ZAZOVE ASSOCIATES LLC

CIK

1009012

Location

INCLINE VILLAGE, NV

Portfolio Value

Micro $41,207,388

Diversification

Diversified

Filing Date

Global Rank

#6,956 / 8,420 ▼ 26

Top Industry

Asset Management 19.6%

3Y Alpha vs SPY

-10.1%

Period ended 5 months ago

Filed Feb 18, 2026 · 4mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+36.0%

SPY

+76.5%

Annualised alpha

-10.1%

Max drawdown

−27.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

26 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

16.9%

−1.0 pts

Top 5

54.3%

−2.3 pts

Top 10

76.1%

+0.0 pts

HHI

804

Diversified−53

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	19.6%	$8,067,544	4
Basic Materials	18.0%	$7,434,892	6
Real Estate	16.9%	$6,981,160	1
Consumer Defensive	9.9%	$4,060,257	3
Communication Services	9.7%	$4,006,788	2
Consumer Cyclical	9.1%	$3,740,905	3
Energy	8.0%	$3,292,813	2
Healthcare	3.9%	$1,591,700	2
Technology	3.7%	$1,511,615	1
Industrials	1.3%	$519,714	2

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

13 positions

Ticker	Company	Δ Shares	Shares	Value
BRCC	BRC Inc.	+291,433	539,454	$598,793
BHR	Braemar Hotels & Resorts Inc.	+163,197	2,432,460	$6,981,160
CCO	Clear Channel Outdoor Holdings, Inc.	+135,000	1,360,000	$3,005,600
NCMI	National CineMedia, Inc.	+77,136	257,375	$1,001,188
MNTN	MNTN, Inc.	+76,601	126,601	$1,511,615
ODV	Osisko Development Corp.	+60,000	260,000	$907,400
STKL	SunOpta Inc.	+35,000	275,000	$1,045,000
LUXE	LuxExperience B.V.	+30,374	200,374	$1,673,122
BKD	Brookdale Senior Living Inc.	+30,000	130,000	$1,402,700
KYN	Kayne Anderson Energy Infrastructure Fund, Inc.	+27,000	414,961	$5,137,217
ASA	ASA Gold & Precious Metals Ltd	+13,955	31,655	$1,888,853
GROY	Gold Royalty Corp.	+10,000	335,000	$1,353,400
PEO	Adams Natural Resources Fund, Inc.	+20	950	$20,653
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
OPK	Opko Health, Inc.	−57,600	150,000	$189,000
REAL	TheRealReal, Inc.	−45,000	95,000	$1,499,100
WEST	Westrock Coffee Co	−30,249	593,726	$2,416,464
THCH	TH International Ltd	−9,306	228,387	$568,683
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
GRNT	Granite Ridge Resources, Inc.	683,056	$3,210,363
USAS	Americas Gold & Silver Corp	100,000	$511,000
SYM	Symbotic Inc.	5,000	$297,500
SVM	Silvercorp Metals Inc	34,500	$287,730
PCT	PureCycle Technologies, Inc.	25,869	$222,214
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
EQX	Equinox Gold Corp.	100,000	$1,122,000
ENVX	Enovix Corp	50,000	$498,500
CPRI	Capri Holdings Ltd	25,000	$498,000
HLX	Helix Energy Solutions Group Inc	30,400	$199,424
MIR	Mirion Technologies, Inc.	1,000	$23,260
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

26 positions · $41,207,388 total · as of Dec 31, 2025

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	2,432,460	+163,197	$6,981,160	+12.7%	16.94%
KYN	Kayne Anderson Energy Infrastructure Fund, Inc. Financial Services	Added	414,961	+27,000	$5,137,217	+7.0%	12.47%
UAN	Cvr Partners, LP Basic Materials	Held	39,345	0	$4,032,862	+13.7%	9.79%
GRNT	Granite Ridge Resources, Inc. Energy	NEW	683,056	NEW	$3,210,363	NEW	7.79%
CCO	Clear Channel Outdoor Holdings, Inc. Communication Services	Added	1,360,000	+135,000	$3,005,600	+55.3%	7.29%
WEST	Westrock Coffee Co Consumer Defensive	Reduced	593,726	-30,249	$2,416,464	−20.3%	5.86%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Added	31,655	+13,955	$1,888,853	+133.0%	4.58%
LUXE	LuxExperience B.V. Consumer Cyclical	Added	200,374	+30,374	$1,673,122	+15.8%	4.06%
MNTN	MNTN, Inc. Technology	Added	126,601	+76,601	$1,511,615	+63.0%	3.67%
REAL	TheRealReal, Inc. Consumer Cyclical	Reduced	95,000	-45,000	$1,499,100	+0.7%	3.64%
BKD	Brookdale Senior Living Inc. Healthcare	Added	130,000	+30,000	$1,402,700	+65.6%	3.40%
GROY	Gold Royalty Corp. Basic Materials	Added	335,000	+10,000	$1,353,400	+7.9%	3.28%
STKL	SunOpta Inc. Consumer Defensive	Added	275,000	+35,000	$1,045,000	−25.7%	2.54%
GDL	Gdl Fund Financial Services	Held	120,522	0	$1,020,821	−0.9%	2.48%
NCMI	National CineMedia, Inc. Communication Services	Added	257,375	+77,136	$1,001,188	+23.2%	2.43%
ODV	Osisko Development Corp. Basic Materials	Added	260,000	+60,000	$907,400	+33.8%	2.20%
BRCC	BRC Inc. Consumer Defensive	Added	539,454	+291,433	$598,793	+54.8%	1.45%
THCH	TH International Ltd Consumer Cyclical	Reduced	228,387	-9,306	$568,683	−7.6%	1.38%
USAS	Americas Gold & Silver Corp Basic Materials	NEW	100,000	NEW	$511,000	NEW	1.24%
HDSN	Hudson Technologies Inc /Ny Basic Materials	Held	50,000	0	$342,500	−31.0%	0.83%
SYM	Symbotic Inc. Industrials	NEW	5,000	NEW	$297,500	NEW	0.72%
SVM	Silvercorp Metals Inc Basic Materials	NEW	34,500	NEW	$287,730	NEW	0.70%
PCT	PureCycle Technologies, Inc. Industrials	NEW	25,869	NEW	$222,214	NEW	0.54%
OPK	Opko Health, Inc. Healthcare	Reduced	150,000	-57,600	$189,000	−41.3%	0.46%
ET	Energy Transfer LP Energy	Held	5,000	0	$82,450	−3.9%	0.20%
PEO	Adams Natural Resources Fund, Inc. Financial Services	Added	950	+20	$20,653	+3.2%	0.05%