Progeny 3, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Progeny 3, Inc. reported 34 stock positions worth $1.9 billion. Its top holding was Cameco (CCJ) at 10.6% of the portfolio, followed by Tic Solutions (TIC, 10.5%) and Interactive Brokers Gro Class A (IBKR, 7.5%). Compared with Q2 2025, it opened 7 new positions, sold out of 3, added to 9 and reduced 2. The biggest buy was a new position in Eqt (EQT) and the biggest sale Peabody Energy (BTU, shares −77%).

Most Recent 13F
Q2 2026
Location
KIRKLAND, WA
CIK
0001536006
Portfolio Value
$1.9B (Q3 2025)
SEC Filing
0000899140-25-001311 ↗ filed Nov 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $908.8M Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $1.9B $1.9B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 34 stocks · $1.9B
CCJ Cameco Corp. 10.57% 2,442,732 $204.8M No change
TIC Tic Solutions Inc. filed as ACUREN CORP 10.47% 15,255,800 $203.1M Add +1.7%
IBKR Interactive Brokers Gro Class A 7.55% 2,126,460 $146.3M No change
APG Api Group Corp. 6.28% 3,540,787 $121.7M No change
SSNC Ss&c Technologies Holdings 5.15% 1,125,500 $99.9M No change
IVV iShares Core S&P 500 ETF 4.80% 139,069 $93.1M No change
GFL GFL Environmental Inc.-Sub VT 4.77% 1,953,680 $92.6M Add +6.7%
ARLP Alliance Resource Partners 4.27% 3,274,381 $82.8M Add +6.9%
MLM Martin Marietta Materials 3.68% 113,150 $71.3M No change
PAR Par Technology Corp. 3.54% 1,732,318 $68.6M Add +16.9%
VOO Vanguard S&P 500 ETF 3.26% 103,300 $63.3M Reduce -17.5%
EPD Enterprise Products Partners 3.06% 1,895,024 $59.3M No change
DAKT Daktronics Inc. 2.96% 2,746,408 $57.5M Add +3.6%
TSLX Sixth Street Specialty Lendi 2.92% 2,476,398 $56.6M No change
MPLX MPLX LP 2.79% 1,082,559 $54.1M Add +2.1%
CZR Caesars Entertainment Inc. 2.61% 1,872,400 $50.6M Add +9.7%
ET Energy Transfer LP 2.48% 2,800,385 $48.1M Add +2.1%
AEM Agnico Eagle Mines Ltd. 2.48% 284,925 $48.0M No change
ARCC Ares Capital Corp. 2.24% 2,125,718 $43.4M No change
EQT Eqt Corp. 1.97% 700,300 $38.1M New
TLN Talen Energy Corp. 1.90% 86,500 $36.8M New
NRP Natural Resource Partners LP 1.69% 312,523 $32.8M Add +3.3%
AGI Alamos Gold Inc. Class A 1.46% 813,625 $28.4M No change
PSMT Pricesmart Inc. 1.44% 229,600 $27.8M New
BRK.B Berkshire Hathaway Inc. Class B 1.38% 53,239 $26.8M No change
BTU Peabody Energy Corp. 1.24% 908,593 $24.1M Reduce -76.8%
BXSL Blackstone Secured Lending F 1.04% 772,156 $20.1M No change
GPGI Gpgi Inc. filed as COMPOSECURE INC 0.79% 737,000 $15.3M No change
SEI Solaris Energy Infrastructur 0.66% 322,300 $12.9M New
HCC Warrior Met Coal Inc. 0.18% 54,235 $3.5M No change
DQ Daqo New Energy Corp.-ADR 0.12% 84,200 $2.4M New
JKS Jinkosolar Holding Co.-ADR 0.12% 97,400 $2.3M New
PRCH Porch Group Inc. 0.07% 83,710 $1.4M No change
ABVX Abivax SA-ADR 0.05% 12,240 $1.0M New

Portfolio Sells Q2 2025 → Q3 2025
BTU Peabody Energy Corp. Reduce -76.8% 1.24% −1.71
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −1.11
RICK Rci Hospitality Holdings Inc. Sold out 0.00% −0.87
AR Antero Resources Corp. Sold out 0.00% −0.86
VOO Vanguard S&P 500 ETF Reduce -17.5% 3.26% −0.73

Portfolio Buys Q2 2025 → Q3 2025
EQT Eqt Corp. New 1.97% +1.97
TLN Talen Energy Corp. New 1.90% +1.90
PSMT Pricesmart Inc. New 1.44% +1.44
TIC Tic Solutions Inc. Add +1.7% 10.47% +1.16
DAKT Daktronics Inc. Add +3.6% 2.96% +0.72
SEI Solaris Energy Infrastructur New 0.66% +0.66
DQ Daqo New Energy Corp.-ADR New 0.12% +0.12
JKS Jinkosolar Holding Co.-ADR New 0.12% +0.12
NRP Natural Resource Partners LP Add +3.3% 1.69% +0.07
ABVX Abivax SA-ADR New 0.05% +0.05
CZR Caesars Entertainment Inc. Add +9.7% 2.61% −0.11
ARLP Alliance Resource Partners Add +6.9% 4.27% −0.22
MPLX MPLX LP Add +2.1% 2.79% −0.28
ET Energy Transfer LP Add +2.1% 2.48% −0.31
GFL GFL Environmental Inc.-Sub VT Add +6.7% 4.77% −0.41
PAR Par Technology Corp. Add +16.9% 3.54% −2.23

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 29$1.9BCCJ, IBKR, APG, TIC, IVV
Q1 2026 32$1.9BCCJ, IBKR, APG, TIC, IVV
Q4 2025 37$1.9BCCJ, TIC, IBKR, APG, SSNC
Q3 2025 34$1.9BCCJ, TIC, IBKR, APG, SSNC
Q2 2025 30$1.8BCCJ, TIC, APG, IBKR, PAR
Q1 2025 30$1.5BTIC, CCJ, APG, GFL, ARLP
Q4 2024 32$1.3BCCJ, PAR, APG, ARLP, BTU
Q3 2024 34$1.2BCCJ, BTU, APG, ARLP, PAR
Q2 2024Amended 29$1.0BCCJ, BTU, APG, ARLP, VOO
Q1 2024 26$908.8MCCJ, BTU, APG, STER, VOO