III Capital Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), III Capital Management reported 43 stock positions worth $498.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 40.8% of the portfolio, followed by Vanguard S/T Corp. Bond ETF (VCSH, 34.5%) and Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 4.0%). Compared with Q1 2025, it opened 15 new positions, sold out of 6, added to 11 and reduced 14. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Invesco Senior Loan ETF (BKLN).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001783139
Portfolio Value
$498.2M (Q2 2025)
SEC Filing
0001783139-25-000006 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $246.4M Q1 2024 Q2 2024: $213.2M Q2 2024 Q3 2024: $182.5M Q3 2024 Q4 2024: $330.2M Q4 2024 Q1 2025: $281.2M Q1 2025 Q2 2025: $498.2M $498.2M Q2 2025 Q3 2025: $388.0M Q3 2025 Q4 2025: $426.2M Q4 2025 Q1 2026: $241.7M Q1 2026 Q2 2026: $382.0M Q2 2026

Holdings 43 stocks · $498.2M
SPY SS SPDR S&P 500 ETF Trust-US 40.83% 329,200 $203.4M New
VCSH Vanguard S/T Corp. Bond ETF 34.47% 2,160,000 $171.7M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 4.03% 249,000 $20.1M Reduce -81.3%
RSP Invesco S&P 500 Equal Weight 1.82% 50,000 $9.1M New
WDC Western Digital Corp. 1.06% 82,900 $5.3M Reduce -27.1%
HRI Herc Holdings Inc. filed as HERC HLDGS INC 1.06% 39,969 $5.3M Add +8.4%
CRH CRH PLC 1.02% 55,534 $5.1M Add +109.3%
FUN Six Flags Entertainment Corp. 0.97% 158,849 $4.8M Add +32.9%
H Hyatt Hotels Corp. Class A 0.97% 34,500 $4.8M Add +97.1%
OUT Outfront Media Inc. 0.95% 289,819 $4.7M Add +28.9%
META Meta Platforms Inc. Class A 0.89% 6,000 $4.4M Reduce -14.3%
BWA Borgwarner Inc. 0.89% 132,000 $4.4M Reduce -5.7%
DRVN Driven Brands Holdings Inc. 0.88% 250,000 $4.4M No change
ACI Albertsons Cos Inc. Class A 0.88% 204,000 $4.4M Add +10.3%
URBN Urban Outfitters Inc. 0.80% 55,000 $4.0M Add +37.5%
DLTR Dollar Tree Inc. 0.80% 40,000 $4.0M Add +166.7%
CHTR Charter Communications Inc. Class A 0.70% 8,500 $3.5M Reduce -37.0%
CZR Caesars Entertainment Inc. 0.57% 99,900 $2.8M Add +25.0%
RTO Rentokil Initial PLC-SP ADR 0.54% 112,030 $2.7M Reduce -28.7%
UBER Uber Technologies Inc. 0.48% 25,657 $2.4M Reduce -14.5%
WYNN WYNN Resorts Ltd. 0.47% 25,000 $2.3M Reduce -16.7%
WSM Williams-Sonoma Inc. 0.43% 13,000 $2.1M New
KHC The Kraft Heinz Co. 0.40% 76,830 $2.0M Add +141.4%
VZ Verizon Communications Inc. 0.39% 45,000 $1.9M New
TPR Tapestry Inc. 0.37% 21,000 $1.8M Reduce -22.2%
CAR Avis Budget Group Inc. 0.36% 10,500 $1.8M Reduce -76.7%
NCLH Norwegian Cruise Line Holdin 0.35% 85,600 $1.7M Add +87.7%
RL Ralph Lauren Corp. 0.33% 6,000 $1.6M New
MHK Mohawk Industries Inc. 0.32% 15,000 $1.6M New
XLP SS Consumer Staples Sel Sect 0.31% 19,300 $1.6M No change
NXST Nexstar Media Group Inc. 0.31% 9,000 $1.6M Reduce -10.0%
BYD Boyd Gaming Corp. 0.24% 15,000 $1.2M New
T AT&T Inc. 0.17% 30,000 $868K New
EXPE Expedia Group Inc. 0.17% 5,000 $843K Reduce -16.7%
APP AppLovin Corp. Class A 0.14% 2,000 $700K New
CABO Cable One Inc. 0.11% 4,000 $543K New
GDEN Golden Entertainment Inc. 0.10% 17,028 $501K No change
FLYYQ Spirit Aviation Holdings Inc. 0.10% 97,673 $487K New
VSTS Vestis Corp. 0.09% 81,241 $466K Reduce -80.2%
XLF SS Financial Select Sector 0.08% 8,000 $419K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.07% 4,000 $327K New
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.05% 590 $238K New
LCID Lucid Group Inc. 0.04% 94,000 $198K Reduce -18.6%

Options reported separately and not counted above: LCID puts ($2.2M), PCG puts ($1.1M), BYND puts ($104K).

Other holdings (6): bonds, preferreds, convertibles and warrants · $56.2M (not counted above)
SecurityClassShares / PrincipalValueChange
INNOVIVA INC (INVA 2.5 08/15/25) NOTE 2.500% 8/1 · principal 22,543,000$26.2MReduce -24.5%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 16,482,000$18.1MNew
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal 5,000,000$5.8MNew
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 2,547,000$4.6MReduce -28.2%
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 17,405,000$1.4MReduce -10.9%
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 41,588$98KReduce -3.1%

Total filed on the 13F, all lines: $554.4M.

