CIK 1397076
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 45.79% | 4 |
| Banks | 32.79% | 17 |
| Insurance | 21.06% | 3 |
| Pharmaceuticals & Biotechnology | 0.37% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | WHEELER REAL ESTATE INVT TR | Unclassified | 42.43% | |
| 2 | KWY | KINGSWAY Corp | Financials | 21.02% |
| 3 | SFBC | Sound Financial Bancorp, Inc. | Financials | 10.74% |
| 4 | LSBK | Lake Shore Bancorp, Inc. /MD/ | Financials | 7.04% |
| 5 | CPBI | Central Plains Bancshares, Inc. | Financials | 3.76% |
| 6 | WHEELER REAL ESTATE INVT TR | Unclassified | 3.06% | |
| 7 | CLST | Catalyst Bancorp, Inc. | Financials | 2.80% |
| 8 | FSBW | FS Bancorp, Inc. | Financials | 1.67% |
| 9 | NECB | NorthEast Community Bancorp, Inc./MD/ | Financials | 1.57% |
| 10 | BVFL | BV Financial, Inc. | Financials | 1.03% |
21/25 names classified · sector 54.2% of weight · industry 54.2% · mkt cap 54.2%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 54.2% of the book is sector-classified (unclassified names shown, never dropped).
Only 20% of book weight classified — the grid is NOT representative of the whole book.
Classified: 20.5% of book weight (13/23 names) · unclassified 79.5%: , KWY, LSBK, CPBI, FDSB, AVBC, IBRX, AGQ, SRBK, FBLA. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | WHEELER REAL ESTATE INVT TR | 883,221 | $71M | 42.4% | HOLD |
| 2 | KWYKINGSWAY FINL SVCS INC | 3,363,450 | $35M | 21.0% | HOLD |
| 3 | SFBCSOUND FINL BANCORP INC | 410,019 | $18M | 10.7% | HOLD |
| 4 | LSBKLAKE SHORE BANCORP INC | 773,675 | $12M | 7.0% | HOLD |
| 5 | CPBICENTRAL PLAINS BANCSHARES IN | 366,901 | $6M | 3.8% | HOLD |
| 6 | WHEELER REAL ESTATE INVT TR | 735,466 | $5M | 3.1% | TRIM −3% |
| 7 | CLSTCATALYST BANCORP INC | 282,434 | $5M | 2.8% | ADD 11% |
| 8 | FSBWFS BANCORP INC | 72,000 | $3M | 1.7% | TRIM −4% |
| 9 | NECBNORTHEAST CMNTY BANCORP INC | 110,000 | $3M | 1.6% | HOLD |
| 10 | BVFLBV FINL INC | 90,000 | $2M | 1.0% | TRIM −5% |
| 11 | HFBLHOME FED BANCORP INC LA NEW | 80,000 | $1M | 0.8% | HOLD |
| 12 | NBBKNB BANCORP INC | 65,000 | $1M | 0.8% | HOLD |
| 13 | FDSBFIFTH DIST BANCORP INC | 80,000 | $1M | 0.7% | HOLD |
| 14 | AVBCAVIDIA BANCORP INC | 40,000 | $786,800 | 0.5% | HOLD |
| 15 | MGYRMAGYAR BANCORP INC | 40,000 | $692,400 | 0.4% | HOLD |
| 16 | IBRXIMMUNITYBIO INC | 80,000 | $613,600 | 0.4% | NEW |
| 17 | AGQPROSHARES TR II | 4,000 | $478,040 | 0.3% | NEW |
| 18 | SRBKSR BANCORP INC | 20,000 | $337,600 | 0.2% | TRIM −50% |
| 19 | ECBKECB BANCORP INC | 20,000 | $334,600 | 0.2% | HOLD |
| 20 | PDLBPONCE FINANCIAL GROUP INC | 20,000 | $334,200 | 0.2% | HOLD |
| 21 | FBLAFB BANCORP INC | 20,000 | $274,800 | 0.2% | HOLD |
| 22 | MBBCMARATHON BANCORP INC | 20,000 | $270,600 | 0.2% | HOLD |
| 23 | PFGPRINCIPAL FINANCIAL GROUP IN | 547 | $49,290 | 0.0% | HOLD |
| 24 | WHEELER REAL ESTATE INVT TR | 19,029 | $17,615 | 0.0% | NEW |
| 25 | METMETLIFE INC | 60 | $4,243 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| WHEELER REAL ESTATE INVT TR | 1.0M | 1.0M | 951K | 951K | 883K | 883K | $71M |
| KWYKINGSWAY FINL SVCS INC | 6.7M | 5.7M | 5.5M | 5.3M | 3.4M | 3.4M | $35M |
| SFBCSOUND FINL BANCORP INC | 410K | 410K | 410K | 410K | 410K | 410K | $18M |
| LSBKLAKE SHORE BANCORP INC | — | — | — | 739K | 774K | 774K | $12M |
| CPBICENTRAL PLAINS BANCSHARES IN | 307K | 312K | 362K | 367K | 367K | 367K | $6M |
| WHEELER REAL ESTATE INVT TR | 817K | 808K | 793K | 789K | 761K | 735K | $5M |
| CLSTCATALYST BANCORP INC | 40K | 40K | 78K | 118K | 255K | 282K | $5M |
| FSBWFS BANCORP INC | 78K | 78K | 78K | 78K | 75K | 72K | $3M |
| NECBNORTHEAST CMNTY BANCORP INC | 110K | 110K | 110K | 110K | 110K | 110K | $3M |
| BVFLBV FINL INC | 100K | 100K | 100K | 100K | 95K | 90K | $2M |
| HFBLHOME FED BANCORP INC LA NEW | 80K | 80K | 80K | 80K | 80K | 80K | $1M |
| NBBKNB BANCORP INC | 80K | 80K | 80K | 80K | 65K | 65K | $1M |
| FDSBFIFTH DIST BANCORP INC | 80K | 80K | 80K | 80K | 80K | 80K | $1M |
| AVBCAVIDIA BANCORP INC | — | — | — | 40K | 40K | 40K | $786,800 |
| MGYRMAGYAR BANCORP INC | 40K | 40K | 40K | 40K | 40K | 40K | $692,400 |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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