Union Square Park Capital Management, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Union Square Park Capital Management, LLC reported 42 stock positions worth $127.9 million . Its top holding was RH (RH) at 7.7% of the portfolio, followed by Ridenow (RDNW, 6.8% ) and Caesars Entertainment (CZR, 6.2% ). Compared with Q3 2025, it opened 11 new positions, sold out of 13, added to 10 and reduced 15. The biggest buy was Teladoc Health (TDOC, shares +233% ) and the biggest sale an exit from Unitedhealth (UNH).
Location New York, NY
CIK 0001666231
Portfolio Value $127.9M (Q4 2025) Holdings 42 stocks · $127.9M 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 Q3 2025 RH RH 55,000 $9.9M Add +10.0% RDNW Ridenow Group Inc. 1,587,491 $8.8M Reduce -8.3% CZR Caesars Entertainment Inc. 340,000 $8.0M No change COMP Compass Inc. Class A 667,287 $7.1M Reduce -41.9% TDOC Teladoc Health Inc. 1,000,000 $7.0M Add +233.3% PTON Peloton Interactive Inc. Class A 1,100,000 $6.8M Add +120.0% ESTA Establishment Labs Holdings 90,000 $6.6M Reduce -48.6% PYPL PayPal Holdings Inc. 97,500 $5.7M Add +95.0% ILPT Industrial Logistics Propert 930,000 $5.2M Reduce -2.1% LYFT LYFT Inc. Class A 250,000 $4.8M Add +61.3% ABNB Airbnb Inc. Class A 30,000 $4.1M Add +172.7% AIV Apartment Invt & Mgmt Co. Class A 650,000 $3.9M Add +150.0% DBI Designer Brands Inc. Class A 500,000 $3.7M Reduce -50.0% SPWH Sportsman's Warehouse Holdin 2,378,681 $3.5M Add +33.5% NVRI Enviri Corp. 180,000 $3.2M New LION Lionsgate Studios Corp. 300,000 $2.7M Add +39.6% QCOM Qualcomm Inc. 15,000 $2.6M New CTRI Centuri Holdings Inc. 100,000 $2.5M Add +66.7% HGV Hilton Grand Vacations Inc. 55,000 $2.5M Reduce -31.3% AMD Advanced Micro Devices 10,000 $2.1M Reduce -50.0% SSTK Shutterstock Inc. 110,000 $2.1M New DELL Dell Technologies -C 15,000 $1.9M Reduce -25.0% TLN Talen Energy Corp. 5,000 $1.9M No change CEG Constellation Energy 5,000 $1.8M Reduce -50.0% META Meta Platforms Inc. Class A 2,500 $1.7M New BILL Bill Holdings Inc. 30,000 $1.6M New VST Vistra Corp. 10,000 $1.6M No change NRG NRG Energy Inc. 10,000 $1.6M Reduce -50.0% MU Micron Technology Inc. 5,000 $1.4M New CHKP Check Point Software Tech 7,500 $1.4M Reduce -25.0% NTAP Netapp Inc. 12,500 $1.3M New CARR Carrier Global Corp. 25,000 $1.3M New ANET Arista Networks Inc. 10,000 $1.3M Reduce -50.0% AVGO Broadcom Inc. 3,500 $1.2M New GTEN Gores Holdings X Inc. Class A 100,000 $1.0M No change DDOG Datadog Inc. Class A 7,500 $1.0M Reduce -25.0% MSFT Microsoft Corp. 2,000 $967K New QUINCE THERAPEUTICS INC 224,746 $753K No change CTLP Cantaloupe Inc. 53,735 $571K New GDEN Golden Entertainment Inc. 16,190 $440K Reduce -88.6% FTHM Fathom Holdings Inc. 381,548 $385K Reduce -15.2% FLD Fold Holdings Inc. filed as FOLD HLDGS INC 89,130 $233K No change
Options reported separately and not counted above: QQQ puts ($30.7M), SPY puts ($30.7M), IWM puts ($4.9M), LYFT calls ($4.7M), ABNB calls ($4.1M), COMP calls ($3.2M), PYPL calls ($1.8M).
