비즈니스 퍼스트 Bancshares, Inc.
US ˙ NasdaqGS ˙ US12326C1053

SecurityBFST / Business First Bancshares, Inc.
InstitutionQUANTITATIVE MASTER SERIES LLC - Master Small Cap Index Series
Latest Disclosed Ownership49,345 shares
Latest Disclosed Value $ 1,216,354
QUANTITATIVE MASTER SERIES LLC - Master Small Cap Index Series reports 18.89% increase in ownership of BFST / Business First Bancshares, Inc.

On August 26, 2025 - QUANTITATIVE MASTER SERIES LLC - Master Small Cap Index Series filed a NPORT-P form disclosing ownership of 49,345 shares of Business First Bancshares, Inc. (US:BFST) valued at $1,216,354 USD as of June 30, 2025. The entity filed a previous NPORT-P on May 28, 2025 disclosing 41,504 shares of Business First Bancshares, Inc.. This represents a change in shares of 18.89% during the quarter. The current value of the position is $1,403,865 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-08-26 2025-06-30 NP Business First Bancshares EC US12326C1053 49,345 7,841 18.89 1,216 20.40 0.0273
2025-05-28 2025-03-31 NP Business First Bancshares EC US12326C1053 41,504 1,667 4.18 1,011 -1.27 0.0242
2025-02-25 2024-12-31 NP Business First Bancshares EC US12326C1053 39,837 -8,238 -17.14 1,024 -17.10 0.0224
2024-11-26 2024-09-30 NP Business First Bancshares EC US12326C1053 48,075 2,385 5.22 1,234 24.14 0.0233
2024-08-26 2024-06-30 NP Business First Bancshares EC US12326C1053 45,690 2,215 5.09 994 2.69 0.0202
2024-05-28 2024-03-31 NP Business First Bancshares EC US12326C1053 43,475 0 0.00 969 -9.62 0.0202
2024-02-26 2023-12-31 NP Business First Bancshares EC US12326C1053 43,475 2,124 5.14 1,072 38.19 0.0229
2023-11-28 2023-09-30 NP Business First Bancshares EC US12326C1053 41,351 -2,054 -4.73 776 18.50 0.0202
2023-08-25 2023-06-30 NP Business First Bancshares EC US12326C1053 43,405 6,056 16.21 654 2.35 0.0155
2023-05-26 2023-03-31 NP Business First Bancshares EC US12326C1053 37,349 4,668 14.28 640 -11.62 0.0170
2023-02-24 2022-12-31 NP Business First Bancshares EC US12326C1053 32,681 -26 -0.08 724 2.70 0.0199
2022-11-25 2022-09-30 NP Business First Bancshares EC US12326C1053 32,707 0 0.00 704 1.15 0.0202
2022-08-25 2022-06-30 NP Business First Bancshares EC US12326C1053 32,707 4,074 14.23 697 0.00 0.0192
2022-05-26 2022-03-31 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 697 -14.07 0.0162
2022-02-25 2021-12-31 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 811 21.08 0.0176
2021-11-24 2021-09-30 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 670 1.83 0.0148
2021-08-26 2021-06-30 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 657 -4.09 0.0141
2021-05-27 2021-03-31 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 685 17.70 0.0155
2021-02-25 2020-12-31 NP Business First Bancshares EC US12326C1053 28,633 0 0.00 583 35.66 0.0149
2020-11-25 2020-09-30 NP Business First Bancshares EC US12326C1053 28,633 7,271 34.04 429 31.19 0.0138
2020-08-27 2020-06-30 NP Business First Bancshares EC US12326C1053 21,362 828 4.03 328 18.05 0.0107
2020-06-01 2020-03-31 NP Business First Bancshares EC US12326C1053 20,534 1,256 6.52 277 -42.29 0.0113
2020-02-27 2019-12-31 NP Business First Bancshares EC 12326C105 19,278 399 2.11 481 4.35 0.0145
2019-11-27 2019-09-30 NP Business First Bancshares EC US12326C1053 18,879 18,879 461 0.0152
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.