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Western Standard LLC

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13F filer, CIK 1517666, Los Angeles, CA

Western Standard LLC reported $337,137,356 across 24 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 74.74% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-25-275716

Period
2025-09-30
Reported value
$337M
Holdings
24
Top 10 weight
74.74%
New
13
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OSGnew+2,641,351$22M
SEMnew+1,055,357$13.6M
KROSadded+654,989$10.4M
BBWInew+263,061$6.78M
FIVEnew+40,600$6.28M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ECVTexited-3,566,876-$29.4M
TIGOexited-313,943-$11.8M
POTBELLY CORPexited-927,593-$11.4M
AIVexited-1,059,156-$9.16M
YETIreduced-215,862-$7.16M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001193125-25-275716, largest first. % of portfolio is the value over $186,979,956, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
KROSKEROS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 134,914 shares; 2025Q2: 1,534,893 shares; 2025Q3: 2,189,882 shares 2,189,882$34.6M18.53%+654,989Timeline
OSGOCTAVE SPECIALTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,963 shares; 2024Q4: 453,530 shares; 2025Q1: 699,352 shares; 2025Q2: not reported; 2025Q3: 2,641,351 shares 2,641,351$22M11.78%newTimeline
ATECALPHATEC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 726,373 shares; 2025Q1: 1,141,489 shares; 2025Q2: 1,255,374 shares; 2025Q3: 1,255,374 shares 1,255,374$18.3M9.76%0Timeline
SEMSELECT MED HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,055,357 shares 1,055,357$13.6M7.25%newTimeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 241,077 shares; 2025Q2: 409,677 shares; 2025Q3: 693,413 shares 693,413$11.2M5.97%+283,736Timeline
EZPWEZCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 530,000 shares; 2025Q3: 530,000 shares 530,000$10.1M5.4%0Timeline
GDOTGREEN DOT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 580,385 shares; 2025Q3: 666,330 shares 666,330$8.95M4.79%+85,945Timeline
CWCOCONSOLIDATED WATER CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,661 shares; 2025Q2: 323,685 shares; 2025Q3: 211,785 shares 211,785$7.47M4%-111,900Timeline
NPKNATIONAL PRESTO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 53,500 shares; 2025Q2: 60,730 shares; 2025Q3: 60,730 shares 60,730$6.81M3.64%0Timeline
BBWIBATH & BODY WORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 263,061 shares 263,061$6.78M3.62%newTimeline
ABEOABEONA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,698,097 shares; 2024Q4: 2,084,418 shares; 2025Q1: 2,281,199 shares; 2025Q2: 2,091,598 shares; 2025Q3: 1,249,957 shares 1,249,957$6.6M3.53%-841,641Timeline
FIVEFIVE BELOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,600 shares 40,600$6.28M3.36%newTimeline
AVNWAVIAT NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 197,728 shares; 2025Q2: 267,906 shares; 2025Q3: 267,906 shares 267,906$6.14M3.29%0Timeline
UUPINVESCO DB US DLR INDEX TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 181,653 shares; 2025Q1: 185,453 shares; 2025Q2: 185,453 shares; 2025Q3: 185,453 shares 185,453$5.1M2.73%0Timeline
MCWMISTER CAR WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 777,482 shares 777,482$4.14M2.22%newTimeline
YETIYETI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 111,667 shares; 2025Q1: 106,327 shares; 2025Q2: 334,317 shares; 2025Q3: 118,455 shares 118,455$3.93M2.1%-215,862Timeline
FRPTFRESHPET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,000 shares 64,000$3.53M1.89%newTimeline
SXTSENSIENT TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 34,452 shares 34,452$3.23M1.73%newTimeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 507,853 shares 507,853$2.31M1.23%newTimeline
IOSPINNOSPEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 27,000 shares 27,000$2.08M1.11%newTimeline
CMACOMERICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 29,500 shares 29,500$2.02M1.08%newTimeline
FIGSFIGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 278,440 shares 278,440$1.86M1%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SPYSTATE STR SPDR S&P 500 ETF T SHSput180,000$120Mnew
IWMISHARES TR SHSput125,000$30.2Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ECVTECOVYST INC3,566,876$29.4Mshares
TIGOMILLICOM INTL CELLULAR S A313,943$11.8Mshares
POTBELLY CORPPOTBELLY CORP927,593$11.4Mshares
AIVAPARTMENT INVT & MGMT CO1,059,156$9.16Mshares
NBNNORTHEAST BK PORTLAND ME53,078$4.72Mshares
NNINELNET INC36,315$4.4Mshares
EVERI HLDGS INCEVERI HLDGS INC144,650$2.06Mshares
PRTSCARPARTS COM INC1,923,737$1.42Mshares
KKELLANOVA9,039$719Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001193125-25-275716 base2025-11-12acceptance time not in the bulk data set