III Capital Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), III Capital Management reported 39 stock positions worth $426.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 70.2% of the portfolio, followed by Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 5.9%) and Rentokil Initial PLC-SP ADR (RTO, 1.3%). Compared with Q3 2025, it opened 14 new positions, sold out of 17, added to 14 and reduced 8. The biggest buy was a new position in Ishr Ibx Usd Invgd CB ETF-Ui (LQD) and the biggest sale an exit from iShares Core S&P Midcap ETF (IJH).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001783139
Portfolio Value
$426.2M (Q4 2025)
SEC Filing
0001783139-26-000002 ↗ filed Feb 17, 2026

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 Q2 2025 Q3 2025: $388.0M Q3 2025 Q4 2025: $426.2M $426.2M Q4 2025 Q1 2026: $241.7M Q1 2026 Q2 2026: $382.0M Q2 2026

Holdings 39 stocks · $426.2M
SPY SS SPDR S&P 500 ETF Trust-US 70.22% 438,886 $299.3M Add +5.5%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 5.92% 229,000 $25.2M New
RTO Rentokil Initial PLC-SP ADR 1.28% 185,132 $5.5M Add +15.6%
H Hyatt Hotels Corp. Class A 1.27% 33,875 $5.4M Reduce -5.6%
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.19% 280,000 $5.1M New
DRVN Driven Brands Holdings Inc. 1.15% 330,625 $4.9M Add +11.8%
MHK Mohawk Industries Inc. 1.07% 41,850 $4.6M Add +40.2%
BWA Borgwarner Inc. 1.01% 95,810 $4.3M Reduce -9.4%
BKNG Booking Holdings Inc. 1.01% 800 $4.3M New
URBN Urban Outfitters Inc. 1.00% 56,550 $4.3M No change
BYD Boyd Gaming Corp. 0.98% 49,000 $4.2M New
MAT Mattel Inc. 0.98% 210,000 $4.2M Add +5.0%
TMUS T-Mobile US Inc. 0.95% 20,000 $4.1M New
UBER Uber Technologies Inc. 0.95% 49,313 $4.0M Add +35.8%
KWEB Kranesh Csi China Internet 0.92% 115,000 $3.9M New
ACI Albertsons Cos Inc. Class A 0.87% 215,370 $3.7M Add +78.9%
RL Ralph Lauren Corp. 0.76% 9,155 $3.2M Reduce -17.9%
WDC Western Digital Corp. 0.75% 18,506 $3.2M Reduce -55.6%
NCLH Norwegian Cruise Line Holdin 0.73% 138,734 $3.1M Add +88.2%
PBI Pitney Bowes Inc. 0.69% 280,000 $3.0M New
ECHO Echostar Corp. Class A 0.64% 25,000 $2.7M No change
KMB Kimberly-Clark Corp. 0.62% 26,000 $2.6M New
WH Wyndham Hotels & Resorts Inc. 0.58% 33,000 $2.5M Add +135.7%
META Meta Platforms Inc. Class A 0.54% 3,500 $2.3M Add +75.0%
XLE SS Energy Select Sector 0.52% 50,000 $2.2M New
FLUT Flutter Entertainment PLC-Di 0.50% 10,000 $2.2M New
CNK Cinemark Holdings Inc. 0.46% 85,000 $2.0M No change
CHTR Charter Communications Inc. Class A 0.44% 9,000 $1.9M Reduce -25.0%
CAR Avis Budget Group Inc. 0.30% 10,000 $1.3M Add +11.1%
KHC The Kraft Heinz Co. 0.30% 52,779 $1.3M Reduce -36.2%
FUN Six Flags Entertainment Corp. 0.29% 80,000 $1.2M Add +6.7%
ETSY Etsy Inc. 0.26% 20,000 $1.1M New
OUT Outfront Media Inc. 0.22% 39,300 $947K Reduce -83.3%
GLD SPDR Gold Shares 0.19% 2,066 $819K Add +333.1%
NFLX Netflix Inc. 0.13% 6,000 $563K New
XLP SS Consumer Staples Sel Sect 0.11% 6,051 $470K Reduce -83.2%
SLV iShares Silver Trust 0.10% 6,500 $419K New
PENN Penn Entertainment Inc. 0.07% 20,000 $295K New
LCID Lucid Group Inc. 0.02% 9,100 $96K Add +261.1%

Options reported separately and not counted above: XLE puts ($64.4M), XLE calls ($40.9M), XLF puts ($33.7M), KWEB calls ($29.0M), XLF calls ($23.4M), KWEB puts ($12.0M), XLU puts ($9.4M), AVGO calls ($5.1M), GDX calls ($5.0M), XME calls ($3.4M), PCG puts ($1.3M), LCID puts ($266K).

Other holdings (4): bonds, preferreds, convertibles and warrants · $25.3M (not counted above)
SecurityClassShares / PrincipalValueChange
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 16,482,000$17.6MNo change
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal 5,000,000$5.8MNo change
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 1,820,000$1.8MNo change
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 34,000$55KNo change

Total filed on the 13F, all lines: $451.5M.

