Praetorian PR LLC

Name: Praetorian PR LLC 13F holdings, Q1 2025
Creator: Praetorian PR LLC
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Praetorian PR LLC reported 17 stock positions worth $215.5 million. Its top holding was Valaris (VAL) at 25.1% of the portfolio, followed by St Joe (JOE, 18.2%) and Sprott (SII, 11.5%). Compared with Q4 2024, it opened 7 new positions, sold out of 7, added to 7 and reduced 2. The biggest buy was XP Class A (XP, shares +20%) and the biggest sale Gold.com (GOLD, shares −42%).

Most Recent 13F: Q2 2026
Location: RINCON, PR
CIK: 0001949877
Portfolio Value: $215.5M (Q1 2025)
SEC Filing: 0001949877-25-000007 ↗ filed May 15, 2025

Holdings Value

Holdings 17 stocks · $215.5M


VAL Valaris Ltd.	25.05%	1,375,000	$54.0M	Add +4.6%
JOE The St Joe Co.	18.19%	835,000	$39.2M	Add +0.6%
SII Sprott Inc.	11.45%	550,000	$24.7M	No change
TDW Tidewater Inc.	8.93%	455,000	$19.2M	Add +5.6%
XP XP Inc. Class A	7.66%	1,200,000	$16.5M	Add +20.0%
DKNG Draftkings Inc. Class A	7.63%	495,000	$16.4M	Add +20.7%
GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC	6.48%	550,000	$14.0M	Reduce -42.1%
NE Noble Corp. PLC	5.50%	500,000	$11.8M	Add +25.0%
INMB Inmune Bio Inc.	3.14%	865,000	$6.8M	Add +6.5%
COUR Coursera Inc.	2.06%	665,000	$4.4M	New
LEE Lee Enterprises	0.97%	202,000	$2.1M	Reduce -22.7%
NAK Northern Dynasty Minerals	0.91%	1,700,000	$2.0M	New
TNK Teekay Tankers Ltd. Class A	0.84%	47,514	$1.8M	New
PAX Patria Investments Ltd. Class A	0.81%	155,000	$1.7M	New
TMQ Trilogy Metals Inc.	0.30%	420,000	$651K	New
ITRG Integra Resources Corp.	0.06%	100,000	$124K	New
IE Ivanhoe Electric Inc. / US	0.03%	10,000	$58K	New

Options reported separately and not counted above: INVESCO QQQ TR puts ($3.7M), SMH puts ($2.7M), PHILIP MORRIS INTL INC calls ($2.1M), STATE STR SPDR S&P 500 ETF T puts ($1.7M), INMUNE BIO INC calls ($1.0M), KRANESHARES TRUST calls ($59K), DBX ETF TR calls ($26K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $4.4M (not counted above)

Security	Class	Shares / Principal	Value	Change
VAL.WS Valaris Ltd. -CW28	*W EXP 04/29/202	860,000	$4.4M	Add +0.2%

Total filed on the 13F, all lines: $219.9M.

Portfolio Sells Q4 2024 → Q1 2025


GOLD Gold.com Inc.	Reduce -42.1%	6.48%	−4.39
TITN Titan Machinery Inc.	Sold out	0.00%	−2.71
SBLK Star Bulk Carriers Corp.	Sold out	0.00%	−2.62
CSV Carriage Services Inc.	Sold out	0.00%	−1.33
GOLDEN OCEAN GROUP LTD	Sold out	0.00%	−1.12
HDSN Hudson Technologies Inc.	Sold out	0.00%	−0.93
MSOS Advisorshares Pure US Cann	Sold out	0.00%	−0.80
LEE Lee Enterprises	Reduce -22.7%	0.97%	−0.64
SMH Vaneck Semiconductor ETF	Sold out	0.00%	−0.47

Portfolio Buys Q4 2024 → Q1 2025


XP XP Inc. Class A	Add +20.0%	7.66%	+2.71
JOE The St Joe Co.	Add +0.6%	18.19%	+2.62
COUR Coursera Inc.	New	2.06%	+2.06
INMB Inmune Bio Inc.	Add +6.5%	3.14%	+1.55
DKNG Draftkings Inc. Class A	Add +20.7%	7.63%	+1.26
NAK Northern Dynasty Minerals	New	0.91%	+0.91
TNK Teekay Tankers Ltd. Class A	New	0.84%	+0.84
PAX Patria Investments Ltd. Class A	New	0.81%	+0.81
VAL Valaris Ltd.	Add +4.6%	25.05%	+0.76
TMQ Trilogy Metals Inc.	New	0.30%	+0.30
NE Noble Corp. PLC	Add +25.0%	5.50%	+0.26
ITRG Integra Resources Corp.	New	0.06%	+0.06
IE Ivanhoe Electric Inc. / US	New	0.03%	+0.03
TDW Tidewater Inc.	Add +5.6%	8.93%	−0.92

Options Activity Q4 2024 → Q1 2025


INVESCO QQQ TR	put	Reduce -7.5%	1,850	$3.7M
SMH Vaneck Semiconductor ETF	put	New	1,850	$2.7M
PHILIP MORRIS INTL INC	call	New	800	$2.1M
STATE STR SPDR S&P 500 ETF T	put	Reduce -21.1%	750	$1.7M
INMUNE BIO INC	call	Add +392.9%	3,904	$1.0M
KRANESHARES TRUST	call	Reduce -97.7%	100	$59K
ANTERO RESOURCES CORP	call	Sold out	300	$38Kbefore exit
DBX ETF TR	call	New	100	$26K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


VAL.WS Valaris Ltd. -CW28	*W EXP 04/29/202	Add +0.2%	860,000	$4.4M
Colombier Acquisition - 29	*W EXP 11/24/202	Sold out	14,895	$24Kbefore 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	14	$313.8M	SII, UTI, JOE, MPC, MRX
Q1 2026	12	$274.9M	SII, JOE, UTI, MPC, MRX
Q4 2025	15	$206.1M	SII, JOE, MRX, XP, MPC
Q3 2025	11	$163.6M	SII, JOE, XP, MPC, MRX
Q2 2025	8	$105.4M	SII, JOE, XP, GOLD, VAL
Q1 2025	17	$215.5M	VAL, JOE, SII, TDW, XP
Q4 2024	17	$239.5M	VAL, JOE, GOLD, TDW, SII
Q3 2024	12	$248.2M	GOLD, VAL, JOE, SII, TDW
Q2 2024	15	$262.2M	VAL, JOE, GOLD, TDW, SII
Q1 2024	19	$303.1M	VAL, JOE, TDW, GOLD, GDXJ