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FINDELL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1814465, New York, NY

FINDELL CAPITAL MANAGEMENT LLC reported $253,359,302 across 15 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 91.63% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000921895-25-003108

Period
2025-09-30
Reported value
$253M
Holdings
15
Top 10 weight
91.63%
New
8
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MLYSnew+250,000$9.48M
TPBnew+90,000$8.9M
SGHCnew+670,099$8.85M
DAVEnew+38,000$7.58M
BTUnew+235,000$6.23M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ODPreduced-771,000-$21.5M
VALexited-300,000-$12.6M
AEVAexited-200,000-$7.56M
CCexited-651,000-$7.45M
DAVAexited-380,000-$5.82M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0000921895-25-003108, largest first. % of portfolio is the value over $219,017,354, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,193,539 shares; 2024Q4: 3,080,000 shares; 2025Q1: 2,890,000 shares; 2025Q2: 3,000,000 shares; 2025Q3: 2,830,000 shares 2,830,000$64.4M29.38%-170,000Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,028,100 shares; 2024Q4: 1,346,480 shares; 2025Q1: 1,384,480 shares; 2025Q2: 1,379,480 shares; 2025Q3: 1,295,420 shares 1,295,420$53.1M24.24%-84,060Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,469,600 shares; 2024Q4: 3,469,600 shares; 2025Q1: 3,401,300 shares; 2025Q2: 2,836,300 shares; 2025Q3: 2,568,300 shares 2,568,300$15.8M7.24%-268,000Timeline
ODPTHE ODP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 245,000 shares; 2025Q1: 740,000 shares; 2025Q2: 1,305,000 shares; 2025Q3: 534,000 shares 534,000$14.9M6.79%-771,000Timeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 515,000 shares; 2025Q1: 750,000 shares; 2025Q2: 580,000 shares; 2025Q3: 560,000 shares 560,000$11.5M5.24%-20,000Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: not reported; 2025Q3: 250,000 shares 250,000$9.48M4.33%newTimeline
TPBTURNING PT BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares 90,000$8.9M4.06%newTimeline
SGHCSUPER GROUP SGHC LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 670,099 shares 670,099$8.85M4.04%newTimeline
DAVEDAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 38,000 shares 38,000$7.58M3.46%newTimeline
BTUPEABODY ENGR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 235,000 shares 235,000$6.23M2.85%newTimeline
ROOTROOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 87,917 shares; 2025Q3: 60,000 shares 60,000$5.37M2.45%-27,917Timeline
EHTHEHEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,180,000 shares; 2024Q4: 1,373,000 shares; 2025Q1: 1,266,000 shares; 2025Q2: 1,200,000 shares; 2025Q3: 1,225,000 shares 1,225,000$5.28M2.41%+25,000Timeline
SEZLSEZZLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 54,000 shares 54,000$4.29M1.96%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,000 shares 40,000$3.4M1.55%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
LQDALIQUIDIA CORPORATION Stockput1,510,200$34.3Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VALVALARIS LTD300,000$12.6Mshares
AEVAAEVA TECHNOLOGIES INC200,000$7.56Mshares
CCCHEMOURS CO651,000$7.45Mshares
DAVAENDAVA PLC380,000$5.82Mshares
LQDALIQUIDIA CORPORATION100,000$1.25Mcall

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000921895-25-003108 base2025-11-14acceptance time not in the bulk data set