In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Nokomis Capital, L.L.C. reported 44 stock positions worth $216.7 million . Its top holding was Caleres (CAL) at 8.5% of the portfolio, followed by MGM Resorts International (MGM, 6.7% ) and Landsea Homes (LSEA, 6.4% ). Compared with Q3 2024, it opened 9 new positions, sold out of 9, added to 11 and reduced 14. The biggest buy was a new position in Caleres (CAL) and the biggest sale Applied Digital (APLD, shares −82% ).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $216.7M (Q4 2024) Holdings 44 stocks · $216.7M 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 2024 CAL Caleres Inc. 791,713 $18.3M New MGM MGM Resorts International 421,214 $14.6M Reduce -0.0% LSEA Landsea Homes Corp. 1,643,572 $14.0M Add +51.5% MAG Mag Silver Corp. 885,043 $12.0M No change GDX Vaneck Gold Miners ETF 330,726 $11.2M Reduce -15.1% SDRL Seadrill Limited 275,066 $10.7M Add +10.3% NGD New Gold Inc. 4,147,296 $10.3M Add +203.8% BZH Beazer Homes USA Inc. 312,545 $8.6M Reduce -23.2% NXE Nexgen Energy Ltd. 1,248,548 $8.2M No change GFR Greenfire Resources Ltd. 1,161,725 $8.2M Reduce -2.0% AEM Agnico Eagle Mines Ltd. 102,465 $8.0M Reduce -3.1% CNTY Century Casinos Inc. 2,296,939 $7.4M No change DRDBU Roman DBDR Acquisition Corp. 733,600 $7.3M New MEC Mayville Engineering Co. Inc. 449,792 $7.1M Add +270.0% AR Antero Resources Corp. 166,900 $5.8M Add +33.8% HBM Hudbay Minerals Inc. 709,312 $5.7M Add +16.6% C Citigroup Inc. 63,991 $4.5M New ACR Acres Commercial Realty Corp. 264,597 $4.3M Add +1.1% SILJ Amplify Junior Silver Miners 417,847 $4.1M No change GDXJ Vaneck Junior Gold Miners 92,515 $4.0M No change APLD Applied Digital Corp. 494,482 $3.8M Reduce -82.2% SPPP Sprott Physical Platinum And 412,923 $3.7M Add +15.9% MNR Mach Natural Resources LP 213,253 $3.7M No change NMM Navios Maritime Partners LP 82,328 $3.6M Reduce -6.1% AGI Alamos Gold Inc. Class A 185,380 $3.4M No change TXO Txo Partners LP 163,812 $2.8M Reduce -0.1% GLD SPDR Gold Shares 11,267 $2.7M Add +54.4% IBIT iShares Bitcoin Trust ETF 51,100 $2.7M New MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 91,270 $2.0M No change SOC Sable Offshore Corp. 83,005 $1.9M No change FEIM Frequency Electronics Inc. 96,009 $1.8M New KRP Kimbell Royalty Partners LP 109,470 $1.8M Reduce -5.7% TRTX TPG Re Finance Trust Inc. 204,673 $1.7M Add +17.2% CRGY Crescent Energy Inc. Class A 107,525 $1.6M Reduce -81.5% CGAU Centerra Gold Inc. 141,783 $807K Reduce -6.4% URNM Sprott Uranium Miners ETF 19,662 $793K No change PPTA Perpetua Resources Corp. 62,033 $662K Reduce -36.5% SQNS Sequans Communications S A 187,114 $653K New CDZI Cadiz Inc. 120,000 $624K New PSLV Sprott Physical Silver Trust 53,700 $518K Add +42.1% TOL Toll Brothers Inc. 4,100 $516K New SKE Skeena Resources Ltd. 24,157 $211K Reduce -28.1% RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC 41,655 $191K Reduce -17.3% XPER Xperi Inc. 17,234 $177K New
Options reported separately and not counted above: SPY puts ($24.5M), GLD calls ($19.7M), SLV calls ($7.8M), APLD calls ($3.4M), GDXJ calls ($1.8M), EOSE puts ($1.8M), SILJ calls ($1.5M), NMM calls ($1.3M), GDX calls ($1.3M), DM puts ($531K), GDX puts ($254K), BRC INC-A puts ($77K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $4K (not counted above) Security Class Shares / Principal Value Change MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $4K New
Total filed on the 13F, all lines: $216.7M.
