Paloma Partners Management Co In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Paloma Partners Management Co reported 39 stock positions worth $123.0 million . Its top holding was Nvidia (NVDA) at 8.0% of the portfolio, followed by Broadcom (AVGO, 7.9% ) and Intel (INTC, 7.1% ). Compared with Q3 2025, it opened 17 new positions, sold out of 38, added to 12 and reduced 8. The biggest buy was Nvidia (NVDA, shares +165% ) and the biggest sale an exit from Wolfspeed (WOLF).
Location GREENWICH, CT
CIK 0001103882
Portfolio Value $123.0M (Q4 2025) Holdings 39 stocks · $123.0M 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 NVDA Nvidia Corp. 53,000 $9.9M Add +165.0% AVGO Broadcom Inc. 28,000 $9.7M Add +40.0% INTC Intel Corp. 235,000 $8.7M Add +14.6% AFRM Affirm Holdings Inc. 110,002 $8.2M Add +29.3% TTWO Take-Two Interactive Softwre 23,000 $5.9M Add +58.6% VSAT Viasat Inc. 168,050 $5.8M New AMZN Amazon.com Inc. 24,000 $5.5M Add +300.0% HAS Hasbro Inc. 63,000 $5.2M Reduce -4.5% AMD Advanced Micro Devices 23,500 $5.0M Reduce -67.6% DKNG Draftkings Inc. Class A 140,000 $4.8M New RRR Red Rock Resorts Inc. Class A 73,000 $4.5M Add +15.9% META Meta Platforms Inc. Class A 6,000 $4.0M New OPTU Optimum Communications Inc. Class A 2,347,922 $3.9M Add +4.5% WMT Walmart Inc. 33,000 $3.7M New CHDN Churchill Downs Inc. 32,000 $3.6M New SNPS Synopsys Inc. 6,000 $2.8M New CORZ Core Scientific Inc. 185,000 $2.7M New CRWV Coreweave Inc. Class A 37,500 $2.7M Add +275.0% MTN Vail Resorts Inc. 20,000 $2.7M New WH Wyndham Hotels & Resorts Inc. 33,500 $2.5M Add +11.7% LVS Las Vegas Sands Corp. 35,796 $2.3M Reduce -54.0% ASML ASML Holding NV-NY Reg SHS 2,000 $2.1M New PI Impinj Inc. 12,000 $2.1M New LRCX Lam Research Corp. 11,000 $1.9M New CNF Cnfinance Holdings Ltd. 305,337 $1.8M No change ROKU Roku Inc. 17,000 $1.8M New NBIS Nebius Group NV 13,500 $1.1M Reduce -38.6% STM Stmicroelectronics NV-NY SHS 42,000 $1.1M New CIEN Ciena Corp. 4,000 $935K New COHR Coherent Corp. 5,000 $923K Reduce -75.0% BROS Dutch Bros Inc. Class A 15,000 $918K New TNL Travel + Leisure Co. 13,000 $917K Add +30.0% FLUT Flutter Entertainment PLC-Di 3,500 $753K New PRMB Primo Brands Corp. 45,000 $736K Add +50.0% LCID Lucid Group Inc. 57,500 $608K No change TER Teradyne Inc. 3,000 $581K Reduce -90.0% BTDR Bitdeer Technologies Group-A 24,889 $279K Reduce -97.2% ELWT Elauwit Connection Inc. 33,947 $172K New AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 60,000 $66K Reduce -89.2%
Options reported separately and not counted above: BABA puts ($58.6M), CHTR puts ($51.2M), BTDR calls ($34.7M), SPY puts ($32.4M), NWL calls ($14.1M), VSAT calls ($13.8M), TLT calls ($13.1M), QQQ calls ($12.8M), GT calls ($12.3M), VFC calls ($7.7M), CTRI calls ($7.6M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $168.0M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 27,000,000 $42.0M Reduce -56.1% NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 42,960,000 $39.4M Add +28.2% ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 8,030,000 $26.9M Reduce -59.9% TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 21,500,000 $26.5M Reduce -17.4% COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 13,684,000 $14.1M No change LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 2,000,000 $10.6M Reduce -60.0% GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal 7,623,000 $7.6M No change LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 10,000,000 $741K No change
Total filed on the 13F, all lines: $291.0M.
