III Capital Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), III Capital Management reported 26 stock positions worth $330.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 39.1% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 35.6%) and Expedia (EXPE, 1.9%). Compared with Q3 2024, it opened 6 new positions, sold out of 11, added to 14 and reduced 5. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Borgwarner (BWA).
- Most Recent 13F
- Q2 2026
- Location
- BOCA RATON, FL
- CIK
- 0001783139
- Portfolio Value
- $330.2M (Q4 2024)
- SEC Filing
- 0001783139-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 26 stocks · $330.2M
| SPY SS SPDR S&P 500 ETF Trust-US | 39.12% | 220,385 | $129.2M | New |
| BKLN Invesco Senior Loan ETF | 35.64% | 5,585,614 | $117.7M | No change |
| EXPE Expedia Group Inc. | 1.95% | 34,480 | $6.4M | Add +3.7% |
| ACI Albertsons Cos Inc. Class A | 1.78% | 300,000 | $5.9M | New |
| CRH CRH PLC | 1.58% | 56,534 | $5.2M | Add +8.2% |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 1.58% | 27,520 | $5.2M | Reduce -13.3% |
| XLP SS Consumer Staples Sel Sect | 1.53% | 64,300 | $5.1M | Add +100.0% |
| RTO Rentokil Initial PLC-SP ADR | 1.47% | 192,030 | $4.9M | Reduce -4.5% |
| WYNN WYNN Resorts Ltd. | 1.44% | 55,000 | $4.7M | Add +515.1% |
| META Meta Platforms Inc. Class A | 1.42% | 8,000 | $4.7M | Add +114.8% |
| CZR Caesars Entertainment Inc. | 1.42% | 139,900 | $4.7M | Add +250.2% |
| H Hyatt Hotels Corp. Class A | 1.33% | 28,000 | $4.4M | New |
| PPLI People Inc. filed as IAC INC | 1.31% | 100,000 | $4.3M | New |
| VSTS Vestis Corp. | 1.27% | 275,928 | $4.2M | Add +7.0% |
| CHTR Charter Communications Inc. Class A | 1.25% | 12,000 | $4.1M | Add +500.0% |
| FUN Six Flags Entertainment Corp. | 1.01% | 69,516 | $3.3M | Reduce -41.4% |
| LSEA Landsea Homes Corp. | 0.93% | 363,444 | $3.1M | Add +139.2% |
| NXST Nexstar Media Group Inc. | 0.77% | 16,000 | $2.5M | Add +433.3% |
| CAR Avis Budget Group Inc. | 0.63% | 26,000 | $2.1M | New |
| NCLH Norwegian Cruise Line Holdin | 0.59% | 75,600 | $1.9M | Add +30.8% |
| W Wayfair Inc. Class A | 0.51% | 38,000 | $1.7M | Add +54.5% |
| GDEN Golden Entertainment Inc. | 0.50% | 52,028 | $1.6M | Add +26.9% |
| KHC The Kraft Heinz Co. | 0.39% | 41,830 | $1.3M | Add +100.0% |
| WDC Western Digital Corp. | 0.38% | 21,300 | $1.3M | Reduce -66.5% |
| LCID Lucid Group Inc. | 0.11% | 115,527 | $349K | New |
| BELFB Bel Fuse Inc. Class B | 0.10% | 3,869 | $319K | Reduce -35.5% |
Options reported separately and not counted above: PCG puts ($13.2M), LCID puts ($11.7M).
Other holdings (9): bonds, preferreds, convertibles and warrants · $265.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 35,487,000 | $93.8M | Reduce -36.9% |
| INSIGHT ENTERPRS (NSIT 0.75 02/15/25) | NOTE 0.750% 2/1 · principal | 21,595,000 | $48.6M | Reduce -48.1% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 35,605,000 | $34.6M | Reduce -16.1% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 29,119,000 | $28.2M | Reduce -4.0% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 23,468,000 | $25.5M | New |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 17,842,000 | $19.7M | Reduce -50.2% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 10,312,000 | $12.4M | Reduce -69.2% |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 19,546,000 | $2.9M | Reduce -48.0% |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | 52,382 | $83K | No change |
Total filed on the 13F, all lines: $596.0M.
