# EDGAR Filing Document

**Accession Number:** 0001350290
**File Stem:** 0001104659-25-077571
**Filing Date:** 2025-8
**Character Count:** 15413
**Document Hash:** 980c0024dcc4ffa48860053d024c2da2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077571.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077571

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251211745

**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:** 06-30-2025

**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  08-13-2025<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:** 118

**Form 13F Information Table Value Total:** $1594952679

      (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 |
| AEROVIRONMENT INC | COM | 008073108 |  | 50953619 | 178816 | SH |  | SOLE |  | 178816 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 7563540 | 351629 | SH |  | SOLE |  | 351629 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 12825025 | 67739 | SH |  | SOLE |  | 67739 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1240311 | 6992 | SH |  | SOLE |  | 6992 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 11697222 | 455322 | SH |  | SOLE |  | 455322 | 0 | 0 |
| AVEPOINT INC | COM CL A | 053604104 |  | 6232167 | 322743 | SH |  | SOLE |  | 322743 | 0 | 0 |
| BANDWIDTH INC | COM CL A | 05988J103 |  | 5494579 | 345571 | SH |  | SOLE |  | 345571 | 0 | 0 |
| BEL FUSE INC | CL B | 077347300 |  | 6108165 | 62526 | SH |  | SOLE |  | 62526 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 15151035 | 62784 | SH |  | SOLE |  | 62784 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 4396007 | 59102 | SH |  | SOLE |  | 59102 | 0 | 0 |
| BOOT BARN HLDGS INC | COM | 099406100 |  | 11391184 | 74942 | SH |  | SOLE |  | 74942 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 5104490 | 306576 | SH |  | SOLE |  | 306576 | 0 | 0 |
| CAMPING WORLD HLDGS INC | CL A | 13462K109 |  | 361850 | 21050 | SH |  | SOLE |  | 21050 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 16645091 | 1487497 | SH |  | SOLE |  | 1487497 | 0 | 0 |
| CANDEL THERAPEUTICS INC | COM | 137404109 |  | 8205944 | 1621728 | SH |  | SOLE |  | 1621728 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 12309751 | 629977 | SH |  | SOLE |  | 629977 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 1765660 | 15303 | SH |  | SOLE |  | 15303 | 0 | 0 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 |  | 30417060 | 1489572 | SH |  | SOLE |  | 1489572 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 85796963 | 549593 | SH |  | SOLE |  | 549593 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 16189504 | 1011844 | SH |  | SOLE |  | 1011844 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 3379883 | 72858 | SH |  | SOLE |  | 72858 | 0 | 0 |
| CORMEDIX INC | COM | 21900C308 |  | 3494728 | 283663 | SH |  | SOLE |  | 283663 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 4329720 | 42750 | SH |  | SOLE |  | 42750 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 4089921 | 39681 | SH |  | SOLE |  | 39681 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 2720742 | 31169 | SH |  | SOLE |  | 31169 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 31900356 | 3082160 | SH |  | SOLE |  | 3082160 | 0 | 0 |
| DOMO INC | COM CL B | 257554105 |  | 15476930 | 1107869 | SH |  | SOLE |  | 1107869 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 2640392 | 275903 | SH |  | SOLE |  | 275903 | 0 | 0 |
| DOUGLAS ELLIMAN INC | COM | 25961D105 |  | 4250219 | 1831991 | SH |  | SOLE |  | 1831991 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 21039561 | 490547 | SH |  | SOLE |  | 490547 | 0 | 0 |
| E L F BEAUTY INC | COM | 26856L103 |  | 58093321 | 466838 | SH |  | SOLE |  | 466838 | 0 | 0 |
| EL POLLO LOCO HLDGS INC | COM | 268603107 |  | 8268642 | 751012 | SH |  | SOLE |  | 751012 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 |  | 10921265 | 97931 | SH |  | SOLE |  | 97931 | 0 | 0 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 10123080 | 1183986 | SH |  | SOLE |  | 1183986 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 5312782 | 124392 | SH |  | SOLE |  | 124392 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 5721507 | 19416 | SH |  | SOLE |  | 19416 | 0 | 0 |
