Divisadero Street Capital Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Divisadero Street Capital Management, LP reported 165 stock positions worth $2.2 billion. Its top holding was Dave (DAVE) at 8.6% of the portfolio, followed by Super Group SGHC (SGHC, 6.0%) and Sezzle (SEZL, 5.5%). Compared with Q2 2025, it opened 45 new positions, sold out of 11, added to 39 and reduced 25. The biggest buy was Super Group SGHC (SGHC, shares +4496%) and the biggest sale Remitly Global (RELY, shares −99%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001901865
Portfolio Value
$2.2B (Q3 2025)
SEC Filing
0000919574-25-006804 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $425.9M Q1 2024 Q2 2024: $611.9M Q2 2024 Q3 2024: $777.2M Q3 2024 Q4 2024: $799.9M Q4 2024 Q1 2025: $869.6M Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $2.2B $2.2B Q3 2025 Q4 2025: $1.8B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $4.3B Q2 2026

Holdings 165 stocks · $2.2B
DAVE Dave Inc. 8.58% 925,266 $184.5M Add +73.1%
SGHC Super Group SGHC Ltd. 6.04% 9,832,510 $129.8M Add +4496.1%
SEZL Sezzle Inc. 5.53% 1,494,617 $118.9M Add +64.7%
TPB Turning Point Brands Inc. 4.48% 974,066 $96.3M Add +3.2%
INDV Indivior Ltd. 3.77% 3,362,605 $81.1M Add +2372.5%
SN Sharkninja Inc. 3.71% 774,408 $79.9M Add +59.9%
CVNA Carvana Co. 3.65% 208,320 $78.6M Add +7.8%
RSI Rush Street Interactive Inc. 2.66% 2,788,451 $57.1M Reduce -57.3%
FLYW Flywire Corp.-Voting 2.61% 4,150,737 $56.2M Reduce -13.3%
LRN Stride Inc. 2.60% 375,000 $55.9M New
CLS Celestica Inc. 2.25% 196,211 $48.3M Add +138.2%
CELH Celsius Holdings Inc. 2.09% 780,518 $44.9M Reduce -47.9%
PRCH Porch Group Inc. 2.03% 2,606,883 $43.7M Add +6.7%
ANGO Angiodynamics Inc. 1.91% 3,678,125 $41.1M Add +8.3%
VITL Vital Farms Inc. 1.90% 993,338 $40.9M Add +140.2%
KRUS Kura Sushi USA Inc. Class A 1.61% 582,156 $34.6M New
EAT Brinker International Inc. 1.58% 268,836 $34.1M Add +558.7%
AGX Argan Inc. 1.58% 125,534 $33.9M New
SVV Savers Value Village Inc. 1.52% 2,464,291 $32.7M Add +56.7%
OMDA Omada Health Inc. 1.42% 1,379,941 $30.5M New
CALX Calix Inc. 1.30% 453,873 $27.9M Add +756.0%
REAL The Realreal Inc. filed as THE REALREAL INC 1.29% 2,599,801 $27.6M Add +652.5%
LITE Lumentum Holdings Inc. 1.24% 163,303 $26.6M Add +283.3%
HIMS Hims & Hers Health Inc. 1.23% 465,093 $26.4M No change
WLDN Willdan Group Inc. 1.14% 253,121 $24.5M Reduce -9.3%
FIVE Five Below 1.11% 155,000 $24.0M New
ANIP Ani Pharmaceuticals Inc. 1.00% 234,219 $21.5M New
FSLY Fastly Inc. Class A 0.98% 2,476,487 $21.2M New
IMAX Imax Corp. 0.98% 640,461 $21.0M New
FN Fabrinet 0.96% 56,344 $20.5M Add +57.4%
LWAY Lifeway Foods Inc. 0.81% 630,183 $17.5M New
MMS Maximus Inc. 0.78% 183,872 $16.8M Add +93.5%
ZVIA Zevia PBC-A 0.78% 6,159,362 $16.8M Add +90.6%
HZO Marinemax Inc. 0.77% 656,154 $16.6M New
FOXF Fox Factory Holding Corp. 0.75% 665,680 $16.2M Reduce -18.7%
APEI American Public Education 0.70% 382,772 $15.1M New
BLND Blend Labs Inc. Class A 0.70% 4,113,247 $15.0M Reduce -25.3%
JILL J. Jill Inc. 0.69% 867,244 $14.9M Reduce -15.8%
AS Amer Sports Inc. 0.67% 413,533 $14.4M Add +37.8%
XPEL Xpel Inc. 0.64% 416,890 $13.8M Add +195.2%
TTMI TTM Technologies 0.63% 235,771 $13.6M New
PL Planet Labs PBC 0.63% 1,045,000 $13.6M New
PGY Pagaya Technologies Ltd. Class A 0.58% 416,919 $12.4M Add +79.8%
ARLO Arlo Technologies Inc. 0.55% 691,557 $11.7M Reduce -39.9%
