Sandia Investment Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sandia Investment Management LP reported 111 stock positions worth $39.8 million. Its top holding was Haymaker Acquisition Corp. 4 at 10.0% of the portfolio, followed by Bold Eagle Acquisition Cor-A (BEAG, 3.1%) and Regis (RGS, 2.3%). Compared with Q3 2025, it opened 43 new positions, sold out of 19, added to 19 and reduced 31. The biggest buy was Haymaker Acquisition Corp. 4 (shares +75%) and the biggest sale Fact II Acquisition (FACT, shares −80%).

Most Recent 13F
Q4 2025
Location
BOSTON, MA
CIK
0001880562
Portfolio Value
$39.8M (Q4 2025)
SEC Filing
0001880562-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $101.5M Q1 2024 Q2 2024: $79.4M Q2 2024 Q3 2024: $61.6M Q3 2024 Q4 2024: $52.5M Q4 2024 Q1 2025: $33.9M Q1 2025 Q2 2025: $38.3M Q2 2025 Q3 2025: $33.0M Q3 2025 Q4 2025: $39.8M $39.8M Q4 2025

Holdings 111 stocks · $39.8M

HAYMAKER ACQUISITION CORP 4 10.01% 349,987 $4.0M Add +75.0%
BEAG Bold Eagle Acquisition Cor-A 3.13% 117,662 $1.2M Reduce -35.0%
RGS Regis Corp. 2.30% 32,936 $914K No change
RGR Sturm Ruger & Co. Inc. 2.17% 26,485 $865K New
LGN Legence Corp. Class A 2.15% 19,850 $854K Add +98.5%
MDLN Medline Inc. Class A 2.11% 20,000 $840K New
ALH Alliance Laundry Holdings Inc. 2.02% 39,522 $804K New
WBI Waterbridge Infrastruc Class A 2.01% 40,000 $800K Add +60.0%
SVAQU Silicon Valley Acquisition C 1.87% 75,000 $746K New
NTSK Netskope Inc. Class A 1.76% 40,000 $702K Add +300.0%
CAI Caris Life Sciences Inc. 1.60% 23,600 $637K Add +174.4%
GTEN Gores Holdings X Inc. Class A 1.59% 61,632 $632K Add +22.9%
APACU Stonebridge Acquisition II C 1.51% 60,000 $602K No change
MIAX Miami International Holdings 1.45% 13,000 $577K Add +97.0%
DRDB Roman DBDR Acquisition Corp. 1.31% 50,038 $522K Reduce -0.1%
ULS Ul Solutions Inc. Class A 1.30% 6,535 $515K New
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 1.29% 50,000 $515K Reduce -50.0%
CEPV Cantor Equity Partners Class A 1.29% 50,000 $513K New
AIIA.U AI Infrastructure Acquisitio 1.28% 50,000 $509K New
MBVIU M3-Brigade Acquisition Vi Co. 1.27% 50,000 $506K No change
VHCPU Vine Hill Capital Investment 1.26% 50,000 $501K New
HCACU Hall Chadwick Acquisition Co. 1.26% 50,000 $501K New
