Baron Capital Group (TWFG) discloses 1.14M-share, 8.73% holding in TWFG

Rhea-AI Filing Summary

Baron Capital Group and related entities report significant ownership in TWFG, Inc. They beneficially own 1,135,091 shares of Class A Common Stock, representing 8.73% of the class, with shared voting and dispositive power over all these shares and no sole power.

BAMCO, Inc. reports shared power over 951,175 shares (7.32%). Baron Discovery Fund holds 935,000 shares (7.19%), and Baron Capital Management, Inc. reports shared power over 183,916 shares (1.42%). Ronald Baron controls BCG and is included as a reporting person.

Key Figures

Beneficial ownership: 1,135,091 shares Percent of class: 8.73% BAMCO shared power: 951,175 shares +3 more

6 metrics

Beneficial ownership 1,135,091 shares Total TWFG Class A shares beneficially owned by Baron Capital filers

Percent of class 8.73% Percentage of TWFG Class A Common Stock beneficially owned by the Baron filing group

BAMCO shared power 951,175 shares TWFG shares over which BAMCO, Inc. has shared voting and dispositive power

Baron Discovery Fund holdings 935,000 shares TWFG shares held by Baron Discovery Fund, equal to 7.19% of the class

Baron Capital Management shared power 183,916 shares TWFG shares over which Baron Capital Management, Inc. has shared voting and dispositive power

Ronald Baron percent of class 8.73% Same 1,135,091 TWFG shares attributed to Ronald Baron as a reporting person

Key Terms

beneficially owned, shared voting power, shared dispositive power, parent holding company, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 1,135,091"

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.

shared voting power financial

"Shared Voting Power 1,135,091.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 1,135,091.00"

parent holding company financial

"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"

investment company financial

"A listing of the shareholders of an investment company registered under the Investment Company Act of 1940"

FAQ

What percentage of TWFG (TWFG) is owned by Baron Capital Group?

Baron Capital Group and related filers report beneficial ownership of 1,135,091 TWFG shares, representing 8.73% of the Class A Common Stock. All these shares are subject to shared, not sole, voting and dispositive power.

How many TWFG (TWFG) shares does Baron Discovery Fund hold?

Baron Discovery Fund reports 935,000 TWFG Class A shares, equal to 7.19% of the class. These shares are held with shared voting and dispositive power through its advisory relationship with BAMCO, Inc.

What is BAMCO, Inc.'s reported stake in TWFG (TWFG)?

BAMCO, Inc. reports shared voting and dispositive power over 951,175 TWFG shares, representing 7.32% of the Class A Common Stock. The advisory clients of BAMCO have the economic rights to dividends and sale proceeds.

Who ultimately controls the TWFG (TWFG) holdings reported on this Schedule 13G/A?

The filing states that Ronald Baron owns a controlling interest in Baron Capital Group, Inc., which in turn controls BAMCO and Baron Capital Management. Ronald Baron is therefore included as a reporting person for the 1,135,091 shares.

Do Baron Capital’s advisory clients individually hold over 5% of TWFG (TWFG)?

The filing explains that advisory clients of BAMCO and Baron Capital Management have the right to dividends and sale proceeds, but to the filers’ knowledge, no such person holds more than 5% of the class individually.

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Available on EDGAR 08/14/2026 - 10:55 AM Accepted by SEC EDGAR 08/14/2026 - 10:55 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

TWFG, Inc.

(Name of Issuer)

Class A Common Stock, $0.01 par value per share

(Title of Class of Securities)

87318A101

(CUSIP Number)

06/30/2026

(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): 87318A101

1

Names of Reporting Persons

BAMCO INC /NY/

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 951,175.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 951,175.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

951,175.00

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)

7.32 %

12

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13G

CUSIP Number(s): 87318A101

1

Names of Reporting Persons

Baron Capital Group, 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,135,091.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,135,091.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,135,091.00

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)

8.73 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP Number(s): 87318A101

1

Names of Reporting Persons

Baron Capital Management, 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 183,916.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 183,916.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

183,916.00

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)

1.42 %

12

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13G

CUSIP Number(s): 87318A101

1

Names of Reporting Persons

Ronald Baron

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 1,135,091.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,135,091.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,135,091.00

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)

8.73 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP Number(s): 87318A101

1

Names of Reporting Persons

Baron Discovery Fund

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 935,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 935,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

935,000.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TWFG, Inc.
(b)	Address of issuer's principal executive offices: 10055 GROGANS MILL RD, SUITE 500, THE WOODLANDS, TX, 77380
Item 2.
(a)	Name of person filing: Baron Capital Group, Inc. ("BCG"), BAMCO, Inc. ("BAMCO"), Baron Capital Management, Inc. ("BCM"), Ronald Baron, Baron Discovery Fund ("BDF")
(b)	Address or principal business office or, if none, residence: 767 Fifth Avenue, 49th Floor, New York, NY 10153
(c)	Citizenship: BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. BDF is a series of a Massachusetts Business Trust.
(d)	Title of class of securities: Class A Common Stock, $0.01 par value per share
(e)	CUSIP No.: 87318A101
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: 1,135,091
(b)	Percent of class: 8.73 %
(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: 1,135,091
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,135,091
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. The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
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. BAMCO and BCM are subsidiaries of BCG. BDF is an advisory client of BAMCO. Ronald Baron owns a controlling interest in BCG.
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. See Item 3.
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.

BAMCO INC /NY/

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	08/14/2026

Baron Discovery Fund

Signature:	/s/ Ronald Baron
Name/Title:	CEO
Date:	08/14/2026