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FINDELL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1814465, New York, NY

FINDELL CAPITAL MANAGEMENT LLC reported $347,751,103 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 92.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000921895-26-000470

Period
2025-12-31
Reported value
$348M
Holdings
17
Top 10 weight
92.48%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ROOTadded+175,000$12.6M
CELHnew+210,000$9.61M
DAVEadded+32,000$7.09M
LRNnew+90,000$5.84M
ADMAnew+300,000$5.47M

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
ODPexited-534,000-$14.9M
ESTAreduced-164,960-$12M
MLYSreduced-200,000-$7.26M
BTUexited-235,000-$6.23M
SEZLexited-54,000-$4.29M

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, Q4 2025

Share positions as resolved from 13F-HR 0000921895-26-000470, largest first. % of portfolio is the value over $300,982,663, 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; 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; 2025Q4: 2,851,449 shares 2,851,449$98.3M32.68%+21,449Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,130,460 shares 1,130,460$82.4M27.37%-164,960Timeline
ROOTROOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 87,917 shares; 2025Q3: 60,000 shares; 2025Q4: 235,000 shares 235,000$17M5.64%+175,000Timeline
DAVEDAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 38,000 shares; 2025Q4: 70,000 shares 70,000$15.5M5.15%+32,000Timeline
TPBTURNING PT BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares; 2025Q4: 127,000 shares 127,000$13.8M4.57%+37,000Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,568,300 shares 2,568,300$13.6M4.51%0Timeline
SGHCSUPER GROUP SGHC LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 670,099 shares; 2025Q4: 940,000 shares 940,000$11.2M3.73%+269,901Timeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 515,000 shares; 2025Q1: 750,000 shares; 2025Q2: 580,000 shares; 2025Q3: 560,000 shares; 2025Q4: 650,000 shares 650,000$10.5M3.48%+90,000Timeline
CELHCELSIUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 210,000 shares 210,000$9.61M3.19%newTimeline
EHTHEHEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,408,975 shares 1,408,975$6.48M2.15%+183,975Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,000 shares; 2025Q4: 48,000 shares 48,000$6.47M2.15%+8,000Timeline
LRNSTRIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 90,000 shares 90,000$5.84M1.94%newTimeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares 300,000$5.47M1.82%newTimeline
VORVOR BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 231,000 shares 231,000$3.02M1%newTimeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: not reported; 2025Q3: 250,000 shares; 2025Q4: 50,000 shares 50,000$1.81M0.6%-200,000Timeline

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 Stockput1,200,000$41.4M-310,200
LQDALIQUIDIA CORPORATION Stockcall156,000$5.38Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
ODPTHE ODP CORP534,000$14.9Mshares
BTUPEABODY ENGR CORP235,000$6.23Mshares
SEZLSEZZLE INC54,000$4.29Mshares

How Q4 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 0000921895-26-000470 base2026-02-17acceptance time not in the bulk data set