III Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), III Capital Management reported 42 stock positions worth $388.0 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 71.4% of the portfolio, followed by iShares Core S&P Midcap ETF (IJH, 1.9%) and People (PPLI, 1.6%). Compared with Q2 2025, it opened 14 new positions, sold out of 15, added to 16 and reduced 12. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +26%) and the biggest sale an exit from Vanguard S/T Corp. Bond ETF (VCSH).
- Most Recent 13F
- Q2 2026
- Location
- BOCA RATON, FL
- CIK
- 0001783139
- Portfolio Value
- $388.0M (Q3 2025)
- SEC Filing
- 0001783139-25-000007 ↗ filed Nov 14, 2025
Holdings Value
Holdings 42 stocks · $388.0M
| SPY SS SPDR S&P 500 ETF Trust-US | 71.39% | 415,800 | $277.0M | Add +26.3% |
| IJH iShares Core S&P Midcap ETF | 1.88% | 112,000 | $7.3M | New |
| PPLI People Inc. filed as IAC INC | 1.58% | 180,000 | $6.1M | New |
| H Hyatt Hotels Corp. Class A | 1.31% | 35,875 | $5.1M | Add +4.0% |
| WDC Western Digital Corp. | 1.29% | 41,713 | $5.0M | Reduce -49.7% |
| DRVN Driven Brands Holdings Inc. | 1.23% | 295,625 | $4.8M | Add +18.3% |
| BWA Borgwarner Inc. | 1.20% | 105,810 | $4.7M | Reduce -19.8% |
| T AT&T Inc. | 1.19% | 163,550 | $4.6M | Add +445.2% |
| OUT Outfront Media Inc. | 1.11% | 235,394 | $4.3M | Reduce -18.8% |
| CRH CRH PLC | 1.06% | 34,448 | $4.1M | Reduce -38.0% |
| RTO Rentokil Initial PLC-SP ADR | 1.04% | 160,132 | $4.0M | Add +42.9% |
| URBN Urban Outfitters Inc. | 1.04% | 56,550 | $4.0M | Add +2.8% |
| MHK Mohawk Industries Inc. | 0.99% | 29,850 | $3.8M | Add +99.0% |
| UBER Uber Technologies Inc. | 0.92% | 36,313 | $3.6M | Add +41.5% |
| RL Ralph Lauren Corp. | 0.90% | 11,155 | $3.5M | Add +85.9% |
| GOOG Alphabet Inc. Class C | 0.89% | 14,140 | $3.4M | New |
| MAT Mattel Inc. | 0.87% | 200,000 | $3.4M | New |
| DLTR Dollar Tree Inc. | 0.85% | 35,000 | $3.3M | Reduce -12.5% |
| CHTR Charter Communications Inc. Class A | 0.85% | 12,000 | $3.3M | Add +41.2% |
| XLP SS Consumer Staples Sel Sect | 0.73% | 36,051 | $2.8M | Add +86.8% |
| CNK Cinemark Holdings Inc. | 0.61% | 85,000 | $2.4M | New |
| KHC The Kraft Heinz Co. | 0.56% | 82,779 | $2.2M | Add +7.7% |
| CZR Caesars Entertainment Inc. | 0.55% | 79,136 | $2.1M | Reduce -20.8% |
| ACI Albertsons Cos Inc. Class A | 0.54% | 120,370 | $2.1M | Reduce -41.0% |
| NXST Nexstar Media Group Inc. | 0.49% | 9,710 | $1.9M | Add +7.9% |
| ECHO Echostar Corp. Class A | 0.49% | 25,000 | $1.9M | New |
| NCLH Norwegian Cruise Line Holdin | 0.47% | 73,734 | $1.8M | Reduce -13.9% |
| RRR Red Rock Resorts Inc. Class A | 0.46% | 29,087 | $1.8M | New |
| CCL Carnival Corp. | 0.45% | 60,000 | $1.7M | New |
| FUN Six Flags Entertainment Corp. | 0.44% | 75,000 | $1.7M | Reduce -52.8% |
| META Meta Platforms Inc. Class A | 0.38% | 2,000 | $1.5M | Reduce -66.7% |
| CAR Avis Budget Group Inc. | 0.37% | 9,000 | $1.4M | Reduce -14.3% |
| WBD Warner Bros Discovery Inc. | 0.30% | 60,000 | $1.2M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 10,000 | $1.1M | New |
| PINS Pinterest Inc. Class A | 0.29% | 35,000 | $1.1M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.29% | 14,000 | $1.1M | New |
| MSTR Strategy Inc. | 0.26% | 3,100 | $999K | Add +425.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.17% | 7,500 | $654K | Add +87.5% |
| GDEN Golden Entertainment Inc. | 0.12% | 19,455 | $459K | Add +14.3% |
| KRE SS SPDR S&P Regional Bank | 0.08% | 5,000 | $317K | New |
| GLD SPDR Gold Shares | 0.04% | 477 | $170K | New |
| LCID Lucid Group Inc. | 0.02% | 2,520 | $60K | Reduce -73.2% |
Options reported separately and not counted above: LCID puts ($1.6M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $26.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 16,482,000 | $18.4M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 5,000,000 | $6.1M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 1,820,000 | $1.8M | New |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | 34,000 | $72K | Reduce -18.3% |
Total filed on the 13F, all lines: $414.4M.
