Owl Creek Asset Management, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Owl Creek Asset Management, L.P. reported 20 stock positions worth $613.5 million . Its top holding was Anterix (ATEX) at 32.3% of the portfolio, followed by P G & E (PCG, 16.0% ) and Meta Platforms Class A (META, 5.9% ). Compared with Q4 2024, it opened 10 new positions, sold out of 7, added to 6 and reduced 1. The biggest buy was a new position in Humana (HUM) and the biggest sale an exit from Melco Resorts & Entert-ADR (MLCO).
Location New York, NY
CIK 0001313756
Portfolio Value $613.5M (Q1 2025) Holdings 20 stocks · $613.5M 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 Q4 2024 ATEX Anterix Inc. 5,411,776 $198.1M No change PCG P G & E Corp. 5,726,941 $98.4M Add +118.0% META Meta Platforms Inc. Class A 63,245 $36.5M Add +132.8% FLUT Flutter Entertainment PLC-Di 151,467 $33.6M Add +60.8% HUM Humana Inc. 124,336 $32.9M New CVS CVS Health Corp. 436,747 $29.6M New UBER Uber Technologies Inc. 388,820 $28.3M Reduce -28.2% DKNG Draftkings Inc. Class A 848,049 $28.2M New CI The Cigna Group 81,803 $26.9M Add +75.0% UNH Unitedhealth Group Inc. 42,754 $22.4M New AMZN Amazon.com Inc. 115,382 $22.0M Add +71.2% CNC Centene Corp. 310,587 $18.9M New FTAI Ftai Aviation Ltd. 112,941 $12.5M New UAL United Airlines Holdings Inc. 93,056 $6.4M New XYZ Block Inc. 112,801 $6.1M New DAL Delta Air Lines Inc. 112,765 $4.9M New CYH Community Health Systems Inc. 1,474,395 $4.0M Add +134.2% NOVAQ Sunnova Energy International 4,000,000 $1.5M New TSEOQ Trinseo PLC 382,098 $1.4M No change BITCOIN DEPOT INC 693,050 $1.0M No change
Options reported separately and not counted above: SPY puts ($2.7B), SPY calls ($2.0B), QQQ puts ($736.1M), TSLA puts ($328.8M), AAPL puts ($171.0M), HUM calls ($89.0M), FXI puts ($81.1M), RCL puts ($72.1M), NVDA puts ($68.9M), UBER calls ($59.1M), DELL puts ($59.0M), UNH calls ($55.5M), and 12 more.
Other holdings (4): bonds, preferreds, convertibles and warrants · $3.5M (not counted above) Security Class Shares / Principal Value Change SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal 36,542,000 $3.5M New DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 23,635 $22K No change BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 252,000 $18K No change AERTW Aeries Technology Inc. -CW23 *W EXP 11/06/202 100,000 $3K No change
Total filed on the 13F, all lines: $617.0M.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ MLCO Melco Resorts & Entert-ADR Sold out 0.00% −6.68 PZZA Papa John's Intl Inc. Sold out 0.00% −5.02 PLAY Dave & Buster's Entertainmen Sold out 0.00% −3.84 FXI iShares China Large-Cap ETF Sold out 0.00% −3.08 UBER Uber Technologies Inc. Reduce -28.2% 4.62% −3.06 SPOT Spotify Technology SA Sold out 0.00% −2.97 MSFT Microsoft Corp. Sold out 0.00% −1.57 MVST Microvast Holdings Inc. Sold out 0.00% −0.52
