BlackRock (FWRG) discloses 6.5% ownership, 3.95M shares

Rhea-AI Filing Summary

BlackRock, Inc. reported beneficial ownership of 3,951,009 shares of First Watch Restaurant Group, Inc. common stock, equal to 6.5% of the class. The Schedule 13G/A (Amendment No. 1) lists 3,867,257 shares of sole voting power and 3,951,009 shares of sole dispositive power. The cover shows a 03/31/2026 reporting date and the filing is signed on 04/27/2026.

Insights

Institutional Ownership Analyst

BlackRock discloses a 6.5% passive stake in First Watch (FWRG).

Schedule 13G/A filings record large investors' beneficial ownership when holdings are passive or exceed reporting thresholds. The filing attributes voting and dispositive powers, with 3,867,257 shares listed as sole voting power and 3,951,009 shares as sole dispositive power.

Because this is an amended 13G, the position appears passive under Section 13(g) reporting; the filing does not state intent to influence control. Future filings could show changes if BlackRock adjusts its holding or classification.

Key Figures

Beneficially owned shares: 3,951,009 shares Percent of class: 6.5% Sole voting power: 3,867,257 shares +3 more

6 metrics

Beneficially owned shares 3,951,009 shares reported beneficial ownership in Schedule 13G/A

Percent of class 6.5% percent of common stock beneficially owned

Sole voting power 3,867,257 shares shares with sole power to vote

Sole dispositive power 3,951,009 shares shares with sole power to dispose

Reporting date 03/31/2026 cover page reporting date

Signature date 04/27/2026 filing signed by Spencer Fleming, Managing Director

Key Terms

Schedule 13G/A, beneficially owned, sole dispositive power, sole voting power, +1 more

5 terms

Schedule 13G/A regulatory

"Amendment No. 1; Schedule 13G/A reporting beneficial ownership"

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.

beneficially owned financial

"Amount beneficially owned: 3951009"

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.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 3951009"

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.

sole voting power regulatory

"Sole power to vote or to direct the vote: 3867257"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Exhibit 24 legal

"Exhibit 24: Power of Attorney Exhibit 99: Item 7"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

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

BlackRock, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,867,257.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,951,009.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,951,009.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC

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: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 33748L101
Item 4.	Ownership
(a)	Amount beneficially owned: 3951009
(b)	Percent of class: 6.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3867257
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3951009
	(iv) Shared power to dispose or to direct the disposition of: 0
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. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of First Watch Restaurant Group, Inc.. No one person's interest in the common stock of First Watch Restaurant Group, Inc. is more than five percent of the total outstanding common shares.
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 Exhibit 99
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 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.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	04/27/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What stake does BlackRock hold in First Watch (FWRG)?

BlackRock beneficially owns 3,951,009 shares, equal to 6.5% of the common stock. The Schedule 13G/A lists 3,867,257 shares of sole voting power and 3,951,009 shares of sole dispositive power as of 03/31/2026.

What does a Schedule 13G/A filing mean for FWRG shareholders?

A Schedule 13G/A reports large, typically passive holdings by an investor. This amendment updates BlackRock's ownership figures and power to vote and dispose of shares; it does not by itself indicate an active attempt to influence control.

Who signed the BlackRock Schedule 13G/A for FWRG and when?

The filing was signed by Spencer Fleming, Managing Director on 04/27/2026. The cover lists a reporting date of 03/31/2026, indicating the period the ownership figures cover.

How is voting and dispositive power reported in this filing?

The filing shows 3,867,257 shares of sole power to vote and 3,951,009 shares of sole power to dispose. Shared voting and dispositive powers are reported as 0 in this amendment.

Does the filing identify other persons with rights to proceeds or dividends?

The filing states various persons have rights to receive dividends or sale proceeds but that no single other person holds over 5% of the common stock. A detailed shareholder listing is not provided in the amendment.