Clearfield Capital Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Clearfield Capital Management LP reported 18 stock positions worth $185.1 million . Its top holding was United Airlines (UAL) at 14.1% of the portfolio, followed by Whitefiber (WYFI, 11.2% ) and US Foods (USFD, 9.4% ). Compared with Q3 2025, it opened 7 new positions, added to 2 and reduced 9. The biggest buy was a new position in Cleanspark (CLSK) and the biggest sale United Airlines (UAL, shares −37% ).
Location NEW YORK, NY
CIK 0001643569
Portfolio Value $185.1M (Q4 2025) Holdings 18 stocks · $185.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 UAL United Airlines Holdings Inc. 234,000 $26.2M Reduce -36.7% WYFI Whitefiber Inc. 1,313,659 $20.8M Add +426.6% USFD US Foods Holding Corp. 232,200 $17.5M Reduce -7.9% ECG Everus Construction Group 197,700 $16.9M Reduce -12.4% TLN Talen Energy Corp. 39,100 $14.7M Reduce -14.1% DAL Delta Air Lines Inc. 207,700 $14.4M Reduce -29.9% VRT Vertiv Holdings Co. Class A 83,400 $13.5M Reduce -18.1% CLSK Cleanspark Inc. 1,333,600 $13.5M New APLD Applied Digital Corp. 514,379 $12.6M Reduce -6.4% CEG Constellation Energy 25,400 $9.0M Reduce -17.3% VST Vistra Corp. 48,481 $7.8M Reduce -17.8% CIFR Cipher Digital Inc. 366,000 $5.4M New RIOT Riot Platforms Inc. 402,400 $5.1M New BITF Bitfarms Ltd./Canada 1,050,300 $2.5M New CAN Canaan Inc. 3,373,430 $2.3M New CORZ Core Scientific Inc. 97,100 $1.4M New WULF Terawulf Inc. 111,700 $1.3M New LESL Leslie's Inc. 191,575 $316K Add +520.5%
Options reported separately and not counted above: CORZ calls ($37.9M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ UAL United Airlines Holdings Inc. Reduce -36.7% 14.13% −7.22 TLN Talen Energy Corp. Reduce -14.1% 7.92% −3.67 VST Vistra Corp. Reduce -17.8% 4.22% −2.69 ECG Everus Construction Group Reduce -12.4% 9.14% −2.44 DAL Delta Air Lines Inc. Reduce -29.9% 7.79% −2.28 USFD US Foods Holding Corp. Reduce -7.9% 9.45% −2.12 VRT Vertiv Holdings Co. Class A Reduce -18.1% 7.30% −1.89 CEG Constellation Energy Reduce -17.3% 4.85% −1.20 APLD Applied Digital Corp. Reduce -6.4% 6.81% −0.73
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ CLSK Cleanspark Inc. New 7.29% +7.29 WYFI Whitefiber Inc. Add +426.6% 11.21% +7.16 CIFR Cipher Digital Inc. New 2.92% +2.92 RIOT Riot Platforms Inc. New 2.75% +2.75 BITF Bitfarms Ltd./Canada New 1.33% +1.33 CAN Canaan Inc. New 1.26% +1.26 CORZ Core Scientific Inc. New 0.76% +0.76 WULF Terawulf Inc. New 0.69% +0.69 LESL Leslie's Inc. Add +520.5% 0.17% +0.07
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CORZ Core Scientific Inc. call New 2,599,800 $37.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 5 $142.6M BTDR, WULF, KEEL, APLD, CLSK Q1 2026 16 $182.3M ECG, USFD, VRT, UAL, DAL Q4 2025 18 $185.1M UAL, WYFI, USFD, ECG, TLN Q3 2025 11 $167.1M UAL, TLN, ECG, USFD, DAL Q2 2025 12 $129.8M USFD, VRT, ECG, UAL, CEG Q1 2025 6 $76.2M APLD, USFD, IFF, PFGC, ECG Q4 2024 18 $178.0M APLD, IFF, USFD, UAL, MAR Q3 2024 5 $161.0M APLD, IFF, USFD, LESLIES INC, CMTL Q2 2024 8 $111.2M APLD, IFF, USFD, LESLIES INC, ASH Q1 2024 10 $117.9M IFF, USFD, WSC, RBA, ASH