In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Praetorian PR LLC reported 11 stock positions worth $163.6 million . Its top holding was Sprott (SII) at 28.0% of the portfolio, followed by St Joe (JOE, 20.0% ) and XP Class A (XP, 11.5% ). Compared with Q2 2025, it opened 7 new positions, sold out of 4 and added to 1. The biggest buy was a new position in Marathon Petroleum (MPC) and the biggest sale an exit from Gold.com (GOLD).
Location RINCON, PR
CIK 0001949877
Portfolio Value $163.6M (Q3 2025) Holdings 11 stocks · $163.6M 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 Q2 2025 SII Sprott Inc. 550,000 $45.8M No change JOE The St Joe Co. 660,000 $32.7M No change XP XP Inc. Class A 1,000,000 $18.8M No change MPC Marathon Petroleum Corp. 70,000 $13.5M New MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 400,000 $13.4M New VLO Valero Energy Corp. 65,000 $11.1M New RTAC Renatus Tactical Acquisiti-A 920,000 $10.0M Add +2023.9% PBF PBF Energy Inc. Class A 250,000 $7.5M New DOLE Dole PLC 500,000 $6.7M New OPCH Option Care Health Inc. 125,000 $3.5M New SNWV Sanuwave Health Inc. 17,250 $647K New
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($1.1M), FORD MTR CO calls ($350K), ISHARES TR puts ($8K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.3M (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 477,598 $1.3M Reduce -32.3%
Total filed on the 13F, all lines: $165.0M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ GOLD Gold.com Inc. Sold out 0.00% −11.58 VAL Valaris Ltd. Sold out 0.00% −1.30 LEE Lee Enterprises Sold out 0.00% −0.76 MCGAU Yorkville Acquisition Corp. Sold out 0.00% −0.75
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ MPC Marathon Petroleum Corp. New 8.25% +8.25 MRX Marex UK Holdings Ltd. New 8.22% +8.22 VLO Valero Energy Corp. New 6.76% +6.76 RTAC Renatus Tactical Acquisiti-A Add +2023.9% 6.13% +5.65 PBF PBF Energy Inc. Class A New 4.61% +4.61 DOLE Dole PLC New 4.11% +4.11 OPCH Option Care Health Inc. New 2.12% +2.12 SNWV Sanuwave Health Inc. New 0.40% +0.40
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put New 4,250 $1.1M FORD MTR CO call New 5,000 $350K INMUNE BIO INC call Sold out 5,904 $49Kbefore exit ISHARES TR put New 1,500 $8K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Reduce -32.3% 477,598 $1.3M
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