GatePass Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), GatePass Capital, LLC reported 143 stock positions worth $170.2 million. Its top holding was Cincinnati Financial (CINF) at 9.0% of the portfolio, followed by iShares 0-1 Year Treasury Bo (SHV, 5.8%) and SRH Total Return Fund (STEW, 4.6%). Compared with Q2 2025, it opened 32 new positions, sold out of 14, added to 48 and reduced 37. The biggest buy was a new position in Zeta Global Class A (ZETA) and the biggest sale Carvana (CVNA, shares −43%).

Most Recent 13F
Q2 2026
Location
INDEPENDENCE, OH
CIK
0002087399
Portfolio Value
$170.2M (Q3 2025)
SEC Filing
0002087399-25-000004 ↗ filed Oct 29, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q4 2024: $90.2M Q4 2024 Q1 2025: $131.9M Q1 2025 Q2 2025: $149.0M Q2 2025 Q3 2025: $170.2M $170.2M Q3 2025 Q4 2025: $190.6M Q4 2025 Q1 2026: $202.1M Q1 2026 Q2 2026: $256.7M Q2 2026

Holdings 143 stocks · $170.2M
CINF Cincinnati Financial Corp. 9.03% 97,239 $15.4M No change
SHV iShares 0-1 Year Treasury Bo 5.79% 89,221 $9.9M Reduce -7.0%
STEW SRH Total Return Fund Inc. 4.63% 434,460 $7.9M Reduce -0.7%
MINT PIMCO Enhanced Short Maturit 4.62% 78,032 $7.9M Reduce -2.3%
ADX Adams Diversified Equity 3.91% 298,380 $6.7M Add +5.8%
GBIL Goldman Sachs Access Treasur 3.01% 51,050 $5.1M Add +9.6%
JAAA Janus Henderson Aaa Clo ETF 2.85% 95,550 $4.9M Add +7.4%
SPY SS SPDR S&P 500 ETF Trust-US 2.66% 6,810 $4.5M Add +11.8%
NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP 2.62% 496,100 $4.5M Reduce -3.3%
USFR Wisdomtree Floating Rate Tre 2.22% 75,300 $3.8M Add +3.3%
CVNA Carvana Co. 1.88% 8,504 $3.2M Reduce -43.3%
JPST JPMorgan Ultra-Short Income 1.81% 60,655 $3.1M Add +5.0%
SOFI Sofi Technologies Inc. 1.55% 100,045 $2.6M Reduce -18.3%
NVDA Nvidia Corp. 1.44% 13,127 $2.4M Add +45.6%
MAMA Mama's Creations Inc. 1.29% 209,185 $2.2M Reduce -12.5%
BIL SS SPDR BB 1-3M T-Bill ETF 1.26% 23,325 $2.1M Reduce -29.6%
SPE Special Opportunities Fund 1.22% 134,300 $2.1M Add +51.1%
VTI VG Morningstar TS MKT ETF-US 1.18% 6,100 $2.0M Add +0.1%
VGSH Vanguard Short-Term Treasury 1.16% 33,500 $2.0M Reduce -20.5%
ZETA Zeta Global Holdings Corp. Class A 1.09% 93,227 $1.9M New
QQQ Invesco QQQ Trust Series 1 1.04% 2,956 $1.8M Add +4.2%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 1.04% 37,951 $1.8M Add +4.7%
NVDL Granitesh 2X LNG Nvda ETF 0.99% 17,981 $1.7M Add +12.9%
BOOT Boot Barn Holdings Inc. 0.98% 10,028 $1.7M New
NXDT Nexpoint Diversified Real Es 0.94% 433,362 $1.6M Add +7.9%
JPM JPMorgan Chase & Co. 0.90% 4,849 $1.5M Add +0.2%
AGG iShares Core U.S. Aggregate 0.88% 14,916 $1.5M Add +6.4%
EVLV Evolv Technologies Holdings 0.84% 190,000 $1.4M Add +26.7%
SPHY SS SPDR P High Yield ETF 0.82% 58,550 $1.4M Add +189.8%
BYRN Byrna Technologies Inc. 0.77% 59,057 $1.3M New
GENI Genius Sports Ltd. 0.76% 105,000 $1.3M No change
VOO Vanguard S&P 500 ETF 0.75% 2,085 $1.3M Add +0.9%
GGZ Gabelli Global Small & M 0.75% 88,000 $1.3M No change
VUSB Vanguard Ultra Short Bond Et 0.73% 25,000 $1.2M Reduce -16.9%
PFE Pfizer Inc. 0.73% 49,016 $1.2M Add +0.2%
AMZN Amazon.com Inc. 0.72% 5,552 $1.2M Add +1.6%
RDDT Reddit Inc. Class A 0.68% 5,022 $1.2M New
