In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Praetorian PR LLC reported 12 stock positions worth $274.9 million . Its top holding was Sprott (SII) at 28.6% of the portfolio, followed by St Joe (JOE, 15.4% ) and Universal Technical Institut (UTI, 13.1% ). Compared with Q4 2025, it opened 4 new positions, sold out of 7, added to 4 and reduced 1. The biggest buy was a new position in Universal Technical Institut (UTI) and the biggest sale an exit from JBS NV-A (JBS).
Location RINCON, PR
CIK 0001949877
Portfolio Value $274.9M (Q1 2026) Holdings 12 stocks · $274.9M 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 Q4 2025 SII Sprott Inc. 550,000 $78.6M No change JOE The St Joe Co. 675,000 $42.4M Add +2.3% UTI Universal Technical Institut 1,000,000 $36.1M New MPC Marathon Petroleum Corp. 95,000 $23.2M Add +11.8% MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 500,000 $22.3M No change XP XP Inc. Class A 1,000,000 $19.0M No change LRN Stride Inc. 200,000 $17.6M Add +53.9% VLO Valero Energy Corp. 60,000 $14.8M Reduce -7.7% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 45,000 $6.2M New SNWV Sanuwave Health Inc. 350,000 $6.1M Add +32.1% LINC Lincoln Educational Services 141,000 $5.7M New RKT Rocket Cos Inc. Class A 200,000 $2.9M New
Options reported separately and not counted above: VERIZON COMMUNICATIONS INC calls ($100K).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ JBS JBS NV-A Sold out 0.00% −5.25 RTAC Renatus Tactical Acquisiti-A Sold out 0.00% −5.10 PBF PBF Energy Inc. Class A Sold out 0.00% −3.29 NWAX.U New America Acquisition I Co. Sold out 0.00% −1.82 DOLE Dole PLC Sold out 0.00% −1.26 TVA Texas Ventures Acquisition-A Sold out 0.00% −1.01 HSAI Hesai Group Sold out 0.00% −0.12 VLO Valero Energy Corp. Reduce -7.7% 5.39% +0.26
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ UTI Universal Technical Institut New 13.13% +13.13 LRN Stride Inc. Add +53.9% 6.42% +2.32 FUTU Futu Holdings Ltd.-ADR New 2.24% +2.24 LINC Lincoln Educational Services New 2.09% +2.09 MPC Marathon Petroleum Corp. Add +11.8% 8.44% +1.73 RKT Rocket Cos Inc. Class A New 1.04% +1.04 SNWV Sanuwave Health Inc. Add +32.1% 2.20% −1.63 JOE The St Joe Co. Add +2.3% 15.42% −3.59
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ VERIZON COMMUNICATIONS INC call New 500 $100K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Sold out 135,000 $238Kbefore 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