Data as of Q4 2025 (Dec 31, 2025)

FINDELL CAPITAL MANAGEMENT LLC

•CIK: 1814465•Filing: Q4 2025

**FINDELL CAPITAL MANAGEMENT LLC** manages $208M across a concentrated portfolio of 15 positions. The fund exhibits significant conviction in its top holdings, led by RJF, representing $82.4M of the total assets. Further notable allocations include ROOT at $17.0M and DAVE at $15.5M, suggesting a focused, high-conviction approach across its sector coverage.

Total AUM
$202.6M
+ $5.4M in options
QoQ Performance
-7.5%
Positions
14
+ 1 option
Top 10 Concentration
89.6%
Latest Filing
Q4 2025

Top Holdings Allocation

ESTA
ROOT
DAVE
TPB
OPRT
SUPE
GEG
ESTA39.6%
ROOT8.2%
DAVE7.5%
TPB6.6%
OPRT6.5%
SUPER5.4%
GEG5.0%
CELH4.6%

📈 Biggest Buys

ROOT
ROOT INC
+291.7%
8.2% of portfolio
CELH
CELSIUS HLDGS INC
NEW
4.6% of portfolio
DAVE
DAVE INC
+84.2%
7.5% of portfolio
LRN
STRIDE INC
NEW
2.8% of portfolio
ADMA
ADMA BIOLOGICS INC
NEW
2.6% of portfolio

📉 Biggest Sells

LQDACALL
LIQUIDIA CORPORATION
-94.5%
2.6% of portfolio
ESTA
ESTABLISHMENT LABS HLDGS INC
-12.7%
39.6% of portfolio
MLYS
MINERALYS THERAPEUTICS INC
-80.0%
0.9% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

ODP1
THE ODP CORP
SOLD
$14.9M
BTU
PEABODY ENERGY CORP
SOLD
$6.2M
SEZL
SEZZLE INC
SOLD
$4.3M

Changes from Q3 2025

NEW4 new positions
↑7 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

ESTA39.6%
ESTABLISHMENT LABS HLDGS INC
$82.4M
ROOT8.2%
ROOT INC
$17.0M
DAVE7.5%
DAVE INC
$15.5M
TPB6.6%
TURNING PT BRANDS INC
$13.8M
OPRT6.5%
OPORTUN FINL CORP
$13.6M

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