EYE National Vision Holdings Inc. 0.54% 400,550 $11.7M Reduce -27.7%
MOD Modine Manufacturing Co. 0.52% 78,300 $11.1M No change
EVLV Evolv Technologies Holdings 0.50% 1,427,935 $10.8M Add +1076.4%
GRPN Groupon Inc. 0.48% 444,965 $10.4M Reduce -45.3%
PRTH Priority Technology Holdings 0.48% 1,491,210 $10.2M Reduce -45.7%
AFRM Affirm Holdings Inc. 0.46% 136,246 $10.0M Add +108.4%
TDUP Thredup Inc. Class A 0.44% 994,249 $9.4M New
ANF Abercrombie & Fitch Co. Class A 0.41% 104,322 $8.9M No change
REVG Rev Group Inc. 0.40% 150,337 $8.5M Add +275.8%
CLOV Clover Health Investments Co. 0.39% 2,768,088 $8.5M New
LOCO El Pollo Loco Holdings Inc. 0.38% 837,650 $8.1M Reduce -32.0%
WGS Genedx Holdings Corp. 0.37% 73,146 $7.9M No change
CECO Ceco Environmental Corp. 0.36% 150,000 $7.7M New
JOUT Johnson Outdoors Inc. Class A 0.36% 190,057 $7.7M New
SIG Signet Jewelers Ltd. 0.36% 80,000 $7.7M Reduce -87.4%
FIVN FIVE9 Inc. 0.36% 316,216 $7.7M Add +0.7%
BXC Bluelinx Holdings Inc. 0.35% 103,141 $7.5M Add +24.1%
BKSY Blacksky Technology Inc. 0.34% 365,910 $7.4M Add +5708.1%
STRL Sterling Infrastructure Inc. 0.32% 20,000 $6.8M New
GENI Genius Sports Ltd. 0.31% 545,892 $6.8M Add +226.9%
ETON Eton Pharmaceuticals Inc. 0.30% 298,000 $6.5M Reduce -40.1%
PTON Peloton Interactive Inc. Class A 0.29% 683,390 $6.2M No change
ESTA Establishment Labs Holdings 0.28% 147,858 $6.1M No change
COMP Compass Inc. Class A 0.28% 750,000 $6.0M New
HROW Harrow Inc. 0.27% 118,670 $5.7M Reduce -15.6%
SHAK Shake Shack Inc. Class A 0.25% 56,985 $5.3M Add +407.8%
DCTH Delcath Systems Inc. 0.24% 476,160 $5.1M New
RVLV Revolve Group Inc. Class A 0.24% 239,901 $5.1M New
ASO Academy Sports & Outdoors Inc. 0.23% 100,000 $5.0M No change
NSSC Napco Security Technologies 0.22% 111,566 $4.8M No change
CZR Caesars Entertainment Inc. 0.22% 175,000 $4.7M Reduce -30.0%
BVS Bioventus Inc. Class A 0.22% 695,517 $4.7M Reduce -35.6%
PM Philip Morris International 0.21% 28,244 $4.6M No change
TMDX Transmedics Group Inc. 0.20% 38,390 $4.3M No change
EVER Everquote Inc. Class A 0.20% 187,589 $4.3M Reduce -58.6%
DNUT Krispy Kreme Inc. 0.20% 1,089,341 $4.2M Add +117.9%
CARG Cargurus Inc. 0.19% 112,113 $4.2M Reduce -74.3%
CRMT America's Car-Mart Inc. 0.18% 134,471 $3.9M No change
BYRN Byrna Technologies Inc. 0.18% 176,377 $3.9M No change
SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 0.18% 183,418 $3.8M New
DKNG Draftkings Inc. Class A 0.17% 97,483 $3.6M No change
SIBN Si-Bone Inc. 0.17% 247,463 $3.6M Reduce -27.2%
LQDA Liquidia Corp. 0.17% 158,004 $3.6M New
COIN Coinbase Global Inc. Class A 0.16% 10,000 $3.4M No change
CRMD Cormedix Inc. 0.16% 288,050 $3.4M Add +305.7%
XERS Xeris Biopharma Holdings Inc. 0.15% 406,334 $3.3M New
CLFD Clearfield Inc. 0.15% 94,588 $3.3M Add +95.9%
FRPT Freshpet Inc. 0.14% 55,587 $3.1M New
COHU Cohu Inc. 0.14% 149,317 $3.0M New
NPCE Neuropace Inc. 0.14% 292,792 $3.0M Add +20.9%
HNGE Hinge Health Inc. Class A 0.14% 60,654 $3.0M New
UPWK Upwork Inc. 0.14% 158,125 $2.9M No change
XPOF Xponential Fitness Inc. Class A 0.13% 368,801 $2.9M Add +102.8%
EZPW Ezcorp Inc. Class A 0.12% 138,505 $2.6M Add +39.5%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED 0.12% 305,694 $2.5M No change
EOLS Evolus Inc. 0.11% 388,231 $2.4M New

Show all 165 holdings

Options reported separately and not counted above: SGHC calls ($115.8M), RSI calls ($25.2M), EAT calls ($13K).

