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III Capital Management

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13F filer, CIK 1783139, BOCA RATON, FL

III Capital Management reported $679,417,606 across 55 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 83.66% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001783139-26-000002

Period
2025-12-31
Reported value
$679M
Holdings
55
Top 10 weight
83.66%
New
25
Sold out
17

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LQDnew+229,000$25.2M
SPYadded+23,086$15.7M
VISNnew+280,000$5.08M
BKNGnew+800$4.28M
BYDnew+49,000$4.18M

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
IJHexited-112,000-$7.31M
PPLIexited-180,000-$6.13M
OUTreduced-196,094-$4.73M
Texited-163,550-$4.62M
CRHexited-34,448-$4.13M

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 0001783139-26-000002, largest first. % of portfolio is the value over $451,516,337, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 220,385 shares; 2025Q1: not reported; 2025Q2: 329,200 shares; 2025Q3: 415,800 shares; 2025Q4: 438,886 shares 438,886$299M66.28%+23,086Timeline
LQDISHARES TRQuarterly 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: 229,000 shares 229,000$25.2M5.59%newTimeline
RTORENTOKIL INITIAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,015 shares; 2024Q4: 192,030 shares; 2025Q1: 157,030 shares; 2025Q2: 112,030 shares; 2025Q3: 160,132 shares; 2025Q4: 185,132 shares 185,132$5.45M1.21%+25,000Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 28,000 shares; 2025Q1: 17,500 shares; 2025Q2: 34,500 shares; 2025Q3: 35,875 shares; 2025Q4: 33,875 shares 33,875$5.43M1.2%-2,000Timeline
VISNVISTANCE NETWORKS 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: 280,000 shares 280,000$5.08M1.12%newTimeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 295,625 shares; 2025Q4: 330,625 shares 330,625$4.9M1.09%+35,000Timeline
MHKMOHAWK INDS 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: 15,000 shares; 2025Q3: 29,850 shares; 2025Q4: 41,850 shares 41,850$4.57M1.01%+12,000Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,334 shares; 2024Q4: not reported; 2025Q1: 140,000 shares; 2025Q2: 132,000 shares; 2025Q3: 105,810 shares; 2025Q4: 95,810 shares 95,810$4.32M0.96%-10,000Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 100 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 800 shares 800$4.28M0.95%newTimeline
URBNURBAN OUTFITTERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,000 shares; 2025Q2: 55,000 shares; 2025Q3: 56,550 shares; 2025Q4: 56,550 shares 56,550$4.26M0.94%0Timeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: not reported; 2025Q4: 49,000 shares 49,000$4.18M0.93%newTimeline
MATMATTEL 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: 200,000 shares; 2025Q4: 210,000 shares 210,000$4.17M0.92%+10,000Timeline
TMUST-MOBILE US 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: 20,000 shares 20,000$4.06M0.9%newTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,000 shares; 2025Q2: 25,657 shares; 2025Q3: 36,313 shares; 2025Q4: 49,313 shares 49,313$4.03M0.89%+13,000Timeline
KWEBKRANESHARES TRUSTQuarterly 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: 115,000 shares 115,000$3.92M0.87%newTimeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 204,000 shares; 2025Q3: 120,370 shares; 2025Q4: 215,370 shares 215,370$3.7M0.82%+95,000Timeline
RLRALPH LAUREN CORPQuarterly 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: 6,000 shares; 2025Q3: 11,155 shares; 2025Q4: 9,155 shares 9,155$3.24M0.72%-2,000Timeline
WDCWESTERN DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,650 shares; 2024Q4: 21,300 shares; 2025Q1: 113,800 shares; 2025Q2: 82,900 shares; 2025Q3: 41,713 shares; 2025Q4: 18,506 shares 18,506$3.19M0.71%-23,207Timeline
NCLHNORWEGIAN CRUISE LINE HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,800 shares; 2024Q4: 75,600 shares; 2025Q1: 45,600 shares; 2025Q2: 85,600 shares; 2025Q3: 73,734 shares; 2025Q4: 138,734 shares 138,734$3.1M0.69%+65,000Timeline
PBIPITNEY BOWES 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: 280,000 shares 280,000$2.96M0.66%newTimeline
ECHOECHOSTAR CORPQuarterly 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: 25,000 shares; 2025Q4: 25,000 shares 25,000$2.72M0.6%0Timeline
KMBKIMBERLY-CLARK CORPQuarterly 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: 26,000 shares 26,000$2.62M0.58%newTimeline
WHWYNDHAM HOTELS & RESORTS 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: 14,000 shares; 2025Q4: 33,000 shares 33,000$2.49M0.55%+19,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,724 shares; 2024Q4: 8,000 shares; 2025Q1: 7,000 shares; 2025Q2: 6,000 shares; 2025Q3: 2,000 shares; 2025Q4: 3,500 shares 3,500$2.31M0.51%+1,500Timeline
XLESELECT SECTOR SPDR TRQuarterly 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: 50,000 shares 50,000$2.24M0.5%newTimeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$2.15M0.48%newTimeline
CNKCINEMARK HLDGS 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: 85,000 shares; 2025Q4: 85,000 shares 85,000$1.98M0.44%0Timeline
CHTRCHARTER COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,500 shares; 2025Q2: 8,500 shares; 2025Q3: 12,000 shares; 2025Q4: 9,000 shares 9,000$1.88M0.42%-3,000Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 26,000 shares; 2025Q1: 45,000 shares; 2025Q2: 10,500 shares; 2025Q3: 9,000 shares; 2025Q4: 10,000 shares 10,000$1.28M0.28%+1,000Timeline
KHCKRAFT HEINZ COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,915 shares; 2024Q4: 41,830 shares; 2025Q1: 31,830 shares; 2025Q2: 76,830 shares; 2025Q3: 82,779 shares; 2025Q4: 52,779 shares 52,779$1.28M0.28%-30,000Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,600 shares; 2024Q4: 69,516 shares; 2025Q1: 119,516 shares; 2025Q2: 158,849 shares; 2025Q3: 75,000 shares; 2025Q4: 80,000 shares 80,000$1.23M0.27%+5,000Timeline
ETSYETSY 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: 20,000 shares 20,000$1.11M0.25%newTimeline
OUTOUTFRONT MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 224,874 shares; 2025Q2: 289,819 shares; 2025Q3: 235,394 shares; 2025Q4: 39,300 shares 39,300$947K0.21%-196,094Timeline
GLDSPDR GOLD TRQuarterly 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: 477 shares; 2025Q4: 2,066 shares 2,066$819K0.18%+1,589Timeline
NFLXNETFLIX INC.Quarterly 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: 6,000 shares 6,000$563K0.12%newTimeline
XLPSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,150 shares; 2024Q4: 64,300 shares; 2025Q1: 19,300 shares; 2025Q2: 19,300 shares; 2025Q3: 36,051 shares; 2025Q4: 6,051 shares 6,051$470K0.1%-30,000Timeline
SLVISHARES SILVER TRQuarterly 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: 6,500 shares 6,500$419K0.09%newTimeline
PENNPENN ENTERTAINMENT 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: 20,000 shares 20,000$295K0.07%newTimeline
LCIDLUCID GROUP 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: 2,520 shares; 2025Q4: 9,100 shares 9,100$96.2K0.02%+6,580Timeline
BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,382 shares; 2024Q4: 52,382 shares; 2025Q1: 42,900 shares; 2025Q2: 41,588 shares; 2025Q3: 34,000 shares; 2025Q4: 34,000 shares 34,000$54.6K0.01%0

