FINDELL CAPITAL MANAGEMENT LLC Quant / Systematic

Location: New York, NY

CIK: 0001814465 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 15, 2026

Total Value: $341M (100.0% shares, 0.0% debt)

Holdings (18)

New Positions (5)

CVE CENOVUS ENERGY INC 2.9%

Value $9.949M Shares 375,000 Est. Cost $19.61 Unrealized 0.0%

ACHC ACADIA HEALTHCARE COMPANY IN 2.6%

Value $8.888M Shares 380,000 Est. Cost $14.53 Unrealized 0.0%

VET VERMILION ENERGY INC 1.5%

Value $5.099M Shares 370,000 Est. Cost $9.50 Unrealized 0.0%

APLD APPLIED DIGITAL CORP 1.2%

Value $4.036M Shares 170,000 Est. Cost $34.31 Unrealized 0.0%

BTU PEABODY ENGR CORP 0.1%

Value $276K Shares 8,381 Est. Cost $34.75 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC	375,000	$9.949M	2.9%	$19.61	0.0%	COM	15135U109
ACHC	ACADIA HEALTHCARE COMPANY IN	380,000	$8.888M	2.6%	$14.53	0.0%	COM	00404A109
VET	VERMILION ENERGY INC	370,000	$5.099M	1.5%	$9.50	0.0%	COM	923725105
APLD	APPLIED DIGITAL CORP	170,000	$4.036M	1.2%	$34.31	0.0%	COM NEW	038169207
BTU	PEABODY ENGR CORP	8,381	$276K	0.1%	$34.75	0.0%	COM	704551100

Increased Positions (8)

LQDA LIQUIDIA CORPORATION 38.7%

Value $132M (+34.4%) Shares 3,502,112 (+22.8%) Est. Cost $14.30 Unrealized +165.2%

DAVE DAVE INC 8.7%

Value $29.6M (+91.0%) Shares 170,000 (+142.9%) Est. Cost $199.37 Unrealized -5.7%

ABVX ABIVAX SA 3.4%

Value $11.69M (+80.6%) Shares 105,000 (+118.8%) Est. Cost $103.06 Unrealized —

SGHC SUPER GROUP SGHC LIMITED 4.7%

Value $16.2M (+44.2%) Shares 1,500,000 (+59.6%) Est. Cost $11.10 Unrealized -11.2%

GEO GEO GROUP INC 4.3%

Value $14.71M (+40.4%) Shares 875,000 (+34.6%) Est. Cost $21.33 Unrealized -24.9%

MLYS MINERALYS THERAPEUTICS INC 1.6%

Value $5.472M (+201.6%) Shares 202,000 (+304.0%) Est. Cost $28.95 Unrealized +8.3%

OPRT OPORTUN FINL CORP 3.7%

Value $12.67M (-6.7%) Shares 2,748,300 (+7.0%) Est. Cost $3.85 Unrealized +37.7%

ROOT ROOT INC 4.9%

Value $16.56M (-2.4%) Shares 375,000 (+59.6%) Est. Cost $83.39 Unrealized -21.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQDA	LIQUIDIA CORPORATION	3,502,112 (+22.8%)	$132M (+34.4%)	38.7%	$14.30	+165.2%	COM NEW	53635D202
DAVE	DAVE INC	170,000 (+142.9%)	$29.6M (+91.0%)	8.7%	$199.37	-5.7%	CLASS A COM NEW	23834J201
ABVX	ABIVAX SA	105,000 (+118.8%)	$11.69M (+80.6%)	3.4%	$103.06	—	SPONSORED ADS	00370M103
SGHC	SUPER GROUP SGHC LIMITED	1,500,000 (+59.6%)	$16.2M (+44.2%)	4.7%	$11.10	-11.2%	ORD SHS	G8588X103
GEO	GEO GROUP INC	875,000 (+34.6%)	$14.71M (+40.4%)	4.3%	$21.33	-24.9%	COM	36162J106
MLYS	MINERALYS THERAPEUTICS INC	202,000 (+304.0%)	$5.472M (+201.6%)	1.6%	$28.95	+8.3%	COM	603170101
OPRT	OPORTUN FINL CORP	2,748,300 (+7.0%)	$12.67M (-6.7%)	3.7%	$3.85	+37.7%	COM	68376D104
ROOT	ROOT INC	375,000 (+59.6%)	$16.56M (-2.4%)	4.9%	$83.39	-21.2%	CL A NEW	77664L207

Exited Positions (4)

LQDA LIQUIDIA CORPORATION 12.1%

Value $41.39M Shares 1,200,000 Est. Cost $14.30 Unrealized +165.2%

LRN STRIDE INC 1.7%

Value $5.844M Shares 90,000 Est. Cost $90.80 Unrealized -13.9%

ADMA ADMA BIOLOGICS INC 1.6%

Value $5.472M Shares 300,000 Est. Cost $16.85 Unrealized +0.6%

VOR VOR BIOPHARMA INC 0.9%

Value $3.021M Shares 231,000 Est. Cost $18.62 Unrealized -24.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQDA	LIQUIDIA CORPORATION	1,200,000	$41.39M	12.1%	$14.30	+165.2%	PUT	53635D202
LRN	STRIDE INC	90,000	$5.844M	1.7%	$90.80	-13.9%	—	86333M108
ADMA	ADMA BIOLOGICS INC	300,000	$5.472M	1.6%	$16.85	+0.6%	—	000899104
VOR	VOR BIOPHARMA INC	231,000	$3.021M	0.9%	$18.62	-24.9%	—	929033207

Decreased Positions (5)

ESTA ESTABLISHMENT LABS HLDGS INC 16.6%

Value $56.65M (-31.2%) Shares 997,747 (-11.7%) Est. Cost $39.05 Unrealized +80.1%

EHTH EHEALTH INC 0.1%

Value $231K (-96.4%) Shares 179,027 (-87.3%) Est. Cost $7.25 Unrealized -60.9%

TPB TURNING PT BRANDS INC 2.4%

Value $8.245M (-40.1%) Shares 95,000 (-25.2%) Est. Cost $92.64 Unrealized +32.4%

LQDA LIQUIDIA CORPORATION 0.6%

Value $1.887M (-64.9%) Shares 50,000 (-67.9%) Est. Cost $14.30 Unrealized +165.2%

CELH CELSIUS HLDGS INC 2.1%

Value $7.096M (-26.1%) Shares 200,000 (-4.8%) Est. Cost $50.38 Unrealized +0.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ESTA	ESTABLISHMENT LABS HLDGS INC	997,747 (-11.7%)	$56.65M (-31.2%)	16.6%	$39.05	+80.1%	COM	G31249108
EHTH	EHEALTH INC	179,027 (-87.3%)	$231K (-96.4%)	0.1%	$7.25	-60.9%	COM	28238P109
TPB	TURNING PT BRANDS INC	95,000 (-25.2%)	$8.245M (-40.1%)	2.4%	$92.64	+32.4%	COM	90041L105
LQDA	LIQUIDIA CORPORATION	50,000 (-67.9%)	$1.887M (-64.9%)	0.6%	$14.30	+165.2%	CALL	53635D202
CELH	CELSIUS HLDGS INC	200,000 (-4.8%)	$7.096M (-26.1%)	2.1%	$50.38	+0.6%	COM NEW	15118V207