BLRKU Bluerock Acquisition Corp. 1.26% 50,000 $500K New
ITHAU Ithax Acquisition Corp. III 1.25% 50,000 $499K New
BIXIU Bitcoin Infrastructure Acqui 1.25% 50,000 $498K New
BEBE.U Tge Value Creative Solutions 1.25% 50,000 $497K New
VIA Via Transportation Inc. Class A 1.24% 17,048 $495K Add +0.3%
IGACU Invest Green Acquisition Cor 1.18% 47,000 $471K New
HTFL Heartflow Inc. 1.17% 15,917 $464K Add +112.2%
YCY.U Aa Mission Acquisition Corp. 1.13% 44,700 $451K New
BRCB Black Rock Coffee Bar Inc. Class A 1.12% 20,000 $445K Add +33.3%
ATEX Anterix Inc. 1.10% 20,000 $437K Reduce -26.9%
SBXE.U Silverbox Corp. V 1.09% 43,150 $434K New
ITT Itt Inc. 1.09% 2,500 $434K New
SARO Standardaero Inc. 1.08% 15,000 $430K Reduce -25.0%
SNDA Sonida Senior Living Inc. 1.03% 12,612 $411K No change
FIGR Figure Technology Solut Class A 1.03% 10,000 $408K Add +17.6%
RVMD Revolution Medicines Inc. 1.00% 5,000 $398K No change
CRCL Circle Internet Group Inc. 1.00% 5,000 $397K Add +233.3%
CTRI Centuri Holdings Inc. 0.95% 15,000 $379K Add +11.9%
BLSH Bullish 0.95% 10,000 $379K Add +4900.0%
BTSG Brightspring Health Services 0.94% 10,000 $375K New
KGS Kodiak Gas Services Inc. 0.94% 10,000 $374K Reduce -33.3%
KLAR Klarna Group PLC 0.90% 12,404 $359K Add +12.8%
VACI.U Viking Acquisitions Corp. I 0.89% 35,000 $352K New
ALDF Aldel Financial II Inc. 0.79% 30,000 $315K Reduce -20.0%
CHYM Chime Financial Inc. Class A 0.79% 12,500 $315K Reduce -16.7%
NP Neptune Insurance Holdi Class A 0.77% 10,500 $306K New
CRBG Corebridge Financial Inc. 0.76% 10,000 $302K Add +100.0%
PACS Pacs Group Inc. 0.72% 7,500 $288K Reduce -40.0%
COHR Coherent Corp. 0.70% 1,500 $277K New
JAKK Jakks Pacific Inc. 0.69% 16,236 $274K Add +47.5%
FIG Figma Inc. Class A 0.66% 7,000 $262K Add +600.0%
FACT Fact II Acquisition Corp. 0.65% 25,000 $260K Reduce -80.0%
JENA.U Jena Acquisition Corp. II 0.65% 25,000 $260K No change
PAII.U Pyrophyte Acquisition Corp. I 0.65% 25,000 $259K No change
NHIC Newhold Investment Cor III-A 0.65% 25,000 $259K No change
OTGAU Otg Acquisition Corp. I 0.64% 25,000 $255K Reduce -50.6%
SOCAU Solarius Capital Acquisition 0.64% 25,000 $255K No change
KBONU Karbon Capital Partners Corp. 0.63% 25,000 $252K New
TDWDU Tailwind 2.0 Acquisition Cor 0.63% 25,000 $252K New
MESHU Meshflow Acquisition Corp. 0.63% 25,000 $250K New
