13F HOLDINGS REPORT
ZAZOVE ASSOCIATES LLC
Quarter ended Q4 2025 · Filed February 18, 2026 · Accession 0001009012-26-000003
Total Value
$1.16B
Positions
171
Other Managers
0
Confidential Omitted
No
Holdings (171)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | DUKE ENERGY CORP NEW | DUKB | 61,110,000 | $63.0M | 5.43% |
| 2 | TETRA TECH INC NEW | TTEK | 56,880,000 | $61.8M | 5.32% |
| 3 | TYLER TEX INDPT SCH DIST | 902252AB1 | 60,945,000 | $61.8M | 5.32% |
| 4 | PARSONS CORP DEL | PSN | 59,237,000 | $61.2M | 5.27% |
| 5 | VENTAS RLTY LTD PARTNERSHIP | VTR | 42,175,000 | $59.8M | 5.15% |
| 6 | SPOTIFY USA INC | 84921RAB6 | 49,276,000 | $56.1M | 4.83% |
| 7 | MKS INC. | MKSI | 41,180,000 | $52.7M | 4.54% |
| 8 | FLUOR CORP | FLR | 39,930,000 | $45.7M | 3.93% |
| 9 | NUTANIX INC | NTNX | 30,975,000 | $34.9M | 3.00% |
| 10 | ITRON INC | ITRI | 33,865,000 | $34.3M | 2.96% |
| 11 | JAZZ INVESTMENTS I LTD | 472145AH4 | 23,135,000 | $30.9M | 2.66% |
| 12 | PPL CAP FDG INC | PPLC | 27,880,000 | $30.6M | 2.64% |
| 13 | SOUTHERN CO | SOMN | 28,550,000 | $30.5M | 2.63% |
| 14 | REPLIGEN CORP | RGEN | 26,300,000 | $28.9M | 2.49% |
| 15 | SSR MINING IN | SSRGF | 21,755,000 | $28.6M | 2.46% |
| 16 | GUIDEWIRE SOFTWARE INC | GWRE | 25,305,000 | $27.9M | 2.40% |
| 17 | VARONIS SYS INC | VRNS | 23,985,000 | $22.3M | 1.92% |
| 18 | HAEMONETICS CORP MASS | HAE | 21,275,000 | $22.1M | 1.91% |
| 19 | AEROVIRONMENT INC | AVAV | 19,815,000 | $21.6M | 1.86% |
| 20 | EVERGY INC | EVRG | 17,265,000 | $21.1M | 1.82% |
| 21 | BOFA FIN LLC | 09709UV70 | 18,942,000 | $20.6M | 1.77% |
| 22 | BROOKDALE SR LIVING INC | 112463AC8 | 14,350,000 | $19.7M | 1.70% |
| 23 | INTEGER HLDGS CORP | ITGR | 15,445,000 | $17.5M | 1.50% |
| 24 | BRAEMAR HOTELS & RESORTS INC | BHR-PD | 17,450,000 | $17.2M | 1.48% |
| 25 | GLOBAL PMTS INC | 37940XAU6 | 16,960,000 | $15.3M | 1.31% |
| 26 | GRANITE CONSTR INC | GVA | 8,175,000 | $13.1M | 1.12% |
| 27 | NORTHERN OIL & GAS INC | NOG | 13,401,000 | $13.0M | 1.12% |
| 28 | LIVE NATION ENTERTAINMENT IN | LYV | 11,190,000 | $11.8M | 1.02% |
| 29 | FORD MTR CO | 345370CZ1 | 10,685,000 | $11.1M | 0.96% |
| 30 | PEABODY ENGR CORP | 704551AD2 | 6,000,000 | $10.1M | 0.87% |
| 31 | BANK AMERICA CORP | 060505682 | 7,817 | $9.8M | 0.84% |
| 32 | EXPEDIA GROUP INC | EXPE | 8,297,000 | $9.3M | 0.80% |
| 33 | ENOVIS CORPORATION | ENOV | 9,055,000 | $8.9M | 0.76% |
| 34 | AMERICAN WTR CAP CORP | 03040WBE4 | 8,555,000 | $8.5M | 0.73% |
| 35 | OPKO HEALTH INC | OPK | 5,918,000 | $7.9M | 0.68% |
| 36 | VERTEX INC | VERX | 8,095,000 | $7.7M | 0.66% |
| 37 | BRAEMAR HOTELS & RESORTS INC | BHR-PD | 2,432,460 | $7.0M | 0.60% |
| 38 | FRESHPET INC | FRPT | 5,770,000 | $6.8M | 0.58% |
| 39 | PG&E CORP | PCG-PX | 6,000,000 | $6.2M | 0.53% |
