First Business Financial Services (FBIZ) discloses $1.09B in institutional 13F holdings

Rhea-AI Filing Summary

First Business Financial Services, Inc. filed a quarterly Form 13F-HR detailing its institutional investment holdings. The report states that the firm is filing a full 13F holdings report, meaning all of its reportable positions are included.

The filing lists a total of 168 separate investment entries in the Form 13F information table, with an aggregate reported value of $1,089,042,171, rounded to the nearest dollar. No other investment managers are included in this report, indicating First Business Financial Services, Inc. is reporting solely on its own managed positions.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended: 12-31-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	FIRST BUSINESS FINANCIAL SERVICES, INC.
Address:	401 CHARMANY DRIVE
	PO BOX 44961
	MADISON, WI 53744
Form 13F File Number:	028-15585
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:		Dave Seiler
Title:		Chief Operating Officer
Phone:		608-232-5788
Signature, Place, and Date of Signing:
/s/ Dave Seiler			Madison, WI	01-22-2026
[Signature]			[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:		0
	Form 13F Information Table Entry Total:		168
	Form 13F Information Table Value Total:		1,089,042,171
			(round to nearest dollar)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

NONE

FAQ

What is First Business Financial Services (FBIZ) reporting in this Form 13F-HR?

First Business Financial Services is reporting its institutional equity investment holdings on Form 13F-HR. The filing is a full holdings report, meaning all of the firm’s reportable positions are included in the submission.

How many positions are disclosed in the FBIZ Form 13F filing?

The Form 13F filing for First Business Financial Services lists 168 information table entries. Each entry represents a separate reportable security position managed by the firm during the reporting period covered by this submission.

What is the total reported value of FBIZ’s 13F portfolio?

The total reported value of First Business Financial Services’ Form 13F holdings is $1,089,042,171. This figure is rounded to the nearest dollar and represents the aggregate value of all 168 disclosed positions.

Is First Business Financial Services filing this 13F jointly with other managers?

No, the report indicates that the number of other included managers is zero. The list of other included managers is marked as “NONE,” so First Business Financial Services is reporting only its own managed holdings.

Who signed the FBIZ Form 13F-HR and in what capacity?

The Form 13F-HR is signed by Dave Seiler, Chief Operating Officer of First Business Financial Services, Inc. The signature certifies that he is authorized to submit the report and that the information provided is true, correct, and complete.

What type of Form 13F report did FBIZ file?

First Business Financial Services filed a 13F Holdings Report. This box is checked in the report type section, confirming that all of the manager’s reportable holdings are disclosed in this single filing rather than through notices or combination reports.