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 ▲ WOLF Wolfspeed Inc. Sold out 0.00% −7.35 BTDR Bitdeer Technologies Group-A Reduce -97.2% 0.23% −6.61 TLT iShares 20+ Year Treasury BD Sold out 0.00% −4.07 HPE Hewlett Packard Enterprise Sold out 0.00% −3.36 HUBS HubSpot Inc. Sold out 0.00% −2.88 RIG Transocean Ltd. Sold out 0.00% −2.84 TSEM Tower Semiconductor Ltd. Sold out 0.00% −2.80 NOW ServiceNow Inc. Sold out 0.00% −2.57 TEAM Atlassian Corp. Class A Sold out 0.00% −2.43 BRZE Braze Inc. Class A Sold out 0.00% −2.07 ON On Semiconductor Sold out 0.00% −2.02 ESTC Elastic NV Sold out 0.00% −1.95 CRM Salesforce Inc. Sold out 0.00% −1.94 RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −1.84 KVYO Klaviyo Inc. Class A Sold out 0.00% −1.77 BYD Boyd Gaming Corp. Sold out 0.00% −1.58 ADBE Adobe Inc. Sold out 0.00% −1.53 OKTA Okta Inc. Sold out 0.00% −1.45 CCL Carnival Corp. Sold out 0.00% −1.45 TER Teradyne Inc. Reduce -90.0% 0.47% −1.41 MSFT Microsoft Corp. Sold out 0.00% −1.33 SNOW Snowflake Inc. Sold out 0.00% −1.29 AMD Advanced Micro Devices Reduce -67.6% 4.09% −1.25 ALGM Allegro Microsystems Inc. Sold out 0.00% −1.00 SMTC Semtech Corp. Sold out 0.00% −0.98 ROG Rogers Corp. Sold out 0.00% −0.92 WDAY Workday Inc. Class A Sold out 0.00% −0.77 S Sentinelone Inc. Class A Sold out 0.00% −0.76 HUDSON PAC PPTYS INC Sold out 0.00% −0.75 BE Bloom Energy Corp. Class A Sold out 0.00% −0.73 HAL Halliburton Co. Sold out 0.00% −0.67 AIFC AI Financial Corp. Reduce -89.2% 0.05% −0.63 PANW Palo Alto Networks Inc. Sold out 0.00% −0.46 DMIIU Drugs Made in America Acquis Sold out 0.00% −0.45 UNIT Uniti Group Inc. Sold out 0.00% −0.44 DDOG Datadog Inc. Class A Sold out 0.00% −0.44 SMR Nuscale Power Corp. Sold out 0.00% −0.39 ORCL Oracle Corp. Sold out 0.00% −0.38 NIO Nio Inc. - ADR Sold out 0.00% −0.26 COHR Coherent Corp. Reduce -75.0% 0.75% −0.23 NBIS Nebius Group NV Reduce -38.6% 0.92% −0.21 OTGAU Otg Acquisition Corp. I Sold out 0.00% −0.18 EOSE Eos Energy Enterprises Inc. Sold out 0.00% −0.08 FCRS.U Futurecrest Acquisition Corp. Sold out 0.00% −0.05 LVS Las Vegas Sands Corp. Reduce -54.0% 1.89% −0.01 HAS Hasbro Inc. Reduce -4.5% 4.20% +1.92
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 ▼ NVDA Nvidia Corp. Add +165.0% 8.04% +6.34 AVGO Broadcom Inc. Add +40.0% 7.88% +4.87 VSAT Viasat Inc. New 4.71% +4.71 DKNG Draftkings Inc. Class A New 3.92% +3.92 INTC Intel Corp. Add +14.6% 7.05% +3.92 AMZN Amazon.com Inc. Add +300.0% 4.50% +3.90 AFRM Affirm Holdings Inc. Add +29.3% 6.66% +3.82 META Meta Platforms Inc. Class A New 3.22% +3.22 TTWO Take-Two Interactive Softwre Add +58.6% 4.79% +3.08 WMT Walmart Inc. New 2.99% +2.99 CHDN Churchill Downs Inc. New 2.96% +2.96 SNPS Synopsys Inc. New 2.29% +2.29 CORZ Core