Masters Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Masters Capital Management LLC reported 43 stock positions worth $723.1 million . Its top holding was Delta Air Lines (DAL) at 9.6% of the portfolio, followed by Mohawk Industries (MHK, 6.0% ) and Fluor (FLR, 6.0% ). Compared with Q3 2025, it opened 6 new positions, sold out of 6, added to 14 and reduced 5. The biggest buy was Mohawk Industries (MHK, shares +300% ) and the biggest sale an exit from Archer-Daniels-Midland (ADM).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $723.1M (Q4 2025) Holdings 43 stocks · $723.1M 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 DAL Delta Air Lines Inc. 1,000,000 $69.4M No change MHK Mohawk Industries Inc. 400,000 $43.7M Add +300.0% FLR Fluor Corp. 1,100,000 $43.6M Add +10.0% ASTS Ast Spacemobile Inc. 500,000 $36.3M No change REAL The Realreal Inc. filed as THE REALREAL INC 2,000,000 $31.6M Add +100.0% NOV Nov Inc. 2,000,000 $31.3M No change VYX NCR Voyix Corp. 3,000,000 $30.6M Add +42.9% UPS United Parcel Service Class B 300,000 $29.8M No change BCS Barclays PLC-Spons ADR 1,000,000 $25.4M No change HON Honeywell International Inc. 100,000 $19.5M New DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 3,000,000 $19.2M Add +150.0% EMN Eastman Chemical Co. 300,000 $19.1M Reduce -40.0% BWAY Brainsway Ltd.-ADR 1,000,000 $19.0M No change NXE Nexgen Energy Ltd. 2,000,000 $18.4M No change LION Lionsgate Studios Corp. 2,000,000 $18.3M No change PONY Pony AI Inc. 1,200,000 $17.4M Add +20.0% FTK Flotek Industries Inc. 1,000,000 $17.2M No change DNLI Denali Therapeutics Inc. 1,000,000 $16.5M Add +33.3% DOW Dow Inc. 700,000 $16.4M Add +40.0% BMY Bristol-Myers Squibb Co. 300,000 $16.2M Add +50.0% ENVX Enovix Corp. 2,000,000 $14.6M No change OLN Olin Corp. 700,000 $14.6M Add +27.3% CLF Cleveland-Cliffs Inc. 1,000,000 $13.3M Reduce -50.0% NOK Nokia Corp.-Spon ADR 2,000,000 $12.9M New BORR Borr Drilling Ltd. 2,900,000 $11.7M Reduce -3.3% AAUC Allied Gold Corp. 500,000 $11.4M New TLS Telos Corporation 2,100,000 $10.7M Add +5.0% EVTL Vertical Aerospace Ltd. 2,000,000 $10.7M New HUN Huntsman Corp. 1,000,000 $10.0M New GPRE Green Plains Inc. 1,000,000 $9.8M No change GSM Ferroglobe PLC 2,000,000 $9.3M No change AOMR Angel Oak Mortgage REIT Inc. 1,000,000 $8.6M No change CE Celanese Corp. 200,000 $8.5M Add +100.0% EVEX Eve Holding Inc. filed as EVE HLDG INC 2,100,000 $8.4M Reduce -31.1% ACHR Archer Aviation Inc. Class A 999,600 $7.5M Reduce -0.0% CELH Celsius Holdings Inc. 100,000 $4.6M New LUCD Lucid Diagnostics Inc. 4,000,000 $4.4M Add +0.0% RIG Transocean Ltd. 1,000,000 $4.1M No change UP Wheels Up Experience Inc. 5,000,000 $3.3M Add +400.0% PLUG Plug Power Inc. 1,000,000 $2.0M No change STIM Neuronetics Inc. 1,000,000 $1.4M No change SENS Senseonics Holdings Inc. 249,998 $1.4M No change NFE New Fortress Energy Inc. 1,000,000 $1.1M No change
Options reported separately and not counted above: UPS calls ($198.4M), GM calls ($162.6M), BABA calls ($146.6M), BA calls ($108.6M), HON calls ($97.5M), C calls ($81.7M), MET calls ($78.9M), SLB calls ($76.8M), INTC calls ($73.8M), DAL calls ($69.4M), IBM calls ($59.2M), EMN calls ($51.1M), and 21 more.
