In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), III Capital Management reported 44 stock positions worth $241.7 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 60.2% of the portfolio, followed by iShares JP Morgan Usd Emergi (EMB, 4.1% ) and Vistance Networks (VISN, 2.6% ). Compared with Q4 2025, it opened 17 new positions, sold out of 12, added to 6 and reduced 21. The biggest buy was a new position in iShares JP Morgan Usd Emergi (EMB) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −49% ).
Location BOCA RATON, FL
CIK 0001783139
Portfolio Value $241.7M (Q1 2026) Holdings 44 stocks · $241.7M 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 2025 SPY SS SPDR S&P 500 ETF Trust-US 223,875 $145.6M Reduce -49.0% EMB iShares JP Morgan Usd Emergi 105,000 $9.9M New VISN Vistance Networks Inc. 338,825 $6.2M Add +21.0% EEM iShares MSCI Emerging Market 95,000 $5.4M New CRH CRH PLC 36,488 $3.8M New H Hyatt Hotels Corp. Class A 26,386 $3.8M Reduce -22.1% URBN Urban Outfitters Inc. 54,837 $3.5M Reduce -3.0% TMUS T-Mobile US Inc. 15,088 $3.2M Reduce -24.6% RTO Rentokil Initial PLC-SP ADR 97,159 $3.1M Reduce -47.5% BKNG Booking Holdings Inc. 722 $3.0M Reduce -9.8% WYNN WYNN Resorts Ltd. 28,052 $2.8M New CHTR Charter Communications Inc. Class A 12,045 $2.6M Add +33.8% MHK Mohawk Industries Inc. 25,949 $2.6M Reduce -38.0% BURL Burlington Stores Inc. 7,500 $2.4M New RRR Red Rock Resorts Inc. Class A 43,442 $2.3M New META Meta Platforms Inc. Class A 3,993 $2.3M Add +14.1% UBER Uber Technologies Inc. 31,154 $2.2M Reduce -36.8% RL Ralph Lauren Corp. 6,406 $2.2M Reduce -30.0% FLUT Flutter Entertainment PLC-Di 21,597 $2.2M Add +116.0% WDC Western Digital Corp. 7,979 $2.2M Reduce -56.9% MAT Mattel Inc. 144,519 $2.1M Reduce -31.2% HRI Herc Holdings Inc. filed as HERC HLDGS INC 20,360 $2.0M New ETSY Etsy Inc. 40,000 $2.0M Add +100.0% PPLI People Inc. filed as IAC INC 48,976 $2.0M New CCL Carnival Corp. 72,904 $1.9M New KMB Kimberly-Clark Corp. 19,316 $1.9M Reduce -25.7% PBI Pitney Bowes Inc. 154,442 $1.7M Reduce -44.8% DLTR Dollar Tree Inc. 15,102 $1.7M New BYD Boyd Gaming Corp. 19,442 $1.6M Reduce -60.3% PENN Penn Entertainment Inc. 101,046 $1.5M Add +405.2% PRKS United Parks & Resorts Inc. 45,000 $1.5M New ACI Albertsons Cos Inc. Class A 79,085 $1.3M Reduce -63.3% CZR Caesars Entertainment Inc. 49,210 $1.3M New ECHO Echostar Corp. Class A 10,682 $1.3M Reduce -57.3% VSNT Versant Media Group Inc. 29,856 $1.1M New LTH Life Time Group Holdings Inc. 36,000 $970K New WH Wyndham Hotels & Resorts Inc. 11,874 $965K Reduce -64.0% DRVN Driven Brands Holdings Inc. 74,765 $943K Reduce -77.4% XLV SS Health Care Select Sector 6,000 $880K New NCLH Norwegian Cruise Line Holdin 41,549 $777K Reduce -70.0% GLD SPDR Gold Shares 1,066 $459K Reduce -48.4% TTWO Take-Two Interactive Softwre 1,743 $344K New CAR Avis Budget Group Inc. 1,873 $273K Reduce -81.3% XLU St Sr Utl SL SE SPDR ETF-Usd 380 $17K New
Options reported separately and not counted above: GDX calls ($24.8M), EWJ puts ($20.0M), TSLA puts ($14.9M), TSLA calls ($14.9M), COPX calls ($6.2M), XLP puts ($3.7M), KWEB calls ($3.6M), SLV calls ($2.7M), KWEB puts ($2.4M), BX calls ($1.9M), CSGP calls ($1.4M), KKR & CO INC (KKR 6.25 03/01/28 D) calls ($701K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $5.4M (not counted above) Total filed on the 13F, all lines: $247.0M.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Reduce -49.0% 60.25% −9.97 LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −5.92 BWA Borgwarner Inc. Sold out 0.00% −1.01 KWEB Kranesh Csi China Internet Sold out 0.00% −0.92 DRVN Driven Brands Holdings Inc. Reduce -77.4% 0.39% −0.76 XLE SS Energy Select Sector Sold out 0.00% −0.52 CNK Cinemark Holdings Inc. Sold out 0.00% −0.46 NCLH Norwegian Cruise Line Holdin Reduce -70.0% 0.32% −0.41 BYD Boyd Gaming Corp. Reduce -60.3% 0.66% −0.32 ACI Albertsons Cos Inc. Class A Reduce -63.3% 0.56% −0.31 KHC The Kraft Heinz Co. Sold out 0.00% −0.30 FUN Six Flags Entertainment