In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Praetorian PR LLC reported 8 stock positions worth $105.4 million . Its top holding was Sprott (SII) at 36.1% of the portfolio, followed by St Joe (JOE, 29.9% ) and XP Class A (XP, 19.2% ). Compared with Q1 2025, it opened 2 new positions, sold out of 11 and reduced 4. The biggest buy was a new position in Yorkville Acquisition (MCGAU) and the biggest sale Valaris (VAL, shares −98% ).
Location RINCON, PR
CIK 0001949877
Portfolio Value $105.4M (Q2 2025) Holdings 8 stocks · $105.4M 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 Q1 2025 SII Sprott Inc. 550,000 $38.0M No change JOE The St Joe Co. 660,000 $31.5M Reduce -21.0% XP XP Inc. Class A 1,000,000 $20.2M Reduce -16.7% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 550,000 $12.2M No change VAL Valaris Ltd. 32,500 $1.4M Reduce -97.6% LEE Lee Enterprises 125,258 $802K Reduce -38.0% MCGAU Yorkville Acquisition Corp. 70,139 $789K New RTAC Renatus Tactical Acquisiti-A 43,316 $511K New
Options reported separately and not counted above: INMUNE BIO INC calls ($49K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.7M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 705,000 $2.7M Reduce -18.0%
Total filed on the 13F, all lines: $108.1M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ VAL Valaris Ltd. Reduce -97.6% 1.30% −23.75 TDW Tidewater Inc. Sold out 0.00% −8.93 DKNG Draftkings Inc. Class A Sold out 0.00% −7.63 NE Noble Corp. PLC Sold out 0.00% −5.50 INMB Inmune Bio Inc. Sold out 0.00% −3.14 COUR Coursera Inc. Sold out 0.00% −2.06 NAK Northern Dynasty Minerals Sold out 0.00% −0.91 TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.84 PAX Patria Investments Ltd. Class A Sold out 0.00% −0.81 TMQ Trilogy Metals Inc. Sold out 0.00% −0.30 LEE Lee Enterprises Reduce -38.0% 0.76% −0.21 ITRG Integra Resources Corp. Sold out 0.00% −0.06 IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.03 XP XP Inc. Class A Reduce -16.7% 19.17% +11.52 JOE The St Joe Co. Reduce -21.0% 29.88% +11.69
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MCGAU Yorkville Acquisition Corp. New 0.75% +0.75 RTAC Renatus Tactical Acquisiti-A New 0.49% +0.49
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Sold out 1,850 $3.7Mbefore exit SMH Vaneck Semiconductor ETF put Sold out 1,850 $2.7Mbefore exit PHILIP MORRIS INTL INC call Sold out 800 $2.1Mbefore exit STATE STR SPDR S&P 500 ETF T put Sold out 750 $1.7Mbefore exit KRANESHARES TRUST call Sold out 100 $59Kbefore exit INMUNE BIO INC call Add +51.2% 5,904 $49K DBX ETF TR call Sold out 100 $26Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Reduce -18.0% 705,000 $2.7M
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