Skip to content
Disclosery

III Capital Management

Follow

13F filer, CIK 1783139, BOCA RATON, FL

III Capital Management reported $557,803,404 across 52 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 84.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001783139-25-000006

Period
2025-06-30
Reported value
$558M
Holdings
52
Top 10 weight
84.79%
New
17
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+329,200$203M
VCSHnew+2,160,000$172M
RSPnew+50,000$9.09M
CRHadded+29,000$2.66M
DLTRadded+25,000$2.48M

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
BKLNexited-4,719,614-$97.7M
HYGreduced-1,081,000-$87.2M
CARreduced-34,500-$5.83M
CHTRreduced-5,000-$2.04M
WDCreduced-30,900-$1.98M

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, Q2 2025

Share positions as resolved from 13F-HR 0001783139-25-000006, largest first. % of portfolio is the value over $554,396,343, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 220,385 shares; 2025Q1: not reported; 2025Q2: 329,200 shares 329,200$203M36.69%newTimeline
VCSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,160,000 shares 2,160,000$172M30.97%newTimeline
HYGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,330,000 shares; 2025Q2: 249,000 shares 249,000$20.1M3.62%-1,081,000Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,000 shares 50,000$9.09M1.64%newTimeline
WDCWESTERN DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,650 shares; 2024Q4: 21,300 shares; 2025Q1: 113,800 shares; 2025Q2: 82,900 shares 82,900$5.3M0.96%-30,900Timeline
HRIHERC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,760 shares; 2024Q4: 27,520 shares; 2025Q1: 36,872 shares; 2025Q2: 39,969 shares 39,969$5.26M0.95%+3,097Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,267 shares; 2024Q4: 56,534 shares; 2025Q1: 26,534 shares; 2025Q2: 55,534 shares 55,534$5.1M0.92%+29,000Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,600 shares; 2024Q4: 69,516 shares; 2025Q1: 119,516 shares; 2025Q2: 158,849 shares 158,849$4.83M0.87%+39,333Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 28,000 shares; 2025Q1: 17,500 shares; 2025Q2: 34,500 shares 34,500$4.82M0.87%+17,000Timeline
OUTOUTFRONT MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 224,874 shares; 2025Q2: 289,819 shares 289,819$4.73M0.85%+64,945Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,724 shares; 2024Q4: 8,000 shares; 2025Q1: 7,000 shares; 2025Q2: 6,000 shares 6,000$4.43M0.8%-1,000Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,334 shares; 2024Q4: not reported; 2025Q1: 140,000 shares; 2025Q2: 132,000 shares 132,000$4.42M0.8%-8,000Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares 250,000$4.39M0.79%0Timeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 204,000 shares 204,000$4.39M0.79%+19,000Timeline
URBNURBAN OUTFITTERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,000 shares; 2025Q2: 55,000 shares 55,000$3.99M0.72%+15,000Timeline
DLTRDOLLAR TREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,000 shares; 2025Q2: 40,000 shares 40,000$3.96M0.71%+25,000Timeline
CHTRCHARTER COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,500 shares; 2025Q2: 8,500 shares 8,500$3.47M0.63%-5,000Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,950 shares; 2024Q4: 139,900 shares; 2025Q1: 79,900 shares; 2025Q2: 99,900 shares 99,900$2.84M0.51%+20,000Timeline
RTORENTOKIL INITIAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,015 shares; 2024Q4: 192,030 shares; 2025Q1: 157,030 shares; 2025Q2: 112,030 shares 112,030$2.69M0.48%-45,000Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,000 shares; 2025Q2: 25,657 shares 25,657$2.39M0.43%-4,343Timeline
WYNNWYNN RESORTS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,942 shares; 2024Q4: 55,000 shares; 2025Q1: 30,000 shares; 2025Q2: 25,000 shares 25,000$2.34M0.42%-5,000Timeline
WSMWILLIAMS SONOMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,600 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 13,000 shares 13,000$2.12M0.38%newTimeline
KHCKRAFT HEINZ COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,915 shares; 2024Q4: 41,830 shares; 2025Q1: 31,830 shares; 2025Q2: 76,830 shares 76,830$1.98M0.36%+45,000Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 45,000 shares 45,000$1.95M0.35%newTimeline
TPRTAPESTRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 27,000 shares; 2025Q2: 21,000 shares 21,000$1.84M0.33%-6,000Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 26,000 shares; 2025Q1: 45,000 shares; 2025Q2: 10,500 shares 10,500$1.78M0.32%-34,500Timeline
NCLHNORWEGIAN CRUISE LINE HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,800 shares; 2024Q4: 75,600 shares; 2025Q1: 45,600 shares; 2025Q2: 85,600 shares 85,600$1.74M0.31%+40,000Timeline
RLRALPH LAUREN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,000 shares 6,000$1.65M0.3%newTimeline
MHKMOHAWK INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares 15,000$1.57M0.28%newTimeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,150 shares; 2024Q4: 64,300 shares; 2025Q1: 19,300 shares; 2025Q2: 19,300 shares 19,300$1.56M0.28%0Timeline
NXSTNEXSTAR MEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 16,000 shares; 2025Q1: 10,000 shares; 2025Q2: 9,000 shares 9,000$1.56M0.28%-1,000Timeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares 15,000$1.17M0.21%newTimeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,995 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares 30,000$868K0.16%newTimeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,240 shares; 2024Q4: 34,480 shares; 2025Q1: 6,000 shares; 2025Q2: 5,000 shares 5,000$843K0.15%-1,000Timeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares 2,000$700K0.13%newTimeline
CABOCABLE ONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,000 shares 4,000$543K0.1%newTimeline
GDENGOLDEN ENTMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,014 shares; 2024Q4: 52,028 shares; 2025Q1: 17,028 shares; 2025Q2: 17,028 shares 17,028$501K0.09%0Timeline
FLYYSPIRIT AVIATION HLDGS INC COM(Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 97,673 shares 97,673$487K0.09%newTimeline
VSTSVESTIS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 257,964 shares; 2024Q4: 275,928 shares; 2025Q1: 411,241 shares; 2025Q2: 81,241 shares 81,241$466K0.08%-330,000Timeline
XLFSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 8,000 shares 8,000$419K0.08%newTimeline
XLUSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,000 shares 4,000$327K0.06%newTimeline
MSTRSTRATEGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 590 shares 590$238K0.04%newTimeline
LUCID GROUP INCLUCID GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 115,527 shares; 2025Q1: 115,527 shares; 2025Q2: 94,000 shares 94,000$198K0.04%-21,527
BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,382 shares; 2024Q4: 52,382 shares; 2025Q1: 42,900 shares; 2025Q2: 41,588 shares 41,588$98.4K0.02%-1,312

