Flat Footed LLC

CIK 1799456 · View on SEC EDGAR ↗

Portfolio value QoQ: +42.0% 13F does not disclose cash

Top 10 holdings weight69.73%

Top 25 holdings weight94.78%

Positions above 1%22

Effective number of positions13.8

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 15.56% Est. buys $452,216,167 · sells $173,352,545

Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 67.2% still held

New positions11

Increased14

Decreased9

Closed7

Put-notional exposure: 55.3% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

Portfolio value $1.3B #2,119 of 9,337 by 13F value · top 22.7%

Positions 43

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +153.7%

S&P 500 total return (same window) +37.0%

Excess return +116.7%

Annualized: +110.7% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 93.3% · Options excluded: 47.4%

Sector breakdown

Real Estate 29.8%

Financials 23.8%

Energy 12.2%

Consumer Discretionary 10.1%

Retail 3.6%

Healthcare 2.4%

Materials 0.6%

Industrials 0.1%

Other/Unmapped 17.4%

Full portfolio 43 positions

				Type		Streak
DHC Diversified Healthcare Trust - Common Shares of Beneficial Interest	$218,429,118	16.71%	23,487,002		$62,475,424
HYG iShares Trust	$176,733,700	13.52%	2,210,000	Put option	$-30,973,592	Down ×1
CNR Core Natural Resources, Inc. Common Stock	$93,284,275	7.14%	1,165,762		$88,575,091	Up ×1
SVC Service Properties Trust - Shares of Beneficial Interest	$86,211,035	6.59%	51,012,447		$85,055,911	Up ×1
RY Royal Bank Of Canada Common Stock	$79,683,450	6.10%	385,000	Put option	$31,149,450	Up ×1
CM Canadian Imperial Bank of Commerce Common Stock	$66,987,500	5.12%	582,500	Put option	$24,113,125	Up ×1
TD Toronto Dominion Bank (The) Common Stock	$56,161,375	4.30%	462,500	Put option	$27,935,100	Up ×1
MAR Marriott International - Class A Common Stock	$45,174,921	3.46%	121,900	Put option	$5,305,088
BMO Bank Of Montreal Common Stock	$44,528,400	3.41%	252,000	Put option	$21,588,270	Up ×1
HHH Howard Hughes Holdings Inc. Common Stock	$44,353,683	3.39%	620,418		$30,734,564	Up ×1
CVNA Carvana Co. Class A Common Stock	$40,676,760	3.11%	618,000	Put option	$17,852,772	Up ×1
HLT Hilton Worldwide Holdings Inc. Common Stock	$38,168,130	2.92%	115,500	Put option	$3,046,890
AFRM Affirm Holdings, Inc. - Class A Common Stock	$31,804,500	2.43%	390,000	Put option
GRFS Grifols, S.A. - American Depositary Shares	$30,795,933	2.36%	4,349,708		$19,789,333	Up ×2
KIE SPDR SERIES TRUST	$24,597,267	1.88%	403,300	Put option	$8,229,267	Up ×1
IYR iShares Trust	$23,517,500	1.80%	230,000	Put option	$13,115,900	Up ×1
RCL Royal Caribbean Cruises Ltd. Common Stock	$22,862,160	1.75%	72,000	Put option	$-1,766,450	Down ×2
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares	$20,190,300	1.54%	232,500	Put option		Up ×1
TK Teekay Corporation Ltd. Common Stock	$17,689,150	1.35%	1,768,915		$-2,124,823	Up ×1
RMR The RMR Group Inc. - Class A Common Stock	$17,686,739	1.35%	861,507		$5,268,367	Up ×3
MGM MGM Resorts International Common Stock	$17,211,600	1.32%	360,000	Put option	$3,888,000
ASC Ardmore Shipping Corporation Common Stock	$13,293,599	1.02%	948,865		$-2,028,015	Down ×2
FISV Fiserv, Inc. - Common Stock	$11,772,000	0.90%	240,000			Up ×1
WELL Welltower Inc. Common Stock	$9,373,861	0.72%	41,300	Put option	$1,208,438
RIG Transocean Ltd (Switzerland) Common Stock	$7,842,474	0.60%	1,603,778			Up ×1
EQT EQT Corporation Common Stock	$7,709,650	0.59%	145,000			Up ×1
CNR Core Natural Resources, Inc. Common Stock	$7,601,900	0.58%	95,000	Call option	$-2,347,450
FMC FMC Corporation Common Stock	$7,448,228	0.57%	647,672			Up ×1
VAC Marriott Vacations Worldwide Corporation Common Stock	$7,131,600	0.55%	70,000	Put option		Up ×1
PFGC Performance Food Group Company Common Stock	$6,148,450	0.47%	55,000	Put option	$-2,417,550	Down ×1
VTR Ventas, Inc. Common Stock	$5,905,200	0.45%	66,500	Put option	$466,830
SMHI SEACOR Marine Holdings Inc. Common Stock	$5,230,895	0.40%	683,777			Up ×1
SMC Summit Midstream Corporation Common Stock	$4,514,564	0.35%	158,517		$756,397	Up ×1
RHP Ryman Hospitality Properties, Inc. (REIT)	$4,177,875	0.32%	32,500	Put option	$1,179,100
ILPT Industrial Logistics Properties Trust - Common Shares of Beneficial Interest	$3,292,464	0.25%	371,191		$-4,858,830	Down ×2
IAUX CUSIP: 44955L106	$2,603,324	0.20%	1,807,864		$-5,821,489	Down ×2
BTU Peabody Energy Corporation Common Stock	$1,722,486	0.13%	74,502			Up ×1
OBIO Orchestra BioMed Holdings, Inc. - Ordinary Shares	$1,084,670	0.08%	251,372			Up ×1
PANL Pangaea Logistics Solutions Ltd. - Common Stock	$973,739	0.07%	149,806
PRDO Perdoceo Education Corporation - Common Stock	$953,600	0.07%	29,800	Put option	$-1,829,708	Down ×1
SEVN Seven Hills Realty Trust - Common Stock	$700,052	0.05%	83,043		$-2,860,786	Down ×2
Unknown issuer (CUSIP: 112463AC8)	$625,669	0.05%	315,000		$89,537
STRA Strategic Education, Inc. - Common Stock	$421,410	0.03%	5,500	Put option	$-1,237,790	Down ×1
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
RMR	$17,686,739	1.35%	up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
AFRM	$31,804,500	390,000	2.43%
BNS	$20,190,300	232,500	1.54%
FISV	$11,772,000	240,000	0.90%
RIG	$7,842,474	1,603,778	0.60%
EQT	$7,709,650	145,000	0.59%
FMC	$7,448,228	647,672	0.57%
VAC	$7,131,600	70,000	0.55%
SMHI	$5,230,895	683,777	0.40%
BTU	$1,722,486	74,502	0.13%
OBIO	$1,084,670	251,372	0.08%
PANL	$973,739	149,806	0.07%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
DHC	Price move only	+0	+$62.5M
RY	Bought more	+85K	+$31.1M
HYG	Trimmed	-401K	-$31.0M
HHH	Bought more	+405K	+$30.7M
TD	Bought more	+160K	+$27.9M
CM	Bought more	+130K	+$24.1M
BMO	Bought more	+82K	+$21.6M
GRFS	Bought more	+3.0M	+$19.8M
CVNA	Bought more	+545K	+$17.9M
IYR	Bought more	+120K	+$13.1M

