Voss Capital’s Q4 2025 Investor Letter

Voss Capital, LLC, an investment management company, released its fourth-quarter 2025 investor letter. Voss Capital’s funds, Voss Value Fund, LP, and the Voss Value Offshore Fund, Ltd returned -2.1% and -2.2%, respectively, to investors net of fees and expenses, in the fourth quarter compared to a +2.2% return for the Russell 2000 Index, +3.3% return for the Russell 2000 Value Index, and +2.7% return for the S&P 500 Index. The Voss Value Master Fund’s total gross exposure stood at 158.7%, and the delta-adjusted was 78.8% as of December 31, 2025. The weight of the Fund’s top 10 longs...