SCHEDULE: BlackRock Reports 12.9% Stake in First Interstate Bancsystem

BlackRock, Inc. has filed an amendment to its Schedule 13G, disclosing a 12.9% beneficial ownership in First Interstate Bancsystem Inc.'s Class A Stock as of December 31, 2025.

Summary

• BlackRock, Inc. beneficially owns 13,290,004 shares of First Interstate Bancsystem Inc.'s Class A Stock.
• This ownership represents 12.9% of the total outstanding Class A Stock.
• BlackRock holds sole voting power over 13,073,231 shares.
• BlackRock holds sole dispositive power over 13,290,004 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• iShares Core S&P Small-Cap ETF and BlackRock Fund Advisors are identified as entities within BlackRock's structure that beneficially own 5% or greater of the outstanding shares.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of a passive ownership stake by a major institutional investor. It does not contain new financial results, strategic changes, or forward-looking guidance that would significantly alter sentiment. It confirms a continued, substantial institutional holding.

Positives

• Significant institutional ownership by a major asset manager like BlackRock can signal confidence in the company's long-term prospects.
• The filing confirms BlackRock's continued substantial investment in First Interstate Bancsystem Inc.

Management Comments

• BlackRock, Inc. certifies that the securities 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.

Industry Context

This filing is a routine disclosure by BlackRock, one of the world's largest asset managers, detailing its passive ownership stake in First Interstate Bancsystem Inc. Such institutional holdings are common for publicly traded companies, particularly those included in indices managed by BlackRock's various funds, like the iShares Core S&P Small-Cap ETF.

Stakeholder Impact

• Shareholders: The continued significant stake by BlackRock may provide a level of confidence to other investors, indicating institutional interest in First Interstate Bancsystem Inc.

Key Dates

Recommendation

This Schedule 13G/A filing is a routine disclosure of BlackRock's passive ownership stake and does not provide new fundamental information about First Interstate Bancsystem Inc.'s operational performance, strategic direction, or financial health. While a large institutional holding can be a positive signal of confidence, this amendment (No. 10) indicates a long-standing position rather than a new, aggressive investment. Therefore, it does not warrant a change in investment recommendation based solely on this filing, suggesting a 'hold' position for existing investors.

Keywords

BlackRock, First Interstate Bancsystem, FINS, Schedule 13G, institutional ownership, Class A Stock, beneficial ownership, investment management