Helix Partners Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Helix Partners Management LP reported 7 stock positions worth $167.8 million. Its top holding was Core Scientific (CORZ) at 56.1% of the portfolio, followed by Global Net Lease (GNL, 17.0%) and Echostar Class A (ECHO, 15.9%). Compared with Q2 2025, it sold out of 4, added to 2 and reduced 4. The biggest buy was Global Net Lease (GNL, shares +6%) and the biggest sale an exit from Cipher Digital (CIFR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001995612
Portfolio Value
$167.8M (Q3 2025)
SEC Filing
0001995612-25-000009 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q4 2024: $181.3M Q4 2024 Q1 2025: $113.1M Q1 2025 Q2 2025: $186.9M Q2 2025 Q3 2025: $167.8M $167.8M Q3 2025 Q4 2025: $162.0M Q4 2025 Q1 2026: $156.7M Q1 2026 Q2 2026: $370.9M Q2 2026

Holdings 7 stocks · $167.8M
CORZ Core Scientific Inc. 56.13% 5,250,000 $94.2M Reduce -12.9%
GNL Global Net Lease Inc. 16.96% 3,500,000 $28.5M Add +6.4%
ECHO Echostar Corp. Class A 15.93% 350,000 $26.7M Reduce -10.3%
CYH Community Health Systems Inc. 3.83% 2,000,000 $6.4M Add +1.1%
PDM Piedmont Realty Trust Inc. 3.35% 625,000 $5.6M No change
SLM SLM Corp. 3.30% 200,000 $5.5M Reduce -20.0%
IHRT Iheartmedia Inc. Class A 0.51% 300,000 $861K Reduce -72.3%

Options reported separately and not counted above: SPY puts ($45.6M), IWM puts ($25.4M).

Portfolio Sells Q2 2025 → Q3 2025
CIFR Cipher Digital Inc. Sold out 0.00% −11.27
KBE SS SPDR S&P Bank ETF Sold out 0.00% −1.34
KBWB Invesco KBW Bank ETF Sold out 0.00% −1.34
SLM SLM Corp. Reduce -20.0% 3.30% −1.09
IHRT Iheartmedia Inc. Class A Reduce -72.3% 0.51% −0.51
UNIT Uniti Group LLC Com SHS Sold out 0.00% −0.46
CORZ Core Scientific Inc. Reduce -12.9% 56.13% +1.06
ECHO Echostar Corp. Class A Reduce -10.3% 15.93% +10.15

Portfolio Buys Q2 2025 → Q3 2025
GNL Global Net Lease Inc. Add +6.4% 16.96% +3.66
CYH Community Health Systems Inc. Add +1.1% 3.83% +0.23

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +37.0% 68,500 $45.6M
IWM iShares Russell 2000 ETF put Reduce -48.8% 105,000 $25.4M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal Sold out 2,500,000 $3.2Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$370.9MCORZ, OPI, SVC, GNL, COF
Q1 2026 11$156.7MCORZ, GNL, ECHO, COF, PFSI
Q4 2025 10$162.0MCORZ, GNL, ECHO, CNK, PDM
Q3 2025 7$167.8MCORZ, GNL, ECHO, CYH, PDM
Q2 2025 11$186.9MCORZ, GNL, CIFR, ECHO, SLM
Q1 2025 9$113.1MCORZ, GNL, ECHO, CIFR, SLM
Q4 2024 14$181.3MCORZ, GNL, SLM, CIFR, ECHO