Pentwater Capital Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Pentwater Capital Management LP reported 47 stock positions worth $13.8 billion . Its top holding was Electronic Arts (EA) at 16.2% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 11.1% ) and Boeing (BA, 10.4% ). Compared with Q3 2025, it opened 18 new positions, sold out of 36, added to 16 and reduced 10. The biggest buy was Electronic Arts (EA, shares +128% ) and the biggest sale an exit from Kellanova (K).
Location Naples, FL
CIK 0001425851
Portfolio Value $13.8B (Q4 2025) Holdings 47 stocks · $13.8B 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 EA Electronic Arts Inc. 10,950,000 $2.2B Add +128.1% CYBR Cyberark Software Ltd./Israel 3,425,000 $1.5B Reduce -6.5% BA The Boeing Co. 6,610,000 $1.4B Add +164.9% WBD Warner Bros Discovery Inc. 46,075,000 $1.3B Add +70.3% KVUE Kenvue Inc. 56,720,600 $978.4M Add +169.1% NSC Norfolk Southern Corp. 3,019,000 $871.6M Add +9.8% EXAS Exact Sciences Corp. 7,250,000 $736.3M New DAY Dayforce Inc. 9,500,000 $657.0M Add +72.7% RNAM Avidity Biosciences Inc. 6,026,500 $434.7M New CAR Avis Budget Group Inc. 3,101,400 $398.0M Reduce -1.9% CORZ Core Scientific Inc. 25,615,000 $373.0M Add +5.6% HOLX Hologic Inc. 4,247,500 $316.4M New TECK Teck Resources Ltd.-CLS B 6,500,000 $311.3M Add +124.1% CADE Cadence Bank 6,230,000 $266.9M New DBRG Digitalbridge Group Inc. 11,500,000 $176.4M New CMA Comerica Inc. 2,000,000 $173.9M New FOLD Amicus Therapeutics Inc. 11,500,000 $163.8M New SGRY Surgery Partners Inc. 10,000,000 $154.5M Reduce -14.4% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 2,240,000 $143.9M Add +1.8% CCL Carnival Corp. 4,375,000 $133.6M Add +1.7% UNH Unitedhealth Group Inc. 395,000 $130.4M Add +97.5% CDTX Cidara Therapeutics Inc. 565,000 $124.8M New LBRDK Liberty Broadband-C 2,493,644 $121.2M Reduce -6.7% TXNM TXNM Energy Inc. 1,651,000 $97.2M Add +38.7% GEO The Geo Group Inc. 5,847,700 $94.3M Add +12.8% ECHO Echostar Corp. Class A 711,700 $77.4M Add +11.2% CWAN Clearwater Analytics HDS-A 2,600,000 $62.7M New HI Hillenbrand Inc. 1,800,000 $57.1M New PSKY Paramount Skydance Class B 3,450,500 $46.2M Add +303.6% AVDL Avadel Pharmaceuticals Ltd. 1,684,000 $36.3M New TGNA Tegna Inc. 1,750,000 $34.0M Reduce -24.8% NFLX Netflix Inc. 320,000 $30.0M New PNFP Pinnacle Financial Partners 300,000 $28.6M Reduce -33.9% SHCO Soho House & Co. Inc. 1,476,000 $13.2M No change CRWV Coreweave Inc. Class A 120,000 $8.6M New LBRDA Liberty Broadband-A 170,000 $8.2M No change TDAY USA Today Co. Inc. 1,400,000 $7.2M New SPY SS SPDR S&P 500 ETF Trust-US 10,000 $6.8M Reduce -97.5% WGS Genedx Holdings Corp. 50,000 $6.5M Reduce -88.2% HOUS Anywhere Real Estate Inc. 350,000 $5.0M Add +191.7% PTGX Protagonist Therapeutics Inc. 50,000 $4.4M New BATRK Atlanta Braves Holdings in-C 90,000 $3.6M No change PRTCY Puretech Health PLC - ADR 70,000 $1.2M Reduce -6.7% FRMI Fermi Inc. 75,000 $600K New BORR Borr Drilling Ltd. 75,000 $302K New SBET Sharplink Inc. 20,000 $179K New WYFI Whitefiber Inc. 10,000 $158K Reduce -23.1%
