In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nokomis Capital, L.L.C. reported 46 stock positions worth $346.7 million . Its top holding was I-80 Gold (IAUX) at 9.6% of the portfolio, followed by SS SPDR Dow Jones Indus Avg (DIA, 7.2% ) and MGM Resorts International (MGM, 6.8% ). Compared with Q3 2025, it opened 9 new positions, sold out of 7, added to 11 and reduced 11. The biggest buy was a new position in SS SPDR Dow Jones Indus Avg (DIA) and the biggest sale Roman DBDR Acquisition (DRDB, shares −81% ).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $346.7M (Q4 2025) Holdings 46 stocks · $346.7M 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 2025 IAUX I-80 Gold Corp. 22,870,369 $33.4M Reduce -0.2% DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 52,218 $25.1M New MGM MGM Resorts International 648,387 $23.7M Reduce -1.5% HBM Hudbay Minerals Inc. 868,230 $17.2M No change GDX Vaneck Gold Miners ETF 199,551 $17.1M Reduce -10.5% NGD New Gold Inc. 1,872,682 $16.3M Reduce -0.8% NXE Nexgen Energy Ltd. 1,598,948 $14.7M Add +7.5% CDE Coeur Mining Inc. 728,171 $13.0M No change BZH Beazer Homes USA Inc. 626,394 $12.7M Add +33.4% AR Antero Resources Corp. 335,208 $11.6M No change SPPP Sprott Physical Platinum And 682,500 $11.5M Add +26.1% SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 619,747 $10.5M Add +65.7% GFR Greenfire Resources Ltd. 2,113,249 $10.1M Add +81.9% PSLV Sprott Physical Silver Trust 419,082 $9.9M Reduce -21.1% GDXJ Vaneck Junior Gold Miners 86,315 $9.8M No change HNRG Hallador Energy Co. 497,531 $9.5M Add +37.2% KREF KKR Real Estate Finance Trus 1,091,820 $9.0M Add +136.4% CTRA Coterra Energy Inc. 324,717 $8.5M Add +4.6% DC Dakota Gold Corp. 1,480,885 $8.4M New SILJ Amplify Junior Silver Miners 258,634 $7.2M Reduce -25.2% OSISKO DEVELOPMENT CORP 2,000,000 $7.0M No change VZLA Vizsla Silver Corp. 1,143,852 $6.3M No change APLE Apple Hospitality REIT Inc. 479,576 $5.7M New ACR Acres Commercial Realty Corp. 224,973 $4.8M Reduce -3.1% SDRL Seadrill Limited 124,431 $4.3M Reduce -55.9% GLD SPDR Gold Shares 9,517 $3.8M Add +66.5% TRTX TPG Re Finance Trust Inc. 389,074 $3.3M No change FEIM Frequency Electronics Inc. 57,617 $3.1M Reduce -38.8% CNTY Century Casinos Inc. 2,179,575 $2.9M No change LAD Lithia Motors Inc. 8,172 $2.7M New LWLG Lightwave Logic Inc. 750,000 $2.4M New OTGA Otg Acquisition Corp. I Class A 235,030 $2.4M Reduce -44.2% MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 134,419 $2.3M Add +47.3% SBSW Sibanye-Stillwater Ltd.-ADR 150,100 $2.1M No change PK Park Hotels & Resorts Inc. 203,524 $2.1M New AGI Alamos Gold Inc. Class A 48,405 $1.9M No change CRGY Crescent Energy Inc. Class A 217,903 $1.8M No change PPTA Perpetua Resources Corp. 62,033 $1.5M No change MNR Mach Natural Resources LP 134,780 $1.5M No change DRDB Roman DBDR Acquisition Corp. 130,026 $1.4M Reduce -80.9% BBWI Bath & Body Works Inc. 59,017 $1.2M New SOC Sable Offshore Corp. 83,005 $749K No change ARKR ARK Restaurants Corp. 107,327 $720K Add +416.7% OVV Ovintiv Inc. 18,200 $713K New CGAU Centerra Gold Inc. 40,818 $587K No change EWZ iShares MSCI Brazil ETF 15,600 $496K New
Options reported separately and not counted above: SLV calls ($15.1M), CRDO puts ($10.7M), QQQ puts ($10.1M), NVDA puts ($8.0M), GLD calls ($7.9M), EOSE puts ($5.0M), ASTS puts ($3.9M), GDX calls ($1.7M), IBIT calls ($298K), SOUN puts ($244K), GDXJ calls ($148K), SILJ calls ($58K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $12.4M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 12,999,999 $12.2M No change DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 165,317 $101K Reduce -55.8% OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 117,515 $38K Reduce -44.2% MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $3K No change
Total filed on the 13F, all lines: $359.1M.
