMCO, Inc.; Baron Capital Management, Inc.; Ronald Baron; Baron Growth Fund; and Baron Partners Fund, with addresses and citizenships provided in Item 2.
Does the filing say anyone else holds over 5% on behalf of the advisor?
The filing states advisory clients of BAMCO and BCM have rights to dividends or proceeds but, to the filing persons' knowledge, no other person is known to have such an interest relating to more than 5% of the outstanding class.
How does the filing describe organizational relationships among the reporting persons?
The filing states that BAMCO and BCM are subsidiaries of Baron Capital Group, BGF and BPF are advisory clients of BAMCO, and that Ronald Baron owns a controlling interest in BCG, under Item 7 and Item 3 descriptions.
