Equitec Proprietary Markets, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Equitec Proprietary Markets, LLC reported 36 stock positions worth $20.6 million . Its top holding was Cidara Therapeutics (CDTX) at 30.9% of the portfolio, followed by Hologic (HOLX, 22.5% ) and Paramount Skydance Class B (PSKY, 12.5% ). Compared with Q3 2025, it opened 12 new positions, sold out of 9, added to 2 and reduced 8. The biggest buy was a new position in Cidara Therapeutics (CDTX) and the biggest sale an exit from Kellanova (K).
Location CHICAGO, IL
CIK 0001143261
Portfolio Value $20.6M (Q4 2025) Holdings 36 stocks · $20.6M 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 CDTX Cidara Therapeutics Inc. 28,787 $6.4M New HOLX Hologic Inc. 62,300 $4.6M New PSKY Paramount Skydance Class B 192,300 $2.6M Reduce -2.6% EA Electronic Arts Inc. 8,900 $1.8M Reduce -18.4% KBDC Kayne Anderson BDC Inc. 121,998 $1.7M No change WBD Warner Bros Discovery Inc. 40,000 $1.2M New WES Western Midstream Partners L 15,492 $612K Add +59.7% DVAX Dynavax Technologies Corp. 34,000 $523K New RPTX Repare Therapeutics Inc. 118,375 $308K New KROS Keros Therapeutics Inc. 8,600 $175K New MRSN Mersana Therapeutics Inc. 5,593 $162K New GME Gamestop Corp. Class A 6,225 $125K Reduce -27.8% COMP Compass Inc. Class A 8,700 $92K Reduce -13.0% TLT iShares 20+ Year Treasury BD 800 $70K No change GOOG Alphabet Inc. Class C 100 $31K No change DAY Dayforce Inc. 450 $31K New APLT Applied Therapeutics Inc. 300,600 $30K New BHF Brighthouse Financial Inc. 380 $25K New HRI Herc Holdings Inc. filed as HERC HLDGS INC 160 $24K New LNSR Lensar Inc. 1,900 $22K Add +111.1% PMCB Pharmacyte Biotech Inc. 22,227 $16K Reduce -73.1% AWRE Aware Inc. 7,000 $13K No change TMC TMC the Metals Co. Inc. 2,000 $12K Reduce -50.0% SIRI Sirius XM Holdings Inc. 520 $10K No change WOLF Wolfspeed Inc. 456 $8K Reduce -8.8% WEAT Teucrium Wheat Fund 200 $4K No change JD Jd.com Inc.-ADR 125 $4K No change CCRN Cross Country Healthcare Inc. 400 $3K New MJ Amplify Alternat Harvest ETF 83 $2K No change AMC AMC Entertainment HLDS Class A 971 $2K No change SPY SS SPDR S&P 500 ETF Trust-US 2 $1K No change SABR Sabre Corp. 1,000 $1K No change TFSL TFS Financial Corp. 95 $1K Reduce -97.9% HE Hawaiian Electric Inds 75 $923 No change UVXY Proshares Ultra Vix St Futur 20 $719 No change STRIVE INC 160 $118 No change
Options reported separately and not counted above: NFLX calls ($93.8M), AVDL calls ($7.4M), CDTX puts ($7.3M), HOLX puts ($7.2M), PSKY puts ($6.5M), BA puts ($4.3M), WBD puts ($3.7M), AVDL puts ($3.6M), CDTX calls ($2.6M), EA puts ($2.3M), EA calls ($2.1M), BHF puts ($1.5M), and 25 more.
