Flat Footed LLC

WILSON, WY · CIK 1799456 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2018 · limited liability company

Assets managed$2.1bn
Staff5 · 2 in investment roles
Main clients (by assets)Private funds 100%
Private funds10 (8 hedge) · $2.1bn gross assets
Form ADV · 2026-04-22SEC adviser record

Legal entityFlat Footed LLC (US)

$577.3m reported value +92.2% vs Q1 2026

21positions

93.8%in top 10

8 new 7 added 4 reduced 2 sold out vs Q1 2026

Options: 1 call positions ($7.6m notional), 21 put positions ($722.4m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DIVERSIFIED HEALTHCARE TR COM SH BEN INT DHC	DHC	23,487,002	$218.4m37.84%	37.84%	Unchanged
2	CORE NATURAL RESOURCES INC COM SHS CNR	CNR	1,165,762	$93.3m16.16%	16.16%	Added +1.1m	+1,120,797 2492.6%
3	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		51,012,447	$86.2m14.93%	14.93%	Added +50.2m	+50,159,957 5883.9%
4	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	620,418	$44.4m7.68%	7.68%	Added +405.1k	+405,130 188.2%
5	GRIFOLS S A SP ADR REP B NVT GRFS	GRFS	4,349,708	$30.8m5.33%	5.33%	Added +3.0m	+2,977,314 216.9%
6	TEEKAY CORPORATION LTD SHS TK	TK	1,768,915	$17.7m3.06%	3.06%	Added +146.1k	+146,149 9.0%
7	RMR GROUP INC CL A RMR	RMR	861,507	$17.7m3.06%	3.06%	Added +58.8k	+58,768 7.3%
8	ARDMORE SHIPPING CORP COM ASC	ASC	948,865	$13.3m2.30%	2.30%	Reduced -55.8k	-55,831 -5.6%
9	FISERV INC COM FISV	FISV	240,000	$11.8m2.04%	2.04%	New
10	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	1,603,778	$7.8m1.36%	1.36%	New
11	EQT CORP COM EQT	EQT	145,000	$7.7m1.34%	1.34%	New
12	FMC CORP COM NEW FMC	FMC	647,672	$7.4m1.29%	1.29%	New
13	SEACOR MARINE HLDGS INC COM SMHI	SMHI	683,777	$5.2m0.91%	0.91%	New
14	SUMMIT MIDSTREAM CORPORATION COM SMC	SMC	158,517	$4.5m0.78%	0.78%	Added +34.2k	+34,239 27.6%
15	INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT ILPT	ILPT	371,191	$3.3m0.57%	0.57%	Reduced -1.1m	-1,063,896 -74.1%
16	I-80 GOLD CORP COM IAUX	IAUX	1,807,864	$2.6m0.45%	0.45%	Reduced -3.7m	-3,734,776 -67.4%
17	PEABODY ENERGY CORP COM BTU	BTU	74,502	$1.7m0.30%	0.30%	New
18	ORCHESTRA BIOMED HLDGS INC COM OBIO	OBIO	251,372	$1.1m0.19%	0.19%	New
19	PANGAEA LOGISTICS SOLUTION L SHS PANL	PANL	149,806	$973.7k0.17%	0.17%	New
20	SEVEN HILLS REALTY TRUST COM SEVN	SEVN	83,043	$700.1k0.12%	0.12%	Reduced -350.1k	-350,149 -80.8%
21	BROOKDALE SR LIVING INC NOTE 2.000%10/1 · principal BKD 2 10.15.26 · principal	BKD 2 10.15.26	315,000	$625.7k0.11%	0.11%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BROOKDALE SR LIVING INC BKD	BKD	2,391,526	$32.7m2.4m shares
CIVEO CORP CDA CVEO	CVEO	347,240	$9.2m347.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR HYG · Put	HYG	Put	2,210,000	$176.7m2.2m shares	Reduced
ROYAL BK CDA RY · Put	RY	Put	385,000	$79.7m385.0k shares	Added
CANADIAN IMPERIAL BANK OF CO CM · Put	CM	Put	582,500	$67.0m582.5k shares	Added
TORONTO DOMINION BK ONT TD · Put	TD	Put	462,500	$56.2m462.5k shares	Added
MARRIOTT INTL INC NEW MAR · Put	MAR	Put	121,900	$45.2m121.9k shares	Unchanged
BANK MONTREAL QUE BMO · Put	BMO	Put	252,000	$44.5m252.0k shares	Added
CARVANA CO CVNA · Put	CVNA	Put	618,000	$40.7m618.0k shares	Added
HILTON WORLDWIDE HLDGS INC HLT · Put	HLT	Put	115,500	$38.2m115.5k shares	Unchanged
AFFIRM HLDGS INC AFRM · Put	AFRM	Put	390,000	$31.8m390.0k shares	New
SPDR SER TR KIE · Put	KIE	Put	403,300	$24.6m403.3k shares	Added
ISHARES TR IYR · Put	IYR	Put	230,000	$23.5m230.0k shares	Added
ROYAL CARIBBEAN GROUP RCL · Put	RCL	Put	72,000	$22.9m72.0k shares	Reduced
BANK NOVA SCOTIA HALIFAX BNS · Put	BNS	Put	232,500	$20.2m232.5k shares	New
MGM RESORTS INTERNATIONAL MGM · Put	MGM	Put	360,000	$17.2m360.0k shares	Unchanged
WELLTOWER INC WELL · Put	WELL	Put	41,300	$9.4m41.3k shares	Unchanged
CORE NATURAL RESOURCES INC CNR · Call	CNR	Call	95,000	$7.6m95.0k shares	Unchanged
MARRIOTT VACATIONS WORLDWIDE VAC · Put	VAC	Put	70,000	$7.1m70.0k shares	New
PERFORMANCE FOOD GROUP CO PFGC · Put	PFGC	Put	55,000	$6.1m55.0k shares	Reduced
VENTAS INC VTR · Put	VTR	Put	66,500	$5.9m66.5k shares	Unchanged
RYMAN HOSPITALITY PPTYS INC RHP · Put	RHP	Put	32,500	$4.2m32.5k shares	Unchanged
PERDOCEO ED CORP PRDO · Put	PRDO	Put	29,800	$953.6k29.8k shares	Reduced
STRATEGIC ED INC STRA · Put	STRA	Put	5,500	$421.4k5.5k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
DIVERSIFIED HEALTHCARE TR DHC · 13G · filed 2026-08-14	DHC	9.7%≈ $218.4m	-0.1 pts	13G	2026-08-14
SERVICE PPTYS TR 13G · filed 2026-08-14		7.9%≈ $86.2m	-0.6 pts	13G	2026-08-14
RMR GROUP INC RMR · 13G · filed 2026-04-08	RMR	5.2%≈ $17.0m	new	13G	2026-04-08