Kim, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Kim, LLC reported 16 stock positions worth $522.4 million. Its top holding was Sound Point Meridian Capital (SPMC) at 35.8% of the portfolio, followed by Aspen Aerogels (ASPN, 16.4%) and Return Stacked US S&F YD ETF (RSSY, 15.7%). Compared with Q2 2025, it opened 2 new positions, sold out of 8, added to 3 and reduced 2. The biggest buy was a new position in Kore and the biggest sale Return Stacked US S&F YD ETF (RSSY, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- WICHITA, KS
- CIK
- 0001888968
- Portfolio Value
- $522.4M (Q3 2025)
- SEC Filing
- 0001888968-25-000007 ↗ filed Nov 12, 2025
Holdings Value
Holdings 16 stocks · $522.4M
| SPMC Sound Point Meridian Capital | 35.81% | 10,784,192 | $187.1M | No change |
| ASPN Aspen Aerogels Inc. | 16.36% | 12,280,426 | $85.5M | No change |
| RSSY Return Stacked US S&F YD ETF | 15.69% | 4,075,000 | $82.0M | Reduce -18.5% |
| RSBY Return STKD BND & Fut YD ETF | 15.65% | 5,000,000 | $81.8M | No change |
| VSH Vishay Intertechnology Inc. | 9.25% | 3,159,384 | $48.3M | No change |
| TE T1 Energy Inc. | 2.97% | 7,111,535 | $15.5M | Reduce -0.8% |
| KORE GROUP HLDGS INC | 0.93% | 2,000,000 | $4.8M | New |
| SMRT Smartrent Inc. | 0.72% | 2,656,173 | $3.7M | No change |
| NZF Nuveen Municipal Credit Inc. | 0.60% | 250,000 | $3.1M | No change |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.53% | 243,700 | $2.8M | No change |
| MYI BlackRock Muniyield QLTY III | 0.43% | 204,185 | $2.3M | Add +0.5% |
| MMLP Martin Midstream Partners LP | 0.30% | 506,394 | $1.5M | New |
| FIP Ftai Infrastructure Inc. | 0.25% | 293,901 | $1.3M | No change |
| XMYDX BlackRock Muniyield Fund | 0.24% | 117,981 | $1.2M | Add +0.5% |
| NAD Nuveen Quality Municipal Inc. | 0.22% | 100,000 | $1.2M | No change |
| MHD BlackRock Muniholdings Fund | 0.05% | 22,805 | $268K | Add +0.5% |
Options reported separately and not counted above: SPY puts ($199.9M), HYG puts ($56.8M), MMLP calls ($318K).
Other holdings (53): bonds, preferreds, convertibles and warrants · $365.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 25,231,000 | $24.9M | Add +65.7% |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | 20,000,000 | $19.7M | New |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 15,000,000 | $16.7M | Add +11.1% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 5,000,000 | $16.1M | Add +11.1% |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 15,000,000 | $14.9M | New |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 10,000,000 | $14.7M | Reduce -4.8% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 11,500,000 | $14.5M | Add +27.8% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 7,000,000 | $10.6M | New |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 10,000,000 | $10.1M | Add +100.0% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 10,000,000 | $9.8M | New |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 6,500,000 | $9.8M | Reduce -45.8% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 10,000,000 | $9.6M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 9,500,000 | $9.6M | New |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 8,000,000 | $9.5M | New |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 9,000,000 | $8.9M | No change |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 9,165,000 | $8.9M | Add +1.8% |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 9,000,000 | $8.7M | Add +50.0% |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 8,159,000 | $8.1M | New |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 5,500,000 | $8.0M | No change |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 8,000,000 | $7.8M | Reduce -46.7% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 7,000,000 | $7.5M | No change |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 5,382,000 | $7.4M | Add +79.4% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 7,500,000 | $7.2M | Add +275.0% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 7,500,000 | $7.0M | Add +87.5% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 6,400,000 | $6.7M | Add +28.0% |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 4,500,000 | $6.5M | New |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 6,490,000 | $6.4M | Reduce -39.6% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 5,000,000 | $5.9M | No change |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 6,000,000 | $5.9M | No change |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 5,658,000 | $5.4M | New |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 4,500,000 | $4.9M | New |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 4,000,000 | $3.9M | Reduce -55.6% |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 4,000,000 | $3.6M | No change |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 2,500,000 | $3.5M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 3,000,000 | $3.4M | Reduce -40.0% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 2,500,000 | $3.2M | Reduce -44.4% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 3,000,000 | $3.1M | Reduce -40.0% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 3,000,000 | $3.0M | Add +200.0% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 2,776,000 | $2.9M | Reduce -61.9% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 2,500,000 | $2.9M | New |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 2,500,000 | $2.6M | New |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,500,000 | $2.6M | No change |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 2,500,000 | $2.5M | New |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 2,500,000 | $2.4M | No change |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 2,500,000 | $2.4M | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 2,500,000 | $2.3M | Reduce -54.5% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 2,000,000 | $2.0M | New |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 2,000,000 | $1.9M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 2,000,000 | $1.8M | No change |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 1,500,000 | $1.5M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 1,393,000 | $1.3M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 1,030,000 | $1.0M | Reduce -59.3% |
| OUSTZ Ouster Inc. -CW25 | *W EXP 03/11/202 | 274,200 | $14K | No change |
Total filed on the 13F, all lines: $888.1M.
