[Form 3] Business First Bancshares, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Dell Technologies Inc. (NYSE: DELL) – Form 144 filing discloses that several Silver Lake affiliated funds intend to sell an additional 248,389 Class C common shares through Merrill Lynch on 10 July 2025. The indicated aggregate market value is $31.45 million, based on the filer’s calculations. Dell reports 339,719,010 Class C shares outstanding; the proposed sale therefore represents roughly 0.07 % of the class.

The filing also details extensive insider sales executed in the prior three-month period (9 June – 26 June 2025). Across 30 transactions, the same Silver Lake entities divested an estimated 1.94 million Class C shares, generating gross proceeds of approximately $228 million (sum of line items). These historical sales run through multiple dates and vehicles, suggesting a stepped exit strategy.

Key take-aways for investors

• Ongoing disposition by Dell’s long-standing private-equity sponsor Silver Lake could place modest technical pressure on the share price.
• The scale of the forthcoming sale is small in relation to Dell’s float but adds to an already sizeable volume sold in June.
• No operational or financial performance data is provided; the filing is limited to share-sale disclosure. The signatory affirms no undisclosed material adverse information.

Insights

Securities Analyst

TL;DR – Continued Silver Lake share sales add mild supply overhang; limited direct financial impact.

Silver Lake, Dell’s pivotal pre-IPO backer, has been systematically trimming its stake. The new Form 144 covers 248 k shares ($31 m) on top of approximately 1.94 m shares sold in June. While the aggregate volume (~2.2 m shares) equals just 0.6 % of outstanding Class C, repeated insider disposals often signal exit momentum and can weigh on sentiment. The filing contains no earnings or business updates, so fundamental valuation remains unchanged; however, short-term trading dynamics could see incremental supply pressure. Overall, I classify the news as moderately negative but not materially detrimental.

Corporate Governance Expert

TL;DR – Filing reflects orderly liquidity by a control shareholder; governance risk unchanged.

Silver Lake’s staged divestiture appears compliant with Rule 144 and 10b5-1 best practices. The signatory’s representation that no material non-public information exists limits governance concerns. Although concentrated ownership is diluting, Silver Lake retains significant influence, so voting dynamics shift only marginally. Investors should monitor cumulative sales for potential board-level changes once thresholds for director nomination rights or standstill agreements are crossed—information not provided here.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Roemer Heather G.

(Last) (First) (Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE LA 70801

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/01/2025

3. Issuer Name and Ticker or Trading Symbol
Business First Bancshares, Inc. [ BFST ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CAO

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	19,592(1)	D
Common Stock	8,817	I	By spouse
Common Stock	7,230	I	As custodian for minor children

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units(2)(3)	(2)	(2)	Common Stock	6,739(3)	$0.0000	D

Explanation of Responses:

1. Includes: (a) 1,927 shares of restricted stock granted on February 1, 2024, which vest on March 31, 2026; and (b) 725 shares held jointly with spouse.

2. Reflects (a) 3,280 time-based restricted stock units granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on December 12, 2024; and (b) 3,459 time-based restricted stock units granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on March 1, 2025. The time-based restricted stock units will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

3. The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan (the "Deferred Compensation Plan"). In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto in accordance with the Deferred Compensation Plan, on the first business day of the month following the month in which the reporting person's separation of service, death or disability occurs.

Remarks:

Exhibit List: Exhibit 24, Power of Attorney

	/s/ Saundra Strong, as Attorney-in-Fact for Heather G. Roemer	07/10/2025
	** Signature of Reporting Person	Date
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