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
LUCID GROUP INCLUCID GROUP INC COMput1,036,900$2.19M-1,399,400
PCGPG&E CORP Stockput80,000$1.12M-204,000
BYNDBEYOND MEAT INC COMput29,800$104K-3,300

Principal amounts

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

SecurityTypeAmountValueChange
INNOVIVA INCINNOVIVA INC NOTE 2.500% 8/1principal22,543,000$26.2M-7,299,000
SOUTHERN COSOUTHERN CO NOTE 4.500% 6/1principal16,482,000$18.1Mnew
WEC ENERGY GROUP INCWEC ENERGY GROUP INC Convertibleprincipal5,000,000$5.77Mnew
SEAGATE HDD CAYMANSEAGATE HDD CAYMAN NOTE 3.500% 6/0principal2,547,000$4.59M-1,000,000
BEYOND MEAT INCBEYOND MEAT INC NOTE 3/1principal17,405,000$1.44M-2,141,000

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
HYGISHARES TR1,500,000$118Mcall
BKLNINVESCO EXCH TRADED FD TR II4,719,614$97.7Mshares
BOOKING HOLDINGS INCBOOKING HOLDINGS INC27,714,000$68.1Mprincipal
BENTLEY SYSTEMS INCBENTLEY SYSTEMS INC35,605,000$34.4Mprincipal
WBDWARNER BROS DISCOVERY INC155,000$1.66Mshares
LANDSEA HOMES CORPLANDSEA HOMES CORP255,815$1.64Mshares
CCOICOGENT COMM HOLDINGS INC20,000$1.23Mshares
BKNGBOOKING HOLDINGS INC100$461Kshares
LZLEGALZOOM COM INC50,000$430Kshares

How Q2 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 0001783139-25-000006 base2025-08-14acceptance time not in the bulk data set