Pillsbury Lake Capital LLC

SAN FRANCISCO, CA · CIK 2111915 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2025 · limited liability company

Assets managed$334.9m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $47.8m gross assets
Websitepillsburycap.com
Form ADV · 2026-04-29SEC adviser record

Legal entityPillsbury Lake Capital, LLC (US)

Kindhedge funds
Others nearbySan Francisco, CA

As an employer

Private fundshedge 1

$364.2m reported value +65.0% vs Q1 2026

38positions

42.7%in top 10

15 new 12 added 11 reduced 8 sold out vs Q1 2026

Options: 0 call positions (— notional), 5 put positions ($2.1m 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	BACKBLAZE INC COM CL A BLZE	BLZE	1,339,837	$21.2m5.84%	5.84%	Reduced -621.4k	-621,446 -31.7%
2	COMPASS INC CL A COMP	COMP	1,459,233	$18.0m4.94%	4.94%	Reduced -143.1k	-143,096 -8.9%
3	LINCOLN EDL SVCS CORP COM LINC	LINC	356,187	$17.8m4.88%	4.88%	Reduced -24.4k	-24,381 -6.4%
4	HNI CORP COM HNI	HNI	412,808	$16.7m4.58%	4.58%	Added +191.6k	+191,607 86.6%
5	CLEAN HARBORS INC COM CLH	CLH	49,604	$14.8m4.07%	4.07%	Added +26.7k	+26,687 116.5%
6	ETON PHARMACEUTICALS INC COM ETON	ETON	387,157	$14.0m3.85%	3.85%	Added +22.2k	+22,203 6.1%
7	UNIVERSAL TECHNICAL INST INC COM UTI	UTI	321,556	$13.8m3.78%	3.78%	Added +101.7k	+101,654 46.2%
8	MSA SAFETY INC COM MSA	MSA	76,963	$13.4m3.69%	3.69%	New
9	SCHLUMBERGER LTD COM STK SLB	SLB	280,748	$13.1m3.58%	3.58%	New
10	MASTERCRAFT BOAT HLDGS INC COM MCFT	MCFT	499,107	$12.9m3.54%	3.54%	New
11	CAVCO INDS INC DEL COM CVCO	CVCO	18,772	$11.5m3.17%	3.17%	Added +3.0k	+2,998 19.0%
12	BLADE AIR MOBILITY INC CL A COM SRTA	SRTA	2,171,006	$11.4m3.14%	3.14%	Reduced -432.8k	-432,790 -16.6%
13	LUXEXPERIENCE BV ADS LUXE	LUXE	1,462,815	$10.9m2.98%	2.98%	Added +286.2k	+286,247 24.3%
14	COMPOSECURE INC COM CL A GPGI	GPGI	681,032	$10.8m2.96%	2.96%	Added +572.3k	+572,277 526.2%
15	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	138,435	$10.8m2.96%	2.96%	New
16	TURNING PT BRANDS INC COM TPB	TPB	125,854	$10.7m2.93%	2.93%	Reduced -44.2k	-44,204 -26.0%
17	BOYD GROUP SERVICES INC COM BGSI	BGSI	110,928	$10.5m2.88%	2.88%	Added +12.7k	+12,672 12.9%
18	BUILD-A-BEAR WORKSHOP INC COM BBW	BBW	339,225	$10.4m2.85%	2.85%	Added +9.1k	+9,123 2.8%
19	KURA SUSHI USA INC CL A COM KRUS	KRUS	176,989	$10.2m2.80%	2.80%	Added +58.4k	+58,428 49.3%
20	CARGURUS INC COM CL A CARG	CARG	296,864	$10.1m2.78%	2.78%	New
21	WEALTHFRONT CORP COM WLTH	WLTH	1,025,030	$9.2m2.52%	2.52%	Added +366.2k	+366,217 55.6%
22	CROCS INC COM CROX	CROX	75,562	$9.1m2.50%	2.50%	Reduced -4.3k	-4,266 -5.3%
23	LIFEWAY FOODS INC COM LWAY	LWAY	291,709	$8.7m2.39%	2.39%	New
24	GLOBAL X FDS ARTIFICIAL ETF AIQ	AIQ	127,765	$8.4m2.30%	2.30%	New
25	PDF SOLUTIONS INC COM PDFS	PDFS	117,854	$8.3m2.29%	2.29%	Reduced -152.8k	-152,814 -56.5%
26	FLYWIRE CORPORATION COM VTG FLYW	FLYW	473,706	$8.3m2.29%	2.29%	Reduced -297.7k	-297,670 -38.6%
27	CORPORACION AMER ARPTS S A COM CAAP	CAAP	295,075	$7.4m2.04%	2.04%	New
28	BRIGHTVIEW HLDGS INC COM BV	BV	502,957	$7.1m1.96%	1.96%	Reduced -3.8k	-3,793 -0.8%
29	RESOLUTE HLDGS MGMT INC COM RHLD	RHLD	48,165	$7.0m1.91%	1.91%	New
30	LISTED FD TR HORIZON KINETICS INFL	INFL	176,270	$5.8m1.60%	1.60%	Added +46.3k	+46,295 35.6%
31	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	64,796	$5.2m1.43%	1.43%	New
32	MAYVILLE ENGR CO INC COM MEC	MEC	136,746	$5.1m1.41%	1.41%	New
33	MAGNITE INC COM MGNI	MGNI	217,753	$4.1m1.13%	1.13%	New
34	SHARONAI HOLDINGS INC COM CL A SHAZ	SHAZ	28,685	$2.4m0.67%	0.67%	New
35	CRONOS GROUP INC COM CRON	CRON	810,163	$2.3m0.62%	0.62%	Reduced -3.4m	-3,412,841 -80.8%
36	MAMAS CREATIONS INC COM MAMA	MAMA	90,110	$1.6m0.44%	0.44%	Reduced -258.5k	-258,478 -74.2%
37	MIMEDX GROUP INC COM MDXG	MDXG	215,239	$828.7k0.23%	0.23%	New
38	GALAXY DIGITAL INC. CL A GLXY	GLXY	167,836	$283.3k0.08%	0.08%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LUMEXA IMAGING HOLDINGS INC LMRI	LMRI	814,869	$7.0m814.9k shares
LIMBACH HLDGS INC LMB	LMB	56,520	$4.4m56.5k shares
CRITEO S A CRTO	CRTO	213,261	$3.8m213.3k shares
IDENTIV INC INVE	INVE	491,657	$1.8m491.7k shares
SPDR SER TR XOP	XOP	8,379	$1.5m8.4k shares
NEBIUS GROUP N.V. NBIS	NBIS	9,947	$1.0m9.9k shares
CHAIN BRIDGE BANCORP INC CBNA	CBNA	26,860	$937.4k26.9k shares
FLEXSTEEL INDS INC FLXS	FLXS	18,306	$822.7k18.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR IWM · Put	IWM	Put	900	$653.9k900 shares	Reduced
TOYO CO LTD TOYO · Put	TOYO	Put	683	$563.5k683 shares	New
GLOBAL X FDS AIQ · Put	AIQ	Put	1,494	$429.5k1.5k shares	New
WESTROCK COFFEE CO WEST · Put	WEST	Put	5,166	$361.6k5.2k shares	New
TURNING PT BRANDS INC TPB · Put	TPB	Put	315	$137.0k315 shares	New