Topline Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Topline Capital Management, LLC reported 38 stock positions worth $436.8 million. Its top holding was Cognyte Software (CGNT) at 12.7% of the portfolio, followed by Nerdwallet Class A (NRDS, 10.9%) and Blackline (BL, 10.1%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 11 and reduced 18. The biggest buy was a new position in Pra (PRAA) and the biggest sale Cognyte Software (CGNT, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001792549
- Portfolio Value
- $436.8M (Q1 2025)
- SEC Filing
- 0001085146-25-003150 ↗ filed May 14, 2025
Holdings Value
Holdings 38 stocks · $436.8M
| CGNT Cognyte Software Ltd. | 12.68% | 7,099,650 | $55.4M | Reduce -21.3% |
| NRDS Nerdwallet Inc. Class A | 10.88% | 5,251,145 | $47.5M | No change |
| BL Blackline Inc. | 10.13% | 914,000 | $44.3M | Reduce -8.3% |
| GDOT Green Dot Corp. Class A | 8.95% | 4,633,469 | $39.1M | Reduce -13.8% |
| PSFE Paysafe Ltd. | 7.24% | 2,016,445 | $31.6M | No change |
| SPNS Sapiens International Corp. | 5.86% | 945,377 | $25.6M | Add +5.2% |
| RSI Rush Street Interactive Inc. | 5.81% | 2,366,875 | $25.4M | Add +30.7% |
| FRSH Freshworks Inc. Class A | 4.91% | 1,520,000 | $21.4M | Reduce -9.5% |
| PHLT Performant Healthcare Inc. | 4.03% | 5,942,510 | $17.6M | Reduce -8.9% |
| PRAA Pra Group Inc. | 3.96% | 838,922 | $17.3M | New |
| PAYS Paysign Inc. | 2.59% | 5,336,146 | $11.3M | Reduce -4.9% |
| KRMD Koru Medical Systems Inc. | 2.22% | 3,821,230 | $9.7M | Reduce -11.7% |
| UNF Unifirst Corp. | 1.95% | 48,961 | $8.5M | Add +109.9% |
| NUTX Nutex Health Inc. | 1.93% | 179,713 | $8.5M | Add +0.1% |
| LAW CS Disco Inc. | 1.67% | 1,784,222 | $7.3M | Reduce -6.6% |
| ACCS Access Newswire Inc. | 1.43% | 709,264 | $6.3M | No change |
| CCRD Corecard Corp. | 1.37% | 320,817 | $6.0M | Reduce -0.5% |
| CTKB Cytek Biosciences Inc. | 1.35% | 1,470,775 | $5.9M | Add +521.6% |
| CTEV Claritev Corp. | 1.31% | 278,257 | $5.7M | Reduce -13.5% |
| CVEO Civeo Corp. | 1.12% | 212,823 | $4.9M | Add +3.7% |
| JYNT The Joint Corp. | 1.08% | 378,294 | $4.7M | Add +16.3% |
| ELA Envela Corp. | 1.08% | 754,963 | $4.7M | Add +0.1% |
| OPXS Optex Systems Holdings Inc. | 1.01% | 779,901 | $4.4M | No change |
| HGBL Heritage Global Inc. | 0.85% | 1,694,744 | $3.7M | Reduce -12.1% |
| IDN Intellicheck Inc. | 0.70% | 1,014,507 | $3.1M | Reduce -12.5% |
| EXFY Expensify Inc. Class A | 0.66% | 941,609 | $2.9M | Add +2.2% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.65% | 225,000 | $2.8M | Reduce -52.7% |
| QTRX Quanterix Corp. | 0.58% | 386,037 | $2.5M | New |
| ILMN Illumina Inc. | 0.49% | 27,200 | $2.2M | New |
| VSTS Vestis Corp. | 0.29% | 130,000 | $1.3M | Reduce -71.2% |
| NTWK Netsol Technologies Inc. | 0.27% | 487,750 | $1.2M | Reduce -5.4% |
