Skip to main content
Livermore
Livermore
ZHEN

325 Capital LLC

SEC CIK
0001873893
Latest filing
Aug 14, 2026

The latest 13F from 325 Capital LLC covers Q2 2026 (filed Aug 14, 2026): 12 long positions worth $419.5M. The top 10 holdings make up 97.8% of the portfolio, and the largest is Astrana Health, Inc. (ASTH) at 17.9%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
5
Est. +$58.9M
Reduced
1
Est. −$10.5M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. ASTHAstrana Health, Inc.
    17.9%$74.9MHistory
  2. MGNIMagnite, Inc.
    15.4%$64.8MHistory
  3. APEIAmerican Public Education Inc
    15.2%$63.6MHistory
  4. BLBDBlue Bird Corp
    13.4%$56.2MHistory
  5. SPIRSpire Global, Inc.
    13.2%$55.2MHistory

Share of portfolio

Top 5 holdings and the other 7 positions, by share of portfolio value

  1. ASTH17.9%
  2. MGNI15.4%
  3. APEI15.2%
  4. BLBD13.4%
  5. SPIR13.2%
  6. Other 7 positions25.0%

Biggest buys

New and added positions, by estimated amount bought

  1. MGNIMagnite, Inc.
    +$26.7MAddedHistory
  2. SPIRSpire Global, Inc.
    +$20.3MAddedHistory
  3. AIOTPowerfleet, Inc.
    +$5.54MAddedHistory
  4. LFCRLifecore Biomedical, Inc.
    +$3.85MAddedHistory
  5. BLBDBlue Bird Corp
    +$2.49MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MGNIMagnite, Inc.
    +6.76 pp8.7% → 15.4%History
  2. SPIRSpire Global, Inc.
    +4.56 pp8.6% → 13.2%History
  3. LFCRLifecore Biomedical, Inc.
    +0.69 pp2.9% → 3.6%History
  4. AIOTPowerfleet, Inc.
    +0.52 pp4.3% → 4.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ASTHAstrana Health, Inc.
    −$10.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

None this quarter.

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$419.5M
+$145.0M (+52.8%) vs. prior quarter
Positions
12
0 vs. prior quarter
Top 10 concentration
97.8%
Top 10 as share of value
Turnover
3.0%
Q2 2026, one quarter
Average holding period
12.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $419.5M (Q2 2026)

Q4 2021: $101.8MQ1 2022: $131.8MQ2 2022: $107.8MQ3 2022: $85.7MQ4 2022: $92.3MQ1 2023: $114.4MQ2 2023: $151.7MQ3 2023: $121.2MQ4 2023: $201.8MQ1 2024: $216.6MQ2 2024: $238.1MQ3 2024: $236.2MQ4 2024: $258.7MQ1 2025: $241.4MQ2 2025: $253.3MQ3 2025: $329.1MQ4 2025: $285.4MQ1 2026: $274.5MQ2 2026: $419.5M
Q4 2021Q2 2026
13F filings of 325 Capital LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202612$419.5MASTHMGNIAPEIvs. Q1 2026SEC
Q1 2026May 15, 202612$274.5MAPEIASTHBLBDvs. Q4 2025SEC
Q4 2025Feb 17, 202613$285.4MAPEIASTHMGNIvs. Q3 2025SEC
Q3 2025Nov 14, 202512$329.1MATROAPEIBLBDvs. Q2 2025SEC
Q2 2025Aug 14, 202511$253.3MAPEIATROBLBDvs. Q1 2025SEC
Q1 2025May 15, 202511$241.4MAPEIATROASTHvs. Q4 2024SEC
Q4 2024Feb 14, 202512$258.7MAPEIBLBDBTMDvs. Q3 2024SEC
Q3 2024Nov 14, 202411$236.2MASTHBLBDATROvs. Q2 2024SEC
Q2 2024Aug 14, 202413$238.1MBLBDATROBTMDvs. Q1 2024SEC
Q1 2024May 15, 202412$216.6MBLBDATROiShares Trvs. Q4 2023SEC
Q4 2023Feb 14, 202413$201.8MBLBDATROiShares Trvs. Q3 2023SEC
Q3 2023Nov 14, 20238$121.2MATROBLBDBTMDvs. Q2 2023SEC
Q2 2023Aug 14, 20239$151.7MATROBLBDBTMDvs. Q1 2023SEC
Q1 2023May 15, 20239$114.4MBLBDATRONXGNvs. Q4 2022SEC
Q4 2022Feb 14, 20237$92.3MNXGNATROBLBDvs. Q3 2022SEC
Q3 2022Nov 14, 20228$85.7MNXGNMPAAASTHvs. Q2 2022SEC
Q2 2022Aug 15, 202210$107.8MNXGNAPEIATROvs. Q1 2022SEC
Q1 2022May 16, 20229$131.8MNXGNBLBDAPEIvs. Q4 2021SEC
Q4 2021Feb 14, 20229$101.8MNXGNLRNMPAA–SEC

