Manulife Financial Corporation and its investment affiliates reported beneficial ownership stakes in First Watch Restaurant Group, Inc. Manulife Investment Management (US) LLC holds 3,345,977 shares (representing 5.43% of the class) and Manulife Investment Management Limited holds 11,973 shares (representing 0.02%), based on 61,644,885 shares outstanding as of May 1, 2026. The Schedule 13G filing states the holdings are reported by a parent and its indirect, wholly owned subsidiaries and includes signatures from authorized representatives.
Positive
None.
Negative
None.
Insights
Manulife affiliates report a modest passive stake in First Watch, with one subsidiary above the 5% threshold.
Manulife Investment Management (US) LLC reports ownership of 3,345,977 shares, equal to 5.43% of the outstanding common stock as of May 1, 2026. The filing is a Schedule 13G, indicating passive investment intent under the form’s conditions.
Key dependencies include whether holdings remain passive; subsequent filings could change classification. Cash‑flow treatment and any planned dispositions are not disclosed in the provided excerpt.
Key Figures
MIM (US) shares owned:3,345,977 sharesMIML shares owned:11,973 sharesPercent of class - MIM (US):5.43%+2 more
5 metrics
MIM (US) shares owned3,345,977 sharesBeneficial ownership reported by MIM (US)
MIML shares owned11,973 sharesBeneficial ownership reported by MIML
Percent of class - MIM (US)5.43%Of 61,644,885 shares outstanding as of May 1, 2026
Percent of class - MIML0.02%Of 61,644,885 shares outstanding as of May 1, 2026
Shares outstanding referenced61,644,885 sharesShares outstanding as of <date>May 1, 2026</date>
Key Terms
Schedule 13G, beneficial ownership, sole dispositive power, joint filing agreement
4 terms
Schedule 13Gregulatory
"Item 1. (a) Name of issuer: First Watch Restaurant Group, Inc."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
beneficial ownershipfinancial
"Item 4. (a) Amount beneficially owned: MIM (US) has beneficial ownership of 3,345,977 shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
sole dispositive powerfinancial
"cover page | 7 | Sole Dispositive Power 3,345,977.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
joint filing agreementregulatory
"Exhibit A - JOINT FILING AGREEMENT"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
First Watch Restaurant Group, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
33748L101
(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):
33748L101
1
Names of Reporting Persons
Manulife Financial Corporation
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
Manulife Investment Management Limited
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,973.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,973.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,973.00
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)
0.02 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
Manulife Investment Management (US) LLC
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
3,345,977.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,345,977.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,345,977.00
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)
5.43 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
First Watch Restaurant Group, Inc.
(b)
Address of issuer's principal executive offices:
8725 Pendery Place, Suite 201, Bradenton, FL 34201
Item 2.
(a)
Name of person filing:
This filing is made on behalf of Manulife Financial Corporation ("MFC") and MFC's indirect, wholly-owned subsidiaries, Manulife Investment Management (US) LLC ("MIM (US)") and Manulife Investment Management Limited ("MIML")
(b)
Address or principal business office or, if none, residence:
The principal business offices of MFC and MIML are located at 200 Bloor Street East, Toronto, Ontario, Canada, M4W 1E5.
The principal business office of MIM (US) is located at 197 Clarendon Street, Boston, Massachusetts 02116.
(c)
Citizenship:
MFC and MIML are organized and exist under the laws of Canada.
MIM (US) is organized and exists under the laws of the State of Delaware.
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
33748L101
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).
F1
Item 4.
Ownership
(a)
Amount beneficially owned:
MIM (US) has beneficial ownership of 3,345,977 shares of Common Stock and MIML has beneficial ownership of 11,973 shares of Common Stock. Through its parent-subsidiary relationship to MIM (US) and MIML, MFC may be deemed to have beneficial ownership of these same shares.
(b)
Percent of class:
Of the 61,644,885 shares of Common Stock outstanding as of May 1, 2026, according to the Form 10-Q filed by the issuer with the Securities and Exchange Commission on May 5, 2026 MIM (US) held 5.43% and MIML held 0.02%.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Incorporated by reference to Item 5 of the cover page pertaining to each reporting person.
(ii) Shared power to vote or to direct the vote:
Incorporated by reference to Item 6 of the cover page pertaining to each reporting person.
(iii) Sole power to dispose or to direct the disposition of:
Incorporated by reference to Item 7 of the cover page pertaining to each reporting person.
(iv) Shared power to dispose or to direct the disposition of:
Incorporated by reference to Item 8 of the cover page pertaining to each reporting person.
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.
Not Applicable
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.
See Items 3 and 4 above.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
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 foreign regulatory scheme applicable to MIML is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.
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.
Manulife Financial Corporation
Signature:
/s/ Graham Miller
Name/Title:
Graham Miller / Agent*
Date:
05/06/2026
Manulife Investment Management Limited
Signature:
/s/ Christopher Walker
Name/Title:
Christopher Walker / Chief Compliance Officer
Date:
05/07/2026
Manulife Investment Management (US) LLC
Signature:
/s/ Paul Donahue
Name/Title:
Paul Donahue / Chief Compliance Officer
Date:
05/06/2026
Comments accompanying signature: *Signed pursuant to a Power of Attorney dated January 17, 2018 included as Exhibit A to Schedule 13F- NT filed with the Securities and Exchange Commission by Manulife Financial Corporation on January 29, 2018.
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7 for other parties for whom copies are to be sent.
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)
What stake does Manulife (CZWI) report in First Watch (common stock)?
Manulife Investment Management (US) LLC reports 3,345,977 shares, equal to 5.43% of common stock; Manulife Investment Management Limited reports 11,973 shares (0.02%), based on 61,644,885 shares outstanding as of May 1, 2026.
Which Manulife entities filed the Schedule 13G for First Watch (CZWI)?
The filing was made on behalf of Manulife Financial Corporation and its indirect, wholly owned subsidiaries: Manulife Investment Management (US) LLC and Manulife Investment Management Limited, with addresses and citizenship disclosed in the filing.
Does the Schedule 13G indicate active management or passive ownership?
The document is a Schedule 13G, which generally indicates a passive investment intent under the filing type. The excerpt does not state any active control actions or plans to change the classification; timing and any future actions are not disclosed here.
What is the share count used to calculate the ownership percentages?
Percentages are calculated using 61,644,885 shares outstanding as of May 1, 2026, cited from the issuer’s Form 10‑Q referenced in the filing. The percentages reported are 5.43% for MIM (US) and 0.02% for MIML.