QUAL iShares MSCI USA Quality Fac 0.67% 5,878 $1.1M Add +27.3%
TPB Turning Point Brands Inc. 0.66% 11,323 $1.1M New
RF Regions Financial Corp. 0.65% 42,252 $1.1M No change
AVGO Broadcom Inc. 0.60% 3,107 $1.0M Add +14.1%
HPE Hewlett Packard Enterprise 0.59% 41,220 $1.0M Add +0.1%
WFC Wells Fargo & Co. 0.56% 11,309 $948K Add +0.1%
IVW iShares S&P 500 Growth ETF 0.55% 7,804 $942K Add +10.0%
PNNT Pennantpark Investment Corp. 0.55% 139,550 $936K Reduce -0.6%
IVV iShares Core S&P 500 ETF 0.54% 1,365 $914K Reduce -0.4%
AAPL Apple Inc. 0.53% 3,539 $901K Add +5.7%
ABBV Abbvie Inc. 0.52% 3,823 $885K Add +0.5%
DYNF Ishrs US E F R A ETF-Usd Inc. 0.51% 14,576 $863K Add +9.2%
SCHZ Schwab US Aggregate Bond ETF 0.50% 36,450 $855K Add +6.4%
FEIM Frequency Electronics Inc. 0.50% 25,000 $848K New
CVX Chevron Corp. 0.49% 5,391 $837K New
MSFT Microsoft Corp. 0.48% 1,594 $825K Add +18.2%
TBIL F/M US Treasury 3 Month Bill 0.48% 16,400 $820K New
OXFORD LANE CAP CORP 0.47% 47,400 $802K Reduce -24.6%
OXLC Oxford Lane Capital Corp. 0.47% 47,400 $802K New
EML The Eastern Co. 0.47% 33,800 $793K Add +87.8%
FIVE Five Below 0.45% 5,002 $774K New
RTX RTX Corp. 0.45% 4,617 $773K Reduce -0.1%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 0.45% 100,000 $772K No change
QCOM Qualcomm Inc. 0.44% 4,503 $749K Add +0.2%
SMRT Smartrent Inc. 0.44% 529,022 $746K Add +280.5%
ET Energy Transfer LP 0.41% 40,500 $695K Add +58.8%
FLR Fluor Corp. 0.40% 16,250 $684K New
EFV iShares MSCI Eafe Value ETF 0.39% 9,864 $669K Add +14.3%
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.39% 46,000 $664K Reduce -20.7%
PESI Perma-Fix Environmental SVCS 0.38% 64,742 $654K Reduce -18.0%
ARQ Arq Inc. 0.37% 88,968 $637K New
WHR Whirlpool Corp. 0.37% 8,100 $637K No change
CNDT Conduent Inc. 0.37% 225,100 $630K Add +0.9%
USMV iShares MSCI USA Min Vol Fac 0.35% 6,250 $595K No change
JBBB Janus Henderson B-BBB Clo Et 0.34% 12,000 $578K Add +84.6%
STNE Stoneco Ltd. Class A 0.33% 30,000 $567K No change
PSEC Prospect Capital Corp. 0.33% 204,800 $563K New
VSEC Vse Corp. 0.32% 3,300 $549K No change
GOOGL Alphabet Inc. Class A 0.32% 2,217 $539K Add +0.1%
IREN Iren Ltd. filed as IREN LIMITED 0.32% 11,450 $537K New
RRGB Red Robin Gourmet Burgers 0.31% 78,000 $535K Add +56.0%
VZ Verizon Communications Inc. 0.30% 11,600 $510K Add +19.3%
GOOG Alphabet Inc. Class C 0.30% 2,092 $510K Reduce -3.8%
WD Walker & Dunlop Inc. 0.30% 6,049 $506K No change
GE General Electric filed as GE AEROSPACE 0.30% 1,678 $505K Reduce -0.2%
PYPL PayPal Holdings Inc. 0.30% 7,492 $502K New
TY Tri-Continental Corp. 0.29% 14,756 $502K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.29% 4,610 $501K No change
VICR Vicor Corp. 0.29% 10,000 $497K Reduce -50.0%
IEMG iShares Core MSCI Emerging 0.27% 7,088 $467K Add +10.2%
ORCL Oracle Corp. 0.27% 1,639 $461K Add +49.0%
USHY iShares Broad Usd High Yield 0.27% 12,000 $453K Reduce -46.9%
ABT Abbott Laboratories 0.26% 3,346 $448K Reduce -0.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.26% 942 $437K Reduce -3.2%
IJR iShares Core S&P Small-Cap E 0.23% 3,352 $398K New
BHR Braemar Hotels & Resorts Inc. 0.23% 145,500 $397K Reduce -16.6%
