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      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001524828</cik>
          <ccc>XXXXXXXX</ccc>
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      <flags>
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      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>Acuitas Investments, LLC</name>
        <phoneNumber>206-299-2073</phoneNumber>
        <address>
          <com:street1>520 PIKE STREET</com:street1>
          <com:street2>SUITE 1221</com:street2>
          <com:city>SEATTLE</com:city>
          <com:stateOrCountry>WA</com:stateOrCountry>
          <com:zipCode>98101</com:zipCode>
        </address>
      </reportingPerson>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER COMBINATION REPORT</reportType>
        <confidentialTreatment>N</confidentialTreatment>
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      <fileNumber>028-16461</fileNumber>
      <reportingCrdNumber>000155782</reportingCrdNumber>
      <reportingSecFileNumber>801-79447</reportingSecFileNumber>
      <otherManagersInfo>
        <otherManager>
          <otherFileNumber>811-23484</otherFileNumber>
          <managerName>Acuitas Small Cap Active ETF</managerName>
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      <explanatoryInformation>
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    <signaturePage>
      <reportingPerson>Acuitas Investments, LLC</reportingPerson>
      <txSignature>Lisa Thenell</txSignature>
      <txPrintedSignature>Lisa Thenell</txPrintedSignature>
      <txTitle>Chief Compliance Officer/Chief Operating Officer</txTitle>
      <txAsOfDate>08/18/2026</txAsOfDate>
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