Park West Asset Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Park West Asset Management LLC reported 46 stock positions worth $1.2 billion . Its top holding was Alphabet Class A (GOOGL) at 9.3% of the portfolio, followed by Zillow Class C (Z, 5.9% ) and Amazon.com (AMZN, 5.8% ). Compared with Q3 2025, it opened 10 new positions, sold out of 6, added to 17 and reduced 17. The biggest buy was a new position in TTM Technologies (TTMI) and the biggest sale Flutter Entertainment PLC-Di (FLUT, shares −36% ).
Location SAN FRANCISCO, CA
CIK 0001386928
Portfolio Value $1.2B (Q4 2025) Holdings 46 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 Q3 2025 GOOGL Alphabet Inc. Class A 352,000 $110.2M Add +17.3% Z Zillow Group Inc. Class C 1,035,000 $70.6M Add +29.4% AMZN Amazon.com Inc. 300,870 $69.4M Add +5.3% FLEX Flex Ltd. 981,995 $59.3M Reduce -8.5% PRCH Porch Group Inc. 5,050,000 $46.1M Add +131.3% MKSI MKS Inc. 278,614 $44.5M Add +364.4% TSEM Tower Semiconductor Ltd. 355,304 $41.7M Reduce -39.8% FLUT Flutter Entertainment PLC-Di 181,520 $39.0M Reduce -36.3% TTMI TTM Technologies 543,167 $37.5M New VERX Vertex Inc. Class A 1,833,428 $36.6M Add +46.7% GTM Zoominfo Technologies Inc. 3,500,000 $35.6M Add +93.0% FTRE Fortrea Holdings Inc. 2,038,159 $35.2M Reduce -7.6% CPNG Coupang Inc. 1,430,000 $33.7M Add +38.2% CNK Cinemark Holdings Inc. 1,450,000 $33.7M Add +15.5% LAD Lithia Motors Inc. 100,000 $33.2M Add +66.7% ENVA Enova International Inc. 209,011 $32.9M Reduce -6.6% MCY Mercury General Corp. 329,435 $31.0M Add +16.6% CCOI Cogent Communications Holdin 1,409,096 $30.4M New BDX Becton Dickinson and Co. 140,000 $27.2M New TOST Toast Inc. Class A 719,575 $25.6M Add +28.4% CRH CRH PLC 200,000 $25.0M Reduce -11.1% AZTA Azenta Inc. 700,003 $23.3M Add +57.8% SNPS Synopsys Inc. 46,900 $22.0M New ALV Autoliv Inc. 175,000 $20.8M Reduce -32.6% PRMB Primo Brands Corp. 1,250,000 $20.4M Reduce -21.9% WDC Western Digital Corp. 111,527 $19.2M Reduce -71.0% TIGO Millicom Intl Cellular S.A. 335,130 $18.6M Reduce -25.6% WULF Terawulf Inc. 1,423,100 $16.4M Add +145.4% UTI Universal Technical Institut 496,923 $13.0M Add +6.3% NVDA Nvidia Corp. 65,000 $12.1M New CVS CVS Health Corp. 147,000 $11.7M New HUT Hut 8 Corp. 253,500 $11.6M New OPCH Option Care Health Inc. 354,425 $11.3M Reduce -53.6% BTSG Brightspring Health Services 294,056 $11.0M Reduce -35.1% MAMA Mama's Creations Inc. 800,000 $10.8M No change DHC Diversified Healthcare Trust 1,850,002 $9.0M Add +11.1% PHR Phreesia Inc. 522,995 $8.8M Reduce -42.3% ENOV Enovis Corp. 306,300 $8.2M New BKD Brookdale Senior Living Inc. 717,000 $7.7M New KEX Kirby Corp. 66,300 $7.3M Reduce -47.0% IREN Iren Ltd. filed as IREN LIMITED 184,850 $7.0M Reduce -72.9% KRC Kilroy Realty Corp. 175,000 $6.5M No change HPP Hudson Pacific Properties Inc. 414,626 $4.5M Add +262.9% TBPH Theravance Biopharma Inc. 181,507 $3.4M Reduce -85.9% OMF Onemain Holdings Inc. 40,645 $2.7M Reduce -83.1% SVC Service Pptys TR 926,020 $1.7M New
