Owl Creek Asset Management, L.P. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Owl Creek Asset Management, L.P. reported 32 stock positions worth $880.7 million . Its top holding was Anterix (ATEX) at 13.2% of the portfolio, followed by P G & E (PCG, 10.5% ) and LYFT Class A (LYFT, 6.2% ). Compared with Q2 2025, it opened 15 new positions, sold out of 7, added to 6 and reduced 7. The biggest buy was a new position in LYFT Class A (LYFT) and the biggest sale an exit from iShares Russell 2000 ETF (IWM).
Location New York, NY
CIK 0001313756
Portfolio Value $880.7M (Q3 2025) Holdings 32 stocks · $880.7M 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 Q2 2025 ATEX Anterix Inc. 5,411,776 $116.2M No change PCG P G & E Corp. 6,105,073 $92.1M Add +139.5% LYFT LYFT Inc. Class A 2,487,962 $54.8M New TLN Talen Energy Corp. 116,131 $49.4M Reduce -4.1% FTAI Ftai Aviation Ltd. 263,268 $43.9M Reduce -17.8% AMZN Amazon.com Inc. 194,357 $42.7M Reduce -8.9% DKNG Draftkings Inc. Class A 1,132,538 $42.4M Add +25.4% GEV GE Vernova Inc. 57,040 $35.1M Add +0.5% BWXT BWX Technologies Inc. 173,090 $31.9M New GD General Dynamics Corp. 90,629 $30.9M New CW Curtiss-Wright Corp. 49,313 $26.8M New META Meta Platforms Inc. Class A 35,467 $26.0M Reduce -42.5% SKYW Skywest Inc. 251,047 $25.3M Add +162.3% UAL United Airlines Holdings Inc. 240,112 $23.2M New CZR Caesars Entertainment Inc. 823,501 $22.3M New UBER Uber Technologies Inc. 214,501 $21.0M Add +8.6% CVS CVS Health Corp. 259,059 $19.5M New MSFT Microsoft Corp. 37,053 $19.2M No change VST Vistra Corp. 96,522 $18.9M Reduce -59.3% UNH Unitedhealth Group Inc. 52,871 $18.3M Add +185.0% TDG Transdigm Group Inc. 13,599 $17.9M New FLUT Flutter Entertainment PLC-Di 69,594 $17.7M Reduce -50.4% JD Jd.com Inc.-ADR 447,771 $15.7M New RKT Rocket Cos Inc. Class A 738,285 $14.3M New HII Huntington Ingalls Industrie 41,902 $12.1M New PDD PDD Holdings Inc. 89,732 $11.9M New KVUE Kenvue Inc. 680,822 $11.0M New CYH Community Health Systems Inc. 1,863,221 $6.0M No change TSEOQ Trinseo PLC 1,669,952 $3.9M No change BAC Bank of America Corp. filed as BANK AMERICA CORP 75,524 $3.9M New HUM Humana Inc. 14,469 $3.8M Reduce -92.5% QURE Uniqure NV 49,389 $2.9M New
Options reported separately and not counted above: SPY puts ($1.1B), QQQ puts ($414.3M), EWY calls ($195.5M), SPY calls ($87.9M), ASHR calls ($70.7M), AAL calls ($57.0M), AMZN calls ($52.9M), LYFT calls ($49.3M), UBER calls ($44.5M), IWM calls ($38.2M), UNH calls ($34.9M), NVDA puts ($32.7M), and 9 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $4K (not counted above) Security Class Shares / Principal Value Change AERTW Aeries Technology Inc. -CW23 *W EXP 11/06/202 100,000 $4K No change
Total filed on the 13F, all lines: $880.7M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ IWM iShares Russell 2000 ETF Sold out 0.00% −7.13 HUM Humana Inc. Reduce -92.5% 0.43% −5.83 XYZ Block Inc. Sold out 0.00% −4.49 VST Vistra Corp. Reduce -59.3% 2.15% −3.91 FISV Fiserv Inc. Sold out 0.00% −3.52 FLUT Flutter Entertainment PLC-Di Reduce -50.4% 2.01% −3.28 META Meta Platforms Inc. Class A Reduce -42.5% 2.96% −3.05 EWY iShares MSCI South Korea ETF Sold out 0.00% −2.88 CEG Constellation Energy Sold out 0.00% −1.50 AMZN Amazon.com Inc. Reduce -8.9% 4.85% −1.33 LLY Eli Lilly & Co. Sold out 0.00% −0.46 BITCOIN DEPOT INC Sold out 0.00% −0.22 FTAI Ftai Aviation Ltd. Reduce -17.8% 4.99% +0.13 TLN Talen Energy Corp. Reduce -4.1% 5.61% +0.97
