Pingora Partners LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Pingora Partners LLC reported 202 stock positions worth $163.5 million. Its top holding was Ftai Aviation (FTAI) at 36.9% of the portfolio, followed by Crescent Energy Class A (CRGY, 6.0%) and Ftai Infrastructure (FIP, 5.0%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 23 and reduced 52. The biggest buy was General Mills (GIS, shares +2638%) and the biggest sale Crescent Energy Class A (CRGY, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- WILSON, WY
- CIK
- 0002011176
- Portfolio Value
- $163.5M (Q4 2025)
- SEC Filing
- 0002011176-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 202 stocks · $163.5M
| FTAI Ftai Aviation Ltd. | 36.86% | 306,146 | $60.3M | Reduce -0.3% |
| CRGY Crescent Energy Inc. Class A | 5.95% | 1,159,819 | $9.7M | Reduce -4.4% |
| FIP Ftai Infrastructure Inc. | 4.99% | 1,770,103 | $8.2M | Add +3.1% |
| BABA Alibaba Group Holding-SP ADR | 3.10% | 34,599 | $5.1M | Reduce -0.2% |
| CTRA Coterra Energy Inc. | 2.23% | 138,566 | $3.6M | Add +0.7% |
| T AT&T Inc. | 1.96% | 128,780 | $3.2M | Reduce -1.2% |
| BA The Boeing Co. | 1.95% | 14,702 | $3.2M | Add +51.9% |
| ET Energy Transfer LP | 1.62% | 160,794 | $2.7M | Add +2.3% |
| DINO HF Sinclair Corp. | 1.62% | 57,480 | $2.6M | Reduce -1.4% |
| META Meta Platforms Inc. Class A | 1.51% | 3,745 | $2.5M | No change |
| AAPL Apple Inc. | 1.46% | 8,794 | $2.4M | Reduce -1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.46% | 8,070 | $2.4M | Reduce -0.3% |
| PFE Pfizer Inc. | 1.28% | 83,860 | $2.1M | Add +3.3% |
| FCX Freeport-McMoran Inc. | 1.27% | 40,790 | $2.1M | Reduce -3.3% |
| XOM Exxon Mobil Corp. | 1.18% | 16,005 | $1.9M | No change |
| SBSI Southside Bancshares Inc. | 1.15% | 61,745 | $1.9M | Add +14.7% |
| BMY Bristol-Myers Squibb Co. | 1.12% | 34,005 | $1.8M | Add +29.9% |
| LLY Eli Lilly & Co. | 1.12% | 1,700 | $1.8M | No change |
| AMZN Amazon.com Inc. | 1.11% | 7,837 | $1.8M | Reduce -0.2% |
| MSFT Microsoft Corp. | 1.08% | 3,635 | $1.8M | Reduce -0.9% |
| PVL Permianville Royalty Trust | 1.04% | 950,410 | $1.7M | Add +4.5% |
| MPLX MPLX LP | 0.99% | 30,223 | $1.6M | Reduce -1.9% |
| BKD Brookdale Senior Living Inc. | 0.94% | 141,684 | $1.5M | Reduce -30.8% |
| KMI Kinder Morgan Inc. | 0.90% | 53,250 | $1.5M | Reduce -1.2% |
| CSCO Cisco Systems Inc. | 0.83% | 17,645 | $1.4M | No change |
| MRK Merck & Co. Inc. | 0.83% | 12,879 | $1.4M | Reduce -0.8% |
| TDAY USA Today Co. Inc. | 0.81% | 257,169 | $1.3M | Add +3.0% |
| MU Micron Technology Inc. | 0.73% | 4,211 | $1.2M | Reduce -0.8% |
| KHC The Kraft Heinz Co. | 0.72% | 48,448 | $1.2M | Reduce -12.6% |
| KRP Kimbell Royalty Partners LP | 0.71% | 98,076 | $1.2M | Add +267.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.70% | 10,121 | $1.2M | Reduce -15.2% |
| AKAM Akamai Technologies Inc. | 0.65% | 12,157 | $1.1M | Reduce -6.2% |
| JNJ Johnson & Johnson | 0.63% | 4,979 | $1.0M | No change |
| MCD McDonald's Corp. | 0.62% | 3,332 | $1.0M | No change |
| GIS General Mills Inc. | 0.62% | 21,900 | $1.0M | Add +2637.5% |
| CVX Chevron Corp. | 0.54% | 5,822 | $887K | Add +49.2% |
| PTEN Patterson-Uti Energy Inc. | 0.53% | 143,047 | $874K | Add +599.6% |
| NFE New Fortress Energy Inc. | 0.51% | 737,093 | $840K | Reduce -6.5% |
| GOOGL Alphabet Inc. Class A | 0.49% | 2,550 | $798K | Reduce -8.0% |
| SJT San Juan Basin Royalty TR | 0.46% | 135,057 | $759K | Add +111.2% |
| GOOG Alphabet Inc. Class C | 0.46% | 2,410 | $756K | Reduce -1.6% |
| SHEL Shell PLC-ADR | 0.46% | 10,270 | $755K | Reduce -10.1% |
| BORR Borr Drilling Ltd. | 0.38% | 154,800 | $624K | Reduce -3.3% |
| DVN Devon Energy Corp. | 0.36% | 16,191 | $593K | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.32% | 3,597 | $515K | No change |