Corp. Sold out 0.00% −0.29 OUT Outfront Media Inc. Sold out 0.00% −0.22 CAR Avis Budget Group Inc. Reduce -81.3% 0.11% −0.19 WH Wyndham Hotels & Resorts Inc. Reduce -64.0% 0.40% −0.19 NFLX Netflix Inc. Sold out 0.00% −0.13 ECHO Echostar Corp. Class A Reduce -57.3% 0.52% −0.12 XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.11 MAT Mattel Inc. Reduce -31.2% 0.87% −0.11 SLV iShares Silver Trust Sold out 0.00% −0.10 LCID Lucid Group Inc. Sold out 0.00% −0.02 UBER Uber Technologies Inc. Reduce -36.8% 0.93% −0.02 MHK Mohawk Industries Inc. Reduce -38.0% 1.06% −0.02 RTO Rentokil Initial PLC-SP ADR Reduce -47.5% 1.27% −0.01 GLD SPDR Gold Shares Reduce -48.4% 0.19% −0.00 PBI Pitney Bowes Inc. Reduce -44.8% 0.71% +0.01 WDC Western Digital Corp. Reduce -56.9% 0.89% +0.15 RL Ralph Lauren Corp. Reduce -30.0% 0.91% +0.15 KMB Kimberly-Clark Corp. Reduce -25.7% 0.77% +0.16 BKNG Booking Holdings Inc. Reduce -9.8% 1.26% +0.25 H Hyatt Hotels Corp. Class A Reduce -22.1% 1.57% +0.30 TMUS T-Mobile US Inc. Reduce -24.6% 1.31% +0.36 URBN Urban Outfitters Inc. Reduce -3.0% 1.44% +0.44
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ EMB iShares JP Morgan Usd Emergi New 4.08% +4.08 EEM iShares MSCI Emerging Market New 2.23% +2.23 CRH CRH PLC New 1.59% +1.59 VISN Vistance Networks Inc. Add +21.0% 2.55% +1.36 WYNN WYNN Resorts Ltd. New 1.18% +1.18 BURL Burlington Stores Inc. New 1.01% +1.01 RRR Red Rock Resorts Inc. Class A New 0.96% +0.96 HRI Herc Holdings Inc. New 0.84% +0.84 PPLI People Inc. New 0.81% +0.81 CCL Carnival Corp. New 0.78% +0.78 DLTR Dollar Tree Inc. New 0.68% +0.68 CHTR Charter Communications Inc. Class A Add +33.8% 1.08% +0.64 PRKS United Parks & Resorts Inc. New 0.61% +0.61 ETSY Etsy Inc. Add +100.0% 0.83% +0.57 PENN Penn Entertainment Inc. Add +405.2% 0.63% +0.56 CZR Caesars Entertainment Inc. New 0.54% +0.54 VSNT Versant Media Group Inc. New 0.46% +0.46 FLUT Flutter Entertainment PLC-Di Add +116.0% 0.91% +0.41 META Meta Platforms Inc. Class A Add +14.1% 0.95% +0.40 LTH Life Time Group Holdings Inc. New 0.40% +0.40 XLV SS Health Care Select Sector New 0.36% +0.36 TTWO Take-Two Interactive Softwre New 0.14% +0.14 XLU St Sr Utl SL SE SPDR ETF-Usd New 0.01% +0.01
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ XLE SS Energy Select Sector put Sold out 1,435,744 $64.4Mbefore exit XLE SS Energy Select Sector call Sold out 911,680 $40.9Mbefore exit XLF SS Financial Select Sector put Sold out 608,198 $33.7Mbefore exit GDX Vaneck Gold Miners ETF call Add +364.9% 270,584 $24.8M XLF SS Financial Select Sector call Sold out 423,099 $23.4Mbefore exit EWJ iShares MSCI Japan ETF put New 236,608 $20.0M TSLA Tesla Inc. put New 40,000 $14.9M TSLA Tesla Inc. call New 40,000 $14.9M XLU St Sr Utl SL SE SPDR ETF-Usd put Sold out 219,800 $9.4Mbefore exit COPX Global X Copper Miners ETF call New 82,000 $6.2M AVGO Broadcom Inc. call Sold out 14,814 $5.1Mbefore exit XLP SS Consumer Staples Sel Sect put New 45,732 $3.7M KWEB Kranesh Csi China Internet call Reduce -85.1% 126,800 $3.6M XME SS SPDR S&P Metals Mining call Sold out 33,100 $3.4Mbefore exit SLV iShares Silver Trust call New 39,684 $2.7M KWEB Kranesh Csi China Internet put Reduce -76.0% 84,576 $2.4M BX Blackstone Inc. call New 16,814 $1.9M CSGP Costar Group Inc. call New 35,444 $1.4M PCG P G & E Corp. put Sold out 80,000 $1.3Mbefore exit KKR & CO INC (KKR 6.25 03/01/28 D) call New 17,465 $701K LCID Lucid Group Inc. put Sold out 25,190 $266Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Sold out 16,482,000 $17.6Mbefore exit WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal Sold out 5,000,000 $5.8Mbefore exit PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal New 3,200,000 $2.9M NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 New 50,000 $2.5M BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal Sold out 1,820,000 $1.8Mbefore exit BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 Sold out 34,000 $55Kbefore 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