Cruiser Capital Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cruiser Capital Advisors, LLC reported 41 stock positions worth $73.9 million. Its top holding was Ftai Aviation (FTAI) at 29.7% of the portfolio, followed by CRH (CRH, 9.9%) and Api (APG, 8.1%). Compared with Q4 2024, it opened 8 new positions, sold out of 7, added to 9 and reduced 10. The biggest buy was a new position in Ftai Aviation and the biggest sale an exit from State STR SPDR S&P 500 ETF T.

Most Recent 13F
Q2 2026
Location
Stamford, CT
CIK
0001713506
Portfolio Value
$73.9M (Q1 2025)
SEC Filing
0000897069-25-000988 ↗ filed May 15, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $68.0M Q1 2024 Q2 2024: $72.0M Q2 2024 Q3 2024: $122.9M Q3 2024 Q4 2024: $180.8M Q4 2024 Q1 2025: $73.9M $73.9M Q1 2025 Q2 2025: $225.3M Q2 2025 Q3 2025: $100.1M Q3 2025 Q4 2025: $117.9M Q4 2025 Q1 2026: $257.3M Q1 2026 Q2 2026: $162.1M Q2 2026

Holdings 41 stocks · $73.9M
FTAI Ftai Aviation Ltd. 29.71% 197,642 $22.0M Reduce -10.8%
CRH CRH PLC 9.90% 83,191 $7.3M No change
APG Api Group Corp. 8.09% 167,151 $6.0M Reduce -0.2%
NVEE NV5 Global Inc. 4.77% 182,987 $3.5M Add +35.7%
AVD American Vanguard Corp. 4.77% 789,284 $3.5M No change
ALIT Alight Inc. Class A 3.73% 465,451 $2.8M Reduce -9.7%
FTAI AVIATION LTD 3.60% 21,000 $2.7M New
NFE New Fortress Energy Inc. 2.66% 236,525 $2.0M Add +0.7%
APD Air Products & Chemicals Inc. 2.62% 6,574 $1.9M Add +77.7%
KINS Kingstone Cos Inc. 2.51% 111,457 $1.9M Add +150.3%
FIP Ftai Infrastructure Inc. 2.50% 406,746 $1.8M Add +7.4%
MSOS Advisorshares Pure US Cann 2.03% 300,000 $1.5M Reduce -20.0%
AGM Federal Agric MTG Corp. Class C 1.97% 7,749 $1.5M No change
GECC Great Elm Capital Corp. 1.95% 141,259 $1.4M No change
NEW FORTRESS ENERGY INC 1.89% 70,000 $1.4M New
ORN Orion Group Holdings Inc. 1.84% 260,322 $1.4M Add +12.4%
URNM Sprott Uranium Miners ETF 1.63% 72,000 $1.2M No change
CECO Ceco Environmental Corp. 1.53% 49,570 $1.1M Add +13.8%
RITM Rithm Capital Corp. 1.41% 91,100 $1.0M Reduce -21.2%
NBIS Nebius Group NV 1.11% 38,900 $821K New
GTLS Chart Industries Inc. 1.02% 5,200 $751K No change
FSK FS KKR Capital Corp. 0.99% 34,920 $732K Reduce -36.8%
REEAF Ree Automotive Ltd. Class A 0.97% 270,557 $720K Add +77.3%
NN Nextnav Inc. 0.97% 58,854 $716K Add +73.8%
GRPN Groupon Inc. 0.63% 25,000 $469K No change
PENN Penn Entertainment Inc. 0.55% 25,000 $408K New
CXT Crane NXT Co. 0.54% 7,824 $402K No change
SKIL Skillsoft Corp. 0.54% 20,813 $400K No change
MOD Modine Manufacturing Co. 0.52% 5,000 $384K No change
GFL GFL Environmental Inc.-Sub VT 0.45% 37,752 $333K Reduce -65.6%
GPGI Gpgi Inc. filed as COMPOSECURE INC 0.41% 27,547 $299K No change
PBI Pitney Bowes Inc. 0.40% 32,306 $292K Reduce -65.0%
ACR Acres Commercial Realty Corp. 0.34% 11,742 $254K New
BCIC BCP Investment Corp. filed as PORTMAN RIDGE FIN CORP 0.26% 13,605 $195K Reduce -16.4%
TDAY USA Today Co. Inc. filed as GANNETT CO INC 0.26% 66,075 $191K No change
EHAB Enhabit Inc. 0.25% 21,404 $188K Reduce -10.5%
STIM Neuronetics Inc. 0.25% 50,000 $184K New
OEC Orion SA 0.19% 11,000 $142K New
INVE Inve Technologies Inc. filed as IDENTIV INC 0.18% 41,778 $133K No change
PL Planet Labs PBC 0.05% 10,000 $34K New
SEQLL INC 0.00% 70,000 $487 No change
Other holdings (9): bonds, preferreds, convertibles and warrants · $514K (not counted above)
SecurityClassShares / PrincipalValueChange
SABLE OFFSHORE CORP *W EXP 02/14/202 19,000$457KReduce -9.5%
RSVRW Reservoir Media-CW26 *W EXP 08/26/202 30,503$38KNo change
PHYWF PHYT WS -CW *W EXP 05/03/202 37,500$7KNo change
SCLXW Vickers Vantage Corp. I -CW27 *W EXP 11/10/202 49,999$5KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 27,500$2KNo change
MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 37,500$2KNo change
ICUCW LMF Acquisition Opp -A -CW26 *W EXP 10/28/202 32,473$1KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 20,000$989No change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 48,750$356No change

