# EDGAR Filing Document

**Accession Number:** 0001524828
**File Stem:** 0001941040-25-000659
**Filing Date:** 2025-11
**Character Count:** 11003
**Document Hash:** d0e31e140ee782e81b74f2ee7fffe0fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-25-000659.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001941040-25-000659

**CONFORMED SUBMISSION TYPE**: 13F-HR/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**EFFECTIVENESS DATE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Acuitas Investments, LLC
- **CENTRAL INDEX KEY:** 0001524828

**ORGANIZATION NAME:**
- **EIN:** 273889854
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16461
- **FILM NUMBER:** 251495045

**BUSINESS ADDRESS:**
- **STREET 1:** 520 PIKE STREET
- **STREET 2:** SUITE 1221
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 206-299-2070

**MAIL ADDRESS:**
- **STREET 1:** 520 PIKE STREET
- **STREET 2:** SUITE 1221
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Acuitas Investments LLC<br>**Address:** 520 Pike Street<br>Suite 1221<br>Seattle, WA 98101

**Form 13F File Number:** 028-16461

**CRD Number (if applicable):** 000155782

**SEC File Number (if applicable):** 801-79447

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lisa Thenell<br>**Title:** Chief Compliance Officer/Chief Operating Officer<br>**Phone:** 206-299-2073

**Signature, Place, and Date of Signing:**

Lisa Thenell  Seattle, WA  11-18-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 4

