Owl Creek Asset Management, L.P. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Owl Creek Asset Management, L.P. reported 30 stock positions worth $830.8 million . Its top holding was Anterix (ATEX) at 14.2% of the portfolio, followed by P G & E (PCG, 10.3% ) and Republic Airways (RJET, 9.1% ). Compared with Q3 2025, it opened 11 new positions, sold out of 13, added to 7 and reduced 10. The biggest buy was a new position in Republic Airways (RJET) and the biggest sale LYFT Class A (LYFT, shares −78% ).
Location New York, NY
CIK 0001313756
Portfolio Value $830.8M (Q4 2025) Holdings 30 stocks · $830.8M 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 ATEX Anterix Inc. 5,411,776 $118.1M No change PCG P G & E Corp. 5,331,418 $85.7M Reduce -12.7% RJET Republic Airways Holdings Inc. 4,113,312 $75.6M New FTAI Ftai Aviation Ltd. 268,441 $52.8M Add +2.0% AMZN Amazon.com Inc. 160,230 $37.0M Reduce -17.6% TLN Talen Energy Corp. 95,635 $35.8M Reduce -17.6% MSFT Microsoft Corp. 67,011 $32.4M Add +80.8% SKYW Skywest Inc. 318,148 $31.9M Add +26.7% UAL United Airlines Holdings Inc. 284,195 $31.8M Add +18.4% HUM Humana Inc. 110,723 $28.4M Add +665.2% DKNG Draftkings Inc. Class A 799,953 $27.6M Reduce -29.4% FLUT Flutter Entertainment PLC-Di 123,697 $26.6M Add +77.7% DASH DoorDash Inc. Class A 117,394 $26.6M New VST Vistra Corp. 153,364 $24.7M Add +58.9% NVDA Nvidia Corp. 120,611 $22.5M New EWY iShares MSCI South Korea ETF 228,263 $22.2M New AVGO Broadcom Inc. 54,533 $18.9M New GEV GE Vernova Inc. 28,174 $18.4M Reduce -50.6% CW Curtiss-Wright Corp. 27,411 $15.1M Reduce -44.4% DHR Danaher Corp. 63,443 $14.5M New BWXT BWX Technologies Inc. 82,829 $14.3M Reduce -52.1% SE Sea Ltd.-ADR 111,350 $14.2M New ORCL Oracle Corp. 72,287 $14.1M New UBER Uber Technologies Inc. 144,965 $11.8M Reduce -32.4% LYFT LYFT Inc. Class A 551,524 $10.7M Reduce -77.8% APP AppLovin Corp. Class A 11,706 $7.9M New CYH Community Health Systems Inc. 1,529,760 $4.8M Reduce -17.9% HUT Hut 8 Corp. 77,731 $3.6M New BITCOIN DEPOT INC 1,500,000 $1.9M New TSEOQ Trinseo PLC 1,669,952 $830K No change
Options reported separately and not counted above: QQQ puts ($1.6B), IWM puts ($328.4M), IEF puts ($154.2M), KWEB calls ($83.9M), NVDA calls ($74.3M), ASHR calls ($70.5M), PLTR puts ($36.5M), IGV calls ($30.7M), SLV puts ($30.1M), IWM calls ($25.2M), ORCL calls ($21.7M), TSLA puts ($20.7M), and 3 more.