| C Citigroup Inc. | 0.29% | 4,100 | $478K | No change |
| NVDA Nvidia Corp. | 0.28% | 2,475 | $462K | No change |
| MLI Mueller Industries Inc. | 0.28% | 4,000 | $459K | No change |
| AFL Aflac Inc. | 0.27% | 4,000 | $441K | No change |
| CWH Camping World Holdings Inc. Class A | 0.27% | 44,700 | $435K | Add +23.5% |
| CAT Caterpillar Inc. | 0.26% | 750 | $430K | No change |
| ADP Automatic Data Processing | 0.25% | 1,600 | $412K | No change |
| HD Home Depot Inc. | 0.24% | 1,155 | $397K | No change |
| ABBV Abbvie Inc. | 0.24% | 1,705 | $390K | Reduce -2.9% |
| AMD Advanced Micro Devices | 0.24% | 1,800 | $385K | Reduce -1.1% |
| AMLP Alerian MLP ETF | 0.23% | 7,968 | $375K | No change |
| PATH Uipath Inc. Class A | 0.23% | 22,700 | $372K | No change |
| IYH iShares U.S. Healthcare ETF | 0.22% | 5,622 | $366K | Reduce -13.8% |
| PEP Pepsico Inc. | 0.21% | 2,433 | $349K | No change |
| CI The Cigna Group | 0.20% | 1,200 | $330K | No change |
| ORCL Oracle Corp. | 0.19% | 1,600 | $312K | No change |
| DOCU Docusign Inc. | 0.18% | 4,300 | $294K | No change |
| TGT Target Corp. | 0.15% | 2,541 | $248K | Add +747.0% |
| NEE Nextera Energy Inc. | 0.15% | 3,000 | $241K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 477 | $240K | No change |
| NOG Northern Oil and Gas Inc. | 0.14% | 10,600 | $228K | Reduce -0.9% |
| PAA Plains All Amer Pipeline LP | 0.13% | 12,033 | $216K | No change |
| ABT Abbott Laboratories | 0.13% | 1,650 | $207K | No change |
| CRM Salesforce Inc. | 0.12% | 761 | $202K | Reduce -0.5% |
| UNP Union Pacific Corp. | 0.11% | 800 | $185K | No change |
| PYPL PayPal Holdings Inc. | 0.11% | 3,133 | $183K | Reduce -46.1% |
| PSA Public Storage | 0.11% | 700 | $182K | No change |
| MDY State Street SPDR S&P Midcap | 0.11% | 300 | $181K | No change |
| METCB Ramaco Resources Inc. Class B | 0.11% | 15,191 | $178K | Add +10988.3% |
| MMM 3M Co. | 0.11% | 1,100 | $176K | No change |
| TLT iShares 20+ Year Treasury BD | 0.11% | 2,000 | $174K | Reduce -4.8% |
| HON Honeywell International Inc. | 0.11% | 886 | $173K | No change |
| CBRL Cracker Barrel Old Country | 0.10% | 6,300 | $160K | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.10% | 1,030 | $158K | No change |
| TSLA Tesla Inc. | 0.09% | 345 | $155K | Reduce -15.8% |
| METC Ramaco Resources Inc. Class A | 0.09% | 8,600 | $155K | Reduce -30.1% |
| KO The Coca-Cola Co. | 0.09% | 2,115 | $148K | Reduce -2.8% |
| EMR Emerson Electric Co. | 0.09% | 1,100 | $146K | No change |
| FDX FedEx Corp. | 0.09% | 500 | $144K | No change |
| NFLX Netflix Inc. | 0.09% | 1,500 | $141K | No change |
| VNQ Vanguard Real Estate ETF | 0.08% | 1,500 | $133K | No change |
| NWL Newell Brands Inc. | 0.08% | 35,137 | $131K | Reduce -44.1% |
| SLV iShares Silver Trust | 0.08% | 2,000 | $129K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.07% | 400 | $122K | Reduce -11.1% |
| JPM JPMorgan Chase & Co. | 0.07% | 375 | $121K | Reduce -5.1% |
| PWR Quanta Services Inc. | 0.07% | 285 | $120K | No change |
| DE Deere & Co. | 0.07% | 250 | $116K | No change |
| ENVX Enovix Corp. | 0.07% | 15,599 | $114K | Reduce -16.6% |
| PAYX Paychex Inc. | 0.07% | 1,000 | $112K | No change |
| MDLZ Mondelez International Inc. Class A | 0.06% | 1,890 | $102K | No change |
| BX Blackstone Inc. | 0.06% | 650 | $100K | Reduce -4.4% |
| NET Cloudflare Inc. Class A | 0.06% | 500 | $99K | No change |
| CNDT Conduent Inc. | 0.06% | 47,120 | $90K | Reduce -1.1% |
| TT Trane Technologies PLC | 0.05% | 230 | $90K | No change |
| PFG Principal Financial Group | 0.05% | 1,000 | $88K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $24K (not counted above)
Total filed on the 13F, all lines: $163.5M.
