First Watch Restaurant Group Inc. received a Schedule 13G filing from Neuberger Berman entities reporting a passive institutional stake in its common stock. Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC report beneficial ownership of 3,109,660 shares, representing 5.1% of the common stock class.
The filing shows no sole voting or dispositive power, but shared voting power over 2,949,566 shares and shared dispositive power over 3,109,660 shares. The position is held in various fiduciary and investment advisory capacities for unrelated clients, which retain the economic benefits of the shares.
The filers certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of First Watch Restaurant Group Inc.
Positive
None.
Negative
None.
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
(Title of Class of Securities)
33748L101
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
33748L101
1
Names of Reporting Persons
Neuberger Berman Group 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
0.00
6
Shared Voting Power
2,949,566.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,109,660.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,109,660.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
33748L101
1
Names of Reporting Persons
Neuberger Berman Investment Advisers 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
0.00
6
Shared Voting Power
2,945,879.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,105,973.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,105,973.00
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)
5.1 %
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:
Neuberger Berman Group LLC
Neuberger Berman Investment Advisers LLC
(b)
Address or principal business office or, if none, residence:
1290 Avenue of the Americas
New York, NY 10104
(c)
Citizenship:
Delaware
(d)
Title of class of securities:
COMMON
(e)
CUSIP No.:
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).
Item 4.
Ownership
(a)
Amount beneficially owned:
3109660
Neuberger Berman Trust Co N.A., Neuberger Berman Trust Co of Delaware N.A., Neuberger Berman Asia Ltd.,
Neuberger Berman Canada ULC, and Neuberger Berman Investment Advisers LLC and certain affiliated persons
may be deemed to beneficially own the securities covered by this report in their various fiduciary capacities by
virtue of the provisions of Exchange Act Rule 13d-3. Neuberger Berman Group LLC, through its subsidiaries
Neuberger Berman Investment Advisers Holdings LLC and Neuberger Trust Holdings LLC controls Neuberger
Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC, Neuberger Berman Trust
Co of Delaware N.A. and Neuberger Berman Investment Advisers LLC and certain affiliated persons.
This report is not an admission that any of these entities are the beneficial owner of the securities covered by this
report and each of Neuberger Berman Group LLC, Neuberger Berman Investment Advisers Holdings LLC,
Neuberger Trust Holdings LLC, Neuberger Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger
Berman Canada ULC, Neuberger Berman Trust Co of Delaware N.A. and Neuberger Berman Investment Advisers
LLC and certain affiliated persons disclaim beneficial ownership of the securities covered by this statement
pursuant to Exchange Act Rule 13d-4.
The information in this filing reports securities of the issuer that may be deemed to be beneficially owned by
Neuberger Berman Group LLC, Neuberger Berman Investment Advisers Holdings LLC, Neuberger Trust Holdings
LLC, Neuberger Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC, Neuberger
Berman Trust Co of Delaware N.A. and Neuberger Berman Investment Advisers LLC ("NBG Filers"). The securities
of the issuer, if any, that may be deemed to be beneficially owned by NB Alternatives Advisers LLC and other
subsidiaries of Neuberger Berman Group LLC that are separated from the NBG Filers by an information barrier in
accordance with SEC Release No. 34-39538 (January 12, 1998) are not reflected in this filing.
(b)
Percent of class:
5.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
2949566
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
3109660
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.
Neuberger Berman Group LLC and its affiliates may be deemed to be beneficial owners of securities for purposes
of Exchange Act Rule 13d-3 because they or certain affiliated persons have shared power to retain, dispose of or
vote the securities of unrelated clients. Neuberger Berman Group LLC or its affiliated persons do not, however,
have any economic interest in the securities of those clients. The clients have the sole right to receive and the
power to direct the receipt of dividends from or proceeds from the sale of such securities. Other than named in this
filing, no one client has an interest of more than 5% of the issuer. With regard to the shares set forth under item 4(c)
(ii), Neuberger Berman Group LLC may be deemed to be the beneficial owner for purposes of Rule 13d-3 because
certain affiliated persons have shared power to retain, dispose of and vote the securities. In addition to the holdings
of individual advisory clients, Neuberger Berman Investment Advisers LLC serves as investment manager of
Neuberger Berman Group LLC's various registered mutual funds which hold such shares. The holdings belonging
to clients of Neuberger Berman Trust Co N.A., Neuberger Berman Trust Co of Delaware N.A., Neuberger Berman
Asia Ltd., Neuberger Berman Canada ULC and Neuberger Berman Investment Advisers LLC are also aggregated
to comprise the holdings referenced herein. In addition to the shares set forth under Item 4(c)(ii) for which
Neuberger entities also have shared power to dispose of the shares, item 4(c)(iv) also includes shares from
individual client accounts over which Neuberger Berman Investment Advisers LLC has shared power to dispose but
does not have voting power over these shares. The holdings of Neuberger Berman Trust Co N.A., Neuberger
Berman Trust Co of Delaware N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC and Neuberger
Berman Investment Advisers LLC, are also aggregated to comprise the holdings referenced herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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.
What percentage of First Watch (FWRG) does Neuberger Berman report owning?
Neuberger Berman entities report beneficial ownership of 5.1% of First Watch Restaurant Group’s common stock. This corresponds to 3,109,660 shares held across various fiduciary and advisory accounts for clients, as disclosed in the Schedule 13G filing.
How many First Watch (FWRG) shares are beneficially owned according to the Schedule 13G?
The Schedule 13G reports 3,109,660 shares of First Watch common stock beneficially owned by Neuberger Berman-related entities. These shares are held for multiple advisory and trust clients, with aggregate reporting under Exchange Act Rule 13d-3 and related provisions.
Does Neuberger Berman seek control of First Watch (FWRG) with this stake?
The filing states the shares were acquired and are held in the ordinary course of business and not for changing or influencing control of First Watch. It characterizes the position as passive, consistent with a Schedule 13G institutional ownership filing.
Who is the reporting person in the First Watch (FWRG) Schedule 13G?
The Schedule 13G lists Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC as reporting persons. It also references affiliated entities such as trust companies and international subsidiaries that collectively contribute to the reported holdings.
What voting and dispositive powers does Neuberger Berman report over FWRG shares?
The filing reports no sole voting or dispositive power, but shared voting power over 2,949,566 shares and shared dispositive power over 3,109,660 shares. These powers arise from fiduciary and advisory roles for multiple clients invested in First Watch.
Do Neuberger Berman entities have economic interest in First Watch (FWRG) shares?
The Schedule 13G explains Neuberger Berman Group LLC and its affiliates generally do not have an economic interest in these shares. The economic benefits belong to their advisory and trust clients, who receive dividends and sale proceeds on the First Watch holdings.
