Sandia Investment Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sandia Investment Management LP reported 79 stock positions worth $33.9 million. Its top holding was Haymaker Acquisition Corp. 4 at 10.5% of the portfolio, followed by Bold Eagle Acquisition (BEAGU, 4.6%) and Dynamix (DYNCU, 3.8%). Compared with Q4 2024, it opened 20 new positions, sold out of 43, added to 7 and reduced 26. The biggest buy was Haymaker Acquisition Corp. 4 (shares +63%) and the biggest sale an exit from Lavoro Class A (LVROF).

Most Recent 13F
Q4 2025
Location
BOSTON, MA
CIK
0001880562
Portfolio Value
$33.9M (Q1 2025)
SEC Filing
0001880562-25-000005 ↗ filed May 15, 2025

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 $33.9M Q1 2025 Q2 2025: $38.3M Q2 2025 Q3 2025: $33.0M Q3 2025 Q4 2025: $39.8M Q4 2025

Holdings 79 stocks · $33.9M
HAYMAKER ACQUISITION CORP 4 10.52% 325,000 $3.6M Add +62.5%
BEAGU Bold Eagle Acquisition Corp. 4.56% 150,000 $1.5M No change
DYNCU Dynamix Corp. 3.76% 126,973 $1.3M Add +0.8%
FACTU Fact II Acquisition Corp. 3.71% 125,100 $1.3M No change
CCIXU Churchill Capital Corp. Ix 3.20% 100,000 $1.1M No change
ALDFU Aldel Financial II Inc. 3.02% 100,000 $1.0M No change
LOKVU Live Oak Acquisition Corp. V 2.97% 100,000 $1.0M New
FTW.U Eqv Ventures Acquisition Cor 2.65% 87,861 $901K No change
ETR Entergy Corp. 2.52% 10,000 $855K New
VLOSU M3-Brigade Acquisition V Cor 2.29% 75,000 $776K No change
WLACU Willow Lane Acquisition Corp. 2.24% 75,000 $760K No change
SARO Standardaero Inc. 1.96% 25,000 $666K Add +100.0%
WAY Waystar Holding Corp. 1.92% 17,400 $650K Add +397.1%
RGS Regis Corp. 1.76% 32,936 $598K No change
AACT.U Ares Acquisition Corp. II 1.76% 53,238 $596K No change
SAIL Sailpoint Inc. 1.66% 30,000 $563K New
AEP American Electric Power 1.61% 5,000 $546K New
HONDU HCM II Acquisition Corp. 1.57% 49,561 $533K Reduce -33.9%
VCICU Vine Hill Cap Invest-Unit 1.53% 50,500 $518K No change
MACIU Melar Acquisition Corp. I 1.52% 50,000 $515K No change
CHARU Charlton Aria Acquisition Co. 1.52% 50,000 $515K No change
DRDBU Roman DBDR Acquisition Corp. 1.51% 50,100 $512K No change
AB Alliancebernstein Holding LP 1.51% 13,355 $512K New
DMYY DMY Squared Technology GR-A 1.32% 40,209 $449K Reduce -81.1%
FLOC Flowco Holdings Inc. Class A 1.32% 17,500 $449K New
HLNE Hamilton Lane Inc. Class A 1.31% 3,000 $446K New
POLEU Andretti Acquisition Corp. II 1.20% 40,000 $409K No change
SFD Smithfield Foods Inc. 1.20% 20,000 $408K New
VNOM Viper Energy Inc. 1.20% 9,000 $406K New
TBBB BBB Foods Inc. Class A 1.18% 15,000 $400K New
VIK Viking Holdings Ltd. 1.17% 10,000 $398K Reduce -42.9%
CRBG Corebridge Financial Inc. 1.16% 12,500 $395K Reduce -50.0%
NUVL Nuvalent Inc. Class A 1.15% 5,500 $390K Reduce -45.0%
AMTM Amentum Holdings Inc. 1.06% 19,805 $360K New
SNDA Sonida Senior Living Inc. 1.03% 15,000 $349K Reduce -12.1%
KDP Keurig Dr Pepper Inc. 1.01% 10,000 $342K New
BEAG Bold Eagle Acquisition Cor-A 0.92% 30,870 $313K No change
ASPCU A Spac III Acquisition Corp. 0.90% 30,000 $306K No change
KVUE Kenvue Inc. 0.88% 12,500 $300K Reduce -44.4%
WMB Williams Cos Inc. 0.88% 5,000 $299K No change
