Findell Capital Management LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Findell Capital Management LLC reported 13 stock positions worth $169.4 million. Its top holding was Establishment Labs (ESTA) at 23.6% of the portfolio, followed by Liquidia (LQDA, 18.3%) and Valaris (VAL, 12.4%). Compared with Q4 2023, it opened 3 new positions, sold out of 4, added to 7 and reduced 1. The biggest buy was Establishment Labs (ESTA, shares +38%) and the biggest sale an exit from Sotera Health (SHC).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001814465
Portfolio Value
$169.4M (Q1 2024)
SEC Filing
0000921895-24-001226 ↗ filed May 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $169.4M $169.4M Q1 2024 Q2 2024: $185.0M Q2 2024 Q3 2024: $179.9M Q3 2024 Q4 2024: $208.7M Q4 2024 Q1 2025: $208.0M Q1 2025 Q2 2025: $204.1M Q2 2025 Q3 2025: $219.0M Q3 2025 Q4 2025: $301.0M Q4 2025 Q1 2026: $339.5M Q1 2026 Q2 2026: $606.6M Q2 2026

Holdings 13 stocks · $169.4M
ESTA Establishment Labs Holdings 23.59% 785,020 $40.0M Add +38.5%
LQDA Liquidia Corp. 18.33% 2,105,000 $31.0M Add +0.9%
VAL Valaris Ltd. 12.44% 280,000 $21.1M Add +9.8%
NE Noble Corp. PLC 9.02% 315,000 $15.3M Add +1.6%
VET Vermilion Energy Inc. 7.56% 1,030,000 $12.8M Add +2.5%
CZR Caesars Entertainment Inc. 6.46% 250,000 $10.9M New
EXEL Exelixis Inc. 5.60% 400,000 $9.5M New
SLCA US Silica Holdings Inc. 5.13% 700,000 $8.7M Add +34.6%
EHTH Ehealth Inc. 4.54% 1,276,000 $7.7M Reduce -13.5%
OPRT Oportun Financial Corp. 2.90% 2,021,000 $4.9M Add +1.1%
KLXE KLX Energy Services Holding 2.28% 500,000 $3.9M No change
IBIT iShares Bitcoin Trust ETF 1.43% 60,000 $2.4M New
CUTRQ Cutera Inc. 0.72% 830,000 $1.2M No change

Options reported separately and not counted above: ESTA calls ($6.1M).

Other holdings (4): bonds, preferreds, convertibles and warrants · $15.3M (not counted above)
SecurityClassShares / PrincipalValueChange
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal 8,250,000$8.3MNo change
THE REALREAL INC (REAL 3 06/15/25) NOTE 3.000% 6/1 · principal 3,000,000$3.0MNo change
CUTERA INC (CUTR 2.25 06/01/28) NOTE 2.250% 6/0 · principal 2,000,000$2.0MNo change
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 2,000,000$2.0MNo change

Total filed on the 13F, all lines: $184.7M.

Portfolio Sells Q4 2023 → Q1 2024
SHC Sotera Health Co. Sold out 0.00% −5.87
GTX Garrett Motion Inc. Sold out 0.00% −4.79
EHTH Ehealth Inc. Reduce -13.5% 4.54% −4.41
RH RH Sold out 0.00% −3.65
REAL The Realreal Inc. Sold out 0.00% −2.53

Portfolio Buys Q4 2023 → Q1 2024
ESTA Establishment Labs Holdings Add +38.5% 23.59% +13.37
CZR Caesars Entertainment Inc. New 6.46% +6.46
EXEL Exelixis Inc. New 5.60% +5.60
IBIT iShares Bitcoin Trust ETF New 1.43% +1.43
SLCA US Silica Holdings Inc. Add +34.6% 5.13% +1.03
LQDA Liquidia Corp. Add +0.9% 18.33% +0.85
VAL Valaris Ltd. Add +9.8% 12.44% +0.26
VET Vermilion Energy Inc. Add +2.5% 7.56% −0.88
NE Noble Corp. PLC Add +1.6% 9.02% −1.38
OPRT Oportun Financial Corp. Add +1.1% 2.90% −2.55

Options Activity Q4 2023 → Q1 2024
ESTA Establishment Labs Holdings call New 120,000 $6.1M

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 12$606.6MLQDA, ESTA, DAVE, SGHC, ROOT
Q1 2026 17$339.5MLQDA, ESTA, DAVE, ROOT, SGHC
Q4 2025 15$301.0MLQDA, ESTA, ROOT, DAVE, TPB
Q3 2025 14$219.0MLQDA, ESTA, OPRT, ODP, GEO
Q2 2025 11$204.1MESTA, LQDA, ODP, OPRT, GEO
Q1 2025 13$208.0MESTA, LQDA, GEO, OPRT, VAL
Q4 2024 15$208.7MESTA, LQDA, GEO, DAVA, OPRT
Q3 2024 16$179.9MESTA, LQDA, APLD, VAL, GTM
Q2 2024 13$185.0MESTA, LQDA, VAL, NE, EXEL
Q1 2024 13$169.4MESTA, LQDA, VAL, NE, VET