Scientific Inc. New 2.19% +2.19 MTN Vail Resorts Inc. New 2.16% +2.16 RRR Red Rock Resorts Inc. Class A Add +15.9% 3.68% +1.92 ASML ASML Holding NV-NY Reg SHS New 1.74% +1.74 PI Impinj Inc. New 1.70% +1.70 CRWV Coreweave Inc. Class A Add +275.0% 2.18% +1.56 LRCX Lam Research Corp. New 1.53% +1.53 ROKU Roku Inc. New 1.50% +1.50 WH Wyndham Hotels & Resorts Inc. Add +11.7% 2.06% +0.97 STM Stmicroelectronics NV-NY SHS New 0.89% +0.89 CIEN Ciena Corp. New 0.76% +0.76 BROS Dutch Bros Inc. Class A New 0.75% +0.75 OPTU Optimum Communications Inc. Class A Add +4.5% 3.15% +0.68 FLUT Flutter Entertainment PLC-Di New 0.61% +0.61 TNL Travel + Leisure Co. Add +30.0% 0.75% +0.47 PRMB Primo Brands Corp. Add +50.0% 0.60% +0.30 ELWT Elauwit Connection Inc. New 0.14% +0.14
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ BABA Alibaba Group Holding-SP ADR put New 400,000 $58.6M CHTR Charter Communications Inc. Class A put New 245,500 $51.2M CORZ Core Scientific Inc. call Sold out 2,732,000 $49.0Mbefore exit BTDR Bitdeer Technologies Group-A call Add +145.5% 3,093,500 $34.7M SPY SS SPDR S&P 500 ETF Trust-US put New 47,500 $32.4M NWL Newell Brands Inc. call Add +192.5% 3,803,000 $14.1M VSAT Viasat Inc. call New 400,000 $13.8M TLT iShares 20+ Year Treasury BD call New 150,000 $13.1M QQQ Invesco QQQ Trust Series 1 call New 20,900 $12.8M GT Goodyear Tire & Rubber Co. call Reduce -35.0% 1,400,000 $12.3M CIFR Cipher Digital Inc. call Sold out 697,500 $8.8Mbefore exit VFC VF Corp. call New 427,500 $7.7M CTRI Centuri Holdings Inc. call New 300,000 $7.6M HAL Halliburton Co. call Sold out 150,000 $3.7Mbefore 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 ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -56.1% 27,000,000 $42.0M NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Add +28.2% 42,960,000 $39.4M ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -59.9% 8,030,000 $26.9M TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Reduce -17.4% 21,500,000 $26.5M LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Reduce -60.0% 2,000,000 $10.6M LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal Sold out 8,925,000 $10.2Mbefore exit XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal Sold out 6,000,000 $2.9Mbefore 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 7 $11.3M ACGC, IPVVU, CTRI, ANGX, CNF Q1 2026 39 $113.5M CTRI, VSAT, AVGO, INTC, AMZN Q4 2025 39 $123.0M NVDA, AVGO, INTC, AFRM, TTWO Q3 2025 60 $219.4M WOLF, BTDR, AMD, TLT, HPE Q2 2025 73 $232.3M AVGO, RIG, CORZ, XLK, LSCC Q1 2025 91 $277.5M ALGM, TXN, TLT, CRM, HYG Q4 2024 142 $1.1B COP, AA, INTC, APTV, TECK Q3 2024 762 $1.4B AA, SNOW, NE, XLF, EQT Q2 2024 740 $918.0M QQQ, XLY, XOM, GFR, COP Q1 2024 443 $476.7M CPE, XLE, GFR, EEM, XME