Total filed on the 13F, all lines: $74.4M.

Portfolio Sells Q4 2024 → Q1 2025
STATE STR SPDR S&P 500 ETF T Sold out 0.00% −31.80
STATE STR SPDR S&P 500 ETF T Sold out 0.00% −17.15
ASH Ashland Inc. Sold out 0.00% −2.40
GFL GFL Environmental Inc.-Sub VT Reduce -65.6% 0.45% −2.25
CORZ Core Scientific Inc. Sold out 0.00% −0.58
ALIGHT INC Sold out 0.00% −0.50
LXU LSB Industries Inc. Sold out 0.00% −0.04
NDLS Noodles & Co. Sold out 0.00% −0.01
PBI Pitney Bowes Inc. Reduce -65.0% 0.40% +0.03
BCIC BCP Investment Corp. Reduce -16.4% 0.26% +0.12
EHAB Enhabit Inc. Reduce -10.5% 0.25% +0.15
FSK FS KKR Capital Corp. Reduce -36.8% 0.99% +0.33
MSOS Advisorshares Pure US Cann Reduce -20.0% 2.03% +0.58
RITM Rithm Capital Corp. Reduce -21.2% 1.41% +0.72
ALIT Alight Inc. Class A Reduce -9.7% 3.73% +1.76
APG Api Group Corp. Reduce -0.2% 8.09% +4.75
FTAI Ftai Aviation Ltd. Reduce -10.8% 29.71% +13.04

Portfolio Buys Q4 2024 → Q1 2025
FTAI AVIATION LTD New 3.60% +3.60
NVEE NV5 Global Inc. Add +35.7% 4.77% +3.37
KINS Kingstone Cos Inc. Add +150.3% 2.51% +2.14
APD Air Products & Chemicals Inc. Add +77.7% 2.62% +2.03
NEW FORTRESS ENERGY INC New 1.89% +1.89
NBIS Nebius Group NV New 1.11% +1.11
FIP Ftai Infrastructure Inc. Add +7.4% 2.50% +0.97
ORN Orion Group Holdings Inc. Add +12.4% 1.84% +0.90
CECO Ceco Environmental Corp. Add +13.8% 1.53% +0.80
NFE New Fortress Energy Inc. Add +0.7% 2.66% +0.69
NN Nextnav Inc. Add +73.8% 0.97% +0.68
PENN Penn Entertainment Inc. New 0.55% +0.55
ACR Acres Commercial Realty Corp. New 0.34% +0.34
STIM Neuronetics Inc. New 0.25% +0.25
REEAF Ree Automotive Ltd. Class A Add +77.3% 0.97% +0.23
OEC Orion SA New 0.19% +0.19
PL Planet Labs PBC New 0.05% +0.05

Notes & Other Activity Q4 2024 → Q1 2025
SABLE OFFSHORE CORP *W EXP 02/14/202 Reduce -9.5% 19,000 $457K
VRMEW Verifyme Inc. -CW25 *W EXP 06/22/202 Sold out 50,764 $1Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$162.1MISHARES TR, FTAI, APG, NBIS, CRH
Q1 2026 44$257.3MISHARES TR, STATE STR SPDR S&P 500 ETF T, FTAI, APG, CRH
Q4 2025 46$117.9MFTAI, STATE STR SPDR S&P 500 ETF T, APG, CRH, KINS
Q3 2025 49$100.1MFTAI, APG, CRH, GFL, KINS
Q2 2025 40$225.3MSPY, ISHARES TR, FTAI, APG, CRH
Q1 2025 41$73.9MFTAI, CRH, APG, NVEE, AVD
Q4 2024 40$180.8MSTATE STR SPDR S&P 500 ETF T, STATE STR SPDR S&P 500 ETF T, FTAI, CRH, APG
Q3 2024 41$122.9MFTAI, STATE STR SPDR S&P 500 ETF T, STATE STR SPDR S&P 500 ETF T, FTAI AVIATION LTD, FTAI AVIATION LTD
Q2 2024 33$72.0MFTAI, AVD, APG, CRH, GFL
Q1 2024 34$68.0MFTAI, AVD, APG, CRH, ALIT