# EDGAR Filing Document

**Accession Number:** 0001350290
**File Stem:** 0001104659-25-111284
**Filing Date:** 2025-11
**Character Count:** 15548
**Document Hash:** 8d17af1d8a774236638a0ce49c3c9aca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111284.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111284

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portolan Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001350290

**ORGANIZATION NAME:**
- **EIN:** 201926326
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11602
- **FILM NUMBER:** 251478396

**BUSINESS ADDRESS:**
- **STREET 1:** 2 INTERNATIONAL PLACE, 26TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617.753.6400

**MAIL ADDRESS:**
- **STREET 1:** 2 INTERNATIONAL PLACE, 26TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Portolan Capital Management LLC<br>**Address:** 2 International Place 26th Floor<br>Boston, MA 02110

**Form 13F File Number:** 028-11602

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Betsy Flaherty<br>**Title:** Chief Compliance Officer<br>**Phone:** 617-753-6400

**Signature, Place, and Date of Signing:**

/s/Betsy Flaherty  Boston, MA  11-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 119

**Form 13F Information Table Value Total:** $1848024490

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACM RESH INC | COM CL A | 00108J109 |  | 15881302 | 405860 | SH |  | SOLE |  | 405860 | 0 | 0 |
| ACUREN CORP | COM | 00510N102 |  | 6295018 | 472954 | SH |  | SOLE |  | 472954 | 0 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 46581363 | 147929 | SH |  | SOLE |  | 147929 | 0 | 0 |
| ALLIENT INC | COM | 019330109 |  | 11529972 | 257653 | SH |  | SOLE |  | 257653 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1702902 | 6992 | SH |  | SOLE |  | 6992 | 0 | 0 |
| AMERESCO INC | CL A | 02361E108 |  | 5873243 | 174903 | SH |  | SOLE |  | 174903 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 14163459 | 546219 | SH |  | SOLE |  | 546219 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 603507 | 4580 | SH |  | SOLE |  | 4580 | 0 | 0 |
| BANDWIDTH INC | COM CL A | 05988J103 |  | 12432519 | 745802 | SH |  | SOLE |  | 745802 | 0 | 0 |
| BEL FUSE INC | CL B | 077347300 |  | 17453481 | 123766 | SH |  | SOLE |  | 123766 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 13021312 | 46440 | SH |  | SOLE |  | 46440 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | CL A NEW | 09263B207 |  | 7854510 | 389802 | SH |  | SOLE |  | 389802 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 489636 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 29979474 | 2174001 | SH |  | SOLE |  | 2174001 | 0 | 0 |
| CANDEL THERAPEUTICS INC | COM | 137404109 |  | 7059124 | 1384142 | SH |  | SOLE |  | 1384142 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 13573555 | 933532 | SH |  | SOLE |  | 933532 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 1444548 | 15225 | SH |  | SOLE |  | 15225 | 0 | 0 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 |  | 34499077 | 1515111 | SH |  | SOLE |  | 1515111 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 61978367 | 251556 | SH |  | SOLE |  | 251556 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 44836337 | 2419662 | SH |  | SOLE |  | 2419662 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 9430142 | 164031 | SH |  | SOLE |  | 164031 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 12933457 | 88786 | SH |  | SOLE |  | 88786 | 0 | 0 |
| CRANE NXT CO | COM | 224441105 |  | 8852502 | 131989 | SH |  | SOLE |  | 131989 | 0 | 0 |
| CUSTOM TRUCK ONE SOURCE INC | COM CL A | 23204X103 |  | 4167068 | 649076 | SH |  | SOLE |  | 649076 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 63978244 | 5468226 | SH |  | SOLE |  | 5468226 | 0 | 0 |
| DOMO INC | COM CL B | 257554105 |  | 42526488 | 2684753 | SH |  | SOLE |  | 2684753 | 0 | 0 |
| DOUGLAS ELLIMAN INC | COM | 25961D105 |  | 6732297 | 2353950 | SH |  | SOLE |  | 2353950 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 13912875 | 372002 | SH |  | SOLE |  | 372002 | 0 | 0 |
| E L F BEAUTY INC | COM | 26856L103 |  | 64587312 | 487525 | SH |  | SOLE |  | 487525 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 |  | 11257759 | 97817 | SH |  | SOLE |  | 97817 | 0 | 0 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 12938713 | 1369176 | SH |  | SOLE |  | 1369176 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 6357385 | 155096 | SH |  | SOLE |  | 155096 | 0 | 0 |
