FINDELL CAPITAL MANAGEMENT LLC Quant / Systematic

CIK: 0001814465 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $347,751 (100.0% shares, 0.0% debt)

Holdings (17)

New Positions (5)

CELH CELSIUS HLDGS INC 2.8%

Value ($000) $9,605 Shares 210,000 Est. Cost $50.38 Unrealized 0.0%

LRN STRIDE INC 1.7%

Value ($000) $5,844 Shares 90,000 Est. Cost $90.80 Unrealized 0.0%

ADMA ADMA BIOLOGICS INC 1.6%

Value ($000) $5,472 Shares 300,000 Est. Cost $16.85 Unrealized 0.0%

LQDA LIQUIDIA CORPORATION 1.5%

Value ($000) $5,380 Shares 156,000 Est. Cost $8.91 Unrealized +219.5%

VOR VOR BIOPHARMA INC 0.9%

Value ($000) $3,021 Shares 231,000 Est. Cost $18.62 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CELH	CELSIUS HLDGS INC	210,000	$9,605	2.8%	$50.38	0.0%	COM NEW	15118V207
LRN	STRIDE INC	90,000	$5,844	1.7%	$90.80	0.0%	COM	86333M108
ADMA	ADMA BIOLOGICS INC	300,000	$5,472	1.6%	$16.85	0.0%	COM	000899104
LQDA	LIQUIDIA CORPORATION	156,000	$5,380	1.5%	$8.91	+219.5%	CALL	53635D202
VOR	VOR BIOPHARMA INC	231,000	$3,021	0.9%	$18.62	0.0%	COM NEW	929033207

Increased Positions (7)

ROOT ROOT INC 4.9%

Value ($000) $16,974 (+216.1%) Shares 235,000 (+291.7%) Est. Cost $93.90 Unrealized -15.2%

DAVE DAVE INC 4.5%

Value ($000) $15,499 (+104.6%) Shares 70,000 (+84.2%) Est. Cost $215.57 Unrealized -0.2%

TPB TURNING PT BRANDS INC 4.0%

Value ($000) $13,767 (+54.7%) Shares 127,000 (+41.1%) Est. Cost $92.64 Unrealized +5.5%

ABVX ABIVAX SA 1.9%

Value ($000) $6,473 (+90.6%) Shares 48,000 (+20.0%) Est. Cost $93.23 Unrealized —

SGHC SUPER GROUP SGHC LIMITED 3.2%

Value ($000) $11,233 (+27.0%) Shares 940,000 (+40.3%) Est. Cost $11.84 Unrealized +1.5%

EHTH EHEALTH INC 1.9%

Value ($000) $6,481 (+22.8%) Shares 1,408,975 (+15.0%) Est. Cost $7.25 Unrealized -39.2%

GEO GEO GROUP INC NEW 3.0%

Value ($000) $10,478 (-8.7%) Shares 650,000 (+16.1%) Est. Cost $23.17 Unrealized -28.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROOT	ROOT INC	235,000 (+291.7%)	$16,974 (+216.1%)	4.9%	$93.90	-15.2%	CL A NEW	77664L207
DAVE	DAVE INC	70,000 (+84.2%)	$15,499 (+104.6%)	4.5%	$215.57	-0.2%	CLASS A COM NEW	23834J201
TPB	TURNING PT BRANDS INC	127,000 (+41.1%)	$13,767 (+54.7%)	4.0%	$92.64	+5.5%	COM	90041L105
ABVX	ABIVAX SA	48,000 (+20.0%)	$6,473 (+90.6%)	1.9%	$93.23	—	SPONSORED ADS	00370M103
SGHC	SUPER GROUP SGHC LIMITED	940,000 (+40.3%)	$11,233 (+27.0%)	3.2%	$11.84	+1.5%	ORD SHS	G8588X103
EHTH	EHEALTH INC	1,408,975 (+15.0%)	$6,481 (+22.8%)	1.9%	$7.25	-39.2%	COM	28238P109
GEO	GEO GROUP INC NEW	650,000 (+16.1%)	$10,478 (-8.7%)	3.0%	$23.17	-28.0%	COM	36162J106

Exited Positions (3)

— THE ODP CORP 4.3%

Value ($000) $14,872 Shares 534,000 Est. Cost $17.62 Unrealized —

BTU PEABODY ENERGY CORP 1.8%

Value ($000) $6,232 Shares 235,000 Est. Cost $17.75 Unrealized +65.4%

SEZL SEZZLE INC 1.2%

Value ($000) $4,295 Shares 54,000 Est. Cost $114.79 Unrealized -40.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	THE ODP CORP	534,000	$14,872	4.3%	$17.62	—	—	88337F105
BTU	PEABODY ENERGY CORP	235,000	$6,232	1.8%	$17.75	+65.4%	—	704551100
SEZL	SEZZLE INC	54,000	$4,295	1.2%	$114.79	-40.6%	—	78435P105

Decreased Positions (3)

ESTA ESTABLISHMENT LABS HLDGS INC 23.7%

Value ($000) $82,388 (+55.2%) Shares 1,130,460 (-12.7%) Est. Cost $39.05 Unrealized +54.6%

MLYS MINERALYS THERAPEUTICS INC 0.5%

Value ($000) $1,815 (-80.9%) Shares 50,000 (-80.0%) Est. Cost $21.63 Unrealized +85.4%

LQDA LIQUIDIA CORPORATION 11.9%

Value ($000) $41,388 (+20.5%) Shares 1,200,000 (-20.5%) Est. Cost $8.91 Unrealized +219.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESTA	ESTABLISHMENT LABS HLDGS INC	1,130,460 (-12.7%)	$82,388 (+55.2%)	23.7%	$39.05	+54.6%	COM	G31249108
MLYS	MINERALYS THERAPEUTICS INC	50,000 (-80.0%)	$1,815 (-80.9%)	0.5%	$21.63	+85.4%	COM	603170101
LQDA	LIQUIDIA CORPORATION	1,200,000 (-20.5%)	$41,388 (+20.5%)	11.9%	$8.91	+219.5%	PUT	53635D202

Unchanged Positions (2)

LQDA LIQUIDIA CORPORATION 28.3%

Value ($000) $98,346 Shares 2,851,449 Est. Cost $8.91 Unrealized +219.5%

OPRT OPORTUN FINL CORP 3.9%

Value ($000) $13,586 Shares 2,568,300 Est. Cost $3.75 Unrealized +40.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LQDA	LIQUIDIA CORPORATION	2,851,449	$98,346	28.3%	$8.91	+219.5%	COM NEW	53635D202
OPRT	OPORTUN FINL CORP	2,568,300	$13,586	3.9%	$3.75	+40.7%	COM	68376D104