| CMBMF Cambium Networks Corp. | 0.23% | 1,411,420 | $996K | Reduce -0.1% |
| SEMR Semrush Holdings Inc. Class A | 0.21% | 99,426 | $928K | Reduce -87.3% |
| NEPH Nephros Inc. | 0.17% | 422,089 | $726K | Add +0.5% |
| NABL N-Able Inc. | 0.17% | 101,789 | $722K | Reduce -1.6% |
| CCEL Cryo-Cell Intl Inc. | 0.07% | 47,791 | $304K | No change |
| INNV Innovage Holding Corp. | 0.05% | 70,143 | $209K | Add +19.4% |
| GAIA Gaia Inc. | 0.04% | 45,944 | $177K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CGNT Cognyte Software Ltd. | Reduce -21.3% | 12.68% | −2.08 |
| GDOT Green Dot Corp. Class A | Reduce -13.8% | 8.95% | −1.87 |
| SEMR Semrush Holdings Inc. Class A | Reduce -87.3% | 0.21% | −1.54 |
| BL Blackline Inc. | Reduce -8.3% | 10.13% | −1.32 |
| VSTS Vestis Corp. | Reduce -71.2% | 0.29% | −1.01 |
| KRMD Koru Medical Systems Inc. | Reduce -11.7% | 2.22% | −0.93 |
| AVD American Vanguard Corp. | Sold out | 0.00% | −0.71 |
| GRSD Grandstand Ltd. | Reduce -52.7% | 0.65% | −0.62 |
| PAYS Paysign Inc. | Reduce -4.9% | 2.59% | −0.61 |
| FRSH Freshworks Inc. Class A | Reduce -9.5% | 4.91% | −0.23 |
| LAW CS Disco Inc. | Reduce -6.6% | 1.67% | −0.13 |
| NABL N-Able Inc. | Reduce -1.6% | 0.17% | −0.02 |
| CCRD Corecard Corp. | Reduce -0.5% | 1.37% | −0.01 |
| NTWK Netsol Technologies Inc. | Reduce -5.4% | 0.27% | +0.01 |
| CMBMF Cambium Networks Corp. | Reduce -0.1% | 0.23% | +0.06 |
| IDN Intellicheck Inc. | Reduce -12.5% | 0.70% | +0.09 |
| HGBL Heritage Global Inc. | Reduce -12.1% | 0.85% | +0.17 |
| PHLT Performant Healthcare Inc. | Reduce -8.9% | 4.03% | +0.30 |
| CTEV Claritev Corp. | Reduce -13.5% | 1.31% | +0.41 |
Portfolio Buys Q4 2024 → Q1 2025
| PRAA Pra Group Inc. | New | 3.96% | +3.96 |
| SPNS Sapiens International Corp. | Add +5.2% | 5.86% | +1.30 |
| UNF Unifirst Corp. | Add +109.9% | 1.95% | +1.20 |
| RSI Rush Street Interactive Inc. | Add +30.7% | 5.81% | +1.11 |
| CTKB Cytek Biosciences Inc. | Add +521.6% | 1.35% | +1.06 |
| NUTX Nutex Health Inc. | Add +0.1% | 1.93% | +0.86 |
| QTRX Quanterix Corp. | New | 0.58% | +0.58 |
| ILMN Illumina Inc. | New | 0.49% | +0.49 |
| JYNT The Joint Corp. | Add +16.3% | 1.08% | +0.43 |
| CVEO Civeo Corp. | Add +3.7% | 1.12% | +0.24 |
| EXFY Expensify Inc. Class A | Add +2.2% | 0.66% | +0.07 |
| ELA Envela Corp. | Add +0.1% | 1.08% | +0.05 |
| NEPH Nephros Inc. | Add +0.5% | 0.17% | +0.05 |
| INNV Innovage Holding Corp. | Add +19.4% | 0.05% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 36 | $385.7M | PRAA, WK, PAYS, DV, NRDS |
| Q1 2026 | 43 | $605.3M | PRAA, WK, NRDS, DV, FRSH |
| Q4 2025 | 49 | $1.1B | S, NUTX, DV, FRSH, NRDS |
| Q3 2025 | 42 | $581.6M | GDOT, CGNT, NUTX, NRDS, PRAA |
| Q2 2025 | 42 | $583.5M | CGNT, NRDS, GDOT, BL, PAYS |
| Q1 2025 | 38 | $436.8M | CGNT, NRDS, BL, GDOT, PSFE |
| Q4 2024 | 36 | $528.8M | CGNT, NRDS, BL, GDOT, PSFE |