Divisadero Street Capital Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Divisadero Street Capital Management, LP reported 88 stock positions worth $1.8 billion. Its top holding was Super Group SGHC (SGHC) at 8.0% of the portfolio, followed by Indivior (INDV, 5.7%) and Amer Sports (AS, 5.3%). Compared with Q3 2025, it opened 16 new positions, sold out of 93, added to 28 and reduced 23. The biggest buy was Amer Sports (AS, shares +502%) and the biggest sale Dave (DAVE, shares −72%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001901865
Portfolio Value
$1.8B (Q4 2025)
SEC Filing
0000919574-26-000995 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $1.8B $1.8B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $4.3B Q2 2026

Holdings 88 stocks · $1.8B
SGHC Super Group SGHC Ltd. 7.99% 11,741,629 $140.3M Add +19.4%
INDV Indivior Ltd. 5.69% 2,784,786 $99.9M Reduce -17.2%
AS Amer Sports Inc. 5.30% 2,490,845 $93.0M Add +502.3%
CVNA Carvana Co. 5.24% 218,189 $92.1M Add +4.7%
SN Sharkninja Inc. 4.90% 769,163 $86.1M Reduce -0.7%
FLYW Flywire Corp.-Voting 4.67% 5,786,462 $81.9M Add +39.4%
BBW Build-A-Bear Workshop Inc. 4.36% 1,251,224 $76.7M Add +3526.5%
CELH Celsius Holdings Inc. 4.22% 1,620,212 $74.1M Add +107.6%
SEZL Sezzle Inc. 4.06% 1,123,226 $71.3M Reduce -24.9%
APEI American Public Education 3.60% 1,671,558 $63.2M Add +336.7%
DAVE Dave Inc. 3.30% 261,608 $57.9M Reduce -71.7%
TPB Turning Point Brands Inc. 3.28% 531,214 $57.6M Reduce -45.5%
RSI Rush Street Interactive Inc. 3.10% 2,801,204 $54.4M Add +0.5%
CLS Celestica Inc. 2.95% 175,012 $51.7M Reduce -10.8%
FIGS Figs Inc. Class A 2.85% 4,410,632 $50.1M Add +12670.0%
REAL The Realreal Inc. filed as THE REALREAL INC 2.83% 3,150,443 $49.7M Add +21.2%
LITE Lumentum Holdings Inc. 2.48% 118,185 $43.6M Reduce -27.6%
IMAX Imax Corp. 2.03% 964,986 $35.7M Add +50.7%
NSSC Napco Security Technologies 1.92% 809,729 $33.8M Add +625.8%
LWAY Lifeway Foods Inc. 1.86% 1,347,635 $32.7M Add +113.8%
WLDN Willdan Group Inc. 1.76% 298,932 $31.0M Add +18.1%
VSXY Victoria's Secret & Co. 1.52% 493,413 $26.7M Add +474.3%
BLND Blend Labs Inc. Class A 0.99% 5,701,122 $17.3M Add +38.6%
DKNG Draftkings Inc. Class A 0.99% 502,162 $17.3M Add +415.1%
VITL Vital Farms Inc. 0.97% 534,780 $17.1M Reduce -46.2%
AXGN Axogen Inc. 0.94% 503,822 $16.5M Add +1817.7%
UPST Upstart Holdings Inc. 0.92% 370,000 $16.2M New
HIMS Hims & Hers Health Inc. 0.87% 469,833 $15.3M Add +1.0%
PORCH GROUP INC (PRCH 9 05/15/30) 0.84% 1,620,351 $14.8M New
COMP Compass Inc. Class A 0.75% 1,250,000 $13.2M Add +66.7%
ENVA Enova International Inc. 0.74% 82,490 $13.0M New
ROST Ross Stores Inc. 0.70% 68,204 $12.3M New
TTMI TTM Technologies 0.65% 164,595 $11.4M Reduce -30.2%
MAX Mediaalpha Inc. Class A 0.63% 849,011 $11.0M Add +876.9%
PHAT Phathom Pharmaceuticals Inc. 0.63% 662,312 $11.0M New
PGNY Progyny Inc. 0.53% 363,624 $9.3M New
EYE National Vision Holdings Inc. 0.52% 351,845 $9.1M Reduce -12.2%
