Findell Capital Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Findell Capital Management LLC reported 14 stock positions worth $219.0 million . Its top holding was Liquidia (LQDA) at 29.4% of the portfolio, followed by Establishment Labs (ESTA, 24.2% ) and Oportun Financial (OPRT, 7.2% ). Compared with Q2 2025, it opened 7 new positions, sold out of 4, added to 1 and reduced 6. The biggest buy was a new position in Mineralys Therapeutics (MLYS) and the biggest sale an exit from Valaris (VAL).
Location New York, NY
CIK 0001814465
Portfolio Value $219.0M (Q3 2025) Holdings 14 stocks · $219.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 LQDA Liquidia Corp. 2,830,000 $64.4M Reduce -5.7% ESTA Establishment Labs Holdings 1,295,420 $53.1M Reduce -6.1% OPRT Oportun Financial Corp. 2,568,300 $15.8M Reduce -9.4% ODP The Odp Corp. filed as THE ODP CORP 534,000 $14.9M Reduce -59.1% GEO The Geo Group Inc. 560,000 $11.5M Reduce -3.5% MLYS Mineralys Therapeutics Inc. 250,000 $9.5M New TPB Turning Point Brands Inc. 90,000 $8.9M New SGHC Super Group SGHC Ltd. 670,099 $8.8M New DAVE Dave Inc. 38,000 $7.6M New BTU Peabody Energy Corp. 235,000 $6.2M New ROOT Root Inc./Oh Class A 60,000 $5.4M Reduce -31.8% EHTH Ehealth Inc. 1,225,000 $5.3M Add +2.1% SEZL Sezzle Inc. 54,000 $4.3M New ABVX Abivax SA-ADR 40,000 $3.4M New
Options reported separately and not counted above: LQDA puts ($34.3M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ VAL Valaris Ltd. Sold out 0.00% −6.19 ODP The Odp Corp. Reduce -59.1% 6.79% −4.80 ESTA Establishment Labs Holdings Reduce -6.1% 24.24% −4.62 AEVA Aeva Technologies Inc. Sold out 0.00% −3.70 CC The Chemours Co. Sold out 0.00% −3.65 ROOT Root Inc./Oh Class A Reduce -31.8% 2.45% −3.06 DAVA Endava PLC- Spon ADR Sold out 0.00% −2.85 OPRT Oportun Financial Corp. Reduce -9.4% 7.24% −2.72 GEO The Geo Group Inc. Reduce -3.5% 5.24% −1.57 LQDA Liquidia Corp. Reduce -5.7% 29.38% +11.07
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ MLYS Mineralys Therapeutics Inc. New 4.33% +4.33 TPB Turning Point Brands Inc. New 4.06% +4.06 SGHC Super Group SGHC Ltd. New 4.04% +4.04 DAVE Dave Inc. New 3.46% +3.46 BTU Peabody Energy Corp. New 2.85% +2.85 SEZL Sezzle Inc. New 1.96% +1.96 ABVX Abivax SA-ADR New 1.55% +1.55 EHTH Ehealth Inc. Add +2.1% 2.41% −0.15
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ LQDA Liquidia Corp. put New 1,510,200 $34.3M LQDA Liquidia Corp. call Sold out 100,000 $1.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 12 $606.6M LQDA, ESTA, DAVE, SGHC, ROOT Q1 2026 17 $339.5M LQDA, ESTA, DAVE, ROOT, SGHC Q4 2025 15 $301.0M LQDA, ESTA, ROOT, DAVE, TPB Q3 2025 14 $219.0M LQDA, ESTA, OPRT, ODP, GEO Q2 2025 11 $204.1M ESTA, LQDA, ODP, OPRT, GEO Q1 2025 13 $208.0M ESTA, LQDA, GEO, OPRT, VAL Q4 2024 15 $208.7M ESTA, LQDA, GEO, DAVA, OPRT Q3 2024 16 $179.9M ESTA, LQDA, APLD, VAL, GTM Q2 2024 13 $185.0M ESTA, LQDA, VAL, NE, EXEL Q1 2024 13 $169.4M ESTA, LQDA, VAL, NE, VET