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 ▲ ADM Archer-Daniels-Midland Co. Sold out 0.00% −2.88 EMN Eastman Chemical Co. Reduce -40.0% 2.65% −2.42 VFC VF Corp. Sold out 0.00% −2.32 CLF Cleveland-Cliffs Inc. Reduce -50.0% 1.84% −2.08 PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −2.03 VALE Vale SA-SP ADR Sold out 0.00% −1.74 CRC California Resources Corp. Sold out 0.00% −1.71 DQ Daqo New Energy Corp.-ADR Sold out 0.00% −0.90 EVEX Eve Holding Inc. Reduce -31.1% 1.16% −0.71 ACHR Archer Aviation Inc. Class A Reduce -0.0% 1.04% −0.50 BORR Borr Drilling Ltd. Reduce -3.3% 1.62% +0.32
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 ▼ MHK Mohawk Industries Inc. Add +300.0% 6.05% +3.98 HON Honeywell International Inc. New 2.70% +2.70 REAL The Realreal Inc. Add +100.0% 4.36% +2.66 NOK Nokia Corp.-Spon ADR New 1.79% +1.79 AAUC Allied Gold Corp. New 1.58% +1.58 DCH Dauch Corporation Add +150.0% 2.66% +1.50 EVTL Vertical Aerospace Ltd. New 1.47% +1.47 HUN Huntsman Corp. New 1.38% +1.38 BMY Bristol-Myers Squibb Co. Add +50.0% 2.24% +0.79 CELH Celsius Holdings Inc. New 0.63% +0.63 DNLI Denali Therapeutics Inc. Add +33.3% 2.28% +0.53 CE Celanese Corp. Add +100.0% 1.17% +0.49 DOW Dow Inc. Add +40.0% 2.26% +0.42 UP Wheels Up Experience Inc. Add +400.0% 0.45% +0.16 VYX NCR Voyix Corp. Add +42.9% 4.23% −0.00 LUCD Lucid Diagnostics Inc. Add +0.0% 0.60% −0.05 OLN Olin Corp. Add +27.3% 2.02% −0.19 TLS Telos Corporation Add +5.0% 1.48% −0.72 FLR Fluor Corp. Add +10.0% 6.03% −0.73 PONY Pony AI Inc. Add +20.0% 2.41% −1.21
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 1,000,000 $666.2Mbefore exit UPS United Parcel Service Class B call Add +100.0% 2,000,000 $198.4M GM General Motors Co. call Add +100.0% 2,000,000 $162.6M BABA Alibaba Group Holding-SP ADR call Add +900.0% 1,000,000 $146.6M GILD Gilead Sciences Inc. call Sold out 1,000,000 $111.0Mbefore exit BA The Boeing Co. call New 500,000 $108.6M HON Honeywell International Inc. call New 500,000 $97.5M C Citigroup Inc. call Reduce -30.0% 700,000 $81.7M MET Metlife Inc. call New 1,000,000 $78.9M IBM Intl Business Machines Corp. call Reduce -60.0% 200,000 $59.2M XBI SS SPDR S&P Biotech ETF call Sold out 500,000 $50.1Mbefore exit BMY Bristol-Myers Squibb Co. call Sold out 1,000,000 $45.1Mbefore exit GLW Corning Inc. call Reduce -50.0% 500,000 $43.8M MRVL Marvell Technology Inc. call New 500,000 $42.5M ADM Archer-Daniels-Midland Co. call Sold out 700,000 $41.8Mbefore exit NUE Nucor Corp. call Sold out 300,000 $40.6Mbefore exit IP International Paper Co. call New 1,000,000 $39.4M NKE Nike Inc. Class B call New 500,000 $31.9M CLX Clorox Company call New 315,500 $31.8M EMN Eastman Chemical Co. put Sold out 500,000 $31.5Mbefore exit FLR Fluor Corp. call Sold out 700,000 $29.4Mbefore exit AA Alcoa Corp. call Reduce -75.0% 500,000 $26.6M MHK Mohawk Industries Inc. call Sold out 200,000 $25.8Mbefore exit HAL Halliburton Co. call Sold out 1,000,000 $24.6Mbefore exit APA Apa Corp. call New 1,000,000 $24.5M XOM Exxon Mobil Corp. call Reduce -33.3% 200,000 $24.1M YPF YPF S.A.-Sponsored ADR call New 620,000 $22.4M OLN Olin Corp. call Add +100.0% 1,000,000 $20.8M CE Celanese Corp. call New 469,200 $19.8M LYFT LYFT Inc. Class A call New 1,000,000 $19.4M FCX Freeport-McMoran Inc. call Reduce -62.0% 379,900 $19.3M RUN Sunrun Inc. call Sold out 1,000,000 $17.3Mbefore exit VFC VF Corp. call Sold out 1,000,000 $14.4Mbefore exit CLF Cleveland-Cliffs Inc. call New 1,000,000 $13.3M NOV Nov Inc. call Sold out 1,000,000 $13.3Mbefore exit PONY Pony AI Inc. call New 750,000 $10.9M REAL The Realreal Inc. call Sold out 1,000,000 $10.6Mbefore exit HTZ Hertz Global Hldgs Inc. call Sold out 1,000,000 $6.8Mbefore 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 42 $711.3M DAL, FLR, ASTS, NOV, VYX Q1 2026 44 $677.0M DAL, MHK, UPS, FLR, ASTS Q4 2025 43 $723.1M DAL, MHK, FLR, ASTS, REAL Q3 2025 43 $622.5M DAL, FLR, EMN, NOV, VYX Q2 2025 39 $519.3M FLR, DAL, UPS, NOV, ASTS Q1 2025 39 $472.1M DAL, FLR, AA, BCS, INTC Q4 2024 38 $586.1M DAL, FLR, AA, DB, BCS Q3 2024 36 $520.0M DAL, FLR, AA, DB, CLF Q2 2024 35 $558.6M DAL, FLR, AA, NOV, DB Q1 2024 38 $530.2M DAL, CLF, FLR, NOV, AA