Portfolio Sells Q3 2025 → Q4 2025
IJH iShares Core S&P Midcap ETF Sold out 0.00% −1.88
PPLI People Inc. Sold out 0.00% −1.58
T AT&T Inc. Sold out 0.00% −1.19
CRH CRH PLC Sold out 0.00% −1.06
OUT Outfront Media Inc. Reduce -83.3% 0.22% −0.89
GOOG Alphabet Inc. Class C Sold out 0.00% −0.89
DLTR Dollar Tree Inc. Sold out 0.00% −0.85
XLP SS Consumer Staples Sel Sect Reduce -83.2% 0.11% −0.62
CZR Caesars Entertainment Inc. Sold out 0.00% −0.55
WDC Western Digital Corp. Reduce -55.6% 0.75% −0.54
NXST Nexstar Media Group Inc. Sold out 0.00% −0.49
RRR Red Rock Resorts Inc. Class A Sold out 0.00% −0.46
CCL Carnival Corp. Sold out 0.00% −0.45
CHTR Charter Communications Inc. Class A Reduce -25.0% 0.44% −0.41
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.30
DIS The Walt Disney Co. Sold out 0.00% −0.30
PINS Pinterest Inc. Class A Sold out 0.00% −0.29
MSTR Strategy Inc. Sold out 0.00% −0.26
KHC The Kraft Heinz Co. Reduce -36.2% 0.30% −0.26
BWA Borgwarner Inc. Reduce -9.4% 1.01% −0.19
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.17
RL Ralph Lauren Corp. Reduce -17.9% 0.76% −0.14
GDEN Golden Entertainment Inc. Sold out 0.00% −0.12
KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.08
H Hyatt Hotels Corp. Class A Reduce -5.6% 1.27% −0.04

Portfolio Buys Q3 2025 → Q4 2025
LQD Ishr Ibx Usd Invgd CB ETF-Ui New 5.92% +5.92
VISN Vistance Networks Inc. New 1.19% +1.19
BKNG Booking Holdings Inc. New 1.01% +1.01
BYD Boyd Gaming Corp. New 0.98% +0.98
TMUS T-Mobile US Inc. New 0.95% +0.95
KWEB Kranesh Csi China Internet New 0.92% +0.92
PBI Pitney Bowes Inc. New 0.69% +0.69
KMB Kimberly-Clark Corp. New 0.62% +0.62
XLE SS Energy Select Sector New 0.52% +0.52
FLUT Flutter Entertainment PLC-Di New 0.50% +0.50
ACI Albertsons Cos Inc. Class A Add +78.9% 0.87% +0.32
WH Wyndham Hotels & Resorts Inc. Add +135.7% 0.58% +0.30
ETSY Etsy Inc. New 0.26% +0.26
NCLH Norwegian Cruise Line Holdin Add +88.2% 0.73% +0.26
RTO Rentokil Initial PLC-SP ADR Add +15.6% 1.28% +0.24
META Meta Platforms Inc. Class A Add +75.0% 0.54% +0.16
GLD SPDR Gold Shares Add +333.1% 0.19% +0.15
NFLX Netflix Inc. New 0.13% +0.13
MAT Mattel Inc. Add +5.0% 0.98% +0.11
SLV iShares Silver Trust New 0.10% +0.10
MHK Mohawk Industries Inc. Add +40.2% 1.07% +0.08
PENN Penn Entertainment Inc. New 0.07% +0.07
UBER Uber Technologies Inc. Add +35.8% 0.95% +0.03
LCID Lucid Group Inc. Add +261.1% 0.02% +0.01
CAR Avis Budget Group Inc. Add +11.1% 0.30% −0.07
DRVN Driven Brands Holdings Inc. Add +11.8% 1.15% −0.08
FUN Six Flags Entertainment Corp. Add +6.7% 0.29% −0.15
SPY SS SPDR S&P 500 ETF Trust-US Add +5.5% 70.22% −1.17

Options Activity Q3 2025 → Q4 2025
XLE SS Energy Select Sector put New 1,435,744 $64.4M
XLE SS Energy Select Sector call New 911,680 $40.9M
XLF SS Financial Select Sector put New 608,198 $33.7M
KWEB Kranesh Csi China Internet call New 850,900 $29.0M
XLF SS Financial Select Sector call New 423,099 $23.4M
KWEB Kranesh Csi China Internet put New 352,400 $12.0M
XLU St Sr Utl SL SE SPDR ETF-Usd put New 219,800 $9.4M
AVGO Broadcom Inc. call New 14,814 $5.1M
GDX Vaneck Gold Miners ETF call New 58,200 $5.0M
XME SS SPDR S&P Metals Mining call New 33,100 $3.4M
PCG P G & E Corp. put New 80,000 $1.3M
LCID Lucid Group Inc. put Reduce -63.6% 25,190 $266K

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