Tyro Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Tyro Capital Management LLC reported 11 stock positions worth $321.3 million . Its top holding was Establishment Labs (ESTA) at 24.4% of the portfolio, followed by CRH (CRH, 14.0% ) and Sharkninja (SN, 12.5% ). Compared with Q3 2025, it opened 5 new positions, sold out of 4 and added to 5. The biggest buy was a new position in Ars Pharmaceuticals (SPRY) and the biggest sale an exit from Cogent Communications Holdin (CCOI).
Location MIAMI, FL
CIK 0001915395
Portfolio Value $321.3M (Q4 2025) Holdings 11 stocks · $321.3M 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 Q3 2025 ESTA Establishment Labs Holdings 1,077,456 $78.5M No change CRH CRH PLC 361,488 $45.1M Add +0.3% SN Sharkninja Inc. 358,081 $40.1M Add +54.0% CRS Carpenter Technology 126,596 $39.9M Add +0.3% CROX Crocs Inc. 363,523 $31.1M Add +25.4% SPRY Ars Pharmaceuticals Inc. 1,994,852 $23.2M New ROAD Construction Partners Inc. Class A 164,940 $17.9M Add +0.3% QURE Uniqure NV 663,929 $15.9M New CELH Celsius Holdings Inc. 297,157 $13.6M New LULU Lululemon Athletica Inc. 58,639 $12.2M New CYTK Cytokinetics Inc. 60,638 $3.9M New
Options reported separately and not counted above: CRH calls ($124.8M), ESTA puts ($72.9M), CCOI calls ($21.6M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CCOI Cogent Communications Holdin Sold out 0.00% −13.32 GRPN Groupon Inc. Sold out 0.00% −9.46 HNGE Hinge Health Inc. Class A Sold out 0.00% −5.82 LENZ Lenz Therapeutics Inc. Sold out 0.00% −1.74
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ SPRY Ars Pharmaceuticals Inc. New 7.23% +7.23 QURE Uniqure NV New 4.94% +4.94 CELH Celsius Holdings Inc. New 4.23% +4.23 LULU Lululemon Athletica Inc. New 3.79% +3.79 SN Sharkninja Inc. Add +54.0% 12.47% +3.56 CYTK Cytokinetics Inc. New 1.20% +1.20 CRS Carpenter Technology Add +0.3% 12.40% +0.89 CROX Crocs Inc. Add +25.4% 9.68% +0.67 CRH CRH PLC Add +0.3% 14.04% −2.02 ROAD Construction Partners Inc. Class A Add +0.3% 5.57% −2.19
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CRH CRH PLC call New 1,000,000 $124.8M ESTA Establishment Labs Holdings put New 1,000,000 $72.9M CCOI Cogent Communications Holdin call New 1,000,000 $21.6M
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 15 $445.7M ESTA, CELH, CRS, SN, SPRY Q1 2026 Amended 23 $395.0M ESTA, CRS, CRH, SN, CROX Q4 2025 Amended 11 $321.3M ESTA, CRH, SN, CRS, CROX Q3 2025 10 $269.2M ESTA, CRH, CCOI, CRS, GRPN Q2 2025 10 $254.9M ESTA, GRPN, CRH, CCOI, SN Q1 2025 14 $268.4M ESTA, CRS, CCOI, CRH, ROIV Q4 2024 11 $233.8M CCOI, GPGI, CRS, CRH, ROIV Q3 2024 Amended 12 $194.6M CCOI, CRS, CRH, ROIV, GPGI Q2 2024 18 $220.6M HWM, CROX, CCOI, ROIV, CRH Q1 2024 16 $173.1M CRH, CROX, HWM, CCOI, ROAD