Portfolio Sells Q2 2025 → Q3 2025
| RSSY Return Stacked US S&F YD ETF | Reduce -18.5% | 15.69% | −1.58 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −1.12 |
| TXO Txo Partners LP | Sold out | 0.00% | −1.08 |
| KORE Kore Group Holdings Inc. | Sold out | 0.00% | −0.89 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.46 |
| XPEV Xpeng Inc. - ADR | Sold out | 0.00% | −0.37 |
| DDL Dingdong Cayman Ltd. -SPN ADR | Sold out | 0.00% | −0.35 |
| BLND Blend Labs Inc. Class A | Sold out | 0.00% | −0.23 |
| CMRC Commerce.com Inc. | Sold out | 0.00% | −0.14 |
| TE T1 Energy Inc. | Reduce -0.8% | 2.97% | +1.33 |
Portfolio Buys Q2 2025 → Q3 2025
| KORE GROUP HLDGS INC | New | 0.93% | +0.93 |
| MMLP Martin Midstream Partners LP | New | 0.30% | +0.30 |
| MYI BlackRock Muniyield QLTY III | Add +0.5% | 0.43% | +0.04 |
| XMYDX BlackRock Muniyield Fund | Add +0.5% | 0.24% | +0.02 |
| MHD BlackRock Muniholdings Fund | Add +0.5% | 0.05% | +0.00 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +100.0% | 300,000 | $199.9M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 700,000 | $56.8M |
| MMLP Martin Midstream Partners LP | call | New | 103,900 | $318K |
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
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Add +65.7% | 25,231,000 | $24.9M |
| EVOLENT HEALTH INC (EVH 1.5 10/15/25) | NOTE 1.500%10/1 · principal | Sold out | 20,372,000 | $20.2Mbefore exit |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | New | 20,000,000 | $19.7M |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | Add +11.1% | 15,000,000 | $16.7M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Add +11.1% | 5,000,000 | $16.1M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Sold out | 15,463,000 | $15.1Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 15,000,000 | $15.0Mbefore exit |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | Sold out | 15,000,000 | $15.0Mbefore exit |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | New | 15,000,000 | $14.9M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 15,000,000 | $14.9Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -4.8% | 10,000,000 | $14.7M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Sold out | 15,000,000 | $14.6Mbefore exit |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Add +27.8% | 11,500,000 | $14.5M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Sold out | 14,000,000 | $13.9Mbefore exit |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 13,027,000 | $12.6Mbefore exit |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | New | 7,000,000 | $10.6M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Add +100.0% | 10,000,000 | $10.1M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | New | 10,000,000 | $9.8M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Reduce -45.8% | 6,500,000 | $9.8M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 10,000,000 | $9.7Mbefore exit |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | New | 9,500,000 | $9.6M |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | New | 8,000,000 | $9.5M |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | Add +1.8% | 9,165,000 | $8.9M |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | Add +50.0% | 9,000,000 | $8.7M |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | New | 8,159,000 | $8.1M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | Sold out | 7,000,000 | $7.9Mbefore exit |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -46.7% | 8,000,000 | $7.8M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 5,000,000 | $7.7Mbefore exit |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +79.4% | 5,382,000 | $7.4M |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | Sold out | 7,308,000 | $7.2Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +275.0% | 7,500,000 | $7.2M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Add +87.5% | 7,500,000 | $7.0M |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Sold out | 7,000,000 | $6.7Mbefore exit |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Add +28.0% | 6,400,000 | $6.7M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Sold out | 7,000,000 | $6.6Mbefore exit |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | New | 4,500,000 | $6.5M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Reduce -39.6% | 6,490,000 | $6.4M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Sold out | 5,000,000 | $5.5Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 4,500,000 | $5.4Mbefore exit |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | New | 5,658,000 | $5.4M |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 4,500,000 | $4.9M |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | Reduce -55.6% | 4,000,000 | $3.9M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Sold out | 4,000,000 | $3.9Mbefore exit |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Sold out | 3,000,000 | $3.6Mbefore exit |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | New | 2,500,000 | $3.5M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Reduce -40.0% | 3,000,000 | $3.4M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Reduce -44.4% | 2,500,000 | $3.2M |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | Reduce -40.0% | 3,000,000 | $3.1M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Add +200.0% | 3,000,000 | $3.0M |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | Reduce -61.9% | 2,776,000 | $2.9M |
Showing the first 50 of 59.
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 | 19 | $326.8M | SPMC, ASPN, VSH, RSBY, KORE GROUP HLDGS INC |
| Q1 2026 | 16 | $297.7M | SPMC, RSBY, ASPN, RSSY, VSH |
| Q4 2025 | 17 | $384.6M | SPMC, RSBY, RSSY, VSH, ASPN |
| Q3 2025 | 16 | $522.4M | SPMC, ASPN, RSSY, RSBY, VSH |
| Q2 2025Amended | 22 | $536.8M | SPMC, RSSY, RSBY, ASPN, VSH |
| Q1 2025 | 22 | $361.4M | RSSY, RSBY, ASPN, VSH, TE |
| Q4 2024 | 24 | $573.7M | ASPN, RSSY, QIS, RSBY, VSH |
| Q3 2024 | 24 | $774.9M | ASPN, RSSY, RSBY, QIS, VSH |
| Q2 2024 | 72 | $884.3M | ASPN, RSSY, QIS, VSH, ARES ACQUISITION CORP II |
| Q1 2024 | 77 | $795.1M | ASPN, QIS, VSH, SCRM, ARES ACQUISITION CORP II |