XCel Brands
XELB on Nasdaq. Market value $4m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 11 funds in all.
Largest holders overall
- Summit Trail Advisors$596,585
- Potomac Capital Management$450,104Cut
- Citadel Advisors$86,927Added
- Geode Capital Management$50,075Cut
- Vanguard Capital Management$49,966Added
- Vanguard Fiduciary Trust$49,320New
- TWO Sigma Investments, LP$29,732Cut
- Susquehanna International Group, LLP$21,573New
- Morgan Stanley$18,000
- UBS Group AG$3,015Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Robert W. D'LorenInsider or founder19.0%Since 1 August 2025
What they said
This Amendment No. 7 amends and substitutes in its entirety Item 4 to state as follows: On August 1, 2025, the Reporting Person purchased 124,200 shares of common stock from the Issuer in connection with a best efforts public offering at a price of $1.10 per share. On August 1,…
Read the filing - Paul J. SolitPassive investorat least 10.0%+1.4 pts(filed with 3 related holders)Since 31 December 2025
- Mark DiSanto7.4%Since 1 August 2025
What they said
This Amendment No. 4 amends and substitutes in its entirety Item 4 to state as follows: On August 1, 2025, the Reporting Person purchased 91,800 shares of common stock from the Issuer in connection with a best efforts public offering at a price of $1.10 per share. On August 1,…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Robert W. D'Loren Insider or founder | 19.0% | 1 August 2025 | What they saidThis Amendment No. 7 amends and substitutes in its entirety Item 4 to state as follows: On August 1, 2025, the Reporting Person purchased 124,200 shares of common stock from the Issuer in connection with a best efforts public offering at a price of $1.10 per share. On August 1,… Read the filing |
Paul J. Solit Passive investor | at least 10.0%+1.4 pts (filed with 3 related holders) | 31 December 2025 | |
Mark DiSanto | 7.4% | 1 August 2025 | What they saidThis Amendment No. 4 amends and substitutes in its entirety Item 4 to state as follows: On August 1, 2025, the Reporting Person purchased 91,800 shares of common stock from the Issuer in connection with a best efforts public offering at a price of $1.10 per share. On August 1,… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $164,296 of shares on the open market.
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 28 August 2026
- Shares
- 3,500
- Price
- $0.95
- Value
- $3,343
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 27 August 2026
- Shares
- 2,000
- Price
- $0.95
- Value
- $1,910
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 26 August 2026
- Shares
- 10,000
- Price
- $0.95
- Value
- $9,550
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 24 August 2026
- Shares
- 10,000
- Price
- $0.88
- Value
- $8,750
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 21 August 2026
- Shares
- 12,000
- Price
- $0.87
- Value
- $10,428
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 17 December 2025
- Shares
- 81,466
- Price
- $1.17
- Value
- $95,315
- D LOREN ROBERT WCEO and Chairman, DirectorBought
- Date
- 5 December 2025
- Shares
- 50,000
- Price
- $0.35
- Value
- $17,500
- DiSanto MarkDirectorBought
- Date
- 5 December 2025
- Shares
- 50,000
- Price
- $0.35
- Value
- $17,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 3,500 | $0.95 | $3,343 |
| 27 August 2026 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 2,000 | $0.95 | $1,910 |
| 26 August 2026 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 10,000 | $0.95 | $9,550 |
| 24 August 2026 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 10,000 | $0.88 | $8,750 |
| 21 August 2026 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 12,000 | $0.87 | $10,428 |
| 17 December 2025 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 81,466 | $1.17 | $95,315 |
| 5 December 2025 | D LOREN ROBERT W CEO and Chairman, Director | Bought | 50,000 | $0.35 | $17,500 |
| 5 December 2025 | DiSanto Mark Director | Bought | 50,000 | $0.35 | $17,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in XCel Brands’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Apr 2026, plus the 10-Q filed 13 Aug 2026 and 6 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Although the Company has undertaken significant restructuring and cost reduction efforts, obtained additional funding through a combination of equity and debt financing transactions, and continues to explore strategic financing alternatives and operational efficiencies to improve liquidity, management has determined that there is nonetheless substantial doubt about the Company’s ability to meet its financial obligations as they become due within twelve months from the date these financial statements are issued.”
Show the full paragraph
The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring losses, a history of cash flows used in operating activities, and an accumulated deficit. Although the Company has undertaken significant restructuring and cost reduction efforts, obtained additional funding through a combination of equity and debt financing transactions, and continues to explore strategic financing alternatives and operational efficiencies to improve liquidity, management has determined that there is nonetheless substantial doubt about the Company’s ability to meet its financial obligations as they become due within twelve months from the date these financial statements are issued.
From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On September 15, 2025, the Audit Committee of the Board of Directors of Xcel Brands, Inc. (the “Company”) dismissed CBIZ CPAs P.C. (“CBIZ CPAs”) as the Company’s independent registered accounting firm.”
From an 8-K filed 19 September 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.