SHOP Shopify Inc. Class A 0.23% 2,669 $397K Add +0.7%
ETH Grayscale Ethereum Staking M 0.23% 10,000 $392K New
RSP Invesco S&P 500 Equal Weight 0.23% 2,050 $389K No change
EFG iShares MSCI Eafe Growth ETF 0.22% 3,295 $375K Add +13.5%
META Meta Platforms Inc. Class A 0.22% 505 $371K Add +17.2%
SLQT Selectquote Inc. 0.21% 185,450 $363K Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 0.21% 715 $360K Reduce -4.5%
MELI MercadoLibre Inc. 0.21% 152 $355K No change
VIG Vanguard Dividend Apprec ETF 0.21% 1,625 $351K No change
ACTG Acacia Research Corp. 0.20% 105,300 $342K Add +9.3%
IEFA iShares Core MSCI Eafe ETF 0.20% 3,874 $338K Reduce -1.2%
CHCI Comstock Holding Companies 0.20% 23,840 $334K No change
TIC Tic Solutions Inc. filed as ACUREN CORP 0.20% 25,000 $333K New
COST Costco Wholesale Corp. 0.19% 356 $330K Reduce -3.5%
EPD Enterprise Products Partners 0.19% 10,500 $328K No change
GPRE Green Plains Inc. 0.19% 36,500 $321K Reduce -6.4%
MBB iShares MBS ETF 0.19% 3,339 $318K Add +7.8%
VB Vanguard Most SM-Cap ETF-Usd 0.18% 1,183 $301K No change
CSCO Cisco Systems Inc. 0.17% 4,199 $287K New
XLK SS Technology Select Sector 0.17% 1,010 $285K No change
OBDC Blue Owl Capital Corp. 0.17% 22,000 $281K Reduce -31.3%
GNT Gamco Natural Resources Gold 0.16% 39,000 $274K No change
IBIT iShares Bitcoin Trust ETF 0.16% 4,161 $270K New
MOAT Vaneck Morningstar Wide Moat 0.15% 2,648 $262K No change
XMYDX BlackRock Muniyield Fund 0.15% 24,000 $253K No change
SPMO Invesco S&P 500 Momentum ETF 0.15% 2,086 $253K New
CION Cion Investment Corp. 0.14% 26,000 $246K Reduce -3.7%
GBDC Golub Capital BDC Inc. 0.14% 18,000 $246K No change
TMFE Motley Fool Capital Efficie 0.14% 8,350 $243K Reduce -1.2%
AIRS Airsculpt Technologies Inc. 0.14% 30,000 $241K No change
BAI Ishrs AI in and Tech Act ETF 0.14% 6,889 $235K New
XLG Invesco S&P 500 Top 50 ETF 0.14% 4,082 $235K New
MO Altria Group Inc. 0.14% 3,530 $233K Reduce -0.7%
WMT Walmart Inc. 0.14% 2,252 $232K Add +1.4%
ITOT iShares Core S&P Total U.S. 0.13% 1,558 $227K Reduce -4.6%
SHY iShares 1-3 Year Treasury Bo 0.13% 2,704 $224K Reduce -72.1%
C Citigroup Inc. 0.13% 2,132 $216K New
GLD SPDR Gold Shares 0.13% 602 $214K New
GEV GE Vernova Inc. 0.12% 345 $212K New
VBR Vngrd Mrngst SL-CP Val ETF-U 0.12% 1,012 $211K Reduce -2.2%
HD Home Depot Inc. 0.12% 496 $201K New
LPTH Lightpath Technologies Inc. Class A 0.12% 25,000 $198K New
SACH Sachem Capital Corp. 0.09% 145,000 $161K Reduce -4.6%
NXDR Nextdoor Holdings Inc. 0.08% 67,000 $140K New
AESI Atlas Energy Solutions Inc. 0.07% 11,200 $127K Reduce -74.0%
SBI Western Asset Intermediate 0.07% 15,000 $119K No change
VUZI Vuzix Corp. 0.04% 22,508 $70K New
HAIN Hain Celestial Group Inc. 0.04% 41,200 $65K New
GDRX Goodrx Holdings Inc. Class A 0.02% 10,000 $42K No change
EONR Eon Resources Inc. 0.01% 20,000 $10K New

Options reported separately and not counted above: ZETA calls ($149K), ETH calls ($118K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
SecurityClassShares / PrincipalValueChange
SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) 2.75% CNV PFD C 111,050$2.8MAdd +44.7%

Total filed on the 13F, all lines: $173.0M.

