De Lisle Partners reports 5.1% FS Bancorp (FSBW) ownership stake

Rhea-AI Filing Summary

FS Bancorp, Inc. shareholder De Lisle Partners LLP filed a Schedule 13G reporting beneficial ownership of 385,451 shares of common stock, equal to 5.1% of the class. The firm reports sole voting and sole dispositive power over all these shares, with no shared authority.

The filing identifies FS Bancorp, Inc. as the issuer and lists the CUSIP 30263Y104. The Schedule 13G is filed as an institutional investment manager, with Isabelle Cordwell-Riant, a United Kingdom citizen and Head of Finance and Compliance, signing and certifying the information.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FS Bancorp, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

30263Y104

(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. 30263Y104

1

Names of Reporting Persons

De Lisle Partners LLP

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 385,451.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 385,451.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

385,451.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FS Bancorp, Inc.
(b)	Address of issuer's principal executive offices: 6920 220TH STREET SW, MOUNTLAKE TERRACE, WASHINGTON, 98043
Item 2.
(a)	Name of person filing: Isabelle Cordwell-Riant
(b)	Address or principal business office or, if none, residence: 3 Firs Lane, Poole, BH14 8JG, United Kingdom
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 30263Y104
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).
	Institutional Investment Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 385,451
(b)	Percent of class: 5.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 385,451
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 385,451
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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 foreign regulatory scheme applicable to Institutional Investment Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

De Lisle Partners LLP

Signature:	Isabelle Cordwell-Riant
Name/Title:	Head of Finance and Compliance
Date:	02/11/2026

FAQ

What does the Schedule 13G filing reveal about FS Bancorp (FSBW) ownership?

The Schedule 13G shows De Lisle Partners LLP beneficially owns 385,451 FS Bancorp common shares, representing 5.1% of the class. This crosses the 5% threshold that triggers reporting and indicates a significant institutional position in the company’s common stock.

Who is the reporting person in the FS Bancorp (FSBW) Schedule 13G filing?

The reporting person is De Lisle Partners LLP, identified as an institutional investment manager. The filing is signed by Isabelle Cordwell-Riant, Head of Finance and Compliance, who certifies the information and notes her citizenship as United Kingdom with an address in Poole, United Kingdom.

How many FS Bancorp (FSBW) shares does De Lisle Partners control and what voting power?

De Lisle Partners reports beneficial ownership of 385,451 FS Bancorp common shares. It has sole power to vote or direct the vote for 385,451 shares and sole power to dispose or direct the disposition of the same amount, with no shared voting or dispositive power reported.

What percentage of FS Bancorp (FSBW) common stock is reported as owned?

The Schedule 13G states that 385,451 FS Bancorp common shares represent 5.1% of the outstanding class. This percentage indicates a meaningful, but not controlling, institutional stake that meets the regulatory threshold requiring public disclosure of beneficial ownership.

When did the ownership level triggering this FS Bancorp (FSBW) Schedule 13G occur?

The date of the event requiring the filing is reported as December 31, 2025. That date reflects when the beneficial ownership position, including 385,451 common shares and 5.1% of the class, reached a level that triggered the Schedule 13G reporting requirement.

What type of filer is De Lisle Partners in the FS Bancorp (FSBW) Schedule 13G?

De Lisle Partners is classified as an institutional investment manager for this filing. The certification states the foreign regulatory scheme applicable to the institutional investment manager is substantially comparable to that applied to functionally equivalent U.S. institutions, supporting its eligibility to file on Schedule 13G.