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Western Standard LLC

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13F filer, CIK 1517666, Los Angeles, CA

Western Standard LLC reported $216,789,481 across 25 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-03. Its ten largest share positions make up 77.81% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-034830

Period
2025-12-31
Reported value
$217M
Holdings
25
Top 10 weight
77.81%
New
13
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IOSPadded+241,367$18.5M
GDOTadded+1,311,170$16.8M
SEMadded+1,008,664$15M
AIVnew+1,679,924$9.98M
BLTEnew+60,026$9.6M

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
KROSexited-2,189,882-$34.6M
CWCOexited-211,785-$7.47M
NPKexited-60,730-$6.81M
BBWIexited-263,061-$6.78M
ABEOexited-1,249,957-$6.6M

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, Q4 2025

Share positions as resolved from 13F-HR 0001193125-26-034830, largest first. % of portfolio is the value over $216,789,481, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SEMSELECT MED HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,055,357 shares; 2025Q4: 2,064,021 shares 2,064,021$30.7M14.14%+1,008,664Timeline
ATECALPHATEC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,255,374 shares 1,255,374$26.4M12.18%0Timeline
GDOTGREEN DOT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 580,385 shares; 2025Q3: 666,330 shares; 2025Q4: 1,977,500 shares 1,977,500$25.3M11.68%+1,311,170Timeline
IOSPINNOSPEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 27,000 shares; 2025Q4: 268,367 shares 268,367$20.5M9.48%+241,367Timeline
OSGOCTAVE SPECIALTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,963 shares; 2024Q4: 453,530 shares; 2025Q1: 699,352 shares; 2025Q2: not reported; 2025Q3: 2,641,351 shares; 2025Q4: 2,504,627 shares 2,504,627$19.5M8.99%-136,724Timeline
AVNWAVIAT NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 197,728 shares; 2025Q2: 267,906 shares; 2025Q3: 267,906 shares; 2025Q4: 494,238 shares 494,238$10.6M4.87%+226,332Timeline
AIVAPARTMENT INVT & MGMT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 493,626 shares; 2024Q4: 649,086 shares; 2025Q1: 618,386 shares; 2025Q2: 1,059,156 shares; 2025Q3: not reported; 2025Q4: 1,679,924 shares 1,679,924$9.98M4.6%newTimeline
BLTEBELITE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 60,026 shares 60,026$9.6M4.43%newTimeline
NSPINSPERITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 215,600 shares 215,600$8.35M3.85%newTimeline
EZPWEZCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 530,000 shares; 2025Q3: 530,000 shares; 2025Q4: 400,000 shares 400,000$7.77M3.58%-130,000Timeline
FIVEFIVE BELOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,600 shares; 2025Q4: 40,600 shares 40,600$7.65M3.53%0Timeline
CODICOMPASS DIVERSIFIEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,165,000 shares 1,165,000$5.59M2.58%newTimeline
UUPINVESCO DB US DLR INDEX TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 181,653 shares; 2025Q1: 185,453 shares; 2025Q2: 185,453 shares; 2025Q3: 185,453 shares; 2025Q4: 185,453 shares 185,453$5.01M2.31%0Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 241,077 shares; 2025Q2: 409,677 shares; 2025Q3: 693,413 shares; 2025Q4: 303,413 shares 303,413$4.5M2.07%-390,000Timeline
MCWMISTER CAR WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 777,482 shares; 2025Q4: 797,906 shares 797,906$4.44M2.05%+20,424Timeline
NXQUANEX BLDG PRODS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 274,338 shares 274,338$4.22M1.95%newTimeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 507,853 shares; 2025Q4: 507,853 shares 507,853$2.44M1.13%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,000 shares 7,000$2.19M1.01%newTimeline
FOXFFOX FACTORY HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 120,000 shares 120,000$2.05M0.95%newTimeline
FFBC1ST FINL BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,000 shares 75,000$1.88M0.87%newTimeline
SVVSAVERS VALUE VLG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 200,000 shares 200,000$1.87M0.86%newTimeline
ANGIANGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 138,842 shares 138,842$1.8M0.83%newTimeline
UPBDUPBOUND GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$1.76M0.81%newTimeline
SYNCHRONOSS TECHNOLOGIES INCSYNCHRONOSS TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 195,117 shares 195,117$1.67M0.77%new
LKFTLAKEFRONT BIOTHERAPEUTICS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 32,000 shares 32,000$1.05M0.48%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T180,000$120Mput
KROSKEROS THERAPEUTICS INC2,189,882$34.6Mshares
IWMISHARES TR125,000$30.2Mput
CWCOCONSOLIDATED WATER CO INC211,785$7.47Mshares
NPKNATIONAL PRESTO INDS INC60,730$6.81Mshares
BBWIBATH & BODY WORKS INC263,061$6.78Mshares
ABEOABEONA THERAPEUTICS INC1,249,957$6.6Mshares
YETIYETI HLDGS INC118,455$3.93Mshares
FRPTFRESHPET INC64,000$3.53Mshares
SXTSENSIENT TECHNOLOGIES CORP34,452$3.23Mshares
CMACOMERICA INC29,500$2.02Mshares
FIGSFIGS INC278,440$1.86Mshares

How Q4 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 0001193125-26-034830 base2026-02-03acceptance time not in the bulk data set