Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (46 quarters reported)
$179M in Q1 2015 → $174M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| WR Wheeler Real Estate Invt Tr | 41.0% | Trimmed 2.0% | 865,721 | $71.4M |
| Kingsway Corp | 20.1% | Unchanged | 3,363,450 | $35M |
| SF Sound Finl Bancorp Inc | 10.1% | Unchanged | 410,019 | $17.7M |
| Lake Shore Bancorp Inc | 7.9% | Unchanged | 773,675 | $13.8M |
| CP Central Plains Bancshares In | 4.4% | Added 11% | 406,874 | $7.74M |
| WR Wheeler Real Estate Invt Tr | 4.1% | Trimmed 3.4% | 710,466 | $7.1M |
| Catalyst Bancorp Inc | 3.4% | Added 29% | 364,085 | $6.01M |
| Fs Bancorp Inc | 1.7% | Trimmed 2.8% | 70,000 | $3.04M |
| NC Northeast Cmnty Bancorp Inc | 1.6% | Trimmed 9.1% | 100,000 | $2.77M |
| BF Bv Finl Inc | 1.0% | Trimmed 11% | 80,000 | $1.69M |
| HF Home Fed Bancorp Inc La New | 1.0% | Unchanged | 80,000 | $1.68M |
| FD Fifth Dist Bancorp Inc | 0.7% | Unchanged | 80,000 | $1.3M |
| Nb Bancorp Inc | 0.6% | Trimmed 23% | 50,000 | $1.06M |
| SE Space Exploration Techn Corp | 0.5% | New | 5,000 | $854K |
| Avidia Bancorp Inc | 0.4% | Trimmed 13% | 35,000 | $735K |
| Magyar Bancorp Inc | 0.4% | Unchanged | 40,000 | $698K |
| EB Ecb Bancorp Inc | 0.2% | Unchanged | 20,000 | $402K |
| Ponce Financial Group Inc | 0.2% | Unchanged | 20,000 | $399K |
| MB Marathon Bancorp Inc | 0.2% | Unchanged | 20,000 | $306K |
| FB Fb Bancorp Inc | 0.2% | Unchanged | 20,000 | $301K |
| PT Proshares Tr Ii | 0.2% | Unchanged | 4,000 | $272K |
| PF Principal Financial Group In | 0.0% | Unchanged | 547 | $59K |
| Metlife Inc | 0.0% | Unchanged | 60 | $5.08K |
| WR Wheeler Real Estate Invt Tr | 0.0% | New | 1,583 | $1.98K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WR Wheeler Real Estate Invt Tr | Trimmed | −17,500 | −$1.44M | 41.0% |
| Catalyst Bancorp Inc | Added | +81,651 | +$1.35M | 3.4% |
| SE Space Exploration Techn Corp | New | +5,000 | +$854K | 0.5% |
| CP Central Plains Bancshares In | Added | +39,973 | +$761K | 4.4% |
| Immunitybio Inc | Exited | −80,000 | −$614K | — |
| Sr Bancorp Inc | Exited | −20,000 | −$338K | — |
| Nb Bancorp Inc | Trimmed | −15,000 | −$317K | 0.6% |
| NC Northeast Cmnty Bancorp Inc | Trimmed | −10,000 | −$277K | 1.6% |
| WR Wheeler Real Estate Invt Tr | Trimmed | −25,000 | −$250K | 4.1% |
| BF Bv Finl Inc | Trimmed | −10,000 | −$212K | 1.0% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| If Bancorp Inc | Exited | −275,180 | −$7.42M | — |
| Immunitybio Inc | New | +80,000 | +$614K | 0.4% |
| PT Proshares Tr Ii | New | +4,000 | +$478K | 0.3% |
| Catalyst Bancorp Inc | Added | +27,737 | +$459K | 2.8% |
| Sr Bancorp Inc | Trimmed | −20,000 | −$338K | 0.2% |
| WR Wheeler Real Estate Invt Tr | Trimmed | −26,000 | −$181K | 3.1% |
| Fs Bancorp Inc | Trimmed | −2,976 | −$115K | 1.7% |
| WR Wheeler Real Estate Invt Tr | Exited | −57,099 | −$97.1K | — |
| BF Bv Finl Inc | Trimmed | −5,000 | −$95.7K | 1.0% |
| WR Wheeler Real Estate Invt Tr | New | +19,029 | +$17.6K | — |
quarter ended December 31, 2025 · filed January 29, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KF Kingsway Finl Svcs Inc | Trimmed | −1,936,427 | −$26M | 24.9% |
| SS SPDR S&P 500 ETF Tr | Exited | −20,000 | −$13.3M | — |
| WR Wheeler Real Estate Invt Tr | Trimmed | −67,500 | −$5.41M | 39.0% |
| Catalyst Bancorp Inc | Added | +137,150 | +$2.16M | 2.2% |
| FS First Svgs Finl Group Inc | Exited | −31,973 | −$1M | — |
| WR Wheeler Real Estate Invt Tr | Exited | −107,521 | −$673K | — |
| If Bancorp Inc | Trimmed | −22,219 | −$599K | 4.1% |
