Flat Footed LLC

Name: Flat Footed LLC 13F holdings, Q4 2025
Creator: Flat Footed LLC
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Flat Footed LLC reported 14 stock positions worth $424.5 million. Its top holding was Core Natural Resources (CNR) at 28.9% of the portfolio, followed by Diversified Healthcare Trust (DHC, 26.8%) and Brookdale Senior Living (BKD, 21.6%). Compared with Q3 2025, it opened 3 new positions, sold out of 5, added to 6 and reduced 5. The biggest buy was Diversified Healthcare Trust (DHC, shares −0%) and the biggest sale an exit from Matson (MATX).

Most Recent 13F: Q2 2026
Location: WILSON, WY
CIK: 0001799456
Portfolio Value: $424.5M (Q4 2025)
SEC Filing: 0001799456-26-000005 ↗ filed Feb 17, 2026

Holdings Value

Holdings 14 stocks · $424.5M


CNR Core Natural Resources Inc.	28.92%	1,387,111	$122.8M	Reduce -24.5%
DHC Diversified Healthcare Trust	26.83%	23,487,002	$113.9M	Add +0.0%
BKD Brookdale Senior Living Inc.	21.60%	8,497,561	$91.7M	Reduce -33.1%
TK Teekay Corp. Ltd.	3.75%	1,762,866	$15.9M	Reduce -4.3%
ASC Ardmore Shipping Corp.	3.12%	1,249,420	$13.2M	Add +83.6%
RMR RMR Group Inc./the - A	2.75%	783,963	$11.7M	Add +11371.5%
CVEO Civeo Corp.	2.49%	462,758	$10.6M	Add +61.6%
GRFS Grifols SA-ADR	2.39%	1,084,527	$10.1M	Reduce -1.3%
SMC Summit Midstream Corp.	2.24%	356,567	$9.5M	New
ILPT Industrial Logistics Propert	2.22%	1,700,592	$9.4M	Add +9.7%
IAUX I-80 Gold Corp.	1.91%	5,551,623	$8.1M	New
SEVN Seven Hills Realty Trust	1.39%	664,432	$5.9M	New
SVC Service Pptys TR	0.37%	852,490	$1.6M	Add +52.5%
PANL Pangaea Logistics Solutions	0.02%	12,139	$84K	Reduce -94.0%

Options reported separately and not counted above: HYG puts ($116.5M), TSLA puts ($100.7M), CVNA puts ($44.9M), MAR puts ($37.8M), HLT puts ($33.2M), WELL puts ($30.6M), RCL puts ($25.7M), AFRM puts ($18.9M), PFSI puts ($17.1M), MGM puts ($14.6M), RRR puts ($3.7M), RHP puts ($3.1M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $43.4M (not counted above)

Security	Class	Shares / Principal	Value	Change
BROOKDALE SR LIVING INC	NOTE 3.500%10/1 · principal	30,834,000	$42.9M	New
BROOKDALE SENIOR LIVING (BKD 2 10/15/26)	NOTE 2.000%10/1 · principal	315,000	$429K	No change

Total filed on the 13F, all lines: $467.9M.

Portfolio Sells Q3 2025 → Q4 2025


MATX Matson Inc.	Sold out	0.00%	−6.29
JBS JBS NV-A	Sold out	0.00%	−4.65
GOLD Gold.com Inc.	Sold out	0.00%	−2.47
CNR Core Natural Resources Inc.	Reduce -24.5%	28.92%	−2.26
KODK Eastman Kodak Co.	Sold out	0.00%	−1.62
BKD Brookdale Senior Living Inc.	Reduce -33.1%	21.60%	−0.27
FLR Fluor Corp.	Sold out	0.00%	−0.26
PANL Pangaea Logistics Solutions	Reduce -94.0%	0.02%	−0.19
GRFS Grifols SA-ADR	Reduce -1.3%	2.39%	+0.17
TK Teekay Corp. Ltd.	Reduce -4.3%	3.75%	+0.69

Portfolio Buys Q3 2025 → Q4 2025


DHC Diversified Healthcare Trust	Add +0.0%	26.83%	+5.79
RMR RMR Group Inc./the - A	Add +11371.5%	2.75%	+2.73
SMC Summit Midstream Corp.	New	2.24%	+2.24
IAUX I-80 Gold Corp.	New	1.91%	+1.91
ASC Ardmore Shipping Corp.	Add +83.6%	3.12%	+1.48
SEVN Seven Hills Realty Trust	New	1.39%	+1.39
CVEO Civeo Corp.	Add +61.6%	2.49%	+1.15
ILPT Industrial Logistics Propert	Add +9.7%	2.22%	+0.38
SVC Service Pptys TR	Add +52.5%	0.37%	+0.06

Options Activity Q3 2025 → Q4 2025


HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Reduce -34.0%	1,444,800	$116.5M
TSLA Tesla Inc.	put	Add +16.7%	224,000	$100.7M
CVNA Carvana Co.	put	New	106,500	$44.9M
MAR Marriott International Class A	put	New	121,900	$37.8M
HLT Hilton Worldwide Holdings Inc.	put	New	115,500	$33.2M
RCL Royal Caribbean Cruises Ltd.	put	New	92,100	$25.7M
AFRM Affirm Holdings Inc.	put	Add +70.5%	254,000	$18.9M
PFSI Pennymac Financial Services	put	New	130,000	$17.1M
MGM MGM Resorts International	put	New	400,000	$14.6M
CNR Core Natural Resources Inc.	call	Sold out	150,400	$12.6Mbefore exit
RRR Red Rock Resorts Inc. Class A	put	New	60,000	$3.7M
RHP Ryman Hospitality Properties	put	New	32,500	$3.1M
MATX Matson Inc.	put	Sold out	20,500	$2.0Mbefore 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 2025 → Q4 2025


BROOKDALE SR LIVING INC	NOTE 3.500%10/1 · principal	New	30,834,000	$42.9M

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