Options reported separately and not counted above: SPY puts ($1.6B), BA puts ($1.2B), UNH calls ($935.9M), KMB calls ($345.0M), CAR puts ($149.3M), SNPS puts ($140.9M), KVUE puts ($132.0M), PANW calls ($105.0M), WBD puts ($101.4M), WBD calls ($82.1M), CCL puts ($80.9M), KVUE calls ($70.7M), and 18 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 ▲ K Kellanova Sold out 0.00% −7.37 VRNA Verona Pharma Ltd. Sold out 0.00% −5.08 CYBR Cyberark Software Ltd./Israel Reduce -6.5% 11.05% −4.86 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −3.26 SPY SS SPDR S&P 500 ETF Trust-US Reduce -97.5% 0.05% −2.35 COOP Mr Cooper Group Inc. Sold out 0.00% −1.89 CAR Avis Budget Group Inc. Reduce -1.9% 2.88% −1.69 INFA Informatica Inc. Class A Sold out 0.00% −1.64 ETNB 89BIO Inc. Sold out 0.00% −1.55 WNS WNS Holdings Ltd. Sold out 0.00% −1.44 AMC AMC Entertainment HLDS Class A Sold out 0.00% −1.27 SGRY Surgery Partners Inc. Reduce -14.4% 1.12% −1.15 BHF Brighthouse Financial Inc. Sold out 0.00% −1.09 HCA HCA Healthcare Inc. Sold out 0.00% −0.97 MRUS Merus NV Sold out 0.00% −0.82 LBRDK Liberty Broadband-C Reduce -6.7% 0.88% −0.65 LLYVA Liberty Media Corp.-Liberty-A Sold out 0.00% −0.50 NUE Nucor Corp. Sold out 0.00% −0.49 VMEO Vimeo Inc. Sold out 0.00% −0.42 FYBR Frontier Communications Pare Sold out 0.00% −0.39 WGS Genedx Holdings Corp. Reduce -88.2% 0.05% −0.36 VBTX Veritex Holdings Inc. Sold out 0.00% −0.35 THC Tenet Healthcare Corp. Sold out 0.00% −0.20 TGNA Tegna Inc. Reduce -24.8% 0.25% −0.18 PNFP Pinnacle Financial Partners Reduce -33.9% 0.21% −0.18 PREMIER INC-CLASS A Sold out 0.00% −0.15 CYTK Cytokinetics Inc. Sold out 0.00% −0.15 IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.14 PGRE Paramount Group Inc. Sold out 0.00% −0.12 PRO Pros Holdings Inc. Sold out 0.00% −0.05 SIRI Sirius XM Holdings Inc. Sold out 0.00% −0.03 DEC Diversified Energy Co. PLC Sold out 0.00% −0.02 CNM Core & Main Inc. Class A Sold out 0.00% −0.01 VRNT Verint Systems Inc. Sold out 0.00% −0.01 TELA Tela Bio Inc. Sold out 0.00% −0.01 RBRK Rubrik Inc. Class A Sold out 0.00% −0.01 FIG Figma Inc. Class A Sold out 0.00% −0.01 KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.01 ESPR Esperion Therapeutics Inc. Sold out 0.00% −0.00 PRTCY Puretech Health PLC - ADR Reduce -6.7% 0.01% −0.00 GEMI Gemini Space Station Inc. Class A Sold out 0.00% −0.00 NAK Northern Dynasty Minerals Sold out 0.00% −0.00 WYFI Whitefiber Inc. Reduce -23.1% 0.00% −0.00 RKT Rocket Cos Inc. Class A Sold out 0.00% −0.00 MGRM Monogram Technologies Inc. Sold out 0.00% −0.00 SNPS Synopsys Inc. Sold out 0.00% −0.00
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 ▼ EA Electronic Arts Inc. Add +128.1% 16.19% +7.48 BA The Boeing Co. Add +164.9% 10.38% +5.54 EXAS Exact Sciences Corp. New 5.33% +5.33 WBD Warner Bros Discovery Inc. Add +70.3% 9.61% +4.86 KVUE Kenvue Inc. Add +169.1% 7.08% +4.00 RNAM Avidity Biosciences Inc. New 3.14% +3.14 HOLX Hologic Inc. New 2.29% +2.29 CADE Cadence Bank New 1.93% +1.93 DAY Dayforce Inc. Add +72.7% 4.75% +1.35 DBRG Digitalbridge Group Inc. New 1.28% +1.28 CMA Comerica Inc. New 1.26% +1.26 FOLD Amicus Therapeutics Inc. New 1.18% +1.18 TECK Teck Resources Ltd.-CLS B Add +124.1% 2.25% +1.11 CDTX Cidara Therapeutics Inc. New 0.90% +0.90 CWAN Clearwater Analytics HDS-A New 0.45% +0.45 HI Hillenbrand Inc. New 0.41% +0.41 UNH Unitedhealth Group Inc. Add +97.5% 0.94% +0.32 AVDL Avadel Pharmaceuticals Ltd. New 0.26% +0.26 NFLX Netflix Inc. New 0.22% +0.22 PSKY Paramount Skydance Class B Add +303.6% 0.33% +0.19 ECHO Echostar Corp. Class A Add +11.2% 0.56% +0.12 TXNM TXNM Energy Inc. Add +38.7% 0.70% +0.10 CRWV Coreweave Inc. Class A New 0.06% +0.06 TDAY USA Today Co. Inc. New 0.05% +0.05 PTGX Protagonist Therapeutics Inc. New 0.03% +0.03 HOUS Anywhere Real Estate Inc. Add +191.7% 0.04% +0.02 FRMI Fermi Inc. New 0.00% +0.00 BORR Borr Drilling Ltd. New 0.00% +0.00 SBET Sharplink Inc. New 0.00% +0.00 CCL Carnival Corp. Add +1.7% 0.97% −0.15 AL Sumisho Air Lease Corp. Add +1.8% 1.04% −0.22 GEO The Geo Group Inc. Add +12.8% 0.68% −0.27 NSC Norfolk Southern Corp. Add +9.8% 6.31% −1.12 CORZ Core Scientific Inc. Add +5.6% 2.70% −1.21
