Union Square Park Capital Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Union Square Park Capital Management, LLC reported 37 stock positions worth $90.9 million . Its top holding was RH (RH) at 8.6% of the portfolio, followed by Caesars Entertainment (CZR, 7.7% ) and Hilton Grand Vacations (HGV, 6.2% ). Compared with Q4 2024, it opened 22 new positions, sold out of 10, added to 6 and reduced 5. The biggest buy was a new position in Forward Air (FWRD) and the biggest sale an exit from Super Micro Computer (SMCI).
Location New York, NY
CIK 0001666231
Portfolio Value $90.9M (Q1 2025) Holdings 37 stocks · $90.9M 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 RH RH 33,500 $7.9M Add +52.3% CZR Caesars Entertainment Inc. 280,000 $7.0M Add +93.1% HGV Hilton Grand Vacations Inc. 150,000 $5.6M Reduce -3.2% PTON Peloton Interactive Inc. Class A 750,000 $4.7M Add +42.9% ESTA Establishment Labs Holdings 115,000 $4.7M Reduce -28.1% MHK Mohawk Industries Inc. 40,000 $4.6M Add +33.3% ILPT Industrial Logistics Propert 1,184,475 $4.1M Reduce -1.3% FND Floor & Decor Holdings Inc. Class A 50,000 $4.0M No change COMP Compass Inc. Class A 400,000 $3.5M No change GDEN Golden Entertainment Inc. 120,800 $3.2M Reduce -19.5% RDNW Ridenow Group Inc. filed as RUMBLEON INC 1,012,690 $2.9M Add +3.5% FWRD Forward Air Corp. 140,000 $2.8M New SPWH Sportsman's Warehouse Holdin 2,159,299 $2.1M Add +28.4% AMD Advanced Micro Devices 20,000 $2.1M New CEG Constellation Energy 10,000 $2.0M New TLN Talen Energy Corp. 10,000 $2.0M New VYX NCR Voyix Corp. 200,000 $1.9M No change NRG NRG Energy Inc. 20,000 $1.9M New ORCL Oracle Corp. 12,500 $1.7M New PYPL PayPal Holdings Inc. 25,000 $1.6M New DOCU Docusign Inc. 20,000 $1.6M New GOOG Alphabet Inc. Class C 10,000 $1.6M New ANET Arista Networks Inc. 20,000 $1.5M New VRT Vertiv Holdings Co. Class A 20,000 $1.4M New META Meta Platforms Inc. Class A 2,500 $1.4M New CRM Salesforce Inc. 5,000 $1.3M New DDOG Datadog Inc. Class A 12,500 $1.2M New NN Nextnav Inc. 100,000 $1.2M New HOUS Anywhere Real Estate Inc. 365,000 $1.2M No change VST Vistra Corp. 10,000 $1.2M New CHKP Check Point Software Tech 5,000 $1.1M New AAPL Apple Inc. 5,000 $1.1M New NBIS Nebius Group NV 50,000 $1.1M New ADBE Adobe Inc. 2,500 $959K Reduce -75.0% DELL Dell Technologies -C 10,000 $912K New CCJ Cameco Corp. 20,000 $823K New NKTR Nektar Therapeutics 1,100,000 $748K New
Options reported separately and not counted above: IWM puts ($44.9M), PLTR calls ($4.2M), PYPL calls ($3.6M), VSXY calls ($3.1M), CZR calls ($2.9M), KSS calls ($1.6M), PTON calls ($1.3M).