Portfolio Sells Q3 2025 → Q4 2025
| CRGY Crescent Energy Inc. Class A | Reduce -4.4% | 5.95% | −1.23 |
| BABA Alibaba Group Holding-SP ADR | Reduce -0.2% | 3.10% | −1.01 |
| NFE New Fortress Energy Inc. | Reduce -6.5% | 0.51% | −0.64 |
| T AT&T Inc. | Reduce -1.2% | 1.96% | −0.49 |
| DINO HF Sinclair Corp. | Reduce -1.4% | 1.62% | −0.41 |
| KHC The Kraft Heinz Co. | Reduce -12.6% | 0.72% | −0.24 |
| BKD Brookdale Senior Living Inc. | Reduce -30.8% | 0.94% | −0.22 |
| DIS The Walt Disney Co. | Reduce -15.2% | 0.70% | −0.20 |
| MSFT Microsoft Corp. | Reduce -0.9% | 1.08% | −0.19 |
| METC Ramaco Resources Inc. Class A | Reduce -30.1% | 0.09% | −0.18 |
| PYPL PayPal Holdings Inc. | Reduce -46.1% | 0.11% | −0.15 |
| NWL Newell Brands Inc. | Reduce -44.1% | 0.08% | −0.14 |
| KMI Kinder Morgan Inc. | Reduce -1.2% | 0.90% | −0.12 |
| SHEL Shell PLC-ADR | Reduce -10.1% | 0.46% | −0.08 |
| ENVX Enovix Corp. | Reduce -16.6% | 0.07% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -0.3% | 1.46% | −0.05 |
| VOD Vodafone Group PLC-SP ADR | Sold out | 0.00% | −0.05 |
| AAPL Apple Inc. | Reduce -1.2% | 1.46% | −0.04 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 1.11% | −0.04 |
| NOG Northern Oil and Gas Inc. | Reduce -0.9% | 0.14% | −0.04 |
| MPLX MPLX LP | Reduce -1.9% | 0.99% | −0.04 |
| HTZ Hertz Global Hldgs Inc. | Reduce -16.3% | 0.05% | −0.03 |
| CNDT Conduent Inc. | Reduce -1.1% | 0.06% | −0.03 |
| ABBV Abbvie Inc. | Reduce -2.9% | 0.24% | −0.03 |
| IYH iShares U.S. Healthcare ETF | Reduce -13.8% | 0.22% | −0.03 |
| TSLA Tesla Inc. | Reduce -15.8% | 0.09% | −0.03 |
| DVN Devon Energy Corp. | Reduce -1.4% | 0.36% | −0.02 |
| TLT iShares 20+ Year Treasury BD | Reduce -4.8% | 0.11% | −0.02 |
| IEF iShares 7-10 Year Treasury B | Reduce -20.0% | 0.05% | −0.02 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.02 |
| ASPS Altisource Portfolio Sol | Reduce -28.6% | 0.01% | −0.02 |
| BX Blackstone Inc. | Reduce -4.4% | 0.06% | −0.02 |
| SNY Sanofi-ADR | Reduce -42.8% | 0.02% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -11.1% | 0.07% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -5.1% | 0.07% | −0.01 |
| SNPS Synopsys Inc. | Reduce -14.3% | 0.03% | −0.01 |
| PODC Podcastone Inc. | Sold out | 0.00% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -13.8% | 0.03% | −0.01 |
| EQIX Equinix Inc. | Reduce -28.6% | 0.01% | −0.01 |
| KO The Coca-Cola Co. | Reduce -2.8% | 0.09% | −0.01 |
| UNM Unum Group | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Reduce -25.0% | 0.01% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.00 |
| PL Planet Labs PBC | Sold out | 0.00% | −0.00 |
| WMB Williams Cos Inc. | Reduce -30.8% | 0.01% | −0.00 |
| AKAM Akamai Technologies Inc. | Reduce -6.2% | 0.65% | −0.00 |
