In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), 272 Capital LP reported 31 stock positions worth $37.8 million . Its top holding was Applied Digital (APLD) at 24.2% of the portfolio, followed by Sequans Communications S A (SQNS, 21.8% ) and FIVE9 (FIVN, 5.7% ). Compared with Q4 2024, it opened 13 new positions, sold out of 30, added to 2 and reduced 15. The biggest buy was a new position in Blackline (BL) and the biggest sale FIVE9 (FIVN, shares −71% ).
Location DALLAS, TX
CIK 0001841077
Portfolio Value $37.8M (Q1 2025) Holdings 31 stocks · $37.8M Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 APLD Applied Digital Corp. 1,631,453 $9.2M No change SQNS Sequans Communications S A 3,932,984 $8.3M Reduce -2.0% FIVN FIVE9 Inc. 80,000 $2.2M Reduce -70.7% CDZI Cadiz Inc. 686,738 $2.0M Reduce -34.6% RPD RAPID7 Inc. 65,000 $1.7M Reduce -50.4% NABL N-Able Inc. 217,485 $1.5M Reduce -35.6% JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 104,483 $1.3M Reduce -49.9% CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 217,196 $1.3M Reduce -75.9% SIMO Silicon Motion Technol-ADR 23,160 $1.2M Reduce -54.3% CXM Sprinklr Inc. Class A 137,343 $1.1M Reduce -63.3% BL Blackline Inc. 21,045 $1.0M New BASE Couchbase Inc. 54,255 $855K Reduce -16.1% COHU Cohu Inc. 51,302 $755K Reduce -45.2% MKSI MKS Inc. filed as MKS INSTRS INC 8,955 $718K New IAS Integral Ad Science Holding 83,930 $676K Reduce -63.4% TENB Tenable Holdings Inc. 16,711 $585K Add +5.0% BILL Bill Holdings Inc. 9,625 $442K New VERX Vertex Inc. Class A 10,300 $361K New DH Definitive Healthcare Corp. 107,531 $311K Reduce -84.1% FLYW Flywire Corp.-Voting 32,200 $306K New VPG Vishay Precision Group 11,365 $274K Reduce -92.8% ECVT Ecovyst Inc. 42,121 $261K Reduce -66.9% CORZ Core Scientific Inc. 30,100 $218K New MXL Maxlinear Inc. 20,000 $217K New PAYO Payoneer Global Inc. 25,900 $189K New DAVA Endava PLC- Spon ADR 9,700 $189K Add +49.2% RPAY Repay Holdings Corp. 30,000 $167K New IBP Installed Building Products 900 $154K New BLD Topbuild Corp. 500 $152K New SMWB Similarweb Ltd. 17,675 $146K New JELD Jeld-Wen Holding Inc. 23,000 $137K New
Other holdings (3): bonds, preferreds, convertibles and warrants · $38K (not counted above) Security Class Shares / Principal Value Change RSVRW Reservoir Media-CW26 *W EXP 08/26/202 15,000 $19K New BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 229,041 $15K New MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 112,500 $5K New
Total filed on the 13F, all lines: $37.9M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ FIVN FIVE9 Inc. Reduce -70.7% 5.74% −4.74 RSKD Riskified Ltd. Class A Sold out 0.00% −3.21 LGTY Logility Supply Chain Soluti Sold out 0.00% −3.04 VPG Vishay Precision Group Reduce -92.8% 0.72% −2.79 OKTA Okta Inc. Sold out 0.00% −2.70 HBIO Harvard Bioscience Inc. Sold out 0.00% −2.70 CMRC Commerce.com Inc. Reduce -75.9% 3.31% −1.91 DRDBU Roman DBDR Acquisition Corp. Sold out 0.00% −1.90 DH Definitive Healthcare Corp. Reduce -84.1% 0.82% −1.81 MTCH Match Group