Cruiser Capital Advisors, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Cruiser Capital Advisors, LLC reported 46 stock positions worth $117.9 million . Its top holding was Ftai Aviation (FTAI) at 28.4% of the portfolio, followed by State STR SPDR S&P 500 ETF T (17.6% ) and Api (APG, 7.8% ). Compared with Q3 2025, it opened 9 new positions, sold out of 12, added to 8 and reduced 11. The biggest buy was a new position in State STR SPDR S&P 500 ETF T and the biggest sale Ftai Aviation (FTAI, shares −9% ).
Location Stamford, CT
CIK 0001713506
Portfolio Value $117.9M (Q4 2025) Holdings 46 stocks · $117.9M 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 FTAI Ftai Aviation Ltd. 170,192 $33.5M Reduce -8.9% STATE STR SPDR S&P 500 ETF T 1,000 $20.7M New APG Api Group Corp. 239,956 $9.2M Reduce -4.3% CRH CRH PLC 62,791 $7.8M No change KINS Kingstone Cos Inc. 344,019 $5.8M No change GFL GFL Environmental Inc.-Sub VT 117,767 $5.1M No change NBIS Nebius Group NV 52,900 $4.4M Add +26.3% ASHLAND GLOBAL HLDGS INC 1,500 $2.9M New FIP Ftai Infrastructure Inc. 587,557 $2.7M Add +11.4% ORN Orion Group Holdings Inc. 244,104 $2.4M No change TIC Tic Solutions Inc. 229,938 $2.3M Add +10.8% AVD American Vanguard Corp. 571,781 $2.2M Reduce -27.6% ASH Ashland Inc. 29,860 $1.8M Add +50.0% AGM Federal Agric MTG Corp. Class C 9,249 $1.6M No change NN Nextnav Inc. 88,854 $1.5M Add +51.0% SRUUF Sprott Physical Uranium TR 67,100 $1.3M No change NVRI Enviri Corp. 53,451 $958K New GDOT Green Dot Corp. Class A 73,500 $942K Reduce -43.6% GECC Great Elm Capital Corp. 130,827 $922K Reduce -8.0% COLD Americold Realty Trust Inc. 69,422 $893K New OSG Octave Specialty Group Inc. 107,140 $834K Reduce -4.2% MOD Modine Manufacturing Co. 5,000 $668K No change PBI Pitney Bowes Inc. 62,906 $665K Add +66.0% UNH Unitedhealth Group Inc. 2,000 $660K No change ALIT Alight Inc. Class A 334,118 $652K Add +200.4% QXO Qxo Inc. 10,000 $552K No change URNM Sprott Uranium Miners ETF 10,000 $549K No change SKIL Skillsoft Corp. 57,794 $537K Add +177.7% STKL Sunopta Inc. 135,000 $513K New BANC OF CALIFORNIA INC 25,000 $482K New GTLS Chart Industries Inc. 2,200 $454K No change GPGI Gpgi Inc. filed as COMPOSECURE INC 13,876 $268K No change CECO Ceco Environmental Corp. 4,431 $265K No change ACR Acres Commercial Realty Corp. 11,742 $251K No change LWLG Lightwave Logic Inc. 75,000 $243K New BCIC BCP Investment Corp. 20,435 $242K No change BODI The Beachbody Co. Inc. filed as THE BEACHBODY COMPANY INC 19,830 $205K No change LODE Comstock Inc. 50,776 $191K Reduce -67.2% DUOT Duos Technologies Group Inc. 14,978 $169K Reduce -79.3% PRMB Primo Brands Corp. 10,000 $164K New VLY Valley National Bancorp 12,399 $145K No change INVE Inve Technologies Inc. filed as IDENTIV INC 31,778 $122K Reduce -23.9% LAKE Lakeland Industries Inc. 10,000 $88K New STIM Neuronetics Inc. 48,900 $67K Reduce -2.2% TDAY USA Today Co. Inc. 11,075 $57K Reduce -83.2% SEQLL INC 70,000 $147 No change
Other holdings (8): bonds, preferreds, convertibles and warrants · $37K (not counted above) Security Class Shares / Principal Value Change PHYWF PHYT WS -CW *W EXP 05/03/202 37,500 $17K No change RSVRW Reservoir Media-CW26 *W EXP 08/26/202 30,503 $9K No change SCLXW Vickers Vantage Corp. I -CW27 *W EXP 11/10/202 49,999 $5K No change AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 20,000 $4K No change BDMDW Baird Medical Investment -28 *W EXP 10/01/202 25,000 $1K Reduce -9.1% MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 37,500 $1K No change BENFW Beneficient Co. Group -28 *W EXP 06/07/202 48,750 $517 No change ICUCW LMF Acquisition Opp -A -CW26 *W EXP 10/28/202 32,473 $367 No change
Total filed on the 13F, all lines: $118.0M.
