In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Flat Footed LLC reported 13 stock positions worth $337.6 million . Its top holding was Brookdale Senior Living (BKD) at 31.9% of the portfolio, followed by Diversified Healthcare Trust (DHC, 24.9% ) and Core Natural Resources (CNR, 23.9% ). Compared with Q1 2025, it opened 8 new positions, sold out of 5, added to 2 and reduced 2. The biggest buy was Core Natural Resources (CNR, shares +145% ) and the biggest sale Brookdale Senior Living (BKD, shares −13% ).
Location WILSON, WY
CIK 0001799456
Portfolio Value $337.6M (Q2 2025) Holdings 13 stocks · $337.6M 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 Q1 2025 BKD Brookdale Senior Living Inc. 15,496,897 $107.9M Reduce -13.4% DHC Diversified Healthcare Trust 23,487,000 $84.1M No change CNR Core Natural Resources Inc. 1,154,731 $80.5M Add +145.2% GRFS Grifols SA-ADR 1,634,279 $14.8M Reduce -7.4% JBS JBS NV-A 888,426 $13.0M New TK Teekay Corp. Ltd. 1,563,303 $12.9M New GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 470,180 $10.4M New ILPT Industrial Logistics Propert 1,219,953 $5.6M New ASC Ardmore Shipping Corp. 468,567 $4.5M New CVEO Civeo Corp. 91,759 $2.1M New RMR RMR Group Inc./the - A 59,463 $972K Add +9.7% PANL Pangaea Logistics Solutions 193,575 $910K New TDW Tidewater Inc. 500 $23K New
Options reported separately and not counted above: HYG puts ($55.0M), AFRM puts ($51.9M), WELL puts ($40.7M), CNR calls ($34.2M), TSLA puts ($8.7M), TDW calls ($8.1M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $34.1M (not counted above) Total filed on the 13F, all lines: $371.7M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BKD Brookdale Senior Living Inc. Reduce -13.4% 31.95% −15.24 ES Eversource Energy Sold out 0.00% −3.66 KODK Eastman Kodak Co. Sold out 0.00% −1.78 PARR Par Pacific Holdings Inc. Sold out 0.00% −1.30 HBM Hudbay Minerals Inc. Sold out 0.00% −1.09 GRFS Grifols SA-ADR Reduce -7.4% 4.38% −0.91 NGD New Gold Inc. Sold out 0.00% −0.29
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ CNR Core Natural Resources Inc. Add +145.2% 23.85% +8.56 JBS JBS NV-A New 3.84% +3.84 TK Teekay Corp. Ltd. New 3.82% +3.82 GOLD Gold.com Inc. New 3.09% +3.09 ILPT Industrial Logistics Propert New 1.64% +1.64 ASC Ardmore Shipping Corp. New 1.33% +1.33 CVEO Civeo Corp. New 0.63% +0.63 PANL Pangaea Logistics Solutions New 0.27% +0.27 TDW Tidewater Inc. New 0.01% +0.01 RMR RMR Group Inc./the - A Add +9.7% 0.29% −0.09
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +193.8% 682,200 $55.0M AFRM Affirm Holdings Inc. put New 750,300 $51.9M WELL Welltower Inc. put Reduce -39.7% 265,000 $40.7M CNR Core Natural Resources Inc. call Add +15.8% 489,900 $34.2M TSLA Tesla Inc. put Add +222.2% 29,000 $8.7M
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 20 $576.6M DHC, CNR, SVC, HHH, GRFS Q1 2026 14 $299.8M DHC, BKD, TK, ASC, HHH Q4 2025 14 $424.5M CNR, DHC, BKD, TK, ASC Q3 2025 16 $492.2M CNR, BKD, DHC, MATX, JBS Q2 2025 13 $337.6M BKD, DHC, CNR, GRFS, JBS Q1 2025 10 $237.5M BKD, DHC, CNR, GRFS, ES Q4 2024 6 $137.6M BKD, DHC, TDW, KODK, CONSOL ENERGY INC Q3 2024 5 $170.6M DHC, BKD, KODK, CONSOL ENERGY INC, SMHI Q2 2024 7 $211.8M DHC, GRFS, BKD, KODK, SMHI Q1 2024 5 $150.4M DHC, GRFS, BKD, SMHI, VTR