FIRST WATCH RESTAURANT GROUP

Ticker: FWRG CUSIP: 33748L101 Class: COM

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 569,418 Value ($000) $8,587 Avg Close $16.85 Range $14.81 - $18.82

Q3 2025

Shares 498,226 Value ($000) $7,792 Avg Close $17.43 Range $15.20 - $19.53

Q2 2025

Shares 258,538 Value ($000) $4,147 Avg Close $16.79 Range $12.90 - $20.55

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	569,418	$8,587	$16.85	$14.81 - $18.82
Q3 2025	498,226	$7,792	$17.43	$15.20 - $19.53
Q2 2025	258,538	$4,147	$16.79	$12.90 - $20.55