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III Capital Management

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13F filer, CIK 1783139, BOCA RATON, FL

III Capital Management reported $416,059,053 across 47 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 81.82% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001783139-25-000007

Period
2025-09-30
Reported value
$416M
Holdings
47
Top 10 weight
81.82%
New
17
Sold out
22

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYadded+86,600$57.7M
IJHnew+112,000$7.31M
PPLInew+180,000$6.13M
Tadded+133,550$3.77M
GOOGnew+14,140$3.44M

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
VCSHexited-2,160,000-$172M
HYGexited-249,000-$20.1M
RSPexited-50,000-$9.09M
HRIexited-39,969-$5.26M
WDCreduced-41,187-$4.94M

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 0001783139-25-000007, largest first. % of portfolio is the value over $414,413,261, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 220,385 shares; 2025Q1: not reported; 2025Q2: 329,200 shares; 2025Q3: 415,800 shares 415,800$277M66.84%+86,600Timeline
IJHISHARES TRQuarterly 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: 112,000 shares 112,000$7.31M1.76%newTimeline
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 180,000 shares 180,000$6.13M1.48%newTimeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 28,000 shares; 2025Q1: 17,500 shares; 2025Q2: 34,500 shares; 2025Q3: 35,875 shares 35,875$5.09M1.23%+1,375Timeline
WDCWESTERN DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,650 shares; 2024Q4: 21,300 shares; 2025Q1: 113,800 shares; 2025Q2: 82,900 shares; 2025Q3: 41,713 shares 41,713$5.01M1.21%-41,187Timeline
DRVNDRIVEN BRANDS HLDGS 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: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 295,625 shares 295,625$4.76M1.15%+45,625Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,334 shares; 2024Q4: not reported; 2025Q1: 140,000 shares; 2025Q2: 132,000 shares; 2025Q3: 105,810 shares 105,810$4.65M1.12%-26,190Timeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,995 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares; 2025Q3: 163,550 shares 163,550$4.62M1.11%+133,550Timeline
OUTOUTFRONT MEDIA 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: 224,874 shares; 2025Q2: 289,819 shares; 2025Q3: 235,394 shares 235,394$4.31M1.04%-54,425Timeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,267 shares; 2024Q4: 56,534 shares; 2025Q1: 26,534 shares; 2025Q2: 55,534 shares; 2025Q3: 34,448 shares 34,448$4.13M1%-21,086Timeline
RTORENTOKIL INITIAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,015 shares; 2024Q4: 192,030 shares; 2025Q1: 157,030 shares; 2025Q2: 112,030 shares; 2025Q3: 160,132 shares 160,132$4.04M0.98%+48,102Timeline
URBNURBAN OUTFITTERS 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: 40,000 shares; 2025Q2: 55,000 shares; 2025Q3: 56,550 shares 56,550$4.04M0.97%+1,550Timeline
MHKMOHAWK INDS 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: 15,000 shares; 2025Q3: 29,850 shares 29,850$3.85M0.93%+14,850Timeline
UBERUBER TECHNOLOGIES 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: 30,000 shares; 2025Q2: 25,657 shares; 2025Q3: 36,313 shares 36,313$3.56M0.86%+10,656Timeline
RLRALPH LAUREN 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: 6,000 shares; 2025Q3: 11,155 shares 11,155$3.5M0.84%+5,155Timeline
GOOGALPHABET 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: 14,140 shares 14,140$3.44M0.83%newTimeline
MATMATTEL 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: 200,000 shares 200,000$3.37M0.81%newTimeline
DLTRDOLLAR TREE 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: 15,000 shares; 2025Q2: 40,000 shares; 2025Q3: 35,000 shares 35,000$3.3M0.8%-5,000Timeline
CHTRCHARTER COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,500 shares; 2025Q2: 8,500 shares; 2025Q3: 12,000 shares 12,000$3.3M0.8%+3,500Timeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,150 shares; 2024Q4: 64,300 shares; 2025Q1: 19,300 shares; 2025Q2: 19,300 shares; 2025Q3: 36,051 shares 36,051$2.83M0.68%+16,751Timeline
CNKCINEMARK HLDGS 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: 85,000 shares 85,000$2.38M0.57%newTimeline
KHCKRAFT HEINZ COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,915 shares; 2024Q4: 41,830 shares; 2025Q1: 31,830 shares; 2025Q2: 76,830 shares; 2025Q3: 82,779 shares 82,779$2.16M0.52%+5,949Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,950 shares; 2024Q4: 139,900 shares; 2025Q1: 79,900 shares; 2025Q2: 99,900 shares; 2025Q3: 79,136 shares 79,136$2.14M0.52%-20,764Timeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 204,000 shares; 2025Q3: 120,370 shares 120,370$2.11M0.51%-83,630Timeline
NXSTNEXSTAR MEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 16,000 shares; 2025Q1: 10,000 shares; 2025Q2: 9,000 shares; 2025Q3: 9,710 shares 9,710$1.92M0.46%+710Timeline
ECHOECHOSTAR 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: 25,000 shares 25,000$1.91M0.46%newTimeline
NCLHNORWEGIAN CRUISE LINE HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,800 shares; 2024Q4: 75,600 shares; 2025Q1: 45,600 shares; 2025Q2: 85,600 shares; 2025Q3: 73,734 shares 73,734$1.82M0.44%-11,866Timeline
RRRRED ROCK RESORTS 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: 29,087 shares 29,087$1.78M0.43%newTimeline
CCLCARNIVAL 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: 60,000 shares 60,000$1.73M0.42%newTimeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,600 shares; 2024Q4: 69,516 shares; 2025Q1: 119,516 shares; 2025Q2: 158,849 shares; 2025Q3: 75,000 shares 75,000$1.7M0.41%-83,849Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,724 shares; 2024Q4: 8,000 shares; 2025Q1: 7,000 shares; 2025Q2: 6,000 shares; 2025Q3: 2,000 shares 2,000$1.47M0.35%-4,000Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 26,000 shares; 2025Q1: 45,000 shares; 2025Q2: 10,500 shares; 2025Q3: 9,000 shares 9,000$1.45M0.35%-1,500Timeline
WBDWARNER BROS DISCOVERY 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: 155,000 shares; 2025Q2: not reported; 2025Q3: 60,000 shares 60,000$1.17M0.28%newTimeline
DISDISNEY WALT COQuarterly 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: 10,000 shares 10,000$1.15M0.28%newTimeline
PINSPINTEREST 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: 35,000 shares 35,000$1.13M0.27%newTimeline
WHWYNDHAM HOTELS & RESORTS 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: 14,000 shares 14,000$1.12M0.27%newTimeline
MSTRSTRATEGY 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: 590 shares; 2025Q3: 3,100 shares 3,100$999K0.24%+2,510Timeline
XLUSELECT SECTOR SPDR TRQuarterly 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: 4,000 shares; 2025Q3: 7,500 shares 7,500$654K0.16%+3,500Timeline
GDENGOLDEN ENTMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,014 shares; 2024Q4: 52,028 shares; 2025Q1: 17,028 shares; 2025Q2: 17,028 shares; 2025Q3: 19,455 shares 19,455$459K0.11%+2,427Timeline
KRESPDR SERIES TRUSTQuarterly 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: 5,000 shares 5,000$316K0.08%newTimeline
GLDSPDR GOLD TRQuarterly 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: 477 shares 477$170K0.04%newTimeline
BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,382 shares; 2024Q4: 52,382 shares; 2025Q1: 42,900 shares; 2025Q2: 41,588 shares; 2025Q3: 34,000 shares 34,000$71.7K0.02%-7,588
LCIDLUCID GROUP 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: 2,520 shares 2,520$60K0.01%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
LCIDLUCID GROUP INC Stockput69,180$1.65Mnew

