SCHEDULE: Neuberger Berman Discloses 5.1% Stake in First Watch

Neuberger Berman Group LLC and its affiliate reported a 5.1% beneficial ownership stake in First Watch Restaurant Group Inc. as of December 31, 2025.

Summary

• Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC reported beneficial ownership of common stock in FIRST WATCH RESTAURANT GROUP INC.
• Neuberger Berman Group LLC beneficially owns an aggregate of 3,109,660 shares, representing 5.1% of the class.
• Neuberger Berman Investment Advisers LLC beneficially owns an aggregate of 3,105,973 shares, also representing 5.1% of the class.
• The reporting persons hold shared voting power over 2,949,566 shares (Neuberger Berman Group LLC) and 2,945,879 shares (Neuberger Berman Investment Advisers LLC).
• Shared dispositive power is held over 3,109,660 shares (Neuberger Berman Group LLC) and 3,105,973 shares (Neuberger Berman Investment Advisers LLC).
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive signal, as a significant institutional holding by Neuberger Berman suggests a degree of confidence in First Watch Restaurant Group Inc.'s value, although it is a routine disclosure for passive investment.

Positives

• A significant institutional investor, Neuberger Berman, holds a substantial stake, potentially indicating confidence in First Watch Restaurant Group Inc.'s long-term prospects.
• The investment is stated to be in the ordinary course of business, suggesting a passive, long-term investment strategy rather than an activist one.

Industry Context

StockSavvy.ai notes that the disclosure of a significant stake by a major investment firm like Neuberger Berman in a restaurant group such as First Watch indicates continued institutional interest in the consumer discretionary sector, particularly in established dining concepts. This type of passive investment suggests a belief in the company's long-term growth prospects within the competitive restaurant industry.

Stakeholder Impact

• Shareholders may view the significant stake by Neuberger Berman as a vote of confidence, potentially stabilizing or positively influencing investor sentiment.
• The company's management might perceive this as validation of their strategy, though the filing explicitly states the investment is not for control.

Key Dates

Keywords

First Watch Restaurant Group, Neuberger Berman, Beneficial Ownership, Schedule 13G, Restaurant Industry, Institutional Investment, Common Stock, FWG