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 ▲ LYFT LYFT Inc. Class A Reduce -77.8% 1.29% −4.93 GD General Dynamics Corp. Sold out 0.00% −3.51 META Meta Platforms Inc. Class A Sold out 0.00% −2.96 CZR Caesars Entertainment Inc. Sold out 0.00% −2.53 CVS CVS Health Corp. Sold out 0.00% −2.22 UNH Unitedhealth Group Inc. Sold out 0.00% −2.07 TDG Transdigm Group Inc. Sold out 0.00% −2.04 BWXT BWX Technologies Inc. Reduce -52.1% 1.72% −1.90 JD Jd.com Inc.-ADR Sold out 0.00% −1.78 GEV GE Vernova Inc. Reduce -50.6% 2.22% −1.77 RKT Rocket Cos Inc. Class A Sold out 0.00% −1.62 DKNG Draftkings Inc. Class A Reduce -29.4% 3.32% −1.49 HII Huntington Ingalls Industrie Sold out 0.00% −1.37 PDD PDD Holdings Inc. Sold out 0.00% −1.35 TLN Talen Energy Corp. Reduce -17.6% 4.32% −1.29 KVUE Kenvue Inc. Sold out 0.00% −1.25 CW Curtiss-Wright Corp. Reduce -44.4% 1.82% −1.22 UBER Uber Technologies Inc. Reduce -32.4% 1.43% −0.96 BAC Bank of America Corp. Sold out 0.00% −0.44 AMZN Amazon.com Inc. Reduce -17.6% 4.45% −0.39 QURE Uniqure NV Sold out 0.00% −0.33 PCG P G & E Corp. Reduce -12.7% 10.31% −0.14 CYH Community Health Systems Inc. Reduce -17.9% 0.57% −0.10
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 ▼ RJET Republic Airways Holdings Inc. New 9.10% +9.10 DASH DoorDash Inc. Class A New 3.20% +3.20 HUM Humana Inc. Add +665.2% 3.41% +2.99 NVDA Nvidia Corp. New 2.71% +2.71 EWY iShares MSCI South Korea ETF New 2.67% +2.67 AVGO Broadcom Inc. New 2.27% +2.27 DHR Danaher Corp. New 1.75% +1.75 MSFT Microsoft Corp. Add +80.8% 3.90% +1.72 SE Sea Ltd.-ADR New 1.71% +1.71 ORCL Oracle Corp. New 1.70% +1.70 FTAI Ftai Aviation Ltd. Add +2.0% 6.36% +1.37 FLUT Flutter Entertainment PLC-Di Add +77.7% 3.20% +1.19 UAL United Airlines Holdings Inc. Add +18.4% 3.83% +1.19 SKYW Skywest Inc. Add +26.7% 3.85% +0.98 APP AppLovin Corp. Class A New 0.95% +0.95 VST Vistra Corp. Add +58.9% 2.98% +0.83 HUT Hut 8 Corp. New 0.43% +0.43 BITCOIN DEPOT INC New 0.23% +0.23
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +270.6% 2,557,200 $1.6B SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,610,000 $1.1Bbefore exit IWM iShares Russell 2000 ETF put New 1,334,000 $328.4M IEF iShares 7-10 Year Treasury B put New 1,604,000 $154.2M SPY SS SPDR S&P 500 ETF Trust-US call Sold out 132,000 $87.9Mbefore exit KWEB Kranesh Csi China Internet call New 2,465,200 $83.9M NVDA Nvidia Corp. call New 398,300 $74.3M AMZN Amazon.com Inc. call Sold out 240,700 $52.9Mbefore exit LYFT LYFT Inc. Class A call Sold out 2,242,000 $49.3Mbefore exit UBER Uber Technologies Inc. call Sold out 454,600 $44.5Mbefore exit PLTR Palantir Technologies Inc. Class A put Add +161.8% 205,500 $36.5M UNH Unitedhealth Group Inc. call Sold out 101,000 $34.9Mbefore exit NVDA Nvidia Corp. put Sold out 175,000 $32.7Mbefore exit IGV iShares Expanded Tech-Softwa call New 290,000 $30.7M SLV iShares Silver Trust put New 467,500 $30.1M IWM iShares Russell 2000 ETF call Reduce -35.1% 102,500 $25.2M ORCL Oracle Corp. call New 111,500 $21.7M FLUT Flutter Entertainment PLC-Di call Sold out 83,200 $21.1Mbefore exit TSLA Tesla Inc. put Add +144.7% 46,000 $20.7M KRE SS SPDR S&P Regional Bank put Sold out 316,500 $20.0Mbefore exit AAL American Airlines Group Inc. call Reduce -77.7% 1,130,000 $17.3M DKNG Draftkings Inc. Class A call Sold out 416,700 $15.6Mbefore exit PENN Penn Entertainment Inc. call Sold out 700,000 $13.5Mbefore exit CRWV Coreweave Inc. Class A call Add +114.3% 150,000 $10.7M RKT Rocket Cos Inc. Class A call Sold out 420,500 $8.1Mbefore exit EWY iShares MSCI South Korea ETF call Reduce -97.0% 73,300 $7.1M HOG Harley-Davidson Inc. call Sold out 175,000 $4.9Mbefore exit
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 ▼ AERTW Aeries Technology Inc. -CW23 *W EXP 11/06/202 Sold out 100,000 $4Kbefore 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