M3F, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), M3F, Inc. reported 25 stock positions worth $364.1 million. Its top holding was Willis Lease Finance (WLFC) at 25.2% of the portfolio, followed by Ponce Financial (PDLB, 8.3%) and Aercap (AER, 8.2%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 10 and reduced 9. The biggest buy was Willis Lease Finance (WLFC, shares +12%) and the biggest sale Bankfinancial (BFIN, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001511291
- Portfolio Value
- $364.1M (Q4 2025)
- SEC Filing
- 0001511291-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 25 stocks · $364.1M
| WLFC Willis Lease Finance Corp. | 25.23% | 677,248 | $91.9M | Add +11.8% |
| PDLB Ponce Financial Group Inc. | 8.33% | 1,855,981 | $30.3M | Reduce -17.7% |
| AER Aercap Holdings NV | 8.23% | 208,500 | $30.0M | No change |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 7.91% | 448,401 | $28.8M | Reduce -4.2% |
| PBFS Pioneer Bancorp Inc. | 7.53% | 2,033,854 | $27.4M | Add +8.0% |
| ASLE Aersale Corp. | 6.48% | 3,319,145 | $23.6M | Add +18.9% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 5.59% | 1,531,082 | $20.4M | Add +4.5% |
| SNFCA Security Natl Finl Corp. Class A | 5.53% | 2,233,648 | $20.1M | No change |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 4.03% | 853,454 | $14.7M | Add +16.4% |
| RBKB Rhinebeck Bancorp Inc. | 3.35% | 1,015,420 | $12.2M | Add +1.8% |
| ALRS Alerus Financial Corp. | 2.54% | 411,163 | $9.3M | Add +56.7% |
| PKBK Parke Bancorp Inc. | 2.34% | 340,101 | $8.5M | Reduce -11.5% |
| BFIN Bankfinancial Corp. | 1.62% | 491,747 | $5.9M | Reduce -50.8% |
| CBFV CB Financial Services Inc. filed as CB FINL SVCS INC | 1.57% | 164,014 | $5.7M | No change |
| WASH Washington Trust Bancorp | 1.35% | 166,485 | $4.9M | New |
| MGYR Magyar Bancorp Inc. | 1.33% | 280,350 | $4.8M | Reduce -15.2% |
| PROV Provident Financial Hldgs | 1.31% | 299,594 | $4.8M | Reduce -18.1% |
| BSBK Bogota Financial Corp. | 1.15% | 493,732 | $4.2M | No change |
| SSBI Summit State Bank | 1.13% | 354,229 | $4.1M | No change |
| AVBC Avidia Bancorp Inc. | 1.03% | 222,361 | $3.7M | Reduce -32.4% |
| BYFC Broadway Financial Corp. | 0.93% | 458,568 | $3.4M | Add +11.9% |
| FBIZ First Business Financial Ser | 0.88% | 58,937 | $3.2M | Reduce -11.3% |
| WSBK Winchester Bancorp Inc. | 0.41% | 143,986 | $1.5M | Add +74.4% |
| NSTS NSTS Bancorp Inc. | 0.09% | 26,664 | $345K | Reduce -30.0% |
| SHFS SHF Holdings Inc. | 0.09% | 308,000 | $326K | Add +175.1% |
Portfolio Sells Q3 2025 → Q4 2025
| BFIN Bankfinancial Corp. | Reduce -50.8% | 1.62% | −1.79 |
| PDLB Ponce Financial Group Inc. | Reduce -17.7% | 8.33% | −1.06 |
| BBT Beacon Financial Corp. | Sold out | 0.00% | −0.89 |
| FBLA FB Bancorp Inc. | Sold out | 0.00% | −0.87 |
| AL Sumisho Air Lease Corp. | Reduce -4.2% | 7.91% | −0.53 |
| AVBC Avidia Bancorp Inc. | Reduce -32.4% | 1.03% | −0.37 |
| PROV Provident Financial Hldgs | Reduce -18.1% | 1.31% | −0.32 |
| MGYR Magyar Bancorp Inc. | Reduce -15.2% | 1.33% | −0.29 |
| LSBK Lake Shore Bancorp Inc. | Sold out | 0.00% | −0.28 |
| CPBI Central Plains Bancshares Inc. | Sold out | 0.00% | −0.19 |
| FBIZ First Business Financial Ser | Reduce -11.3% | 0.88% | −0.09 |
| NSTS NSTS Bancorp Inc. | Reduce -30.0% | 0.09% | −0.03 |
| PKBK Parke Bancorp Inc. | Reduce -11.5% | 2.34% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| WLFC Willis Lease Finance Corp. | Add +11.8% | 25.23% | +1.69 |
| WASH Washington Trust Bancorp | New | 1.35% | +1.35 |
| SWKH SWK Holdings Corp. | Add +16.4% | 4.03% | +1.01 |
| ALRS Alerus Financial Corp. | Add +56.7% | 2.54% | +0.90 |
| PBFS Pioneer Bancorp Inc. | Add +8.0% | 7.53% | +0.56 |
| WSBK Winchester Bancorp Inc. | Add +74.4% | 0.41% | +0.19 |
| RBKB Rhinebeck Bancorp Inc. | Add +1.8% | 3.35% | +0.14 |
| BYFC Broadway Financial Corp. | Add +11.9% | 0.93% | +0.10 |
| ASLE Aersale Corp. | Add +18.9% | 6.48% | +0.00 |
| NODK Ni Holdings Inc. | Add +4.5% | 5.59% | −0.04 |
| SHFS SHF Holdings Inc. | Add +175.1% | 0.09% | −0.14 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $422.2M | WLFC, PDLB, PBFS, AER, ASLE |
| Q1 2026 | 28 | $403.5M | WLFC, PDLB, AER, PBFS, ASLE |
| Q4 2025 | 25 | $364.1M | WLFC, PDLB, AER, AL, PBFS |
| Q3 2025 | 28 | $352.9M | WLFC, PDLB, AL, AER, PBFS |
| Q2 2025 | 30 | $354.5M | WLFC, PDLB, AL, PBFS, SNFCA |
| Q1 2025 | 31 | $363.8M | WLFC, PDLB, PBFS, SNFCA, ASLE |
| Q4 2024 | 29 | $345.9M | WLFC, PDLB, PBFS, SNFCA, NODK |
| Q3 2024 | 29 | $324.6M | WLFC, PDLB, PBFS, SNFCA, NODK |
| Q2 2024 | 34 | $270.2M | WLFC, PBFS, PDLB, SNFCA, SWKH |
| Q1 2024 | 37 | $282.5M | WLFC, PDLB, PBFS, NWLI, WFC |