Garnet Equity Capital Holdings, Inc. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Garnet Equity Capital Holdings, Inc. reported 19 stock positions worth $201.0 million . Its top holding was Talen Energy (TLN) at 12.0% of the portfolio, followed by Ftai Aviation (FTAI, 11.7% ) and Turtle Beach (TBCH, 10.6% ). Compared with Q3 2025, it sold out of 3, added to 6 and reduced 7. The biggest buy was Ftai Infrastructure (FIP, shares +24% ) and the biggest sale Kratos Defense & Security (KTOS, shares −15% ).
Location NEW YORK, NY
CIK 0001423876
Portfolio Value $201.0M (Q4 2025) Holdings 19 stocks · $201.0M 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 Q3 2025 TLN Talen Energy Corp. 64,537 $24.2M No change FTAI Ftai Aviation Ltd. 119,028 $23.4M Reduce -13.1% TBCH Turtle Beach Corp. 1,513,959 $21.2M Reduce -5.5% KTOS Kratos Defense & Security 275,500 $20.9M Reduce -15.0% GRPN Groupon Inc. 958,660 $16.9M Add +4.3% ESTA Establishment Labs Holdings 199,138 $14.5M Reduce -11.6% GLNG Golar LNG Ltd. 384,504 $14.3M No change NTGR Netgear Inc. 521,710 $12.8M Add +10.6% AZ A2Z CUST2MATE Solutions Corp. 1,495,598 $9.7M Add +44.8% FIP Ftai Infrastructure Inc. 1,962,854 $9.0M Add +23.7% ATEX Anterix Inc. 397,395 $8.7M No change CCJ Cameco Corp. 75,694 $6.9M No change HNRG Hallador Energy Co. 357,840 $6.8M Add +19.3% NXE Nexgen Energy Ltd. 250,000 $2.3M Reduce -15.8% CLMT Calumet Inc. 111,746 $2.2M Reduce -70.7% NFE New Fortress Energy Inc. 1,945,617 $2.2M Add +86.1% URNM Sprott Uranium Miners ETF 39,686 $2.2M No change SOC Sable Offshore Corp. 157,891 $1.4M Reduce -24.1% UEC Uranium Energy Corp. 100,301 $1.2M No change
Options reported separately and not counted above: SPY calls ($545.5M), FTAI calls ($7.9M), DBRG calls ($3.1M), SOC calls ($2.7M), CCOI calls ($2.2M), FIP calls ($1.2M), AZ calls ($321K).
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 ▲ KTOS Kratos Defense & Security Reduce -15.0% 10.41% −2.58 CLMT Calumet Inc. Reduce -70.7% 1.10% −1.95 BGC BGC Group Inc. Class A Sold out 0.00% −1.12 SOC Sable Offshore Corp. Reduce -24.1% 0.71% −0.88 XPOF Xponential Fitness Inc. Class A Sold out 0.00% −0.88 TBCH Turtle Beach Corp. Reduce -5.5% 10.57% −0.61 SEAT Vivid Seats Inc. Class A Sold out 0.00% −0.56 NXE Nexgen Energy Ltd. Reduce -15.8% 1.14% −0.02 FTAI Ftai Aviation Ltd. Reduce -13.1% 11.66% +1.63 ESTA Establishment Labs Holdings Reduce -11.6% 7.22% +3.17
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 ▼ FIP Ftai Infrastructure Inc. Add +23.7% 4.50% +1.47 AZ A2Z CUST2MATE Solutions Corp. Add +44.8% 4.84% +1.22 HNRG Hallador Energy Co. Add +19.3% 3.39% +0.82 NFE New Fortress Energy Inc. Add +86.1% 1.10% +0.09 NTGR Netgear Inc. Add +10.6% 6.37% −0.33 GRPN Groupon Inc. Add +4.3% 8.40% −1.01
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call New 800,000 $545.5M FTAI Ftai Aviation Ltd. call New 40,000 $7.9M HNRG Hallador Energy Co. call Sold out 250,000 $4.9Mbefore exit DBRG Digitalbridge Group Inc. call New 200,000 $3.1M SOC Sable Offshore Corp. call Reduce -81.3% 300,000 $2.7M BNED Barnes & Noble Education Inc. call Sold out 175,400 $1.7Mbefore exit FIP Ftai Infrastructure Inc. call Reduce -50.0% 250,000 $1.2M AZ A2Z CUST2MATE Solutions Corp. call Reduce -4.5% 49,300 $321K
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