# Flat Footed LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1799456. Source: https://holderbook.com/funds/1799456-flat-footed-llc/

- Reported value: $1.3B
- Positions: 42
- Weight of the ten largest: 70.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DIVERSIFIED HEALTHCARE TR | [DHC](https://holderbook.com/stocks/DHC/) | $218.4M | 23,487,002 | 16.7% | 19 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $176.7M | 0 | 13.5% | 6 |
| CORE NATURAL RESOURCES INC | [CNR](https://holderbook.com/stocks/CNR/) | $100.9M | 1,165,762 | 7.7% | 6 |
| SERVICE PPTYS TR | [SVC](https://holderbook.com/stocks/SVC/) | $86.2M | 51,012,447 | 6.6% | 4 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $79.7M | 0 | 6.1% | 2 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $67.0M | 0 | 5.1% | 2 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $56.2M | 0 | 4.3% | 2 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $45.2M | 0 | 3.5% | 3 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $44.5M | 0 | 3.4% | 2 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $44.4M | 620,418 | 3.4% | 2 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $40.7M | 0 | 3.1% | 3 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $38.2M | 0 | 2.9% | 3 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $31.8M | 0 | 2.4% | 1 |
| GRIFOLS S A | [GRFS](https://holderbook.com/stocks/GRFS/) | $30.8M | 4,349,708 | 2.4% | 6 |
| SPDR SERIES TRUST | [KIE](https://holderbook.com/stocks/KIE/) | $24.6M | 0 | 1.9% | 2 |
| ISHARES TR | [IYR](https://holderbook.com/stocks/IYR/) | $23.5M | 0 | 1.8% | 2 |
| ROYAL CARIBBEAN GROUP | [RCL](https://holderbook.com/stocks/RCL/) | $22.9M | 0 | 1.7% | 3 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $20.2M | 0 | 1.5% | 1 |
| TEEKAY CORPORATION LTD | [TK](https://holderbook.com/stocks/TK/) | $17.7M | 1,768,915 | 1.4% | 5 |
| RMR GROUP INC | [RMR](https://holderbook.com/stocks/RMR/) | $17.7M | 861,507 | 1.4% | 6 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $17.2M | 0 | 1.3% | 3 |
| ARDMORE SHIPPING CORP | [ASC](https://holderbook.com/stocks/ASC/) | $13.3M | 948,865 | 1.0% | 5 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $11.8M | 240,000 | 0.9% | 1 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $9.4M | 0 | 0.7% | 9 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $7.8M | 1,603,778 | 0.6% | 1 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $7.7M | 145,000 | 0.6% | 1 |
| FMC CORP | [FMC](https://holderbook.com/stocks/FMC/) | $7.4M | 647,672 | 0.6% | 1 |
| MARRIOTT VACATIONS WORLDWIDE | [VAC](https://holderbook.com/stocks/VAC/) | $7.1M | 0 | 0.5% | 1 |
| PERFORMANCE FOOD GROUP CO | [PFGC](https://holderbook.com/stocks/PFGC/) | $6.1M | 0 | 0.5% | 2 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $5.9M | 0 | 0.5% | 2 |
| SEACOR MARINE HLDGS INC | [SMHI](https://holderbook.com/stocks/SMHI/) | $5.2M | 683,777 | 0.4% | 1 |
| SUMMIT MIDSTREAM CORPORATION | [SMC](https://holderbook.com/stocks/SMC/) | $4.5M | 158,517 | 0.3% | 3 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $4.2M | 0 | 0.3% | 3 |
| INDUSTRIAL LOGISTICS PPTYS T | [ILPT](https://holderbook.com/stocks/ILPT/) | $3.3M | 371,191 | 0.3% | 5 |
| I-80 GOLD CORP | [IAUX](https://holderbook.com/stocks/IAUX/) | $2.6M | 1,807,864 | 0.2% | 3 |
| PEABODY ENGR CORP | [BTU](https://holderbook.com/stocks/BTU/) | $1.7M | 74,502 | 0.1% | 1 |
| ORCHESTRA BIOMED HLDGS INC | [OBIO](https://holderbook.com/stocks/OBIO/) | $1.1M | 251,372 | 0.1% | 1 |
| PANGAEA LOGISTICS SOLUTION L | [PANL](https://holderbook.com/stocks/PANL/) | $973.7K | 149,806 | 0.1% | 1 |
| PERDOCEO ED CORP | [PRDO](https://holderbook.com/stocks/PRDO/) | $953.6K | 0 | 0.1% | 2 |
| SEVEN HILLS REALTY TRUST | [SEVN](https://holderbook.com/stocks/SEVN/) | $700.1K | 83,043 | 0.1% | 3 |
| BROOKDALE SR LIVING INC | - | $625.7K | 315,000 | 0.0% | 14 |
| STRATEGIC ED INC | [STRA](https://holderbook.com/stocks/STRA/) | $421.4K | 0 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +24.7% | +14.8% | +9.9% | 97% |
| Q1 2026 | +24.1% | -4.6% | +28.7% | 91% |
| Q4 2025 | +12.6% | +2.4% | +10.2% | 97% |
| Q3 2025 | +19.2% | +7.8% | +11.4% | 82% |
| Q2 2025 | +18.5% | +10.5% | +8.0% | 79% |
| Q1 2025 | +10.2% | -4.6% | +14.8% | 64% |
| Q4 2024 | -29.3% | +2.1% | -31.4% | 88% |
| Q3 2024 | +19.7% | +5.4% | +14.3% | 89% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.3B | 42 |
| Q1 2026 | $920.4M | 38 |
| Q4 2025 | $914.8M | 28 |
| Q3 2025 | $810.5M | 21 |
| Q2 2025 | $570.3M | 18 |
| Q1 2025 | $397.6M | 15 |
| Q4 2024 | $393.8M | 11 |
| Q3 2024 | $1.3B | 22 |
| Q2 2024 | $1.1B | 22 |
| Q1 2024 | $577.3M | 11 |
| Q4 2023 | $933.0M | 14 |
| Q3 2023 | $885.3M | 25 |