Pillsbury Lake Capital LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Pillsbury Lake Capital LLC reported 31 stock positions worth $220.7 million . Its top holding was Lincoln Educational Services (LINC) at 7.0% of the portfolio, followed by Turning Point Brands (TPB, 6.7% ) and Boyd Group Services (BGSI, 5.7% ). Compared with Q4 2025, it opened 11 new positions, sold out of 9, added to 11 and reduced 9. The biggest buy was a new position in Eton Pharmaceuticals (ETON) and the biggest sale an exit from NCR Atleos (NATL).
Location SAN FRANCISCO, CA
CIK 0002111915
Portfolio Value $220.7M (Q1 2026) Holdings 31 stocks · $220.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 LINC Lincoln Educational Services 380,568 $15.5M Reduce -46.0% TPB Turning Point Brands Inc. 170,058 $14.8M Add +6.1% BGSI Boyd Group Services Inc. 98,256 $12.5M Add +22.9% BBW Build-A-Bear Workshop Inc. 330,102 $12.4M Add +56.9% COMP Compass Inc. Class A 1,602,329 $11.7M Add +20.3% SRTA Strata Critical Medical Inc. 2,603,796 $10.9M Add +31.6% CRON Cronos Group Inc. 4,223,004 $10.6M Add +129.6% LUXE Luxexperience BV 1,176,568 $9.4M Reduce -22.0% ETON Eton Pharmaceuticals Inc. 364,954 $9.0M New FLYW Flywire Corp.-Voting 771,376 $9.0M New PDFS PDF Solutions Inc. 270,668 $8.9M Reduce -28.0% KRUS Kura Sushi USA Inc. Class A 118,561 $8.3M Reduce -22.8% UTI Universal Technical Institut 219,902 $7.9M New CVCO Cavco Industries Inc. 15,774 $7.6M Reduce -38.3% HNI Hni Corp. 221,201 $7.4M Add +4.7% LMRI Lumexa Imaging Holdings Inc. 814,869 $7.0M New BLZE Backblaze Inc. Class A 1,961,283 $6.8M Add +13.4% CROX Crocs Inc. 79,828 $6.6M New CLH Clean Harbors Inc. 22,917 $6.6M Add +1.6% WLTH Wealthfront Corp. 658,813 $6.1M New BV Brightview Holdings Inc. 506,750 $6.0M Add +3.4% MAMA Mama's Creations Inc. 348,588 $5.3M Reduce -29.3% LMB Limbach Holdings Inc. 56,520 $4.4M New INFL Horizon Kinetics Infl Benef 129,975 $4.3M New CRTO Criteo SA-Spon 213,261 $3.8M Reduce -53.7% GPGI Gpgi Inc. 108,755 $1.9M Reduce -82.3% INVE Inve Technologies Inc. filed as IDENTIV INC 491,657 $1.8M Reduce -48.0% XOP SS SPDR S&P Og Exp & Prod 8,379 $1.5M New NBIS Nebius Group NV 9,947 $1.0M New CBNA Chain Bridge Bancorp Inc. Class A 26,860 $937K Add +46.9% FLXS Flexsteel Inds 18,306 $823K New
Options reported separately and not counted above: IWM puts ($479K).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ NATL NCR Atleos Corp. Sold out 0.00% −4.16 GPGI Gpgi Inc. Reduce -82.3% 0.84% −4.00 MGNI Magnite Inc. Sold out 0.00% −3.86 KRC Kilroy Realty Corp. Sold out 0.00% −3.41 CVCO Cavco Industries Inc. Reduce -38.3% 3.46% −2.69 ASR Grupo Aeroportuario Sur-ADR Sold out 0.00% −2.64 KSPI JSC Kaspi.kz ADR Sold out 0.00% −2.58 CRTO Criteo SA-Spon Reduce -53.7% 1.73% −2.13 PINS Pinterest Inc. Class A Sold out 0.00% −1.46 BXSL Blackstone Secured Lending F Sold out 0.00% −1.08 NXDR Nextdoor Holdings Inc. Sold out 0.00% −0.98 LUXE Luxexperience BV Reduce -22.0% 4.26% −0.87 INVE Inve Technologies Inc. Reduce -48.0% 0.82% −0.66 PDFS PDF Solutions Inc. Reduce -28.0% 4.01% −0.36 MAMA Mama's Creations Inc. Reduce -29.3% 2.42% −0.29 AEYE Audioeye Inc. Sold out 0.00% −0.09 LINC Lincoln Educational Services Reduce -46.0% 7.01% +0.07 KRUS Kura Sushi USA Inc. Class A Reduce -22.8% 3.75% +0.47
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ ETON Eton Pharmaceuticals Inc. New 4.08% +4.08 FLYW Flywire Corp.-Voting New 4.07% +4.07 UTI Universal Technical Institut New 3.60% +3.60 LMRI Lumexa Imaging Holdings Inc. New 3.17% +3.17 CROX Crocs Inc. New 3.00% +3.00 CRON Cronos Group Inc. Add +129.6% 4.80% +2.83 WLTH Wealthfront Corp. New 2.76% +2.76 LMB Limbach Holdings Inc. New 2.00% +2.00 INFL Horizon Kinetics Infl Benef New 1.94% +1.94 SRTA Strata Critical Medical Inc. Add +31.6% 4.93% +1.05 CLH Clean Harbors Inc. Add +1.6% 2.98% +0.82 XOP SS SPDR S&P Og Exp & Prod New 0.69% +0.69 BGSI Boyd Group Services Inc. Add +22.9% 5.68% +0.49 NBIS Nebius Group NV New 0.47% +0.47 FLXS Flexsteel Inds New 0.37% +0.37 BBW Build-A-Bear Workshop Inc. Add +56.9% 5.60% +0.35 BV Brightview Holdings Inc. Add +3.4% 2.71% +0.18 CBNA Chain Bridge Bancorp Inc. Class A Add +46.9% 0.42% +0.17 BLZE Backblaze Inc. Class A Add +13.4% 3.07% −0.22 HNI Hni Corp. Add +4.7% 3.35% −0.27 TPB Turning Point Brands Inc. Add +6.1% 6.69% −0.39 COMP Compass Inc. Class A Add +20.3% 5.31% −0.43
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Reduce -99.2% 1,302 $479K
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