[SCHEDULE 13G] First Western Financial, Inc. SEC Filing

Rhea-AI Filing Summary

North Reef Capital and related persons report holding 545,722 shares of First Western Financial common stock, representing 5.6% of the class. The filing shows that these shares are subject to shared voting and shared dispositive power, with no sole voting or dispositive authority reported. The statement notes the position is held in the ordinary course of business and is not held for the purpose of changing or influencing control of the issuer. The filing names three reporting persons: North Reef Capital Management LP, North Reef Capital Management GP LLC and James H. Hanna, III.

Positive

• Discloses a material minority stake of 545,722 shares (5.6%), providing transparency to the market
• Filing explicitly states the position is held in the ordinary course of business and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: A disclosed 5.6% position is material for disclosure but does not by itself indicate a control change.

The Schedule 13G reports a non-controlling, minority stake of 545,722 shares (5.6%) held with shared voting and dispositive power and zero sole power. Because the filers certify the holding is in the ordinary course and not intended to influence control, this is a routine >5% disclosure triggering transparency requirements rather than an activist move. Investors should view this as material ownership information without evidence in the filing of coordination to alter governance.

Corporate Governance Expert

TL;DR: Ownership surpasses the 5% reporting threshold but the filing denies any intent to change issuer control.

The joint filing by the manager, its GP and the managing member consolidates beneficial ownership reporting for 545,722 shares (5.6%). The form records shared voting and dispositive powers and includes the standard certification that the position is ordinary-course and not for control purposes. From a governance standpoint, the filing provides transparency on a meaningful minority stake while explicitly disavowing control-seeking intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Western Financial Inc

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

88224Q107

(CUSIP Number)

06/30/2025

(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. 88224Q107

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 545,722.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 545,722.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

545,722.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 88224Q107

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 545,722.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 545,722.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

545,722.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 88224Q107

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 545,722.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 545,722.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

545,722.00

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)

5.6 %

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 SIXTEENTH ST, #1200 Denver, CO 80202
Item 2.
(a)	Name of person filing: This statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): 1. North Reef Capital Management LP ("North Reef Capital"), a Delaware limited partnership and the investment manager of certain funds and accounts (collectively, "North Reef"), with respect to the shares of Common Stock (as defined in Item 2(d) below) directly held by North Reef. 2.North Reef Capital Management GP LLC ("North Reef GP"), a Delaware limited liability company, as the general partner of North Reef Capital, and 3.James H. Hanna, III, the managing member of North Reef GP. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares of Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is: 1833 South Coast Highway, Suite 210, Laguna Beach, California 92651
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 88224Q107
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: 545,722
(b)	Percent of class: 5.6%
(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: 545,722
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 545,722
Item 5.	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.
	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:	08/14/2025

North Reef Capital Management GP LLC

Signature:	/s/ James H. Hanna, III
Name/Title:	Managing Member
Date:	08/14/2025

James H. Hanna, III

Signature:	/s/ James H. Hanna, III
Name/Title:	James H. Hanna, III
Date:	08/14/2025

Exhibit Information

EXHIBIT 99.1 - JOINT FILING AGREEMENT

FAQ

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

The filing reports beneficial ownership of 545,722 shares, representing 5.6% of the class.

Who are the reporting persons on the Schedule 13G for MYFW?

The statement is filed on behalf of North Reef Capital Management LP, North Reef Capital Management GP LLC and James H. Hanna, III.

What voting and dispositive powers are reported?

The reporting persons disclose shared voting power and shared dispositive power over all 545,722 shares and no sole voting or dispositive power.

Does the filing indicate the stake was acquired to influence control of MYFW?

No. The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

What type of filing was submitted for this ownership disclosure?

A Schedule 13G was filed to report beneficial ownership above the 5% threshold.

Who signed the filing on behalf of the reporting entities?

Signatures appear from Daniel M. Locasto (Chief Compliance Officer) for North Reef Capital Management LP and from James H. Hanna, III (Managing Member) for the GP and personally.