| EVERUS CONSTR GROUP | COM | 300426103 |  | 6253748 | 72930 | SH |  | SOLE |  | 72930 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 10490117 | 28770 | SH |  | SOLE |  | 28770 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 18347655 | 83198 | SH |  | SOLE |  | 83198 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 34537714 | 595786 | SH |  | SOLE |  | 595786 | 0 | 0 |
| FORRESTER RESH INC | COM | 346563109 |  | 5447043 | 513872 | SH |  | SOLE |  | 513872 | 0 | 0 |
| FREQUENCY ELECTRS INC | COM | 358010106 |  | 6911774 | 203827 | SH |  | SOLE |  | 203827 | 0 | 0 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 9107575 | 366945 | SH |  | SOLE |  | 366945 | 0 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 544277 | 14064 | SH |  | SOLE |  | 14064 | 0 | 0 |
| GENEDX HOLDINGS CORP | COM CL A | 81663L200 |  | 4745732 | 44048 | SH |  | SOLE |  | 44048 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 7538189 | 45031 | SH |  | SOLE |  | 45031 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 44726600 | 3612811 | SH |  | SOLE |  | 3612811 | 0 | 0 |
| GIGACLOUD TECHNOLOGY INC | CLASS A ORD | G38644103 |  | 6258991 | 220387 | SH |  | SOLE |  | 220387 | 0 | 0 |
| GREEN DOT CORP | CL A | 39304D102 |  | 21693210 | 1615280 | SH |  | SOLE |  | 1615280 | 0 | 0 |
| HONEST CO INC | COM | 438333106 |  | 25495055 | 6928004 | SH |  | SOLE |  | 6928004 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 24268914 | 747656 | SH |  | SOLE |  | 747656 | 0 | 0 |
| KRATOS DEFENSE  SOLUTIO | COM NEW | 50077B207 |  | 54466205 | 596106 | SH |  | SOLE |  | 596106 | 0 | 0 |
| KURA SUSHI USA INC | CL A COM | 501270102 |  | 9945709 | 167408 | SH |  | SOLE |  | 167408 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 1542626 | 5051 | SH |  | SOLE |  | 5051 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 15243798 | 297208 | SH |  | SOLE |  | 297208 | 0 | 0 |
| LEVI STRAUSS  NEW | CL A COM STK | 52736R102 |  | 4991349 | 214221 | SH |  | SOLE |  | 214221 | 0 | 0 |
| LIGHTPATH TECHNOLOGIES INC | COM CL A | 532257805 |  | 12938762 | 1631622 | SH |  | SOLE |  | 1631622 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 7517133 | 319878 | SH |  | SOLE |  | 319878 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 6243120 | 12506 | SH |  | SOLE |  | 12506 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 8047148 | 49457 | SH |  | SOLE |  | 49457 | 0 | 0 |
| LUXEXPERIENCE BV | SPONSORED ADS | 55406W103 |  | 13270761 | 1561266 | SH |  | SOLE |  | 1561266 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 21387093 | 2034928 | SH |  | SOLE |  | 2034928 | 0 | 0 |
| MARINEMAX INC | COM | 567908108 |  | 9947420 | 392713 | SH |  | SOLE |  | 392713 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 3472474 | 44864 | SH |  | SOLE |  | 44864 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8583433 | 11688 | SH |  | SOLE |  | 11688 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3093197 | 5972 | SH |  | SOLE |  | 5972 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 85645998 | 602462 | SH |  | SOLE |  | 602462 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 2509200 | 15588 | SH |  | SOLE |  | 15588 | 0 | 0 |
| NLIGHT INC | COM | 65487K100 |  | 22808818 | 769788 | SH |  | SOLE |  | 769788 | 0 | 0 |
| NU SKIN ENTERPRISES INC | CL A | 67018T105 |  | 7274066 | 596724 | SH |  | SOLE |  | 596724 | 0 | 0 |
| OLAPLEX HLDGS INC | COM | 679369108 |  | 4762012 | 3635124 | SH |  | SOLE |  | 3635124 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 5758560 | 44564 | SH |  | SOLE |  | 44564 | 0 | 0 |
| OPEN LENDING CORP | COM | 68373J104 |  | 7751908 | 3673890 | SH |  | SOLE |  | 3673890 | 0 | 0 |
| OPERA LTD | SPONSORED ADS | 68373M107 |  | 23201114 | 1124085 | SH |  | SOLE |  | 1124085 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2688654 | 9560 | SH |  | SOLE |  | 9560 | 0 | 0 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 4984012 | 245035 | SH |  | SOLE |  | 245035 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 8189913 | 630964 | SH |  | SOLE |  | 630964 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 25745604 | 1534303 | SH |  | SOLE |  | 1534303 | 0 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 45186558 | 148245 | SH |  | SOLE |  | 148245 | 0 | 0 |
