Western Standard LLC

Name: Western Standard LLC 13F holdings, Q3 2025
Creator: Western Standard LLC
Published: 2025-11-12

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Western Standard LLC reported 22 stock positions worth $187.0 million. Its top holding was Keros Therapeutics (KROS) at 18.5% of the portfolio, followed by Octave Specialty (OSG, 11.8%) and Alphatec (ATEC, 9.8%). Compared with Q2 2025, it opened 11 new positions, sold out of 9, added to 3 and reduced 3. The biggest buy was a new position in Octave Specialty (OSG) and the biggest sale an exit from Ecovyst (ECVT).

Most Recent 13F: Q2 2026
Location: Los Angeles, CA
CIK: 0001517666
Portfolio Value: $187.0M (Q3 2025)
SEC Filing: 0001193125-25-275716 ↗ filed Nov 12, 2025

Holdings Value

Holdings 22 stocks · $187.0M


KROS Keros Therapeutics Inc.	18.53%	2,189,882	$34.6M	Add +42.7%
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC	11.78%	2,641,351	$22.0M	New
ATEC Alphatec Holdings Inc.	9.76%	1,255,374	$18.3M	No change
SEM Select Medical Holdings Corp.	7.25%	1,055,357	$13.6M	New
DRVN Driven Brands Holdings Inc.	5.97%	693,413	$11.2M	Add +69.3%
EZPW Ezcorp Inc. Class A	5.40%	530,000	$10.1M	No change
GDOT Green Dot Corp. Class A	4.79%	666,330	$8.9M	Add +14.8%
CWCO Consolidated Water Co.-Ord SH	4.00%	211,785	$7.5M	Reduce -34.6%
NPK National Presto Inds Inc.	3.64%	60,730	$6.8M	No change
BBWI Bath & Body Works Inc.	3.62%	263,061	$6.8M	New
ABEO Abeona Therapeutics Inc.	3.53%	1,249,957	$6.6M	Reduce -40.2%
FIVE Five Below	3.36%	40,600	$6.3M	New
AVNW Aviat Networks Inc.	3.29%	267,906	$6.1M	No change
UUP Invesco DB US Dollar Index B	2.73%	185,453	$5.1M	No change
MCW Mister Car Wash Inc.	2.22%	777,482	$4.1M	New
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	2.10%	118,455	$3.9M	Reduce -64.6%
FRPT Freshpet Inc.	1.89%	64,000	$3.5M	New
SXT Sensient Technologies Corp.	1.73%	34,452	$3.2M	New
ABUS Arbutus Biopharma Corp.	1.23%	507,853	$2.3M	New
IOSP Innospec Inc.	1.11%	27,000	$2.1M	New
CMA Comerica Inc.	1.08%	29,500	$2.0M	New
FIGS Figs Inc. Class A	1.00%	278,440	$1.9M	New

Options reported separately and not counted above: SPY puts ($119.9M), IWM puts ($30.2M).

Portfolio Sells Q2 2025 → Q3 2025


ECVT Ecovyst Inc.	Sold out	0.00%	−16.33
TIGO Millicom Intl Cellular S.A.	Sold out	0.00%	−6.55
PBPB Potbelly Corp.	Sold out	0.00%	−6.32
AIV Apartment Invt & Mgmt Co. Class A	Sold out	0.00%	−5.10
YETI Yeti Holdings Inc.	Reduce -64.6%	2.10%	−3.76
ABEO Abeona Therapeutics Inc.	Reduce -40.2%	3.53%	−3.08
NBN Northeast Bank	Sold out	0.00%	−2.63
NNI Nelnet Inc. Class A	Sold out	0.00%	−2.45
CWCO Consolidated Water Co.-Ord SH	Reduce -34.6%	4.00%	−1.41
EVRI Everi Holdings Inc.	Sold out	0.00%	−1.15
PRTS Carparts.com Inc.	Sold out	0.00%	−0.79
K Kellanova	Sold out	0.00%	−0.40

Portfolio Buys Q2 2025 → Q3 2025


OSG Octave Specialty Group Inc.	New	11.78%	+11.78
SEM Select Medical Holdings Corp.	New	7.25%	+7.25
KROS Keros Therapeutics Inc.	Add +42.7%	18.53%	+7.13
BBWI Bath & Body Works Inc.	New	3.62%	+3.62
FIVE Five Below	New	3.36%	+3.36
MCW Mister Car Wash Inc.	New	2.22%	+2.22
DRVN Driven Brands Holdings Inc.	Add +69.3%	5.97%	+1.97
FRPT Freshpet Inc.	New	1.89%	+1.89
SXT Sensient Technologies Corp.	New	1.73%	+1.73
GDOT Green Dot Corp. Class A	Add +14.8%	4.79%	+1.30
ABUS Arbutus Biopharma Corp.	New	1.23%	+1.23
IOSP Innospec Inc.	New	1.11%	+1.11
CMA Comerica Inc.	New	1.08%	+1.08
FIGS Figs Inc. Class A	New	1.00%	+1.00

Options Activity Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	New	180,000	$119.9M
IWM iShares Russell 2000 ETF	put	New	125,000	$30.2M

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