2 positions hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
PEP	June 30, 2026	295,000	$45,810,550	-7.0%
MATX	Dec. 31, 2025	334,576	$32,985,848	87.1%
BKD	June 30, 2026	2,391,526	$32,716,076	-32.5%
JBS	Dec. 31, 2025	1,531,689	$22,868,117	-19.1%
AFRM	March 31, 2026	254,000	$18,905,220	54.5%
PFSI	March 31, 2026	130,000	$17,139,200	-29.1%
GOLD	Dec. 31, 2025	469,856	$12,155,175	24.2%
TSLA	June 30, 2026	32,000	$11,896,000	-11.9%
CVEO	June 30, 2026	347,240	$9,187,970	-5.2%
ES	June 30, 2025	139,934	$8,691,301	1.4%
TDW	Sept. 30, 2025	175,100	$8,077,363	54.5%
KODK	Dec. 31, 2025	1,240,582	$7,952,131	16.0%
LOPE	June 30, 2026	40,000	$6,801,200	8.9%
KODK	June 30, 2025	669,899	$4,233,761	73.6%
PARR	June 30, 2025	215,759	$3,076,724	216.6%
RRR	June 30, 2026	55,000	$2,934,800	-22.7%
HBM	June 30, 2025	340,249	$2,582,490	156.4%
FLR	Dec. 31, 2025	30,000	$1,262,100	25.9%
NGD	June 30, 2025	186,200	$690,802	No longer tracked
CTRE	June 30, 2026	7,500	$274,875	-10.0%
PANL	March 31, 2026	12,139	$83,516	19.1%