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 ▲ DRDB Roman DBDR Acquisition Corp. Reduce -80.9% 0.39% −2.15 SDRL Seadrill Limited Reduce -55.9% 1.24% −1.84 MGM MGM Resorts International Reduce -1.5% 6.82% −1.43 C Citigroup Inc. Sold out 0.00% −1.31 GDX Vaneck Gold Miners ETF Reduce -10.5% 4.94% −1.23 OTGA Otg Acquisition Corp. I Class A Reduce -44.2% 0.68% −0.86 SILJ Amplify Junior Silver Miners Reduce -25.2% 2.06% −0.83 AAPL Apple Inc. Sold out 0.00% −0.73 SLV iShares Silver Trust Sold out 0.00% −0.65 AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.62 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.51 ACR Acres Commercial Realty Corp. Reduce -3.1% 1.38% −0.39 FEIM Frequency Electronics Inc. Reduce -38.8% 0.89% −0.26 NGD New Gold Inc. Reduce -0.8% 4.70% −0.20 PSLV Sprott Physical Silver Trust Reduce -21.1% 2.86% −0.16 XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.14 EEM iShares MSCI Emerging Market Sold out 0.00% −0.12 IAUX I-80 Gold Corp. Reduce -0.2% 9.63% +1.70
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 ▼ DIA SS SPDR Dow Jones Indus Avg New 7.24% +7.24 DC Dakota Gold Corp. New 2.43% +2.43 APLE Apple Hospitality REIT Inc. New 1.64% +1.64 KREF KKR Real Estate Finance Trus Add +136.4% 2.59% +1.08 GFR Greenfire Resources Ltd. Add +81.9% 2.90% +0.96 LAD Lithia Motors Inc. New 0.78% +0.78 LWLG Lightwave Logic Inc. New 0.70% +0.70 SPPP Sprott Physical Platinum And Add +26.1% 3.31% +0.65 PK Park Hotels & Resorts Inc. New 0.61% +0.61 GLD SPDR Gold Shares Add +66.5% 1.09% +0.35 BBWI Bath & Body Works Inc. New 0.34% +0.34 OVV Ovintiv Inc. New 0.21% +0.21 SHOE Shoe Station Group Inc. Add +65.7% 3.02% +0.20 HNRG Hallador Energy Co. Add +37.2% 2.73% +0.16 ARKR ARK Restaurants Corp. Add +416.7% 0.21% +0.15 EWZ iShares MSCI Brazil ETF New 0.14% +0.14 MLP Maui Land & Pineapple Co. Add +47.3% 0.66% +0.04 CTRA Coterra Energy Inc. Add +4.6% 2.46% −0.19 BZH Beazer Homes USA Inc. Add +33.4% 3.66% −0.51 NXE Nexgen Energy Ltd. Add +7.5% 4.24% −0.58
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SLV iShares Silver Trust call Reduce -44.7% 234,000 $15.1M CRDO Credo Technology Group Holdi put Add +1303.8% 74,400 $10.7M QQQ Invesco QQQ Trust Series 1 put Reduce -65.8% 16,500 $10.1M NVDA Nvidia Corp. put Add +56.9% 43,000 $8.0M GLD SPDR Gold Shares call Reduce -77.5% 20,000 $7.9M EOSE Eos Energy Enterprises Inc. put Reduce -7.5% 439,800 $5.0M ASTS Ast Spacemobile Inc. put Add +155.7% 54,200 $3.9M CHPT Chargepoint Holdings Inc. put Sold out 46,100 $503Kbefore exit SOUN Soundhound AI Inc. Class A put Add +11.9% 24,500 $244K GDXJ Vaneck Junior Gold Miners call New 1,300 $148K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 Reduce -55.8% 165,317 $101K OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 Reduce -44.2% 117,515 $38K
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