**Form 13F Information Table Entry Total:** 52

**Form 13F Information Table Value Total:** $155769736

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                                | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | ClariVest Asset Management LLC      | 028-12126              |    000139785 | 801-66386         |
|     2 | Pacific Ridge Capital Partners LLC  | 028-15835              |    000152154 | 801-78126         |
|     3 | Ranger Investment Management L.P.   | 028-11311              |    000124414 | 801-62397         |
|     4 | JCSD Capital LLC                    | 028-16516              |    000163084 | 801-107372        |
|     5 | GLOBEFLEX CAPITAL L P               | 028-04886              |    000106417 | 801-45959         |
|     6 | Granahan Investment Management LLC  | 028-05876              |    000107745 | 801-23705         |
|     7 | Tieton Capital Management LLC       | 028-14613              |    000135769 | 801-66657         |
|     8 | Meros Investment Management LP      | 028-22239              |    000305152 | 801-117225        |
|     9 | Informed Momentum Co LLC            | 028-14070              |    000144908 | 801-70305         |
|    10 | Bridge City Capital LLC             | 028-18105              |    000148828 | 801-96252         |
|    11 | Riverwater Partners LLC             | 028-21541              |    000283540 | 801-117635        |
|    12 | KENNEDY CAPITAL MANAGEMENT LLC      | 028-03133              |    000105834 | 801-15323         |
|    13 | DIAMOND HILL CAPITAL MANAGEMENT INC | 028-10648              |    000110638 | 801-32176         |
|    14 | Peapod Lane Capital LLC             | 028-24668              |    000159963 | 801-129836        |
|    15 | NEXT CENTURY GROWTH INVESTORS LLC   | 028-06277              |    000108978 | 801-56049         |
|    16 | POLEN CAPITAL MANAGEMENT LLC        | 028-03687              |    000106093 | 801-15180         |
|    17 | Copeland Capital Management LLC     | 028-14668              |    000135822 | 801-68586         |
|    18 | Dean Capital Management             | 028-13367              |    000145666 | 801-68942         |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| A-MARK PRECIOUS METALS INC | COM | 00181T107 |  | 2190258 | 84664 | SH |  | OTR | 1 | 0 | 84664 | 0 |
| ARHAUS INC | COM CL A | 04035M102 |  | 3971294 | 373593 | SH |  | OTR | 1 | 0 | 373593 | 0 |
| FIRST INTERNET BANCORP | COM | 320557101 |  | 2351382 | 104832 | SH |  | OTR | 1 | 0 | 104832 | 0 |
| FLOTEK INDS INC DEL | COM NEW | 343389409 |  | 2970647 | 203469 | SH |  | OTR | 1 | 0 | 203469 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 3013950 | 780816 | SH |  | OTR | 1 | 0 | 780816 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 5074576 | 423234 | SH |  | OTR | 1 | 0 | 423234 | 0 |
| GREEN DOT CORP | CL A | 39304D102 |  | 3647736 | 271611 | SH |  | OTR | 1 | 0 | 271611 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | COM | 42330P107 |  | 4471362 | 681610 | SH |  | OTR | 1 | 0 | 681610 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 3436445 | 185353 | SH |  | OTR | 1 | 0 | 185353 | 0 |
| KORU MEDICAL SYSTEMS INC | COM | 759910102 |  | 2922627 | 763088 | SH |  | OTR | 1 | 0 | 763088 | 0 |
| LIGAND PHARMACEUTICALS INC | COM NEW | 53220K504 |  | 2390327 | 13494 | SH |  | OTR | 1 | 0 | 13494 | 0 |
| MARINEMAX INC | COM | 567908108 |  | 3331858 | 131538 | SH |  | OTR | 1 | 0 | 131538 | 0 |
| MECHANICS BANCORP | CL A | 43785V102 |  | 5101710 | 383299 | SH |  | OTR | 1 | 0 | 383299 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 3715697 | 92707 | SH |  | OTR | 1 | 0 | 92707 | 0 |
| ORION GROUP HLDGS INC | COM | 68628V308 |  | 4227658 | 508132 | SH |  | OTR | 1 | 0 | 508132 | 0 |
| OPORTUN FINL CORP | COM | 68376D104 |  | 5506410 | 892449 | SH |  | OTR | 1 | 0 | 892449 | 0 |
| PROGYNY INC | COM | 74340E103 |  | 2834722 | 131725 | SH |  | OTR | 1 | 0 | 131725 | 0 |
| PUBMATIC INC | COM CL A | 74467Q103 |  | 2944790 | 355651 | SH |  | OTR | 1 | 0 | 355651 | 0 |
| RED ROBIN GOURMET BURGERS IN | COM | 75689M101 |  | 3841641 | 560006 | SH |  | OTR | 1 | 0 | 560006 | 0 |
| RAMACO RES INC | COM CL A | 75134P600 |  | 3405626 | 102610 | SH |  | OTR | 1 | 0 | 102610 | 0 |
| RAMACO RES INC | COM CL B | 75134P501 |  | 3077169 | 182621 | SH |  | OTR | 1 | 0 | 182621 | 0 |
| RANGER ENERGY SVCS INC | COM CL A | 75282U104 |  | 3179765 | 226479 | SH |  | OTR | 1 | 0 | 226479 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 7309953 | 182886 | SH |  | OTR | 1 | 0 | 182886 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 3771506 | 891609 | SH |  | OTR | 1 | 0 | 891609 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 4232978 | 736170 | SH |  | OTR | 1 | 0 | 736170 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 4005019 | 2237441 | SH |  | OTR | 1 | 0 | 2237441 | 0 |
| URANIUM RTY CORP | COM | 91702V101 |  | 5042692 | 1172719 | SH |  | OTR | 1 | 0 | 1172719 | 0 |
| VISHAY PRECISION GROUP INC | COM | 92835K103 |  | 2765306 | 86281 | SH |  | OTR | 1 | 0 | 86281 | 0 |
| YATRA ONLINE INC | ORD SHS | G98338109 |  | 3740078 | 2671484 | SH |  | OTR | 1 | 0 | 2671484 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 99372 | 29400 | SH |  | OTR | 2 | 0 | 29400 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 81052 | 4868 | SH |  | OTR | 2 | 0 | 4868 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 110240 | 4000 | SH |  | OTR | 2 | 0 | 4000 | 0 |
| MARCHEX INC | CL B | 56624R108 |  | 88195 | 48829 | SH |  | OTR | 2 | 0 | 48829 | 0 |
| YEXT INC | COM | 98585N106 |  | 309702 | 36350 | SH |  | OTR | 2 | 0 | 36350 | 0 |
| ARTERIS INC | COM | 04302A104 |  | 160297 | 15871 | SH |  | OTR | 3 | 0 | 15871 | 0 |
| M-TRON INDS INC | COM | 55380K109 |  | 140420 | 2531 | SH |  | OTR | 3 | 0 | 2531 | 0 |
| TECHTARGET INC | COM NEW | 87874R308 |  | 156858 | 26998 | SH |  | OTR | 3 | 0 | 26998 | 0 |
| ALLOT LTD | SHS | M0854Q105 |  | 166624 | 15749 | SH |  | OTR | 3 | 0 | 15749 | 0 |
| RADCOM LTD | SHS NEW | M81865111 |  | 659049 | 45483 | SH |  | OTR | 3 | 0 | 45483 | 0 |
| SILICOM LTD | ORD | M84116108 |  | 486148 | 27435 | SH |  | OTR | 3 | 0 | 27435 | 0 |
| ACCURAY INC | COM | 004397105 |  | 3994850 | 2392126 | SH |  | OTR | 4 | 0 | 2392126 | 0 |
| ALPHA  OMEGA SEMICONDUCTOR | SHS | G6331P104 |  | 6736123 | 240920 | SH |  | OTR | 4 | 0 | 240920 | 0 |
| ANGIODYNAMICS INC | COM | 03475V101 |  | 5568580 | 498530 | SH |  | OTR | 4 | 0 | 498530 | 0 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 1453235 | 63377 | SH |  | OTR | 4 | 0 | 63377 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 2173668 | 205645 | SH |  | OTR | 4 | 0 | 205645 | 0 |
| CRA INTL INC | COM | 12618T105 |  | 2669184 | 12800 | SH |  | OTR | 4 | 0 | 12800 | 0 |
| HACKETT GROUP INC | COM | 404609109 |  | 2328725 | 122500 | SH |  | OTR | 4 | 0 | 122500 | 0 |
| HARVARD BIOSCIENCE INC | COM | 416906105 |  | 215344 | 491092 | SH |  | OTR | 4 | 0 | 491092 | 0 |
| MISTRAS GROUP INC | COM | 60649T107 |  | 6331873 | 643483 | SH |  | OTR | 4 | 0 | 643483 | 0 |
| NATURAL GAS SVCS GROUP INC | COM | 63886Q109 |  | 6065433 | 216700 | SH |  | OTR | 4 | 0 | 216700 | 0 |
| TELOS CORP MD | COM | 87969B101 |  | 5279201 | 771813 | SH |  | OTR | 4 | 0 | 771813 | 0 |
| TREACE MED CONCEPTS INC | COM | 89455T109 |  | 2020381 | 301100 | SH |  | OTR | 4 | 0 | 301100 | 0 |

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