In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), III Capital Management reported 34 stock positions worth $281.2 million . Its top holding was Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) at 37.3% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 34.7% ) and Charter Communications Class A (CHTR, 1.8% ). Compared with Q4 2024, it opened 12 new positions, sold out of 4, added to 6 and reduced 15. The biggest buy was a new position in Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
Location BOCA RATON, FL
CIK 0001783139
Portfolio Value $281.2M (Q1 2025) Holdings 34 stocks · $281.2M 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 Q4 2024 HYG Ishr Ibx Usd Hiyld CB ETF-Ui 1,330,000 $104.9M New BKLN Invesco Senior Loan ETF 4,719,614 $97.7M Reduce -15.5% CHTR Charter Communications Inc. Class A 13,500 $5.0M Add +12.5% HRI Herc Holdings Inc. filed as HERC HLDGS INC 36,872 $5.0M Add +34.0% WDC Western Digital Corp. 113,800 $4.6M Add +434.3% DRVN Driven Brands Holdings Inc. 250,000 $4.3M New FUN Six Flags Entertainment Corp. 119,516 $4.3M Add +71.9% VSTS Vestis Corp. 411,241 $4.1M Add +49.0% ACI Albertsons Cos Inc. Class A 185,000 $4.1M Reduce -38.3% META Meta Platforms Inc. Class A 7,000 $4.0M Reduce -12.5% BWA Borgwarner Inc. 140,000 $4.0M New OUT Outfront Media Inc. 224,874 $3.6M New RTO Rentokil Initial PLC-SP ADR 157,030 $3.6M Reduce -18.2% CAR Avis Budget Group Inc. 45,000 $3.4M Add +73.1% WYNN WYNN Resorts Ltd. 30,000 $2.5M Reduce -45.5% CRH CRH PLC 26,534 $2.3M Reduce -53.1% UBER Uber Technologies Inc. 30,000 $2.2M New H Hyatt Hotels Corp. Class A 17,500 $2.1M Reduce -37.5% URBN Urban Outfitters Inc. 40,000 $2.1M New CZR Caesars Entertainment Inc. 79,900 $2.0M Reduce -42.9% TPR Tapestry Inc. 27,000 $1.9M New NXST Nexstar Media Group Inc. 10,000 $1.8M Reduce -37.5% WBD Warner Bros Discovery Inc. 155,000 $1.7M New LSEA Landsea Homes Corp. 255,815 $1.6M Reduce -29.6% XLP SS Consumer Staples Sel Sect 19,300 $1.6M Reduce -70.0% CCOI Cogent Communications Holdin 20,000 $1.2M New DLTR Dollar Tree Inc. 15,000 $1.1M New EXPE Expedia Group Inc. 6,000 $1.0M Reduce -82.6% KHC The Kraft Heinz Co. 31,830 $969K Reduce -23.9% NCLH Norwegian Cruise Line Holdin 45,600 $865K Reduce -39.7% BKNG Booking Holdings Inc. 100 $461K New GDEN Golden Entertainment Inc. 17,028 $449K Reduce -67.3% LZ Legalzoomcom Inc. 50,000 $431K New LCID Lucid Group Inc. 115,527 $280K No change
Options reported separately and not counted above: HYG calls ($118.0M), LCID puts ($5.9M), PCG puts ($4.9M), BYND puts ($101K).
Other holdings (6): bonds, preferreds, convertibles and warrants · $142.4M (not counted above) Security Class Shares / Principal Value Change BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal 27,714,000 $68.1M Reduce -21.9% BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal 35,605,000 $34.4M No change INNOVIVA INC (INVA 2.5 08/15/25) NOTE 2.500% 8/1 · principal 29,842,000 $33.2M Add +67.3% SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 3,547,000 $4.3M Reduce -65.6% BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 19,546,000 $2.4M No change BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 42,900 $36K Reduce -18.1%
Total filed on the 13F, all lines: $423.6M.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −39.12 EXPE Expedia Group Inc. Reduce -82.6% 0.36% −1.59 PPLI People Inc. Sold out 0.00% −1.31 XLP SS Consumer Staples Sel Sect Reduce -70.0% 0.56% −0.97 BKLN Invesco Senior Loan ETF Reduce -15.5% 34.75% −0.89 CRH CRH PLC Reduce -53.1% 0.83% −0.75 CZR Caesars Entertainment Inc. Reduce -42.9% 0.71% −0.71 H Hyatt Hotels Corp. Class A Reduce -37.5% 0.76% −0.57 WYNN WYNN Resorts Ltd. Reduce -45.5% 0.89% −0.54 W Wayfair Inc. Class A Sold out 0.00% −0.51 LSEA Landsea Homes Corp. Reduce -29.6% 0.58% −0.35 GDEN Golden Entertainment Inc. Reduce -67.3% 0.16% −0.34 ACI Albertsons Cos Inc. Class A Reduce -38.3% 1.45% −0.34 NCLH Norwegian Cruise Line Holdin Reduce -39.7% 0.31% −0.28 RTO Rentokil Initial PLC-SP ADR Reduce -18.2% 1.28% −0.19 NXST Nexstar Media Group Inc. Reduce -37.5% 0.64% −0.13 BELFB Bel Fuse Inc. Class B Sold out 0.00% −0.10 KHC The Kraft Heinz Co. Reduce -23.9% 0.34% −0.04 META Meta Platforms Inc. Class A Reduce -12.5% 1.43% +0.02
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 37.32% +37.32 DRVN Driven Brands Holdings Inc. New 1.52% +1.52 BWA Borgwarner Inc. New 1.43% +1.43 OUT Outfront Media Inc. New 1.29% +1.29 WDC Western Digital Corp. Add +434.3% 1.64% +1.25 UBER Uber Technologies Inc. New 0.78% +0.78 URBN Urban Outfitters Inc. New 0.75% +0.75 TPR Tapestry Inc. New 0.68% +0.68 WBD Warner Bros Discovery Inc. New 0.59% +0.59 CAR Avis Budget Group Inc. Add +73.1% 1.21% +0.58 CHTR Charter Communications Inc. Class A Add +12.5% 1.77% +0.52 FUN Six Flags Entertainment Corp. Add +71.9% 1.52% +0.50 CCOI Cogent Communications Holdin New 0.44% +0.44 DLTR Dollar Tree Inc. New 0.40% +0.40 HRI Herc Holdings Inc. Add +34.0% 1.76% +0.18 VSTS Vestis Corp. Add +49.0% 1.45% +0.17 BKNG Booking Holdings Inc. New 0.16% +0.16 LZ Legalzoomcom Inc. New 0.15% +0.15
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui call New 1,500,000 $118.0M LCID Lucid Group Inc. put Reduce -37.4% 2,436,300 $5.9M PCG P G & E Corp. put Reduce -56.6% 284,000 $4.9M BYND Beyond Meat Inc. put New 33,100 $101K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal Reduce -21.9% 27,714,000 $68.1M INSIGHT ENTERPRS (NSIT 0.75 02/15/25) NOTE 0.750% 2/1 · principal Sold out 21,595,000 $48.6Mbefore exit INNOVIVA INC (INVA 2.5 08/15/25) NOTE 2.500% 8/1 · principal Add +67.3% 29,842,000 $33.2M ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal Sold out 29,119,000 $28.2Mbefore exit PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Sold out 23,468,000 $25.5Mbefore exit SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -65.6% 3,547,000 $4.3M BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 Reduce -18.1% 42,900 $36K
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