| FIVE9 INC | COM | 338307101 |  | 4970587 | 187711 | SH |  | SOLE |  | 187711 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 23991752 | 480604 | SH |  | SOLE |  | 480604 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 5373609 | 104810 | SH |  | SOLE |  | 104810 | 0 | 0 |
| FORRESTER RESH INC | COM | 346563109 |  | 3482087 | 351726 | SH |  | SOLE |  | 351726 | 0 | 0 |
| FRESHPET INC | COM | 358039105 |  | 3826080 | 56299 | SH |  | SOLE |  | 56299 | 0 | 0 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 15172832 | 658829 | SH |  | SOLE |  | 658829 | 0 | 0 |
| GENEDX HOLDINGS CORP | COM CL A | 81663L200 |  | 14975267 | 162228 | SH |  | SOLE |  | 162228 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 42498186 | 4086364 | SH |  | SOLE |  | 4086364 | 0 | 0 |
| GIGACLOUD TECHNOLOGY INC | CLASS A ORD | G38644103 |  | 4567261 | 230903 | SH |  | SOLE |  | 230903 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 6811279 | 1354131 | SH |  | SOLE |  | 1354131 | 0 | 0 |
| GREEN DOT CORP | CL A | 39304D102 |  | 15104160 | 1401128 | SH |  | SOLE |  | 1401128 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 8725950 | 43376 | SH |  | SOLE |  | 43376 | 0 | 0 |
| HEALTH CATALYST INC | COM | 42225T107 |  | 7466142 | 1980409 | SH |  | SOLE |  | 1980409 | 0 | 0 |
| HONEST CO INC | COM | 438333106 |  | 31646327 | 6217353 | SH |  | SOLE |  | 6217353 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 10020831 | 41501 | SH |  | SOLE |  | 41501 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 26425180 | 961615 | SH |  | SOLE |  | 961615 | 0 | 0 |
| IDENTIV INC | COM NEW | 45170X205 |  | 1936460 | 594006 | SH |  | SOLE |  | 594006 | 0 | 0 |
| KEMPER CORP | COM | 488401100 |  | 7061773 | 109417 | SH |  | SOLE |  | 109417 | 0 | 0 |
| KRATOS DEFENSE  SOLUTIO | COM NEW | 50077B207 |  | 61705248 | 1328423 | SH |  | SOLE |  | 1328423 | 0 | 0 |
| KURA SUSHI USA INC | CL A COM | 501270102 |  | 14812732 | 172081 | SH |  | SOLE |  | 172081 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 12420593 | 49516 | SH |  | SOLE |  | 49516 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 20831487 | 254477 | SH |  | SOLE |  | 254477 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 9094447 | 394553 | SH |  | SOLE |  | 394553 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 7401440 | 15981 | SH |  | SOLE |  | 15981 | 0 | 0 |
| LUXEXPERIENCE BV | SPONSORED ADS | 55406W103 |  | 24300664 | 3060537 | SH |  | SOLE |  | 3060537 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 17974065 | 2165550 | SH |  | SOLE |  | 2165550 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 |  | 3305968 | 83759 | SH |  | SOLE |  | 83759 | 0 | 0 |
| MARINEMAX INC | COM | 567908108 |  | 7742818 | 307988 | SH |  | SOLE |  | 307988 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8646724 | 11715 | SH |  | SOLE |  | 11715 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3132191 | 6297 | SH |  | SOLE |  | 6297 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 48493126 | 492316 | SH |  | SOLE |  | 492316 | 0 | 0 |
| MYRIAD GENETICS INC | COM | 62855J104 |  | 6177654 | 1163400 | SH |  | SOLE |  | 1163400 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 3473237 | 20559 | SH |  | SOLE |  | 20559 | 0 | 0 |
| NETGEAR INC | COM | 64111Q104 |  | 4921377 | 169294 | SH |  | SOLE |  | 169294 | 0 | 0 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 305528 | 10777 | SH |  | SOLE |  | 10777 | 0 | 0 |
| OLAPLEX HLDGS INC | COM | 679369108 |  | 2187837 | 1562741 | SH |  | SOLE |  | 1562741 | 0 | 0 |
| OPERA LTD | SPONSORED ADS | 68373M107 |  | 16564716 | 876440 | SH |  | SOLE |  | 876440 | 0 | 0 |
| OPORTUN FINL CORP | COM | 68376D104 |  | 11595405 | 1619470 | SH |  | SOLE |  | 1619470 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2991514 | 13683 | SH |  | SOLE |  | 13683 | 0 | 0 |
| PARSONS CORP DEL | COM | 70202L102 |  | 3711011 | 51707 | SH |  | SOLE |  | 51707 | 0 | 0 |