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 ▲ UNH Unitedhealth Group Inc. Sold out 0.00% −3.65 MHK Mohawk Industries Inc. Sold out 0.00% −3.64 FWRD Forward Air Corp. Sold out 0.00% −2.71 ORCL Oracle Corp. Sold out 0.00% −2.48 GDEN Golden Entertainment Inc. Reduce -88.6% 0.34% −2.02 VYX NCR Voyix Corp. Sold out 0.00% −1.77 GOOG Alphabet Inc. Class C Sold out 0.00% −1.72 SOC Sable Offshore Corp. Sold out 0.00% −1.68 SRPT Sarepta Therapeutics Inc. Sold out 0.00% −1.43 MOH Molina Healthcare Inc. Sold out 0.00% −1.35 NRG NRG Energy Inc. Reduce -50.0% 1.24% −1.04 ANET Arista Networks Inc. Reduce -50.0% 1.02% −1.03 DOCU Docusign Inc. Sold out 0.00% −1.02 COMP Compass Inc. Class A Reduce -41.9% 5.51% −0.99 CEG Constellation Energy Reduce -50.0% 1.38% −0.94 BTBT Bit Digital Inc. Sold out 0.00% −0.63 AMD Advanced Micro Devices Reduce -50.0% 1.67% −0.61 DELL Dell Technologies -C Reduce -25.0% 1.48% −0.52 WOOF Petco Health and Wellness Co. Sold out 0.00% −0.48 HGV Hilton Grand Vacations Inc. Reduce -31.3% 1.92% −0.43 CHKP Check Point Software Tech Reduce -25.0% 1.09% −0.37 YEXT Yext Inc. Sold out 0.00% −0.30 FTHM Fathom Holdings Inc. Reduce -15.2% 0.30% −0.27 DDOG Datadog Inc. Class A Reduce -25.0% 0.80% −0.21 ESTA Establishment Labs Holdings Reduce -48.6% 5.13% +0.07 ILPT Industrial Logistics Propert Reduce -2.1% 4.03% +0.12 DBI Designer Brands Inc. Class A Reduce -50.0% 2.90% +0.41 RDNW Ridenow Group Inc. Reduce -8.3% 6.85% +1.48
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 ▼ TDOC Teladoc Health Inc. Add +233.3% 5.47% +3.84 NVRI Enviri Corp. New 2.52% +2.52 ABNB Airbnb Inc. Class A Add +172.7% 3.18% +2.24 PTON Peloton Interactive Inc. Class A Add +120.0% 5.30% +2.12 PYPL PayPal Holdings Inc. Add +95.0% 4.45% +2.09 QCOM Qualcomm Inc. New 2.01% +2.01 SSTK Shutterstock Inc. New 1.64% +1.64 AIV Apartment Invt & Mgmt Co. Class A Add +150.0% 3.02% +1.56 LYFT LYFT Inc. Class A Add +61.3% 3.79% +1.38 META Meta Platforms Inc. Class A New 1.29% +1.29 BILL Bill Holdings Inc. New 1.28% +1.28 MU Micron Technology Inc. New 1.12% +1.12 LION Lionsgate Studios Corp. Add +39.6% 2.14% +1.10 CTRI Centuri Holdings Inc. Add +66.7% 1.97% +1.08 NTAP Netapp Inc. New 1.05% +1.05 CARR Carrier Global Corp. New 1.03% +1.03 AVGO Broadcom Inc. New 0.95% +0.95 MSFT Microsoft Corp. New 0.76% +0.76 RH RH Add +10.0% 7.70% +0.54 CTLP Cantaloupe Inc. New 0.45% +0.45 SPWH Sportsman's Warehouse Holdin Add +33.5% 2.71% −0.77
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +100.0% 50,000 $30.7M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -51.6% 45,000 $30.7M PTON Peloton Interactive Inc. Class A call Sold out 800,000 $7.2Mbefore exit IWM iShares Russell 2000 ETF put Reduce -82.6% 20,000 $4.9M LYFT LYFT Inc. Class A call Reduce -38.8% 245,000 $4.7M ABNB Airbnb Inc. Class A call New 30,000 $4.1M COMP Compass Inc. Class A call Add +50.0% 300,000 $3.2M FWRD Forward Air Corp. call Sold out 90,000 $2.3Mbefore exit KMX Carmax Inc. call Sold out 50,000 $2.2Mbefore exit CORZ Core Scientific Inc. call Sold out 100,000 $1.8Mbefore exit PYPL PayPal Holdings Inc. call Reduce -70.0% 30,000 $1.8M WBD Warner Bros Discovery Inc. call Sold out 30,000 $586Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Sold out 275,000 $3.2Mbefore exit
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