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
XLESELECT SECTOR SPDR TR SHSput1,435,744$64.4Mnew
XLESELECT SECTOR SPDR TR SHScall911,680$40.9Mnew
XLFSELECT SECTOR SPDR TR SHSput608,198$33.7Mnew
KWEBKRANESHARES TRUST CSI CHI INTERNETcall850,900$29Mnew
XLFSELECT SECTOR SPDR TR SHScall423,099$23.4Mnew
KWEBKRANESHARES TRUST CSI CHI INTERNETput352,400$12Mnew
XLUSELECT SECTOR SPDR TR SHSput219,800$9.4Mnew
AVGOBROADCOM INC COMcall14,814$5.13Mnew
GDXVANECK ETF TRUST GOLD MINERS ETFcall58,200$4.99Mnew
XMESPDR SERIES TRUST SHScall33,100$3.43Mnew
PCGPG&E CORP Stockput80,000$1.29Mnew
LCIDLUCID GROUP INC Stockput25,190$266K-43,990

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$17.6M0
WEC ENERGY GROUP INCWEC ENERGY GROUP INC Convertibleprincipal5,000,000$5.84M0
BOX INCBOX INC NOTE 1.500% 9/1principal1,820,000$1.78M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
IJHISHARES TR112,000$7.31Mshares
PPLIPEOPLE INC180,000$6.13Mshares
TAT&T INC163,550$4.62Mshares
CRHCRH PLC34,448$4.13Mshares
GOOGALPHABET INC14,140$3.44Mshares
DLTRDOLLAR TREE INC35,000$3.3Mshares
CZRCAESARS ENTERTAINMENT INC NE79,136$2.14Mshares
NXSTNEXSTAR MEDIA GROUP INC9,710$1.92Mshares
RRRRED ROCK RESORTS INC29,087$1.78Mshares
CCLCARNIVAL CORP60,000$1.73Mshares
WBDWARNER BROS DISCOVERY INC60,000$1.17Mshares
DISDISNEY WALT CO10,000$1.15Mshares
PINSPINTEREST INC35,000$1.13Mshares
MSTRSTRATEGY INC3,100$999Kshares
XLUSELECT SECTOR SPDR TR7,500$654Kshares
GDENGOLDEN ENTMT INC19,455$459Kshares
KRESPDR SERIES TRUST5,000$316Kshares

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 0001783139-26-000002 base2026-02-17acceptance time not in the bulk data set