Potrero Capital Research LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Potrero Capital Research LLC reported 18 stock positions worth $203.5 million . Its top holding was Transalta (TAC) at 11.2% of the portfolio, followed by Yext (YEXT, 8.3% ) and Unifirst (UNF, 7.9% ). Compared with Q4 2024, it opened 5 new positions, sold out of 12, added to 5 and reduced 4. The biggest buy was a new position in Unifirst (UNF) and the biggest sale an exit from Zuora Class A (ZUO).
Location SAN FRANCISCO, CA
CIK 0001536630
Portfolio Value $203.5M (Q1 2025) Holdings 18 stocks · $203.5M 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 TAC Transalta Corp. 2,428,944 $22.7M Add +4.5% YEXT Yext Inc. 2,734,865 $16.8M Add +6.0% UNF Unifirst Corp. 92,517 $16.1M New DBRG Digitalbridge Group Inc. 1,780,614 $15.7M Add +21.9% MSFT Microsoft Corp. 38,694 $14.5M No change BELFB Bel Fuse Inc. Class B 174,828 $13.1M Add +19.8% BSTZ BlackRock Sci & Tech TRM TR 626,671 $11.1M Reduce -11.2% TLN Talen Energy Corp. 54,633 $10.9M Add +97.7% SSD Simpson Manufacturing Co. Inc. 67,115 $10.5M New TPB Turning Point Brands Inc. 166,938 $9.9M New CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 1,719,429 $9.9M No change LMB Limbach Holdings Inc. 129,894 $9.7M New BARK Bark Inc. 6,648,541 $9.2M Reduce -6.8% ADX Adams Diversified Equity 442,735 $8.4M No change FLR Fluor Corp. 228,659 $8.2M Reduce -20.1% GEV GE Vernova Inc. 21,130 $6.5M Reduce -62.4% NXDR Nextdoor Holdings Inc. 3,557,997 $5.4M No change REVG Rev Group Inc. 149,947 $4.7M New
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 ▲ ZUO Zuora Inc. Class A Sold out 0.00% −9.35 GEV GE Vernova Inc. Reduce -62.4% 3.17% −4.64 GRAL Grail Inc. Sold out 0.00% −2.76 VRT Vertiv Holdings Co. Class A Sold out 0.00% −2.21 FLR Fluor Corp. Reduce -20.1% 4.02% −1.95 SFIX Stitch Fix Inc. Class A Sold out 0.00% −1.69 CROX Crocs Inc. Sold out 0.00% −1.42 SEG Seaport Entertainment Group Sold out 0.00% −1.16 BARK Bark Inc. Reduce -6.8% 4.54% −1.01 BSTZ BlackRock Sci & Tech TRM TR Reduce -11.2% 5.46% −0.72 WEAV Weave Communications Inc. Sold out 0.00% −0.50 HAS Hasbro Inc. Sold out 0.00% −0.48 ESTC Elastic NV Sold out 0.00% −0.42 CRC California Resources Corp. Sold out 0.00% −0.23 GRSD Grandstand Ltd. Sold out 0.00% −0.18 BB Blackberry Ltd. Sold out 0.00% −0.10
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 ▼ UNF Unifirst Corp. New 7.91% +7.91 SSD Simpson Manufacturing Co. Inc. New 5.18% +5.18 TPB Turning Point Brands Inc. New 4.88% +4.88 LMB Limbach Holdings Inc. New 4.75% +4.75 TLN Talen Energy Corp. Add +97.7% 5.36% +3.00 REVG Rev Group Inc. New 2.33% +2.33 BELFB Bel Fuse Inc. Class B Add +19.8% 6.43% +1.34 YEXT Yext Inc. Add +6.0% 8.28% +1.33 DBRG Digitalbridge Group Inc. Add +21.9% 7.72% +0.75 TAC Transalta Corp. Add +4.5% 11.16% −2.75
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 270,000 $59.7Mbefore exit ZETA Zeta Global Holdings Corp. Class A call Sold out 150,000 $2.7Mbefore 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 $163.2M GMTL, STX, GEV, GLW, CCXI Q1 2026 31 $162.9M BL, STX, BIRK, TAC, AMRZ Q4 2025 34 $297.0M TLN, TAC, BL, MSFT, STX Q3 2025 37 $329.1M TLN, TAC, MSFT, STX, IE Q2 2025 24 $215.1M TLN, TAC, MSFT, DBRG, TPB Q1 2025 18 $203.5M TAC, YEXT, UNF, DBRG, MSFT Q4 2024 25 $236.4M TAC, ZUO, GEV, DBRG, YEXT Q3 2024 34 $297.8M GEV, ZUO, YEXT, DBRG, VRT Q2 2024 27 $232.0M ZUO, GEV, SFIX, MSFT, BSTZ Q1 2024 25 $160.9M BLMN, MSFT, CXM, SFIX, BSTZ