FourWorld Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), FourWorld Capital Management LLC reported 17 stock positions worth $106.6 million . Its top holding was Sable Offshore (SOC) at 68.6% of the portfolio, followed by Bristol-Myers Squibb (BMY, 5.1% ) and Evolv Technologies (EVLV, 4.8% ). Compared with Q3 2025, it opened 4 new positions, sold out of 7, added to 6 and reduced 3. The biggest buy was a new position in Sable Offshore (SOC) and the biggest sale Evolv Technologies (EVLV, shares −24% ).
Location NEW YORK, NY
CIK 0001770525
Portfolio Value $106.6M (Q4 2025) Holdings 17 stocks · $106.6M 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 SOC Sable Offshore Corp. 8,105,608 $73.1M New BMY Bristol-Myers Squibb Co. 100,000 $5.4M No change EVLV Evolv Technologies Holdings 716,792 $5.1M Reduce -24.1% XLE SS Energy Select Sector 100,000 $4.5M New SRG Seritage Growth Prop- A 1,113,243 $3.6M No change SLDP Solid Power Inc. 477,129 $2.0M No change PRTH Priority Technology Holdings 368,321 $2.0M New WW WW International Inc.-New filed as WW INTL INC 60,375 $1.8M Add +107.1% XGN Exagen Inc. 273,000 $1.7M Add +20.3% STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 382,700 $1.4M Add +6.9% STIM Neuronetics Inc. 931,250 $1.3M Add +64.0% CVRX CVRX Inc. 180,000 $1.3M Add +24.1% TASK Taskus Inc. Class A 100,000 $1.2M No change AIRS Airsculpt Technologies Inc. 480,274 $951K Add +22.8% ESOA Energy Services of America 80,000 $654K Reduce -28.8% MX Magnachip Semiconductor Corp. 216,108 $551K New CDZI Cadiz Inc. 28,184 $158K Reduce -12.0%
Options reported separately and not counted above: IWM puts ($6.2M), QQQ puts ($4.3M), XOM calls ($3.0M), SOC calls ($2.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $480K (not counted above) Security Class Shares / Principal Value Change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 1,450,000 $480K No change
Total filed on the 13F, all lines: $107.1M.
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 ▲ EVLV Evolv Technologies Holdings Reduce -24.1% 4.81% −12.51 ABUS Arbutus Biopharma Corp. Sold out 0.00% −11.25 ZK Zeekr Intelligent Techno-ADR Sold out 0.00% −3.69 DAR Darling Ingredients Inc. Sold out 0.00% −2.55 ESOA Energy Services of America Reduce -28.8% 0.61% −2.21 KSPI JSC Kaspi.kz ADR Sold out 0.00% −1.98 BSM Black Stone Minerals LP Sold out 0.00% −1.59 CMBT CMB Tech NV Sold out 0.00% −1.22 MOBILICOM LTD Sold out 0.00% −1.16 CDZI Cadiz Inc. Reduce -12.0% 0.15% −0.22
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 ▼ SOC Sable Offshore Corp. New 68.58% +68.58 XLE SS Energy Select Sector New 4.19% +4.19 PRTH Priority Technology Holdings New 1.88% +1.88 MX Magnachip Semiconductor Corp. New 0.52% +0.52 WW WW International Inc.-New Add +107.1% 1.65% −0.28 CVRX CVRX Inc. Add +24.1% 1.20% −1.64 STLN Starling Oncology Inc. Add +6.9% 1.28% −1.76 STIM Neuronetics Inc. Add +64.0% 1.21% −2.56 XGN Exagen Inc. Add +20.3% 1.56% −4.50 AIRS Airsculpt Technologies Inc. Add +22.8% 0.89% −6.73
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 26,000 $17.3Mbefore exit IWM iShares Russell 2000 ETF put Add +66.7% 25,000 $6.2M QQQ Invesco QQQ Trust Series 1 put New 7,000 $4.3M XOM Exxon Mobil Corp. call New 25,000 $3.0M SOC Sable Offshore Corp. call New 306,500 $2.8M AIRS Airsculpt Technologies Inc. call Sold out 140,000 $1.1Mbefore exit
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 19 $78.3M SOC, PRTH, MX, BMY, TDAY Q1 2026 18 $177.1M SOC, MCW, PRTH, TDAY, BMY Q4 2025 Amended 17 $106.6M SOC, BMY, EVLV, XLE, SRG Q3 2025 20 $41.2M EVLV, SRG, ABUS, BMY, AIRS Q2 2025 20 $139.2M ESGR, GOLDEN OCEAN GROUP LTD, SKX, EVLV, BMY Q1 2025 20 $145.8M ESGR, DESP, EVLV, BMY, ABUS Q4 2024 18 $185.9M EDR, ESGR, EVLV, SRG, ABUS Q3 2024 23 $107.8M EDR, EVLV, ABUS, SRG, ACI Q2 2024 26 $75.7M EDR, OMEX, HOLI, ABUS, EVLV Q1 2024 Amended 26 $102.6M TDCX, SRG, HOLI, OMEX, ABUS