Inc. Sold out 0.00% −1.39 ENFN Enfusion Inc. Class A Sold out 0.00% −1.23 GPRE Green Plains Inc. Sold out 0.00% −1.22 KLIC Kulicke & Soffa Industries Sold out 0.00% −1.10 SWI Solarwinds Corp. Sold out 0.00% −1.03 XPER Xperi Inc. Sold out 0.00% −0.72 VSH Vishay Intertechnology Inc. Sold out 0.00% −0.67 IAS Integral Ad Science Holding Reduce -63.4% 1.79% −0.47 RPD RAPID7 Inc. Reduce -50.4% 4.55% −0.43 VECO Veeco Instruments Inc. Sold out 0.00% −0.42 QRVO Qorvo Inc. Sold out 0.00% −0.40 COHU Cohu Inc. Reduce -45.2% 1.99% −0.37 ALTG Alta Equipment Group Inc. Sold out 0.00% −0.36 GDOT Green Dot Corp. Class A Sold out 0.00% −0.35 IIIV I3 Verticals Inc. Class A Sold out 0.00% −0.24 ECVT Ecovyst Inc. Reduce -66.9% 0.69% −0.23 DV Doubleverify Holdings Inc. Sold out 0.00% −0.20 MULTISENSOR AI HOLDINGS INC Sold out 0.00% −0.20 AMN Amn Healthcare Services Inc. Sold out 0.00% −0.19 BITCOIN DEPOT INC Sold out 0.00% −0.18 AVR Anteris Technologies Global Sold out 0.00% −0.17 W Wayfair Inc. Class A Sold out 0.00% −0.15 BITF Bitfarms Ltd./Canada Sold out 0.00% −0.15 MITK Mitek Systems Inc. Sold out 0.00% −0.14 RSVR Reservoir Media Inc. Sold out 0.00% −0.13 GSM Ferroglobe PLC Sold out 0.00% −0.13 UPLD Upland Software Inc. Sold out 0.00% −0.04 KRMD Koru Medical Systems Inc. Sold out 0.00% −0.03 EWCZ European Wax Center Inc. Class A Sold out 0.00% −0.01 CXM Sprinklr Inc. Class A Reduce -63.3% 3.03% +0.04 CDZI Cadiz Inc. Reduce -34.6% 5.32% +0.16 SIMO Silicon Motion Technol-ADR Reduce -54.3% 3.09% +0.51 JAMF Jamf Holding Corp. Reduce -49.9% 3.35% +0.59 NABL N-Able Inc. Reduce -35.6% 4.07% +1.09 BASE Couchbase Inc. Reduce -16.1% 2.26% +1.30 SQNS Sequans Communications S A Reduce -2.0% 21.82% +8.58
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ BL Blackline Inc. New 2.69% +2.69 MKSI MKS Inc. New 1.90% +1.90 BILL Bill Holdings Inc. New 1.17% +1.17 VERX Vertex Inc. Class A New 0.95% +0.95 TENB Tenable Holdings Inc. Add +5.0% 1.54% +0.95 FLYW Flywire Corp.-Voting New 0.81% +0.81 CORZ Core Scientific Inc. New 0.58% +0.58 MXL Maxlinear Inc. New 0.57% +0.57 PAYO Payoneer Global Inc. New 0.50% +0.50 RPAY Repay Holdings Corp. New 0.44% +0.44 IBP Installed Building Products New 0.41% +0.41 BLD Topbuild Corp. New 0.40% +0.40 SMWB Similarweb Ltd. New 0.39% +0.39 JELD Jeld-Wen Holding Inc. New 0.36% +0.36 DAVA Endava PLC- Spon ADR Add +49.2% 0.50% +0.31
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ RSVRW Reservoir Media-CW26 *W EXP 08/26/202 New 15,000 $19K BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 New 229,041 $15K MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 New 112,500 $5K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2025 1 $40.0M APLD Q3 2025 3 $39.3M APLD, SQNS, BITF Q2 2025 7 $24.3M APLD, SQNS, CXM, RSKD, TENB Q1 2025 31 $37.8M APLD, SQNS, FIVN, CDZI, RPD Q4 2024 48 $105.8M SQNS, APLD, FIVN, CMRC, CDZI Q3 2024 Amended 61 $175.0M APLD, SEQUANS COMMUNICATIONS S A, CDZI, RPD, FIVN Q2 2024 62 $199.0M VPG, FIVN, CDZI, APLD, RSKD Q1 2024 67 $249.8M VPG, ALTG, RSKD, HBIO, CDZI