Portfolio Sells Q3 2024 → Q4 2024
| BWA Borgwarner Inc. | Sold out | 0.00% | −2.29 |
| OUT Outfront Media Inc. | Sold out | 0.00% | −2.27 |
| WDC Western Digital Corp. | Reduce -66.5% | 0.38% | −2.00 |
| FUN Six Flags Entertainment Corp. | Reduce -41.4% | 1.01% | −1.60 |
| BYD Boyd Gaming Corp. | Sold out | 0.00% | −1.35 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -4.5% | 1.47% | −1.27 |
| HRI Herc Holdings Inc. | Reduce -13.3% | 1.58% | −1.20 |
| BRSL Brightstar Lottery PLC | Sold out | 0.00% | −0.79 |
| T AT&T Inc. | Sold out | 0.00% | −0.75 |
| WSM Williams-Sonoma Inc. | Sold out | 0.00% | −0.73 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.39 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.26 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.24 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.21 |
| BELFB Bel Fuse Inc. Class B | Reduce -35.5% | 0.10% | −0.16 |
| BURTECH ACQUISITION CORP | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | New | 39.12% | +39.12 |
| ACI Albertsons Cos Inc. Class A | New | 1.78% | +1.78 |
| H Hyatt Hotels Corp. Class A | New | 1.33% | +1.33 |
| PPLI People Inc. | New | 1.31% | +1.31 |
| WYNN WYNN Resorts Ltd. | Add +515.1% | 1.44% | +0.97 |
| CHTR Charter Communications Inc. Class A | Add +500.0% | 1.25% | +0.89 |
| CAR Avis Budget Group Inc. | New | 0.63% | +0.63 |
| CZR Caesars Entertainment Inc. | Add +250.2% | 1.42% | +0.50 |
| NXST Nexstar Media Group Inc. | Add +433.3% | 0.77% | +0.49 |
| META Meta Platforms Inc. Class A | Add +114.8% | 1.42% | +0.25 |
| LCID Lucid Group Inc. | New | 0.11% | +0.11 |
| XLP SS Consumer Staples Sel Sect | Add +100.0% | 1.53% | +0.07 |
| KHC The Kraft Heinz Co. | Add +100.0% | 0.39% | −0.01 |
| NCLH Norwegian Cruise Line Holdin | Add +30.8% | 0.59% | −0.06 |
| LSEA Landsea Homes Corp. | Add +139.2% | 0.93% | −0.09 |
| GDEN Golden Entertainment Inc. | Add +26.9% | 0.50% | −0.22 |
| W Wayfair Inc. Class A | Add +54.5% | 0.51% | −0.25 |
| EXPE Expedia Group Inc. | Add +3.7% | 1.95% | −0.75 |
| VSTS Vestis Corp. | Add +7.0% | 1.27% | −0.83 |
| CRH CRH PLC | Add +8.2% | 1.58% | −1.07 |
Options Activity Q3 2024 → Q4 2024
| NIO Nio Inc. - ADR | put | Sold out | 2,879,300 | $19.2Mbefore exit |
| F Ford Motor Co. | put | Sold out | 1,753,100 | $18.5Mbefore exit |
| PCG P G & E Corp. | put | Reduce -53.8% | 655,100 | $13.2M |
| LCID Lucid Group Inc. | put | Reduce -37.9% | 3,890,500 | $11.7M |
| BABA Alibaba Group Holding-SP ADR | put | Sold out | 96,800 | $10.3Mbefore exit |
| SAVEQ Spirit Airlines Inc. | put | Sold out | 3,388,800 | $8.1Mbefore exit |
| PRGS Progress Software Corp. | call | Sold out | 95,000 | $6.4Mbefore exit |
| BYND Beyond Meat Inc. | put | Sold out | 876,500 | $5.9Mbefore exit |
| UNIT Uniti Group LLC Com SHS | put | Sold out | 682,000 | $3.8Mbefore exit |
| AG First Majestic Silver Corp. | put | Sold out | 245,800 | $1.5Mbefore exit |
| WYNN WYNN Resorts Ltd. | call | Sold out | 15,000 | $1.4Mbefore exit |
| CTAS Cintas Corp. | call | Sold out | 5,000 | $1.0Mbefore 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 2024 → Q4 2024
| CYBERARK SOFTWARE LTD (CYBR 0 11/15/24) | NOTE 11/1 · principal | Sold out | 69,801,000 | $129.2Mbefore exit |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Reduce -36.9% | 35,487,000 | $93.8M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Sold out | 82,300,000 | $82.0Mbefore exit |
| CHART INDUSTRIES INC (GTLS 1 11/15/24) | NOTE 1.000%11/1 · principal | Sold out | 31,640,000 | $66.4Mbefore exit |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 59,336,000 | $66.1Mbefore exit |