Options reported separately and not counted above: LAD calls ($16.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $144K (not counted above) Security Class Shares / Principal Value Change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 600,105 $144K No change
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ FLUT Flutter Entertainment PLC-Di Reduce -36.3% 3.29% −3.33 LNWO Light & Wonder Inc. Sold out 0.00% −2.84 WDC Western Digital Corp. Reduce -71.0% 1.62% −2.61 IREN Iren Ltd. Reduce -72.9% 0.59% −2.34 META Meta Platforms Inc. Class A Sold out 0.00% −2.02 CPAY Corpay Inc. Sold out 0.00% −1.74 PRMB Primo Brands Corp. Reduce -21.9% 1.72% −1.51 TBPH Theravance Biopharma Inc. Reduce -85.9% 0.29% −1.43 FIS Fidelity National Info Serv Sold out 0.00% −1.26 PHR Phreesia Inc. Reduce -42.3% 0.75% −1.20 ALV Autoliv Inc. Reduce -32.6% 1.75% −1.18 OMF Onemain Holdings Inc. Reduce -83.1% 0.23% −1.01 OPCH Option Care Health Inc. Reduce -53.6% 0.95% −0.99 FLEX Flex Ltd. Reduce -8.5% 5.00% −0.69 BLND Blend Labs Inc. Class A Sold out 0.00% −0.57 TIGO Millicom Intl Cellular S.A. Reduce -25.6% 1.56% −0.44 TSEM Tower Semiconductor Ltd. Reduce -39.8% 3.51% −0.39 CRH CRH PLC Reduce -11.1% 2.10% −0.37 KEX Kirby Corp. Reduce -47.0% 0.62% −0.34 BTSG Brightspring Health Services Reduce -35.1% 0.93% −0.30 VYX NCR Voyix Corp. Sold out 0.00% −0.24 ENVA Enova International Inc. Reduce -6.6% 2.77% +0.41 FTRE Fortrea Holdings Inc. Reduce -7.6% 2.96% +1.26
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TTMI TTM Technologies New 3.16% +3.16 MKSI MKS Inc. Add +364.4% 3.75% +3.07 GOOGL Alphabet Inc. Class A Add +17.3% 9.28% +2.61 CCOI Cogent Communications Holdin New 2.56% +2.56 BDX Becton Dickinson and Co. New 2.29% +2.29 SNPS Synopsys Inc. New 1.86% +1.86 GTM Zoominfo Technologies Inc. Add +93.0% 3.00% +1.19 LAD Lithia Motors Inc. Add +66.7% 2.80% +1.06 NVDA Nvidia Corp. New 1.02% +1.02 CVS CVS Health Corp. New 0.98% +0.98 HUT Hut 8 Corp. New 0.98% +0.98 AZTA Azenta Inc. Add +57.8% 1.96% +0.80 WULF Terawulf Inc. Add +145.4% 1.38% +0.77 ENOV Enovis Corp. New 0.69% +0.69 BKD Brookdale Senior Living Inc. New 0.65% +0.65 PRCH Porch Group Inc. Add +131.3% 3.88% +0.53 MCY Mercury General Corp. Add +16.6% 2.61% +0.42 Z Zillow Group Inc. Class C Add +29.4% 5.95% +0.31 TOST Toast Inc. Class A Add +28.4% 2.15% +0.28 VERX Vertex Inc. Class A Add +46.7% 3.08% +0.25 HPP Hudson Pacific Properties Inc. Add +262.9% 0.38% +0.18 SVC Service Pptys TR New 0.14% +0.14 AMZN Amazon.com Inc. Add +5.3% 5.85% +0.11 DHC Diversified Healthcare Trust Add +11.1% 0.76% +0.08 CPNG Coupang Inc. Add +38.2% 2.84% −0.21 UTI Universal Technical Institut Add +6.3% 1.09% −0.30 CNK Cinemark Holdings Inc. Add +15.5% 2.84% −0.38
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ GOOGL Alphabet Inc. Class A call Sold out 300,000 $72.9Mbefore exit LAD Lithia Motors Inc. call New 50,000 $16.6M WDC Western Digital Corp. call Sold out 100,000 $12.0Mbefore exit CNK Cinemark Holdings Inc. call Sold out 300,000 $8.4Mbefore 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