Dimensional Fund Advisors Lp reports 7.55% increase in ownership of BFST / Business First Bancshares, Inc.

Business First Bancshares, Inc.

US ˙ NasdaqGS ˙ US12326C1053

Security	BFST / Business First Bancshares, Inc.
Institution	Dimensional Fund Advisors Lp
Latest Disclosed Ownership	1,165,720 shares
Latest Disclosed Value	$ 31,520,469

On May 7, 2026 - Dimensional Fund Advisors Lp filed a 13F-HR form disclosing ownership of 1,165,720 shares of Business First Bancshares, Inc. (US:BFST) valued at $31,521,069 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 1,083,887 shares of Business First Bancshares, Inc.. This represents a change in shares of 7.55% during the quarter. The current value of the position is $33,164,734 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-07	2026-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	1,165,720	81,833	7.55	31,520	11.25	0.0014
2026-02-12	2025-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	1,083,887	59,639	5.82	28,333	17.17	0.0059
2025-11-12	2025-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	1,024,248	36,973	3.74	24,183	-0.63	0.0052
2025-08-12	2025-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	987,275	94,070	10.53	24,336	11.89	0.0056
2025-05-13	2025-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	893,205	95,091	11.91	21,750	6.04	0.0054
2025-02-13	2024-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	798,114	83,664	11.71	20,512	11.84	0.0049
2024-11-07	2024-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	714,450	44,920	6.71	18,339	25.89	0.0044
2024-08-09	2024-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	669,530	50,955	8.24	14,568	5.70	0.0038
2024-05-10	2024-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	618,575	57,597	10.27	13,782	-0.34	0.0037
2024-02-07	2023-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	560,978	78,475	16.26	13,829	52.78	0.0040
2023-11-09	2023-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	482,503	44,928	10.27	9,052	37.26	0.0030
2023-08-09	2023-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	437,575	-252	-0.06	6,594	-12.07	0.0021
2023-05-12	2023-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	437,827	112,699	34.66	7,500	107,028.57	0.0025
2023-02-09	2022-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	325,128	58,730	22.05	7	-99.88	0.0021
2022-11-10	2022-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	266,398	44,309	19.95	5,736	21.19	0.0022
2022-08-12	2022-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	222,089	48,706	28.09	4,733	12.21	0.0017
2022-05-13	2022-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	173,383	29,982	20.91	4,218	3.89	0.0013
2022-02-09	2021-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	143,401	3,412	2.44	4,060	24.01	0.0012
2021-11-12	2021-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	139,989	28,502	25.57	3,274	27.94	0.0011
2021-08-12	2021-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	111,487	32,576	41.28	2,559	35.54	0.0008
2021-05-14	2021-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	78,911	23,346	42.02	1,888	66.93	0.0006
2021-03-08	2020-12-31	13F/A-2	BUSINESS FIRST BANCSHARES IN	COM	12326C105	55,565	20,194	57.09	1,131	112.99	0.0004
2021-02-11	2020-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	55,565	20,194		1,131		408.4571
2020-11-12	2020-09-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	35,371	4,005	12.77	531	10.40	0.0002
2020-08-13	2020-06-30	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	31,366	11,124	54.96	481	76.19	0.0002
2020-05-14	2020-03-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	20,242	10,785	114.04	273	15.68	0.0001
2020-02-14	2019-12-31	13F	BUSINESS FIRST BANCSHARES IN	COM	12326C105	9,457	9,457		236		0.0001

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.