Other holdings (11): bonds, preferreds, convertibles and warrants · $154K (not counted above) Security Class Shares / Principal Value Change BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 62,500 $100K No change LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 578,680 $36K Add +143.4% OPENL Opendoor Technologies Inc.-26 *W EXP 11/20/202 15,000 $8K New NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 4,000 $7K Reduce -20.0% CLSKW Cleanspark Inc.-29 *W EXP 12/29/202 2,045 $759 No change DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 1,900 $646 No change ICUCW LMF Acquisition Opp -A -CW26 *W EXP 10/28/202 35,700 $403 No change AMPGW Amplitech Group Inc.-CW26 *W EXP 02/26/202 1,964 $157 New PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 5,000 $70 No change ANGHW Anghami Inc. -CW27 *W EXP 02/03/202 2,500 $59 No change GME.WS Gamestop Corp. *W EXP 10/30/202 12 $36 Reduce -98.6%
Total filed on the 13F, all lines: $20.8M.
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 ▲ K Kellanova Sold out 0.00% −25.79 ETNB 89BIO Inc. Sold out 0.00% −11.62 PSKY Paramount Skydance Class B Reduce -2.6% 12.51% −10.18 EA Electronic Arts Inc. Reduce -18.4% 8.83% −4.52 ARIS WATER SOLUTIONS INC-A Sold out 0.00% −4.09 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −3.09 ZIMV Zimvie Inc. Sold out 0.00% −2.07 CDZI Cadiz Inc. Sold out 0.00% −0.94 GME Gamestop Corp. Class A Reduce -27.8% 0.61% −0.82 PMCB Pharmacyte Biotech Inc. Reduce -73.1% 0.08% −0.41 TFSL TFS Financial Corp. Reduce -97.9% 0.01% −0.36 LVTX Lava Therapeutics NV Sold out 0.00% −0.12 TMC TMC the Metals Co. Inc. Reduce -50.0% 0.06% −0.09 SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.07 WOLF Wolfspeed Inc. Reduce -8.8% 0.04% −0.05 COMP Compass Inc. Class A Reduce -13.0% 0.45% −0.04 ALE Allete Inc. Sold out 0.00% −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 ▼ CDTX Cidara Therapeutics Inc. New 30.86% +30.86 HOLX Hologic Inc. New 22.52% +22.52 WBD Warner Bros Discovery Inc. New 5.59% +5.59 DVAX Dynavax Technologies Corp. New 2.54% +2.54 RPTX Repare Therapeutics Inc. New 1.49% +1.49 KROS Keros Therapeutics Inc. New 0.85% +0.85 MRSN Mersana Therapeutics Inc. New 0.79% +0.79 WES Western Midstream Partners L Add +59.7% 2.97% +0.66 DAY Dayforce Inc. New 0.15% +0.15 APLT Applied Therapeutics Inc. New 0.15% +0.15 BHF Brighthouse Financial Inc. New 0.12% +0.12 HRI Herc Holdings Inc. New 0.12% +0.12 LNSR Lensar Inc. Add +111.1% 0.11% +0.04 CCRN Cross Country Healthcare Inc. New 0.02% +0.02
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 376,000 $250.5Mbefore exit K Kellanova put Sold out 127,600 $10.5Mbefore exit AVDL Avadel Pharmaceuticals Ltd. call New 344,200 $7.4M CDTX Cidara Therapeutics Inc. put New 33,200 $7.3M HOLX Hologic Inc. put New 96,700 $7.2M K Kellanova call Sold out 83,300 $6.8Mbefore exit PSKY Paramount Skydance Class B put Reduce -43.1% 482,300 $6.5M ETNB 89BIO Inc. put Sold out 318,100 $4.7Mbefore exit BA The Boeing Co. put New 20,000 $4.3M WBD Warner Bros Discovery Inc. put Add +102.2% 128,400 $3.7M AVDL Avadel Pharmaceuticals Ltd. put New 166,900 $3.6M CDTX Cidara Therapeutics Inc. call New 11,800 $2.6M EA Electronic Arts Inc. put Add +4.6% 11,400 $2.3M EA Electronic