Park West Asset Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Park West Asset Management LLC reported 45 stock positions worth $1.2 billion . Its top holding was Kirby (KEX) at 6.4% of the portfolio, followed by Zillow Class C (Z, 5.3% ) and Lithia Motors (LAD, 4.8% ). Compared with Q4 2024, it opened 14 new positions, sold out of 10, added to 16 and reduced 15. The biggest buy was a new position in Lithia Motors (LAD) and the biggest sale Light & Wonder (LNWO, shares −79% ).
Location SAN FRANCISCO, CA
CIK 0001386928
Portfolio Value $1.2B (Q1 2025) Holdings 45 stocks · $1.2B 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 2024 KEX Kirby Corp. 776,000 $78.4M Add +69.3% Z Zillow Group Inc. Class C 947,482 $65.0M Add +18.8% LAD Lithia Motors Inc. 200,400 $58.8M New META Meta Platforms Inc. Class A 86,000 $49.6M Reduce -21.8% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 520,664 $48.3M Add +31.1% MLNK Meridianlink Inc. 2,599,087 $48.2M Add +9.6% ALV Autoliv Inc. 541,308 $47.9M Reduce -13.4% TIGO Millicom Intl Cellular S.A. 1,510,977 $45.7M Add +513.0% AMZN Amazon.com Inc. 237,570 $45.2M Add +27.6% CRH CRH PLC 476,461 $41.9M Reduce -16.1% CPAY Corpay Inc. 113,230 $39.5M Reduce -20.6% GPI Group 1 Automotive Inc. 100,515 $38.4M Add +15.3% OPCH Option Care Health Inc. 1,056,804 $36.9M Reduce -45.7% UNH Unitedhealth Group Inc. 70,450 $36.9M Reduce -6.2% OMF Onemain Holdings Inc. 737,759 $36.1M Add +4.7% SFD Smithfield Foods Inc. 1,747,000 $35.6M New WDC Western Digital Corp. 850,000 $34.4M Reduce -8.6% RMBS Rambus Inc. 589,150 $30.5M New CNK Cinemark Holdings Inc. 1,104,682 $27.5M Add +78.3% GTM Zoominfo Technologies Inc. 2,659,900 $26.6M New FIS Fidelity National Info Serv 349,030 $26.1M New LAUR Laureate Education Inc. 1,189,140 $24.3M Reduce -7.5% PHR Phreesia Inc. 894,501 $22.9M Add +111.2% TOST Toast Inc. Class A 656,575 $21.8M Add +124.8% TNDM Tandem Diabetes Care Inc. 1,123,052 $21.5M Reduce -29.8% UTI Universal Technical Institut 762,915 $19.6M Reduce -44.0% ACVA Acv Auctions Inc. Class A 1,360,000 $19.2M Add +0.6% DAL Delta Air Lines Inc. 433,500 $18.9M New OSCR Oscar Health Inc. Class A 1,263,973 $16.6M Add +36.6% NVAX Novavax Inc. 2,528,857 $16.2M New TBPH Theravance Biopharma Inc. 1,804,244 $16.1M Add +0.6% ENVA Enova International Inc. 151,525 $14.6M New FLEX Flex Ltd. 437,500 $14.5M Reduce -5.5% MATX Matson Inc. 90,000 $11.5M New AZTA Azenta Inc. 331,743 $11.5M Add +10.6% SLM SLM Corp. 386,695 $11.4M New CSTL Castle Biosciences Inc. 556,485 $11.1M New RUN Sunrun Inc. 1,747,726 $10.2M Add +18.7% VEEV Veeva Systems Inc. Class A 41,900 $9.7M New LNWO Light & Wonder Inc. 111,000 $9.6M Reduce -79.3% DHC Diversified Healthcare Trust 3,576,386 $8.6M New FLGT Fulgent Genetics Inc. 447,942 $7.6M Reduce -30.2% CENX Century Aluminum Company 309,258 $5.7M New LAZYDAYS HLDGS INC 7,847,010 $2.5M Reduce -27.8% LNSR Lensar Inc. 87,063 $1.2M Reduce -89.3%
Options reported separately and not counted above: CZR calls ($7.5M), SLM calls ($5.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $120K (not counted above) Security Class Shares / Principal Value Change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 600,105 $120K No change