| GSK GSK PLC-Spon ADR | Reduce -50.0% | 0.00% | −0.00 |
| CPRI Capri Holdings Ltd. | Reduce -16.7% | 0.03% | −0.00 |
| PLD Prologis Inc. | Reduce -15.9% | 0.01% | −0.00 |
| CRM Salesforce Inc. | Reduce -0.5% | 0.12% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GIS General Mills Inc. | Add +2637.5% | 0.62% | +0.60 |
| BA The Boeing Co. | Add +51.9% | 1.95% | +0.57 |
| KRP Kimbell Royalty Partners LP | Add +267.0% | 0.71% | +0.47 |
| PTEN Patterson-Uti Energy Inc. | Add +599.6% | 0.53% | +0.46 |
| BMY Bristol-Myers Squibb Co. | Add +29.9% | 1.12% | +0.34 |
| SJT San Juan Basin Royalty TR | Add +111.2% | 0.46% | +0.21 |
| CVX Chevron Corp. | Add +49.2% | 0.54% | +0.14 |
| SBSI Southside Bancshares Inc. | Add +14.7% | 1.15% | +0.14 |
| TGT Target Corp. | Add +747.0% | 0.15% | +0.13 |
| TDAY USA Today Co. Inc. | Add +3.0% | 0.81% | +0.13 |
| METCB Ramaco Resources Inc. Class B | Add +10988.3% | 0.11% | +0.11 |
| CBRL Cracker Barrel Old Country | New | 0.10% | +0.10 |
| CTRA Coterra Energy Inc. | Add +0.7% | 2.23% | +0.07 |
| DELL Dell Technologies -C | New | 0.03% | +0.03 |
| NKE Nike Inc. Class B | New | 0.03% | +0.03 |
| FIP Ftai Infrastructure Inc. | Add +3.1% | 4.99% | +0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +83.3% | 0.01% | +0.00 |
| OMC Omnicom Group | New | 0.00% | +0.00 |
| BCDA Biocardia Inc. | Add +193.1% | 0.00% | +0.00 |
| DSGR Distribution Solutions Group | Add +25.0% | 0.02% | +0.00 |
| ADBE Adobe Inc. | Add +10.0% | 0.04% | +0.00 |
| APD Air Products & Chemicals Inc. | New | 0.00% | +0.00 |
| TGTX TG Therapeutics Inc. | Add +31.3% | 0.04% | −0.00 |
| OXY Occidental Petroleum Corp. | Add +14.3% | 0.02% | −0.00 |
| PVL Permianville Royalty Trust | Add +4.5% | 1.04% | −0.05 |
| PFE Pfizer Inc. | Add +3.3% | 1.28% | −0.10 |
| CWH Camping World Holdings Inc. Class A | Add +23.5% | 0.27% | −0.11 |
| ET Energy Transfer LP | Add +2.3% | 1.62% | −0.17 |
Notes & Other Activity Q3 2025 → Q4 2025
| ASPSW Altisource Portfolio - 30 | *W EXP 04/30/203 | New | 33,000 | $14K |
| ASPSZ Altisource Portfolio - 29C | *W EXP 04/02/202 | New | 33,000 | $11K |
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 | 181 | $171.3M | FTAI, CRGY, FIP, DVN, DINO |
| Q1 2026 | 185 | $168.7M | FTAI, CRGY, FIP, CTRA, BABA |
| Q4 2025 | 202 | $163.5M | FTAI, CRGY, FIP, BABA, CTRA |
| Q3 2025 | 200 | $150.6M | FTAI, CRGY, FIP, BABA, T |
| Q2 2025 | 204 | $133.8M | FTAI, CRGY, FIP, BABA, T |
| Q1 2025 | 207 | $134.8M | FTAI, CRGY, FIP, NFE, BABA |
| Q4 2024 | 224 | $152.5M | FTAI, CRGY, NFE, FIP, CTRA |
| Q3 2024 | 221 | $141.1M | FTAI, CRGY, FIP, BABA, CTRA |
| Q2 2024 | 231 | $140.9M | FTAI, CRGY, FIP, CTRA, T |
| Q1 2024 | 254 | $136.6M | FTAI, CRGY, FIP, CTRA, WBA |