Topline Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Topline Capital Management, LLC reported 42 stock positions worth $581.6 million. Its top holding was Green Dot Class A (GDOT) at 10.7% of the portfolio, followed by Cognyte Software (CGNT, 10.4%) and Nutex Health (NUTX, 9.9%). Compared with Q2 2025, it opened 11 new positions, sold out of 11, added to 18 and reduced 10. The biggest buy was Nutex Health (NUTX, shares +80%) and the biggest sale an exit from Sapiens International (SPNS).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001792549
- Portfolio Value
- $581.6M (Q3 2025)
- SEC Filing
- 0001792549-25-000006 ↗ filed Nov 14, 2025
Holdings Value
Holdings 42 stocks · $581.6M
| GDOT Green Dot Corp. Class A | 10.66% | 4,614,562 | $62.0M | Reduce -7.1% |
| CGNT Cognyte Software Ltd. | 10.39% | 7,195,619 | $60.4M | Add +2.4% |
| NUTX Nutex Health Inc. | 9.89% | 556,567 | $57.5M | Add +80.0% |
| NRDS Nerdwallet Inc. Class A | 9.71% | 5,251,145 | $56.5M | No change |
| PRAA Pra Group Inc. | 6.94% | 2,615,711 | $40.4M | Add +16.2% |
| PAYS Paysign Inc. | 5.89% | 5,445,188 | $34.3M | Add +0.4% |
| FRSH Freshworks Inc. Class A | 5.60% | 2,765,000 | $32.5M | Add +43.0% |
| BL Blackline Inc. | 5.20% | 569,937 | $30.3M | Reduce -31.8% |
| CTKB Cytek Biosciences Inc. | 4.14% | 6,944,280 | $24.1M | Add +32.8% |
| LAW CS Disco Inc. | 3.56% | 3,206,003 | $20.7M | Add +8.1% |
| UNF Unifirst Corp. | 3.52% | 122,381 | $20.5M | Add +64.1% |
| SPT Sprout Social Inc. Class A | 3.02% | 1,358,712 | $17.6M | New |
| KRMD Koru Medical Systems Inc. | 2.40% | 3,648,240 | $14.0M | Add +1.1% |
| CTEV Claritev Corp. | 1.84% | 201,782 | $10.7M | Reduce -17.3% |
| MITK Mitek Systems Inc. | 1.77% | 1,055,608 | $10.3M | Add +99.6% |
| DCBO Docebo Inc. | 1.52% | 323,219 | $8.8M | Add +484.9% |
| OPXS Optex Systems Holdings Inc. | 1.51% | 679,363 | $8.8M | Reduce -1.7% |
| ACCS Access Newswire Inc. | 1.31% | 709,264 | $7.6M | No change |
| ELA Envela Corp. | 1.16% | 862,918 | $6.7M | Add +0.1% |
| CERT Certara Inc. | 1.15% | 546,471 | $6.7M | New |
| CCRD Corecard Corp. | 1.10% | 238,675 | $6.4M | Add +85.2% |
| OSPN Onespan Inc. | 0.95% | 349,203 | $5.5M | New |
| JYNT The Joint Corp. | 0.71% | 430,451 | $4.1M | Reduce -4.2% |
| IDN Intellicheck Inc. | 0.69% | 767,302 | $4.0M | Reduce -14.2% |
| INMD Inmode Ltd. | 0.68% | 264,770 | $3.9M | Add +2296.8% |
| SEMR Semrush Holdings Inc. Class A | 0.67% | 554,126 | $3.9M | New |
| NABL N-Able Inc. | 0.61% | 454,495 | $3.5M | New |
| NEPH Nephros Inc. | 0.48% | 596,300 | $2.8M | Add +24.9% |
| HGBL Heritage Global Inc. | 0.48% | 1,678,507 | $2.8M | No change |
| DSP Viant Technology Inc. Class A | 0.37% | 249,084 | $2.1M | New |
| NTWK Netsol Technologies Inc. | 0.37% | 447,329 | $2.1M | Reduce -4.4% |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 0.31% | 166,581 | $1.8M | New |
| RPAY Repay Holdings Corp. | 0.27% | 303,638 | $1.6M | New |
| PRPO Precipio Inc. | 0.20% | 65,096 | $1.2M | New |
| SVCO Silvaco Group Inc. | 0.16% | 170,293 | $921K | Reduce -26.7% |
| RSSS Research Solutions Inc. | 0.16% | 244,928 | $914K | Add +461.4% |
| CRGO Freightos Ltd. | 0.15% | 269,048 | $888K | Reduce -0.6% |
