ZAZOVE ASSOCIATES LLC

CIK

1009012

Location

INCLINE VILLAGE, NV

Portfolio Value

Micro $33,830,874

Diversification

Diversified

Filing Date

Global Rank

#2,576 / 3,203 ▲ 4381

Top Industry

REIT - Hotel & Motel 14.2%

3Y Alpha vs SPY

-8.0%

Period ended 30 days ago

Filed Jul 16, 2026 · 14d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+34.1%

SPY

+65.3%

Annualised alpha

-8.0%

Max drawdown

−27.3%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

25 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

14.2%

+1.4 pts

Top 5

46.9%

−0.9 pts

Top 10

74.6%

+6.7 pts

HHI

702

Diversified+74

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	20.0%	$6,749,314	4
Real Estate	14.2%	$4,788,838	1
Consumer Defensive	14.1%	$4,775,737	2
Energy	10.7%	$3,623,669	3
Basic Materials	10.6%	$3,576,640	5
Healthcare	9.9%	$3,360,122	3
Industrials	7.8%	$2,630,954	2
Financial Services	7.1%	$2,403,510	3
Technology	5.4%	$1,840,000	1
Communication Services	0.2%	$82,090	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

10 positions

Ticker	Company	Δ Shares	Shares	Value
BHR	Braemar Hotels & Resorts Inc.	+520,762	2,217,055	$4,788,838
OGG	Osisko Gold Group Inc.	+190,000	450,000	$1,107,000
USAS	Americas Gold & Silver Corp	+100,000	200,000	$944,000
SYM	Symbotic Inc.	+50,000	55,000	$2,472,250
MNTN	MNTN, Inc.	+49,678	200,000	$1,840,000
BKD	Brookdale Senior Living Inc.	+40,000	135,000	$2,172,150
REAL	TheRealReal, Inc.	+25,000	185,000	$2,181,150
AB	Alliancebernstein Holding L.P.	+1,000	19,300	$679,746
BTG	B2gold Corp	+500	75,100	$280,874
PEO	Adams Natural Resources Fund, Inc.	+19	987	$24,398
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
BRCC	BRC Inc.	−989,082	1,010,918	$1,122,118
GRNT	Granite Ridge Resources, Inc.	−183,986	508,970	$2,244,557
WEST	Westrock Coffee Co	−109,496	450,508	$3,653,619
OPK	Opko Health, Inc.	−50,000	100,000	$150,000
UONE	Urban One, Inc.	−27,802	15,202	$82,090
SVM	Silvercorp Metals Inc	−8,736	41,264	$416,766
THCH	TH International Ltd	−8,208	200,281	$382,536
PCT	PureCycle Technologies, Inc.	−6,300	19,569	$158,704
BKV	BKV Corp	−3,088	46,912	$1,283,512
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
FIVE	Five Below, Inc	15,000	$2,696,850
GLAS	Glass House Brands Inc.	79,844	$1,037,972
No positions match the current search.

Sold Out

Positions the filer fully exited

11 positions

Ticker	Company	Shares	Value
KYN	Kayne Anderson Energy Infrastructure Fund, Inc.	414,961	$5,925,643
UAN	Cvr Partners, LP	38,578	$4,886,675
CCO	Clear Channel Outdoor Holdings, Inc.	1,360,000	$3,223,200
STKL	SunOpta Inc.	275,000	$1,782,000
NCMI	National CineMedia, Inc.	458,939	$1,399,763
GDL	Gdl Fund	120,522	$1,003,948
PRCH	Porch Group, Inc.	105,846	$758,915
TE	T1 Energy Inc.	100,000	$439,000
HDSN	Hudson Technologies Inc /Ny	50,000	$294,000
WHR	Whirlpool Corp /De/	1,000	$53,920
GIS	General Mills Inc	300	$11,166
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

25 tracked positions · $33,830,874 total · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BHR	Braemar Hotels & Resorts Inc. Real Estate	Added	2,217,055	+520,762	$4,788,838	+19.6%	14.16%
WEST	Westrock Coffee Co Consumer Defensive	Reduced	450,508	-109,496	$3,653,619	+53.5%	10.80%
FIVE	Five Below, Inc CALL Consumer Cyclical	NEW	15,000	NEW	$2,696,850	NEW	7.97%
SYM	Symbotic Inc. CALL Industrials	Added	55,000	+50,000	$2,472,250	+829.4%	7.31%
GRNT	Granite Ridge Resources, Inc. Energy	Reduced	508,970	-183,986	$2,244,557	−44.8%	6.63%
REAL	TheRealReal, Inc. Consumer Cyclical	Added	185,000	+25,000	$2,181,150	+50.1%	6.45%
BKD	Brookdale Senior Living Inc. Healthcare	Added	135,000	+40,000	$2,172,150	+67.1%	6.42%
MNTN	MNTN, Inc. Technology	Added	200,000	+49,678	$1,840,000	+39.1%	5.44%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Held	32,655	0	$1,699,366	−16.1%	5.02%
LUXE	LuxExperience B.V. Consumer Cyclical	Held	200,374	0	$1,488,778	−7.1%	4.40%
BKV	BKV Corp Energy	Reduced	46,912	-3,088	$1,283,512	−10.0%	3.79%
BRCC	BRC Inc. Consumer Defensive	Reduced	1,010,918	-989,082	$1,122,118	−27.7%	3.32%
OGG	Osisko Gold Group Inc. Basic Materials	Added	450,000	+190,000	$1,107,000	+31.0%	3.27%
GLAS	Glass House Brands Inc. Healthcare	NEW	79,844	NEW	$1,037,972	NEW	3.07%
USAS	Americas Gold & Silver Corp Basic Materials	Added	200,000	+100,000	$944,000	+80.8%	2.79%
GROY	Gold Royalty Corp. Basic Materials	Held	300,000	0	$828,000	−22.9%	2.45%
AB	Alliancebernstein Holding L.P. Financial Services	Added	19,300	+1,000	$679,746	−0.8%	2.01%
SVM	Silvercorp Metals Inc Basic Materials	Reduced	41,264	-8,736	$416,766	−22.4%	1.23%
THCH	TH International Ltd Consumer Cyclical	Reduced	200,281	-8,208	$382,536	−10.9%	1.13%
BTG	B2gold Corp Basic Materials	Added	75,100	+500	$280,874	−16.9%	0.83%
PCT	PureCycle Technologies, Inc. Industrials	Reduced	19,569	-6,300	$158,704	+18.2%	0.47%
OPK	Opko Health, Inc. Healthcare	Reduced	100,000	-50,000	$150,000	−12.3%	0.44%
ET	Energy Transfer LP Energy	Held	5,000	0	$95,600	−0.9%	0.28%
UONE	Urban One, Inc. Communication Services	Reduced	15,202	-27,802	$82,090	−67.4%	0.24%
PEO	Adams Natural Resources Fund, Inc. Financial Services	Added	987	+19	$24,398	−9.3%	0.07%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.