| PAYONEER GLOBAL INC | COM | 70451X104 |  | 12037738 | 1757334 | SH |  | SOLE |  | 1757334 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | CLASS A COM | 71367G102 |  | 6853046 | 352886 | SH |  | SOLE |  | 352886 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 28801119 | 2442843 | SH |  | SOLE |  | 2442843 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 20429350 | 1667702 | SH |  | SOLE |  | 1667702 | 0 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 35893931 | 170558 | SH |  | SOLE |  | 170558 | 0 | 0 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 7751055 | 99449 | SH |  | SOLE |  | 99449 | 0 | 0 |
| PURETECH HEALTH PLC | ADS | 746237106 |  | 479464 | 27795 | SH |  | SOLE |  | 27795 | 0 | 0 |
| QUANTERIX CORP | COM | 74766Q101 |  | 24163586 | 3633622 | SH |  | SOLE |  | 3633622 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 19426513 | 341355 | SH |  | SOLE |  | 341355 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 4670714 | 17029 | SH |  | SOLE |  | 17029 | 0 | 0 |
| RAMACO RES INC | COM CL A | 75134P600 |  | 18649405 | 1419285 | SH |  | SOLE |  | 1419285 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 8208625 | 54517 | SH |  | SOLE |  | 54517 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 3615737 | 24943 | SH |  | SOLE |  | 24943 | 0 | 0 |
| ROCKY BRANDS INC | COM | 774515100 |  | 4641837 | 209186 | SH |  | SOLE |  | 209186 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 17108873 | 379018 | SH |  | SOLE |  | 379018 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 43130194 | 435175 | SH |  | SOLE |  | 435175 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 5704321 | 727592 | SH |  | SOLE |  | 727592 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 23290442 | 710291 | SH |  | SOLE |  | 710291 | 0 | 0 |
| SM ENERGY CO | COM | 78454L100 |  | 4205494 | 170194 | SH |  | SOLE |  | 170194 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 9597716 | 341799 | SH |  | SOLE |  | 341799 | 0 | 0 |
| SPORTSMANS WHSE HLDGS INC | COM | 84920Y106 |  | 4573555 | 1325668 | SH |  | SOLE |  | 1325668 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 4829837 | 98548 | SH |  | SOLE |  | 98548 | 0 | 0 |
| SWEETGREEN INC | COM CL A | 87043Q108 |  | 7684166 | 516409 | SH |  | SOLE |  | 516409 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 10602831 | 43660 | SH |  | SOLE |  | 43660 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 19071895 | 65591 | SH |  | SOLE |  | 65591 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 19029393 | 216711 | SH |  | SOLE |  | 216711 | 0 | 0 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 11589766 | 149816 | SH |  | SOLE |  | 149816 | 0 | 0 |
| TECOGEN INC NEW | COM NEW | 87876P201 |  | 3165883 | 465571 | SH |  | SOLE |  | 465571 | 0 | 0 |
| THE ONCOLOGY INSTITUTE INC | COM | 68236X100 |  | 454100 | 221512 | SH |  | SOLE |  | 221512 | 0 | 0 |
| THE REAL BROKERAGE INC | COM NEW | 75585H206 |  | 8956508 | 1985922 | SH |  | SOLE |  | 1985922 | 0 | 0 |
| TITAN AMER SA | COMMON SHARES | B9151N105 |  | 4485749 | 359435 | SH |  | SOLE |  | 359435 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 4752547 | 109632 | SH |  | SOLE |  | 109632 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 45888089 | 1124157 | SH |  | SOLE |  | 1124157 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 8839748 | 30763 | SH |  | SOLE |  | 30763 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 9850973 | 76715 | SH |  | SOLE |  | 76715 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 12244108 | 273367 | SH |  | SOLE |  | 273367 | 0 | 0 |
| VISHAY PRECISION GROUP INC | COM | 92835K103 |  | 27831336 | 990439 | SH |  | SOLE |  | 990439 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 20817645 | 949277 | SH |  | SOLE |  | 949277 | 0 | 0 |
| WEAVE COMMUNICATIONS INC | COM | 94724R108 |  | 5397725 | 648765 | SH |  | SOLE |  | 648765 | 0 | 0 |
| WILLDAN GROUP INC | COM | 96924N100 |  | 10535810 | 168546 | SH |  | SOLE |  | 168546 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 |  | 7854056 | 682368 | SH |  | SOLE |  | 682368 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 20380038 | 1315690 | SH |  | SOLE |  | 1315690 | 0 | 0 |

---