ALRS · Alerus Financial Corp · Shareholders & Ownership

$32.18 +0.84 (+2.68%) At close · Oct 22

Russell 2000 member Rebalance outlook locked

Market Cap

$801.64M

24.90M

Volume · Oct 22 105.2K Avg daily vol (3M) 176.62K

Every disclosed holder of ALRS in one list: 13F institutions, Schedule 13D and 13G filers, insiders (Forms 3, 4 and 5) and registered funds, each from its own latest filing. Holders nest by CIK and SEC reporting links, never by name, and each is summed once.

How the holder list picks a filing →

Who Owns ALRS

13F quarter Sep 30, 2026, combined view: filers that have not filed yet carry their Jun 30, 2026 positions

Holder group	Holders	Shares	% Out	Summed
Institutional (13F)	163	16,274,901	65.35%	Yes
Insiders (Forms 3, 4, 5)	16	684,510	2.75%	Yes
13D/G-only blocks	1	1,036,396	4.16%	Yes
Remaining	—	6,907,431	27.74%	Rest
Registered funds (N-PORT, not summed)	170	5,731,168	23.01%	No

Shares outstanding: 24,903,238, the issuer's latest cover-page count restated onto today's split basis.

13D/G-only counts each filer's latest 13D or 13G that no 13F report of the listing contains, that names no 13F filer and that no counted insider files. Funds are never summed: their shares sit inside their advisers' 13F reports.

