Park West Asset Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Park West Asset Management LLC reported 42 stock positions worth $1.1 billion . Its top holding was Alphabet Class A (GOOGL) at 6.7% of the portfolio, followed by Flutter Entertainment PLC-Di (FLUT, 6.6% ) and Amazon.com (AMZN, 5.7% ). Compared with Q2 2025, it opened 13 new positions, sold out of 12, added to 8 and reduced 20. The biggest buy was Alphabet Class A (GOOGL, shares +76% ) and the biggest sale Kirby (KEX, shares −83% ).
Location SAN FRANCISCO, CA
CIK 0001386928
Portfolio Value $1.1B (Q3 2025) Holdings 42 stocks · $1.1B 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 Q2 2025 GOOGL Alphabet Inc. Class A 300,000 $72.9M Add +76.5% FLUT Flutter Entertainment PLC-Di 285,000 $72.4M Add +90.0% AMZN Amazon.com Inc. 285,770 $62.7M Add +13.9% FLEX Flex Ltd. 1,073,000 $62.2M Add +114.6% Z Zillow Group Inc. Class C 800,000 $61.6M No change WDC Western Digital Corp. 385,000 $46.2M Reduce -45.0% TSEM Tower Semiconductor Ltd. 590,000 $42.7M New PRCH Porch Group Inc. 2,182,916 $36.6M Add +13.2% PRMB Primo Brands Corp. 1,600,000 $35.4M New CNK Cinemark Holdings Inc. 1,255,287 $35.2M Add +20.3% CPNG Coupang Inc. 1,035,000 $33.3M Reduce -14.9% ALV Autoliv Inc. 259,529 $32.1M Reduce -36.9% IREN Iren Ltd. filed as IREN LIMITED 681,100 $32.0M New LNWO Light & Wonder Inc. 370,183 $31.1M Add +362.7% VERX Vertex Inc. Class A 1,250,000 $31.0M New CRH CRH PLC 225,000 $27.0M Reduce -56.3% ENVA Enova International Inc. 223,711 $25.7M Add +49.3% MCY Mercury General Corp. 282,528 $24.0M New META Meta Platforms Inc. Class A 30,000 $22.0M Reduce -40.0% TIGO Millicom Intl Cellular S.A. 450,527 $21.9M Reduce -67.3% PHR Phreesia Inc. 905,995 $21.3M Reduce -19.2% OPCH Option Care Health Inc. 764,525 $21.2M Reduce -48.8% TOST Toast Inc. Class A 560,575 $20.5M Reduce -0.3% GTM Zoominfo Technologies Inc. 1,813,768 $19.8M Reduce -29.1% CPAY Corpay Inc. 66,100 $19.0M Reduce -37.9% LAD Lithia Motors Inc. 60,000 $19.0M Reduce -52.4% TBPH Theravance Biopharma Inc. 1,284,081 $18.7M Reduce -28.6% FTRE Fortrea Holdings Inc. 2,206,556 $18.6M New UTI Universal Technical Institut 467,273 $15.2M Reduce -1.2% FIS Fidelity National Info Serv 208,399 $13.7M Reduce -38.8% OMF Onemain Holdings Inc. 240,945 $13.6M Reduce -56.6% BTSG Brightspring Health Services 453,056 $13.4M Reduce -45.9% AZTA Azenta Inc. 443,515 $12.7M Reduce -43.4% KEX Kirby Corp. 125,000 $10.4M Reduce -83.3% MAMA Mama's Creations Inc. 800,000 $8.4M New MKSI MKS Inc. 60,000 $7.4M New KRC Kilroy Realty Corp. 175,000 $7.4M New DHC Diversified Healthcare Trust 1,665,002 $7.3M Reduce -53.4% WULF Terawulf Inc. 580,000 $6.6M New BLND Blend Labs Inc. Class A 1,700,000 $6.2M New VYX NCR Voyix Corp. 205,495 $2.6M New HUDSON PAC PPTYS INC 799,000 $2.2M New
Options reported separately and not counted above: GOOGL calls ($72.9M), WDC calls ($12.0M), CNK calls ($8.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $159K (not counted above) Security Class Shares / Principal Value Change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 600,105 $159K No change