SLDE Slide Insurance Holdings Inc. 0.58% 11,748 $229K Reduce -16.1%
SFD Smithfield Foods Inc. 0.56% 10,000 $223K Reduce -60.0%
AERO Grupo Aeromexico Sab DE CV 0.55% 10,000 $220K New
ASIC Ategrity Specialty Holdings 0.54% 10,300 $216K Reduce -32.7%
IMNM Immunome Inc. 0.54% 10,000 $215K New
WAY Waystar Holding Corp. 0.54% 6,550 $215K Reduce -56.3%
KVYO Klaviyo Inc. Class A 0.53% 6,534 $212K Reduce -34.7%
OMCC Old Market Capital Corp. filed as OLD MKT CAP CORP 0.53% 40,491 $210K Add +13.0%
BACCU Blue Acquisition Corp. 0.52% 19,741 $208K Reduce -1.3%
TLNCU Talon Capital Corp. 0.52% 20,000 $206K Reduce -19.7%
AXINU Axiom Intelligence Acquisiti 0.51% 20,000 $205K No change
EVAC.U Eqv Ventures Acquisition Cor 0.51% 20,000 $202K No change
CTGO Contango Silver & Gold Inc. 0.51% 7,630 $202K New
CRANU Crane Harbor Acquisition Cor 0.51% 20,000 $201K New
SAIL Sailpoint Inc. 0.50% 9,837 $199K Reduce -50.8%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 0.49% 34,806 $197K New
LMRI Lumexa Imaging Holdings Inc. 0.46% 10,000 $185K New
KRMN Karman Holdings Inc. 0.46% 2,500 $183K Reduce -50.0%
RAPP Rapport Therapeutics Inc. 0.46% 6,000 $182K No change
LAKE Lakeland Industries Inc. 0.46% 20,580 $182K No change
CTRE Caretrust REIT Inc. 0.45% 5,000 $181K No change
ETOR Etoro Group Ltd. Class A 0.44% 5,000 $176K Reduce -50.0%
PXED Phoenix Education Partners I 0.40% 5,302 $161K New
LOAR Loar Holdings Inc. 0.40% 2,321 $158K Reduce -69.0%
BDCIU BTC Development Corp. 0.38% 15,000 $152K Reduce -25.0%
ALUB.U Alussa Energy Acquisition Co. 0.38% 15,000 $152K New
DYORU Insight Digital Partners II 0.38% 14,935 $150K New
DNMXU Dynamix Corp. III 0.37% 14,835 $149K New
GRVY Gravity Co. Ltd.-Sponsored ADR 0.36% 2,460 $142K New
OMDA Omada Health Inc. 0.35% 8,843 $140K Reduce -41.0%
VERA Vera Therapeutics Inc. 0.32% 2,500 $127K New
FIGXU Figx Capital Acquisition Cor 0.30% 11,888 $121K No change
GROW U.S. Global Investors Inc. Class A 0.27% 43,793 $106K New
CAEP Cantor Equity Partners III-A 0.26% 10,311 $105K Reduce -8.3%
ONCHU 1RT Acquisition Corp. 0.26% 10,000 $104K No change
CLAR Clarus Corp. 0.25% 30,000 $101K Reduce -56.5%
MDU Mdu Resources Group Inc. 0.25% 5,000 $98K New
NLOP Net Lease Office Property 0.22% 3,339 $86K New

