III Capital Management Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$679.0M
Holdings
49
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (49 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SPYSPDR S&P 500 ETF TR | 438,886 | $299.0M | 44.04% | |
| 2 | XLESELECT SECTOR SPDR TR | 2,397,424 | $106.0M | 15.61% | Put |
| 3 | XLFSELECT SECTOR SPDR TR | 1,031,297 | $56.0M | 8.25% | Put |
| 4 | KWEBKRANESHARES TRUST | 1,318,300 | $42.0M | 6.19% | Put |
| 5 | LQDISHARES TR | 229,000 | $25.0M | 3.68% | |
| 6 | SO 4.5 06/15/27SOUTHERN CO | 16,482,000 | $17.0M | 2.50% | |
| 7 | XLUSELECT SECTOR SPDR TR | 219,800 | $9.0M | 1.33% | Put |
| 8 | RTORENTOKIL INITIAL PLC | 185,132 | $5.0M | 0.74% | |
| 9 | AVGOBROADCOM INC | 14,814 | $5.0M | 0.74% | Call |
| 10 | HHYATT HOTELS CORP | 33,875 | $5.0M | 0.74% | |
| 11 | VISNCOMMSCOPE HLDG CO INC | 280,000 | $5.0M | 0.74% | |
| 12 | WEC 4.375 06/01/29WEC ENERGY GROUP INC | 5,000,000 | $5.0M | 0.74% | |
| 13 | BWABORGWARNER INC | 95,810 | $4.0M | 0.59% | |
| 14 | URBNURBAN OUTFITTERS INC | 56,550 | $4.0M | 0.59% | |
| 15 | BYDBOYD GAMING CORP | 49,000 | $4.0M | 0.59% | |
| 16 | BKNGBOOKING HOLDINGS INC | 800 | $4.0M | 0.59% | |
| 17 | UBERUBER TECHNOLOGIES INC | 49,313 | $4.0M | 0.59% | |
| 18 | MHKMOHAWK INDS INC | 41,850 | $4.0M | 0.59% | |
| 19 | DRVNDRIVEN BRANDS HLDGS INC | 330,625 | $4.0M | 0.59% | |
| 20 | TMUST-MOBILE US INC | 20,000 | $4.0M | 0.59% | |
| 21 | MATMATTEL INC | 210,000 | $4.0M | 0.59% | |
| 22 | GDXVANECK ETF TRUST | 58,200 | $4.0M | 0.59% | Call |
| 23 | NCLHNORWEGIAN CRUISE LINE HLDG L | 138,734 | $3.0M | 0.44% | |
| 24 | RLRALPH LAUREN CORP | 9,155 | $3.0M | 0.44% | |
| 25 | ACIALBERTSONS COS INC | 215,370 | $3.0M | 0.44% | |
| 26 | XMESPDR SERIES TRUST | 33,100 | $3.0M | 0.44% | Call |
| 27 | WDCWESTERN DIGITAL CORP | 18,506 | $3.0M | 0.44% | |
| 28 | WHWYNDHAM HOTELS & RESORTS INC | 33,000 | $2.0M | 0.29% | |
| 29 | PBIPITNEY BOWES INC | 280,000 | $2.0M | 0.29% | |
| 30 | FLUTFLUTTER ENTMT PLC | 10,000 | $2.0M | 0.29% | |
| 31 | KMBKIMBERLY-CLARK CORP | 26,000 | $2.0M | 0.29% | |
| 32 | SATSECHOSTAR CORP | 25,000 | $2.0M | 0.29% | |
| 33 | METAMETA PLATFORMS INC | 3,500 | $2.0M | 0.29% | |
| 34 | CHTRCHARTER COMMUNICATIONS INC N | 9,000 | $1.0M | 0.15% | |
| 35 | KHCKRAFT HEINZ CO | 52,779 | $1.0M | 0.15% | |
| 36 | FUNSIX FLAGS ENTERTAINMENT CORP | 80,000 | $1.0M | 0.15% | |
| 37 | BOX 1.5 09/15/29BOX INC | 1,820,000 | $1.0M | 0.15% | |
| 38 | CNKCINEMARK HLDGS INC | 85,000 | $1.0M | 0.15% | |
| 39 | CUCAAVIS BUDGET GROUP | 10,000 | $1.0M | 0.15% | |
| 40 | PCGPG&E CORP | 80,000 | $1.0M | 0.15% | Put |
| 41 | ETSYETSY INC | 20,000 | $1.0M | 0.15% | |
| 42 | PENNPENN ENTERTAINMENT INC | 20,000 | $0 | 0.00% | |
| 43 | BBAI/WSBIGBEAR AI HLDGS INC | 34,000 | $0 | 0.00% | |
| 44 | SLVISHARES SILVER TR | 6,500 | $0 | 0.00% | |
| 45 | NFLXNETFLIX INC | 6,000 | $0 | 0.00% | |
| 46 | OUTOUTFRONT MEDIA INC | 39,300 | $0 | 0.00% | |
| 47 | LCIDLUCID GROUP INC | 34,290 | $0 | 0.00% | Put |
| 48 | XLFISELECT SECTOR SPDR TR | 6,051 | $0 | 0.00% | |
| 49 | GQ9SPDR GOLD TR | 2,066 | $0 | 0.00% |