SIRI Sirius XM Holdings Inc. 0.84% 12,693 $286K No change
CWAN Clearwater Analytics HDS-A 0.79% 10,000 $268K Reduce -60.0%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.78% 7,500 $265K Reduce -50.0%
CLAR Clarus Corp. 0.76% 68,943 $259K No change
TARS Tarsus Pharmaceuticals Inc. 0.76% 5,000 $257K New
JAKK Jakks Pacific Inc. 0.75% 10,345 $255K Add +26.5%
NHICU Newhold Investment Corp. III 0.74% 25,000 $252K New
SRG Seritage Growth Prop- A 0.73% 76,987 $249K Add +42.1%
OKE Oneok Inc. 0.73% 2,500 $248K New
TTAM Titan America SA 0.70% 17,500 $237K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.68% 673 $232K Reduce -86.5%
BOW Bowhead Specialty Holdings I 0.66% 5,500 $224K Reduce -45.0%
VLY Valley National Bancorp 0.65% 25,000 $222K No change
INGM Ingram Micro Holding Corp. 0.65% 12,500 $222K Reduce -37.5%
KRMN Karman Holdings Inc. 0.64% 6,500 $217K New
OMCC Old Market Capital Corp. filed as OLD MKT CAP CORP 0.64% 35,842 $216K No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.59% 2,175 $202K No change
ETNB 89BIO Inc. 0.54% 25,000 $182K Add +121.5%
AESI Atlas Energy Solutions Inc. 0.53% 10,000 $178K New
RVMD Revolution Medicines Inc. 0.52% 5,000 $177K No change
KLC Kindercare Learning Cos Inc. 0.51% 15,000 $174K Reduce -33.3%
VVX V2X Inc. 0.51% 3,500 $172K Reduce -36.4%
SN Sharkninja Inc. 0.49% 2,000 $167K Reduce -60.0%
CON Concentra Group Holdings Par 0.48% 7,500 $163K Reduce -57.1%
SSUP Superior Industries Intl 0.47% 75,041 $160K No change
ALKT Alkami Technology Inc. 0.42% 5,433 $143K Reduce -45.7%
ULS Ul Solutions Inc. Class A 0.42% 2,500 $141K Reduce -66.7%
PACS Pacs Group Inc. 0.41% 12,500 $141K No change
EQT Eqt Corp. 0.39% 2,500 $134K Reduce -50.0%
CTRI Centuri Holdings Inc. 0.36% 7,500 $123K Reduce -62.5%
VG Venture Global Inc. Class A 0.30% 10,000 $103K New
GDYN Grid Dynamics Holdings Inc. 0.23% 5,000 $78K Reduce -50.0%
IONS Ionis Pharmaceuticals Inc. 0.22% 2,500 $75K Reduce -50.0%
BBNX Beta Bionics Inc. 0.22% 6,000 $73K New
AUNA Auna SA Class A 0.21% 10,000 $71K Reduce -33.3%
AS Amer Sports Inc. 0.20% 2,500 $67K Reduce -75.0%
ONL Orion Properties Inc. 0.16% 25,093 $54K No change
ALIT Alight Inc. Class A 0.13% 7,500 $44K Reduce -25.0%
PR Permian Resources Corp. Class A 0.02% 500 $7K Reduce -93.3%
Other holdings (11): bonds, preferreds, convertibles and warrants · $362K (not counted above)
SecurityClassShares / PrincipalValueChange
ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 109,665$174KReduce -21.1%
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 579,498$56KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 162,499$34KAdd +62.5%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 427,627$31KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 589,886$19KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 74,647$19KReduce -89.0%
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 358,427$9KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 108,100$8KReduce -54.0%
ZAPWF Zapp Electric Vehicles -28 *W EXP 99/99/999 617,496$5KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 31,862$4KReduce -31.0%
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 17,690$945Reduce -90.3%

