EMERALD MUTUAL FUND ADVISERS TRUST

Mutual Fund

Position in FWRG — First Watch Restaurant Group, Inc.

CIK 1352895 Leola, PA

Position in FWRG

as of Mar 31, 2026 · filed May 4, 2026 Compact

Position Value

$5,967,500

-$2,619,323 QoQ

Shares Held

569,418

0.0% QoQ

Ownership

0.924%

of shares outstanding

% of Portfolio

0.30%

of 13F equity value

Holder Rank

—

not a current holder

Holding Since

Jun 2025

4 quarters on record

Voting authority Sole 100% Shared 0% None 0%

Consumer Cyclical · as of Mar 31, 2026

EMERALD MUTUAL FUND ADVISERS TRUST holds $23,493,661 across 4 Restaurants names. FWRG ranks #2 (25.4% of the industry book) .

#	Ticker	Company	Shares	Value (USD)
1	BJRI	BJs RESTAURANTS INC	322,573	$11,322,312
2	FWRG	First Watch Restaurant Group, Inc. This page	569,418	$5,967,500
3	BRCB	Black Rock Coffee Bar, Inc.	453,734	$5,862,243
4	SBUX	Starbucks Corp	3,813	$341,606

4 filing rows on record

Report Date	Value (USD)	Shares	Change	Type	Discretion	Filed
2026-03-31	$5,967,500	569,418	0.0%	Shares	Sole	2026-05-04
2025-12-31	$8,586,823	569,418	+14.3%	Shares	Sole	2026-02-09
2025-09-30	$7,792,254	498,226	+92.7%	Shares	Sole	2025-10-30
2025-06-30	$4,146,949	258,538	—	Shares	Sole	2025-08-04
No filing history on record for this holder in this stock.