| INSIGHT ENTERPRS (NSIT 0.75 02/15/25) | NOTE 0.750% 2/1 · principal | Reduce -48.1% | 21,595,000 | $48.6M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Sold out | 37,429,000 | $46.4Mbefore exit |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | Sold out | 35,856,000 | $36.4Mbefore exit |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Sold out | 37,630,000 | $35.4Mbefore exit |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Reduce -16.1% | 35,605,000 | $34.6M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Sold out | 555,000 | $30.9Mbefore exit |
| DYNAVAX TECHNOLOGIES (DVAX 2.5 05/15/26) | NOTE 2.500% 5/1 · principal | Sold out | 24,058,000 | $29.2Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 30,000,000 | $28.9Mbefore exit |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -4.0% | 29,119,000 | $28.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | New | 23,468,000 | $25.5M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Sold out | 19,932,000 | $22.2Mbefore exit |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | Reduce -50.2% | 17,842,000 | $19.7M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Sold out | 17,500,000 | $17.8Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -69.2% | 10,312,000 | $12.4M |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | Sold out | 7,967,000 | $7.2Mbefore exit |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Sold out | 7,544,000 | $6.6Mbefore exit |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Sold out | 7,269,000 | $6.3Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 5,248,000 | $5.4Mbefore exit |
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | Sold out | 9,613,000 | $4.4Mbefore exit |
| SPIRIT AIRLINES INC (SAVE 1 05/15/26) | NOTE 1.000% 5/1 · principal | Sold out | 14,041,000 | $4.3Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Reduce -48.0% | 19,546,000 | $2.9M |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | Sold out | 85,403 | $6Kbefore exit |
| BLEUACACIA LTD | RIGHT 10/30/2026 | Sold out | 175,727 | $5Kbefore exit |
| SBXC.WS Silverbox Corp. III-28 | *W EXP 02/28/202 | Sold out | 42,964 | $5Kbefore exit |
| CRTWF Cartica Acquisition A -28 | *W EXP 04/30/202 | Sold out | 25,298 | $4Kbefore exit |
| OPTXW Omnilit Acquisition Class A -23 | *W EXP 99/99/999 | Sold out | 35,840 | $3Kbefore exit |
| SMNRW Denali Capital Acq-CW27 | *W EXP 99/99/999 | Sold out | 41,184 | $2Kbefore exit |
| AIMWF Aimfinity Investment-CW27 | *W EXP 99/99/999 | Sold out | 91,548 | $2Kbefore exit |
| BLEUACACIA LTD | *W EXP 10/30/202 | Sold out | 91,851 | $2Kbefore exit |
| FTIIW Futuretech II Acq -CW27 | *W EXP 08/18/202 | Sold out | 72,922 | $2Kbefore exit |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | Sold out | 26,383 | $1Kbefore exit |
| IVAWF Investcorp India Acquisi -27 | *W EXP 06/01/202 | Sold out | 11,448 | $800before exit |
| CTSWF Cactus Acquisition Corp.-CW23 | *W EXP 08/17/202 | Sold out | 20,684 | $621before exit |
| PERCEPTION CAPITAL CORP III | *W EXP 99/99/999 | Sold out | 19,485 | $569before exit |
| EVCOW Everest Consolidator Acquisi | *W EXP 99/99/999 | Sold out | 15,433 | $436before exit |
| OIOWW Esgl Holdings Ltd.-28 | *W EXP 08/02/202 | Sold out | 47,874 | $411before exit |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | Sold out | 1,091 | $162before exit |
| PNSWQ Banyan Acquisition Co. -CW23 | *W EXP 09/30/202 | Sold out | 7,325 | $98before 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 | 43 | $382.0M | SPY, HYG, IJH, RSP, CRH |
| Q1 2026 | 44 | $241.7M | SPY, EMB, VISN, EEM, CRH |
| Q4 2025 | 39 | $426.2M | SPY, LQD, RTO, H, VISN |
| Q3 2025 | 42 | $388.0M | SPY, IJH, PPLI, H, WDC |
| Q2 2025 | 43 | $498.2M | SPY, VCSH, HYG, RSP, WDC |
| Q1 2025 | 34 | $281.2M | HYG, BKLN, CHTR, HRI, WDC |
| Q4 2024 | 26 | $330.2M | SPY, BKLN, EXPE, ACI, CRH |
| Q3 2024 | 31 | $182.5M | BKLN, HRI, RTO, EXPE, CRH |
| Q2 2024 | 38 | $213.2M | BKLN, WDC, IEF, NEE, T |
| Q1 2024 | 41 | $246.4M | BKLN, IEF, NEE, WDC, ECHO |