North Reef reports 7.06% stake in First Western Financial

North Reef Capital Management LP and affiliates reported a sizable stake in First Western Financial, Inc. (MYFW).

Rhea-AI Filing Summary

North Reef Capital Management LP and affiliates reported a sizable stake in First Western Financial, Inc. (MYFW). They beneficially own 685,954 shares of common stock, representing 7.06% of the company as of the event date.

The group, including North Reef Capital Management GP LLC and James H. Hanna III, has shared power to vote and dispose of all 685,954 shares and no sole voting or dispositive power. They state the shares were acquired and are held in the ordinary course of business, not to change or influence control of First Western Financial.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in First Western Financial (MYFW) does North Reef Capital report?

North Reef Capital and related reporting persons disclose beneficial ownership of 685,954 shares of First Western Financial common stock, equal to 7.06% of the class. All of these shares are held with shared voting and shared dispositive power among the reporting persons.

Who are the reporting persons in the MYFW Schedule 13G/A filing?

The reporting persons are North Reef Capital Management LP, North Reef Capital Management GP LLC, and James H. Hanna, III. They jointly report beneficial ownership and shared voting and dispositive power over the same 685,954 First Western Financial common shares.

What percentage of First Western Financial’s common stock is owned by North Reef?

North Reef and its affiliates report owning 7.06% of First Western Financial’s outstanding common stock. This percentage is based on 685,954 shares beneficially owned, giving them a significant but minority position in the company’s equity.

Does North Reef seek to influence control of First Western Financial (MYFW)?

The reporting group certifies the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of First Western Financial, other than activities solely in connection with a nomination under Rule 240.14a-11.

What voting and dispositive powers does North Reef have over MYFW shares?

The reporting persons have shared power to vote and dispose of 685,954 shares of First Western Financial common stock. They report no sole voting power and no sole dispositive power, indicating decisions are made jointly regarding these shares.

When was the ownership event for North Reef’s MYFW position dated?

The date of the event triggering this ownership report is December 31, 2025. As of that date, the reporting persons collectively beneficially owned 685,954 shares, or 7.06% of First Western Financial’s outstanding common stock, according to the disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/17/2026 - 02:00 PM Learn about SEC filing dates

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, no par value

(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

North Reef Capital Management LP

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 685,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 685,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,944.00

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)

7.06 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 33751L105

1

Names of Reporting Persons

North Reef Capital Management GP 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 685,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 685,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,954.00

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)

7.06 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 33751L105

1

Names of Reporting Persons

James H. Hanna, III

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 685,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 685,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,954.00

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)

7.06 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Western Financial, Inc.
(b)	Address of issuer's principal executive offices: 1900 16th Street, Suite 1200, Denver, CO 80202
Item 2.
(a)	Name of person filing: North Reef Capital Management LP North Reef Capital Management GP LLC James Hanna, III
(b)	Address or principal business office or, if none, residence: c/o North Reef Capital Management LP 1833 South Coast Highway Suite 210 Laguna Beach, California 92651
(c)	Citizenship: North Reef Capital Management LP - Delaware North Reef Capital Management GP LLC - Delaware James Hanna, III - California
(d)	Title of class of securities: Common Stock, no par value
(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: 685,954
(b)	Percent of class: 7.06%
(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: 685,954
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 685,954
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.
	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.

North Reef Capital Management LP

Signature:	/s/ Daniel M. Locasto
Name/Title:	Chief Compliance Officer
Date:	02/17/2026

North Reef Capital Management GP LLC

Signature:	/s/ James H. Hanna, III
Name/Title:	Managing Member
Date:	02/17/2026

James H. Hanna, III

Signature:	/s/ James H. Hanna, III
Name/Title:	James H. Hanna, III
Date:	02/17/2026

Exhibit Information

EXHIBIT 99.1 - JOINT FILING AGREEMENT