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -26.8% 2,285,000 $1.6B BA The Boeing Co. put Add +24.7% 5,485,000 $1.2B UNH Unitedhealth Group Inc. call Reduce -16.0% 2,835,000 $935.9M KMB Kimberly-Clark Corp. call New 3,420,000 $345.0M CAR Avis Budget Group Inc. put Reduce -73.6% 1,163,800 $149.3M KVUE Kenvue Inc. put Reduce -24.3% 7,650,000 $132.0M BHF Brighthouse Financial Inc. put Sold out 2,085,000 $110.7Mbefore exit PANW Palo Alto Networks Inc. call Reduce -30.5% 570,000 $105.0M WBD Warner Bros Discovery Inc. put New 3,520,000 $101.4M UNP Union Pacific Corp. put Sold out 390,000 $92.2Mbefore exit WBD Warner Bros Discovery Inc. call Add +54.0% 2,850,000 $82.1M CCL Carnival Corp. put Reduce -27.4% 2,650,000 $80.9M CVX Chevron Corp. put Sold out 500,000 $77.6Mbefore exit KVUE Kenvue Inc. call Add +64.0% 4,100,000 $70.7M PANW Palo Alto Networks Inc. put Reduce -38.0% 310,000 $57.1M NUE Nucor Corp. put Sold out 400,000 $54.2Mbefore exit HCA HCA Healthcare Inc. put Sold out 120,000 $51.1Mbefore exit PSKY Paramount Skydance Class B put Add +15.6% 3,700,000 $49.6M RKT Rocket Cos Inc. Class A call Sold out 2,200,000 $42.6Mbefore exit UNH Unitedhealth Group Inc. put Sold out 100,000 $34.5Mbefore exit CORZ Core Scientific Inc. call Add +29.2% 2,325,000 $33.9M NFLX Netflix Inc. put New 360,000 $33.8M CORZ Core Scientific Inc. put Add +133.3% 1,400,000 $20.4M LYV Live Nation Entertainment Inc. put Sold out 100,000 $16.3Mbefore exit STLD Steel Dynamics Inc. put Sold out 100,000 $13.9Mbefore exit CRWV Coreweave Inc. Class A put Reduce -92.5% 170,000 $12.2M NFLX Netflix Inc. call New 125,000 $11.7M ECHO Echostar Corp. Class A put Reduce -73.3% 100,000 $10.9M CHTR Charter Communications Inc. Class A put New 50,000 $10.4M EWG iShares MSCI Germany ETF put Sold out 225,000 $9.4Mbefore exit CRWV Coreweave Inc. Class A call Sold out 50,000 $6.8Mbefore exit WGS Genedx Holdings Corp. put Reduce -85.3% 50,000 $6.5M GEO The Geo Group Inc. put Reduce -72.2% 250,000 $4.0M ORCL Oracle Corp. call New 12,500 $2.4M WGS Genedx Holdings Corp. call Sold out 20,000 $2.2Mbefore exit EWU iShares MSCI United Kingdom put Sold out 50,000 $2.1Mbefore exit GEO The Geo Group Inc. call Sold out 100,000 $2.0Mbefore exit CNM Core & Main Inc. Class A call Sold out 30,000 $1.6Mbefore exit INTC Intel Corp. call Sold out 35,000 $1.2Mbefore exit CNM Core & Main Inc. Class A put Sold out 20,000 $1.1Mbefore exit RNAM Avidity Biosciences Inc. call Sold out 20,000 $871Kbefore exit SOC Sable Offshore Corp. call Sold out 35,000 $611Kbefore exit RBRK Rubrik Inc. Class A call Sold out 5,000 $411Kbefore exit TALO Talos Energy Inc. call Sold out 20,000 $192Kbefore exit SBET Sharplink Inc. put New 20,000 $179K WYFI Whitefiber Inc. call New 10,000 $158K PTEN Patterson-Uti Energy Inc. call Sold out 25,000 $130Kbefore 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 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 59 $12.5B EA, BA, WBD, KVUE, NSC Q1 2026 60 $14.1B EA, BA, WBD, CAR, NSC Q4 2025 47 $13.8B EA, CYBR, BA, WBD, KVUE Q3 2025 65 $11.1B CYBR, EA, NSC, K, VRNA Q2 2025 63 $7.8B HES, K, JNPR, BPMC, SKX Q1 2025 62 $7.2B HES, X, ITCI, K, BA Q4 2024 54 $5.8B HES, X, SMAR, JNPR, EDR Q3 2024 50 $5.4B X, HES, SPY, K, EDR Q2 2024 51 $4.6B X, HES, BA, EDR, JNPR Q1 2024 53 $6.1B PXD, HES, X, BA, JNPR