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ LYFT LYFT Inc. Class A New 6.22% +6.22 PCG P G & E Corp. Add +139.5% 10.45% +5.77 BWXT BWX Technologies Inc. New 3.62% +3.62 GD General Dynamics Corp. New 3.51% +3.51 CW Curtiss-Wright Corp. New 3.04% +3.04 UAL United Airlines Holdings Inc. New 2.63% +2.63 CZR Caesars Entertainment Inc. New 2.53% +2.53 CVS CVS Health Corp. New 2.22% +2.22 TDG Transdigm Group Inc. New 2.04% +2.04 JD Jd.com Inc.-ADR New 1.78% +1.78 RKT Rocket Cos Inc. Class A New 1.62% +1.62 SKYW Skywest Inc. Add +162.3% 2.87% +1.57 HII Huntington Ingalls Industrie New 1.37% +1.37 PDD PDD Holdings Inc. New 1.35% +1.35 UNH Unitedhealth Group Inc. Add +185.0% 2.07% +1.31 KVUE Kenvue Inc. New 1.25% +1.25 BAC Bank of America Corp. New 0.44% +0.44 QURE Uniqure NV New 0.33% +0.33 GEV GE Vernova Inc. Add +0.5% 3.98% +0.02 UBER Uber Technologies Inc. Add +8.6% 2.39% −0.04 DKNG Draftkings Inc. Class A Add +25.4% 4.81% −0.30
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +111.8% 1,610,000 $1.1B QQQ Invesco QQQ Trust Series 1 put New 690,000 $414.3M EWY iShares MSCI South Korea ETF call Add +16.2% 2,441,000 $195.5M SPY SS SPDR S&P 500 ETF Trust-US call New 132,000 $87.9M AAPL Apple Inc. put Sold out 397,700 $81.6Mbefore exit AI C3.AI Inc. Class A call Sold out 3,037,400 $74.6Mbefore exit ASHR Xtrackers Harvest Csi 300 CH call Reduce -26.0% 2,145,000 $70.7M HUM Humana Inc. call Sold out 273,700 $66.9Mbefore exit AAL American Airlines Group Inc. call New 5,071,500 $57.0M AMZN Amazon.com Inc. call New 240,700 $52.9M XYZ Block Inc. call Sold out 750,000 $50.9Mbefore exit LYFT LYFT Inc. Class A call New 2,242,000 $49.3M UBER Uber Technologies Inc. call Reduce -30.0% 454,600 $44.5M IWM iShares Russell 2000 ETF call New 158,000 $38.2M HOOD Robinhood Markets Inc. Class A call Sold out 400,000 $37.5Mbefore exit UNH Unitedhealth Group Inc. call Reduce -59.6% 101,000 $34.9M CRCL Circle Internet Group Inc. put Sold out 190,900 $34.6Mbefore exit NVDA Nvidia Corp. put New 175,000 $32.7M AVB Avalonbay Communities Inc. put Sold out 140,000 $28.5Mbefore exit KRE SS SPDR S&P Regional Bank put New 316,500 $20.0M THC Tenet Healthcare Corp. put Sold out 101,300 $17.8Mbefore exit KBH KB Home put Sold out 323,500 $17.1Mbefore exit DKNG Draftkings Inc. Class A call Reduce -76.8% 416,700 $15.6M PGR Progressive Corp. put Sold out 57,700 $15.4Mbefore exit SG Sweetgreen Inc. Class A call Sold out 1,000,000 $14.9Mbefore exit PLTR Palantir Technologies Inc. Class A put New 78,500 $14.3M PENN Penn Entertainment Inc. call New 700,000 $13.5M FISV Fiserv Inc. call Sold out 77,900 $13.4Mbefore exit HIMS Hims & Hers Health Inc. call Sold out 225,100 $11.2Mbefore exit VNO Vornado Realty Trust put Sold out 262,500 $10.0Mbefore exit CRWV Coreweave Inc. Class A call New 70,000 $9.6M TSLA Tesla Inc. put Reduce -88.4% 18,800 $8.4M RKT Rocket Cos Inc. Class A call Add +43.4% 420,500 $8.1M OKLO Oklo Inc. call Sold out 120,000 $6.7Mbefore exit PTON Peloton Interactive Inc. Class A call Sold out 962,000 $6.7Mbefore exit IONQ Ionq Inc. call Sold out 150,000 $6.4Mbefore exit HOG Harley-Davidson Inc. call New 175,000 $4.9M TDOC Teladoc Health Inc. call Sold out 500,000 $4.4Mbefore exit PZZA Papa John's Intl Inc. call Sold out 85,000 $4.2Mbefore exit QS Quantumscape Corp. call Sold out 535,000 $3.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Sold out 252,000 $100Kbefore exit DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 Sold out 23,635 $45Kbefore 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