| 40 | WORLD KINECT CORPORATION | WKC | 5,095,000 | $5.4M | 0.46% |
| 41 | ALLIANT ENERGY CORP | LNT | 5,000,000 | $5.2M | 0.45% |
| 42 | KAYNE ANDERSON ENERGY INFRST | 486606106 | 414,961 | $5.1M | 0.44% |
| 43 | RIVIAN AUTOMOTIVE INC | RIVN | 4,000,000 | $5.0M | 0.43% |
| 44 | AFFIRM HLDGS INC | AFRM | 4,500,000 | $5.0M | 0.43% |
| 45 | VANGUARD BD INDEX FDS | 92203C303 | 100,000 | $5.0M | 0.43% |
| 46 | SNOWFLAKE INC | SNOW | 2,965,000 | $4.6M | 0.40% |
| 47 | URBAN ONE INC | UONEK | 5,083,163 | $4.3M | 0.37% |
| 48 | LYFT INC | LYFT | 3,500,000 | $4.2M | 0.36% |
| 49 | MERITAGE HOMES CORP | MTH | 4,150,000 | $4.1M | 0.35% |
| 50 | CVR PARTNERS LP | UAN | 39,345 | $4.0M | 0.35% |
| 51 | ON SEMICONDUCTOR CORP | ON | 4,000,000 | $3.8M | 0.33% |
| 52 | TRANSMEDICS GROUP INC | TMDX | 2,500,000 | $3.7M | 0.32% |
| 53 | LIBERTY MEDIA CORP DEL | FWONB | 2,920,000 | $3.7M | 0.32% |
| 54 | LIBERTY MEDIA CORP DEL | FWONB | 3,300,000 | $3.3M | 0.29% |
| 55 | GRANITE RIDGE RESOURCES INC | GRNT | 683,056 | $3.2M | 0.28% |
| 56 | FIRST MAJESTIC SILVER CORP | AG | 2,600,000 | $3.2M | 0.28% |
| 57 | CLEAR CHANNEL OUTDOOR HLDGS | CCO | 1,360,000 | $3.0M | 0.26% |
| 58 | LANTHEUS HLDGS INC | LNTH | 2,500,000 | $2.9M | 0.25% |
| 59 | KOSMOS ENERGY LTD | KOS | 6,525,000 | $2.8M | 0.24% |
| 60 | DATADOG INC | DDOG | 2,800,000 | $2.8M | 0.24% |
| 61 | FLUENCE ENERGY INC | FLNC | 2,000,000 | $2.4M | 0.21% |
| 62 | WESTROCK COFFEE CO | WEST | 593,726 | $2.4M | 0.21% |
| 63 | CMS ENERGY CORP | CMS-PC | 2,105,000 | $2.3M | 0.19% |
| 64 | UPSTART HLDGS INC | UPST | 2,500,000 | $2.2M | 0.19% |
| 65 | RUMBLE INC | RUMBW | 1,129,943 | $2.2M | 0.19% |
| 66 | BRAEMAR HOTELS & RESORTS INC | BHR-PD | 144,113 | $2.1M | 0.18% |
| 67 | JD.COM INC | JDCMF | 2,130,000 | $2.1M | 0.18% |
| 68 | GROUPON INC | GRPN | 2,000,000 | $2.1M | 0.18% |
| 69 | ASA GOLD AND PRECIOUS MTLS L | G3156P103 | 31,655 | $1.9M | 0.16% |
| 70 | LUXEXPERIENCE BV | 55406W103 | 200,374 | $1.7M | 0.14% |
| 71 | NCL CORP LTD | 62886HBK6 | 1,500,000 | $1.5M | 0.13% |
| 72 | MNTN INC | MNTN | 126,601 | $1.5M | 0.13% |
| 73 | THE REALREAL INC | 88339P101 | 95,000 | $1.5M | 0.13% |
| 74 | ASCENDIS PHARMA A/S | ASND | 1,050,000 | $1.5M | 0.13% |
| 75 | BROOKDALE SR LIVING INC | 112463104 | 130,000 | $1.4M | 0.12% |
| 76 | OPPFI INC | OPFI-WT | 909,467 | $1.4M | 0.12% |
| 77 | GOLD ROYALTY CORP | GROY-WT | 335,000 | $1.4M | 0.12% |
| 78 | NEXTNAV INC | NXNVW | 170,655 | $1.2M | 0.11% |
| 79 | ARCHER AVIATION INC | ACHR-WT | 997,040 | $1.1M | 0.10% |
| 80 | NCL CORP LTD | 62886HBD2 | 1,095,000 | $1.1M | 0.09% |
| 81 | SUNOPTA INC | STKL | 275,000 | $1.0M | 0.09% |
| 82 | GDL FD | 361570104 | 120,522 | $1.0M | 0.09% |
| 83 | NATIONAL CINEMEDIA INC | NCMI | 257,375 | $1.0M | 0.09% |
| 84 | B2GOLD CORP | BTG | 601,500 | $908,265 | 0.08% |