Portfolio Sells Q1 2025 → Q2 2025
BKLN Invesco Senior Loan ETF Sold out 0.00% −34.75
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -81.3% 4.03% −33.29
VSTS Vestis Corp. Reduce -80.2% 0.09% −1.35
CHTR Charter Communications Inc. Class A Reduce -37.0% 0.70% −1.07
CAR Avis Budget Group Inc. Reduce -76.7% 0.36% −0.86
RTO Rentokil Initial PLC-SP ADR Reduce -28.7% 0.54% −0.74
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.59
LSEA Landsea Homes Corp. Sold out 0.00% −0.58
WDC Western Digital Corp. Reduce -27.1% 1.06% −0.57
META Meta Platforms Inc. Class A Reduce -14.3% 0.89% −0.55
BWA Borgwarner Inc. Reduce -5.7% 0.89% −0.54
CCOI Cogent Communications Holdin Sold out 0.00% −0.44
WYNN WYNN Resorts Ltd. Reduce -16.7% 0.47% −0.42
NXST Nexstar Media Group Inc. Reduce -10.0% 0.31% −0.32
TPR Tapestry Inc. Reduce -22.2% 0.37% −0.31
UBER Uber Technologies Inc. Reduce -14.5% 0.48% −0.30
EXPE Expedia Group Inc. Reduce -16.7% 0.17% −0.19
BKNG Booking Holdings Inc. Sold out 0.00% −0.16
LZ Legalzoomcom Inc. Sold out 0.00% −0.15
LCID Lucid Group Inc. Reduce -18.6% 0.04% −0.06

Portfolio Buys Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US New 40.83% +40.83
VCSH Vanguard S/T Corp. Bond ETF New 34.47% +34.47
RSP Invesco S&P 500 Equal Weight New 1.82% +1.82
WSM Williams-Sonoma Inc. New 0.43% +0.43
DLTR Dollar Tree Inc. Add +166.7% 0.80% +0.39
VZ Verizon Communications Inc. New 0.39% +0.39
RL Ralph Lauren Corp. New 0.33% +0.33
MHK Mohawk Industries Inc. New 0.32% +0.32
BYD Boyd Gaming Corp. New 0.24% +0.24
H Hyatt Hotels Corp. Class A Add +97.1% 0.97% +0.20
CRH CRH PLC Add +109.3% 1.02% +0.19
T AT&T Inc. New 0.17% +0.17
APP AppLovin Corp. Class A New 0.14% +0.14
CABO Cable One Inc. New 0.11% +0.11
FLYYQ Spirit Aviation Holdings Inc. New 0.10% +0.10
XLF SS Financial Select Sector New 0.08% +0.08
XLU St Sr Utl SL SE SPDR ETF-Usd New 0.07% +0.07
URBN Urban Outfitters Inc. Add +37.5% 0.80% +0.06
KHC The Kraft Heinz Co. Add +141.4% 0.40% +0.05
MSTR Strategy Inc. New 0.05% +0.05
NCLH Norwegian Cruise Line Holdin Add +87.7% 0.35% +0.04
CZR Caesars Entertainment Inc. Add +25.0% 0.57% −0.14
OUT Outfront Media Inc. Add +28.9% 0.95% −0.34
FUN Six Flags Entertainment Corp. Add +32.9% 0.97% −0.55
ACI Albertsons Cos Inc. Class A Add +10.3% 0.88% −0.57
HRI Herc Holdings Inc. Add +8.4% 1.06% −0.70

Options Activity Q1 2025 → Q2 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui call Sold out 1,500,000 $118.0Mbefore exit
LCID Lucid Group Inc. put Reduce -57.4% 1,036,900 $2.2M
PCG P G & E Corp. put Reduce -71.8% 80,000 $1.1M
BYND Beyond Meat Inc. put Reduce -10.0% 29,800 $104K

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

Notes & Other Activity Q1 2025 → Q2 2025
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal Sold out 27,714,000 $68.1Mbefore exit
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal Sold out 35,605,000 $34.4Mbefore exit
INNOVIVA INC (INVA 2.5 08/15/25) NOTE 2.500% 8/1 · principal Reduce -24.5% 22,543,000 $26.2M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal New 16,482,000 $18.1M
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal New 5,000,000 $5.8M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -28.2% 2,547,000 $4.6M
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Reduce -10.9% 17,405,000 $1.4M
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 Reduce -3.1% 41,588 $98K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$382.0MSPY, HYG, IJH, RSP, CRH
Q1 2026 44$241.7MSPY, EMB, VISN, EEM, CRH
Q4 2025 39$426.2MSPY, LQD, RTO, H, VISN
Q3 2025 42$388.0MSPY, IJH, PPLI, H, WDC
Q2 2025 43$498.2MSPY, VCSH, HYG, RSP, WDC
Q1 2025 34$281.2MHYG, BKLN, CHTR, HRI, WDC
Q4 2024 26$330.2MSPY, BKLN, EXPE, ACI, CRH
Q3 2024 31$182.5MBKLN, HRI, RTO, EXPE, CRH
Q2 2024 38$213.2MBKLN, WDC, IEF, NEE, T
Q1 2024 41$246.4MBKLN, IEF, NEE, WDC, ECHO