In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Western Standard LLC reported 22 stock positions worth $106.1 million . Its top holding was Merrimack Pharmaceuticals (MACK) at 30.2% of the portfolio, followed by Bristow (VTOL, 11.2% ) and Abeona Therapeutics (ABEO, 9.3% ). Compared with Q4 2023, it opened 5 new positions, sold out of 12, added to 6 and reduced 9. The biggest buy was Abeona Therapeutics (ABEO, shares +68% ) and the biggest sale an exit from Ecovyst (ECVT).
Location Los Angeles, CA
CIK 0001517666
Portfolio Value $106.1M (Q1 2024) Holdings 22 stocks · $106.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 MACK Merrimack Pharmaceuticals Inc. 2,172,513 $32.1M No change VTOL Bristow Group Inc. 436,963 $11.9M Reduce -8.1% ABEO Abeona Therapeutics Inc. 1,361,489 $9.9M Add +68.5% EQC Equity Commonwealth 442,841 $8.4M Add +76.1% FIS Fidelity National Info Serv 71,784 $5.3M Add +43.6% HSTM Healthstream Inc. 197,690 $5.3M Reduce -24.4% CASH Pathward Financial Inc. 80,519 $4.1M Reduce -8.9% ANGO Angiodynamics Inc. 523,393 $3.1M Add +878.5% GPGI Gpgi Inc. filed as COMPOSECURE INC 401,565 $2.9M Reduce -8.1% FAF First American Financial 46,644 $2.8M Add +38.3% NBN Northeast Bank 46,150 $2.6M Add +57.5% ARCA BIOPHARMA INC 1,410,143 $2.5M No change TPB Turning Point Brands Inc. 82,978 $2.4M Reduce -43.9% GEN Gen Digital Inc. 101,200 $2.3M New PBPB Potbelly Corp. 182,335 $2.2M New RRGB Red Robin Gourmet Burgers 281,466 $2.2M New AIV Apartment Invt & Mgmt Co. Class A 249,226 $2.0M Reduce -8.9% OFG Ofg Bancorp 33,225 $1.2M Reduce -8.9% NEOG Neogen Corp. 72,712 $1.1M New ATMU Atmus Filtration Technologie 31,666 $1.0M Reduce -83.7% NODK Ni Holdings Inc. filed as NI HLDGS INC 34,435 $522K Reduce -3.4% VSXY Victoria's Secret & Co. 17,700 $343K New
Options reported separately and not counted above: SPY puts ($73.2M), IWM puts ($29.4M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ ECVT Ecovyst Inc. Sold out 0.00% −4.49 ATMU Atmus Filtration Technologie Reduce -83.7% 0.96% −3.40 TGLS Tecnoglass Holdings Inc. Sold out 0.00% −2.48 OFIX Orthofix Medical Inc. Sold out 0.00% −2.20 HSTM Healthstream Inc. Reduce -24.4% 4.97% −1.80 VTOL Bristow Group Inc. Reduce -8.1% 11.20% −1.65 TPB Turning Point Brands Inc. Reduce -43.9% 2.29% −1.43 PLOW Douglas Dynamics Inc. Sold out 0.00% −1.26 TROX Tronox Holdings PLC Sold out 0.00% −1.00 BOOM DMC Global Inc. Sold out 0.00% −0.99 TLYS Tilly's Inc. Class A SHRS Sold out 0.00% −0.96 ACIC American Coastal Insurance C Sold out 0.00% −0.90 CASH Pathward Financial Inc. Reduce -8.9% 3.83% −0.64 IRTC Irhythm Holdings Inc. Sold out 0.00% −0.61 FBP First Bancorp Puerto Rico Sold out 0.00% −0.59 AVROBIO INC Sold out 0.00% −0.41 JILL J. Jill Inc. Sold out 0.00% −0.34 OFG Ofg Bancorp Reduce -8.9% 1.15% −0.15 AIV Apartment Invt & Mgmt Co. Class A Reduce -8.9% 1.92% −0.12 NODK Ni Holdings Inc. Reduce -3.4% 0.49% +0.05 GPGI Gpgi Inc. Reduce -8.1% 2.74% +0.48
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ ABEO Abeona Therapeutics Inc. Add +68.5% 9.30% +5.43 EQC Equity Commonwealth Add +76.1% 7.88% +3.26 ANGO Angiodynamics Inc. Add +878.5% 2.90% +2.50 FIS Fidelity National Info Serv Add +43.6% 5.02% +2.15 GEN Gen Digital Inc. New 2.14% +2.14 PBPB Potbelly Corp. New 2.08% +2.08 RRGB Red Robin Gourmet Burgers New 2.03% +2.03 NEOG Neogen Corp. New 1.08% +1.08 NBN Northeast Bank Add +57.5% 2.41% +0.86 FAF First American Financial Add +38.3% 2.68% +0.61 VSXY Victoria's Secret & Co. New 0.32% +0.32
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 140,000 $73.2M IWM iShares Russell 2000 ETF put Reduce -36.4% 140,000 $29.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 27 $295.3M GDOT, GLAS, CODI, ABVX, AVTR Q1 2026 23 $190.2M GDOT, CODI, TFX, IOSP, OSG Q4 2025 25 $216.8M SEM, ATEC, GDOT, IOSP, OSG Q3 2025 22 $187.0M KROS, OSG, ATEC, SEM, DRVN Q2 2025 20 $179.7M ECVT, KROS, ATEC, ABEO, TIGO Q1 2025 29 $170.1M FFNW, VTOL, K, ATEC, ABEO Q4 2024 23 $150.1M FFNW, VTOL, ABEO, MCY, ECVT Q3 2024 21 $106.6M EQC, VTOL, ABEO, ZUO, NVRO Q2 2024 22 $96.6M EQC, VTOL, ZUO, ABEO, PBPB Q1 2024 22 $106.1M MACK, VTOL, ABEO, EQC, FIS