TIETON CAPITAL MANAGEMENT LLC
Q2 2025 Form 13-F
YAKIMA, WASHINGTON
CIK 0001381954
· CRD 135769
· SEC-registered investment adviser
$255.9M Reported Value Total
TIETON CAPITAL MANAGEMENT reports 97 total accounts under management (AUM). There are 97 discretionary accounts valued at $269,217,733, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Source: Form ADV filed 2026-03-17
Reported value
$255.9M
Quarter over quarter
+19.2%
Holdings
34
Top-10 concentration
50.2%
Filing Structure
Reports holdings for
- Acuitas Investments LLC · File #028-16461 · Q1 2024 – Q1 2026 · declared by one filing
Key People
Form ADV owners & control persons
William Joseph Dezellem
PRESIDENT, CHIEF INVESTMENT OFFICER, CHIEF COMPLIANCE OFFICER & MANAGING MEMBER
Matthew Walter Dhane
PORTFOLIO MANAGER, PRINCIPAL & MEMBER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 12, 2025 |
| Form | 13F-HR |
| Reported value | $255.9M |
| Positions | 34 |
| Change in reported value | +17.0% |
| New positions | 1 |
| Exited positions | 1 |
| Position turnover | 5.7% |
| Top-10 concentration | 50.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q3 2026 13F
Filed Nov 10, 2026
|
35 | $335.9M |
|
Q2 2026 13F
Filed Aug 10, 2026
|
37 | $347.8M |
|
Q1 2026 13F
Filed May 8, 2026
|
35 | $298.6M |
|
Q4 2025 13F
Filed Feb 10, 2026
|
35 | $292.4M |
|
Q3 2025 13F
Filed Nov 12, 2025
|
33 | $288.1M |
|
Q2 2025 13F
Filed Aug 12, 2025
|
34 | $255.9M |
|
Q1 2025 13F
Filed May 12, 2025
|
34 | $218.7M |
|
Q4 2024 13F
Filed Feb 11, 2025
|
40 | $248.7M |
|
Q3 2024 13F
Filed Nov 12, 2024
|
40 | $193.1M |
|
Q2 2024 13F
Filed Aug 9, 2024
|
39 | $180.0M |
|
Q1 2024 13F
Filed May 10, 2024
|
38 | $190.8M |
|
Q4 2023 13F
Filed Feb 9, 2024
|
37 | $177.5M |
|
Q3 2023 13F
Filed Nov 1, 2023
|
33 | $158.7M |
|
Q2 2023 13F
Filed Aug 15, 2023
|
31 | $155.8M |
|
Q1 2023 13F
Filed May 10, 2023
|
31 | $140.4M |
|
Q4 2022 13F
Filed Feb 10, 2023
|
32 | $151.4M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
32 | $142.1M |
|
Q2 2022 13F
Filed Aug 10, 2022
|
32 | $144.4M |
|
Q1 2022 13F
Filed May 10, 2022
|
32 | $181.0M |
|
Q4 2021 13F
Filed Feb 10, 2022
|
33 | $178.6M |
34 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NAGE Niagen Bioscience | $22.8M | 8.91% |
| 2 | CUBI Customers Bancorp | $16.5M | 6.46% |
| 3 | AVNW Aviat Networks | $15.3M | 5.98% |
| 4 | ACIC American Coastal Insurance | $13.3M | 5.18% |
| 5 | GEOS Geospace Technologies | $12.3M | 4.79% |
| 6 | ENVA Enova International | $11.8M | 4.6% |
| 7 | BBSI Barrett Business Services | $10.2M | 3.97% |
| 8 | MFIN Medallion Financial | $9.1M | 3.57% |
| 9 | TCBI Texas Capital Bancshrs | $8.7M | 3.38% |
| 10 | RM Regional Management | $8.6M | 3.37% |
| 11 | DHX DHI Group | $8.6M | 3.37% |
| 12 | ADTN ADTRAN Holdings | $8.5M | 3.34% |
| 13 | VPG Vishay Precision Group | $8.4M | 3.3% |
| 14 | NPKI NPK International | $8.3M | 3.26% |
| 15 | VBTX Veritex Holdings | $8.2M | 3.21% |
| 16 | HRMY Harmony Biosciences | $7.5M | 2.94% |
| 17 | CMT Core Molding Technology | $7.0M | 2.75% |
| 18 | LOCO El Pollo Loco Holdings | $6.9M | 2.71% |
| 19 | EGY VAALCO Energy | $6.3M | 2.47% |
| 20 | CLMB Climb Global Solutions | $6.3M | 2.47% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.