Portfolio Sells Q2 2025 → Q3 2025
| VCSH Vanguard S/T Corp. Bond ETF | Sold out | 0.00% | −34.47 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −4.03 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −1.82 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −1.06 |
| FUN Six Flags Entertainment Corp. | Reduce -52.8% | 0.44% | −0.53 |
| META Meta Platforms Inc. Class A | Reduce -66.7% | 0.38% | −0.51 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.47 |
| WSM Williams-Sonoma Inc. | Sold out | 0.00% | −0.43 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.39 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.37 |
| ACI Albertsons Cos Inc. Class A | Reduce -41.0% | 0.54% | −0.34 |
| BYD Boyd Gaming Corp. | Sold out | 0.00% | −0.24 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.17 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.14 |
| CABO Cable One Inc. | Sold out | 0.00% | −0.11 |
| FLYYQ Spirit Aviation Holdings Inc. | Sold out | 0.00% | −0.10 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.09 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.08 |
| LCID Lucid Group Inc. | Reduce -73.2% | 0.02% | −0.02 |
| CZR Caesars Entertainment Inc. | Reduce -20.8% | 0.55% | −0.02 |
| CAR Avis Budget Group Inc. | Reduce -14.3% | 0.37% | +0.02 |
| CRH CRH PLC | Reduce -38.0% | 1.06% | +0.04 |
| DLTR Dollar Tree Inc. | Reduce -12.5% | 0.85% | +0.06 |
| NCLH Norwegian Cruise Line Holdin | Reduce -13.9% | 0.47% | +0.12 |
| OUT Outfront Media Inc. | Reduce -18.8% | 1.11% | +0.16 |
| WDC Western Digital Corp. | Reduce -49.7% | 1.29% | +0.23 |
| BWA Borgwarner Inc. | Reduce -19.8% | 1.20% | +0.31 |
Portfolio Buys Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +26.3% | 71.39% | +30.56 |
| IJH iShares Core S&P Midcap ETF | New | 1.88% | +1.88 |
| PPLI People Inc. | New | 1.58% | +1.58 |
| T AT&T Inc. | Add +445.2% | 1.19% | +1.02 |
| GOOG Alphabet Inc. Class C | New | 0.89% | +0.89 |
| MAT Mattel Inc. | New | 0.87% | +0.87 |
| MHK Mohawk Industries Inc. | Add +99.0% | 0.99% | +0.68 |
| CNK Cinemark Holdings Inc. | New | 0.61% | +0.61 |
| RL Ralph Lauren Corp. | Add +85.9% | 0.90% | +0.57 |
| RTO Rentokil Initial PLC-SP ADR | Add +42.9% | 1.04% | +0.50 |
| ECHO Echostar Corp. Class A | New | 0.49% | +0.49 |
| RRR Red Rock Resorts Inc. Class A | New | 0.46% | +0.46 |
| CCL Carnival Corp. | New | 0.45% | +0.45 |
| UBER Uber Technologies Inc. | Add +41.5% | 0.92% | +0.44 |
| XLP SS Consumer Staples Sel Sect | Add +86.8% | 0.73% | +0.41 |
| DRVN Driven Brands Holdings Inc. | Add +18.3% | 1.23% | +0.35 |
| H Hyatt Hotels Corp. Class A | Add +4.0% | 1.31% | +0.35 |
| WBD Warner Bros Discovery Inc. | New | 0.30% | +0.30 |
| DIS The Walt Disney Co. | New | 0.30% | +0.30 |
| PINS Pinterest Inc. Class A | New | 0.29% | +0.29 |
| WH Wyndham Hotels & Resorts Inc. | New | 0.29% | +0.29 |
| URBN Urban Outfitters Inc. | Add +2.8% | 1.04% | +0.24 |
| MSTR Strategy Inc. | Add +425.4% | 0.26% | +0.21 |
| NXST Nexstar Media Group Inc. | Add +7.9% | 0.49% | +0.18 |
| KHC The Kraft Heinz Co. | Add +7.7% | 0.56% | +0.16 |
| CHTR Charter Communications Inc. Class A | Add +41.2% | 0.85% | +0.15 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +87.5% | 0.17% | +0.10 |
| KRE SS SPDR S&P Regional Bank | New | 0.08% | +0.08 |
| GLD SPDR Gold Shares | New | 0.04% | +0.04 |
| GDEN Golden Entertainment Inc. | Add +14.3% | 0.12% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| LCID Lucid Group Inc. | put | Reduce -33.3% | 69,180 | $1.6M |
| PCG P G & E Corp. | put | Sold out | 80,000 | $1.1Mbefore exit |
| BYND Beyond Meat Inc. | put | Sold out | 29,800 | $104Kbefore exit |
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
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | Sold out | 22,543,000 | $26.2Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Sold out | 2,547,000 | $4.6Mbefore exit |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | New | 1,820,000 | $1.8M |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Sold out | 17,405,000 | $1.4Mbefore exit |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | Reduce -18.3% | 34,000 | $72K |
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 |