Mercuria Capital Strategies, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Mercuria Capital Strategies, LLC reported 27 stock positions worth $176.0 million . Its top holding was Teekay Tankers Class A (TNK) at 37.3% of the portfolio, followed by Bain Capital GSS Inv- A (BCSS, 9.0% ) and Gigacloud Technology (6.0% ). Compared with Q3 2025, it opened 24 new positions, sold out of 7 and reduced 3. The biggest buy was a new position in Teekay Tankers Class A (TNK) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
Location HOUSTON, TX
CIK 0002048079
Portfolio Value $176.0M (Q4 2025) Holdings 27 stocks · $176.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 TNK Teekay Tankers Ltd. Class A 1,228,294 $65.6M New BCSS Bain Capital GSS Inv- A 1,545,878 $15.8M New GIGACLOUD TECHNOLOGY INC 1,000,000 $10.5M New ALUB.U Alussa Energy Acquisition Co. 1,000,000 $10.1M New EQT Eqt Corp. 182,465 $9.8M Reduce -3.6% DMAA Drugs Made in America Acquis 750,000 $7.5M New ANSC Agriculture & Natural Soluti 500,000 $5.6M New MRLN Merlin Inc. filed as INFLECTION POINT ACQUISITION 535,000 $5.4M New CAT Caterpillar Inc. 9,410 $5.4M Reduce -35.1% TVA Texas Ventures Acquisition-A 500,000 $5.3M New VMC Vulcan Materials Co. 17,591 $5.0M New GSRF GSR IV Acquisition Corp. Class A 500,000 $5.0M New GIW GIGCAPITAL8 Corp. Class A 375,000 $3.7M New TACO Berto Acquisition Corp. 270,908 $2.7M New CORZ Core Scientific Inc. 186,643 $2.7M New CX Cemex Sab-Spons ADR Part Cer 228,102 $2.6M New VACI.U Viking Acquisitions Corp. I 250,000 $2.5M New PAII Pyrophyte Acquisition Corp. Class A 250,000 $2.5M New SBXE.U Silverbox Corp. V 250,000 $2.5M New ACA Arcosa Inc. 23,192 $2.5M New SEI Solaris Energy Infrastructur 32,038 $1.5M Reduce -62.3% GIWWU GIGCAPITAL8 Corp. 125,000 $1.3M New CAEP Cantor Equity Partners III-A 9,597 $98K New CEPF Cantor Equity Partners Class A 9,503 $98K New CCIX Churchill Capital Corp. Ix 8,762 $93K New DSX Diana Shipping Inc. 52,770 $88K New CCXIU Churchill Capital Corp. Xi 1,000 $10K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $19K (not counted above) Security Class Shares / Principal Value Change GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 62,500 $19K New
Total filed on the 13F, all lines: $176.1M.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −33.35 DK Delek US Holdings Inc. Sold out 0.00% −11.53 CMI Cummins Inc. Sold out 0.00% −9.03 GNRC Generac Holdings Inc. Sold out 0.00% −9.03 EQT Eqt Corp. Reduce -3.6% 5.56% −8.02 CAT Caterpillar Inc. Reduce -35.1% 3.06% −6.05 PSIX Power Solutions Internationa Sold out 0.00% −6.02 SEI Solaris Energy Infrastructur Reduce -62.3% 0.84% −3.64 SHLS Shoals Technologies Group -A Sold out 0.00% −2.93 FTEK Fuel Tech Inc. Sold out 0.00% −0.95
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ TNK Teekay Tankers Ltd. Class A New 37.27% +37.27 BCSS Bain Capital GSS Inv- A New 8.97% +8.97 GIGACLOUD TECHNOLOGY INC New 5.99% +5.99 ALUB.U Alussa Energy Acquisition Co. New 5.74% +5.74 DMAA Drugs Made in America Acquis New 4.27% +4.27 ANSC Agriculture & Natural Soluti New 3.18% +3.18 MRLN Merlin Inc. New 3.08% +3.08 TVA Texas Ventures Acquisition-A New 3.02% +3.02 VMC Vulcan Materials Co. New 2.85% +2.85 GSRF GSR IV Acquisition Corp. Class A New 2.84% +2.84 GIW GIGCAPITAL8 Corp. Class A New 2.11% +2.11 TACO Berto Acquisition Corp. New 1.56% +1.56 CORZ Core Scientific Inc. New 1.54% +1.54 CX Cemex Sab-Spons ADR Part Cer New 1.49% +1.49 VACI.U Viking Acquisitions Corp. I New 1.43% +1.43 PAII Pyrophyte Acquisition Corp. Class A New 1.43% +1.43 SBXE.U Silverbox Corp. V New 1.43% +1.43 ACA Arcosa Inc. New 1.40% +1.40 GIWWU GIGCAPITAL8 Corp. New 0.72% +0.72 CAEP Cantor Equity Partners III-A New 0.06% +0.06 CEPF Cantor Equity Partners Class A New 0.06% +0.06 CCIX Churchill Capital Corp. Ix New 0.05% +0.05 DSX Diana Shipping Inc. New 0.05% +0.05 CCXIU Churchill Capital Corp. Xi New 0.01% +0.01
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 New 62,500 $19K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $162.9M SHAZ, BCSS, FCX, PALOU, ALUB Q1 2026 24 $261.1M TNK, LYB, BCSS, ALUB, PALOU Q4 2025 Amended 27 $176.0M TNK, BCSS, GIGACLOUD TECHNOLOGY INC, ALUB.U, EQT Q3 2025 10 $75.9M SPY, EQT, DK, CAT, CMI Q2 2025 10 $373.7M SPY, EQT, WMB, VST, EXE Q1 2025 6 $82.6M EQT, EXE, HCC, TLN, WESTLAKE CORPORATION Q4 2024 12 $266.6M CNX, EXE, EQT, ET, AR