Flat Footed LLC

Name: Flat Footed LLC 13F holdings, Q1 2026
Creator: Flat Footed LLC
Published: 2026-05-15

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

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Flat Footed LLC reported 14 stock positions worth $299.8 million. Its top holding was Diversified Healthcare Trust (DHC) at 52.0% of the portfolio, followed by Brookdale Senior Living (BKD, 10.9%) and Teekay (TK, 6.6%). Compared with Q4 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 9. The biggest buy was a new position in Howard Hughes (HHH) and the biggest sale Core Natural Resources (CNR, shares −97%).

Most Recent 13F: Q2 2026
Location: WILSON, WY
CIK: 0001799456
Portfolio Value: $299.8M (Q1 2026)
SEC Filing: 0001799456-26-000009 ↗ filed May 15, 2026

Holdings Value

Holdings 14 stocks · $299.8M


DHC Diversified Healthcare Trust	52.02%	23,487,002	$156.0M	No change
BKD Brookdale Senior Living Inc.	10.91%	2,391,526	$32.7M	Reduce -71.9%
TK Teekay Corp. Ltd.	6.61%	1,622,766	$19.8M	Reduce -8.0%
ASC Ardmore Shipping Corp.	5.11%	1,004,696	$15.3M	Reduce -19.6%
HHH Howard Hughes Holdings Inc.	4.54%	215,288	$13.6M	New
RMR RMR Group Inc./the - A	4.14%	802,739	$12.4M	Add +2.4%
GRFS Grifols SA-ADR	3.67%	1,372,394	$11.0M	Add +26.5%
CVEO Civeo Corp.	3.06%	347,240	$9.2M	Reduce -25.0%
IAUX I-80 Gold Corp.	2.81%	5,542,640	$8.4M	Reduce -0.2%
ILPT Industrial Logistics Propert	2.72%	1,435,087	$8.2M	Reduce -15.6%
CNR Core Natural Resources Inc.	1.57%	44,965	$4.7M	Reduce -96.8%
SMC Summit Midstream Corp.	1.25%	124,278	$3.8M	Reduce -65.2%
SEVN Seven Hills Realty Trust	1.19%	433,192	$3.6M	Reduce -34.8%
SVC Service Pptys TR	0.39%	852,490	$1.2M	No change

Options reported separately and not counted above: HYG puts ($207.7M), RY puts ($48.5M), PEP puts ($45.8M), CM puts ($42.9M), MAR puts ($39.9M), HLT puts ($35.1M), TD puts ($28.2M), RCL puts ($24.6M), BMO puts ($22.9M), CVNA puts ($22.8M), KIE puts ($16.4M), MGM puts ($13.3M), and 12 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $536K (not counted above)

Security	Class	Shares / Principal	Value	Change
BROOKDALE SENIOR LIVING (BKD 2 10/15/26)	NOTE 2.000%10/1 · principal	315,000	$536K	No change

Total filed on the 13F, all lines: $300.3M.

Portfolio Sells Q4 2025 → Q1 2026


CNR Core Natural Resources Inc.	Reduce -96.8%	1.57%	−27.35
BKD Brookdale Senior Living Inc.	Reduce -71.9%	10.91%	−10.68
SMC Summit Midstream Corp.	Reduce -65.2%	1.25%	−0.99
SEVN Seven Hills Realty Trust	Reduce -34.8%	1.19%	−0.21
PANL Pangaea Logistics Solutions	Sold out	0.00%	−0.02
ILPT Industrial Logistics Propert	Reduce -15.6%	2.72%	+0.50
CVEO Civeo Corp.	Reduce -25.0%	3.06%	+0.57
IAUX I-80 Gold Corp.	Reduce -0.2%	2.81%	+0.90
ASC Ardmore Shipping Corp.	Reduce -19.6%	5.11%	+1.99
TK Teekay Corp. Ltd.	Reduce -8.0%	6.61%	+2.86

Portfolio Buys Q4 2025 → Q1 2026


HHH Howard Hughes Holdings Inc.	New	4.54%	+4.54
RMR RMR Group Inc./the - A	Add +2.4%	4.14%	+1.39
GRFS Grifols SA-ADR	Add +26.5%	3.67%	+1.28

Options Activity Q4 2025 → Q1 2026


HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Add +80.7%	2,610,700	$207.7M
RY Royal Bank of Canada	put	New	300,000	$48.5M
PEP Pepsico Inc.	put	New	295,000	$45.8M
CM Can Imperial BK of Commerce	put	New	452,500	$42.9M
TD Toronto-Dominion Bank	put	New	302,500	$28.2M
RCL Royal Caribbean Cruises Ltd.	put	Reduce -2.8%	89,500	$24.6M
BMO Bank of Montreal	put	New	169,500	$22.9M
CVNA Carvana Co.	put	Reduce -31.8%	72,600	$22.8M
AFRM Affirm Holdings Inc.	put	Sold out	254,000	$18.9Mbefore exit
PFSI Pennymac Financial Services	put	Sold out	130,000	$17.1Mbefore exit
KIE SS SPDR S&P Insurance ETF	put	New	297,600	$16.4M
MGM MGM Resorts International	put	Reduce -10.0%	360,000	$13.3M
TSLA Tesla Inc.	put	Reduce -85.7%	32,000	$11.9M
IYR iShares US Real Estate ETF	put	New	110,000	$10.4M
CNR Core Natural Resources Inc.	call	New	95,000	$9.9M
PFGC Performance Food Group Co.	put	New	100,000	$8.6M
WELL Welltower Inc.	put	Reduce -75.0%	41,300	$8.2M
LOPE Grand Canyon Education Inc.	put	New	40,000	$6.8M
VTR Ventas Inc.	put	New	66,500	$5.4M
RRR Red Rock Resorts Inc. Class A	put	Reduce -8.3%	55,000	$2.9M
PRDO Perdoceo Education Corp.	put	New	74,800	$2.8M
STRA Strategic Education Inc.	put	New	20,000	$1.7M
CTRE Caretrust REIT Inc.	put	New	7,500	$275K

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

Notes & Other Activity Q4 2025 → Q1 2026


BROOKDALE SR LIVING INC	NOTE 3.500%10/1 · principal	Sold out	30,834,000	$42.9Mbefore exit

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