Data as of Q4 2025 (Dec 31, 2025)·Next filing deadline: May 15, 2026

Western Standard LLC

•CIK: 1517666•Filing: Q4 2025

**Western Standard LLC** manages $217M across a concentrated portfolio of 25 positions. The fund exhibits significant conviction in technology and industrial sectors, with top holdings including SEM at $30.7M and ATEC at $26.4M. Further notable allocations include GDOT ($25.3M) and IOSP ($20.5M), suggesting a focused, high-conviction approach to market opportunities. This structure indicates a tactical deployment of capital across established growth names.

Total AUM

$216.8M

QoQ Performance

+15.9%

Positions

25

Top 10 Concentration

77.8%

Latest Filing

Q4 2025

Top Holdings Allocation

SEM

ATEC

GDOT

IOSP

OSG

SEM14.1%

ATEC12.2%

GDOT11.7%

IOSP9.5%

OSG9.0%

AVNW4.9%

AIV4.6%

BLTE4.4%

📈 Biggest Buys

INNOSPEC INC

+894.0%

9.5% of portfolio

GREEN DOT CORP

+196.8%

11.7% of portfolio

SELECT MED HLDGS CORP

+95.6%

14.1% of portfolio

APARTMENT INVT & MGMT CO

NEW

4.6% of portfolio

BELITE BIO INC

NEW

4.4% of portfolio

📉 Biggest Sells

DRIVEN BRANDS HLDGS INC

-56.2%

2.1% of portfolio

EZCORP INC

-24.5%

3.6% of portfolio

OCTAVE SPECIALTY GROUP INC

-5.2%

9.0% of portfolio

Sector Breakdown

Other99.0%

Technology1.0%

🚪 Exited Positionssold since Q3 2025

SPDR S&P 500 ETF TR

SOLD

$119.9M

KEROS THERAPEUTICS INC

SOLD

$34.6M

ISHARES TR

SOLD

$30.2M

—

CONSOLIDATED WATER CO INC

SOLD

$7.5M

NATIONAL PRESTO INDS INC

SOLD

$6.8M

+7 more exited positions

Changes from Q3 2025

NEW13 new positions

↑5 increased

↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SELECT MED HLDGS CORP

ALPHATEC HLDGS INC

OCTAVE SPECIALTY GROUP INC

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