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 ▲ FTAI Ftai Aviation Ltd. Reduce -8.9% 28.41% −2.71 AVD American Vanguard Corp. Reduce -27.6% 1.85% −2.57 SABLE OFFSHORE CORP Sold out 0.00% −2.00 APD Air Products & Chemicals Inc. Sold out 0.00% −1.79 FTAI INFRASTRUCTURE INC Sold out 0.00% −1.40 GDOT Green Dot Corp. Class A Reduce -43.6% 0.80% −0.95 AMBAC FINL GROUP INC Sold out 0.00% −0.90 KINGSTONE COS INC Sold out 0.00% −0.87 APG Api Group Corp. Reduce -4.3% 7.79% −0.82 RITM Rithm Capital Corp. Sold out 0.00% −0.75 MSOS Advisorshares Pure US Cann Sold out 0.00% −0.71 GECC Great Elm Capital Corp. Reduce -8.0% 0.78% −0.64 ADVISORSHARES TR Sold out 0.00% −0.62 CURI Curiositystream Inc. Sold out 0.00% −0.53 PENN Penn Entertainment Inc. Sold out 0.00% −0.48 DUOT Duos Technologies Group Inc. Reduce -79.3% 0.14% −0.39 LODE Comstock Inc. Reduce -67.2% 0.16% −0.37 OSG Octave Specialty Group Inc. Reduce -4.2% 0.71% −0.22 TDAY USA Today Co. Inc. Reduce -83.2% 0.05% −0.22 PERI Perion Network Ltd. Sold out 0.00% −0.10 OEC Orion SA Sold out 0.00% −0.08 STIM Neuronetics Inc. Reduce -2.2% 0.06% −0.08 INVE Inve Technologies Inc. Reduce -23.9% 0.10% −0.04
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 ▼ STATE STR SPDR S&P 500 ETF T New 17.56% +17.56 ASHLAND GLOBAL HLDGS INC New 2.42% +2.42 NVRI Enviri Corp. New 0.81% +0.81 COLD Americold Realty Trust Inc. New 0.76% +0.76 ASH Ashland Inc. Add +50.0% 1.49% +0.53 STKL Sunopta Inc. New 0.44% +0.44 NN Nextnav Inc. Add +51.0% 1.25% +0.41 BANC OF CALIFORNIA INC New 0.41% +0.41 LWLG Lightwave Logic Inc. New 0.21% +0.21 ALIT Alight Inc. Class A Add +200.4% 0.55% +0.19 SKIL Skillsoft Corp. Add +177.7% 0.46% +0.19 PRMB Primo Brands Corp. New 0.14% +0.14 PBI Pitney Bowes Inc. Add +66.0% 0.56% +0.13 LAKE Lakeland Industries Inc. New 0.07% +0.07 FIP Ftai Infrastructure Inc. Add +11.4% 2.30% 0.00 TIC Tic Solutions Inc. Add +10.8% 1.97% −0.79 NBIS Nebius Group NV Add +26.3% 3.76% −0.94
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ BDMDW Baird Medical Investment -28 *W EXP 10/01/202 Reduce -9.1% 25,000 $1K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 43 $162.1M ISHARES TR, FTAI, APG, NBIS, CRH Q1 2026 44 $257.3M ISHARES TR, STATE STR SPDR S&P 500 ETF T, FTAI, APG, CRH Q4 2025 46 $117.9M FTAI, STATE STR SPDR S&P 500 ETF T, APG, CRH, KINS Q3 2025 49 $100.1M FTAI, APG, CRH, GFL, KINS Q2 2025 40 $225.3M SPY, ISHARES TR, FTAI, APG, CRH Q1 2025 41 $73.9M FTAI, CRH, APG, NVEE, AVD Q4 2024 40 $180.8M STATE STR SPDR S&P 500 ETF T, STATE STR SPDR S&P 500 ETF T, FTAI, CRH, APG Q3 2024 41 $122.9M FTAI, 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 $72.0M FTAI, AVD, APG, CRH, GFL Q1 2024 34 $68.0M FTAI, AVD, APG, CRH, ALIT