Portfolio Sells Q2 2025 → Q3 2025
CVNA Carvana Co. Reduce -43.3% 1.88% −1.51
SHV iShares 0-1 Year Treasury Bo Reduce -7.0% 5.79% −1.32
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -29.6% 1.26% −0.78
MINT PIMCO Enhanced Short Maturit Reduce -2.3% 4.62% −0.77
CONL Granitesh 2X LNG Coin ETF-US Sold out 0.00% −0.63
STEW SRH Total Return Fund Inc. Reduce -0.7% 4.63% −0.56
PBPB Potbelly Corp. Sold out 0.00% −0.54
VGSH Vanguard Short-Term Treasury Reduce -20.5% 1.16% −0.51
BV Brightview Holdings Inc. Sold out 0.00% −0.49
SHY iShares 1-3 Year Treasury Bo Reduce -72.1% 0.13% −0.41
HFRO Highland Opport & Income Sold out 0.00% −0.41
VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.34
VICR Vicor Corp. Reduce -50.0% 0.29% −0.32
AESI Atlas Energy Solutions Inc. Reduce -74.0% 0.07% −0.31
USHY iShares Broad Usd High Yield Reduce -46.9% 0.27% −0.30
AMDL Graniteshares 2XLONG AMD ETF Sold out 0.00% −0.29
VUSB Vanguard Ultra Short Bond Et Reduce -16.9% 0.73% −0.27
NSLR Neostellar Capital Corp. Reduce -3.3% 2.62% −0.20
PESI Perma-Fix Environmental SVCS Reduce -18.0% 0.38% −0.17
HON Honeywell International Inc. Sold out 0.00% −0.15
XBXMX Nuveen S&P 500 Buy-WR Inc. Reduce -20.7% 0.39% −0.15
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.15
OBDC Blue Owl Capital Corp. Reduce -31.3% 0.17% −0.14
BTMD Biote Corp. Class A Sold out 0.00% −0.13
CDNA Caredx Inc. Sold out 0.00% −0.13
STIM Neuronetics Inc. Sold out 0.00% −0.11
PNNT Pennantpark Investment Corp. Reduce -0.6% 0.55% −0.09
SLQT Selectquote Inc. Reduce -0.2% 0.21% −0.08
SUNS Sunrise Realty Trust Inc. Sold out 0.00% −0.07
WIW Western Asst Infl-LNK Opp Sold out 0.00% −0.07
LUCK Lucky Strike Entertainment C Sold out 0.00% −0.06
BHR Braemar Hotels & Resorts Inc. Reduce -16.6% 0.23% −0.05
COST Costco Wholesale Corp. Reduce -3.5% 0.19% −0.05
ABT Abbott Laboratories Reduce -0.1% 0.26% −0.04
MAMA Mama's Creations Inc. Reduce -12.5% 1.29% −0.04
IVV iShares Core S&P 500 ETF Reduce -0.4% 0.54% −0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.5% 0.21% −0.03
DIA SS SPDR Dow Jones Indus Avg Reduce -3.2% 0.26% −0.03
CION Cion Investment Corp. Reduce -3.7% 0.14% −0.03
SACH Sachem Capital Corp. Reduce -4.6% 0.09% −0.03
IEFA iShares Core MSCI Eafe ETF Reduce -1.2% 0.20% −0.02
TMFE Motley Fool Capital Efficie Reduce -1.2% 0.14% −0.02
ITOT iShares Core S&P Total U.S. Reduce -4.6% 0.13% −0.01
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -2.2% 0.12% −0.01
MO Altria Group Inc. Reduce -0.7% 0.14% −0.00
RTX RTX Corp. Reduce -0.1% 0.45% +0.00
GE General Electric Reduce -0.2% 0.30% +0.01
GPRE Green Plains Inc. Reduce -6.4% 0.19% +0.03
GOOG Alphabet Inc. Class C Reduce -3.8% 0.30% +0.04
SOFI Sofi Technologies Inc. Reduce -18.3% 1.55% +0.05

Portfolio Buys Q2 2025 → Q3 2025
ZETA Zeta Global Holdings Corp. Class A New 1.09% +1.09