Principal amounts

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

SecurityTypeAmountValueChange
SOUTHERN COSOUTHERN CO NOTE 4.500% 6/1principal16,482,000$18.4M0
WEC ENERGY GROUP INCWEC ENERGY GROUP INC Convertibleprincipal5,000,000$6.14M0
BOX INCBOX INC NOTE 1.500% 9/1principal1,820,000$1.83Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
VCSHVANGUARD SCOTTSDALE FDS2,160,000$172Mshares
INNOVIVA INCINNOVIVA INC22,543,000$26.2Mprincipal
HYGISHARES TR249,000$20.1Mshares
RSPINVESCO EXCHANGE TRADED FD T50,000$9.09Mshares
HRIHERC HLDGS INC39,969$5.26Mshares
SEAGATE HDD CAYMANSEAGATE HDD CAYMAN2,547,000$4.59Mprincipal
WYNNWYNN RESORTS LTD25,000$2.34Mshares
LUCID GROUP INCLUCID GROUP INC1,036,900$2.19Mput
WSMWILLIAMS SONOMA INC13,000$2.12Mshares
VZVERIZON COMMUNICATIONS INC45,000$1.95Mshares
TPRTAPESTRY INC21,000$1.84Mshares
BEYOND MEAT INCBEYOND MEAT INC17,405,000$1.44Mprincipal
BYDBOYD GAMING CORP15,000$1.17Mshares
PCGPG&E CORP80,000$1.12Mput
EXPEEXPEDIA GROUP INC5,000$843Kshares
APPAPPLOVIN CORP2,000$700Kshares
CABOCABLE ONE INC4,000$543Kshares
FLYYSPIRIT AVIATION HLDGS INC COM(97,673$487Kshares
VSTSVESTIS CORPORATION81,241$466Kshares
XLFSELECT SECTOR SPDR TR8,000$419Kshares
LUCID GROUP INCLUCID GROUP INC94,000$198Kshares
BYNDBEYOND MEAT INC29,800$104Kput

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 0001783139-25-000007 base2025-11-14acceptance time not in the bulk data set