Show all 111 holdings

Other holdings (17): bonds, preferreds, convertibles and warrants · $310K (not counted above)
SecurityClassShares / PrincipalValueChange
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 66,002$102KReduce -59.4%
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 148,300$47KReduce -1.1%
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 29,294$29KReduce -40.8%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 349,398$26KReduce -12.7%
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 12,296$22KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 514,702$20KReduce -12.8%
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 74,647$11KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 25,000$9KReduce -60.0%
EQV VENTURES ACQUISITION *W EXP 07/01/203 13,779$7KReduce -31.1%
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 38,725$7KReduce -48.4%
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 108,100$6KNo change
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 358,427$6KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 12,500$5KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 14,970$4KReduce -25.1%
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 17,690$4KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 25,000$4KNo change
RSVRW Reservoir Media-CW26 *W EXP 08/26/202 8,695$2KNew

Total filed on the 13F, all lines: $40.1M.

Portfolio Sells Q3 2025 → Q4 2025

FACT Fact II Acquisition Corp. Reduce -80.0% 0.65% −3.26
BULL Webull Corp. Sold out 0.00% −2.89
MRLN Merlin Inc. Sold out 0.00% −2.76
BEAG Bold Eagle Acquisition Cor-A Reduce -35.0% 3.13% −2.57
TMS Teamshares Inc. Reduce -50.0% 1.29% −1.80
AAM Aa Mission Acquisition Cor-A Sold out 0.00% −1.59
FTW Eqv Ventures Acquisition C-A Sold out 0.00% −1.57
NUVL Nuvalent Inc. Class A Sold out 0.00% −1.44
LOAR Loar Holdings Inc. Reduce -69.0% 0.40% −1.42
SFD Smithfield Foods Inc. Reduce -60.0% 0.56% −1.22
SRG Seritage Growth Prop- A Sold out 0.00% −1.21
WAY Waystar Holding Corp. Reduce -56.3% 0.54% −1.18
NIQ Niq Global Intelligence PLC Sold out 0.00% −1.07
SEG Seaport Entertainment Group Sold out 0.00% −0.92
OTGAU Otg Acquisition Corp. I Reduce -50.6% 0.64% −0.90
PRTA Prothena Corp. PLC Sold out 0.00% −0.89
SAIL Sailpoint Inc. Reduce -50.8% 0.50% −0.84
ETOR Etoro Group Ltd. Class A Reduce -50.0% 0.44% −0.81
POLE Andretti Acquisition Corp. Class A Sold out 0.00% −0.79
MACI Melar Acquisition Corp. I-A Sold out 0.00% −0.75
KGS Kodiak Gas Services Inc. Reduce -33.3% 0.94% −0.74
ATEX Anterix Inc. Reduce -26.9% 1.10% −0.68
OMDA Omada Health Inc. Reduce -41.0% 0.35% −0.65
KRMN Karman Holdings Inc. Reduce -50.0% 0.46% −0.63
GEMI Gemini Space Station Inc. Class A Reduce -52.0% 0.11% −0.58
SARO Standardaero Inc. Reduce -25.0% 1.08% −0.57
MH McGraw Hill Inc. Sold out 0.00% −0.57
COGT Cogent Biosciences Inc. Reduce -93.3% 0.09% −0.56
KSPI JSC Kaspi.kz ADR Sold out 0.00% −0.54
DMAA Drugs Made in America Acquis Sold out 0.00% −0.49
BRRWU Columbus Circle Capital Corp. Sold out 0.00% −0.49
VLOS Velos Acquisition I Corp. Sold out 0.00% −0.48
CLAR Clarus Corp. Reduce -56.5% 0.25% −0.48
VG Venture Global Inc. Class A Sold out 0.00% −0.43
ALDF Aldel Financial II Inc. Reduce -20.0% 0.79% −0.40
ASIC Ategrity Specialty Holdings Reduce -32.7% 0.54% −0.37
CHAC Crane Harbor Acqu Corp. Class A Sold out 0.00% −0.37
VOYG Voyager Technologies Inc. Class A Reduce -54.5% 0.16% −0.33
KVYO Klaviyo Inc. Class A Reduce -34.7% 0.53% −0.31
FLY Firefly Aerospace Inc. Reduce -35.9% 0.18% −0.26
DRDB Roman DBDR Acquisition Corp. Reduce -0.1% 1.31% −0.25
TLNCU Talon Capital Corp. Reduce -19.7% 0.52% −0.24
BDCIU BTC Development Corp. Reduce -25.0% 0.38% −0.23
FCRS.U Futurecrest Acquisition Corp. Reduce -60.0% 0.10% −0.22
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.19
CHYM Chime Financial Inc. Class A Reduce -16.7% 0.79% −0.13
SLDE Slide Insurance Holdings Inc. Reduce -16.1% 0.58% −0.09
BACCU Blue Acquisition Corp. Reduce -1.3% 0.52% −0.09
CAEP Cantor Equity Partners III-A Reduce -8.3% 0.26% −0.09
PACS Pacs Group Inc. Reduce -40.0% 0.72% +0.20

