Tieton Capital Management, LLC

YAKIMA, WA · CIK 1381954 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$314.0m
Staff3 · 2 in investment roles
Main clients (by assets)High net worth individuals 27%, Private funds 21%, State and local governments 19%
Websitetietoncapital.com
Form ADV · 2026-03-17SEC adviser record

Legal entityTIETON CAPITAL MANAGEMENT, LLC (US)

$347.8m reported value +16.5% vs Q1 2026

37positions

47.1%in top 10

3 new 12 added 22 reduced 1 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ENOVA INTL INC COM ENVA	ENVA	110,400	$26.6m7.64%	7.64%	Reduced -2.6k	-2,620 -2.3%
2	CUSTOMERS BANCORP INC COM CUBI	CUBI	256,178	$20.3m5.83%	5.83%	Reduced -5.6k	-5,565 -2.1%
3	EL POLLO LOCO HLDGS INC COM LOCO	LOCO	1,033,917	$17.5m5.04%	5.04%	Reduced -23.6k	-23,565 -2.2%
4	MYERS INDS INC COM MYE	MYE	462,230	$16.3m4.69%	4.69%	Reduced -9.0k	-9,030 -1.9%
5	CLIMB GLOBAL SOLUTIONS INC COM CLMB	CLMB	687,131	$15.9m4.59%	4.59%	Added +149.0k	+149,000 27.7%
6	AVIAT NETWORKS INC COM NEW AVNW	AVNW	676,440	$15.0m4.32%	4.32%	Reduced -7.9k	-7,886 -1.1%
7	AMERICAN COASTAL INS CORP COM ACIC	ACIC	1,254,880	$13.9m4.00%	4.00%	Reduced -18.6k	-18,575 -1.5%
8	REGIONAL MGMT CORP COM RM	RM	318,259	$13.1m3.77%	3.77%	Reduced -2.0k	-1,965 -0.6%
9	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	820,845	$13.1m3.76%	3.76%	Reduced -15.1k	-15,075 -1.8%
10	RESOURCES CONNECTION INC COM RGP	RGP	2,817,636	$12.0m3.44%	3.44%	Added +364.7k	+364,706 14.9%
11	TEXAS CAP BANCSHARES INC COM TCBI	TCBI	115,045	$11.9m3.42%	3.42%	Reduced -2.5k	-2,505 -2.1%
12	DHI GROUP INC COM DHX	DHX	3,165,444	$11.7m3.38%	3.38%	Reduced -209.3k	-209,321 -6.2%
13	NB BANCORP INC COM NBBK	NBBK	546,600	$11.6m3.32%	3.32%	Reduced -7.0k	-6,970 -1.3%
14	BARRETT BUSINESS SVCS INC COM BBSI	BBSI	319,390	$11.3m3.26%	3.26%	Added +55.6k	+55,625 21.1%
15	MGP INGREDIENTS INC NEW COM MGPI	MGPI	642,260	$11.3m3.24%	3.24%	Added +215.3k	+215,310 50.4%
16	HARMONY BIOSCIENCES HLDGS IN COM HRMY	HRMY	306,781	$11.2m3.21%	3.21%	Reduced -4.7k	-4,715 -1.5%
17	CORE MOLDING TECHNOLOGIES IN COM CMT	CMT	452,030	$10.7m3.07%	3.07%	Reduced -7.9k	-7,860 -1.7%
18	MEDALLION FINL CORP COM MFIN	MFIN	1,008,564	$10.3m2.96%	2.96%	Reduced -23.7k	-23,740 -2.3%
19	VAALCO ENERGY INC COM NEW EGY	EGY	1,835,340	$9.3m2.68%	2.68%	Reduced -47.4k	-47,400 -2.5%
20	IBEX LTD SHS NEW IBEX	IBEX	275,035	$8.4m2.40%	2.40%	New