| 85 | OSISKO DEVELOPMENT CORP | OSDVF | 260,000 | $907,400 | 0.08% |
| 86 | PLANET LABS PBC | PL-WT | 95,000 | $815,100 | 0.07% |
| 87 | NET POWER INC | NPWR-WT | 1,538,612 | $807,771 | 0.07% |
| 88 | BRC INC | BRCC | 539,454 | $598,794 | 0.05% |
| 89 | SHIFT4 PMTS INC | 82452JAD1 | 600,000 | $579,306 | 0.05% |
| 90 | TH INTERNATIONAL LIMITED | THCH | 228,387 | $568,684 | 0.05% |
| 91 | BANDWIDTH INC | BAND | 630,000 | $554,254 | 0.05% |
| 92 | PURECYCLE TECHNOLOGIES INC | PCTTW | 575,464 | $552,445 | 0.05% |
| 93 | IRONWOOD PHARMACEUTICALS INC | IRWD | 550,000 | $522,043 | 0.04% |
| 94 | AMERICAS GOLD AND SILVER COR | 03062D803 | 100,000 | $511,000 | 0.04% |
| 95 | RYDER SYS INC | R | 24,500 | $456,925 | 0.04% |
| 96 | LITHIUM ARGENTINA AG | LAR | 500,000 | $454,329 | 0.04% |
| 97 | URBAN ONE INC | UONEK | 431,816 | $449,089 | 0.04% |
| 98 | ARRAY TECHNOLOGIES INC | ARRY | 495,000 | $448,633 | 0.04% |
| 99 | GENESIS ENERGY L P | GEL | 133,800 | $441,540 | 0.04% |
| 100 | SNAP INC | SNAP | 460,000 | $419,516 | 0.04% |
| 101 | REDFIN CORP | 75737FAE8 | 420,000 | $397,560 | 0.03% |
| 102 | ZIFF DAVIS INC | ZD | 404,000 | $396,132 | 0.03% |
| 103 | ENPHASE ENERGY INC | ENPH | 400,000 | $396,105 | 0.03% |
| 104 | JETBLUE AIRWAYS CORP | JBLU | 400,000 | $393,883 | 0.03% |
| 105 | CRACKER BARREL OLD CTRY STOR | 22410JAB2 | 400,000 | $389,673 | 0.03% |
| 106 | BLACKSTONE MORTGAGE TRUST IN | 09257WAE0 | 385,000 | $382,295 | 0.03% |
| 107 | PENNYMAC CORP | 70932AAF0 | 382,000 | $382,019 | 0.03% |
| 108 | HAEMONETICS CORP MASS | HAE | 382,000 | $378,281 | 0.03% |
| 109 | OIL STS INTL INC | 678026AK1 | 375,000 | $376,553 | 0.03% |
| 110 | CABLE ONE INC | CABO | 353,000 | $348,371 | 0.03% |
| 111 | HUDSON TECHNOLOGIES INC | HDSN | 50,000 | $342,500 | 0.03% |
| 112 | PBF ENERGY INC | PBF | 100,000 | $325,000 | 0.03% |
| 113 | GE VERNOVA INC | GEV | 5,000 | $298,000 | 0.03% |
| 114 | SYMBOTIC INC | SYM | 5,000 | $297,500 | 0.03% |
| 115 | SILVERCORP METALS INC | SVM | 34,500 | $287,730 | 0.02% |
| 116 | DELEK US HLDGS INC NEW | DK | 50,000 | $285,000 | 0.02% |
| 117 | WELLS FARGO CO NEW | 949746804 | 220 | $267,299 | 0.02% |
| 118 | ENPHASE ENERGY INC | ENPH | 300,000 | $262,513 | 0.02% |
| 119 | VAIL RESORTS INC | MTN | 260,000 | $259,867 | 0.02% |
| 120 | MARRIOTT VACATIONS WORLDWIDE | VAC | 260,000 | $259,467 | 0.02% |
| 121 | CABLE ONE INC | CABO | 310,000 | $255,477 | 0.02% |
| 122 | ADVANCED ENERGY INDS | 007973AE0 | 150,000 | $246,169 | 0.02% |
| 123 | BKV CORP | BKV | 50,000 | $240,000 | 0.02% |
| 124 | ALLIANCEBERNSTEIN HLDG L P | 01881G906 | 63,300 | $237,375 | 0.02% |
| 125 | OKTA INC | OKTA | 242,000 | $237,133 | 0.02% |
| 126 | RLJ LODGING TR | RLJ-PA | 9,266 | $231,418 | 0.02% |
