Western Standard LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Western Standard LLC reported 25 stock positions worth $216.8 million. Its top holding was Select Medical (SEM) at 14.1% of the portfolio, followed by Alphatec (ATEC, 12.2%) and Green Dot Class A (GDOT, 11.7%). Compared with Q3 2025, it opened 13 new positions, sold out of 10, added to 5 and reduced 3. The biggest buy was Innospec (IOSP, shares +894%) and the biggest sale an exit from Keros Therapeutics (KROS).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001517666
- Portfolio Value
- $216.8M (Q4 2025)
- SEC Filing
- 0001193125-26-034830 ↗ filed Feb 3, 2026
Holdings Value
Holdings 25 stocks · $216.8M
| SEM Select Medical Holdings Corp. | 14.14% | 2,064,021 | $30.7M | Add +95.6% |
| ATEC Alphatec Holdings Inc. | 12.18% | 1,255,374 | $26.4M | No change |
| GDOT Green Dot Corp. Class A | 11.69% | 1,977,500 | $25.3M | Add +196.8% |
| IOSP Innospec Inc. | 9.47% | 268,367 | $20.5M | Add +894.0% |
| OSG Octave Specialty Group Inc. | 8.99% | 2,504,627 | $19.5M | Reduce -5.2% |
| AVNW Aviat Networks Inc. | 4.87% | 494,238 | $10.6M | Add +84.5% |
| AIV Apartment Invt & Mgmt Co. Class A | 4.60% | 1,679,924 | $10.0M | New |
| BLTE Belite Bio Inc. - ADR | 4.43% | 60,026 | $9.6M | New |
| NSP Insperity Inc. | 3.85% | 215,600 | $8.3M | New |
| EZPW Ezcorp Inc. Class A | 3.58% | 400,000 | $7.8M | Reduce -24.5% |
| FIVE Five Below | 3.53% | 40,600 | $7.6M | No change |
| CODI Compass Diversified Holdings | 2.58% | 1,165,000 | $5.6M | New |
| UUP Invesco DB US Dollar Index B | 2.31% | 185,453 | $5.0M | No change |
| DRVN Driven Brands Holdings Inc. | 2.07% | 303,413 | $4.5M | Reduce -56.2% |
| MCW Mister Car Wash Inc. | 2.05% | 797,906 | $4.4M | Add +2.6% |
| NX Quanex Building Products | 1.95% | 274,338 | $4.2M | New |
| ABUS Arbutus Biopharma Corp. | 1.13% | 507,853 | $2.4M | No change |
| GOOGL Alphabet Inc. Class A | 1.01% | 7,000 | $2.2M | New |
| FOXF Fox Factory Holding Corp. | 0.95% | 120,000 | $2.1M | New |
| FFBC First Financial Bancorp | 0.87% | 75,000 | $1.9M | New |
| SVV Savers Value Village Inc. | 0.86% | 200,000 | $1.9M | New |
| ANGI Angi Inc. | 0.83% | 138,842 | $1.8M | New |
| UPBD Upbound Group Inc. | 0.81% | 100,000 | $1.8M | New |
| SNCR Synchronoss Technologies Inc. | 0.77% | 195,117 | $1.7M | New |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.48% | 32,000 | $1.0M | New |
Portfolio Sells Q3 2025 → Q4 2025
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −18.53 |
| CWCO Consolidated Water Co.-Ord SH | Sold out | 0.00% | −4.00 |
| DRVN Driven Brands Holdings Inc. | Reduce -56.2% | 2.07% | −3.90 |
| NPK National Presto Inds Inc. | Sold out | 0.00% | −3.64 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −3.62 |
| ABEO Abeona Therapeutics Inc. | Sold out | 0.00% | −3.53 |
| OSG Octave Specialty Group Inc. | Reduce -5.2% | 8.99% | −2.79 |
| YETI Yeti Holdings Inc. | Sold out | 0.00% | −2.10 |
| FRPT Freshpet Inc. | Sold out | 0.00% | −1.89 |
| EZPW Ezcorp Inc. Class A | Reduce -24.5% | 3.58% | −1.81 |
| SXT Sensient Technologies Corp. | Sold out | 0.00% | −1.73 |
| CMA Comerica Inc. | Sold out | 0.00% | −1.08 |
| FIGS Figs Inc. Class A | Sold out | 0.00% | −1.00 |
Portfolio Buys Q3 2025 → Q4 2025
| IOSP Innospec Inc. | Add +894.0% | 9.47% | +8.36 |
| GDOT Green Dot Corp. Class A | Add +196.8% | 11.69% | +6.90 |
| SEM Select Medical Holdings Corp. | Add +95.6% | 14.14% | +6.89 |
| AIV Apartment Invt & Mgmt Co. Class A | New | 4.60% | +4.60 |
| BLTE Belite Bio Inc. - ADR | New | 4.43% | +4.43 |
| NSP Insperity Inc. | New | 3.85% | +3.85 |
| CODI Compass Diversified Holdings | New | 2.58% | +2.58 |
| NX Quanex Building Products | New | 1.95% | +1.95 |
| AVNW Aviat Networks Inc. | Add +84.5% | 4.87% | +1.59 |
| GOOGL Alphabet Inc. Class A | New | 1.01% | +1.01 |
| FOXF Fox Factory Holding Corp. | New | 0.95% | +0.95 |
| FFBC First Financial Bancorp | New | 0.87% | +0.87 |
| SVV Savers Value Village Inc. | New | 0.86% | +0.86 |
| ANGI Angi Inc. | New | 0.83% | +0.83 |
| UPBD Upbound Group Inc. | New | 0.81% | +0.81 |
| SNCR Synchronoss Technologies Inc. | New | 0.77% | +0.77 |
| LKFT Lakefront Biotherapeutic-ADR | New | 0.48% | +0.48 |
| MCW Mister Car Wash Inc. | Add +2.6% | 2.05% | −0.17 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 180,000 | $119.9Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 125,000 | $30.2Mbefore 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 |