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ LNWO Light & Wonder Inc. Reduce -79.3% 0.79% −3.06 TNDM Tandem Diabetes Care Inc. Reduce -29.8% 1.76% −3.04 CZR Caesars Entertainment Inc. Sold out 0.00% −3.01 AAON Aaon Inc. Sold out 0.00% −2.01 WDC Western Digital Corp. Reduce -8.6% 2.81% −1.81 EDR Endeavor Group Hold Class A Sold out 0.00% −1.76 GEN Gen Digital Inc. Sold out 0.00% −1.68 TNET Trinet Group Inc. Sold out 0.00% −1.65 VITL Vital Farms Inc. Sold out 0.00% −1.52 FSLR First Solar Inc. Sold out 0.00% −1.47 UAL United Airlines Holdings Inc. Sold out 0.00% −1.45 UTI Universal Technical Institut Reduce -44.0% 1.60% −1.31 META Meta Platforms Inc. Class A Reduce -21.8% 4.05% −1.31 ALV Autoliv Inc. Reduce -13.4% 3.91% −0.97 CRH CRH PLC Reduce -16.1% 3.42% −0.95 CPAY Corpay Inc. Reduce -20.6% 3.23% −0.79 OPCH Option Care Health Inc. Reduce -45.7% 3.02% −0.74 LAZYDAYS HLDGS INC Reduce -27.8% 0.21% −0.66 HCI Hci Group Inc. Sold out 0.00% −0.62 LNSR Lensar Inc. Reduce -89.3% 0.10% −0.50 NBIS Nebius Group NV Sold out 0.00% −0.40 FLGT Fulgent Genetics Inc. Reduce -30.2% 0.62% −0.37 FLEX Flex Ltd. Reduce -5.5% 1.18% −0.30 UNH Unitedhealth Group Inc. Reduce -6.2% 3.01% −0.15 LAUR Laureate Education Inc. Reduce -7.5% 1.99% +0.03
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ LAD Lithia Motors Inc. New 4.80% +4.80 TIGO Millicom Intl Cellular S.A. Add +513.0% 3.74% +3.22 SFD Smithfield Foods Inc. New 2.91% +2.91 RMBS Rambus Inc. New 2.49% +2.49 KEX Kirby Corp. Add +69.3% 6.40% +2.37 GTM Zoominfo Technologies Inc. New 2.17% +2.17 FIS Fidelity National Info Serv New 2.13% +2.13 DAL Delta Air Lines Inc. New 1.54% +1.54 NVAX Novavax Inc. New 1.32% +1.32 ENVA Enova International Inc. New 1.20% +1.20 PHR Phreesia Inc. Add +111.2% 1.87% +0.98 MATX Matson Inc. New 0.94% +0.94 SLM SLM Corp. New 0.93% +0.93 CSTL Castle Biosciences Inc. New 0.91% +0.91 TOST Toast Inc. Class A Add +124.8% 1.78% +0.89 KSPI JSC Kaspi.kz ADR Add +31.1% 3.95% +0.82 VEEV Veeva Systems Inc. Class A New 0.79% +0.79 DHC Diversified Healthcare Trust New 0.70% +0.70 CNK Cinemark Holdings Inc. Add +78.3% 2.25% +0.65 CENX Century Aluminum Company New 0.47% +0.47 Z Zillow Group Inc. Class C Add +18.8% 5.31% +0.39 OSCR Oscar Health Inc. Class A Add +36.6% 1.35% +0.32 AMZN Amazon.com Inc. Add +27.6% 3.69% +0.29 GPI Group 1 Automotive Inc. Add +15.3% 3.14% +0.08 TBPH Theravance Biopharma Inc. Add +0.6% 1.32% −0.09 OMF Onemain Holdings Inc. Add +4.7% 2.95% −0.11 MLNK Meridianlink Inc. Add +9.6% 3.93% −0.14 RUN Sunrun Inc. Add +18.7% 0.84% −0.30 AZTA Azenta Inc. Add +10.6% 0.94% −0.31 ACVA Acv Auctions Inc. Class A Add +0.6% 1.57% −0.87
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ Z Zillow Group Inc. Class C call Sold out 250,000 $18.5Mbefore exit CNK Cinemark Holdings Inc. call Sold out 500,000 $15.5Mbefore exit VITL Vital Farms Inc. call Sold out 250,000 $9.4Mbefore exit CZR Caesars Entertainment Inc. call New 300,000 $7.5M SLM SLM Corp. call New 200,000 $5.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 44 $1.5B FLEX, AMZN, HQY, GOOGL, GLAS Q1 2026 46 $1.1B GOOGL, AMZN, FLEX, MKSI, HQY Q4 2025 46 $1.2B GOOGL, Z, AMZN, FLEX, PRCH Q3 2025 42 $1.1B GOOGL, FLUT, AMZN, FLEX, Z Q2 2025 41 $1.3B KEX, Z, FISV, AMZN, TIGO Q1 2025 45 $1.2B KEX, Z, LAD, META, KSPI Q4 2024 41 $1.2B META, Z, ALV, TNDM, WDC Q3 2024 40 $1.4B GEN, GPI, OPCH, Z, FIS Q2 2024 37 $1.3B FSLR, OPCH, GEN, FIS, KEX Q1 2024 39 $1.3B GEN, FSLR, OPCH, META, GPI