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 ▲ SMCI Super Micro Computer Inc. Sold out 0.00% −4.98 TTEC Ttec Holdings Inc. Sold out 0.00% −4.83 ADBE Adobe Inc. Reduce -75.0% 1.05% −3.79 AIV Apartment Invt & Mgmt Co. Class A Sold out 0.00% −2.97 ESTA Establishment Labs Holdings Reduce -28.1% 5.16% −2.86 SLNO Soleno Therapeutics Inc. Sold out 0.00% −2.45 DHC Diversified Healthcare Trust Sold out 0.00% −2.32 OPRT Oportun Financial Corp. Sold out 0.00% −2.25 RMNI Rimini Street Inc. Sold out 0.00% −2.12 GDEN Golden Entertainment Inc. Reduce -19.5% 3.51% −1.65 DAKT Daktronics Inc. Sold out 0.00% −1.19 RMAX Re/Max Holdings Inc. Class A Sold out 0.00% −0.64 HGV Hilton Grand Vacations Inc. Reduce -3.2% 6.17% −0.40 NINEQ Nine Energy Service Inc. Sold out 0.00% −0.35 ILPT Industrial Logistics Propert Reduce -1.3% 4.48% −0.29
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 ▼ FWRD Forward Air Corp. New 3.09% +3.09 CZR Caesars Entertainment Inc. Add +93.1% 7.70% +2.42 AMD Advanced Micro Devices New 2.26% +2.26 CEG Constellation Energy New 2.22% +2.22 TLN Talen Energy Corp. New 2.20% +2.20 NRG NRG Energy Inc. New 2.10% +2.10 ORCL Oracle Corp. New 1.92% +1.92 PYPL PayPal Holdings Inc. New 1.79% +1.79 DOCU Docusign Inc. New 1.79% +1.79 GOOG Alphabet Inc. Class C New 1.72% +1.72 ANET Arista Networks Inc. New 1.70% +1.70 VRT Vertiv Holdings Co. Class A New 1.59% +1.59 META Meta Platforms Inc. Class A New 1.58% +1.58 CRM Salesforce Inc. New 1.48% +1.48 DDOG Datadog Inc. Class A New 1.36% +1.36 NN Nextnav Inc. New 1.34% +1.34 VST Vistra Corp. New 1.29% +1.29 CHKP Check Point Software Tech New 1.25% +1.25 AAPL Apple Inc. New 1.22% +1.22 NBIS Nebius Group NV New 1.16% +1.16 MHK Mohawk Industries Inc. Add +33.3% 5.02% +1.13 DELL Dell Technologies -C New 1.00% +1.00 CCJ Cameco Corp. New 0.91% +0.91 NKTR Nektar Therapeutics New 0.82% +0.82 PTON Peloton Interactive Inc. Class A Add +42.9% 5.21% +0.24 RH RH Add +52.3% 8.64% −0.79 SPWH Sportsman's Warehouse Holdin Add +28.4% 2.36% −2.53 RDNW Ridenow Group Inc. Add +3.5% 3.14% −2.64
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Add +50.0% 225,000 $44.9M FND Floor & Decor Holdings Inc. Class A call Sold out 50,000 $5.0Mbefore exit PLTR Palantir Technologies Inc. Class A call Reduce -50.0% 50,000 $4.2M PENN Penn Entertainment Inc. call Sold out 200,000 $4.0Mbefore exit PYPL PayPal Holdings Inc. call New 55,000 $3.6M VSXY Victoria's Secret & Co. call New 165,000 $3.1M CZR Caesars Entertainment Inc. call Add +15.0% 115,000 $2.9M CVS CVS Health Corp. put Sold out 50,000 $2.2Mbefore exit KSS Kohls Corp. call New 200,000 $1.6M PTON Peloton Interactive Inc. Class A call Reduce -77.1% 200,000 $1.3M WOOF Petco Health and Wellness Co. call Sold out 100,000 $381Kbefore 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 50 $136.9M RH, PTON, ESTA, RDNW, COMP Q1 2026 Amended 53 $114.3M RDNW, RH, PTON, ESTA, AIV Q4 2025 42 $127.9M RH, RDNW, CZR, COMP, TDOC Q3 2025 44 $141.9M RH, COMP, CZR, RDNW, ESTA Q2 2025 39 $113.3M RH, CZR, ESTA, ILPT, SPWH Q1 2025 37 $90.9M RH, CZR, HGV, PTON, ESTA Q4 2024 25 $91.8M RH, ESTA, HGV, RDNW, FND Q3 2024 24 $74.1M RH, CZR, PTON, HGV, RDNW Q2 2024 21 $65.1M CZR, RH, PTON, HGV, EXPE Q1 2024 Amended 19 $52.9M HGV, GDEN, CZR, RH, EXPE