Alerus Financial Corporation
US ˙ NasdaqCM ˙ US01446U1034

SecurityALRS / Alerus Financial Corporation
InstitutionMorgan Stanley
Latest Disclosed Ownership272,989 shares
Latest Disclosed Value $ 6,472,580
Morgan Stanley reports 10.38% decrease in ownership of ALRS / Alerus Financial Corporation

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 272,989 shares of Alerus Financial Corporation (US:ALRS) valued at $6,472,569 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 304,602 shares of Alerus Financial Corporation. This represents a change in shares of -10.38% during the quarter. The current value of the position is $7,903,032 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)
2026-05-15 2026-03-31 13F ALERUS FINL COM 01446U103 272,989 -31,613 -10.38 6,473 -5.64 0.0004
2026-05-27 2025-12-31 13F/A-1 ALERUS FINL COM 01446U103 304,602 -3,654 -1.19 6,860 0.51 0.0004
2026-02-13 2025-12-31 13F ALERUS FINL COM 01446U103 304,602 -3,654 6,860 0.0004
2026-05-27 2025-09-30 13F/A-1 ALERUS FINL COM 01446U103 308,256 50,498 19.59 6,825 22.36 0.0004
2025-11-14 2025-09-30 13F ALERUS FINL COM 01446U103 308,256 50,498 6,825 0.0004
2025-08-15 2025-06-30 13F ALERUS FINL COM 01446U103 257,758 175,942 215.05 5,578 269.34 0.0004
2025-05-15 2025-03-31 13F ALERUS FINL COM 01446U103 81,816 -13,345 -14.02 1,510 -17.49 0.0001
2025-05-15 2024-12-31 13F/A-1 ALERUS FINL COM 01446U103 95,161 15,543 19.52 1,831 0.49 0.0001
2025-02-14 2024-12-31 13F ALERUS FINL COM 01446U103 95,161 15,543 1,831 0.0001
2025-05-14 2024-09-30 13F/A-2 ALERUS FINL COM 01446U103 79,618 20,918 35.64 1,822 58.21 0.0001
2025-02-14 2024-09-30 13F/A-1 ALERUS FINL COM 01446U103 79,618 20,918 1,822 0.0001
2024-11-14 2024-09-30 13F ALERUS FINL COM 01446U103 79,618 20,918 1,822 0.0000
2025-05-14 2024-06-30 13F/A-2 ALERUS FINL COM 01446U103 58,700 -505 -0.85 1,151 -10.91 0.0001
2024-10-17 2024-06-30 13F/A-1 ALERUS FINL COM 01446U103 58,700 -505 1,151 0.0001
2024-08-14 2024-06-30 13F ALERUS FINL COM 01446U103 58,700 -505 1,151 0.0001
2024-10-17 2024-03-31 13F/A-2 ALERUS FINL COM 01446U103 59,205 -31,687 -34.86 1,292 -36.51 0.0001
2024-08-16 2024-03-31 13F/A-1 ALERUS FINL COM 01446U103 59,205 -31,687 1,292 0.0000
2024-05-15 2024-03-31 13F ALERUS FINL COM 01446U103 59,205 -31,687 1,292 0.0001
2024-08-16 2023-12-31 13F/A-1 ALERUS FINL COM 01446U103 90,892 37,285 69.55 2,035 108.93 0.0002
2024-02-13 2023-12-31 13F ALERUS FINL COM 01446U103 90,892 37,285 2,035 0.0002
2023-11-15 2023-09-30 13F ALERUS FINL COM 01446U103 53,607 -1,866 -3.36 975 -2.31 0.0001
2023-08-14 2023-06-30 13F ALERUS FINL COM 01446U103 55,473 -2,175 -3.77 997 7.78 0.0001
2023-05-15 2023-03-31 13F ALERUS FINL COM 01446U103 57,648 44,380 334.49 925 199.35 0.0001
2023-02-14 2022-12-31 13F ALERUS FINL COM 01446U103 13,268 -13,538 -50.50 310 -47.89 0.0000
2022-11-14 2022-09-30 13F ALERUS FINL COM 01446U103 26,806 -5,279 -16.45 593 -22.38 0.0001
2022-10-27 2022-06-30 13F/A-1 ALERUS FINL COM 01446U103 32,085 -12,360 -27.81 764 -37.79 0.0001
2022-08-15 2022-06-30 13F ALERUS FINL COM 01446U103 32,085 -12,360 764 0.0001
2022-10-27 2022-03-31 13F/A-1 ALERUS FINL COM 01446U103 44,445 20,579 86.23 1,228 75.68 0.0002
2022-05-13 2022-03-31 13F ALERUS FINL COM 01446U103 44,445 20,579 1,228 0.0002
2022-02-14 2021-12-31 13F ALERUS FINL COM 01446U103 23,866 226 0.96 699 -0.99 0.0001
2021-11-15 2021-09-30 13F ALERUS FINL COM 01446U103 23,640 -475 -1.97 706 0.86 0.0001
2021-08-23 2021-06-30 13F/A-1 ALERUS FINL COM 01446U103 24,115 -109 -0.45 700 -2.91 0.0001
2021-08-16 2021-06-30 13F ALERUS FINL COM 01446U103 24,115 -109 700 0.0000
2021-05-17 2021-03-31 13F ALERUS FINL COM 01446U103 24,224 -25,374 -51.16 721 -46.91 0.0001
2021-02-16 2020-12-31 13F ALERUS FINL COM 01446U103 49,598 33,283 204.00 1,358 324.38 0.0002
2020-11-13 2020-09-30 13F ALERUS FINL COM 01446U103 16,315 1,191 7.87 320 7.02 0.0001
2020-08-14 2020-06-30 13F ALERUS FINL COM 01446U103 15,124 4,071 36.83 299 63.39 0.0001
2020-05-26 2020-03-31 13F/A-1 ALERUS FINL COM 01446U103 11,053 6,734 155.92 183 84.85 0.0000
2020-05-15 2020-03-31 13F ALERUS FINL COM 01446U103 11,053 6,734 183 14.0582
2020-02-14 2019-12-31 13F ALERUS FINL COM 01446U103 4,319 4,319 99 0.0000
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.