Garnet Equity Capital Holdings, Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Garnet Equity Capital Holdings, Inc. reported 19 stock positions worth $178.0 million . Its top holding was Groupon (GRPN) at 17.4% of the portfolio, followed by Turtle Beach (TBCH, 11.6% ) and Anterix (ATEX, 8.0% ). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 6 and reduced 8. The biggest buy was a new position in Ftai Aviation (FTAI) and the biggest sale BGC Class A (BGC, shares −25% ).
Location NEW YORK, NY
CIK 0001423876
Portfolio Value $178.0M (Q1 2025) Holdings 19 stocks · $178.0M 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 Q4 2024 GRPN Groupon Inc. 1,649,705 $31.0M Reduce -17.5% TBCH Turtle Beach Corp. 1,443,218 $20.6M Add +23.1% ATEX Anterix Inc. 387,395 $14.2M Reduce -0.4% GLNG Golar LNG Ltd. 355,055 $13.5M Add +8.1% TLN Talen Energy Corp. 64,537 $12.9M Reduce -14.6% FTAI Ftai Aviation Ltd. 88,000 $9.8M New NTGR Netgear Inc. 388,917 $9.5M Add +20.6% CLMT Calumet Inc. 710,543 $9.0M Add +56.0% KBR KBR Inc. 180,424 $9.0M Reduce -0.5% BGC BGC Group Inc. Class A 903,466 $8.3M Reduce -25.4% KTOS Kratos Defense & Security 251,000 $7.5M Reduce -17.6% SOC Sable Offshore Corp. 270,400 $6.9M Add +22.7% CCJ Cameco Corp. 160,694 $6.6M Reduce -11.4% URNM Sprott Uranium Miners ETF 200,860 $6.5M Reduce -0.4% AZ A2Z CUST2MATE Solutions Corp. 600,000 $4.2M Add +100.0% HNRG Hallador Energy Co. 310,393 $3.8M New NXE Nexgen Energy Ltd. 500,000 $2.2M No change AMZN Amazon.com Inc. 7,400 $1.4M No change UEC Uranium Energy Corp. 250,000 $1.2M No change
Options reported separately and not counted above: SPY puts ($783.1M), SOC calls ($15.2M), TBCH calls ($4.3M), HNRG calls ($3.8M), NTGR calls ($3.7M).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ BGC BGC Group Inc. Class A Reduce -25.4% 4.65% −1.94 TLN Talen Energy Corp. Reduce -14.6% 7.24% −1.92 CCJ Cameco Corp. Reduce -11.4% 3.72% −1.89 KBR KBR Inc. Reduce -0.5% 5.05% −1.27 URNM Sprott Uranium Miners ETF Reduce -0.4% 3.66% −1.23 NBIS Nebius Group NV Sold out 0.00% −0.67 KTOS Kratos Defense & Security Reduce -17.6% 4.19% −0.64 ATEX Anterix Inc. Reduce -0.4% 7.96% +0.80 GRPN Groupon Inc. Reduce -17.5% 17.39% +2.79
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ FTAI Ftai Aviation Ltd. New 5.49% +5.49 HNRG Hallador Energy Co. New 2.14% +2.14 AZ A2Z CUST2MATE Solutions Corp. Add +100.0% 2.38% +1.19 SOC Sable Offshore Corp. Add +22.7% 3.85% +0.82 NTGR Netgear Inc. Add +20.6% 5.34% −0.06 TBCH Turtle Beach Corp. Add +23.1% 11.57% −0.63 GLNG Golar LNG Ltd. Add +8.1% 7.58% −0.78 CLMT Calumet Inc. Add +56.0% 5.06% −0.97
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +75.0% 1,400,000 $783.1M KTOS Kratos Defense & Security call Sold out 500,000 $13.2Mbefore exit GLNG Golar LNG Ltd. call Sold out 250,000 $10.6Mbefore exit CLMT Calumet Inc. call Sold out 400,000 $8.8Mbefore exit SOC Sable Offshore Corp. put Sold out 300,000 $6.9Mbefore exit TBCH Turtle Beach Corp. call Add +50.0% 300,000 $4.3M HNRG Hallador Energy Co. call New 309,800 $3.8M NTGR Netgear Inc. call Add +50.0% 150,000 $3.7M
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 25 $223.3M TLN, FTAI, GRPN, TBCH, ATEX Q1 2026 19 $176.0M FTAI, TLN, TBCH, ESTA, NTGR Q4 2025 19 $201.0M TLN, FTAI, TBCH, KTOS, GRPN Q3 2025 22 $228.0M KTOS, TLN, TBCH, FTAI, GRPN Q2 2025 21 $216.0M GRPN, TBCH, TLN, GLNG, KTOS Q1 2025 19 $178.0M GRPN, TBCH, ATEX, GLNG, TLN Q4 2024 18 $166.4M GRPN, TBCH, TLN, GLNG, ATEX Q3 2024 19 $154.1M TBCH, TLN, BGC, URNM, GLNG Q2 2024 20 $130.3M GRPN, BGC, TBCH, KBR, DBRG Q1 2024 23 $118.0M GRPN, BGC, KBR, TBCH, DBRG