Union Square Park Capital Management, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Union Square Park Capital Management, LLC reported 44 stock positions worth $141.9 million . Its top holding was RH (RH) at 7.2% of the portfolio, followed by Compass Class A (COMP, 6.5% ) and Caesars Entertainment (CZR, 6.5% ). Compared with Q2 2025, it opened 14 new positions, sold out of 9, added to 12 and reduced 7. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale an exit from Vertiv Class A (VRT).
Location New York, NY
CIK 0001666231
Portfolio Value $141.9M (Q3 2025) Holdings 44 stocks · $141.9M 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 Q2 2025 RH RH 50,000 $10.2M No change COMP Compass Inc. Class A 1,149,400 $9.2M Add +118.9% CZR Caesars Entertainment Inc. 340,000 $9.2M Add +9.7% RDNW Ridenow Group Inc. 1,730,758 $7.6M Add +1.7% ESTA Establishment Labs Holdings 175,000 $7.2M Add +2.9% ILPT Industrial Logistics Propert 950,000 $5.5M Reduce -25.5% UNH Unitedhealth Group Inc. 15,000 $5.2M New MHK Mohawk Industries Inc. 40,000 $5.2M No change SPWH Sportsman's Warehouse Holdin 1,782,023 $4.9M Add +11.4% PTON Peloton Interactive Inc. Class A 500,000 $4.5M Reduce -13.0% FWRD Forward Air Corp. 150,000 $3.8M Reduce -14.3% DBI Designer Brands Inc. Class A 1,000,000 $3.5M New ORCL Oracle Corp. 12,500 $3.5M No change LYFT LYFT Inc. Class A 155,000 $3.4M Add +47.6% GDEN Golden Entertainment Inc. 142,500 $3.4M Add +18.0% PYPL PayPal Holdings Inc. 50,000 $3.4M New HGV Hilton Grand Vacations Inc. 80,000 $3.3M Reduce -33.3% CEG Constellation Energy 10,000 $3.3M No change NRG NRG Energy Inc. 20,000 $3.2M No change AMD Advanced Micro Devices 20,000 $3.2M No change ANET Arista Networks Inc. 20,000 $2.9M No change DELL Dell Technologies -C 20,000 $2.8M No change VYX NCR Voyix Corp. 200,000 $2.5M No change GOOG Alphabet Inc. Class C 10,000 $2.4M New SOC Sable Offshore Corp. 136,500 $2.4M New TDOC Teladoc Health Inc. 300,000 $2.3M Add +500.0% TLN Talen Energy Corp. 5,000 $2.1M Reduce -50.0% CHKP Check Point Software Tech 10,000 $2.1M Add +100.0% AIV Apartment Invt & Mgmt Co. Class A 260,000 $2.1M New SRPT Sarepta Therapeutics Inc. 105,000 $2.0M New VST Vistra Corp. 10,000 $2.0M No change MOH Molina Healthcare Inc. 10,000 $1.9M New LION Lionsgate Studios Corp. 214,900 $1.5M Add +7.5% DOCU Docusign Inc. 20,000 $1.4M Reduce -50.0% DDOG Datadog Inc. Class A 10,000 $1.4M Reduce -47.4% ABNB Airbnb Inc. Class A 11,000 $1.3M New CTRI Centuri Holdings Inc. 60,000 $1.3M New GTEN Gores Holdings X Inc. Class A 100,000 $1.0M New BTBT Bit Digital Inc. 300,000 $900K No change FTHM Fathom Holdings Inc. 450,000 $810K New WOOF Petco Health and Wellness Co. 175,000 $677K New YEXT Yext Inc. 50,000 $426K New QUINCE THERAPEUTICS INC 224,746 $366K Add +86.0% FLD Fold Holdings Inc. filed as FOLD HLDGS INC 89,130 $344K Add +50.7%
Options reported separately and not counted above: SPY puts ($62.0M), IWM puts ($27.8M), QQQ puts ($15.0M), LYFT calls ($8.8M), PTON calls ($7.2M), PYPL calls ($6.7M), FWRD calls ($2.3M), KMX calls ($2.2M), CORZ calls ($1.8M), COMP calls ($1.6M), WBD calls ($586K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.2M (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 275,000 $3.2M Add +100.0%
