Chicago Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Chicago Capital Management, LLC reported 6 stock positions worth $24.7 million. Its top holding was Verona Pharma (VRNA) at 56.0% of the portfolio, followed by Tourmaline Bio (TRML, 21.8%) and PB Bankshares (PBBK, 11.3%). Compared with Q2 2025, it opened 5 new positions, sold out of 13 and added to 1. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale an exit from Springworks Therapeutics (SWTX).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001580162
Portfolio Value
$24.7M (Q3 2025)
SEC Filing
0001062993-25-016555 ↗ filed Nov 7, 2025

Holdings Value

0$10.0M$20.0M$30.0M$40.0M$50.0M Q1 2024: $20.0M Q1 2024 Q2 2024: $27.5M Q2 2024 Q3 2024: $39.4M Q3 2024 Q4 2024: $42.8M Q4 2024 Q1 2025: $44.0M Q1 2025 Q2 2025: $39.8M Q2 2025 Q3 2025: $24.7M $24.7M Q3 2025 Q4 2025: $49.6M Q4 2025 Q1 2026: $47.3M Q1 2026 Q2 2026: $48.4M Q2 2026

Holdings 6 stocks · $24.7M
VRNA Verona Pharma Ltd. 56.02% 129,600 $13.8M New
TRML Tourmaline Bio Inc. 21.78% 112,406 $5.4M New
PBBK PB Bankshares Inc. 11.32% 145,751 $2.8M New
CCRD Corecard Corp. 7.09% 65,059 $1.8M New
CFSB CFSB Bancorp Inc. 2.38% 41,424 $588K Add +18.8%
BFIN Bankfinancial Corp. 1.40% 28,752 $346K New
Other holdings (22): bonds, preferreds, convertibles and warrants · $15.7M (not counted above)
SecurityClassShares / PrincipalValueChange
MGP INGREDIENTS INC (MGPI 1.875 11/15/41) NOTE 1.875%11/1 · principal 4,007$3.9MNew
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 4,292$3.8MNo change
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 2,926$2.9MReduce -1.7%
CONFLUENT INC (CFLT 0 01/15/27) NOTE 1/1 · principal 3,048$2.8MNo change
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 32,900$2.2MNo change
EVENTBRITE INC (EB 0.75 09/15/26) NOTE 0.750% 9/1 · principal 8,660$8KNo change
ACCURAY INC (ARAY 3.75 06/01/26) NOTE 3.750% 6/0 · principal 6,500$6KNo change
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal 6,500$6KNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 6,000$6KNew
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 5,870$6KAdd +62.1%
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 5,700$6KNo change
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 6,000$5KNew
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 4,595$4KAdd +77.1%
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 4,100$4KNo change
SHAKE SHACK INC (SHAK 0 03/01/28) NOTE 3/0 · principal 4,189$4KNo change
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 4,307$4KNo change
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal 3,000$3KNo change
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 2,416$2KAdd +12.4%
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 2,046$2KNo change
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 4,000$2KNo change
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 2,000$2KNo change
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 1,003$987No change

Total filed on the 13F, all lines: $40.4M.

Portfolio Sells Q2 2025 → Q3 2025
SWTX Springworks Therapeutics Inc. Sold out 0.00% −23.67
BPMC Blueprint Medicines Corp. Sold out 0.00% −19.35
OPOF Old Point Financial Corp. Sold out 0.00% −18.29
VIGL Vigil Neuroscience Inc. Sold out 0.00% −9.65
PWOD Penns Woods Bancorp Inc. Sold out 0.00% −5.92
TGI Triumph Group Inc. Sold out 0.00% −5.51
SSBK Southern States Bancshares Sold out 0.00% −4.25
GMS GMS Inc. Sold out 0.00% −4.10
VERV Verve Therapeutics Inc. Sold out 0.00% −3.54
HES Hess Corp. Sold out 0.00% −1.74
CTLP Cantaloupe Inc. Sold out 0.00% −1.40
EBTC Enterprise Bancorp Inc. Sold out 0.00% −0.78
NVEE NV5 Global Inc. Sold out 0.00% −0.58

Portfolio Buys Q2 2025 → Q3 2025
VRNA Verona Pharma Ltd. New 56.02% +56.02
TRML Tourmaline Bio Inc. New 21.78% +21.78
PBBK PB Bankshares Inc. New 11.32% +11.32
CCRD Corecard Corp. New 7.09% +7.09
BFIN Bankfinancial Corp. New 1.40% +1.40
CFSB CFSB Bancorp Inc. Add +18.8% 2.38% +1.18

Notes & Other Activity Q2 2025 → Q3 2025
MGP INGREDIENTS INC (MGPI 1.875 11/15/41) NOTE 1.875%11/1 · principal New 4,007 $3.9M
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Sold out 3,000 $3.0Mbefore exit
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal Reduce -1.7% 2,926 $2.9M
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 1,000 $1.5Mbefore exit
CARDLYTICS INC (CDLX 1 09/15/25) NOTE 1.000% 9/1 · principal Sold out 8,250 $8Kbefore exit
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Sold out 7,500 $7Kbefore exit
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal New 6,000 $6K
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal Add +62.1% 5,870 $6K
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal New 6,000 $5K
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal Add +77.1% 4,595 $4K
MESA LABORATORIES INC (MLAB 1.375 08/15/25) NOTE 1.375% 8/1 · principal Sold out 4,000 $4Kbefore exit
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal Sold out 3,000 $3Kbefore exit
PAGERDUTY INC. (PD 1.25 07/01/25) NOTE 1.250% 7/0 · principal Sold out 2,507 $2Kbefore exit
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal Add +12.4% 2,416 $2K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$48.4MNUVL, APGE, GTLS, TMHC, CPRX
Q1 2026 12$47.3MGTLS, JHG, ACLX, FOLD, APLS
Q4 2025 18$49.6MCDTX, EXAS, JHG, CFLT, ATXS
Q3 2025 6$24.7MVRNA, TRML, PBBK, CCRD, CFSB
Q2 2025 14$39.8MSWTX, BPMC, OPOF, VIGL, PWOD
Q1 2025 14$44.0MITCI, FNA, CCRN, PDCO, EVBN
Q4 2024 15$42.8MHTLF, EVBN, CCRN, AE, FFNW
Q3 2024 9$39.4MHTLF, ENV, HAYN, RCM, FFNW
Q2 2024 11$27.5MHAYN, HTLF, SILK, MCBC, WIRE
Q1 2024 12$20.0MPXD, FUSN, CSTR, NWLI, CERE