325 CAPITAL LLC

NEW YORK, NY · CIK 1873893 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2020 · limited liability company

Assets managed$337.8m
Staff7 · 6 in investment roles
Main clients (by assets)Charities 81%, Private funds 19%
Private funds1 (1 hedge) · $65.8m gross assets
Website325capital.com
Form ADV · 2026-03-23SEC adviser record

$419.5m reported value +52.8% vs Q1 2026

12positions

97.8%in top 10

1 new 5 added 1 reduced 1 sold out vs Q1 2026

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	ASTRANA HEALTH INC COM NEW ASTH	ASTH	1,613,843	$74.9m17.85%	17.85%	Reduced -225.2k	-225,233 -12.2%
2	MAGNITE INC COM MGNI	MGNI	3,412,694	$64.8m15.44%	15.44%	Added +1.4m	+1,407,307 70.2%
3	AMERICAN PUB ED INC COM APEI	APEI	1,183,732	$63.6m15.15%	15.15%	Unchanged
4	BLUE BIRD CORP COM BLBD	BLBD	711,390	$56.2m13.39%	13.39%	Added +31.6k	+31,564 4.6%
5	SPIRE GLOBAL INC COM CL A NEW SPIR	SPIR	2,966,932	$55.2m13.16%	13.16%	Added +1.1m	+1,091,932 58.2%
6	MOTORCAR PTS AMER INC COM MPAA	MPAA	2,018,795	$30.9m7.37%	7.37%	Unchanged
7	DIEBOLD NIXDORF INC COM SHS DBD	DBD	242,084	$20.6m4.91%	4.91%	Unchanged
8	POWERFLEET INC COM AIOT	AIOT	5,283,000	$20.2m4.82%	4.82%	Added +1.4m	+1,445,590 37.7%
9	LIFECORE BIOMEDICAL INC COM LFCR	LFCR	2,895,881	$15.2m3.62%	3.62%	Added +733.4k	+733,415 33.9%
10	BIOTE CORP CLASS A COM BTMD	BTMD	4,548,127	$8.6m2.05%	2.05%	Unchanged
11	TRANSACT TECHNOLOGIES INC COM TACT	TACT	1,011,789	$5.9m1.41%	1.41%	Unchanged
12	MULTISENSOR AI HOLDINGS INC COM MSAI	MSAI	662,244	$3.5m0.82%	0.82%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MULTISENSOR AI HOLDINGS INC		26,489,912	$6.1m26.5m shares

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
MULTISENSOR AI HOLDINGS INC 13D · filed 2025-12-23		49.5%	+21.6 pts	13D	2025-12-23
AMERICAN PUB ED INC APEI · 13D · filed 2026-03-20	APEI	6.6%≈ $64.8m	-2.0 pts	13D	2026-03-20