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ZAZOVE ASSOCIATES LLC

Q3 2025 · Filed 2025-10-17
Market Value
$53M
-6.1%
Holdings
52
+8
New Purchases
8
Added To
9
Closed
10
Reduced
9
Top 10 Concentration
70.8%
Turnover
34.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BAC-PL 18.05% 0.00% +18.05% $10M
BHR 11.77% 9.13% +2.64% $6M
USARW 3.04% 0.94% +2.10% $2M
BKD 1.61% 0.00% +1.61% $847K
ASA 1.54% 0.00% +1.54% $811K
EQX 2.13% 0.82% +1.31% $1M
REAL 2.83% 1.68% +1.15% $1M
JOBY-WT 1.66% 0.62% +1.04% $875K
MYTE 2.74% 1.76% +0.99% $1M
BHR-PB 0.84% 0.00% +0.84% $445K
NNAVW 0.75% 0.06% +0.68% $392K
OPFI-WT 0.61% 0.00% +0.61% $323K
VUSB 9.50% 8.90% +0.60% $5M
ODV 1.29% 0.76% +0.52% $678K
STKL 2.67% 2.16% +0.51% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPSB 0.00% 16.11% -16.11% $0
GRNT 0.00% 9.27% -9.27% $0
KYN 9.11% 11.02% -1.90% $5M
RUMBW 4.27% 5.98% -1.71% $2M
EOSE 0.00% 1.60% -1.60% $0
WEST 5.76% 7.24% -1.48% $3M
LUNR 0.00% 1.30% -1.30% $0
CMLSQ 0.00% 1.21% -1.21% $0
SKIN 0.00% 0.56% -0.56% $0
PCTTW 2.81% 3.12% -0.31% $1M
LSEAW 0.00% 0.26% -0.26% $0
THCH 1.17% 1.35% -0.18% $616K
ACHR-WT 0.42% 0.58% -0.16% $220K
HTZ 0.00% 0.16% -0.16% $0
ARKOW 0.00% 0.01% -0.01% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $10M 18.6%
Large Cap 3 $151K 0.3%
Mid Cap 12 $15M 28.0%
Small Cap 21 $17M 32.8%
Micro Cap 14 $11M 20.4%

Portfolio Analytics

Avg Market Cap
$18.3B
Median Market Cap
$887M
Avg P/E
39.8
Median P/E
15.7
Avg Dividend Yield
0.01%
Avg Beta
1.47
# Stocks
47
# ETFs / Funds
5

