Financial Opportunity Fund and Martin Friedman Disclose 6.75% of ESSA

Rhea-AI Filing Summary

FJ Capital Management LLC, Financial Opportunity Fund LLC and individual Martin Friedman disclosed collective ownership of 684,979 shares of ESSA Bancorp common stock, representing 6.75% of the class as of the reporting event on 06/30/2025. The filing shows the reported shares are held by Financial Opportunity Fund LLC, with FJ Capital Management LLC as managing member and Mr. Friedman identified as managing member of FJ Capital. The report indicates shared voting and dispositive power over the shares and no sole voting or dispositive power.

The Schedule 13G/A includes signed certifications dated 07/16/2025 stating the shares were not acquired to change or influence control of the issuer. The filing lists the principal business address for the reporting persons in McLean, Virginia, and provides clear itemized ownership details required under Rule 13d reporting.

Positive

• Material disclosure of a significant holding: 684,979 shares representing 6.75% of ESSA common stock
• Clear ownership structure identifying Financial Opportunity Fund LLC as holder and FJ Capital Management LLC and Martin Friedman as managing members
• Certification of passive intent stating the shares were not acquired to change or influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: A disclosed 6.75% stake is material and could draw investor attention, though the filers assert passive intent.

The filing reports a materially significant holding of 684,979 shares (6.75%), which exceeds common 5% disclosure thresholds and therefore is notable to the market. The reporting structure—shares held by Financial Opportunity Fund LLC with FJ Capital as managing member and Martin Friedman as managing member—creates a layered ownership disclosure but indicates shared rather than sole voting or dispositive power. The certification that the position was not acquired to influence control frames the stake as passive under Rule 13d-1(b), yet the size of the holding makes future filings or communications by the holders potentially market-moving.

Corporate Governance Expert

TL;DR: Ownership structure is transparent and compliant; absence of sole control limits immediate governance implications.

The Schedule 13G/A provides required disclosure and signatures, clarifying that the reported shares are held by an investment vehicle and managed by FJ Capital and Mr. Friedman. Crucially, the filing shows no sole voting or dispositive power and includes a certification that the position is not intended to change control. From a governance perspective, this limits immediate board or control concerns. However, the >5% threshold means stakeholders should monitor any subsequent amendments or Schedule 13D filings that would signal an active intent to influence governance.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

ESSA Bancorp (ESSA)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29667D104

(CUSIP Number)

06/30/2025

(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. 29667D104

1

Names of Reporting Persons

FJ Capital Management 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
6	Shared Voting Power 684,979.00
7	Sole Dispositive Power
8	Shared Dispositive Power 684,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

684,979.00

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)

6.75 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 684,979 shares of common stock of the Issuer held by Financial Opportunity Fund LLC of which FJ Capital Management LLC is the managing member; as such, the Reporting Person may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 29667D104

1

Names of Reporting Persons

Financial Opportunity Fund 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
6	Shared Voting Power 684,979.00
7	Sole Dispositive Power
8	Shared Dispositive Power 684,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

684,979.00

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)

6.75 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 684,979 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 29667D104

1

Names of Reporting Persons

Martin Friedman

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
6	Shared Voting Power 684,979.00
7	Sole Dispositive Power
8	Shared Dispositive Power 684,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

684,979.00

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)

6.75 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 684,979 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of reported shares but as to which Mr. Friedman disclaims beneficial ownership.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ESSA Bancorp (ESSA)
(b)	Address of issuer's principal executive offices: 200 Palmer Street, Stroudsburg, PA 18360
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 29667D104
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: FJ Capital Management LLC - 684,979 shares Financial Opportunity Fund LLC - 684,979 shares Martin Friedman - 684,979 shares
(b)	Percent of class: FJ Capital Management LLC - 6.75% Financial Opportunity Fund LLC - 6.75% Martin Friedman - 6.75%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 684,979 shares Financial Opportunity Fund LLC - 684,979 shares Martin Friedman - 684,979 shares
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 684,979 shares Financial Opportunity Fund LLC - 684,979 shares Martin Friedman - 684,979 shares
Item 5.	Ownership of 5 Percent or Less of a Class.

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.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

FAQ

How many ESSA (ESSA) shares were disclosed by FJ Capital and affiliates?

The filing discloses 684,979 shares of ESSA common stock.

What percentage of ESSA does the disclosed stake represent?

The reported position represents 6.75% of the class of ESSA common stock.

Who are the reporting persons named in the Schedule 13G/A for ESSA?

Reported filers are FJ Capital Management LLC, Financial Opportunity Fund LLC and Martin Friedman.

Do the reporting persons claim voting or dispositive control over the ESSA shares?

The filing shows shared voting and shared dispositive power of 684,979 shares and no sole voting or sole dispositive power.

When was the Schedule 13G/A certified and signed?

Signatures and certifications are dated 07/16/2025, referencing a reportable event date of 06/30/2025.