Holders of ALRS

One row per holder Every filing By ultimate parent

All 13F Funds Insiders 13D/G Non-US

#	Holder	Shares	% Out	Change	As of	Notes
1	ALERUS FINANCIAL NA 13F CIK 919458 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	2,116,173	8.50%	-125,568	Jun 30, 2026	carried, not yet filed for the newest quarter
2	BlackRock, Inc. 13F CIK 2012383 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	1,822,242	7.32%	+61,491	Jun 30, 2026	carried, not yet filed for the newest quarter
2.1	iShares Russell 2000 ETF Fund S000004344 · Registered fund · Jun 30, 2026 iShares Trust, not summed	624,130	2.51%	+60,142	Jun 30, 2026	iShares Trust, not summed
2.2	iShares Russell 2000 Value ETF Fund S000004342 · Registered fund · Jun 30, 2026 iShares Trust, not summed	234,703	0.94%	+34,335	Jun 30, 2026	iShares Trust, not summed
2.3	iShares Micro-Cap ETF Fund S000004439 · Registered fund · Jun 30, 2026 iShares Trust, not summed	80,359	0.32%	+21,074	Jun 30, 2026	iShares Trust, not summed
2.4	Master Small Cap Index Series Fund S000002716 · Registered fund · Jun 30, 2026 Quantitative Master Series LLC, not summed	44,847	0.18%	+6,580	Jun 30, 2026	Quantitative Master Series LLC, not summed
2.5	iShares Core S&P Total U.S. Stock Market ETF Fund S000004317 · Registered fund · Jun 30, 2026 iShares Trust, not summed	33,664	0.14%	+816	Jun 30, 2026	iShares Trust, not summed
3	Alerus Financial Corp Employee Stock Ownership Plan 13G CIK 1803603 · Pension or benefit plan · Mar 31, 2025 Rule 13d-1(b), qualified institution	1,036,396	4.16%	-977,046	Mar 31, 2025	Rule 13d-1(b), qualified institution
4	VANGUARD CAPITAL MANAGEMENT LLC 13F CIK 2100119 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	945,852	3.80%	-15,924	Jun 30, 2026	carried, not yet filed for the newest quarter
5	DIMENSIONAL FUND ADVISORS LP 13F CIK 354204 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	943,445	3.79%	+56,630	Jun 30, 2026	carried, not yet filed for the newest quarter
5.1	U.S. SMALL CAP VALUE PORTFOLIO Fund S000000987 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	201,238	0.81%	+4,198	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
5.2	U.S. SMALL CAP PORTFOLIO Fund S000000971 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	105,205	0.42%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
5.3	U.S. MICRO CAP PORTFOLIO Fund S000000948 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	87,437	0.35%	+661	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
5.4	Dimensional U.S. Small Cap ETF Fund S000070906 · Registered fund · Jul 31, 2026 Dimensional ETF Trust, not summed	83,705	0.34%	0	Jul 31, 2026	Dimensional ETF Trust, not summed
5.5	U.S. Targeted Value Portfolio Fund S000000970 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	81,174	0.33%	+10,623	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
6	GEODE CAPITAL MANAGEMENT, LLC 13F CIK 1214717 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	655,184	2.63%	+37,508	Jun 30, 2026	carried, not yet filed for the newest quarter
7	VANGUARD TOTAL STOCK MARKET INDEX FUND Fund S000002848 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	634,111	2.55%	-20,708	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
8	STATE STREET CORP 13F CIK 93751 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	561,249	2.25%	+68,087	Jun 30, 2026	carried, not yet filed for the newest quarter
8.1	State Street(R) SPDR(R) US Small Cap Low Volatility Index ETF Fund S000039795 · Registered fund · Jun 30, 2026 SPDR SERIES TRUST, not summed	27,431	0.11%	-8,986	Jun 30, 2026	SPDR SERIES TRUST, not summed
8.2	STATE STREET SMALL/MID CAP EQUITY INDEX PORTFOLIO Fund S000050332 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	8,179	0.03%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
8.3	State Street Total Return V.I.S. Fund Fund S000001637 · Registered fund · Jun 30, 2026 STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed	567	0.00%	+9	Jun 30, 2026	STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed
8.4	State Street Balanced Index Fund Fund S000082802 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	171	0.00%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
9	GOLDMAN SACHS GROUP INC 13F CIK 886982 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	525,321	2.11%	+158,794	Jun 30, 2026	carried, not yet filed for the newest quarter
9.1	Goldman Sachs Small Cap Value Insights Fund Fund S000014929 · Registered fund · Jul 31, 2026 Goldman Sachs Trust, not summed	140,247	0.56%	+56,175	Jul 31, 2026	Goldman Sachs Trust, not summed
9.2	Goldman Sachs Small Cap Equity Insights Fund Fund S000009329 · Registered fund · Jul 31, 2026 Goldman Sachs Trust, not summed	43,114	0.17%	—	Jul 31, 2026	Goldman Sachs Trust, not summed
9.3	Goldman Sachs Absolute Return Tracker Fund Fund S000020314 · Registered fund · Jun 30, 2026 GOLDMAN SACHS TRUST, not summed	10,197	0.04%	+3,839	Jun 30, 2026	GOLDMAN SACHS TRUST, not summed
9.4	Goldman Sachs Variable Insurance Trust Small Cap Equity Insights Fund Fund S000009355 · Registered fund · Jun 30, 2026 Goldman Sachs Variable Insurance Trust, not summed	9,206	0.04%	+5,400	Jun 30, 2026	Goldman Sachs Variable Insurance Trust, not summed
10	M3F, Inc. 13F CIK 1511291 · Unknown · Sep 30, 2026	417,108	1.67%	0	Sep 30, 2026
11	Stieven Capital Advisors, L.P. 13F CIK 1388279 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	382,034	1.53%	+43,110	Jun 30, 2026	carried, not yet filed for the newest quarter
12	Phocas Financial Corp. 13F CIK 1356783 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	354,155	1.42%	+93,259	Jun 30, 2026	carried, not yet filed for the newest quarter
13	BANC FUNDS CO LLC 13F CIK 1029311 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	349,165	1.40%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
14	ENDEAVOUR CAPITAL ADVISORS INC 13F CIK 1218749 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	339,518	1.36%	-222,711	Jun 30, 2026	carried, not yet filed for the newest quarter
15	Newman Randy L Insider CIK 1786850 · May 22, 2026 Director, issuer-wide	311,886	1.25%	—	May 22, 2026	Director, issuer-wide
16	AMERIPRISE FINANCIAL INC 13F CIK 820027 · Investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	310,910	1.25%	-73,030	Jun 30, 2026	carried, not yet filed for the newest quarter
16.1	Columbia Small Cap Value Discovery Fund Fund S000012102 · Registered fund · Jul 31, 2026 COLUMBIA FUNDS SERIES TRUST I, not summed	217,446	0.87%	-68,280	Jul 31, 2026	COLUMBIA FUNDS SERIES TRUST I, not summed
16.2	Columbia Variable Portfolio - Small Cap Value Discovery Fund Fund S000012561 · Registered fund · Jun 30, 2026 COLUMBIA FUNDS VARIABLE INSURANCE TRUST, not summed	39,295	0.16%	-17,700	Jun 30, 2026	COLUMBIA FUNDS VARIABLE INSURANCE TRUST, not summed
17	AQR CAPITAL MANAGEMENT LLC 13F CIK 1167557 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	296,688	1.19%	+27,523	Jun 30, 2026	carried, not yet filed for the newest quarter
17.1	AQR Small Cap Multi-Style Fund Fund S000040064 · Registered fund · Jun 30, 2026 AQR Funds, not summed	4,158	0.02%	—	Jun 30, 2026	AQR Funds, not summed
18	CHOREO, LLC 13F CIK 1679031 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	293,265	1.18%	-416	Jun 30, 2026	carried, not yet filed for the newest quarter
19	VANGUARD EXTENDED MARKET INDEX FUND Fund S000002841 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	289,734	1.16%	+6,535	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
20	AMERICAN CENTURY COMPANIES INC 13F CIK 748054 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	277,688	1.12%	-32,435	Jun 30, 2026	carried, not yet filed for the newest quarter
21	ALLIANCEBERNSTEIN L.P. 13F CIK 1109448 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	248,961	1.00%	+6,280	Jun 30, 2026	carried, not yet filed for the newest quarter
22	CSM Advisors, LLC 13F CIK 1863523 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	239,320	0.96%	+38,385	Jun 30, 2026	carried, not yet filed for the newest quarter
23	MORGAN STANLEY 13F CIK 895421 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	237,432	0.95%	-35,557	Jun 30, 2026	carried, not yet filed for the newest quarter
24	GENDELL JEFFREY L 13F CIK 1056581 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	233,700	0.94%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
25	GRACE & WHITE INC /NY 13F CIK 903064 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	228,108	0.92%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
26	ProShare Advisors LLC 13F CIK 1357955 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	226,312	0.91%	+226,312	Jun 30, 2026	carried, not yet filed for the newest quarter
26.1	ProShares Russell 2000 High Income ETF Fund S000087688 · Registered fund · May 31, 2026 ProShares Trust, not summed	1,107	0.00%	+90	May 31, 2026	ProShares Trust, not summed
26.2	ProShares UltraPro Russell2000 Fund S000024921 · Registered fund · May 31, 2026 ProShares Trust, not summed	874	0.00%	-573	May 31, 2026	ProShares Trust, not summed
26.3	ProShares Ultra Russell2000 Fund S000014248 · Registered fund · May 31, 2026 ProShares Trust, not summed	865	0.00%	-591	May 31, 2026	ProShares Trust, not summed
26.4	ProShares Hedge Replication ETF Fund S000031041 · Registered fund · May 31, 2026 ProShares Trust, not summed	22	0.00%	-2	May 31, 2026	ProShares Trust, not summed
26.5	ProShares Russell 2000 Dynamic Buffer ETF Fund S000093204 · Registered fund · May 31, 2026 ProShares Trust, not summed	7	0.00%	-2	May 31, 2026	ProShares Trust, not summed
27	VANGUARD PORTFOLIO MANAGEMENT LLC 13F CIK 2100121 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	209,780	0.84%	+33,849	Jun 30, 2026	carried, not yet filed for the newest quarter
28	NORTHERN TRUST CORP 13F CIK 73124 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	205,180	0.82%	+10,716	Jun 30, 2026	carried, not yet filed for the newest quarter
28.1	Small Cap Index Fund Fund S000001245 · Registered fund · Jun 30, 2026 Northern Funds, not summed	12,153	0.05%	+736	Jun 30, 2026	Northern Funds, not summed
29	CHARLES SCHWAB INVESTMENT MANAGEMENT INC 13F CIK 884546 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	205,093	0.82%	-231	Jun 30, 2026	carried, not yet filed for the newest quarter
29.1	Schwab U.S. Small-Cap ETF Fund S000026636 · Registered fund · May 31, 2026 SCHWAB STRATEGIC TRUST, not summed	121,609	0.49%	-1,962	May 31, 2026	SCHWAB STRATEGIC TRUST, not summed
29.2	Schwab Small-Cap Index Fund Fund S000005912 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	58,097	0.23%	+7,120	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
29.3	Schwab Total Stock Market Index Fund Fund S000005913 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	16,281	0.07%	0	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
29.4	Schwab U.S. Broad Market ETF Fund S000026631 · Registered fund · May 31, 2026 SCHWAB STRATEGIC TRUST, not summed	14,118	0.06%	0	May 31, 2026	SCHWAB STRATEGIC TRUST, not summed
30	MAIRS & POWER INC 13F CIK 1070134 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	203,417	0.82%	+123,981	Jun 30, 2026	carried, not yet filed for the newest quarter
30.1	Mairs & Power Small Cap Fund Fund S000076012 · Registered fund · Jun 30, 2026 Trust for Professional Managers, not summed	203,417	0.82%	+123,981	Jun 30, 2026	Trust for Professional Managers, not summed
31	Avantis U.S. Small Cap Value ETF Fund S000066459 · Registered fund · May 31, 2026 American Century ETF Trust, not summed	202,949	0.82%	-19,024	May 31, 2026	American Century ETF Trust, not summed
32	Qube Research & Technologies Ltd 13F CIK 1729829 · Exempt reporting adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	164,333	0.66%	+73,492	Jun 30, 2026	carried, not yet filed for the newest quarter
33	VANGUARD FIDUCIARY TRUST CO 13F CIK 933478 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	162,591	0.65%	+5,269	Jun 30, 2026	carried, not yet filed for the newest quarter
34	FEDERATED HERMES, INC. 13F CIK 1056288 · Investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	139,416	0.56%	+41,351	Jun 30, 2026	carried, not yet filed for the newest quarter
35	Federated Hermes MDT Small Cap Core Fund Fund S000012972 · Registered fund · Jul 31, 2026 Federated Hermes MDT Series, not summed	135,047	0.54%	+20,387	Jul 31, 2026	Federated Hermes MDT Series, not summed
36	GABELLI FUNDS LLC 13F CIK 1081407 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	134,737	0.54%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
36.1	Keeley Gabelli Small Cap Dividend Fund Fund S000026907 · Registered fund · Jun 30, 2026 Keeley Funds, Inc., not summed	134,737	0.54%	0	Jun 30, 2026	Keeley Funds, Inc., not summed
37	Cutler Capital Management, LLC 13F CIK 1353098 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	134,400	0.54%	-2,070	Jun 30, 2026	carried, not yet filed for the newest quarter
38	Bank of New York Mellon Corp 13F CIK 1390777 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	124,414	0.50%	+6,661	Jun 30, 2026	carried, not yet filed for the newest quarter
39	Quantinno Capital Management LP 13F CIK 1759654 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	124,348	0.50%	+32,096	Jun 30, 2026	carried, not yet filed for the newest quarter
40	VANGUARD RUSSELL 2000 INDEX FUND Fund S000030003 · Registered fund · May 31, 2026 VANGUARD SCOTTSDALE FUNDS, not summed	120,851	0.49%	+4,334	May 31, 2026	VANGUARD SCOTTSDALE FUNDS, not summed
41	Sippican Capital Advisors 13F CIK 1557406 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	111,891	0.45%	-1,250	Jun 30, 2026	carried, not yet filed for the newest quarter
42	BRIDGEWAY CAPITAL MANAGEMENT, LLC 13F CIK 1107261 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	108,916	0.44%	+16,887	Jun 30, 2026	carried, not yet filed for the newest quarter
42.1	Omni Small-Cap Value Fund Fund S000033567 · Registered fund · Jun 30, 2026 Bridgeway Funds, Inc., not summed	9,750	0.04%	0	Jun 30, 2026	Bridgeway Funds, Inc., not summed
43	Empowered Funds, LLC 13F CIK 1592828 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	99,166	0.40%	+16,887	Jun 30, 2026	carried, not yet filed for the newest quarter
43.1	EA Bridgeway Omni Small-Cap Value ETF Fund S000078089 · Registered fund · Jun 30, 2026 EA Series Trust, not summed	99,166	0.40%	+16,887	Jun 30, 2026	EA Series Trust, not summed
44	ACADIAN ASSET MANAGEMENT LLC 13F CIK 916542 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	89,046	0.36%	-12,139	Jun 30, 2026	carried, not yet filed for the newest quarter
45	FIRST TRUST ADVISORS LP 13F CIK 1125816 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	83,962	0.34%	+2,754	Jun 30, 2026	carried, not yet filed for the newest quarter
45.1	First Trust Dow Jones Select MicroCap Index Fund Fund S000010772 · Registered fund · Jun 30, 2026 First Trust Exchange-Traded Fund, not summed	83,400	0.33%	+2,614	Jun 30, 2026	First Trust Exchange-Traded Fund, not summed
46	Trexquant Investment LP 13F CIK 1633445 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	83,738	0.34%	+32,210	Jun 30, 2026	carried, not yet filed for the newest quarter
47	TWO SIGMA INVESTMENTS, LP 13F CIK 1179392 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	82,300	0.33%	+47,085	Jun 30, 2026	carried, not yet filed for the newest quarter
48	Hendry Jon Insider CIK 1942217 · Jan 2, 2025 Chief Technology Officer & EVP, issuer-wide	77,818	0.31%	—	Jan 2, 2025	Chief Technology Officer & EVP, issuer-wide
49	NEW YORK STATE COMMON RETIREMENT FUND 13F CIK 810265 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	74,559	0.30%	+22,345	Jun 30, 2026	carried, not yet filed for the newest quarter
50	LOS ANGELES CAPITAL MANAGEMENT LLC 13F CIK 1177206 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	71,187	0.29%	-4,430	Jun 30, 2026	carried, not yet filed for the newest quarter

20 more nested rows are not shown here; Every filing lists them all.

Shares are restated onto today's split basis. Change compares each row with the same holder's previous filing in the same source; a dash means there is none to compare. Nested 13D/G, insider and fund rows are not summed, since a 13F report already holds them.

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Key facts CIK 903419 CUSIP 01446U103 13F (30d) 28 filings 28 filers Visit website Investor relations