MasterCraft Boat Holdings, Inc. received an updated ownership report from Divisar Capital Management LLC and its CEO, Steven Baughman, on a Schedule 13G/A. The Reporting Persons together report beneficial ownership of 726,876 shares of MasterCraft common stock, representing 4.5% of the class.
The percentage is based on 16,288,798 shares of common stock outstanding as of October 31, 2025, as disclosed by MasterCraft. Divisar and Baughman report shared voting and shared dispositive power over these 726,876 shares, with no sole voting or dispositive power.
They state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of MasterCraft, consistent with a passive investment stance under the Schedule 13G framework.
What ownership stake in MCFT does Divisar Capital report on this Schedule 13G/A?
Divisar Capital and Steven Baughman report beneficial ownership of 726,876 shares of MasterCraft Boat Holdings common stock, representing 4.5% of the outstanding class. This stake is calculated using 16,288,798 shares outstanding as of October 31, 2025, as disclosed by MasterCraft.
Who are the reporting persons in the MasterCraft (MCFT) Schedule 13G/A filing?
The Schedule 13G/A lists Divisar Capital Management, LLC and its CEO, Steven Baughman, as the reporting persons. Both are deemed beneficial owners of the same 726,876 MasterCraft shares, with shared voting and dispositive power over the position described in the filing.
How much voting power over MCFT shares does Divisar Capital report?
Divisar Capital and Steven Baughman report no sole voting power and shared voting power over 726,876 MasterCraft shares. They also report shared dispositive power over the same number of shares, reflecting joint authority over how these securities are voted and potentially sold.
Is Divisar Capital’s MCFT stake considered a passive investment?
Yes. The certification states the MasterCraft securities were acquired and are held in the ordinary course of business and not to change or influence control. This language aligns with a passive investment posture typical for Schedule 13G filers under SEC rules.
What percentage of MCFT’s outstanding shares does 726,876 shares represent?
The filing states that 726,876 MasterCraft shares represent 4.5% of the class. This percentage is based on 16,288,798 shares of common stock outstanding as of October 31, 2025, as reported by MasterCraft in a Form 10-Q filed with the SEC.
Does the MCFT Schedule 13G/A indicate Divisar owns shares directly or through funds?
Divisar Capital is described as investment adviser and general partner to certain funds holding the MasterCraft shares. The filing explains Divisar and CEO Steven Baughman may be deemed beneficial owners of all shares held by these funds, reflecting indirect ownership through managed vehicles.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
MasterCraft Boat Holdings, Inc.
(Name of Issuer)
Common Stock, par value $0.01
(Title of Class of Securities)
57637H103
(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.
57637H103
1
Names of Reporting Persons
Divisar 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
0.00
6
Shared Voting Power
726,876.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
726,876.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
726,876.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
IA, OO, HC
SCHEDULE 13G
CUSIP No.
57637H103
1
Names of Reporting Persons
Steven Baughman
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
726,876.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
726,876.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
726,876.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
This statement is filed by the entities and persons listed below, who are collectively referred herein as "Reporting Persons", with respect to the shares of Common Stock (as defined in Item 2(d) below) of the Company:
(i) Divisar Capital Management, LLC
(ii) Steven Baughman
(b)
Address or principal business office or, if none, residence:
(i) Divisar Capital Management, LLC
275 Sacramento Street, 8th Floor
San Francisco, CA 94111
(ii) Steven Baughman
c/o Divisar Capital Management, LLC
275 Sacramento Street, 8th Floor
San Francisco, CA 94111
(c)
Citizenship:
(i) Divisar Capital Management, LLC - DE
(ii) Steven Baughman - USA
(d)
Title of class of securities:
Common Stock, par value $0.01
(e)
CUSIP No.:
57637H103
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:
Divisar Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Divisar Capital Management, LLC, which serves as the general partner and investment manager to each of Divisar Partners QP, L.P. and Divisar Partners, L.P., (collectively the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Steven Baughman, as CEO of Divisar Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that either of the Funds are the beneficial owner of any of the securities reported herein.
Divisar Capital Management, LLC
Amount beneficially owned: 726,876
Steven Baughman
Amount beneficially owned: 726,876
(b)
Percent of class:
Based on 16,288,798 shares of Common Stock as of October 31, 2025, as represented by the Issuer in Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 6, 2025.
Divisar Capital Management, LLC
Percent of Class: 4.5%
Steven Baughman
Percent of Class: 4.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Divisar Capital Management, LLC
Sole power to vote or to direct vote: 0
Steven Baughman
Sole power to vote or to direct vote: 0
(ii) Shared power to vote or to direct the vote:
Divisar Capital Management, LLC
Shared power to vote or to direct vote: 726,876
Steven Baughman
Shared power to vote or to direct vote: 726,876
(iii) Sole power to dispose or to direct the disposition of:
Divisar Capital Management, LLC
Sole power to dispose or to direct the disposition of: 0
Steven Baughman
Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of:
Divisar Capital Management, LLC
Shared power to dispose or to direct the disposition of: 726,876
Steven Baughman
Shared power to dispose or to direct the disposition of: 726,876
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.
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 securities referred to above were acquired and are held in the ordinary course of business and 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.