Total filed on the 13F, all lines: $145.1M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ VRT Vertiv Holdings Co. Class A Sold out 0.00% −2.27 HGV Hilton Grand Vacations Inc. Reduce -33.3% 2.36% −2.04 DOCU Docusign Inc. Reduce -50.0% 1.02% −1.73 OXY Occidental Petroleum Corp. Sold out 0.00% −1.67 META Meta Platforms Inc. Class A Sold out 0.00% −1.63 SLNO Soleno Therapeutics Inc. Sold out 0.00% −1.48 AMRZ Amrize Ltd. Sold out 0.00% −1.31 HOUS Anywhere Real Estate Inc. Sold out 0.00% −1.28 DDOG Datadog Inc. Class A Reduce -47.4% 1.00% −1.25 ILPT Industrial Logistics Propert Reduce -25.5% 3.90% −1.22 FWRD Forward Air Corp. Reduce -14.3% 2.71% −1.08 TLN Talen Energy Corp. Reduce -50.0% 1.50% −1.07 CCIR Cohen Circle Acquisitio Class A Sold out 0.00% −0.88 ADBE Adobe Inc. Sold out 0.00% −0.85 HIMS Hims & Hers Health Inc. Sold out 0.00% −0.44 PTON Peloton Interactive Inc. Class A Reduce -13.0% 3.17% −0.35
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ UNH Unitedhealth Group Inc. New 3.65% +3.65 COMP Compass Inc. Class A Add +118.9% 6.51% +3.60 DBI Designer Brands Inc. Class A New 2.50% +2.50 PYPL PayPal Holdings Inc. New 2.36% +2.36 RDNW Ridenow Group Inc. Add +1.7% 5.37% +1.90 GOOG Alphabet Inc. Class C New 1.72% +1.72 SOC Sable Offshore Corp. New 1.68% +1.68 AIV Apartment Invt & Mgmt Co. Class A New 1.45% +1.45 SRPT Sarepta Therapeutics Inc. New 1.43% +1.43 MOH Molina Healthcare Inc. New 1.35% +1.35 TDOC Teladoc Health Inc. Add +500.0% 1.63% +1.25 LYFT LYFT Inc. Class A Add +47.6% 2.40% +0.94 ABNB Airbnb Inc. Class A New 0.94% +0.94 CTRI Centuri Holdings Inc. New 0.90% +0.90 GTEN Gores Holdings X Inc. Class A New 0.72% +0.72 FTHM Fathom Holdings Inc. New 0.57% +0.57 CHKP Check Point Software Tech Add +100.0% 1.46% +0.48 WOOF Petco Health and Wellness Co. New 0.48% +0.48 YEXT Yext Inc. New 0.30% +0.30 QUINCE THERAPEUTICS INC Add +86.0% 0.26% +0.08 FLD Fold Holdings Inc. Add +50.7% 0.24% +0.02 LION Lionsgate Studios Corp. Add +7.5% 1.05% +0.02 GDEN Golden Entertainment Inc. Add +18.0% 2.37% −0.77 CZR Caesars Entertainment Inc. Add +9.7% 6.48% −1.29 ESTA Establishment Labs Holdings Add +2.9% 5.06% −1.35 SPWH Sportsman's Warehouse Holdin Add +11.4% 3.48% −1.39
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +26.5% 93,000 $62.0M IWM iShares Russell 2000 ETF put Reduce -34.3% 115,000 $27.8M QQQ Invesco QQQ Trust Series 1 put New 25,000 $15.0M LYFT LYFT Inc. Class A call New 400,000 $8.8M PTON Peloton Interactive Inc. Class A call Add +10.3% 800,000 $7.2M NBIS Nebius Group NV call Sold out 125,000 $6.9Mbefore exit PLTR Palantir Technologies Inc. Class A call Sold out 40,000 $5.5Mbefore exit HOOD Robinhood Markets Inc. Class A call Sold out 55,000 $5.1Mbefore exit SLNO Soleno Therapeutics Inc. call Sold out 45,000 $3.8Mbefore exit CZR Caesars Entertainment Inc. call Sold out 100,000 $2.8Mbefore exit FWRD Forward Air Corp. call New 90,000 $2.3M KMX Carmax Inc. call New 50,000 $2.2M TDOC Teladoc Health Inc. call Sold out 200,000 $1.7Mbefore exit COMP Compass Inc. Class A call New 200,000 $1.6M WBD Warner Bros Discovery Inc. call New 30,000 $586K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Add +100.0% 275,000 $3.2M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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