M3F, Inc.

Hedge Fund • Long/Short

M3F, Inc. is a Long/Short Hedge Fund based in Salt Lake City, UT led by William Chester Waller, reporting $766.2M in AUM as of Q3 2025 with 51% Financial Services concentration, 80% concentrated in top 10 holdings, and 24% allocation to WLFC.

Managing PartnerWilliam Chester Waller

Portfolio Value: $352.9M
Positions: 28
Top Holding: WLFC at 23.54%
Last Reported: Q3 2025

Address2070 E 2100 S, Suite 250, Salt Lake City, UT, 84109, United States

Top Holdings

Largest long holdings in M3F, Inc.'s portfolio (79.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Willis Lease Finance WLFC	Rental & Leasing Services Industrials	$83.1M	23.54%	+$5.4M Bought	7.93% 606.0K shares	Q3 2017 Held for 8y 2m
2 Ponce Financial Group, Inc. PDLB	Banks - Regional Financial Services	$33.2M	9.40%	-$878.0K Sold	— 2.3M shares	Q1 2022 Held for 3y 8m
3 Air Lease AL	Rental & Leasing Services Industrials	$29.8M	8.44%	+$1.2M Bought	0.42% 467.9K shares	Q1 2025 Held for 8 months
4 AerCap Holdings N.V. AER	Rental & Leasing Services Industrials	$25.2M	7.15%	+$3.8M Bought	0.12% 208.5K shares	Q1 2025 Held for 8 months
5 Pioneer Bancorp, Inc. PBFS	Banks - Regional Financial Services	$24.6M	6.97%	-$2.7M Sold	7.44% 1.9M shares	Q3 2019 Held for 6y 2m
6 AerSale Corporation ASLE	Airlines, Airports & Air Services Industrials	$22.9M	6.48%	-$5.6M Sold	5.92% 2.8M shares	Q4 2024 Held for 11 months
7 NI Holdings NODK	Insurance - Property & Casualty Financial Services	$19.9M	5.63%	+$14.5K Bought	7.08% 1.5M shares	Q1 2017 Held for 8y 8m
8 Security National Financial Corporation SNFCA	Financial - Mortgages Financial Services	$19.4M	5.49%	+$44.2K Bought	8.19% 2.2M shares	Q1 2018 Held for 7y 8m
9 BankFinancial BFIN	Banks - Regional Financial Services	$12.0M	3.41%	-$785.2K Sold	8.03% 1.0M shares	Q3 2019 Held for 6y 2m
10 Rhinebeck Bancorp, Inc. RBKB	Banks - Regional Financial Services	$11.3M	3.21%	-$281.8K Sold	8.98% 997.8K shares	Q2 2020 Held for 5y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in M3F, Inc.'s latest filing

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Market Value

$352.9M

Prior: $353.5M

Q/Q Change

-0.159%

-$563.1K

Net Flows % of MV

-4.8%

Turnover Ratio

8.27%

New Purchases

2 stocks

$8.1M

Added To

10 stocks

+$12.6M

Sold Out Of

4 stocks

$20.3M

Reduced Holdings

15 stocks

-$17.3M

Increased Positions

Position	Shares Δ	Change
1 AVBC Avidia Bancorp, Inc. AVBC	New	0 → 328.8K +$4.9M
2 BBT BB&T Corporation BBT	New	0 → 133.1K +$3.2M
3 Winchester Bancorp, Inc. Common Stock WSBK	+39.16%	59.3K → 82.6K +$221.8K
4 Alerus Financial Corporation ALRS	+21.09%	216.7K → 262.4K +$1.0M
5 Broadway Financial BYFC	+19.02%	344.2K → 409.7K +$475.3K

Decreased Positions

Position	Shares Δ	Change
1 Eastern Bankshares, Inc. EBC	Sold	487.8K → 0 −$7.4M
2 Timberland Bancorp TSBK	Sold	171.4K → 0 −$5.3M
3 Brookline Bancorp BRKL	Sold	420.9K → 0 −$4.4M
4 Oak Valley Bancorp OVLY	Sold	113.8K → 0 −$3.1M
5 SHF Holdings, Inc. SHFS	-59.78%	278.3K → 111.9K −$1.2M