Western Standard LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Western Standard LLC reported 20 stock positions worth $179.7 million. Its top holding was Ecovyst (ECVT) at 16.3% of the portfolio, followed by Keros Therapeutics (KROS, 11.4%) and Alphatec (ATEC, 7.8%). Compared with Q1 2025, it opened 2 new positions, sold out of 11, added to 14 and reduced 2. The biggest buy was Keros Therapeutics (KROS, shares +1038%) and the biggest sale an exit from First Financial Northwest (FFNW).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001517666
- Portfolio Value
- $179.7M (Q2 2025)
- SEC Filing
- 0000950123-25-008344 ↗ filed Aug 14, 2025
Holdings Value
Holdings 20 stocks · $179.7M
| ECVT Ecovyst Inc. | 16.33% | 3,566,876 | $29.4M | Add +108.4% |
| KROS Keros Therapeutics Inc. | 11.40% | 1,534,893 | $20.5M | Add +1037.7% |
| ATEC Alphatec Holdings Inc. | 7.75% | 1,255,374 | $13.9M | Add +10.0% |
| ABEO Abeona Therapeutics Inc. | 6.61% | 2,091,598 | $11.9M | Reduce -8.3% |
| TIGO Millicom Intl Cellular S.A. | 6.55% | 313,943 | $11.8M | Add +39.3% |
| PBPB Potbelly Corp. | 6.32% | 927,593 | $11.4M | Add +32.3% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 5.86% | 334,317 | $10.5M | Add +214.4% |
| CWCO Consolidated Water Co.-Ord SH | 5.41% | 323,685 | $9.7M | Add +43.4% |
| AIV Apartment Invt & Mgmt Co. Class A | 5.10% | 1,059,156 | $9.2M | Add +71.3% |
| EZPW Ezcorp Inc. Class A | 4.09% | 530,000 | $7.4M | New |
| DRVN Driven Brands Holdings Inc. | 4.00% | 409,677 | $7.2M | Add +69.9% |
| AVNW Aviat Networks Inc. | 3.59% | 267,906 | $6.4M | Add +35.5% |
| GDOT Green Dot Corp. Class A | 3.48% | 580,385 | $6.3M | Add +45.1% |
| NPK National Presto Inds Inc. | 3.31% | 60,730 | $5.9M | Add +13.5% |
| UUP Invesco DB US Dollar Index B | 2.77% | 185,453 | $5.0M | No change |
| NBN Northeast Bank | 2.63% | 53,078 | $4.7M | Add +14.1% |
| NNI Nelnet Inc. Class A | 2.45% | 36,315 | $4.4M | Add +14.7% |
| EVRI Everi Holdings Inc. | 1.15% | 144,650 | $2.1M | No change |
| PRTS Carparts.com Inc. | 0.79% | 1,923,737 | $1.4M | New |
| K Kellanova | 0.40% | 9,039 | $719K | Reduce -94.8% |
Portfolio Sells Q1 2025 → Q2 2025
| FFNW First Financial Northwest | Sold out | 0.00% | −12.30 |
| VTOL Bristow Group Inc. | Sold out | 0.00% | −10.93 |
| K Kellanova | Reduce -94.8% | 0.40% | −8.03 |
| OSG Octave Specialty Group Inc. | Sold out | 0.00% | −3.60 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −3.35 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −1.77 |
| EQC Equity Commonwealth | Sold out | 0.00% | −1.30 |
| BOOT Boot Barn Holdings Inc. | Sold out | 0.00% | −0.91 |
| FUN Six Flags Entertainment Corp. | Sold out | 0.00% | −0.90 |
| LOCO El Pollo Loco Holdings Inc. | Sold out | 0.00% | −0.76 |
| BITCOIN DEPOT INC | Sold out | 0.00% | −0.55 |
| CMT Core Molding Technologies Inc. | Sold out | 0.00% | −0.26 |
| ABEO Abeona Therapeutics Inc. | Reduce -8.3% | 6.61% | +0.23 |
Portfolio Buys Q1 2025 → Q2 2025
| KROS Keros Therapeutics Inc. | Add +1037.7% | 11.40% | +10.59 |
| ECVT Ecovyst Inc. | Add +108.4% | 16.33% | +10.09 |
| EZPW Ezcorp Inc. Class A | New | 4.09% | +4.09 |
| YETI Yeti Holdings Inc. | Add +214.4% | 5.86% | +3.79 |
| TIGO Millicom Intl Cellular S.A. | Add +39.3% | 6.55% | +2.53 |
| PBPB Potbelly Corp. | Add +32.3% | 6.32% | +2.40 |
| CWCO Consolidated Water Co.-Ord SH | Add +43.4% | 5.41% | +2.16 |
| AIV Apartment Invt & Mgmt Co. Class A | Add +71.3% | 5.10% | +1.90 |
| DRVN Driven Brands Holdings Inc. | Add +69.9% | 4.00% | +1.57 |
| GDOT Green Dot Corp. Class A | Add +45.1% | 3.48% | +1.50 |
| AVNW Aviat Networks Inc. | Add +35.5% | 3.59% | +1.36 |
| ATEC Alphatec Holdings Inc. | Add +10.0% | 7.75% | +0.95 |
| PRTS Carparts.com Inc. | New | 0.79% | +0.79 |
| NPK National Presto Inds Inc. | Add +13.5% | 3.31% | +0.54 |
| NNI Nelnet Inc. Class A | Add +14.7% | 2.45% | +0.38 |
| NBN Northeast Bank | Add +14.1% | 2.63% | +0.12 |
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 |