BOOT Boot Barn Holdings Inc. New 0.98% +0.98
BYRN Byrna Technologies Inc. New 0.77% +0.77
RDDT Reddit Inc. Class A New 0.68% +0.68
TPB Turning Point Brands Inc. New 0.66% +0.66
SPHY SS SPDR P High Yield ETF Add +189.8% 0.82% +0.50
FEIM Frequency Electronics Inc. New 0.50% +0.50
CVX Chevron Corp. New 0.49% +0.49
NVDA Nvidia Corp. Add +45.6% 1.44% +0.48
TBIL F/M US Treasury 3 Month Bill New 0.48% +0.48
OXLC Oxford Lane Capital Corp. New 0.47% +0.47
FIVE Five Below New 0.45% +0.45
FLR Fluor Corp. New 0.40% +0.40
ARQ Arq Inc. New 0.37% +0.37
SMRT Smartrent Inc. Add +280.5% 0.44% +0.35
PSEC Prospect Capital Corp. New 0.33% +0.33
IREN Iren Ltd. New 0.32% +0.32
SPE Special Opportunities Fund Add +51.1% 1.22% +0.30
PYPL PayPal Holdings Inc. New 0.30% +0.30
NVDL Granitesh 2X LNG Nvda ETF Add +12.9% 0.99% +0.24
IJR iShares Core S&P Small-Cap E New 0.23% +0.23
ETH Grayscale Ethereum Staking M New 0.23% +0.23
EVLV Evolv Technologies Holdings Add +26.7% 0.84% +0.21
TIC Tic Solutions Inc. New 0.20% +0.20
EML The Eastern Co. Add +87.8% 0.47% +0.19
CSCO Cisco Systems Inc. New 0.17% +0.17
IBIT iShares Bitcoin Trust ETF New 0.16% +0.16
SPMO Invesco S&P 500 Momentum ETF New 0.15% +0.15
SPY SS SPDR S&P 500 ETF Trust-US Add +11.8% 2.66% +0.14
BAI Ishrs AI in and Tech Act ETF New 0.14% +0.14
XLG Invesco S&P 500 Top 50 ETF New 0.14% +0.14
JBBB Janus Henderson B-BBB Clo Et Add +84.6% 0.34% +0.13
C Citigroup Inc. New 0.13% +0.13
GLD SPDR Gold Shares New 0.13% +0.13
GEV GE Vernova Inc. New 0.12% +0.12
RRGB Red Robin Gourmet Burgers Add +56.0% 0.31% +0.12
HD Home Depot Inc. New 0.12% +0.12
LPTH Lightpath Technologies Inc. Class A New 0.12% +0.12
ORCL Oracle Corp. Add +49.0% 0.27% +0.11
QUAL iShares MSCI USA Quality Fac Add +27.3% 0.67% +0.10
AVGO Broadcom Inc. Add +14.1% 0.60% +0.10
ET Energy Transfer LP Add +58.8% 0.41% +0.10
NXDR Nextdoor Holdings Inc. New 0.08% +0.08
AAPL Apple Inc. Add +5.7% 0.53% +0.07
GOOGL Alphabet Inc. Class A Add +0.1% 0.32% +0.05
ABBV Abbvie Inc. Add +0.5% 0.52% +0.05
VUZI Vuzix Corp. New 0.04% +0.04
HAIN Hain Celestial Group Inc. New 0.04% +0.04
MSFT Microsoft Corp. Add +18.2% 0.48% +0.03
HPE Hewlett Packard Enterprise Add +0.1% 0.59% +0.03

Options Activity Q2 2025 → Q3 2025
ZETA Zeta Global Holdings Corp. Class A call New 60,000 $149K
ETH Grayscale Ethereum Staking M call New 20,000 $118K

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
SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) 2.75% CNV PFD C Add +44.7% 111,050 $2.8M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 186$256.7MCINF, VICR, SPY, CBZ, STEW
Q1 2026 169$202.1MCINF, SHV, SPY, MINT, STEW
Q4 2025 155$190.6MCINF, SHV, STEW, MINT, ADX
Q3 2025 143$170.2MCINF, SHV, STEW, MINT, ADX
Q2 2025 125$149.0MCINF, SHV, MINT, STEW, ADX
Q1 2025 113$131.9MCINF, SHV, MINT, STEW, ADX
Q4 2024 101$90.2MSHV, CVNA, MINT, RDDT, STEW