Neuberger Berman Group LLC Reduces Stake in First Watch Restaurant Group to 3.7%

On June 4, 2026, Neuberger Berman Group LLC and its affiliate, Neuberger Berman Investment Advisers LLC, filed a Schedule 13G/A with the SEC, reporting a decrease in their position in First Watch Restaurant Group, Inc. (FWRG). As of the event date on May 31, 2026, the filers beneficially own 2,258,285 shares of common stock, representing 3.7% of the company. This is a significant reduction from their previous holding of 3,574,318 shares. The filing indicates that the shares are held in various fiduciary capacities by subsidiaries including Neuberger Berman Trust Co N.A. and Neuberger Berman Asia Ltd. The reporting entities share voting power over 2,229,285 shares and shared dispositive power over the full 2,258,285 shares. By falling below the 5% ownership threshold, the filers have indicated that they no longer hold a substantial stake. The securities were acquired in the ordinary course of business without the intent to influence or change the control of the issuer.