Divisadero Street Capital Management, LP and related entities filed an amended Schedule 13G reporting a passive stake in Turning Point Brands, Inc. common stock. They report beneficial ownership of 531,214 shares, or 2.8% of the class as of the stated event date.
Divisadero Street Partners, L.P. and its general partner each report beneficial ownership of 341,597 shares, or 1.8% of the class. All securities are directly owned by advisory clients of Divisadero Street Capital Management, LP, and each reporting person disclaims beneficial ownership beyond its pecuniary interest. The filing certifies the holdings are not for the purpose of changing or influencing control of Turning Point Brands.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Turning Point Brands, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
90041L105
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
90041L105
1
Names of Reporting Persons
Divisadero Street Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
531,214.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
531,214.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
531,214.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
90041L105
1
Names of Reporting Persons
William Zolezzi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
531,214.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
531,214.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
531,214.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP No.
90041L105
1
Names of Reporting Persons
Divisadero Street Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
341,597.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
341,597.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
341,597.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.8 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
90041L105
1
Names of Reporting Persons
Divisadero Street Partners GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
341,597.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
341,597.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
341,597.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
90041L105
1
Names of Reporting Persons
Divisadero Street Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
531,214.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
531,214.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
531,214.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Turning Point Brands, Inc.
(b)
Address of issuer's principal executive offices:
5201 Interchange Way, Louisville, KY 40229
Item 2.
(a)
Name of person filing:
Divisadero Street Capital Management, LP
William Zolezzi
Divisadero Street Partners, L.P.
Divisadero Street Partners GP, LLC
Divisadero Street Capital, LLC
(b)
Address or principal business office or, if none, residence:
Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
William Zolezzi
c/o Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners, L.P.
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners GP, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Capital, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
(c)
Citizenship:
Divisadero Street Capital Management, LP - Delaware
William Zolezzi - United States
Divisadero Street Partners, L.P. - Delaware
Divisadero Street Partners GP, LLC - Delaware
Divisadero Street Capital, LLC - Delaware
(d)
Title of class of securities:
Common Stock, $0.01 par value
(e)
CUSIP No.:
90041L105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Divisadero Street Capital Management, LP - 531,214
William Zolezzi - 531,214
Divisadero Street Partners, L.P. - 341,597
Divisadero Street Partners GP, LLC - 341,597
Divisadero Street Capital, LLC - 531,214
(b)
Percent of class:
Divisadero Street Capital Management, LP - 2.8%
William Zolezzi - 2.8%
Divisadero Street Partners, L.P. - 1.8%
Divisadero Street Partners GP, LLC - 1.8%
Divisadero Street Capital, LLC - 2.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(ii) Shared power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 531,214
William Zolezzi - 531,214
Divisadero Street Partners, L.P. - 341,597
Divisadero Street Partners GP, LLC - 341,597
Divisadero Street Capital, LLC - 531,214
(iii) Sole power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(iv) Shared power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 531,214
William Zolezzi - 531,214
Divisadero Street Partners, L.P. - 341,597
Divisadero Street Partners GP, LLC - 341,597
Divisadero Street Capital, LLC - 531,214
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, $0.01 par value per share.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Divisadero Street Capital Management, LP
Signature:
By: Divisadero Street Capital LLC, its general partner, By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
02/13/2026
William Zolezzi
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi
Date:
02/13/2026
Divisadero Street Partners, L.P.
Signature:
By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
02/13/2026
Divisadero Street Partners GP, LLC
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
02/13/2026
Divisadero Street Capital, LLC
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
02/13/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
What stake does Divisadero Street Capital Management report in Turning Point Brands (TPB)?
Divisadero Street Capital Management, LP reports beneficial ownership of 531,214 Turning Point Brands shares, equal to 2.8% of the common stock. This reflects a minority, passive position reported on an amended Schedule 13G, below the 5% large-holder threshold.
Which entities are included in the Turning Point Brands (TPB) Schedule 13G/A filing?
The filing lists Divisadero Street Capital Management, LP, William Zolezzi, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, and Divisadero Street Capital, LLC. Each reports beneficial ownership in Turning Point Brands with varying share counts and percentage interests.
How many Turning Point Brands (TPB) shares do Divisadero Street Partners entities report?
Divisadero Street Partners, L.P. and Divisadero Street Partners GP, LLC each report beneficial ownership of 341,597 shares, or 1.8% of the common stock. Both entities show shared voting and dispositive power over the same 341,597 shares.
Is the Divisadero Street position in Turning Point Brands (TPB) intended to influence control?
The filing certifies the securities were not acquired and are not held to change or influence control of Turning Point Brands. It characterizes the holdings as passive under Schedule 13G, not part of any control-related transaction or activist effort.
Who directly owns the Turning Point Brands (TPB) shares reported by Divisadero Street?
All reported Turning Point Brands securities are directly owned by advisory clients of Divisadero Street Capital Management, LP. The filing notes that no advisory client may be deemed to beneficially own more than 5% of the common stock individually.
What is William Zolezzi’s reported beneficial ownership in Turning Point Brands (TPB)?
William Zolezzi is reported as beneficially owning 531,214 shares, or 2.8% of Turning Point Brands common stock, with shared voting and dispositive power. The filing states each reporting person disclaims beneficial ownership beyond their pecuniary interest.