Total filed on the 13F, all lines: $34.3M.

Portfolio Sells Q4 2024 → Q1 2025
LVROF Lavoro Ltd. Class A Sold out 0.00% −22.85
DMYY DMY Squared Technology GR-A Reduce -81.1% 1.32% −3.00
HAYMAKER ACQUISITION CORP 4 Sold out 0.00% −2.57
AJG Arthur J Gallagher & Co. Reduce -86.5% 0.68% −2.02
PLMJF Plum Acquisition Corp. III Sold out 0.00% −1.68
BA The Boeing Co. Sold out 0.00% −1.18
LINE Lineage Inc. Sold out 0.00% −0.84
VERA Vera Therapeutics Inc. Sold out 0.00% −0.81
GEHC GE Healthcare Technology Sold out 0.00% −0.74
SMTC Semtech Corp. Sold out 0.00% −0.59
HEI.A Heico Corp. Class A Sold out 0.00% −0.53
CWAN Clearwater Analytics HDS-A Reduce -60.0% 0.79% −0.52
CWST Casella Waste Systems Inc. Class A Sold out 0.00% −0.50
INFA Informatica Inc. Class A Sold out 0.00% −0.49
ESTC Elastic NV Sold out 0.00% −0.47
SEG Seaport Entertainment Group Sold out 0.00% −0.44
SN Sharkninja Inc. Reduce -60.0% 0.49% −0.44
NETDU Nabors Energy Transition Cor Sold out 0.00% −0.41
PCVX Vaxcyte Inc. Sold out 0.00% −0.39
CTRI Centuri Holdings Inc. Reduce -62.5% 0.36% −0.37
NUVL Nuvalent Inc. Class A Reduce -45.0% 1.15% −0.34
AS Amer Sports Inc. Reduce -75.0% 0.20% −0.34
BWMX Betterware DE Mexico Sapi DE Sold out 0.00% −0.33
HRMY Harmony Biosciences Holdings Sold out 0.00% −0.33
UPB Upstream Bio Inc. Sold out 0.00% −0.31
VIK Viking Holdings Ltd. Reduce -42.9% 1.17% −0.30
ULS Ul Solutions Inc. Class A Reduce -66.7% 0.42% −0.30
TWFG TWFG Inc. Sold out 0.00% −0.29
PCG P G & E Corp. Sold out 0.00% −0.29
IVT Inventrust Properties Corp. Sold out 0.00% −0.29
ALKT Alkami Technology Inc. Reduce -45.7% 0.42% −0.28
RXO Rxo Inc. Sold out 0.00% −0.27
CRBG Corebridge Financial Inc. Reduce -50.0% 1.16% −0.26
FVR Frontview REIT Inc. Sold out 0.00% −0.26
KLC Kindercare Learning Cos Inc. Reduce -33.3% 0.51% −0.25
IBTA Ibotta Inc. Class A Sold out 0.00% −0.25
AKR Acadia Realty Trust Sold out 0.00% −0.23
LCID Lucid Group Inc. Sold out 0.00% −0.23
CWH Camping World Holdings Inc. Class A Sold out 0.00% −0.20
SHC Sotera Health Co. Sold out 0.00% −0.20
KGS Kodiak Gas Services Inc. Sold out 0.00% −0.19
GDYN Grid Dynamics Holdings Inc. Reduce -50.0% 0.23% −0.19
MAC The Macerich Co. Sold out 0.00% −0.19
PR Permian Resources Corp. Class A Reduce -93.3% 0.02% −0.19
CON Concentra Group Holdings Par Reduce -57.1% 0.48% −0.18
MBX MBX Biosciences Inc. Sold out 0.00% −0.18
ASPN Aspen Aerogels Inc. Sold out 0.00% −0.17
RAPP Rapport Therapeutics Inc. Sold out 0.00% −0.17
SKWD Skyward Specialty Insurance Sold out 0.00% −0.16
CHWY Chewy Inc. Class A Sold out 0.00% −0.16

Portfolio Buys Q4 2024 → Q1 2025
HAYMAKER ACQUISITION CORP 4 Add +62.5% 10.52% +6.42
LOKVU Live Oak Acquisition Corp. V New 2.97% +2.97
ETR Entergy Corp. New 2.52% +2.52
WAY Waystar Holding Corp. Add +397.1% 1.92% +1.67
SAIL Sailpoint Inc. New 1.66% +1.66
AEP American Electric Power New 1.61% +1.61
AB Alliancebernstein Holding LP New 1.51% +1.51
DYNCU Dynamix Corp. Add +0.8% 3.76% +1.38
SARO Standardaero Inc. Add +100.0% 1.96% +1.37
FLOC Flowco Holdings Inc. Class A New 1.32% +1.32
HLNE Hamilton Lane Inc. Class A New 1.31% +1.31
SFD Smithfield Foods Inc. New 1.20% +1.20
VNOM Viper Energy Inc. New 1.20% +1.20
TBBB BBB Foods Inc. Class A New 1.18% +1.18
AMTM Amentum Holdings Inc. New 1.06% +1.06
KDP Keurig Dr Pepper Inc. New 1.01% +1.01
TARS Tarsus Pharmaceuticals Inc. New 0.76% +0.76
NHICU Newhold Investment Corp. III New 0.74% +0.74
OKE Oneok Inc. New 0.73% +0.73
TTAM Titan America SA New 0.70% +0.70
KRMN Karman Holdings Inc. New 0.64% +0.64
AESI Atlas Energy Solutions Inc. New 0.53% +0.53
ETNB 89BIO Inc. Add +121.5% 0.54% +0.37
JAKK Jakks Pacific Inc. Add +26.5% 0.75% +0.31
SRG Seritage Growth Prop- A Add +42.1% 0.73% +0.31
VG Venture Global Inc. Class A New 0.30% +0.30
BBNX Beta Bionics Inc. New 0.22% +0.22

Notes & Other Activity Q4 2024 → Q1 2025
ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 Reduce -21.1% 109,665 $174K
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Add +62.5% 162,499 $34K
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 Reduce -89.0% 74,647 $19K
PLMWF Plum Acquisition Corp. III-CW *W EXP 03/31/202 Sold out 80,545 $14Kbefore exit
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 Reduce -54.0% 108,100 $8K
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 Reduce -31.0% 31,862 $4K
PPYAW Papaya Growth Opportuni-CW23 *W EXP 12/31/202 Sold out 79,200 $2Kbefore exit
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 Reduce -90.3% 17,690 $945

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