FINDELL CAPITAL MANAGEMENT LLC

Hedge Fund • Event Driven

FINDELL CAPITAL MANAGEMENT LLC is an Event Driven Hedge Fund based in New York, NY led by Ryan Bradley Voerg, reporting $237.3M in AUM as of Q3 2025 with 59% Healthcare concentration, 93% concentrated in top 10 holdings, and 30% allocation to LQDA.

CFORyan Bradley Voerg

Portfolio Value: $215.6M
Positions: 13
Top Holding: LQDA at 29.85%
Last Reported: Q3 2025

Address88 Pine Street, Suite 2240, New York, NY, 10005, United States

Top Holdings

Largest long holdings in FINDELL CAPITAL MANAGEMENT LLC's portfolio (93.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Liquidia Corporation LQDA	Biotechnology Healthcare	$64.4M	29.85%	-$3.9M Sold	3.29% 2.8M shares	Q4 2023 Held for 1y 11m
2 Establishment Labs ESTA	Medical - Devices Healthcare	$53.1M	24.63%	-$3.4M Sold	4.47% 1.3M shares	Q4 2023 Held for 1y 11m
3 Oportun Financial Corporation OPRT	Financial - Credit Services Financial Services	$15.8M	7.35%	-$1.7M Sold	5.84% 2.6M shares	Q4 2023 Held for 1y 11m
4 The ODP Corporation ODP	Specialty Retail Consumer Cyclical	$14.9M	6.90%	-$21.5M Sold	1.77% 534.0K shares	Q4 2024 Held for 11 months
5 The GEO Group GEO	Security & Protection Services Industrials	$11.5M	5.32%	-$409.8K Sold	0.40% 560.0K shares	Q4 2024 Held for 11 months
6 Mineralys Therapeutics, Inc. MLYS	Biotechnology Healthcare	$9.5M	4.40%	+$9.5M Bought	0.32% 250.0K shares	Q1 2025 Held for 8 months
7 Turning Point Brands TPB	Tobacco Consumer Defensive	$8.9M	4.13%	+$8.9M New	0.50% 90.0K shares	Q3 2025 Held for 2 months
8 Super Group Limited SGHC	Gambling, Resorts & Casinos Consumer Cyclical	$8.8M	4.10%	+$8.8M New	0.13% 670.1K shares	Q3 2025 Held for 2 months
9 Dave, Inc. DAVE	Software - Application Technology	$7.6M	3.51%	+$7.6M New	0.28% 38.0K shares	Q3 2025 Held for 2 months
10 Peabody Energy BTU	Coal Energy	$6.2M	2.89%	+$6.2M New	0.19% 235.0K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in FINDELL CAPITAL MANAGEMENT LLC's latest filing

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Market Value

$215.6M

Prior: $204.1M

Q/Q Change

+5.65%

+$11.5M

Net Flows % of MV

-14.31%

Turnover Ratio

26.03%

New Purchases

5 stocks

$35.8M

Added To

1 stocks

+$107.7K

Sold Out Of

4 stocks

$33.5M

Reduced Holdings

6 stocks

-$33.3M

Increased Positions

Position	Shares Δ	Change
1 Turning Point Brands TPB	New	0 → 90.0K +$8.9M
2 Super Group Limited SGHC	New	0 → 670.1K +$8.8M
3 Dave, Inc. DAVE	New	0 → 38.0K +$7.6M
4 Peabody Energy BTU	New	0 → 235.0K +$6.2M
5 Sezzle SEZL	New	0 → 54.0K +$4.3M

Decreased Positions

Position	Shares Δ	Change
1 Valaris VAL	Sold	300.0K → 0 −$12.6M
2 Aeva Technologies AEVA	Sold	200.0K → 0 −$7.6M
3 Chemours CC	Sold	651.0K → 0 −$7.5M
4 DAVA Endava DAVA	Sold	380.0K → 0 −$5.8M
5 The ODP Corporation ODP	-59.08%	1.3M → 534.0K −$21.5M