21	ZUMIEZ INC COM ZUMZ	ZUMZ	445,863	$7.9m2.28%	2.28%	Added +185.4k	+185,400 71.2%
22	ADTRAN HOLDINGS INC COM ADTN	ADTN	570,542	$7.9m2.28%	2.28%	Reduced -464.6k	-464,625 -44.9%
23	NIAGEN BIOSCIENCE INC COM NEW NAGE	NAGE	2,008,470	$6.4m1.84%	1.84%	Reduced -20.7k	-20,685 -1.0%
24	FORRESTER RESH INC COM FORR	FORR	757,476	$6.4m1.83%	1.83%	Added +198.4k	+198,435 35.5%
25	GIGACLOUD TECHNOLOGY INC CLASS A ORD GCT	GCT	197,995	$6.3m1.80%	1.80%	New
26	GEOSPACE TECHNOLOGIES CORP COM GEOS	GEOS	907,265	$6.1m1.77%	1.77%	Reduced -4.9k	-4,853 -0.5%
27	EASTERN CO COM EML	EML	217,210	$6.0m1.74%	1.74%	Added +141.3k	+141,256 186.0%
28	FIRST WESTN FINL INC COM MYFW	MYFW	187,274	$6.0m1.73%	1.73%	Reduced -2.8k	-2,820 -1.5%
29	FLUENT INC COM NEW FLNT	FLNT	1,176,147	$4.4m1.26%	1.26%	Added +3.1k	+3,055 0.3%
30	ROCKY BRANDS INC COM RCKY	RCKY	96,984	$4.0m1.15%	1.15%	New
31	BGSF INC COM BGSF	BGSF	633,407	$3.6m1.04%	1.04%	Added +2.4k	+2,370 0.4%
32	ORION ENERGY SYS INC COM NEW OESX	OESX	284,526	$3.3m0.96%	0.96%	Added +18.1k	+18,050 6.8%
33	DULUTH HLDGS INC COM CL B DLTH	DLTH	726,508	$3.3m0.94%	0.94%	Reduced -20.6k	-20,590 -2.8%
34	KEY TRONIC CORP COM KTCC	KTCC	760,930	$3.1m0.90%	0.90%	Added +2.2k	+2,235 0.3%
35	STABILIS SOLUTIONS INC COM SLNG	SLNG	234,505	$950.0k0.27%	0.27%	Added +10.0k	+9,992 4.5%
36	VISHAY PRECISION GROUP INC COM VPG	VPG	2,315	$347.0k0.10%	0.10%	Reduced -236.9k	-236,907 -99.0%
37	PRIMORIS SVCS CORP COM PRIM	PRIM	3,443	$341.0k0.10%	0.10%	Reduced -922	-922 -21.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SM ENERGY CO SM	SM	189,263	$5.9m189.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
RESOURCES CONNECTION INC RGP · 13G · filed 2026-08-12	RGP	8.2%≈ $12.0m	+1.3 pts	13G	2026-08-12
ORION ENERGY SYS INC OESX · 13G · filed 2025-02-11	OESX	8.1%		13G	2025-02-11
DHI GROUP INC DHX · 13G · filed 2026-05-13	DHX	7.5%≈ $12.5m	+1.3 pts	13G	2026-05-13
KEY TRONIC CORP KTCC · 13G · filed 2025-02-11	KTCC	7.0%≈ $3.1m		13G	2025-02-11
GEOSPACE TECHNOLOGIES CORP GEOS · 13G · filed 2025-02-11	GEOS	6.9%≈ $6.0m		13G	2025-02-11
ORION ENERGY SYS INC OESX · 13G · filed 2026-05-13	OESX	6.6%≈ $3.1m		13G	2026-05-13
BGSF INC BGSF · 13G · filed 2025-02-11	BGSF	5.7%≈ $3.6m	new	13G	2025-02-11
AVIAT NETWORKS INC AVNW · 13G · filed 2025-02-11	AVNW	5.1%≈ $14.4m	new	13G	2025-02-11
CORE MOLDING TECHNOLOGIES IN CMT · 13G · filed 2025-11-12	CMT	5.0%≈ $10.4m	new	13G	2025-11-12