| 127 | PURECYCLE TECHNOLOGIES INC | PCTTW | 25,869 | $222,215 | 0.02% |
| 128 | ISHARES INC | 464286950 | 300,000 | $217,500 | 0.02% |
| 129 | COINBASE GLOBAL INC | COIN | 200,000 | $199,984 | 0.02% |
| 130 | OPKO HEALTH INC | OPK | 150,000 | $189,000 | 0.02% |
| 131 | SYMBOTIC INC | SYM | 17,000 | $168,300 | 0.01% |
| 132 | AMPRIUS TECHNOLOGIES INC | AMPX-WT | 61,891 | $160,298 | 0.01% |
| 133 | B2GOLD CORP | BTG | 156,000 | $159,900 | 0.01% |
| 134 | NUTANIX INC | NTNX | 150,000 | $144,761 | 0.01% |
| 135 | 10X GENOMICS INC | TXG | 60,000 | $139,500 | 0.01% |
| 136 | RINGCENTRAL INC | RNG | 134,000 | $132,661 | 0.01% |
| 137 | BLOCK INC | BSQKZ | 115,000 | $113,261 | 0.01% |
| 138 | SUMMIT HOTEL PPTYS | 866082AA8 | 100,000 | $99,550 | 0.01% |
| 139 | UL SOLUTIONS INC | ULS | 10,000 | $98,500 | 0.01% |
| 140 | EQUINOX GOLD CORP | EQX | 25,000 | $97,500 | 0.01% |
| 141 | EPR PPTYS | 26884U307 | 2,983 | $89,997 | 0.01% |
| 142 | B2GOLD CORP | BTG | 76,000 | $89,300 | 0.01% |
| 143 | PARSONS CORP DEL | PSN | 25,000 | $85,000 | 0.01% |
| 144 | ENERGY TRANSFER L P | ET-PI | 5,000 | $82,450 | 0.01% |
| 145 | SEA LTD | SE | 84,000 | $81,312 | 0.01% |
| 146 | SILVERCORP METALS INC | SVM | 68,700 | $77,288 | 0.01% |
| 147 | HILTON WORLDWIDE HLDGS INC | HLT | 12,500 | $76,875 | 0.01% |
| 148 | BROOKDALE SR LIVING INC | 112463AF1 | 50,000 | $69,867 | 0.01% |
| 149 | EL PASO ENERGY CAP TR I | 283678209 | 1,121 | $55,204 | 0.00% |
| 150 | GCT SEMICONDUCTOR HLDG INC | GCTS-WT | 611,744 | $50,561 | 0.00% |
| 151 | UL SOLUTIONS INC | ULS | 10,000 | $47,500 | 0.00% |
| 152 | PSQ HOLDINGS INC | PSQH-WT | 491,935 | $46,709 | 0.00% |
| 153 | GENERAL MLS INC | 370334954 | 25,000 | $43,750 | 0.00% |
| 154 | B2GOLD CORP | BTG | 26,100 | $43,065 | 0.00% |
| 155 | ROADZEN INC | RDZNW | 150,602 | $41,416 | 0.00% |
| 156 | B2GOLD CORP | BTG | 74,600 | $41,030 | 0.00% |
| 157 | DELEK US HLDGS INC NEW | DK | 25,000 | $21,250 | 0.00% |
| 158 | SPDR S&P 500 ETF TR | SPY | 16,000 | $21,040 | 0.00% |
| 159 | LANVIN GROUP HOLDINGS LIMITE | LANV-WT | 1,334,846 | $21,024 | 0.00% |
| 160 | ADAM NAT RES FD INC | 00548F105 | 950 | $20,653 | 0.00% |
| 161 | AURORA INNOVATION INC | AUROW | 67,700 | $15,740 | 0.00% |
| 162 | AIRJOULE TECHNOLOGIES CORP | AIRJW | 15,700 | $14,073 | 0.00% |
| 163 | LIBERTY MEDIA CORP DEL | FWONB | 220,000 | $13,535 | 0.00% |
| 164 | CARVANA CO | CVNA | 3,000 | $11,175 | 0.00% |
| 165 | SPDR S&P 500 ETF TR | SPY | 21,000 | $10,605 | 0.00% |
| 166 | DELEK US HLDGS INC NEW | DK | 40,000 | $9,000 | 0.00% |
| 167 | SUNPOWER INC | SPWRW | 25,171 | $6,561 | 0.00% |
| 168 | RYDER SYS INC | R | 600 | $5,490 | 0.00% |
| 169 | RYDER SYS INC | R | 500 | $3,100 | 0.00% |
| 170 | ROBO.AI INC. | AIIOW | 64,571 | $3,019 | 0.00% |
| 171 | SPDR S&P 500 ETF TR | SPY | 22,500 | $1,688 | 0.00% |