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ HUM Humana Inc. New 5.36% +5.36 CVS CVS Health Corp. New 4.82% +4.82 DKNG Draftkings Inc. Class A New 4.59% +4.59 UNH Unitedhealth Group Inc. New 3.65% +3.65 PCG P G & E Corp. Add +118.0% 16.04% +3.57 CNC Centene Corp. New 3.07% +3.07 META Meta Platforms Inc. Class A Add +132.8% 5.94% +2.20 FTAI Ftai Aviation Ltd. New 2.04% +2.04 CI The Cigna Group Add +75.0% 4.39% +1.35 UAL United Airlines Holdings Inc. New 1.05% +1.05 XYZ Block Inc. New 1.00% +1.00 DAL Delta Air Lines Inc. New 0.80% +0.80 NOVAQ Sunnova Energy International New 0.24% +0.24 CYH Community Health Systems Inc. Add +134.2% 0.65% +0.21 AMZN Amazon.com Inc. Add +71.2% 3.58% +0.10 FLUT Flutter Entertainment PLC-Di Add +60.8% 5.47% −0.25
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +14.0% 4,890,500 $2.7B SPY SS SPDR S&P 500 ETF Trust-US call Add +137.6% 3,552,600 $2.0B QQQ Invesco QQQ Trust Series 1 put New 1,569,700 $736.1M IWM iShares Russell 2000 ETF call Sold out 1,662,700 $367.4Mbefore exit TSLA Tesla Inc. put Add +716.9% 1,268,700 $328.8M AAPL Apple Inc. put Add +350.6% 770,000 $171.0M WYNN WYNN Resorts Ltd. call Sold out 1,303,500 $112.3Mbefore exit LVS Las Vegas Sands Corp. call Sold out 2,013,900 $103.4Mbefore exit ARKK ARK Innovation ETF put Sold out 1,598,300 $90.7Mbefore exit HUM Humana Inc. call Add +425.3% 336,200 $89.0M FXI iShares China Large-Cap ETF put New 2,262,700 $81.1M RCL Royal Caribbean Cruises Ltd. put New 350,800 $72.1M NVDA Nvidia Corp. put New 635,500 $68.9M UBER Uber Technologies Inc. call Reduce -43.1% 811,400 $59.1M DELL Dell Technologies -C put New 647,100 $59.0M UNH Unitedhealth Group Inc. call New 106,000 $55.5M DKNG Draftkings Inc. Class A call New 1,551,500 $51.5M KWEB Kranesh Csi China Internet put Reduce -6.2% 1,408,000 $49.2M BIDU Baidu Inc. - Spon ADR call New 502,600 $46.3M PFE Pfizer Inc. call Sold out 1,719,600 $45.6Mbefore exit CRWD CrowdStrike Holdings Inc. Class A call Add +143.2% 124,500 $43.9M PLTR Palantir Technologies Inc. Class A put Sold out 376,900 $28.5Mbefore exit MRVL Marvell Technology Inc. put Sold out 252,200 $27.9Mbefore exit XHB SS SPDR S&P Homebldrs ETF put New 261,600 $25.3M IWM iShares Russell 2000 ETF put New 115,000 $22.9M KRE SS SPDR S&P Regional Bank put Sold out 380,000 $22.9Mbefore exit JD Jd.com Inc.-ADR call Sold out 449,000 $15.6Mbefore exit XYZ Block Inc. call New 200,000 $10.9M PZZA Papa John's Intl Inc. call New 235,000 $9.7M EIX Edison International call New 152,300 $9.0M BXMT Blackstone Mortgage Tru Class A put Sold out 425,000 $7.4Mbefore exit MSFT Microsoft Corp. call Sold out 15,000 $6.3Mbefore exit RIOT Riot Platforms Inc. call Sold out 571,400 $5.8Mbefore exit CVS CVS Health Corp. call Reduce -87.3% 77,000 $5.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal New 36,542,000 $3.5M BNIXR Bannix Acquisition Corp.-RTS RIGHT 07/31/2026 Sold out 750,935 $72Kbefore exit MMVXF Multimetaverse Holdings -27 *W EXP 01/04/202 Sold out 191,589 $5Kbefore 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 31 $1.1B ATEX, RJET, PCG, FTAI, APP Q1 2026 21 $517.5M ATEX, RJET, FTAI, PCG, SKYW Q4 2025 30 $830.8M ATEX, PCG, RJET, FTAI, AMZN Q3 2025 32 $880.7M ATEX, PCG, LYFT, TLN, FTAI Q2 2025 24 $758.3M ATEX, IWM, HUM, AMZN, VST Q1 2025 20 $613.5M ATEX, PCG, META, FLUT, HUM Q4 2024 17 $425.3M ATEX, PCG, UBER, MLCO, FLUT Q3 2024 25 $684.3M ATEX, PCG, META, PZZA, MSFT Q2 2024 15 $557.5M ATEX, PCG, AMZN, T, META Q1 2024 27 $703.6M ATEX, PCG, THC, AMZN, OXY