JOUT Johnson Outdoors Inc. Class A 0.51% 209,457 $8.9M Add +10.2%
CTRN Citi Trends Inc. 0.48% 203,107 $8.4M Add +1554.5%
VCEL Vericel Corp. 0.46% 225,000 $8.1M New
GRPN Groupon Inc. 0.45% 444,965 $7.8M No change
ZVIA Zevia PBC-A 0.42% 3,213,961 $7.5M Reduce -47.8%
OMDA Omada Health Inc. 0.42% 469,597 $7.4M Reduce -66.0%
LOCO El Pollo Loco Holdings Inc. 0.41% 692,665 $7.2M Reduce -17.3%
TDUP Thredup Inc. Class A 0.36% 993,949 $6.4M Reduce -0.0%
BXC Bluelinx Holdings Inc. 0.36% 103,141 $6.3M No change
BULL Webull Corp. 0.35% 800,000 $6.2M New
ADPT Adaptive Biotechnologies 0.33% 361,344 $5.9M New
FTK Flotek Industries Inc. 0.33% 337,407 $5.8M New
PRTH Priority Technology Holdings 0.33% 1,057,894 $5.8M Reduce -29.1%
DCTH Delcath Systems Inc. 0.29% 499,796 $5.0M Add +5.0%
PM Philip Morris International 0.26% 28,244 $4.5M No change
ARLO Arlo Technologies Inc. 0.26% 320,287 $4.5M Reduce -53.7%
CBLL Ceribell Inc. 0.24% 188,506 $4.1M New
ZUMZ Zumiez Inc. 0.18% 124,549 $3.2M New
WING Wingstop Inc. 0.17% 12,857 $3.1M New
REVG Rev Group Inc. 0.17% 50,000 $3.0M Reduce -66.7%
EZPW Ezcorp Inc. Class A 0.15% 138,505 $2.7M No change
SG Sweetgreen Inc. Class A 0.10% 255,244 $1.7M No change
FOXF Fox Factory Holding Corp. 0.10% 100,000 $1.7M Reduce -85.0%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED 0.10% 305,694 $1.7M No change
BRBR Bellring Brands Inc. 0.08% 55,780 $1.5M No change
JILL J. Jill Inc. 0.08% 108,105 $1.5M Reduce -87.5%
BVS Bioventus Inc. Class A 0.08% 183,131 $1.4M Reduce -73.7%
PACK Ranpak Holdings Corp. 0.08% 250,001 $1.4M No change
SNBRQ Sleep Number Corp. 0.08% 156,098 $1.3M Add +91.9%
BBNX Beta Bionics Inc. 0.07% 39,606 $1.2M New
SRTS Sensus Healthcare Inc. 0.07% 298,879 $1.2M Reduce -34.0%
NEO Neogenomics Inc. 0.07% 100,000 $1.2M Add +545.3%
ONEW Onewater Marine Inc. Class A 0.07% 108,000 $1.2M No change
HNGE Hinge Health Inc. Class A 0.07% 24,639 $1.1M Reduce -59.4%
ADTN Adtran Holdings Inc. 0.06% 127,489 $1.1M New
MED Medifast Inc. 0.05% 79,839 $853K No change
RELY Remitly Global Inc. 0.05% 61,463 $848K No change
ARHS Arhaus Inc. 0.04% 67,413 $756K Reduce -54.0%
NTGR Netgear Inc. 0.04% 28,700 $704K New
FLWS 1-800-Flowers.com Inc. Class A 0.04% 172,395 $678K Add +23.9%
INGN Inogen Inc. 0.03% 88,136 $592K No change
LOVE The Lovesac Co. 0.03% 38,115 $562K No change
LFMD Lifemd Inc. 0.03% 135,826 $463K No change
LFVN Lifevantage Corp. 0.02% 64,345 $396K Add +21.6%
RCEL Avita Medical Inc. 0.02% 100,000 $345K No change
TKNO Alpha Teknova Inc. 0.02% 78,872 $300K No change
ZIP Ziprecruiter Inc. Class A 0.01% 49,510 $193K No change
DXLG Destination XL Group Inc. 0.01% 197,937 $182K No change
DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 0.01% 90,531 $160K No change
PRPL Purple Innovation Inc. 0.01% 138,605 $96K No change
GOGO Gogo Inc. 0.00% 12,272 $57K No change

Options reported separately and not counted above: DAVE calls ($160.5M), SGHC calls ($148.0M), CELH calls ($41.6M), RSI calls ($31.3M).