| POWER SOLUTIONS INTL INC | COM NEW | 73933G202 |  | 19231869 | 195804 | SH |  | SOLE |  | 195804 | 0 | 0 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 20495267 | 149241 | SH |  | SOLE |  | 149241 | 0 | 0 |
| PROG HOLDINGS INC | COM NPV | 74319R101 |  | 4859210 | 150161 | SH |  | SOLE |  | 150161 | 0 | 0 |
| PULSE BIOSCIENCES INC | COM | 74587B101 |  | 1808887 | 102197 | SH |  | SOLE |  | 102197 | 0 | 0 |
| QUANTERIX CORP | COM | 74766Q101 |  | 23130991 | 4259851 | SH |  | SOLE |  | 4259851 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 17274444 | 226669 | SH |  | SOLE |  | 226669 | 0 | 0 |
| RANPAK HOLDINGS CORP | COM CL A | 75321W103 |  | 1772863 | 315456 | SH |  | SOLE |  | 315456 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 7946155 | 34550 | SH |  | SOLE |  | 34550 | 0 | 0 |
| REPAY HLDGS CORP | COM CL A | 76029L100 |  | 11416698 | 2182925 | SH |  | SOLE |  | 2182925 | 0 | 0 |
| ROCKY BRANDS INC | COM | 774515100 |  | 3822266 | 128307 | SH |  | SOLE |  | 128307 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 47790190 | 668862 | SH |  | SOLE |  | 668862 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 14610101 | 188761 | SH |  | SOLE |  | 188761 | 0 | 0 |
| SHOALS TECHNOLOGIES GROUP IN | CL A | 82489W107 |  | 6040669 | 815205 | SH |  | SOLE |  | 815205 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 10964700 | 1179000 | SH |  | SOLE |  | 1179000 | 0 | 0 |
| SITIME CORP | COM | 82982T106 |  | 4671209 | 15503 | SH |  | SOLE |  | 15503 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 14526697 | 363440 | SH |  | SOLE |  | 363440 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 12946926 | 208418 | SH |  | SOLE |  | 208418 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 3545689 | 131810 | SH |  | SOLE |  | 131810 | 0 | 0 |
| SPORTSMANS WHSE HLDGS INC | COM | 84920Y106 |  | 841526 | 303800 | SH |  | SOLE |  | 303800 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 |  | 7462656 | 101782 | SH |  | SOLE |  | 101782 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 14206588 | 296341 | SH |  | SOLE |  | 296341 | 0 | 0 |
| SWEETGREEN INC | COM CL A | 87043Q108 |  | 2538813 | 318147 | SH |  | SOLE |  | 318147 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 11267338 | 43611 | SH |  | SOLE |  | 43611 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 40290717 | 94717 | SH |  | SOLE |  | 94717 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 2928775 | 25868 | SH |  | SOLE |  | 25868 | 0 | 0 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 7310921 | 109265 | SH |  | SOLE |  | 109265 | 0 | 0 |
| TECOGEN INC NEW | COM NEW | 87876P201 |  | 5249051 | 595806 | SH |  | SOLE |  | 595806 | 0 | 0 |
| THE REAL BROKERAGE INC | COM NEW | 75585H206 |  | 24115269 | 5769203 | SH |  | SOLE |  | 5769203 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 23664152 | 327305 | SH |  | SOLE |  | 327305 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 7731702 | 68910 | SH |  | SOLE |  | 68910 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 68476147 | 1188822 | SH |  | SOLE |  | 1188822 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 7577640 | 18076 | SH |  | SOLE |  | 18076 | 0 | 0 |
| UPWORK INC | COM | 91688F104 |  | 7315262 | 393929 | SH |  | SOLE |  | 393929 | 0 | 0 |
| VELO3D INC | COM NEW | 92259N302 |  | 183957 | 59921 | SH |  | SOLE |  | 59921 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 15176365 | 100599 | SH |  | SOLE |  | 100599 | 0 | 0 |
| VISHAY PRECISION GROUP INC | COM | 92835K103 |  | 26386701 | 823298 | SH |  | SOLE |  | 823298 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 5861924 | 567466 | SH |  | SOLE |  | 567466 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 17819107 | 646088 | SH |  | SOLE |  | 646088 | 0 | 0 |
| WHITEFIBER INC | SHS | G96115103 |  | 4365377 | 160669 | SH |  | SOLE |  | 160669 | 0 | 0 |
| WILLDAN GROUP INC | COM | 96924N100 |  | 1676991 | 17344 | SH |  | SOLE |  | 17344 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 |  | 983870 | 70782 | SH |  | SOLE |  | 70782 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 17018553 | 95809 | SH |  | SOLE |  | 95809 | 0 | 0 |
| WOLVERINE WORLD WIDE INC | COM | 978097103 |  | 21859445 | 796627 | SH |  | SOLE |  | 796627 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 20370625 | 1025195 | SH |  | SOLE |  | 1025195 | 0 | 0 |

---