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III Capital Management

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13F filer, CIK 1783139, BOCA RATON, FL

III Capital Management reported $552,378,515 across 44 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 85.32% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001783139-25-000004

Period
2025-03-31
Reported value
$552M
Holdings
44
Top 10 weight
85.32%
New
14
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HYGnew+1,330,000$105M
DRVNnew+250,000$4.29M
BWAnew+140,000$4.01M
WDCadded+92,500$3.74M
OUTnew+224,874$3.63M

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
SPYexited-220,385-$129M
BKLNreduced-866,000-$17.9M
EXPEreduced-28,480-$4.79M
PPLIexited-100,000-$4.31M
XLPreduced-45,000-$3.68M

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, Q1 2025

Share positions as resolved from 13F-HR 0001783139-25-000004, largest first. % of portfolio is the value over $423,550,618, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HYGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,330,000 shares 1,330,000$105M24.77%newTimeline
BKLNINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,585,614 shares; 2024Q4: 5,585,614 shares; 2025Q1: 4,719,614 shares 4,719,614$97.7M23.07%-866,000Timeline
CHTRCHARTER COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,500 shares 13,500$4.98M1.17%+1,500Timeline
HRIHERC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,760 shares; 2024Q4: 27,520 shares; 2025Q1: 36,872 shares 36,872$4.95M1.17%+9,352Timeline
WDCWESTERN DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,650 shares; 2024Q4: 21,300 shares; 2025Q1: 113,800 shares 113,800$4.6M1.09%+92,500Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,000 shares 250,000$4.29M1.01%newTimeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,600 shares; 2024Q4: 69,516 shares; 2025Q1: 119,516 shares 119,516$4.26M1.01%+50,000Timeline
VSTSVESTIS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 257,964 shares; 2024Q4: 275,928 shares; 2025Q1: 411,241 shares 411,241$4.07M0.96%+135,313Timeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares 185,000$4.07M0.96%-115,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,724 shares; 2024Q4: 8,000 shares; 2025Q1: 7,000 shares 7,000$4.03M0.95%-1,000Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,334 shares; 2024Q4: not reported; 2025Q1: 140,000 shares 140,000$4.01M0.95%newTimeline
OUTOUTFRONT MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 224,874 shares 224,874$3.63M0.86%newTimeline
RTORENTOKIL INITIAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,015 shares; 2024Q4: 192,030 shares; 2025Q1: 157,030 shares 157,030$3.6M0.85%-35,000Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 26,000 shares; 2025Q1: 45,000 shares 45,000$3.42M0.81%+19,000Timeline
WYNNWYNN RESORTS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,942 shares; 2024Q4: 55,000 shares; 2025Q1: 30,000 shares 30,000$2.5M0.59%-25,000Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,267 shares; 2024Q4: 56,534 shares; 2025Q1: 26,534 shares 26,534$2.33M0.55%-30,000Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,000 shares 30,000$2.19M0.52%newTimeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 28,000 shares; 2025Q1: 17,500 shares 17,500$2.14M0.51%-10,500Timeline
URBNURBAN OUTFITTERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,000 shares 40,000$2.1M0.49%newTimeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,950 shares; 2024Q4: 139,900 shares; 2025Q1: 79,900 shares 79,900$2M0.47%-60,000Timeline
TPRTAPESTRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 27,000 shares 27,000$1.9M0.45%newTimeline
NXSTNEXSTAR MEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 16,000 shares; 2025Q1: 10,000 shares 10,000$1.79M0.42%-6,000Timeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 155,000 shares 155,000$1.66M0.39%newTimeline
LANDSEA HOMES CORPLANDSEA HOMES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,968 shares; 2024Q4: 363,444 shares; 2025Q1: 255,815 shares 255,815$1.64M0.39%-107,629
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,150 shares; 2024Q4: 64,300 shares; 2025Q1: 19,300 shares 19,300$1.58M0.37%-45,000Timeline
CCOICOGENT COMM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,000 shares 20,000$1.23M0.29%newTimeline
DLTRDOLLAR TREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares 15,000$1.13M0.27%newTimeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,240 shares; 2024Q4: 34,480 shares; 2025Q1: 6,000 shares 6,000$1.01M0.24%-28,480Timeline
KHCKRAFT HEINZ COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,915 shares; 2024Q4: 41,830 shares; 2025Q1: 31,830 shares 31,830$969K0.23%-10,000Timeline
NCLHNORWEGIAN CRUISE LINE HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,800 shares; 2024Q4: 75,600 shares; 2025Q1: 45,600 shares 45,600$865K0.2%-30,000Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 100 shares 100$461K0.11%newTimeline
GDENGOLDEN ENTMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,014 shares; 2024Q4: 52,028 shares; 2025Q1: 17,028 shares 17,028$449K0.11%-35,000Timeline
LZLEGALZOOM COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares 50,000$430K0.1%newTimeline
LUCID GROUP INCLUCID GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 115,527 shares; 2025Q1: 115,527 shares 115,527$280K0.07%0
BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,382 shares; 2024Q4: 52,382 shares; 2025Q1: 42,900 shares 42,900$36.2K0.01%-9,482

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
HYGISHARES TR IBOXX HI YD ETFcall1,500,000$118Mnew
LUCID GROUP INCLUCID GROUP INC COMput2,436,300$5.9M-1,454,200
PCGPG&E CORP Stockput284,000$4.88M-371,100
BYNDBEYOND MEAT INC COMput33,100$101Knew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
BOOKING HOLDINGS INCBOOKING HOLDINGS INC NOTE 0.750% 5/0principal27,714,000$68.1M-7,773,000
BENTLEY SYSTEMS INCBENTLEY SYSTEMS INC NOTE 0.125% 1/1principal35,605,000$34.4M0
INNOVIVA INCINNOVIVA INC NOTE 2.500% 8/1principal29,842,000$33.2M+12,000,000
SEAGATE HDD CAYMANSEAGATE HDD CAYMAN NOTE 3.500% 6/0principal3,547,000$4.27M-6,765,000
BEYOND MEAT INCBEYOND MEAT INC NOTE 3/1principal19,546,000$2.39M0

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T220,385$129Mshares
INSIGHT ENTERPRISES INCINSIGHT ENTERPRISES INC21,595,000$48.6Mprincipal
ETSY INCETSY INC29,119,000$28.2Mprincipal
PG&E CORPPG&E CORP23,468,000$25.5Mprincipal
PPLIPEOPLE INC100,000$4.31Mshares
WWAYFAIR INC38,000$1.68Mshares
BELFBBEL FUSE INC3,869$319Kshares

How Q1 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 0001783139-25-000004 base2025-05-15acceptance time not in the bulk data set