In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Flat Footed LLC reported 16 stock positions worth $492.2 million . Its top holding was Core Natural Resources (CNR) at 31.2% of the portfolio, followed by Brookdale Senior Living (BKD, 21.9% ) and Diversified Healthcare Trust (DHC, 21.0% ). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 7 and reduced 4. The biggest buy was Core Natural Resources (CNR, shares +59% ) and the biggest sale Brookdale Senior Living (BKD, shares −18% ).
Location WILSON, WY
CIK 0001799456
Portfolio Value $492.2M (Q3 2025) Holdings 16 stocks · $492.2M 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 CNR Core Natural Resources Inc. 1,838,121 $153.4M Add +59.2% BKD Brookdale Senior Living Inc. 12,705,596 $107.6M Reduce -18.0% DHC Diversified Healthcare Trust 23,487,000 $103.6M No change MATX Matson Inc. 314,076 $31.0M New JBS JBS NV-A 1,531,689 $22.9M Add +72.4% TK Teekay Corp. Ltd. 1,842,005 $15.1M Add +17.8% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 469,856 $12.2M Reduce -0.1% GRFS Grifols SA-ADR 1,098,527 $10.9M Reduce -32.8% ILPT Industrial Logistics Propert 1,550,498 $9.0M Add +27.1% ASC Ardmore Shipping Corp. 680,426 $8.1M Add +45.2% KODK Eastman Kodak Co. 1,240,582 $8.0M New CVEO Civeo Corp. 286,389 $6.6M Add +212.1% SVC Service Pptys TR 558,889 $1.5M New FLR Fluor Corp. 30,000 $1.3M New PANL Pangaea Logistics Solutions 201,039 $1.0M Add +3.9% RMR RMR Group Inc./the - A 6,834 $107K Reduce -88.5%
Options reported separately and not counted above: HYG puts ($177.7M), TSLA puts ($85.4M), WELL puts ($29.4M), CNR calls ($12.6M), AFRM puts ($10.9M), MATX puts ($2.0M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $366K (not counted above) Total filed on the 13F, all lines: $492.6M.
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 ▲ BKD Brookdale Senior Living Inc. Reduce -18.0% 21.86% −10.08 GRFS Grifols SA-ADR Reduce -32.8% 2.22% −2.15 GOLD Gold.com Inc. Reduce -0.1% 2.47% −0.62 RMR RMR Group Inc./the - A Reduce -88.5% 0.02% −0.27 TDW Tidewater Inc. Sold out 0.00% −0.01
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 ▼ CNR Core Natural Resources Inc. Add +59.2% 31.18% +7.32 MATX Matson Inc. New 6.29% +6.29 KODK Eastman Kodak Co. New 1.62% +1.62 JBS JBS NV-A Add +72.4% 4.65% +0.80 CVEO Civeo Corp. Add +212.1% 1.34% +0.71 ASC Ardmore Shipping Corp. Add +45.2% 1.64% +0.31 SVC Service Pptys TR New 0.31% +0.31 FLR Fluor Corp. New 0.26% +0.26 ILPT Industrial Logistics Propert Add +27.1% 1.84% +0.19 PANL Pangaea Logistics Solutions Add +3.9% 0.21% −0.06 TK Teekay Corp. Ltd. Add +17.8% 3.06% −0.76
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +220.8% 2,188,400 $177.7M TSLA Tesla Inc. put Add +562.1% 192,000 $85.4M WELL Welltower Inc. put Reduce -37.7% 165,000 $29.4M CNR Core Natural Resources Inc. call Reduce -69.3% 150,400 $12.6M AFRM Affirm Holdings Inc. put Reduce -80.1% 149,000 $10.9M TDW Tidewater Inc. call Sold out 174,600 $8.1Mbefore exit MATX Matson Inc. put New 20,500 $2.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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