Mercuria Capital Strategies, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), Mercuria Capital Strategies, LLC reported 24 stock positions worth $261.1 million . Its top holding was Teekay Tankers Class A (TNK) at 49.9% of the portfolio, followed by Lyondellbasell Indu Class A (LYB, 12.6% ) and Bain Capital GSS Inv- A (BCSS, 6.0% ). Compared with Q4 2025, it opened 9 new positions, sold out of 10, added to 2 and reduced 1. The biggest buy was Teekay Tankers Class A (TNK, shares +45% ) and the biggest sale an exit from Gigacloud Technology .
Location HOUSTON, TX
CIK 0002048079
Portfolio Value $261.1M (Q1 2026) Holdings 24 stocks · $261.1M 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 Q4 2025 TNK Teekay Tankers Ltd. Class A 1,778,956 $130.4M Add +44.8% LYB Lyondellbasell Indu Class A 407,122 $32.8M New BCSS Bain Capital GSS Inv- A 1,545,878 $15.6M No change ALUB Alussa Energy Acquisit II-A 1,000,000 $10.0M No change PALOU Paloma Acquisition Corp. I 1,000,000 $10.0M New VG Venture Global Inc. Class A 580,046 $9.1M New DMII Drugs Made in America Acquis 750,000 $7.5M New ANSC Agriculture & Natural Soluti 500,000 $5.6M No change IPCX Inflection Point Acquisiti-A 535,000 $5.5M New VIXY Proshares Vix Short-Term Fut 150,000 $5.2M New GSRF GSR IV Acquisition Corp. Class A 500,000 $5.0M No change GIW GIGCAPITAL8 Corp. Class A 500,000 $5.0M No change TVA Texas Ventures Acquisition-A 347,500 $3.6M Reduce -30.5% GLP Global Partners LP 82,357 $3.5M New TACO Berto Acquisition Corp. 270,908 $2.8M No change PAII Pyrophyte Acquisition Corp. Class A 250,000 $2.5M No change NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 250,000 $2.5M New SBXE Silverbox Corp. V Class A 250,000 $2.5M No change GMTL Guardian Metal Resources 65,000 $1.1M New DSX Diana Shipping Inc. 261,581 $654K Add +395.7% CAEP Cantor Equity Partners III-A 9,597 $99K No change CEPF Cantor Equity Partners Class A 9,503 $97K No change CCIX Churchill Capital Corp. Ix 8,762 $94K No change CCXI Churchill Capital Corp. Class A 1,000 $10K No change
Other holdings (7): bonds, preferreds, convertibles and warrants · $482K (not counted above) Security Class Shares / Principal Value Change BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 309,175 $192K New ALUB.WS Alussa Energy Acquisition-30 *W EXP 99/99/999 333,333 $120K No change DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 750,000 $60K New GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 187,500 $56K Add +200.0% SBXE.WS Silverbox Corp. V *W EXP 09/16/203 83,333 $28K No change NSTR.WS Viking Acquisition Corp. I *W EXP 11/03/203 83,333 $26K No change CCXIW Churchill Capital Corp. Xi *W EXP 12/10/203 100 $75 No change
Total filed on the 13F, all lines: $261.6M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ GIGACLOUD TECHNOLOGY INC Sold out 0.00% −5.99 EQT Eqt Corp. Sold out 0.00% −5.56 DMAA Drugs Made in America Acquis Sold out 0.00% −4.27 MRLN Merlin Inc. Sold out 0.00% −3.08 CAT Caterpillar Inc. Sold out 0.00% −3.06 VMC Vulcan Materials Co. Sold out 0.00% −2.85 TVA Texas Ventures Acquisition-A Reduce -30.5% 1.38% −1.64 CORZ Core Scientific Inc. Sold out 0.00% −1.54 CX Cemex Sab-Spons ADR Part Cer Sold out 0.00% −1.49 ACA Arcosa Inc. Sold out 0.00% −1.40 SEI Solaris Energy Infrastructur Sold out 0.00% −0.84
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ TNK Teekay Tankers Ltd. Class A Add +44.8% 49.95% +12.67 LYB Lyondellbasell Indu Class A New 12.56% +12.56 PALOU Paloma Acquisition Corp. I New 3.82% +3.82 VG Venture Global Inc. Class A New 3.50% +3.50 DMII Drugs Made in America Acquis New 2.86% +2.86 IPCX Inflection Point Acquisiti-A New 2.09% +2.09 VIXY Proshares Vix Short-Term Fut New 1.97% +1.97 GLP Global Partners LP New 1.33% +1.33 NSTR Northstar Earth & Space Ente New 0.95% +0.95 GMTL Guardian Metal Resources New 0.44% +0.44 DSX Diana Shipping Inc. Add +395.7% 0.25% +0.20
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 New 309,175 $192K DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 New 750,000 $60K GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 Add +200.0% 187,500 $56K
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