Western Standard LLC

Los Angeles, CA · CIK 1517666 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 2016 · limited liability company

Assets managed$574.9m
Staff8 · 6 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $366.2m gross assets
Websitewesternstandardllc.com
Form ADV · 2026-09-25SEC adviser record

Legal entityWESTERN STANDARD, LLC (US)

$295.3m reported value +55.3% vs Q1 2026

27positions

75.8%in top 10

18 new 4 added 4 reduced 14 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	GREEN DOT CORP CL A GDOT	GDOT	3,240,114	$43.8m14.83%	14.83%	Reduced -306.5k	-306,512 -8.6%
2	GLASS HOUSE BRANDS INC SUB REG LTD VTG GLAS	GLAS	2,728,768	$35.0m11.86%	11.86%	New
3	COMPASS DIVERSIFIED SH BEN INT CODI	CODI	2,651,950	$28.3m9.57%	9.57%	Reduced -485.2k	-485,206 -15.5%
4	ABIVAX SA SPONSORED ADS ABVX	ABVX	200,000	$26.7m9.03%	9.03%	New
5	AVANTOR INC COM AVTR	AVTR	2,109,984	$20.9m7.07%	7.07%	New
6	INNOSPEC INC COM IOSP	IOSP	236,833	$19.3m6.53%	6.53%	Added +10.0k	+10,000 4.4%
7	ELECTRONIC ARTS INC COM EA	EA	87,900	$18.0m6.10%	6.10%	New
8	AMBAC FINL GROUP INC COM NEW OSG	OSG	2,247,591	$14.0m4.75%	4.75%	Unchanged
9	ARMADA HOFFLER PPTYS INC COM AHRT	AHRT	1,295,429	$9.2m3.11%	3.11%	New
10	STAGWELL INC COM CL A STGW	STGW	1,167,276	$8.7m2.94%	2.94%	New
11	BOBS DISC FURNITURE INC COM SHS BOBS	BOBS	502,997	$8.0m2.70%	2.70%	New
12	FRESHPET INC COM FRPT	FRPT	127,300	$7.5m2.55%	2.55%	Added +54.9k	+54,900 75.8%
13	CONSOLIDATED WATER CO INC ORD CWCO	CWCO	252,056	$7.4m2.52%	2.52%	New
14	AVIAT NETWORKS INC COM NEW AVNW	AVNW	301,028	$6.7m2.26%	2.26%	Reduced -114.7k	-114,724 -27.6%
15	FIRST WATCH RESTAURANT GROUP COM FWRG	FWRG	513,240	$6.6m2.24%	2.24%	New
16	COOPER COS INC COM COO	COO	72,900	$5.2m1.77%	1.77%	New
17	ANGIODYNAMICS INC COM ANGO	ANGO	387,188	$5.0m1.71%	1.71%	New
18	EZCORP INC CL A NON VTG EZPW	EZPW	140,979	$4.9m1.65%	1.65%	Reduced -60.7k	-60,700 -30.1%
19	INHIBRX BIOSCIENCES INC COM INBX	INBX	47,000	$4.5m1.51%	1.51%	New
20	FIRST FINL BANCORP OH COM FFBC	FFBC	88,357	$3.0m1.01%	1.01%	Added +3.5k	+3,500 4.1%
21	ARBUTUS BIOPHARMA CORP COM ABUS	ABUS	542,787	$2.6m0.88%	0.88%	Added +21.2k	+21,200 4.1%
22	GENIUS SPORTS LIMITED SHARES CL A GENI	GENI	400,000	$2.4m0.82%	0.82%	New
23	MERCADOLIBRE INC COM MELI	MELI	1,400	$2.4m0.80%	0.80%	New
24	CHEWY INC CL A CHWY	CHWY	111,229	$2.2m0.74%	0.74%	New
25	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	28,000	$2.2m0.73%	0.73%	New
26	RED ROBIN GOURMET BURGERS IN COM RRGB	RRGB	88,418	$706.5k0.24%	0.24%	New
27	HOLLEY INC COM HLLY	HLLY	92,896	$236.9k0.08%	0.08%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TELEFLEX INCORPORATED TFX	TFX	184,817	$22.1m184.8k shares
ANGI INC ANGI	ANGI	1,213,557	$8.3m1.2m shares
APARTMENT INVT & MGMT CO AIV	AIV	1,626,624	$6.6m1.6m shares
YETI HLDGS INC YETI	YETI	162,000	$5.9m162.0k shares
FIVE BELOW INC FIVE	FIVE	23,252	$5.3m23.3k shares
DAVE INC DAVE	DAVE	30,156	$5.2m30.2k shares
INVESCO DB US DLR INDEX TR UUP	UUP	185,453	$5.2m185.5k shares
TERAWULF INC WULF	WULF	274,876	$4.0m274.9k shares
HALLADOR ENERGY COMPANY HNRG	HNRG	228,662	$3.7m228.7k shares
INSPERITY INC NSP	NSP	109,933	$3.0m109.9k shares
WEAVE COMMUNICATIONS INC WEAV	WEAV	514,093	$2.4m514.1k shares
CAMPING WORLD HLDGS INC CWH	CWH	307,500	$2.1m307.5k shares
HAIN CELESTIAL GROUP INC HAIN	HAIN	1,617,037	$1.1m1.6m shares
ALPHATEC HLDGS INC ATEC	ATEC	22,493	$244.7k22.5k 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
GREEN DOT CORP GDOT · 13G · filed 2026-05-11	GDOT	6.3%≈ $47.9m	+1.2 pts	13G	2026-05-11