In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Praetorian PR LLC reported 15 stock positions worth $206.1 million . Its top holding was Sprott (SII) at 26.1% of the portfolio, followed by St Joe (JOE, 19.0% ) and Marex UK (MRX, 9.3% ). Compared with Q3 2025, it opened 5 new positions, sold out of 1, added to 4 and reduced 1. The biggest buy was a new position in JBS NV-A (JBS) and the biggest sale Dole (DOLE, shares −65% ).
Location RINCON, PR
CIK 0001949877
Portfolio Value $206.1M (Q4 2025) Holdings 15 stocks · $206.1M 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 SII Sprott Inc. 550,000 $53.9M No change JOE The St Joe Co. 660,000 $39.2M No change MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 500,000 $19.2M Add +25.0% XP XP Inc. Class A 1,000,000 $16.4M No change MPC Marathon Petroleum Corp. 85,000 $13.8M Add +21.4% JBS JBS NV-A 750,000 $10.8M New VLO Valero Energy Corp. 65,000 $10.6M No change RTAC Renatus Tactical Acquisiti-A 985,000 $10.5M Add +7.1% LRN Stride Inc. 130,000 $8.4M New SNWV Sanuwave Health Inc. 265,000 $7.9M Add +1436.2% PBF PBF Energy Inc. Class A 250,000 $6.8M No change NWAX.U New America Acquisition I Co. 360,000 $3.7M New DOLE Dole PLC 173,500 $2.6M Reduce -65.3% TVA Texas Ventures Acquisition-A 195,000 $2.1M New HSAI Hesai Group 11,490 $257K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $238K (not counted above) Security Class Shares / Principal Value Change VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 135,000 $238K Reduce -71.7%
Total filed on the 13F, all lines: $206.4M.
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 ▲ DOLE Dole PLC Reduce -65.3% 1.26% −2.85 OPCH Option Care Health Inc. Sold out 0.00% −2.12
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 ▼ JBS JBS NV-A New 5.25% +5.25 LRN Stride Inc. New 4.09% +4.09 SNWV Sanuwave Health Inc. Add +1436.2% 3.84% +3.44 NWAX.U New America Acquisition I Co. New 1.82% +1.82 MRX Marex UK Holdings Ltd. Add +25.0% 9.30% +1.09 TVA Texas Ventures Acquisition-A New 1.01% +1.01 HSAI Hesai Group New 0.12% +0.12 RTAC Renatus Tactical Acquisiti-A Add +7.1% 5.10% −1.04 MPC Marathon Petroleum Corp. Add +21.4% 6.71% −1.54
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Sold out 4,250 $1.1Mbefore exit FORD MTR CO call Sold out 5,000 $350Kbefore exit ISHARES TR put Sold out 1,500 $8Kbefore 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 Security Class Change vs Q3 2025 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Reduce -71.7% 135,000 $238K
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