Portfolio Buys Q3 2025 → Q4 2025

HAYMAKER ACQUISITION CORP 4 Add +75.0% 10.01% +3.14
RGR Sturm Ruger & Co. Inc. New 2.17% +2.17
MDLN Medline Inc. Class A New 2.11% +2.11
ALH Alliance Laundry Holdings Inc. New 2.02% +2.02
SVAQU Silicon Valley Acquisition C New 1.87% +1.87
ULS Ul Solutions Inc. Class A New 1.30% +1.30
CEPV Cantor Equity Partners Class A New 1.29% +1.29
AIIA.U AI Infrastructure Acquisitio New 1.28% +1.28
VHCPU Vine Hill Capital Investment New 1.26% +1.26
HCACU Hall Chadwick Acquisition Co. New 1.26% +1.26
BLRKU Bluerock Acquisition Corp. New 1.26% +1.26
ITHAU Ithax Acquisition Corp. III New 1.25% +1.25
BIXIU Bitcoin Infrastructure Acqui New 1.25% +1.25
BEBE.U Tge Value Creative Solutions New 1.25% +1.25
LGN Legence Corp. Class A Add +98.5% 2.15% +1.21
IGACU Invest Green Acquisition Cor New 1.18% +1.18
YCY.U Aa Mission Acquisition Corp. New 1.13% +1.13
SBXE.U Silverbox Corp. V New 1.09% +1.09
ITT Itt Inc. New 1.09% +1.09
NTSK Netskope Inc. Class A Add +300.0% 1.76% +1.07
BTSG Brightspring Health Services New 0.94% +0.94
BLSH Bullish Add +4900.0% 0.95% +0.91
VACI.U Viking Acquisitions Corp. I New 0.89% +0.89
CAI Caris Life Sciences Inc. Add +174.4% 1.60% +0.81
NP Neptune Insurance Holdi Class A New 0.77% +0.77
COHR Coherent Corp. New 0.70% +0.70
MIAX Miami International Holdings Add +97.0% 1.45% +0.64
KBONU Karbon Capital Partners Corp. New 0.63% +0.63
TDWDU Tailwind 2.0 Acquisition Cor New 0.63% +0.63
MESHU Meshflow Acquisition Corp. New 0.63% +0.63
AERO Grupo Aeromexico Sab DE CV New 0.55% +0.55
IMNM Immunome Inc. New 0.54% +0.54
CTGO Contango Silver & Gold Inc. New 0.51% +0.51
CRANU Crane Harbor Acquisition Cor New 0.51% +0.51
FIG Figma Inc. Class A Add +600.0% 0.66% +0.50
DLHC DLH Holdings Corp. New 0.49% +0.49
LMRI Lumexa Imaging Holdings Inc. New 0.46% +0.46
PXED Phoenix Education Partners I New 0.40% +0.40
HTFL Heartflow Inc. Add +112.2% 1.17% +0.40
CRCL Circle Internet Group Inc. Add +233.3% 1.00% +0.39
ALUB.U Alussa Energy Acquisition Co. New 0.38% +0.38
DYORU Insight Digital Partners II New 0.38% +0.38
DNMXU Dynamix Corp. III New 0.37% +0.37
GRVY Gravity Co. Ltd.-Sponsored ADR New 0.36% +0.36
VERA Vera Therapeutics Inc. New 0.32% +0.32
CRBG Corebridge Financial Inc. Add +100.0% 0.76% +0.27
GROW U.S. Global Investors Inc. Class A New 0.27% +0.27
MDU Mdu Resources Group Inc. New 0.25% +0.25
NLOP Net Lease Office Property New 0.22% +0.22
WLTH Wealthfront Corp. New 0.11% +0.11

Notes & Other Activity Q3 2025 → Q4 2025

SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 Sold out 339,645 $177Kbefore exit
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Reduce -59.4% 66,002 $102K
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Reduce -1.1% 148,300 $47K
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 Reduce -40.8% 29,294 $29K
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 Reduce -12.7% 349,398 $26K
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 Reduce -12.8% 514,702 $20K
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Sold out 12,191 $15Kbefore exit
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 Reduce -60.0% 25,000 $9K
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -31.1% 13,779 $7K
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 Reduce -48.4% 38,725 $7K
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 Sold out 10,000 $5Kbefore exit
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 Reduce -25.1% 14,970 $4K
RSVRW Reservoir Media-CW26 *W EXP 08/26/202 New 8,695 $2K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 111$39.8MHAYMAKER ACQUISITION CORP 4, BEAG, RGS, RGR, LGN
Q3 2025 87$33.0MHAYMAKER ACQUISITION CORP 4, BEAG, FACT, TMS, RGS
Q2 2025 80$38.3MHAYMAKER ACQUISITION CORP 4, BEAG, DYNC, FACT, TMS
Q1 2025 79$33.9MHAYMAKER ACQUISITION CORP 4, BEAGU, DYNCU, FACTU, CCIXU
Q4 2024 102$52.5MLVROF, DMYY, HAYMAKER ACQUISITION CORP 4, BEAGU, AJG
Q3 2024 87$61.6MLVROF, GHIXU, HAYMAKER ACQUISITION CORP 4, DMYY, SEDA
Q2 2024 89$79.4MLVROF, SEDA, GHIXU, SKGR, HAYMAKER ACQUISITION CORP 4
Q1 2024 99$101.5MLVROF, SEDA, SCRM, GHIXU, CNDA