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ APLD Applied Digital Corp. Reduce -82.2% 1.74% −8.50 GSL Global Ship Lease Inc. Class A Sold out 0.00% −2.45 BZH Beazer Homes USA Inc. Reduce -23.2% 3.96% −2.26 CRGY Crescent Energy Inc. Class A Reduce -81.5% 0.72% −2.11 GDX Vaneck Gold Miners ETF Reduce -15.1% 5.18% −1.76 ARCH Arch Resources Inc. Sold out 0.00% −1.40 VST Vistra Corp. Sold out 0.00% −1.15 ROCLU Roth CH Acquisition V Co. Sold out 0.00% −1.06 NFE New Fortress Energy Inc. Sold out 0.00% −0.88 AEAEU Altenergy Acquisition Corp. Sold out 0.00% −0.84 NMM Navios Maritime Partners LP Reduce -6.1% 1.64% −0.81 MGM MGM Resorts International Reduce -0.0% 6.74% −0.63 ET Energy Transfer LP Sold out 0.00% −0.38 SEQUANS COMMUNICATIONS S A Sold out 0.00% −0.28 LAZYDAYS HLDGS INC Sold out 0.00% −0.25 TXO Txo Partners LP Reduce -0.1% 1.27% −0.18 GFR Greenfire Resources Ltd. Reduce -2.0% 3.79% −0.16 CGAU Centerra Gold Inc. Reduce -6.4% 0.37% −0.11 AEM Agnico Eagle Mines Ltd. Reduce -3.1% 3.70% −0.11 PPTA Perpetua Resources Corp. Reduce -36.5% 0.31% −0.10 RILY BRC Group Holdings Inc. Reduce -17.3% 0.09% −0.03 SKE Skeena Resources Ltd. Reduce -28.1% 0.10% −0.03 KRP Kimbell Royalty Partners LP Reduce -5.7% 0.82% −0.02
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ CAL Caleres Inc. New 8.46% +8.46 DRDBU Roman DBDR Acquisition Corp. New 3.38% +3.38 NGD New Gold Inc. Add +203.8% 4.75% +2.99 MEC Mayville Engineering Co. Inc. Add +270.0% 3.26% +2.12 C Citigroup Inc. New 2.08% +2.08 IBIT iShares Bitcoin Trust ETF New 1.25% +1.25 AR Antero Resources Corp. Add +33.8% 2.70% +1.10 FEIM Frequency Electronics Inc. New 0.82% +0.82 SDRL Seadrill Limited Add +10.3% 4.94% +0.51 GLD SPDR Gold Shares Add +54.4% 1.26% +0.47 LSEA Landsea Homes Corp. Add +51.5% 6.44% +0.45 SQNS Sequans Communications S A New 0.30% +0.30 CDZI Cadiz Inc. New 0.29% +0.29 TOL Toll Brothers Inc. New 0.24% +0.24 HBM Hudbay Minerals Inc. Add +16.6% 2.65% +0.15 ACR Acres Commercial Realty Corp. Add +1.1% 1.97% +0.14 TRTX TPG Re Finance Trust Inc. Add +17.2% 0.80% +0.14 SPPP Sprott Physical Platinum And Add +15.9% 1.69% +0.13 XPER Xperi Inc. New 0.08% +0.08 PSLV Sprott Physical Silver Trust Add +42.1% 0.24% +0.06
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -14.0% 41,800 $24.5M GLD SPDR Gold Shares call Reduce -2.0% 81,200 $19.7M SLV iShares Silver Trust call Reduce -41.8% 294,400 $7.8M APLD Applied Digital Corp. call Add +337.6% 442,400 $3.4M EOSE Eos Energy Enterprises Inc. put New 362,900 $1.8M NMM Navios Maritime Partners LP call New 31,000 $1.3M GDX Vaneck Gold Miners ETF call Reduce -15.1% 38,300 $1.3M AEM Agnico Eagle Mines Ltd. call Sold out 4,700 $379Kbefore exit GDX Vaneck Gold Miners ETF put New 7,500 $254K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 New 30,093 $4K MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 · principal Sold out 30,093 $3Kbefore exit
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 Amended 44 $261.9M IAUX, CDE, OGC, HBM, LAD Q1 2026 43 $318.3M IAUX, CDE, LAD, DIA, MGM Q4 2025 46 $346.7M IAUX, DIA, MGM, HBM, GDX Q3 2025 44 $276.2M MGM, IAUX, GDX, CDE, NGD Q2 2025 41 $238.7M MGM, IAUX, SDRL, GDX, BZH Q1 2025 46 $231.8M MGM, CAL, SDRL, MAG, GDX Q4 2024 44 $216.7M CAL, MGM, LSEA, MAG, GDX Q3 2024 44 $223.7M APLD, MGM, GDX, BZH, LSEA Q2 2024 43 $209.4M APLD, GDX, SDRL, BZH, LSEA Q1 2024 38 $226.5M APLD, VST, GSL, LSEA, OEC