Portfolio Sells Q3 2025 → Q4 2025
DAVE Dave Inc. Reduce -71.7% 3.30% −5.28
LRN Stride Inc. Sold out 0.00% −2.60
PRCH Porch Group Inc. Sold out 0.00% −2.03
ANGO Angiodynamics Inc. Sold out 0.00% −1.91
KRUS Kura Sushi USA Inc. Class A Sold out 0.00% −1.61
EAT Brinker International Inc. Sold out 0.00% −1.58
AGX Argan Inc. Sold out 0.00% −1.58
SVV Savers Value Village Inc. Sold out 0.00% −1.52
SEZL Sezzle Inc. Reduce -24.9% 4.06% −1.47
CALX Calix Inc. Sold out 0.00% −1.30
TPB Turning Point Brands Inc. Reduce -45.5% 3.28% −1.20
FIVE Five Below Sold out 0.00% −1.11
ANIP Ani Pharmaceuticals Inc. Sold out 0.00% −1.00
OMDA Omada Health Inc. Reduce -66.0% 0.42% −1.00
FSLY Fastly Inc. Class A Sold out 0.00% −0.98
FN Fabrinet Sold out 0.00% −0.96
VITL Vital Farms Inc. Reduce -46.2% 0.97% −0.93
MMS Maximus Inc. Sold out 0.00% −0.78
HZO Marinemax Inc. Sold out 0.00% −0.77
FOXF Fox Factory Holding Corp. Reduce -85.0% 0.10% −0.65
XPEL Xpel Inc. Sold out 0.00% −0.64
PL Planet Labs PBC Sold out 0.00% −0.63
JILL J. Jill Inc. Reduce -87.5% 0.08% −0.61
PGY Pagaya Technologies Ltd. Class A Sold out 0.00% −0.58
MOD Modine Manufacturing Co. Sold out 0.00% −0.52
EVLV Evolv Technologies Holdings Sold out 0.00% −0.50
AFRM Affirm Holdings Inc. Sold out 0.00% −0.46
ANF Abercrombie & Fitch Co. Class A Sold out 0.00% −0.41
CLOV Clover Health Investments Co. Sold out 0.00% −0.39
WGS Genedx Holdings Corp. Sold out 0.00% −0.37
CECO Ceco Environmental Corp. Sold out 0.00% −0.36
SIG Signet Jewelers Ltd. Sold out 0.00% −0.36
FIVN FIVE9 Inc. Sold out 0.00% −0.36
ZVIA Zevia PBC-A Reduce -47.8% 0.42% −0.35
BKSY Blacksky Technology Inc. Sold out 0.00% −0.34
STRL Sterling Infrastructure Inc. Sold out 0.00% −0.32
GENI Genius Sports Ltd. Sold out 0.00% −0.31
ETON Eton Pharmaceuticals Inc. Sold out 0.00% −0.30
ARLO Arlo Technologies Inc. Reduce -53.7% 0.26% −0.29
PTON Peloton Interactive Inc. Class A Sold out 0.00% −0.29
ESTA Establishment Labs Holdings Sold out 0.00% −0.28
HROW Harrow Inc. Sold out 0.00% −0.27
SHAK Shake Shack Inc. Class A Sold out 0.00% −0.25
RVLV Revolve Group Inc. Class A Sold out 0.00% −0.24
ASO Academy Sports & Outdoors Inc. Sold out 0.00% −0.23
REVG Rev Group Inc. Reduce -66.7% 0.17% −0.22
CZR Caesars Entertainment Inc. Sold out 0.00% −0.22
TMDX Transmedics Group Inc. Sold out 0.00% −0.20
EVER Everquote Inc. Class A Sold out 0.00% −0.20
DNUT Krispy Kreme Inc. Sold out 0.00% −0.20

