Banc Funds holds 3.4% of First Western (MYFW) in Schedule 13G/A

Rhea-AI Filing Summary

The Banc Funds Company, L.L.C. and related funds report a 3.4% passive ownership stake in First Western Financial Inc. common stock. The group discloses beneficial ownership of 346,090 shares, with sole voting and dispositive power over this amount.

The filing is an amended Schedule 13G that confirms the holders own 5 percent or less of the MYFW common stock class and states the shares are not held for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

First Western Financial Inc

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

33751L105

(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. 33751L105

1

Names of Reporting Persons

Banc Fund IX L.P.

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

UNITED STATES

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)

PN

SCHEDULE 13G

CUSIP No. 33751L105

1

Names of Reporting Persons

Banc Fund X L.P.

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 346,090.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 346,090.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

346,090.00

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)

3.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 33751L105

1

Names of Reporting Persons

TBFC Financial Technologies Fund L.P.

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

UNITED STATES

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)

PN

SCHEDULE 13G

CUSIP No. 33751L105

1

Names of Reporting Persons

BANC FUNDS CO 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

ILLINOIS

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)

OO

Comment for Type of Reporting Person: BANC FUNDS CO LLC is the Filer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Western Financial Inc
(b)	Address of issuer's principal executive offices: 1900 SIXTEENTH ST, #1200, DENVER, CO, 80202
Item 2.
(a)	Name of person filing: The Banc Funds Company, L.L.C. d/b/a 1st and Main Growth Partners
(b)	Address or principal business office or, if none, residence: 150 S. Wacker Drive, Suite 2725, Chicago, IL 60606
(c)	Citizenship: United States
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 33751L105
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: 346090
(b)	Percent of class: 3.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 346090
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 346090
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. This Schedule 13G/A is being filed jointly by Banc Fund IX L.P. ("BF IX"), an Illinois Limited Partnership, Banc Fund X L.P. ("BF X"), an Illinois Limited Partnership, and TBFC Financial Technologies Fund L.P. (collectively, the "Reporting Persons"). The general partner of BF IX is MidBan IX L.P. ("MidBan IX"), whose principal business is to be a general partner of BF IX. The general partner of BF X is MidBan X L.P. ("MidBan X"), whose principal business is to be a general partner of BF X. The general partner of TBFC Financial Technologies Fund L.P. is MidBan XI L.P. ("MidBan XI"), whose principal business is to be a general partner of TBFC Financial Technologies Fund L.P. The general partner of MidBan IX, MidBan X, and MidBan XI is The Banc Funds Company, L.L.C., ("TBFC"), whose principal business is to be a general partner of MidBan IX, MidBan X, and MidBan XI. TBFC is an Illinois corporation whose principal shareholder is Charles J. Moore. Mr. Moore has been the manager of BF IX, BF X and TBFC Financial Technologies Fund L.P., since their respective inceptions. As manager, Mr. Moore has voting and dispositive power over the securities of the issuer held by each of those entities. As the controlling member of TBFC, Mr. Moore will control TBFC, and therefore each of the Partnership entities directly and indirectly controlled by TBFC.
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 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.

Banc Fund IX L.P.

Signature:	/s/ John M. Baker
Name/Title:	Member
Date:	02/17/2026

Banc Fund X L.P.

Signature:	/s/ John M. Baker
Name/Title:	Member
Date:	02/17/2026

TBFC Financial Technologies Fund L.P.

Signature:	/s/ John M. Baker
Name/Title:	Member
Date:	02/17/2026

BANC FUNDS CO LLC

Signature:	/s/ John M. Baker
Name/Title:	Member
Date:	02/17/2026

FAQ

What ownership stake in MYFW does The Banc Funds Company report?

The Banc Funds Company and related funds report beneficial ownership of 346,090 First Western Financial Inc. shares, representing 3.4% of the MYFW common stock. They hold sole voting and dispositive power over this entire stake, according to the Schedule 13G/A.

Is The Banc Funds Company reporting a passive stake in MYFW?

Yes. The filing certifies the securities were not acquired or held to change or influence control of First Western Financial Inc. It characterizes the 3.4% ownership as passive, consistent with the purpose of a Schedule 13G beneficial ownership report.

Which entities are included in the MYFW Schedule 13G/A group?

The group includes Banc Fund IX L.P., Banc Fund X L.P., TBFC Financial Technologies Fund L.P., and The Banc Funds Company, L.L.C. The structure is organized through MidBan partnerships, with TBFC serving as general partner and Charles J. Moore as controlling member and manager.

How many MYFW shares does Banc Fund X L.P. hold?

Banc Fund X L.P. reports 346,090 MYFW common shares, with sole voting and sole dispositive power over that amount. Banc Fund IX L.P., TBFC Financial Technologies Fund L.P., and BANC FUNDS CO LLC each report zero shares beneficially owned in this amended disclosure.

Why does the MYFW filing state ownership of 5 percent or less?

Item 5 of the filing indicates ownership of 5 percent or less of the class. This reflects that the 346,090 shares represent 3.4% of First Western Financial Inc. common stock, placing the group below the 5% threshold while still requiring beneficial ownership disclosure.

Who ultimately controls the MYFW shares held by the reporting group?

The filing explains that Charles J. Moore, as controlling member of The Banc Funds Company, L.L.C. and manager of the limited partnerships, has voting and dispositive power over the MYFW securities held by Banc Fund X L.P. and the related partnership entities.