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ KEX Kirby Corp. Reduce -83.3% 0.95% −5.53 FISV Fiserv Inc. Sold out 0.00% −4.21 MLNK Meridianlink Inc. Sold out 0.00% −3.42 RMBS Rambus Inc. Sold out 0.00% −3.22 MATX Matson Inc. Sold out 0.00% −2.55 SFD Smithfield Foods Inc. Sold out 0.00% −2.21 TIGO Millicom Intl Cellular S.A. Reduce -67.3% 2.00% −1.94 KSPI JSC Kaspi.kz ADR Sold out 0.00% −1.88 OPCH Option Care Health Inc. Reduce -48.8% 1.94% −1.76 LAUR Laureate Education Inc. Sold out 0.00% −1.61 LAD Lithia Motors Inc. Reduce -52.4% 1.73% −1.52 UNH Unitedhealth Group Inc. Sold out 0.00% −1.43 GPI Group 1 Automotive Inc. Sold out 0.00% −1.33 BV Brightview Holdings Inc. Sold out 0.00% −1.27 OMF Onemain Holdings Inc. Reduce -56.6% 1.24% −1.17 CRH CRH PLC Reduce -56.3% 2.47% −1.14 CPAY Corpay Inc. Reduce -37.9% 1.74% −0.95 FIS Fidelity National Info Serv Reduce -38.8% 1.26% −0.86 CCOI Cogent Communications Holdin Sold out 0.00% −0.81 META Meta Platforms Inc. Class A Reduce -40.0% 2.02% −0.80 AZTA Azenta Inc. Reduce -43.4% 1.17% −0.67 ALV Autoliv Inc. Reduce -36.9% 2.93% −0.58 PHR Phreesia Inc. Reduce -19.2% 1.95% −0.49 DHC Diversified Healthcare Trust Reduce -53.4% 0.67% −0.30 BTSG Brightspring Health Services Reduce -45.9% 1.22% −0.28 GTM Zoominfo Technologies Inc. Reduce -29.1% 1.81% −0.17 LAZYDAYS HLDGS INC Sold out 0.00% −0.06 TOST Toast Inc. Class A Reduce -0.3% 1.87% −0.03 UTI Universal Technical Institut Reduce -1.2% 1.39% +0.17 TBPH Theravance Biopharma Inc. Reduce -28.6% 1.71% +0.20 CPNG Coupang Inc. Reduce -14.9% 3.05% +0.27 WDC Western Digital Corp. Reduce -45.0% 4.23% +0.81
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ GOOGL Alphabet Inc. Class A Add +76.5% 6.67% +4.39 TSEM Tower Semiconductor Ltd. New 3.90% +3.90 FLEX Flex Ltd. Add +114.6% 5.69% +3.79 FLUT Flutter Entertainment PLC-Di Add +90.0% 6.62% +3.35 PRMB Primo Brands Corp. New 3.23% +3.23 IREN Iren Ltd. New 2.92% +2.92 VERX Vertex Inc. Class A New 2.83% +2.83 LNWO Light & Wonder Inc. Add +362.7% 2.84% +2.25 MCY Mercury General Corp. New 2.19% +2.19 FTRE Fortrea Holdings Inc. New 1.70% +1.70 PRCH Porch Group Inc. Add +13.2% 3.35% +1.62 AMZN Amazon.com Inc. Add +13.9% 5.74% +1.54 ENVA Enova International Inc. Add +49.3% 2.35% +1.08 CNK Cinemark Holdings Inc. Add +20.3% 3.22% +0.81 MAMA Mama's Creations Inc. New 0.77% +0.77 MKSI MKS Inc. New 0.68% +0.68 KRC Kilroy Realty Corp. New 0.68% +0.68 WULF Terawulf Inc. New 0.61% +0.61 BLND Blend Labs Inc. Class A New 0.57% +0.57 VYX NCR Voyix Corp. New 0.24% +0.24 HUDSON PAC PPTYS INC New 0.20% +0.20
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GOOGL Alphabet Inc. Class A call New 300,000 $72.9M WDC Western Digital Corp. call New 100,000 $12.0M PRCH Porch Group Inc. call Sold out 150,000 $1.8Mbefore exit
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