Portfolio Sells Q2 2025 → Q3 2025
RELY Remitly Global Inc. Reduce -98.8% 0.05% −6.36
RSI Rush Street Interactive Inc. Reduce -57.3% 2.66% −3.86
SIG Signet Jewelers Ltd. Reduce -87.4% 0.36% −3.01
CELH Celsius Holdings Inc. Reduce -47.9% 2.09% −2.56
GRPN Groupon Inc. Reduce -45.3% 0.48% −1.34
FLYW Flywire Corp.-Voting Reduce -13.3% 2.61% −1.13
PRTH Priority Technology Holdings Reduce -45.7% 0.48% −0.95
BBNX Beta Bionics Inc. Sold out 0.00% −0.93
CARG Cargurus Inc. Reduce -74.3% 0.19% −0.78
ARLO Arlo Technologies Inc. Reduce -39.9% 0.55% −0.76
GKOS Glaukos Corp. Sold out 0.00% −0.70
FOXF Fox Factory Holding Corp. Reduce -18.7% 0.75% −0.67
EVER Everquote Inc. Class A Reduce -58.6% 0.20% −0.53
LOCO El Pollo Loco Holdings Inc. Reduce -32.0% 0.38% −0.53
BLND Blend Labs Inc. Class A Reduce -25.3% 0.70% −0.52
NUTX Nutex Health Inc. Sold out 0.00% −0.50
WNS WNS Holdings Ltd. Sold out 0.00% −0.42
LTH Life Time Group Holdings Inc. Sold out 0.00% −0.36
JILL J. Jill Inc. Reduce -15.8% 0.69% −0.32
EYE National Vision Holdings Inc. Reduce -27.7% 0.54% −0.31
BVS Bioventus Inc. Class A Reduce -35.6% 0.22% −0.26
SIBN Si-Bone Inc. Reduce -27.2% 0.17% −0.26
CZR Caesars Entertainment Inc. Reduce -30.0% 0.22% −0.26
CIEN Ciena Corp. Sold out 0.00% −0.22
CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.18
INGN Inogen Inc. Reduce -80.7% 0.03% −0.18
ETON Eton Pharmaceuticals Inc. Reduce -40.1% 0.30% −0.17
RXST Rxsight Inc. Reduce -1.9% 0.09% −0.10
ATRC Atricure Inc. Reduce -82.3% 0.01% −0.06
CYRX Cryoport Inc. Sold out 0.00% −0.05
WLDN Willdan Group Inc. Reduce -9.3% 1.14% −0.03
HROW Harrow Inc. Reduce -15.6% 0.27% −0.02
ZIMV Zimvie Inc. Sold out 0.00% −0.02
SMLR Semler Scientific Inc. Sold out 0.00% −0.02
BMBL Bumble Inc. Class A Sold out 0.00% −0.00
FIGS Figs Inc. Class A Reduce -15.3% 0.01% −0.00

Portfolio Buys Q2 2025 → Q3 2025
SGHC Super Group SGHC Ltd. Add +4496.1% 6.04% +5.88
INDV Indivior Ltd. Add +2372.5% 3.77% +3.64
LRN Stride Inc. New 2.60% +2.60
KRUS Kura Sushi USA Inc. Class A New 1.61% +1.61
AGX Argan Inc. New 1.58% +1.58
OMDA Omada Health Inc. New 1.42% +1.42
CLS Celestica Inc. Add +138.2% 2.25% +1.39
REAL The Realreal Inc. Add +652.5% 1.29% +1.17
FIVE Five Below New 1.11% +1.11
CALX Calix Inc. Add +756.0% 1.30% +1.11
EAT Brinker International Inc. Add +558.7% 1.58% +1.09
ANIP Ani Pharmaceuticals Inc. New 1.00% +1.00
FSLY Fastly Inc. Class A New 0.98% +0.98
IMAX Imax Corp. New 0.98% +0.98
LITE Lumentum Holdings Inc. Add +283.3% 1.24% +0.96
