Baron Group reports 1,135,099 Class A shares

Baron Capital Group and affiliated filers report beneficial ownership of 1,135,099 shares of TWFG, Inc. Class A common stock, representing 7.55% of the class.

Rhea-AI Filing Summary

Baron Capital Group and affiliated filers report beneficial ownership of 1,135,099 shares of TWFG, Inc. Class A common stock, representing 7.55% of the class. The filing (Amendment No. 1) states the position is held with shared voting and shared dispositive power of 1,135,099 shares. Other affiliated holders listed include BAMCO, Inc. (951,400 shares, 6.33%) and Baron Discovery Fund (935,000 shares, 6.22%). The filing identifies the filing group and parent/subsidiary relationships and is signed by Ronald Baron on 05/15/2026.

Insights

Institutional Ownership Analyst

Large passive/active stake disclosure by Baron-affiliated entities.

The submission shows Baron Capital Group and affiliated entities reporting beneficial ownership of 1,135,099 shares ( 7.55% ) of TWFG Class A common stock as of the amended filing. The position is reported with shared voting and dispositive powers, indicating collective control among the group.

Ownership structure notes that BAMCO and BCM are subsidiaries of BCG and that advisory clients hold securities; signatures by Ronald Baron are dated 05/15/2026. Subsequent filings will clarify any changes in voting arrangements or additional sales; timing not provided in the excerpt.

Corporate Governance Specialist

Group filing clarifies relationships and voting/dispositive powers.

The filing identifies the group members (BCG, BAMCO, BCM, Ronald Baron, BDF) and states shared voting and dispositive power of 1,135,099 shares. It also notes BAMCO and BCM as subsidiaries of BCG and BDF as an advisory client of BAMCO.

The schedule follows Schedule 13G/A disclosure conventions and documents signatures dated 05/15/2026. The excerpt lists other sizeable related holdings (BAMCO 951,400 shares; BDF 935,000 shares) for context; these figures are presented as ownership snapshots in the filing.

Key Figures

Beneficial ownership: 1,135,099 shares Ownership percentage: 7.55% BAMCO holdings: 951,400 shares +2 more

5 metrics

Beneficial ownership 1,135,099 shares Class A Common Stock

Ownership percentage 7.55% Percent of class

BAMCO holdings 951,400 shares BAMCO, Inc. (table entry)

Baron Discovery Fund holdings 935,000 shares Baron Discovery Fund (table entry)

Signature date 05/15/2026 Schedule 13G/A signatures

Key Terms

beneficially owned, shared dispositive power, Schedule 13G/A

3 terms

beneficially owned regulatory

"Amount beneficially owned: 1,135,099"

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 dispositive power regulatory

"Shared Dispositive Power 1,135,099.00"

Schedule 13G/A regulatory

"(Amendment No. 1 ) TWFG, Inc. Class A Common Stock"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

FAQ

What stake did Baron Capital report in TWFG (TWFG)?

Baron Capital Group and affiliates report beneficial ownership of 1,135,099 shares, representing 7.55% of TWFG Class A common stock. The filing lists shared voting and shared dispositive power over those shares and is signed 05/15/2026.

Which Baron-affiliated entities are named in the Schedule 13G/A for TWFG?

The filing lists Baron Capital Group, BAMCO, Inc., Baron Capital Management, Ronald Baron, and Baron Discovery Fund. It states BAMCO and BCM are subsidiaries of BCG and BDF is an advisory client of BAMCO, per the schedule language.

How many shares does BAMCO report owning in the filing for TWFG?

BAMCO, Inc. is listed with 951,400 shares and a stated ownership percentage of 6.33% in the table excerpt. The filing shows shared voting and shared dispositive power for that amount.

Does the Schedule 13G/A show who controls the Baron group’s TWFG shares?

The filing states Ronald Baron owns a controlling interest in Baron Capital Group (BCG). It also documents that BAMCO and BCM are subsidiaries of BCG and that holdings are reported with shared voting and dispositive power among the group.

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Accepted by SEC EDGAR 05/15/2026 - 02:30 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)

TWFG, Inc.

(Name of Issuer)

Class A Common Stock, $0.01 par value per share

(Title of Class of Securities)

87318A101

(CUSIP Number)

03/31/2026

(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 951,400.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 951,400.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

951,400.00

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)

6.33 %

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 1,135,099.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,135,099.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,135,099.00

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)

7.55 %

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 183,699.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 183,699.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

183,699.00

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)

1.22 %

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 1,135,099.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,135,099.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,135,099.00

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)

7.55 %

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)

6.22 %

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: 1,135,099
(b)	Percent of class: 7.55 %
(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: 1,135,099
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,135,099
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:	05/15/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	05/15/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	05/15/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	05/15/2026

Baron Discovery Fund

Signature:	/s/ Ronald Baron
Name/Title:	CEO
Date:	05/15/2026