Portfolio Buys Q3 2025 → Q4 2025
AS Amer Sports Inc. Add +502.3% 5.30% +4.63
BBW Build-A-Bear Workshop Inc. Add +3526.5% 4.36% +4.26
APEI American Public Education Add +336.7% 3.60% +2.89
FIGS Figs Inc. Class A Add +12670.0% 2.85% +2.84
CELH Celsius Holdings Inc. Add +107.6% 4.22% +2.13
FLYW Flywire Corp.-Voting Add +39.4% 4.67% +2.05
SGHC Super Group SGHC Ltd. Add +19.4% 7.99% +1.95
NSSC Napco Security Technologies Add +625.8% 1.92% +1.70
CVNA Carvana Co. Add +4.7% 5.24% +1.59
REAL The Realreal Inc. Add +21.2% 2.83% +1.55
VSXY Victoria's Secret & Co. Add +474.3% 1.52% +1.41
IMAX Imax Corp. Add +50.7% 2.03% +1.06
LWAY Lifeway Foods Inc. Add +113.8% 1.86% +1.05
UPST Upstart Holdings Inc. New 0.92% +0.92
AXGN Axogen Inc. Add +1817.7% 0.94% +0.92
PORCH GROUP INC (PRCH 9 05/15/30) New 0.84% +0.84
DKNG Draftkings Inc. Class A Add +415.1% 0.99% +0.82
ENVA Enova International Inc. New 0.74% +0.74
ROST Ross Stores Inc. New 0.70% +0.70
WLDN Willdan Group Inc. Add +18.1% 1.76% +0.63
PHAT Phathom Pharmaceuticals Inc. New 0.63% +0.63
MAX Mediaalpha Inc. Class A Add +876.9% 0.63% +0.58
PGNY Progyny Inc. New 0.53% +0.53
COMP Compass Inc. Class A Add +66.7% 0.75% +0.47
CTRN Citi Trends Inc. Add +1554.5% 0.48% +0.46
VCEL Vericel Corp. New 0.46% +0.46
RSI Rush Street Interactive Inc. Add +0.5% 3.10% +0.44
BULL Webull Corp. New 0.35% +0.35
ADPT Adaptive Biotechnologies New 0.33% +0.33
FTK Flotek Industries Inc. New 0.33% +0.33
BLND Blend Labs Inc. Class A Add +38.6% 0.99% +0.29
CBLL Ceribell Inc. New 0.24% +0.24
ZUMZ Zumiez Inc. New 0.18% +0.18
WING Wingstop Inc. New 0.17% +0.17
JOUT Johnson Outdoors Inc. Class A Add +10.2% 0.51% +0.15
BBNX Beta Bionics Inc. New 0.07% +0.07
ADTN Adtran Holdings Inc. New 0.06% +0.06
NEO Neogenomics Inc. Add +545.3% 0.07% +0.06
DCTH Delcath Systems Inc. Add +5.0% 0.29% +0.05
SNBRQ Sleep Number Corp. Add +91.9% 0.08% +0.05
NTGR Netgear Inc. New 0.04% +0.04
FLWS 1-800-Flowers.com Inc. Class A Add +23.9% 0.04% +0.01
LFVN Lifevantage Corp. Add +21.6% 0.02% −0.00
HIMS Hims & Hers Health Inc. Add +1.0% 0.87% −0.36

Options Activity Q3 2025 → Q4 2025
DAVE Dave Inc. call New 725,100 $160.5M
SGHC Super Group SGHC Ltd. call Add +41.1% 12,386,900 $148.0M
CELH Celsius Holdings Inc. call New 910,000 $41.6M
RSI Rush Street Interactive Inc. call Add +30.8% 1,610,100 $31.3M
EAT Brinker International Inc. call Sold out 100 $13Kbefore exit

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