Western Standard LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Western Standard LLC reported 22 stock positions worth $96.6 million. Its top holding was Equity Commonwealth (EQC) at 14.8% of the portfolio, followed by Bristow (VTOL, 12.8%) and Zuora Class A (ZUO, 7.8%). Compared with Q1 2024, it opened 7 new positions, sold out of 7, added to 9 and reduced 4. The biggest buy was a new position in Zuora Class A (ZUO) and the biggest sale an exit from Merrimack Pharmaceuticals (MACK).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001517666
- Portfolio Value
- $96.6M (Q2 2024)
- SEC Filing
- 0000950123-24-008782 ↗ filed Aug 14, 2024
Holdings Value
Holdings 22 stocks · $96.6M
| EQC Equity Commonwealth | 14.82% | 737,711 | $14.3M | Add +66.6% |
| VTOL Bristow Group Inc. | 12.79% | 368,400 | $12.4M | Reduce -15.7% |
| ZUO Zuora Inc. Class A | 7.76% | 755,235 | $7.5M | New |
| ABEO Abeona Therapeutics Inc. | 6.97% | 1,587,099 | $6.7M | Add +16.6% |
| PBPB Potbelly Corp. | 6.66% | 800,769 | $6.4M | Add +339.2% |
| WSC Willscot Holdings Corp. | 6.62% | 170,000 | $6.4M | New |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 5.83% | 828,073 | $5.6M | Add +106.2% |
| HSTM Healthstream Inc. | 5.61% | 194,256 | $5.4M | Reduce -1.7% |
| CASH Pathward Financial Inc. | 4.74% | 80,869 | $4.6M | Add +0.4% |
| AIV Apartment Invt & Mgmt Co. Class A | 4.28% | 499,226 | $4.1M | Add +100.3% |
| RRGB Red Robin Gourmet Burgers | 3.54% | 451,517 | $3.4M | Add +60.4% |
| ANGO Angiodynamics Inc. | 3.30% | 526,266 | $3.2M | Add +0.6% |
| NBN Northeast Bank | 2.93% | 46,566 | $2.8M | Add +0.9% |
| GEN Gen Digital Inc. | 2.62% | 101,200 | $2.5M | No change |
| TRS Trimas Corp. | 2.40% | 90,619 | $2.3M | New |
| MRCY Mercury Systems Inc. | 2.26% | 80,768 | $2.2M | New |
| MRC MRC Global Inc. | 1.76% | 131,563 | $1.7M | New |
| OFG Ofg Bancorp | 1.29% | 33,225 | $1.2M | No change |
| EVRI Everi Holdings Inc. | 1.26% | 145,150 | $1.2M | New |
| VRN Veren Inc. | 1.14% | 139,100 | $1.1M | New |
| FAF First American Financial | 0.95% | 16,955 | $915K | Reduce -63.6% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 0.50% | 31,442 | $481K | Reduce -8.7% |
Portfolio Sells Q1 2024 → Q2 2024
| MACK Merrimack Pharmaceuticals Inc. | Sold out | 0.00% | −30.25 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −5.02 |
| ARCA BIOPHARMA INC | Sold out | 0.00% | −2.34 |
| TPB Turning Point Brands Inc. | Sold out | 0.00% | −2.29 |
| FAF First American Financial | Reduce -63.6% | 0.95% | −1.74 |
| NEOG Neogen Corp. | Sold out | 0.00% | −1.08 |
| ATMU Atmus Filtration Technologie | Sold out | 0.00% | −0.96 |
| VSXY Victoria's Secret & Co. | Sold out | 0.00% | −0.32 |
| NODK Ni Holdings Inc. | Reduce -8.7% | 0.50% | +0.01 |
| HSTM Healthstream Inc. | Reduce -1.7% | 5.61% | +0.64 |
| VTOL Bristow Group Inc. | Reduce -15.7% | 12.79% | +1.58 |
Portfolio Buys Q1 2024 → Q2 2024
| ZUO Zuora Inc. Class A | New | 7.76% | +7.76 |
| EQC Equity Commonwealth | Add +66.6% | 14.82% | +6.93 |
| WSC Willscot Holdings Corp. | New | 6.62% | +6.62 |
| PBPB Potbelly Corp. | Add +339.2% | 6.66% | +4.58 |
| GPGI Gpgi Inc. | Add +106.2% | 5.83% | +3.09 |
| TRS Trimas Corp. | New | 2.40% | +2.40 |
| AIV Apartment Invt & Mgmt Co. Class A | Add +100.3% | 4.28% | +2.36 |
| MRCY Mercury Systems Inc. | New | 2.26% | +2.26 |
| MRC MRC Global Inc. | New | 1.76% | +1.76 |
| RRGB Red Robin Gourmet Burgers | Add +60.4% | 3.54% | +1.51 |
| EVRI Everi Holdings Inc. | New | 1.26% | +1.26 |
| VRN Veren Inc. | New | 1.14% | +1.14 |
| CASH Pathward Financial Inc. | Add +0.4% | 4.74% | +0.90 |
| NBN Northeast Bank | Add +0.9% | 2.93% | +0.53 |
| ANGO Angiodynamics Inc. | Add +0.6% | 3.30% | +0.40 |
| ABEO Abeona Therapeutics Inc. | Add +16.6% | 6.97% | −2.34 |
Options Activity Q1 2024 → Q2 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 140,000 | $73.2Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 140,000 | $29.4Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |