Marnell Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Marnell Management LLC reported 64 stock positions worth $150.4 million. Its top holding was Terawulf (WULF) at 6.6% of the portfolio, followed by Star Bulk Carriers (SBLK, 6.6%) and Core Natural Resources (CNR, 5.2%). Compared with Q4 2025, it opened 15 new positions, sold out of 8, added to 19 and reduced 29. The biggest buy was a new position in Douglas Emmett (DEI) and the biggest sale International Seaways (INSW, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- FARMINGTON HILLS, MI
- CIK
- 0001852314
- Portfolio Value
- $150.4M (Q1 2026)
- SEC Filing
- 0001852314-26-000003 ↗ filed May 14, 2026
Holdings Value
Holdings 64 stocks · $150.4M
| WULF Terawulf Inc. | 6.59% | 686,762 | $9.9M | Add +21.4% |
| SBLK Star Bulk Carriers Corp. | 6.57% | 430,282 | $9.9M | Add +19.1% |
| CNR Core Natural Resources Inc. | 5.15% | 73,984 | $7.7M | Add +8.6% |
| TRMD Torm PLC-A | 4.60% | 247,762 | $6.9M | Add +0.8% |
| JBGS JBG Smith Properties | 4.39% | 451,873 | $6.6M | Add +17.2% |
| HCC Warrior Met Coal Inc. | 3.46% | 55,913 | $5.2M | Reduce -24.6% |
| FCNCA First Citizens Bcshs Class A | 3.13% | 2,499 | $4.7M | Add +18.7% |
| TDW Tidewater Inc. | 3.06% | 55,120 | $4.6M | Reduce -38.5% |
| ASC Ardmore Shipping Corp. | 3.03% | 299,357 | $4.6M | Reduce -18.2% |
| TLN Talen Energy Corp. | 2.81% | 13,264 | $4.2M | Add +130.3% |
| DEI Douglas Emmett Inc. | 2.73% | 436,290 | $4.1M | New |
| NMM Navios Maritime Partners LP | 2.59% | 57,682 | $3.9M | Reduce -39.8% |
| ALX Alexander's Inc. | 2.49% | 15,841 | $3.7M | Add +31.6% |
| VNO Vornado Realty Trust | 2.46% | 142,592 | $3.7M | Add +1040.7% |
| NXRT Nexpoint Residential | 2.25% | 135,606 | $3.4M | Reduce -21.8% |
| GTX Garrett Motion Inc. | 2.20% | 181,863 | $3.3M | Reduce -19.5% |
| SHW The Sherwin-Williams Co. | 1.99% | 9,336 | $3.0M | Add +5.3% |
| ECO Okeanis Eco Tankers Corp. | 1.79% | 53,253 | $2.7M | Add +561.0% |
| CENX Century Aluminum Company | 1.77% | 45,298 | $2.7M | Reduce -57.7% |
| CIFR Cipher Digital Inc. | 1.76% | 205,900 | $2.6M | New |
| CORZ Core Scientific Inc. | 1.70% | 170,476 | $2.6M | Reduce -23.2% |
| NBIS Nebius Group NV | 1.61% | 23,358 | $2.4M | Reduce -47.2% |
| EXP Eagle Materials Inc. | 1.50% | 11,939 | $2.3M | Add +31.9% |
| RIG Transocean Ltd. | 1.50% | 339,253 | $2.2M | Add +17.0% |
| HSHP Himalaya Shipping Ltd. | 1.45% | 164,032 | $2.2M | New |
| CLSK Cleanspark Inc. | 1.44% | 254,376 | $2.2M | New |
| FRO Frontline PLC | 1.37% | 59,287 | $2.1M | Reduce -45.8% |
| COMP Compass Inc. Class A | 1.32% | 271,779 | $2.0M | New |
| STNG Scorpio Tankers Inc. | 1.31% | 26,333 | $2.0M | Reduce -6.1% |
| GNK Genco Shipping & Trading Ltd. | 1.29% | 86,023 | $1.9M | Reduce -69.4% |
| FBIN Fortune Brands Innovations I | 1.25% | 48,100 | $1.9M | New |
| METC Ramaco Resources Inc. Class A | 1.21% | 117,665 | $1.8M | New |
| INSW International Seaways Inc. | 1.19% | 24,597 | $1.8M | Reduce -80.1% |
| CMBT CMB Tech NV | 1.18% | 140,594 | $1.8M | Reduce -23.7% |
| GLD SPDR Gold Shares | 1.18% | 4,121 | $1.8M | Reduce -38.5% |
| TNK Teekay Tankers Ltd. Class A | 1.15% | 23,567 | $1.7M | Add +2.1% |
| VAL Valaris Ltd. | 1.11% | 17,075 | $1.7M | Reduce -8.4% |
| LEN Lennar Corp. Class A | 1.10% | 19,000 | $1.6M | New |
| BLDR Builders Firstsource Inc. | 1.08% | 19,772 | $1.6M | New |
| DHT DHT Holdings Inc. | 0.92% | 75,434 | $1.4M | Reduce -48.6% |
| HAFN Hafnia Ltd. | 0.83% | 165,245 | $1.3M | Reduce -59.1% |
| NVGS Navigator Holdings Ltd. | 0.64% | 50,000 | $967K | New |
| KKR KKR & Co. Inc. | 0.63% | 10,219 | $945K | Add +12.3% |
| MLM Martin Marietta Materials | 0.58% | 1,491 | $878K | Add +15.1% |
| HUT Hut 8 Corp. | 0.53% | 17,143 | $804K | Reduce -77.4% |
| QXO Qxo Inc. | 0.50% | 38,700 | $752K | New |
| HPP Hudson Pacific Properties Inc. | 0.47% | 118,925 | $703K | New |
| SEG Seaport Entertainment Group | 0.46% | 32,300 | $694K | No change |
| MT Arcelormittal-NY Registered | 0.45% | 12,888 | $670K | Reduce -13.4% |
| AMR Alpha Metallurgical Resource | 0.42% | 3,077 | $632K | Reduce -44.9% |
| CE Celanese Corp. | 0.41% | 9,300 | $612K | New |
| ECHO Echostar Corp. Class A | 0.38% | 4,946 | $579K | Reduce -42.5% |
| SHIP Seanergy Maritime Holdings | 0.34% | 39,559 | $511K | New |
| OLN Olin Corp. | 0.32% | 16,309 | $485K | Reduce -64.3% |
| BTU Peabody Energy Corp. | 0.31% | 14,312 | $472K | Reduce -37.1% |
| WLK Westlake Corp. | 0.30% | 3,802 | $444K | Reduce -67.5% |
| OC Owens Corning | 0.26% | 3,590 | $389K | New |
| WH Wyndham Hotels & Resorts Inc. | 0.25% | 4,647 | $377K | Add +14.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.23% | 710 | $340K | Reduce -10.1% |
| CLF Cleveland-Cliffs Inc. | 0.22% | 39,613 | $335K | Add +38.9% |
| CZR Caesars Entertainment Inc. | 0.22% | 12,653 | $334K | Reduce -42.3% |
| LEN.B Lennar Corp. Class B | 0.21% | 3,717 | $313K | Add +16.2% |
| WFG West Fraser Timber Co. Ltd. | 0.20% | 4,676 | $305K | Reduce -40.8% |
| TEN Tsakos Energy Navigation Ltd. | 0.15% | 5,691 | $225K | Reduce -83.3% |
Options reported separately and not counted above: SPY puts ($84.5M), HYG puts ($19.9M), QQQ puts ($17.3M), TRMD calls ($5.2M), DHT calls ($4.9M), HAFN calls ($2.3M), BWA calls ($1.5M), CMBT calls ($1.4M).
Portfolio Sells Q4 2025 → Q1 2026
| INSW International Seaways Inc. | Reduce -80.1% | 1.19% | −3.38 |
| GNK Genco Shipping & Trading Ltd. | Reduce -69.4% | 1.29% | −2.65 |
| HUT Hut 8 Corp. | Reduce -77.4% | 0.53% | −2.12 |
| NXRT Nexpoint Residential | Reduce -21.8% | 2.25% | −1.72 |
| HCC Warrior Met Coal Inc. | Reduce -24.6% | 3.46% | −1.51 |
| CENX Century Aluminum Company | Reduce -57.7% | 1.77% | −1.42 |
| NLOP Net Lease Office Property | Sold out | 0.00% | −1.33 |
| NMM Navios Maritime Partners LP | Reduce -39.8% | 2.59% | −1.24 |
| NBIS Nebius Group NV | Reduce -47.2% | 1.61% | −1.21 |
| GLD SPDR Gold Shares | Reduce -38.5% | 1.18% | −0.84 |
| HAFN Hafnia Ltd. | Reduce -59.1% | 0.83% | −0.80 |
| GTX Garrett Motion Inc. | Reduce -19.5% | 2.20% | −0.80 |
| CORZ Core Scientific Inc. | Reduce -23.2% | 1.70% | −0.76 |
| DAC Danaos Corp. | Sold out | 0.00% | −0.51 |
| DHT DHT Holdings Inc. | Reduce -48.6% | 0.92% | −0.45 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.44 |
| FRO Frontline PLC | Reduce -45.8% | 1.37% | −0.44 |
| TEN Tsakos Energy Navigation Ltd. | Reduce -83.3% | 0.15% | −0.43 |
| AMR Alpha Metallurgical Resource | Reduce -44.9% | 0.42% | −0.43 |
| OLN Olin Corp. | Reduce -64.3% | 0.32% | −0.40 |
| TDW Tidewater Inc. | Reduce -38.5% | 3.06% | −0.38 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.38 |
| WLK Westlake Corp. | Reduce -67.5% | 0.30% | −0.36 |
| ECHO Echostar Corp. Class A | Reduce -42.5% | 0.38% | −0.33 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.26 |
| BTU Peabody Energy Corp. | Reduce -37.1% | 0.31% | −0.20 |
| CDRE Cadre Holdings Inc. | Sold out | 0.00% | −0.19 |
| GSL Global Ship Lease Inc. Class A | Sold out | 0.00% | −0.17 |
| CMBT CMB Tech NV | Reduce -23.7% | 1.18% | −0.17 |
| CZR Caesars Entertainment Inc. | Reduce -42.3% | 0.22% | −0.17 |
| WFG West Fraser Timber Co. Ltd. | Reduce -40.8% | 0.20% | −0.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -10.1% | 0.23% | −0.08 |
| MT Arcelormittal-NY Registered | Reduce -13.4% | 0.45% | −0.07 |
| TROX Tronox Holdings PLC | Sold out | 0.00% | −0.06 |
| ASC Ardmore Shipping Corp. | Reduce -18.2% | 3.03% | +0.09 |
| STNG Scorpio Tankers Inc. | Reduce -6.1% | 1.31% | +0.22 |
| VAL Valaris Ltd. | Reduce -8.4% | 1.11% | +0.40 |
Portfolio Buys Q4 2025 → Q1 2026
| DEI Douglas Emmett Inc. | New | 2.73% | +2.73 |
| VNO Vornado Realty Trust | Add +1040.7% | 2.46% | +2.15 |
| CIFR Cipher Digital Inc. | New | 1.76% | +1.76 |
| WULF Terawulf Inc. | Add +21.4% | 6.59% | +1.64 |
| ECO Okeanis Eco Tankers Corp. | Add +561.0% | 1.79% | +1.58 |
| HSHP Himalaya Shipping Ltd. | New | 1.45% | +1.45 |
| CLSK Cleanspark Inc. | New | 1.44% | +1.44 |
| COMP Compass Inc. Class A | New | 1.32% | +1.32 |
| SBLK Star Bulk Carriers Corp. | Add +19.1% | 6.57% | +1.29 |
| FBIN Fortune Brands Innovations I | New | 1.25% | +1.25 |
| METC Ramaco Resources Inc. Class A | New | 1.21% | +1.21 |
| TLN Talen Energy Corp. | Add +130.3% | 2.81% | +1.17 |
| LEN Lennar Corp. Class A | New | 1.10% | +1.10 |
| BLDR Builders Firstsource Inc. | New | 1.08% | +1.08 |
| TRMD Torm PLC-A | Add +0.8% | 4.60% | +0.93 |
| NVGS Navigator Holdings Ltd. | New | 0.64% | +0.64 |
| RIG Transocean Ltd. | Add +17.0% | 1.50% | +0.58 |
| CNR Core Natural Resources Inc. | Add +8.6% | 5.15% | +0.56 |
| QXO Qxo Inc. | New | 0.50% | +0.50 |
| ALX Alexander's Inc. | Add +31.6% | 2.49% | +0.49 |
| HPP Hudson Pacific Properties Inc. | New | 0.47% | +0.47 |
| CE Celanese Corp. | New | 0.41% | +0.41 |
| SHIP Seanergy Maritime Holdings | New | 0.34% | +0.34 |
| OC Owens Corning | New | 0.26% | +0.26 |
| TNK Teekay Tankers Ltd. Class A | Add +2.1% | 1.15% | +0.21 |
| EXP Eagle Materials Inc. | Add +31.9% | 1.50% | +0.08 |
| WH Wyndham Hotels & Resorts Inc. | Add +14.8% | 0.25% | +0.02 |
| LEN.B Lennar Corp. Class B | Add +16.2% | 0.21% | −0.02 |
| MLM Martin Marietta Materials | Add +15.1% | 0.58% | −0.03 |
| CLF Cleveland-Cliffs Inc. | Add +38.9% | 0.22% | −0.07 |
| SHW The Sherwin-Williams Co. | Add +5.3% | 1.99% | −0.20 |
| KKR KKR & Co. Inc. | Add +12.3% | 0.63% | −0.25 |
| FCNCA First Citizens Bcshs Class A | Add +18.7% | 3.13% | −0.31 |
| JBGS JBG Smith Properties | Add +17.2% | 4.39% | −0.60 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +30.0% | 130,000 | $84.5M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 250,000 | $19.9M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 30,000 | $17.3M |
| TRMD Torm PLC-A | call | New | 185,400 | $5.2M |
| DHT DHT Holdings Inc. | call | New | 270,000 | $4.9M |
| SBLK Star Bulk Carriers Corp. | call | Sold out | 222,900 | $4.3Mbefore exit |
| HAFN Hafnia Ltd. | call | New | 299,900 | $2.3M |
| NUE Nucor Corp. | put | Sold out | 10,000 | $1.6Mbefore exit |
| BWA Borgwarner Inc. | call | New | 27,800 | $1.5M |
| CMBT CMB Tech NV | call | Add +123.8% | 114,600 | $1.4M |
| GNK Genco Shipping & Trading Ltd. | call | Sold out | 4,300 | $79Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.