Union Square Park Capital Management, LLC

Hedge Fund • Event Driven

Union Square Park Capital Management, LLC is an Event Driven Hedge Fund based in Madison, WI led by Leon Michael Zaltzman, reporting $158.7M in AUM as of Q3 2025 with 32% Consumer Cyclical concentration.

Managing PartnerLeon Michael Zaltzman

Portfolio Value: $143.6M
Positions: 44
Top Holding: RH at 7.07%
Last Reported: Q3 2025

Address1601 Greenway Cross, Suite 201, Madison, WI, 53713, United States

Top Holdings

Largest long holdings in Union Square Park Capital Management, LLC's portfolio (47.8% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Restoration Hardware RH	Specialty Retail Consumer Cyclical	$10.2M	7.07%	—	0.27% 50.0K shares	Q4 2020 Held for 4y 11m
2 Compass COMP	Software - Application Technology	$9.2M	6.43%	+$5.0M Bought	0.21% 1.1M shares	Q1 2024 Held for 1y 8m
3 Caesars Entertainment, Inc. CZR	Gambling, Resorts & Casinos Consumer Cyclical	$9.2M	6.40%	+$810.8K Bought	— 340.0K shares	Q3 2022 Held for 3y 2m
4 RDNW RideNow Group, Inc. Class B Common Stock RDNW	Unknown Unknown	$7.6M	5.30%	+$7.6M New	4.55% 1.7M shares	Q3 2025 Held for 2 months
5 Establishment Labs ESTA	Medical - Devices Healthcare	$7.2M	5.00%	+$205.0K Bought	0.60% 175.0K shares	Q1 2024 Held for 1y 8m
6 ILPT Industrial Logistics Properties Trust ILPT	Unknown Unknown	$5.5M	3.86%	-$1.9M Sold	— 950.0K shares	Q1 2024 Held for 1y 8m
7 UnitedHealth Group UNH	Medical - Healthcare Plans Healthcare	$5.2M	3.61%	+$5.2M New	0.00% 15.0K shares	Q3 2025 Held for 2 months
8 Mohawk Industries MHK	Furnishings, Fixtures & Appliances Consumer Cyclical	$5.2M	3.59%	—	0.06% 40.0K shares	Q1 2024 Held for 1y 8m
9 Sportsman's Warehouse SPWH	Specialty Retail Consumer Cyclical	$4.9M	3.44%	+$504.2K Bought	4.64% 1.8M shares	Q4 2021 Held for 3y 11m
10 Peloton Interactive, Inc. PTON	Leisure Consumer Cyclical	$4.5M	3.13%	-$675.0K Sold	0.12% 500.0K shares	Q1 2024 Held for 1y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Union Square Park Capital Management, LLC's latest filing

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Market Value

$143.6M

Prior: $113.6M

Q/Q Change

+26.37%

+$30.0M

Net Flows % of MV

+9.29%

Turnover Ratio

26.5%

New Purchases

11 stocks

$27.4M

Added To

11 stocks

+$13.0M

Sold Out Of

10 stocks

$17.3M

Reduced Holdings

7 stocks

-$9.7M

Increased Positions

Position	Shares Δ	Change
1 RDNW RideNow Group, Inc. Class B Common Stock RDNW	New	0 → 1.7M +$7.6M
2 UnitedHealth Group UNH	New	0 → 15.0K +$5.2M
3 Designer Brands DBI	New	0 → 1.0M +$3.5M
4 Sable Offshore Corp. SOC	New	0 → 136.5K +$2.4M
5 Sarepta Therapeutics, Inc. SRPT	New	0 → 105.0K +$2.0M

Decreased Positions

Position	Shares Δ	Change
1 RumbleOn, Inc. RMBL	Sold	1.7M → 0 −$3.9M
2 Vertiv Holdings Co VRT	Sold	20.0K → 0 −$2.6M
3 Occidental Petroleum OXY	Sold	45.0K → 0 −$1.9M
4 Meta Platforms, Inc. META	Sold	2.5K → 0 −$1.8M
5 Soleno Therapeutics SLNO	Sold	20.0K → 0 −$1.7M