Findell Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Findell Capital Management LLC reported 15 stock positions worth $208.7 million. Its top holding was Establishment Labs (ESTA) at 29.7% of the portfolio, followed by Liquidia (LQDA, 17.4%) and Geo (GEO, 6.9%). Compared with Q3 2024, it opened 6 new positions, sold out of 7, added to 5 and reduced 3. The biggest buy was a new position in Geo (GEO) and the biggest sale an exit from Applied Digital (APLD).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001814465
Portfolio Value
$208.7M (Q4 2024)
SEC Filing
0000921895-25-000468 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $169.4M Q1 2024 Q2 2024: $185.0M Q2 2024 Q3 2024: $179.9M Q3 2024 Q4 2024: $208.7M $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 15 stocks · $208.7M
ESTA Establishment Labs Holdings 29.73% 1,346,480 $62.0M Add +31.0%
LQDA Liquidia Corp. 17.36% 3,080,000 $36.2M Reduce -3.6%
GEO The Geo Group Inc. 6.91% 515,000 $14.4M New
DAVA Endava PLC- Spon ADR 6.52% 440,000 $13.6M Add +12.8%
OPRT Oportun Financial Corp. 6.45% 3,469,600 $13.5M No change
EHTH Ehealth Inc. 6.19% 1,373,000 $12.9M Add +16.4%
VAL Valaris Ltd. 5.71% 269,300 $11.9M Add +38.1%
GRPN Groupon Inc. 4.19% 720,000 $8.7M Reduce -2.7%
VRNA Verona Pharma Ltd. 4.01% 180,000 $8.4M New
NE Noble Corp. PLC 3.46% 230,000 $7.2M Reduce -9.8%
CELH Celsius Holdings Inc. 3.16% 250,000 $6.6M New
ODP The Odp Corp. filed as THE ODP CORP 2.67% 245,000 $5.6M New
IBTA Ibotta Inc. Class A 2.50% 80,000 $5.2M Add +23.1%
EWCZ European Wax Center Inc. Class A 0.80% 250,000 $1.7M New
DDS Dillards Inc. Class A 0.37% 1,766 $762K New

Options reported separately and not counted above: QQQ puts ($25.6M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $10.3M (not counted above)
SecurityClassShares / PrincipalValueChange
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal 8,250,000$8.3MNo change
CUTERA INC (CUTR 2.25 06/01/28) NOTE 2.250% 6/0 · principal 2,000,000$2.0MNo change

Total filed on the 13F, all lines: $218.9M.

Portfolio Sells Q3 2024 → Q4 2024
APLD Applied Digital Corp. Sold out 0.00% −6.42
GTM Zoominfo Technologies Inc. Sold out 0.00% −5.74
NMM Navios Maritime Partners LP Sold out 0.00% −4.53
EXEL Exelixis Inc. Sold out 0.00% −4.33
CC The Chemours Co. Sold out 0.00% −4.07
NE Noble Corp. PLC Reduce -9.8% 3.46% −1.66
KLXE KLX Energy Services Holding Sold out 0.00% −1.37
LQDA Liquidia Corp. Reduce -3.6% 17.36% −0.40
NBIS Nebius Group NV Sold out 0.00% 0.00
GRPN Groupon Inc. Reduce -2.7% 4.19% +0.17

Portfolio Buys Q3 2024 → Q4 2024
GEO The Geo Group Inc. New 6.91% +6.91
ESTA Establishment Labs Holdings Add +31.0% 29.73% +4.99
VRNA Verona Pharma Ltd. New 4.01% +4.01
EHTH Ehealth Inc. Add +16.4% 6.19% +3.51
CELH Celsius Holdings Inc. New 3.16% +3.16
ODP The Odp Corp. New 2.67% +2.67
DAVA Endava PLC- Spon ADR Add +12.8% 6.52% +0.98
EWCZ European Wax Center Inc. Class A New 0.80% +0.80
DDS Dillards Inc. Class A New 0.37% +0.37
IBTA Ibotta Inc. Class A Add +23.1% 2.50% +0.27
VAL Valaris Ltd. Add +38.1% 5.71% −0.33

Options Activity Q3 2024 → Q4 2024
QQQ Invesco QQQ Trust Series 1 put New 50,000 $25.6M
VAL Valaris Ltd. call Sold out 100,000 $5.6Mbefore exit
ESTA Establishment Labs Holdings call Sold out 20,000 $865Kbefore exit

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

Notes & Other Activity Q3 2024 → Q4 2024
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Sold out 2,000,000 $2.0Mbefore exit

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