Arts Inc. call New 10,400 $2.1M BHF Brighthouse Financial Inc. put New 23,400 $1.5M WBD Warner Bros Discovery Inc. call New 50,000 $1.4M SIRI Sirius XM Holdings Inc. call Add +2.1% 69,300 $1.4M BHF Brighthouse Financial Inc. call New 18,000 $1.2M WES Western Midstream Partners L call Add +161.1% 29,500 $1.2M WOLF Wolfspeed Inc. put Add +1562.5% 66,500 $1.2M ETNB 89BIO Inc. call Sold out 63,800 $938Kbefore exit TSLA Tesla Inc. call Sold out 2,100 $934Kbefore exit SCPH Scpharmaceuticals Inc. put Sold out 160,900 $912Kbefore exit VRNA Verona Pharma Ltd. call Sold out 8,200 $875Kbefore exit MSTR Strategy Inc. call New 5,000 $760K PSKY Paramount Skydance Class B call Reduce -41.7% 54,700 $733K DVAX Dynavax Technologies Corp. put New 41,400 $637K ZIMV Zimvie Inc. put Sold out 32,100 $608Kbefore exit HRI Herc Holdings Inc. put Sold out 5,000 $583Kbefore exit HRI Herc Holdings Inc. call Sold out 5,000 $583Kbefore exit WES Western Midstream Partners L put Add +51.5% 14,700 $581K ARIS WATER SOLUTIONS INC-A put Sold out 20,000 $493Kbefore exit MRSN Mersana Therapeutics Inc. call New 15,000 $434K DAY Dayforce Inc. put New 5,700 $394K SPR Spirit Aerosystems Hold Class A put Sold out 10,000 $386Kbefore exit RKT Rocket Cos Inc. Class A put Sold out 18,000 $349Kbefore exit RPTX Repare Therapeutics Inc. put New 130,700 $340K RKT Rocket Cos Inc. Class A call Sold out 14,200 $275Kbefore exit KROS Keros Therapeutics Inc. put New 9,600 $195K THS Treehouse Foods Inc. call New 5,000 $118K HOLX Hologic Inc. call New 1,300 $97K GLIBK Liberty Capital Corp. Class C call New 2,400 $89K EXAS Exact Sciences Corp. call New 800 $81K APLT Applied Therapeutics Inc. put New 252,400 $25K LNSR Lensar Inc. put Add +133.3% 2,100 $24K LVTX Lava Therapeutics NV put Sold out 15,400 $24Kbefore exit AMPG Amplitech Group Inc. put New 6,000 $18K ALE Allete Inc. put Sold out 200 $13Kbefore exit CCRN Cross Country Healthcare Inc. put New 400 $3K SSTK Shutterstock Inc. put Sold out 100 $2Kbefore exit
Showing the first 50 of 52.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ QBTS.WS D-Wave Quantum Inc. -27 *W EXP 08/05/202 Sold out 5,300 $129Kbefore exit LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 Add +143.4% 578,680 $36K OPENL Opendoor Technologies Inc.-26 *W EXP 11/20/202 New 15,000 $8K NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 Reduce -20.0% 4,000 $7K CLEARBRIDGE ENERGY MI-RT RIGHT 10/10/2025 Sold out 266,454 $5Kbefore exit MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 Sold out 500,000 $900before exit AMPGW Amplitech Group Inc.-CW26 *W EXP 02/26/202 New 1,964 $157 GME.WS Gamestop Corp. *W EXP 10/30/202 Reduce -98.6% 12 $36 SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 Sold out 2,600 $28before exit
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 42 $404.0M APLD, RILY, ZIM, EA, BW Q1 2026 34 $43.2M HOLX, ZIM, TERN, ACLX, TPH Q4 2025 36 $20.6M CDTX, HOLX, PSKY, EA, KBDC Q3 2025 33 $16.5M K, PSKY, EA, ETNB, KBDC Q2 2025 30 $24.7M BPMC, K, KBDC, SPR, SAGE Q1 2025 30 $34.8M X, SPY, ITCI, K, AMED Q4 2024 28 $14.6M X, PARAA, CDZI, AMED, SPR Q3 2024 29 $10.9M X, SIRI, AMED, PARAA, MGRC Q2 2024 34 $13.1M SPY, X, AMED, EVBG, DDI Q1 2024 Amended 44 $56.3M APLD, RILY, MSTR, NVDA, AMED