| Pb Bankshares Inc | Exited | −27,431 | −$526K | — |
| Lake Shore Bancorp Inc | Added | +35,000 | +$513K | 6.3% |
| RM Richmond Mut Bancorporation | Exited | −30,000 | −$426K | — |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +20,000 | +$13.3M | 5.9% |
| Lake Shore Bancorp Inc | New | +738,675 | +$9.6M | 4.2% |
| KF Kingsway Finl Svcs Inc | Trimmed | −239,429 | −$3.5M | 34.3% |
| WR Wheeler Real Estate Invt Tr | Exited | −537,616 | −$3.26M | — |
| PB Provident Bancorp Inc | Exited | −177,891 | −$2.22M | — |
| Lake Shore Bancorp Inc | Exited | −121,893 | −$1.93M | — |
| WR Wheeler Real Estate Invt Tr | New | +107,521 | +$673K | 0.3% |
| FS First Svgs Finl Group Inc | Trimmed | −20,527 | −$645K | 0.4% |
| Avidia Bancorp Inc | New | +40,000 | +$598K | 0.3% |
| Catalyst Bancorp Inc | Added | +39,610 | +$523K | 0.7% |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2025 · filed August 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PB Provident Bancorp Inc | Trimmed | −1,528,576 | −$19.1M | 1.1% |
| WR Wheeler Real Estate Invt Tr | Trimmed | −60,500 | −$4.54M | 34.7% |
| WR Wheeler Real Estate Invt Tr | New | +537,616 | +$3.26M | 1.6% |
| KF Kingsway Finl Svcs Inc | Trimmed | −161,221 | −$2.18M | 36.5% |
| CP Central Plains Bancshares In | Added | +50,576 | +$765K | 2.7% |
| 1B 1895 Bancorp Of Wis Inc | Exited | −50,000 | −$515K | — |
| Catalyst Bancorp Inc | Added | +37,946 | +$470K | 0.5% |
| HB Harborone Bancorp Inc New | Exited | −27,883 | −$289K | — |
| WB Winchester Bancorp Inc | New | +25,000 | +$224K | 0.1% |
| MB Marathon Bancorp Inc | New | +20,000 | +$199K | 0.1% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KF Kingsway Finl Svcs Inc | Trimmed | −1,000,000 | −$7.92M | 23.2% |
| Generations Bancorp Ny Inc | Exited | −80,000 | −$1.21M | — |
| WR Wheeler Real Estate Invt Tr | Exited | −47,093 | −$159K | — |
| CP Central Plains Bancshares In | Added | +4,598 | +$68.6K | 2.4% |
| If Bancorp Inc | Added | +1,775 | +$42.8K | 3.6% |
| WR Wheeler Real Estate Invt Tr | Trimmed | −8,708 | −$34.7K | 1.7% |
| WR Wheeler Real Estate Invt Tr | New | +2,351 | +$7.43K | — |
| IH Icc Hldgs Inc | Exited | −100 | −$2.33K | — |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −20,000 | −$11.5M | — |
| KF Kingsway Finl Svcs Inc | Trimmed | −625,000 | −$5.23M | 28.3% |
| CP Central Plains Bancshares In | Added | +287,301 | +$4.3M | 2.3% |
| WR Wheeler Real Estate Invt Tr | New | +817,085 | +$2.5M | 1.3% |
| Generations Bancorp Ny Inc | Trimmed | −142,849 | −$2.16M | 0.6% |
| Fs Bancorp Inc | Trimmed | −37,000 | −$1.52M | 1.6% |
| BF Bv Finl Inc | Trimmed | −53,090 | −$914K | 0.9% |
| WR Wheeler Real Estate Invt Tr | Exited | −94,195 | −$762K | — |
| NC Northeast Cmnty Bancorp Inc | Trimmed | −30,000 | −$734K | 1.4% |
| If Bancorp Inc | Added | +29,101 | +$678K | 3.4% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +20,000 | +$11.5M | 5.4% |
| WR Wheeler Real Estate Invt Tr | Exited | −282,596 | −$4.39M | — |
| WR Wheeler Real Estate Invt Tr | Exited | −817,085 | −$1.84M | — |
| Affinity Bancshares Inc | Exited | −64,840 | −$1.37M | — |
| WR Wheeler Real Estate Invt Tr | New | +94,195 | +$762K | 0.4% |
| NY New York Cmnty Bancorp Inc | New | +45,000 | +$506K | 0.2% |
| FD Fifth Dist Bancorp Inc | New | +42,632 | +$442K | 0.2% |
| WR Wheeler Real Estate Invt Tr | Added | +5,017 | +$329K | 31.4% |
| NY New York Cmnty Bancorp Inc | Exited | −100,000 | −$322K | — |
| Lake Shore Bancorp Inc | Added | +21,893 | +$295K | 0.8% |
Showing the 10 largest of 12 changes.
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