Moerus Capital Management LLC Concentrated Active

CIK: 0001742647 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $231,901 (100.0% shares, 0.0% debt)

Holdings (16)

New Positions (3)

GFR GREENFIRE RESOURCES ORD 3.5%

Value ($000) $8,082 Shares 1,693,492 Est. Cost $4.75 Unrealized 0.0%

NFGC NEW FOUND GOLD ORD 2.2%

Value ($000) $5,007 Shares 1,692,643 Est. Cost $2.45 Unrealized 0.0%

CVE CENOVUS ENERGY ORD 0.1%

Value ($000) $209 Shares 12,377 Est. Cost $17.37 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GFR	GREENFIRE RESOURCES ORD	1,693,492	$8,082	3.5%	$4.75	0.0%	Com	39525U107
NFGC	NEW FOUND GOLD ORD	1,692,643	$5,007	2.2%	$2.45	0.0%	Com	64440N103
CVE	CENOVUS ENERGY ORD	12,377	$209	0.1%	$17.37	0.0%	Com	15135U109

Increased Positions (3)

ARCO ARCOS DORADOS HOLDINGS CL A ORD 11.3%

Value ($000) $26,108 (+16.2%) Shares 3,556,906 (+6.8%) Est. Cost $6.87 Unrealized +4.0%

BN BROOKFIELD CL A ORD 4.5%

Value ($000) $10,460 (-2.9%) Shares 227,939 (+45.0%) Est. Cost $29.25 Unrealized +55.7%

BNT BROOKFIELD WEALTH SOLUTIONS CL A ORD 0.0%

Value ($000) $55 (-18.0%) Shares 1,187 (+22.2%) Est. Cost $33.91 Unrealized +34.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARCO	ARCOS DORADOS HOLDINGS CL A ORD	3,556,906 (+6.8%)	$26,108 (+16.2%)	11.3%	$6.87	+4.0%	Com	G0457F107
BN	BROOKFIELD CL A ORD	227,939 (+45.0%)	$10,460 (-2.9%)	4.5%	$29.25	+55.7%	Com	11271J107
BNT	BROOKFIELD WEALTH SOLUTIONS CL A ORD	1,187 (+22.2%)	$55 (-18.0%)	0.0%	$33.91	+34.4%	Com	G17434104

Decreased Positions (7)

WPM WHEATON PRECIOUS METALS ORD 15.6%

Value ($000) $36,185 (-18.8%) Shares 307,902 (-22.7%) Est. Cost $35.64 Unrealized +200.5%

BBD BANCO BRADESCO ADR REPSTG 1 PRF 11.9%

Value ($000) $27,652 (-19.9%) Shares 8,303,820 (-18.7%) Est. Cost $2.23 Unrealized —

JEF JEFFERIES FINANCIAL GROUP ORD 16.3%

Value ($000) $37,784 (-15.0%) Shares 609,721 (-10.3%) Est. Cost $27.19 Unrealized +108.5%

VAL VALARIS ORD 13.2%

Value ($000) $30,638 (-11.3%) Shares 607,897 (-14.1%) Est. Cost $41.08 Unrealized +30.7%

NTR NUTRIEN ORD 13.8%

Value ($000) $32,081 (-8.3%) Shares 519,789 (-12.7%) Est. Cost $52.64 Unrealized +11.8%

CSWC CAPITAL SOUTHWEST ORD 0.6%

Value ($000) $1,367 (-15.5%) Shares 61,698 (-16.6%) Est. Cost $8.64 Unrealized +136.5%

CSW CSW INDUSTRIALS ORD 0.9%

Value ($000) $2,010 (+6.4%) Shares 6,847 (-12.0%) Est. Cost $49.12 Unrealized +442.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WPM	WHEATON PRECIOUS METALS ORD	307,902 (-22.7%)	$36,185 (-18.8%)	15.6%	$35.64	+200.5%	Com	962879102
BBD	BANCO BRADESCO ADR REPSTG 1 PRF	8,303,820 (-18.7%)	$27,652 (-19.9%)	11.9%	$2.23	—	Com	059460303
JEF	JEFFERIES FINANCIAL GROUP ORD	609,721 (-10.3%)	$37,784 (-15.0%)	16.3%	$27.19	+108.5%	Com	47233W109
VAL	VALARIS ORD	607,897 (-14.1%)	$30,638 (-11.3%)	13.2%	$41.08	+30.7%	Com	G9460G101
NTR	NUTRIEN ORD	519,789 (-12.7%)	$32,081 (-8.3%)	13.8%	$52.64	+11.8%	Com	67077M108
CSWC	CAPITAL SOUTHWEST ORD	61,698 (-16.6%)	$1,367 (-15.5%)	0.6%	$8.64	+136.5%	Com	140501107
CSW	CSW INDUSTRIALS ORD	6,847 (-12.0%)	$2,010 (+6.4%)	0.9%	$49.12	+442.1%	Com	126402106

Unchanged Positions (3)

DOUG DOUGLAS ELLIMAN ORD 3.0%

Value ($000) $6,935 Shares 2,925,990 Est. Cost $1.73 Unrealized +49.0%

TDW TIDEWATER ORD 2.2%

Value ($000) $5,164 Shares 102,229 Est. Cost $49.72 Unrealized +6.2%

BAM BROOKFIELD ASSET MNGMT CL A ORD 0.9%

Value ($000) $2,165 Shares 41,318 Est. Cost $27.10 Unrealized +97.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DOUG	DOUGLAS ELLIMAN ORD	2,925,990	$6,935	3.0%	$1.73	+49.0%	Com	25961D105
TDW	TIDEWATER ORD	102,229	$5,164	2.2%	$49.72	+6.2%	Com	88642R109
BAM	BROOKFIELD ASSET MNGMT CL A ORD	41,318	$2,165	0.9%	$27.10	+97.3%	Com	113004105