# EDGAR Filing Document

**Accession Number:** 0001559771
**File Stem:** 0000921895-25-002569
**Filing Date:** 2025-9
**Character Count:** 18229
**Document Hash:** 5cee659000c8b7dda0e52afcbc364531
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002569.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0000921895-25-002569

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portillo's Inc.
- **CENTRAL INDEX KEY:** 0001871509
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 871104304
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92973
- **FILM NUMBER:** 251308120

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903
- **BUSINESS PHONE:** (630) 954-3773

**MAIL ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Engaged Capital LLC
- **CENTRAL INDEX KEY:** 0001559771

**ORGANIZATION NAME:**
- **EIN:** 454591052
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 610 NEWPORT CENTER DRIVE
- **STREET 2:** SUITE 950
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-734-7900

**MAIL ADDRESS:**
- **STREET 1:** 610 NEWPORT CENTER DRIVE
- **STREET 2:** SUITE 950
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Ex-1

Exhibit 1

**<u>Transactions in Securities of the Issuer During the Past 60 Days</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Nature of the Transaction</u> | &nbsp;&nbsp; Securities<br> <u>Purchased/(Sold)</u>  | &nbsp;&nbsp; Price Per<br> <u>Security($)</u> | &nbsp;&nbsp; Date of<br> <u>Purchase/Sale</u> |

---

**<u>ENGAGED CAPITAL FLAGSHIP MASTER FUND, LP</u>**

Purchase of Class A Common Stock 50,000 8.1972 08/05/2025 <br> Purchase of Class A Common Stock 150,000 8.0370 08/05/2025 <br> Purchase of Class A Common Stock 50,000 7.8000 08/05/2025

**<u>ENGAGED CAPITAL CO-INVEST XVII, LP</u>**

Sale of Class A Common Stock (12,610) 7.9140 08/13/2025

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Portillo's Inc.**

*(Name of Issuer)*

**Class A Common Stock, $0.01 par value per share**

*(Title of Class of Securities)*

**73642K106**

*(CUSIP Number)*

**GLENN W. WELLING**<br>ENGAGED CAPITAL, LLC<br>610 Newport Center Drive, Suite 950<br>Newport Beach CA 92660<br>949-734-7900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **73642K106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital Flagship Master Fund, LP** | Name of reporting person<br>**Engaged Capital Flagship Master Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3534411.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3534411.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3534411.00** | Aggregate amount beneficially owned by each reporting person<br>**3534411.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.9%** | Percent of class represented by amount in Row (11)<br>**4.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **73642K106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital Co-Invest XVII, LP** | Name of reporting person<br>**Engaged Capital Co-Invest XVII, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1534890.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1534890.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1534890.00** | Aggregate amount beneficially owned by each reporting person<br>**1534890.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.1%** | Percent of class represented by amount in Row (11)<br>**2.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **73642K106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital LLC** | Name of reporting person<br>**Engaged Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5069301.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5069301.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **73642K106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital Holdings, LLC** | Name of reporting person<br>**Engaged Capital Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5069301.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5069301.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **73642K106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Welling Glenn W.** | Name of reporting person<br>**Welling Glenn W.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5069301.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5069301.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | Aggregate amount beneficially owned by each reporting person<br>**5069301.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, $0.01 par value per share

**(b) Name of Issuer:**
Portillo's Inc.

**(c) Address of Issuer's Principal Executive Offices:**
C/O THE PORTILLO RESTAURANT GROUP, 2001 SPRING ROAD, SUITE 400, OAK BROOK, IL, 60523-1903

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

The Reporting Persons have engaged, and intend to continue to engage, in discussions with the Board of the Issuer in accordance with the terms of the Cooperation Agreement.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 71,905,580 Shares outstanding as of July 29, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025.

As of the date hereof, Engaged Capital Flagship Master directly beneficially owned 3,534,411 Shares, constituting approximately 4.9% of the Shares outstanding.

As of the date hereof, Engaged Capital Co-Invest XVII directly beneficially owned 1,534,890 Shares, constituting approximately 2.1% of the Shares outstanding.

Engaged Capital, as the general partner and investment adviser of each of Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, may be deemed to beneficially own the 5,069,301 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 7.0% of the Shares outstanding. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficially own the 5,069,301 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 7.0% of the Shares outstanding. Mr. Welling, as the Founder and CIO of Engaged Capital and sole member of Engaged Holdings, may be deemed to beneficially own the 5,069,301 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 7.0% of the Shares outstanding.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
—

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

Exhibit 1 annexed hereto sets forth all transactions in securities of the Issuer by the Reporting Persons during the past 60 days. Except as otherwise set forth therein, all of such transactions were effected in the open market.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is amended to add the following:

As previously disclosed, Engaged Capital Flagship Master sold short certain exchange listed American-style call options (the "Short Call Options") referencing an aggregate of 200,000 Shares, which had an exercise price of $11.00 per Share and expiration date of May 16, 2025. Prior to the expiration date, Engaged Capital Flagship Master purchased to cover the Short Call Options and, accordingly, Engaged Capital Flagship Master no longer has any exposure to the Short Call Options.

### 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.

**Reporting Person:** Engaged Capital Flagship Master Fund, LP

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Founder and Chief Investment Officer of Engaged Capital, LLC, its General Partner

**Date:** 09/11/2025

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.

**Reporting Person:** Engaged Capital Co-Invest XVII, LP

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Founder and Chief Investment Officer of Engaged Capital, LLC, its General Partner

**Date:** 09/11/2025

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.

**Reporting Person:** Engaged Capital LLC

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Founder and Chief Investment Officer

**Date:** 09/11/2025

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.

**Reporting Person:** Engaged Capital Holdings, LLC

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Sole Member

**Date:** 09/11/2025

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.

**Reporting Person:** Welling Glenn W.

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling

**Date:** 09/11/2025