| WK Workiva Inc. | 0.13% | 8,471 | $729K | Reduce -85.4% |
| GOLDEN MATRIX GROUP INC | 0.12% | 623,909 | $705K | Add +1072.4% |
| DIBS 1STDIBS.COM Inc. | 0.09% | 192,115 | $498K | Add +341.6% |
| PLPC Preformed Line Products Co. | 0.07% | 2,104 | $413K | New |
| OFLX Omega Flex Inc. | 0.06% | 10,975 | $342K | New |
Portfolio Sells Q2 2025 → Q3 2025
| SPNS Sapiens International Corp. | Sold out | 0.00% | −5.20 |
| RSI Rush Street Interactive Inc. | Sold out | 0.00% | −4.61 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −3.74 |
| BL Blackline Inc. | Reduce -31.8% | 5.20% | −2.90 |
| PSFE Paysafe Ltd. | Sold out | 0.00% | −1.34 |
| WK Workiva Inc. | Reduce -85.4% | 0.13% | −0.56 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.55 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.40 |
| EXFY Expensify Inc. Class A | Sold out | 0.00% | −0.34 |
| JYNT The Joint Corp. | Reduce -4.2% | 0.71% | −0.18 |
| FLYYQ Spirit Aviation Holdings Inc. | Sold out | 0.00% | −0.17 |
| IDN Intellicheck Inc. | Reduce -14.2% | 0.69% | −0.14 |
| CTEV Claritev Corp. | Reduce -17.3% | 1.84% | −0.05 |
| CCEL Cryo-Cell Intl Inc. | Sold out | 0.00% | −0.04 |
| SVCO Silvaco Group Inc. | Reduce -26.7% | 0.16% | −0.03 |
| INNV Innovage Holding Corp. | Sold out | 0.00% | −0.03 |
| BTMD Biote Corp. Class A | Sold out | 0.00% | −0.02 |
| CRGO Freightos Ltd. | Reduce -0.6% | 0.15% | +0.04 |
| NTWK Netsol Technologies Inc. | Reduce -4.4% | 0.37% | +0.12 |
| OPXS Optex Systems Holdings Inc. | Reduce -1.7% | 1.51% | +0.14 |
| GDOT Green Dot Corp. Class A | Reduce -7.1% | 10.66% | +1.48 |
Portfolio Buys Q2 2025 → Q3 2025
| NUTX Nutex Health Inc. | Add +80.0% | 9.89% | +3.29 |
| SPT Sprout Social Inc. Class A | New | 3.02% | +3.02 |
| LAW CS Disco Inc. | Add +8.1% | 3.56% | +1.34 |
| PRAA Pra Group Inc. | Add +16.2% | 6.94% | +1.25 |
| DCBO Docebo Inc. | Add +484.9% | 1.52% | +1.24 |
| CERT Certara Inc. | New | 1.15% | +1.15 |
| UNF Unifirst Corp. | Add +64.1% | 3.52% | +1.11 |
| CTKB Cytek Biosciences Inc. | Add +32.8% | 4.14% | +1.09 |
| OSPN Onespan Inc. | New | 0.95% | +0.95 |
| MITK Mitek Systems Inc. | Add +99.6% | 1.77% | +0.88 |
| SEMR Semrush Holdings Inc. Class A | New | 0.67% | +0.67 |
| FRSH Freshworks Inc. Class A | Add +43.0% | 5.60% | +0.66 |
| INMD Inmode Ltd. | Add +2296.8% | 0.68% | +0.65 |
| NABL N-Able Inc. | New | 0.61% | +0.61 |
| CCRD Corecard Corp. | Add +85.2% | 1.10% | +0.46 |
| DSP Viant Technology Inc. Class A | New | 0.37% | +0.37 |
| JAMF Jamf Holding Corp. | New | 0.31% | +0.31 |
| RPAY Repay Holdings Corp. | New | 0.27% | +0.27 |
| ELA Envela Corp. | Add +0.1% | 1.16% | +0.25 |
| PRPO Precipio Inc. | New | 0.20% | +0.20 |
| KRMD Koru Medical Systems Inc. | Add +1.1% | 2.40% | +0.19 |
| NEPH Nephros Inc. | Add +24.9% | 0.48% | +0.15 |
| RSSS Research Solutions Inc. | Add +461.4% | 0.16% | +0.14 |
| GOLDEN MATRIX GROUP INC | Add +1072.4% | 0.12% | +0.11 |
| PLPC Preformed Line Products Co. | New | 0.07% | +0.07 |
| DIBS 1STDIBS.COM Inc. | Add +341.6% | 0.09% | +0.07 |
| OFLX Omega Flex Inc. | New | 0.06% | +0.06 |
| CGNT Cognyte Software Ltd. | Add +2.4% | 10.39% | −0.74 |
| PAYS Paysign Inc. | Add +0.4% | 5.89% | −0.80 |
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 |