Mercuria Capital Strategies, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 30, 2026), Mercuria Capital Strategies, LLC reported 21 stock positions worth $162.9 million. Its top holding was Sharonai (SHAZ) at 39.9% of the portfolio, followed by Bain Capital GSS Inv- A (BCSS, 9.7%) and Freeport-McMoran (FCX, 7.5%). Compared with Q1 2026, it opened 4 new positions, sold out of 7 and added to 1. The biggest buy was a new position in Sharonai (SHAZ) and the biggest sale an exit from Teekay Tankers Class A (TNK).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0002048079
Portfolio Value
$162.9M (Q2 2026)
SEC Filing
0002048079-26-000016 ↗ filed Jul 30, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q4 2024: $266.6M Q4 2024 Q1 2025: $82.6M Q1 2025 Q2 2025: $373.7M Q2 2025 Q3 2025: $75.9M Q3 2025 Q4 2025: $176.0M Q4 2025 Q1 2026: $261.1M Q1 2026 Q2 2026: $162.9M $162.9M Q2 2026

Holdings 21 stocks · $162.9M
SHAZ Sharonai Holdings Inc. 39.87% 767,333 $65.0M New
BCSS Bain Capital GSS Inv- A 9.74% 1,545,878 $15.9M No change
FCX Freeport-McMoran Inc. 7.50% 194,370 $12.2M New
PALOU Paloma Acquisition Corp. I 6.19% 1,000,000 $10.1M No change
ALUB Alussa Energy Acquisit II-A 6.16% 1,000,000 $10.0M No change
DMII Drugs Made in America Acquis 4.63% 750,000 $7.5M No change
ANSC Agriculture & Natural Soluti 3.50% 500,000 $5.7M No change
IPCX Inflection Point Acquisiti-A 3.39% 535,000 $5.5M No change
GSRF GSR IV Acquisition Corp. Class A 3.12% 500,000 $5.1M No change
GIW GIGCAPITAL8 Corp. Class A 3.09% 500,000 $5.0M No change
STRL Sterling Infrastructure Inc. 2.64% 5,127 $4.3M New
TVA Texas Ventures Acquisition-A 2.25% 347,500 $3.7M No change
TACO Berto Acquisition Corp. 1.74% 270,908 $2.8M No change
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 1.57% 250,000 $2.6M No change
PAII Pyrophyte Acquisition Corp. Class A 1.56% 250,000 $2.5M No change
SBXE Silverbox Corp. V Class A 1.54% 250,000 $2.5M No change
CWEN Clearway Energy Inc. Class C 0.78% 37,130 $1.3M New
GMTL Guardian Metal Resources 0.58% 67,984 $952K Add +4.6%
CEPF Cantor Equity Partners Class A 0.06% 9,503 $99K No change
CCIX Churchill Capital Corp. Ix 0.06% 8,762 $95K No change
CCXI Churchill Capital Corp. Class A 0.01% 1,000 $17K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $109K (not counted above)
SecurityClassShares / PrincipalValueChange
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 750,000$60KNo change
GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 187,500$49KNo change

Total filed on the 13F, all lines: $163.1M.

Portfolio Sells Q1 2026 → Q2 2026
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −49.95
LYB Lyondellbasell Indu Class A Sold out 0.00% −12.56
VG Venture Global Inc. Class A Sold out 0.00% −3.50
VIXY Proshares Vix Short-Term Fut Sold out 0.00% −1.97
GLP Global Partners LP Sold out 0.00% −1.33
DSX Diana Shipping Inc. Sold out 0.00% −0.25
CAEP Cantor Equity Partners III-A Sold out 0.00% −0.04

Portfolio Buys Q1 2026 → Q2 2026
SHAZ Sharonai Holdings Inc. New 39.87% +39.87
FCX Freeport-McMoran Inc. New 7.50% +7.50
STRL Sterling Infrastructure Inc. New 2.64% +2.64
CWEN Clearway Energy Inc. Class C New 0.78% +0.78
GMTL Guardian Metal Resources Add +4.6% 0.58% +0.15

Notes & Other Activity Q1 2026 → Q2 2026
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 Sold out 309,175 $192Kbefore exit
ALUB.WS Alussa Energy Acquisition-30 *W EXP 99/99/999 Sold out 333,333 $120Kbefore exit
SBXE.WS Silverbox Corp. V *W EXP 09/16/203 Sold out 83,333 $28Kbefore exit
NSTR.WS Viking Acquisition Corp. I *W EXP 11/03/203 Sold out 83,333 $26Kbefore exit
CCXIW Churchill Capital Corp. Xi *W EXP 12/10/203 Sold out 100 $75before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 21$162.9MSHAZ, BCSS, FCX, PALOU, ALUB
Q1 2026 24$261.1MTNK, LYB, BCSS, ALUB, PALOU
Q4 2025Amended 27$176.0MTNK, BCSS, GIGACLOUD TECHNOLOGY INC, ALUB.U, EQT
Q3 2025 10$75.9MSPY, EQT, DK, CAT, CMI
Q2 2025 10$373.7MSPY, EQT, WMB, VST, EXE
Q1 2025 6$82.6MEQT, EXE, HCC, TLN, WESTLAKE CORPORATION
Q4 2024 12$266.6MCNX, EXE, EQT, ET, AR