Pillsbury Lake Capital LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Pillsbury Lake Capital LLC reported 38 stock positions worth $364.2 million . Its top holding was Backblaze Class A (BLZE) at 5.8% of the portfolio, followed by Compass Class A (COMP, 4.9% ) and Lincoln Educational Services (LINC, 4.9% ). Compared with Q1 2026, it opened 15 new positions, sold out of 8, added to 12 and reduced 11. The biggest buy was a new position in Msa Safety (MSA) and the biggest sale Cronos (CRON, shares −81% ).
Location SAN FRANCISCO, CA
CIK 0002111915
Portfolio Value $364.2M (Q2 2026) Holdings 38 stocks · $364.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 BLZE Backblaze Inc. Class A 1,339,837 $21.2M Reduce -31.7% COMP Compass Inc. Class A 1,459,233 $18.0M Reduce -8.9% LINC Lincoln Educational Services 356,187 $17.8M Reduce -6.4% HNI Hni Corp. 412,808 $16.7M Add +86.6% CLH Clean Harbors Inc. 49,604 $14.8M Add +116.5% ETON Eton Pharmaceuticals Inc. 387,157 $14.0M Add +6.1% UTI Universal Technical Institut 321,556 $13.8M Add +46.2% MSA Msa Safety Inc. 76,963 $13.4M New SLB SLB Ltd. filed as SLB LIMITED 280,748 $13.1M New MCFT Mastercraft Boat Holdings Inc. 499,107 $12.9M New CVCO Cavco Industries Inc. 18,772 $11.5M Add +19.0% SRTA Strata Critical Medical Inc. 2,171,006 $11.4M Reduce -16.6% LUXE Luxexperience BV 1,462,815 $10.9M Add +24.3% GPGI Gpgi Inc. 681,032 $10.8M Add +526.2% KNX Knight-Swift Transportation 138,435 $10.8M New TPB Turning Point Brands Inc. 125,854 $10.7M Reduce -26.0% BGSI Boyd Group Services Inc. 110,928 $10.5M Add +12.9% BBW Build-A-Bear Workshop Inc. 339,225 $10.4M Add +2.8% KRUS Kura Sushi USA Inc. Class A 176,989 $10.2M Add +49.3% CARG Cargurus Inc. 296,864 $10.1M New WLTH Wealthfront Corp. 1,025,030 $9.2M Add +55.6% CROX Crocs Inc. 75,562 $9.1M Reduce -5.3% LWAY Lifeway Foods Inc. 291,709 $8.7M New AIQ Global X Art Intel & Tech 127,765 $8.4M New PDFS PDF Solutions Inc. 117,854 $8.3M Reduce -56.5% FLYW Flywire Corp.-Voting 473,706 $8.3M Reduce -38.6% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 295,075 $7.4M New BV Brightview Holdings Inc. 502,957 $7.1M Reduce -0.8% RHLD Resolute Holdings Manag 48,165 $7.0M New INFL Horizon Kinetics Infl Benef 176,270 $5.8M Add +35.6% SEI Solaris Energy Infrastructur 64,796 $5.2M New MEC Mayville Engineering Co. Inc. 136,746 $5.1M New MGNI Magnite Inc. 217,753 $4.1M New SHAZ Sharonai Holdings Inc. 28,685 $2.4M New CRON Cronos Group Inc. 810,163 $2.3M Reduce -80.8% MAMA Mama's Creations Inc. 90,110 $1.6M Reduce -74.2% MDXG Mimedx Group Inc. 215,239 $829K New GLXY Galaxy Digital Inc. Class A 167,836 $283K New
Options reported separately and not counted above: IWM puts ($654K), TOYO puts ($563K), AIQ puts ($430K), WEST puts ($362K), TPB puts ($137K).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ CRON Cronos Group Inc. Reduce -80.8% 0.62% −4.18 TPB Turning Point Brands Inc. Reduce -26.0% 2.93% −3.76 LMRI Lumexa Imaging Holdings Inc. Sold out 0.00% −3.17 LINC Lincoln Educational Services Reduce -6.4% 4.88% −2.13 LMB Limbach Holdings Inc. Sold out 0.00% −2.00 MAMA Mama's Creations Inc. Reduce -74.2% 0.44% −1.98 SRTA Strata Critical Medical Inc. Reduce -16.6% 3.14% −1.79 FLYW Flywire Corp.-Voting Reduce -38.6% 2.29% −1.78 CRTO Criteo SA-Spon Sold out 0.00% −1.73 PDFS PDF Solutions Inc. Reduce -56.5% 2.29% −1.72 INVE Inve Technologies Inc. Sold out 0.00% −0.82 BV Brightview Holdings Inc. Reduce -0.8% 1.96% −0.75 XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.69 CROX Crocs Inc. Reduce -5.3% 2.50% −0.50 NBIS Nebius Group NV Sold out 0.00% −0.47 CBNA Chain Bridge Bancorp Inc. Class A Sold out 0.00% −0.42 FLXS Flexsteel Inds Sold out 0.00% −0.37 COMP Compass Inc. Class A Reduce -8.9% 4.94% −0.37 BLZE Backblaze Inc. Class A Reduce -31.7% 5.84% +2.77
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ MSA Msa Safety Inc. New 3.69% +3.69 SLB SLB Ltd. New 3.58% +3.58 MCFT Mastercraft Boat Holdings Inc. New 3.54% +3.54 KNX Knight-Swift Transportation New 2.96% +2.96 CARG Cargurus Inc. New 2.78% +2.78 LWAY Lifeway Foods Inc. New 2.39% +2.39 AIQ Global X Art Intel & Tech New 2.30% +2.30 GPGI Gpgi Inc. Add +526.2% 2.96% +2.12 CAAP Corp. America Airports SA New 2.04% +2.04 RHLD Resolute Holdings Manag New 1.91% +1.91 SEI Solaris Energy Infrastructur New 1.43% +1.43 MEC Mayville Engineering Co. Inc. New 1.41% +1.41 HNI Hni Corp. Add +86.6% 4.58% +1.23 MGNI Magnite Inc. New 1.13% +1.13 CLH Clean Harbors Inc. Add +116.5% 4.07% +1.09 SHAZ Sharonai Holdings Inc. New 0.67% +0.67 MDXG Mimedx Group Inc. New 0.23% +0.23 UTI Universal Technical Institut Add +46.2% 3.78% +0.18 GLXY Galaxy Digital Inc. Class A New 0.08% +0.08 ETON Eton Pharmaceuticals Inc. Add +6.1% 3.85% −0.23 WLTH Wealthfront Corp. Add +55.6% 2.52% −0.24 CVCO Cavco Industries Inc. Add +19.0% 3.17% −0.29 INFL Horizon Kinetics Infl Benef Add +35.6% 1.60% −0.35 KRUS Kura Sushi USA Inc. Class A Add +49.3% 2.80% −0.95 LUXE Luxexperience BV Add +24.3% 2.98% −1.28 BBW Build-A-Bear Workshop Inc. Add +2.8% 2.85% −2.75 BGSI Boyd Group Services Inc. Add +12.9% 2.88% −2.80
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Reduce -30.9% 900 $654K TOYO Toyo Co. Ltd. put New 683 $563K AIQ Global X Art Intel & Tech put New 1,494 $430K WEST Westrock Coffee Co. put New 5,166 $362K TPB Turning Point Brands Inc. put New 315 $137K
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 38 $364.2M BLZE, COMP, LINC, HNI, CLH Q1 2026 31 $220.7M LINC, TPB, BGSI, BBW, COMP Q4 2025 29 $245.4M TPB, LINC, CVCO, COMP, BBW