13D and 13G filings

Companies where 325 Capital LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where 325 Capital LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
MSAIMultiSensor AI Holdings, Inc.13D/A49.50%52.5M shares+21.60 ppfrom 27.90%Jul 3, 20247 filingsDec 23, 2025SEC
APEIAmerican Public Education Inc13D/A6.60%1.21M shares−2.00 ppfrom 8.60%Mar 31, 20239 filingsMar 20, 2026SEC

Latest filings

31 filings on file made by 325 Capital LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by 325 Capital LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
APEIAmerican Public Education IncMar 20, 20268:08 PM ET13D/A6.60%1.21M shares−2.00 ppfrom 8.60%Mar 18, 2026SEC
ATROAstronics CorpJan 15, 20264:11 PM ET13D/A0.00%0 shares–Below 5%Oct 15, 2025SEC
MSAIMultiSensor AI Holdings, Inc.Dec 23, 20256:40 PM ET13D/A49.50%52.5M shares+21.60 ppfrom 27.90%Dec 19, 2025SEC
MSAIMultiSensor AI Holdings, Inc.Nov 7, 20254:30 PM ET13D/A27.90%13.0M shares−3.30 ppfrom 31.20%Nov 5, 2025SEC
MSAIMultiSensor AI Holdings, Inc.Nov 3, 20254:15 PM ET13D/A31.20%13.0M shares0.00 ppfrom 31.20%Oct 30, 2025SEC
MSAIMultiSensor AI Holdings, Inc.Oct 28, 20259:30 PM ET13D/A31.20%13.0M shares+3.00 ppfrom 28.20%Oct 24, 2025SEC
APEIAmerican Public Education IncJun 10, 20259:14 PM ET13D/A8.60%1.55M shares0.00 ppfrom 8.60%Jun 6, 2025SEC
APEIAmerican Public Education IncJun 6, 20256:59 PM ET13D/A8.60%1.55M shares−3.40 ppfrom 12.00%Jun 2, 2025SEC
APEIAmerican Public Education IncMay 30, 20259:14 AM ET13D/A12.00%2.16M shares+6.30 ppfrom 5.70%May 27, 2025SEC
APEIAmerican Public Education IncMay 29, 20259:11 PM ET13D/A5.70%1.02M shares–May 27, 2025SEC
MSAIMultiSensor AI Holdings, Inc.May 1, 20255:26 PM ET13D/A28.20%9.41M shares–Apr 25, 2025SEC
MSAIMultiSensor AI Holdings, Inc.Sep 25, 202413D/AOld format–––SEC
APEIAmerican Public Education IncAug 21, 202413D/AOld format–––SEC
MPAAMotorcar Parts of America IncAug 21, 202413D/AOld format–––SEC
APEIAmerican Public Education IncAug 14, 202413D/AOld format–––SEC
MPAAMotorcar Parts of America IncAug 14, 202413D/AOld format–––SEC
MPAAMotorcar Parts of America IncJul 30, 202413D/AOld format–––SEC
MSAIMultiSensor AI Holdings, Inc.Jul 3, 202413DOld format–New–SEC
BTMDbiote Corp.Jun 15, 202313DOld format–New–SEC
MPAAMotorcar Parts of America IncJun 9, 202313DOld format–––SEC