Western Standard LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Western Standard LLC reported 29 stock positions worth $170.1 million. Its top holding was First Financial Northwest (FFNW) at 12.3% of the portfolio, followed by Bristow (VTOL, 10.9%) and Kellanova (K, 8.4%). Compared with Q4 2024, it opened 13 new positions, sold out of 7, added to 11 and reduced 4. The biggest buy was a new position in Millicom Intl Cellular (TIGO) and the biggest sale an exit from Mercury General (MCY).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001517666
- Portfolio Value
- $170.1M (Q1 2025)
- SEC Filing
- 0000950123-25-005752 ↗ filed May 15, 2025
Holdings Value
Holdings 29 stocks · $170.1M
| FFNW First Financial Northwest | 12.30% | 923,000 | $20.9M | Add +0.6% |
| VTOL Bristow Group Inc. | 10.93% | 588,568 | $18.6M | Add +4.5% |
| K Kellanova | 8.43% | 173,846 | $14.3M | Add +106.3% |
| ATEC Alphatec Holdings Inc. | 6.81% | 1,141,489 | $11.6M | Add +57.1% |
| ABEO Abeona Therapeutics Inc. | 6.39% | 2,281,199 | $10.9M | Add +9.4% |
| ECVT Ecovyst Inc. | 6.24% | 1,711,842 | $10.6M | Add +36.8% |
| TIGO Millicom Intl Cellular S.A. | 4.01% | 225,414 | $6.8M | New |
| PBPB Potbelly Corp. | 3.92% | 701,323 | $6.7M | Add +112.5% |
| OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC | 3.60% | 699,352 | $6.1M | Add +54.2% |
| MLNK Meridianlink Inc. | 3.35% | 307,010 | $5.7M | Reduce -12.2% |
| CWCO Consolidated Water Co.-Ord SH | 3.25% | 225,661 | $5.5M | New |
| AIV Apartment Invt & Mgmt Co. Class A | 3.20% | 618,386 | $5.4M | Reduce -4.7% |
| UUP Invesco DB US Dollar Index B | 3.11% | 185,453 | $5.3M | Add +2.1% |
| NPK National Presto Inds Inc. | 2.77% | 53,500 | $4.7M | New |
| NBN Northeast Bank | 2.50% | 46,528 | $4.3M | Add +3.7% |
| DRVN Driven Brands Holdings Inc. | 2.43% | 241,077 | $4.1M | New |
| AVNW Aviat Networks Inc. | 2.23% | 197,728 | $3.8M | New |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 2.07% | 106,327 | $3.5M | Reduce -4.8% |
| NNI Nelnet Inc. Class A | 2.07% | 31,675 | $3.5M | Add +29.4% |
| GDOT Green Dot Corp. Class A | 1.99% | 400,000 | $3.4M | New |
| CHWY Chewy Inc. Class A | 1.77% | 92,673 | $3.0M | New |
| EQC Equity Commonwealth | 1.30% | 1,376,613 | $2.2M | Reduce -16.7% |
| EVRI Everi Holdings Inc. | 1.16% | 144,650 | $2.0M | No change |
| BOOT Boot Barn Holdings Inc. | 0.91% | 14,400 | $1.5M | New |
| FUN Six Flags Entertainment Corp. | 0.90% | 43,000 | $1.5M | New |
| KROS Keros Therapeutics Inc. | 0.81% | 134,914 | $1.4M | New |
| LOCO El Pollo Loco Holdings Inc. | 0.76% | 125,000 | $1.3M | New |
| BITCOIN DEPOT INC | 0.55% | 615,433 | $929K | New |
| CMT Core Molding Technologies Inc. | 0.26% | 28,544 | $434K | New |
Portfolio Sells Q4 2024 → Q1 2025
| MCY Mercury General Corp. | Sold out | 0.00% | −6.54 |
| MTTR Matterport Inc. | Sold out | 0.00% | −5.14 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −2.93 |
| GEN Gen Digital Inc. | Sold out | 0.00% | −2.33 |
| GEAR Revelyst Inc. | Sold out | 0.00% | −1.88 |
| NVRO Nevro LLC | Sold out | 0.00% | −1.60 |
| TSVT 2SEVENTY Bio Inc. | Sold out | 0.00% | −1.54 |
| MLNK Meridianlink Inc. | Reduce -12.2% | 3.35% | −1.47 |
| YETI Yeti Holdings Inc. | Reduce -4.8% | 2.07% | −0.80 |
| AIV Apartment Invt & Mgmt Co. Class A | Reduce -4.7% | 3.20% | −0.73 |
| EQC Equity Commonwealth | Reduce -16.7% | 1.30% | −0.65 |
Portfolio Buys Q4 2024 → Q1 2025
| TIGO Millicom Intl Cellular S.A. | New | 4.01% | +4.01 |
| K Kellanova | Add +106.3% | 8.43% | +3.89 |
| CWCO Consolidated Water Co.-Ord SH | New | 3.25% | +3.25 |
| NPK National Presto Inds Inc. | New | 2.77% | +2.77 |
| DRVN Driven Brands Holdings Inc. | New | 2.43% | +2.43 |
| ATEC Alphatec Holdings Inc. | Add +57.1% | 6.81% | +2.36 |
| AVNW Aviat Networks Inc. | New | 2.23% | +2.23 |
| GDOT Green Dot Corp. Class A | New | 1.99% | +1.99 |
| PBPB Potbelly Corp. | Add +112.5% | 3.92% | +1.85 |
| CHWY Chewy Inc. Class A | New | 1.77% | +1.77 |
| BOOT Boot Barn Holdings Inc. | New | 0.91% | +0.91 |
| FUN Six Flags Entertainment Corp. | New | 0.90% | +0.90 |
| KROS Keros Therapeutics Inc. | New | 0.81% | +0.81 |
| LOCO El Pollo Loco Holdings Inc. | New | 0.76% | +0.76 |
| BITCOIN DEPOT INC | New | 0.55% | +0.55 |
| NNI Nelnet Inc. Class A | Add +29.4% | 2.07% | +0.32 |
| CMT Core Molding Technologies Inc. | New | 0.26% | +0.26 |
| ECVT Ecovyst Inc. | Add +36.8% | 6.24% | −0.13 |
| OSG Octave Specialty Group Inc. | Add +54.2% | 3.60% | −0.22 |
| NBN Northeast Bank | Add +3.7% | 2.50% | −0.24 |
| UUP Invesco DB US Dollar Index B | Add +2.1% | 3.11% | −0.45 |
| FFNW First Financial Northwest | Add +0.6% | 12.30% | −0.97 |
| ABEO Abeona Therapeutics Inc. | Add +9.4% | 6.39% | −1.35 |
| VTOL Bristow Group Inc. | Add +4.5% | 10.93% | −1.94 |
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 |