Top Holdings (52 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BAC-PL 18.05% 7,417 $10M $1,281.00 +7,417 NEW
2 BHR 11.77% 2,269,263 $6M $2.73 $1M +180,577 +8.7%
3 VUSB 9.50% 100,000 $5M $50.00 $13K
4 KYN 9.11% 387,961 $5M $12.37 -$1M -97,572 -20.1%
5 WEST 5.76% 623,975 $3M $4.86 -$1M -84,060 -11.9%
6 RUMBW 4.27% 1,118,221 $2M $2.01 -$1M +31,549 +2.9%
7 CCO 3.68% 1,225,000 $2M $1.58 $146K -304,804 -19.9%
8 USARW 3.04% 223,418 $2M $7.17 $1M
9 REAL 2.83% 140,000 $1M $10.63 $547K -56,596 -28.8%
10 PCTTW 2.81% 436,999 $1M $3.39 -$268K +36,212 +9.0%
11 MYTE 2.74% 170,000 $1M $8.50 $461K +46,028 +37.1%
12 STKL 2.67% 240,000 $1M $5.86 $193K +30,832 +14.7%
13 GROY 2.38% 325,000 $1M $3.86 $17K -235,000 -42.0%
14 EQX 2.13% 100,000 $1M $11.22 $662K +20,000 +25.0%
15 GDL 1.96% 120,522 $1M $8.55 $25K
16 JOBY-WT 1.66% 145,000 $875K $6.04 $529K
17 BKD 1.61% 100,000 $847K $8.47 +100,000 NEW
18 ASA 1.54% 17,700 $811K $45.80 +17,700 NEW
19 ODV 1.29% 200,000 $678K $3.39 $250K
20 SAND 1.19% 50,000 $626K $12.52 $60K -25,000 -33.3%
21 THCH 1.17% 237,693 $616K $2.59 -$139K -16,733 -6.6%
22 ENVX 0.95% 50,000 $498K $9.97 -$18K
23 CPRI 0.95% 25,000 $498K $19.92 $56K
24 HDSN 0.94% 50,000 $496K $9.93 $40K -6,250 -11.1%
25 BHR-PB 0.84% 27,512 $445K $16.16 +27,512 NEW
26 NNAVW 0.75% 70,580 $392K $5.56 $358K +65,080 +1183.3%
27 BRCC 0.73% 248,021 $387K $1.56 $49K -10,000 -3.9%
28 OPFI-WT 0.61% 140,587 $323K $2.29 +140,587 NEW
29 OPK 0.61% 207,600 $322K $1.55 $48K
30 WFC-PL 0.52% 220 $272K $1,236.63 $14K
31 RLJ-PA 0.44% 9,266 $234K $25.26 $14K
32 ACHR-WT 0.42% 100,000 $220K $2.19 -$104K
33 HLX 0.38% 30,400 $199K $6.56 $10K
34 EPR-PE 0.18% 2,983 $95K $31.98 $70K +2,176 +269.6%
35 ET 0.16% 5,000 $86K $17.16 -$5K
36 EP-PC 0.12% 1,321 $66K $49.70 $786
37 AUROW 0.07% 67,700 $39K $0.57 +67,700 NEW
38 EOSEW 0.06% 17,300 $30K $1.76 +17,300 NEW
39 MIR 0.04% 1,000 $23K $23.26 +1,000 NEW
40 PEO 0.04% 930 $20K $21.52 $610 +22 +2.4%
41 AIRJW 0.01% 9,100 $8K $0.85 $2K
42 CSLRW 0.01% 25,171 $7K $0.28 $504
43 ARKOW —% -$8K -727,117 -100.0% SOLD
44 JSPRW —% -$6K -65,456 -100.0% SOLD
45 LSEAW —% -$144K -2,392,316 -100.0% SOLD
46 SPSB —% -$9M -300,000 -100.0% SOLD
47 LUNR —% -$726K -97,500 -100.0% SOLD
48 CMLSQ —% -$676K -1,528,428 -100.0% SOLD
49 GRNT —% -$5M -815,420 -100.0% SOLD
50 EOSE —% -$896K -175,000 -100.0% SOLD
51 SKIN —% -$315K -234,730 -100.0% SOLD
52 HTZ —% -$89K -22,500 -100.0% SOLD

Options Breakdown

2 Calls $192K Call Value 3 Puts $351K Put Value 1.83 P/C Ratio

Top Calls

SymbolSharesValueStatus
URA 60,000 $192K NEW
VXX $0 SOLD

Top Puts

SymbolSharesValueStatus
XRT 70,000 $286K
EWG 100,000 $65K NEW
TSLL $0 SOLD

New Positions

SymbolValue% Port
BAC-PL $10M 18.05%
BKD $847K 1.61%
ASA $811K 1.54%
BHR-PB $445K 0.84%
OPFI-WT $323K 0.61%
AUROW $39K 0.07%
EOSEW $30K 0.06%
MIR $23K 0.04%

Sold Out Positions

SymbolValue% Port
GRNT —%
HTZ —%
LUNR —%
SPSB —%
EOSE —%
SKIN —%
CMLSQ —%
JSPRW —%
LSEAW —%
ARKOW —%
View SEC EDGAR Filings for ZAZOVE ASSOCIATES LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms