ZAZOVE ASSOCIATES LLC

Q4 2025 13F-HR Holdings

Location
Incline Village, NV
Holdings as of
12/31/2025
Date filed
2/18/2026
Form type
13F-HR
Num holdings
160
Total value ($000)
$1,161,269
Net value change ($000)
+56,335 (5.1%)
New positions
5
Sold out positions
7
Turnover %
12.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/17/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GRNT 3,210 NEW
BHR 1,702 382.5%
ASA 1,078 132.9%
CCO 1,070 55.3%
BHR 786 12.7%
UONE 674 18.6%
MNTN 584 62.9%
BKD 556 65.6%
USAS 511 NEW
UAN 487 13.7%
Top Reduces (Value $000, Stocks/ETFs)
EQX -1,122 -100.0%
SAND -626 -100.0%
WEST -617 -20.3%
ENVX -499 -100.0%
CPRI -498 -100.0%
STKL -361 -25.7%
BRKR -352 -100.0%
HLX -199 -100.0%
UONE -193 -30.1%
HDSN -154 -31.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type