ZAZOVE ASSOCIATES LLC

CIK

1009012

Location

INCLINE VILLAGE, NV

Portfolio Value

Micro $37,596,392

Diversification

Diversified

Filing Date

Global Rank

#8,622 / 8,793 ▼ 226

Top Industry

REIT - Hotel & Motel 14.8%

Period ended 3 months ago

Filed Jul 16, 2026 · 3mo

25 quarters · since Mar 2020

Portfolio Concentration

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

Top Position

13.2%

+2.9 pts

Top 5

48.2%

+3.9 pts

Top 10

73.1%

+3.8 pts

HHI

699

Diversified+109

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	14.1%	$5,285,074	4
Real Estate	12.7%	$4,788,838	1
Consumer Defensive	12.7%	$4,775,737	2
Consumer Cyclical	11.0%	$4,141,714	6
Energy	9.6%	$3,623,669	3
Basic Materials	9.5%	$3,576,640	5
Communication Services	9.1%	$3,406,134	3
Healthcare	8.9%	$3,360,122	3
Financial Services	6.4%	$2,403,510	3
Technology	4.9%	$1,840,000	3
Industrials	1.1%	$394,954	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

13 positions

Ticker	Company	Δ Shares	Shares	Value
BHR	Braemar Hotels & Resorts Inc.	+520,762	2,217,055	$4,788,838
AUR	Aurora Innovation, Inc.	+473,791	541,491	$0
OGG	Osisko Gold Group Inc.	+190,000	450,000	$1,107,000
USAS	Americas Gold & Silver Corp	+100,000	200,000	$944,000
PCT	PureCycle Technologies, Inc.	+97,300	778,981	$158,704
RUM	RUM Group Inc.	+76,719	1,222,995	$0
SYM	Symbotic Inc.	+50,000	55,000	$236,250
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
AIIO	Robo.Ai Inc.	−35,430	29,141	$0
UONE	Urban One, Inc.	−24,083	527,237	$2,442,571
SVM	Silvercorp Metals Inc	−8,736	41,264	$416,766
THCH	TH International Ltd	−8,208	200,281	$382,536
BKV	BKV Corp	−3,088	46,912	$1,283,512
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
GLAS	Glass House Brands Inc.	79,844	$1,037,972
GOOGL	Alphabet Inc.	32,500	$963,563
BKF	iShares MSCI BIC ETF	74,500	$132,238
FIVE	Five Below, Inc	15,000	$89,250
AAPD	Direxion Shares ETF Trust Direxion Daily AAPL Bear 1X ETF	140,000	$0
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
BWX	State Street SPDR Bloomberg International Treasury Bond ETF	200,000	$6,014,000
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
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
—		275,000	$0
AIRJ	AirJoule Technologies Corp.	15,700	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

35 tracked positions · $37,596,392 total · filing declares 157 positions · $1,224,717,192 · 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
BIV	Vanguard Intermediate-Term Bond ETF	Held	100,000	0	$4,978,000	−0.0%	13.24%
BHR	Braemar Hotels & Resorts Inc. Real Estate	Added	2,217,055	+520,762	$4,788,838	+19.6%	12.74%
WEST	Westrock Coffee Co Consumer Defensive	Reduced	450,508	-109,496	$3,653,619	+53.5%	9.72%
UONE	Urban One, Inc. Communication Services	Reduced	527,237	-24,083	$2,442,571	−19.2%	6.50%
GRNT	Granite Ridge Resources, Inc. Energy	Reduced	508,970	-183,986	$2,244,557	−44.8%	5.97%
REAL	TheRealReal, Inc. Consumer Cyclical	Added	185,000	+25,000	$2,181,150	+50.1%	5.80%
BKD	Brookdale Senior Living Inc. Healthcare	Added	135,000	+40,000	$2,172,150	+67.1%	5.78%
MNTN	MNTN, Inc. Technology	Added	200,000	+49,678	$1,840,000	+39.1%	4.89%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Held	32,655	0	$1,699,366	−16.1%	4.52%
LUXE	LuxExperience B.V. Consumer Cyclical	Held	200,374	0	$1,488,778	−7.1%	3.96%
BKV	BKV Corp Energy	Reduced	46,912	-3,088	$1,283,512	−10.0%	3.41%
BRCC	BRC Inc. Consumer Defensive	Reduced	1,010,918	-989,082	$1,122,118	−27.7%	2.98%
OGG	Osisko Gold Group Inc. Basic Materials	Added	450,000	+190,000	$1,107,000	+31.0%	2.94%
GLAS	Glass House Brands Inc. Healthcare	NEW	79,844	NEW	$1,037,972	NEW	2.76%
GOOGL	Alphabet Inc. CALL + SHARES Communication Services	NEW	32,500	NEW	$963,563	NEW	2.56%
USAS	Americas Gold & Silver Corp Basic Materials	Added	200,000	+100,000	$944,000	+80.8%	2.51%
GROY	Gold Royalty Corp. Basic Materials	Held	300,000	0	$828,000	−22.9%	2.20%
AB	Alliancebernstein Holding L.P. Financial Services	Added	19,300	+1,000	$679,746	−0.8%	1.81%
SVM	Silvercorp Metals Inc Basic Materials	Reduced	41,264	-8,736	$416,766	−22.4%	1.11%
THCH	TH International Ltd Consumer Cyclical	Reduced	200,281	-8,208	$382,536	−10.9%	1.02%
BTG	B2gold Corp Basic Materials	Added	75,100	+500	$280,874	−16.9%	0.75%
SYM	Symbotic Inc. CALL Industrials	Added	55,000	+50,000	$236,250	−11.2%	0.63%
AGGH	Simplify Aggregate Bond ETF	Held	10,900	0	$174,836	+4.6%	0.47%
PCT	PureCycle Technologies, Inc. Industrials	Added	778,981	+97,300	$158,704	+18.2%	0.42%
OPK	Opko Health, Inc. Healthcare	Reduced	100,000	-50,000	$150,000	−12.3%	0.40%
BKF	iShares MSCI BIC ETF PUT	NEW	74,500	NEW	$132,238	NEW	0.35%
ET	Energy Transfer LP Energy	Held	5,000	0	$95,600	−0.9%	0.25%
FIVE	Five Below, Inc CALL Consumer Cyclical	NEW	15,000	NEW	$89,250	NEW	0.24%
PEO	Adams Natural Resources Fund, Inc. Financial Services	Added	987	+19	$24,398	−9.3%	0.06%
RUM	RUM Group Inc. Communication Services	Added	1,222,995	+76,719	$0	—	0.00%
SPWR	SunPower Inc. Technology	Held	11,327	0	$0	—	0.00%
AUR	Aurora Innovation, Inc. Consumer Cyclical	Added	541,491	+473,791	$0	—	0.00%
AIIO	Robo.Ai Inc. Consumer Cyclical	Reduced	29,141	-35,430	$0	—	0.00%
AAPD	Direxion Shares ETF Trust Direxion Daily AAPL Bear 1X ETF	NEW	140,000	NEW	$0	NEW	0.00%
RDZN	Roadzen Inc. Technology	Held	150,602	0	$0	—	0.00%

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.