VITL Vital Farms Inc. Add +140.2% 1.90% +0.83
LWAY Lifeway Foods Inc. New 0.81% +0.81
HZO Marinemax Inc. New 0.77% +0.77
APEI American Public Education New 0.70% +0.70
TTMI TTM Technologies New 0.63% +0.63
PL Planet Labs PBC New 0.63% +0.63
SN Sharkninja Inc. Add +59.9% 3.71% +0.50
EVLV Evolv Technologies Holdings Add +1076.4% 0.50% +0.45
SVV Savers Value Village Inc. Add +56.7% 1.52% +0.44
TDUP Thredup Inc. Class A New 0.44% +0.44
CLOV Clover Health Investments Co. New 0.39% +0.39
CECO Ceco Environmental Corp. New 0.36% +0.36
JOUT Johnson Outdoors Inc. Class A New 0.36% +0.36
MMS Maximus Inc. Add +93.5% 0.78% +0.33
BKSY Blacksky Technology Inc. Add +5708.1% 0.34% +0.33
STRL Sterling Infrastructure Inc. New 0.32% +0.32
XPEL Xpel Inc. Add +195.2% 0.64% +0.30
COMP Compass Inc. Class A New 0.28% +0.28
REVG Rev Group Inc. Add +275.8% 0.40% +0.27
FN Fabrinet Add +57.4% 0.96% +0.25
PGY Pagaya Technologies Ltd. Class A Add +79.8% 0.58% +0.24
DCTH Delcath Systems Inc. New 0.24% +0.24
RVLV Revolve Group Inc. Class A New 0.24% +0.24
GENI Genius Sports Ltd. Add +226.9% 0.31% +0.20
SHOE Shoe Station Group Inc. New 0.18% +0.18
LQDA Liquidia Corp. New 0.17% +0.17
AFRM Affirm Holdings Inc. Add +108.4% 0.46% +0.16
XERS Xeris Biopharma Holdings Inc. New 0.15% +0.15
FRPT Freshpet Inc. New 0.14% +0.14
SHAK Shake Shack Inc. Class A Add +407.8% 0.25% +0.14
COHU Cohu Inc. New 0.14% +0.14
HNGE Hinge Health Inc. Class A New 0.14% +0.14
EOLS Evolus Inc. New 0.11% +0.11
PRCH Porch Group Inc. Add +6.7% 2.03% +0.11
DNUT Krispy Kreme Inc. Add +117.9% 0.20% +0.10

Options Activity Q2 2025 → Q3 2025
SGHC Super Group SGHC Ltd. call New 8,776,200 $115.8M
RELY Remitly Global Inc. call Sold out 1,822,200 $34.2Mbefore exit
RSI Rush Street Interactive Inc. call Reduce -3.5% 1,230,700 $25.2M
BKSY Blacksky Technology Inc. call Sold out 250,000 $5.1Mbefore exit
VITL Vital Farms Inc. call Sold out 15,000 $578Kbefore exit
EAT Brinker International Inc. call Reduce -99.9% 100 $13K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 140$4.3BSEZL, CVNA, SGHC, DAVE, HIMS
Q1 2026 115$2.1BSGHC, RSI, DAVE, CELH, CLS
Q4 2025 88$1.8BSGHC, INDV, AS, CVNA, SN
Q3 2025 165$2.2BDAVE, SGHC, SEZL, TPB, INDV
Q2 2025 131$1.5BSEZL, DAVE, RSI, RELY, TPB
Q1 2025 90$869.6MDAVE, RSI, SEZL, EAT, GENI
Q4 2024 81$799.9MSN, RSI, DAVE, EAT, JILL
Q3 2024 70$777.2MCVNA, ANF, RSI, VITL, SN
Q2 2024 59$611.9MANF, GRPN, HIMS, SN, RSI
Q1 2024 55$425.9MANF, SN, RSI, HIMS, UPWK