Sandia Investment Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sandia Investment Management LP reported 87 stock positions worth $33.0 million. Its top holding was Haymaker Acquisition Corp. 4 at 6.9% of the portfolio, followed by Bold Eagle Acquisition Cor-A (BEAG, 5.7%) and Fact II Acquisition (FACT, 3.9%). Compared with Q2 2025, it opened 39 new positions, sold out of 32, added to 5 and reduced 21. The biggest buy was a new position in Merlin (MRLN) and the biggest sale an exit from Dynamix (DYNC).
- Most Recent 13F
- Q4 2025
- Location
- BOSTON, MA
- CIK
- 0001880562
- Portfolio Value
- $33.0M (Q3 2025)
- SEC Filing
- 0001880562-25-000011 ↗ filed Nov 14, 2025
Holdings Value
Holdings 87 stocks · $33.0M
| HAYMAKER ACQUISITION CORP 4 | 6.87% | 200,000 | $2.3M | Reduce -37.7% |
| BEAG Bold Eagle Acquisition Cor-A | 5.70% | 180,870 | $1.9M | No change |
| FACT Fact II Acquisition Corp. | 3.91% | 125,100 | $1.3M | No change |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 3.09% | 100,000 | $1.0M | No change |
| RGS Regis Corp. | 2.91% | 32,936 | $960K | No change |
| BULL Webull Corp. | 2.89% | 64,497 | $954K | No change |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 2.76% | 87,500 | $910K | New |
| VIA Via Transportation Inc. Class A | 2.48% | 17,000 | $817K | New |
| WBI Waterbridge Infrastruc Class A | 1.91% | 25,000 | $631K | New |
| LOAR Loar Holdings Inc. | 1.82% | 7,490 | $599K | Reduce -35.8% |
| APACU Stonebridge Acquisition II C | 1.81% | 60,000 | $598K | New |
| SFD Smithfield Foods Inc. | 1.78% | 25,000 | $587K | Add +25.0% |
| ATEX Anterix Inc. | 1.78% | 27,340 | $587K | New |
| WAY Waystar Holding Corp. | 1.72% | 15,000 | $569K | Reduce -39.8% |
| KGS Kodiak Gas Services Inc. | 1.68% | 15,000 | $555K | Reduce -25.0% |
| SARO Standardaero Inc. | 1.65% | 20,000 | $546K | Reduce -33.3% |
| AAM Aa Mission Acquisition Cor-A | 1.59% | 50,000 | $526K | New |
| FTW Eqv Ventures Acquisition C-A | 1.57% | 50,000 | $519K | Reduce -43.1% |
| DRDB Roman DBDR Acquisition Corp. | 1.57% | 50,100 | $517K | No change |
| GTEN Gores Holdings X Inc. Class A | 1.55% | 50,126 | $512K | New |
| OTGAU Otg Acquisition Corp. I | 1.54% | 50,581 | $509K | New |
| MBVIU M3-Brigade Acquisition Vi Co. | 1.53% | 50,000 | $506K | New |
| NUVL Nuvalent Inc. Class A | 1.44% | 5,500 | $476K | No change |
| SAIL Sailpoint Inc. | 1.34% | 20,000 | $442K | Reduce -20.0% |
| ETOR Etoro Group Ltd. Class A | 1.25% | 10,000 | $413K | No change |
| KLAR Klarna Group PLC | 1.22% | 11,000 | $403K | New |
| SRG Seritage Growth Prop- A | 1.21% | 93,887 | $399K | No change |
| ALDF Aldel Financial II Inc. | 1.19% | 37,500 | $392K | Reduce -62.5% |
| KRMN Karman Holdings Inc. | 1.09% | 5,000 | $361K | No change |
| BRCB Black Rock Coffee Bar Inc. Class A | 1.08% | 15,000 | $358K | New |
| NIQ Niq Global Intelligence PLC | 1.07% | 22,500 | $353K | New |
| SNDA Sonida Senior Living Inc. | 1.06% | 12,612 | $350K | No change |
| OMDA Omada Health Inc. | 1.00% | 15,000 | $332K | Reduce -25.0% |
| FIGR Figure Technology Solut Class A | 0.94% | 8,500 | $309K | New |
| LGN Legence Corp. Class A | 0.93% | 10,000 | $308K | New |
| SEG Seaport Entertainment Group | 0.92% | 13,311 | $305K | No change |
| LAKE Lakeland Industries Inc. | 0.92% | 20,580 | $305K | Add +89.7% |
| CHYM Chime Financial Inc. Class A | 0.92% | 15,000 | $303K | Reduce -45.5% |
| ASIC Ategrity Specialty Holdings | 0.92% | 15,300 | $302K | Add +188.7% |
| PRTA Prothena Corp. PLC | 0.89% | 29,950 | $292K | New |
| CTRI Centuri Holdings Inc. | 0.86% | 13,400 | $284K | Reduce -33.0% |
| KVYO Klaviyo Inc. Class A | 0.84% | 10,000 | $277K | Reduce -33.3% |
| MIAX Miami International Holdings | 0.81% | 6,600 | $266K | New |
| POLE Andretti Acquisition Corp. Class A | 0.79% | 25,000 | $262K | Reduce -37.5% |
| JENA.U Jena Acquisition Corp. II | 0.79% | 25,000 | $260K | New |
| CAI Caris Life Sciences Inc. | 0.79% | 8,600 | $260K | Reduce -14.0% |
| NHIC Newhold Investment Cor III-A | 0.77% | 25,000 | $255K | No change |
| PAII.U Pyrophyte Acquisition Corp. I | 0.77% | 25,000 | $253K | New |
| HTFL Heartflow Inc. | 0.76% | 7,500 | $252K | New |
| SOCAU Solarius Capital Acquisition | 0.76% | 25,000 | $252K | New |
| TLNCU Talon Capital Corp. | 0.76% | 24,900 | $250K | New |
| MACI Melar Acquisition Corp. I-A | 0.75% | 23,711 | $249K | New |
| CLAR Clarus Corp. | 0.73% | 68,943 | $241K | No change |
| RVMD Revolution Medicines Inc. | 0.71% | 5,000 | $234K | No change |
| GEMI Gemini Space Station Inc. Class A | 0.69% | 9,500 | $228K | New |
| NTSK Netskope Inc. Class A | 0.69% | 10,000 | $227K | New |
| SLDE Slide Insurance Holdings Inc. | 0.67% | 14,000 | $221K | Reduce -30.0% |
| COGT Cogent Biosciences Inc. | 0.65% | 15,000 | $215K | New |
| JAKK Jakks Pacific Inc. | 0.62% | 11,011 | $206K | No change |
| BDCIU BTC Development Corp. | 0.61% | 20,000 | $202K | New |
| AXINU Axiom Intelligence Acquisiti | 0.61% | 20,000 | $202K | No change |
| BACCU Blue Acquisition Corp. | 0.61% | 20,000 | $202K | No change |
| EVAC.U Eqv Ventures Acquisition Cor | 0.61% | 20,000 | $200K | New |
| CRCL Circle Internet Group Inc. | 0.60% | 1,500 | $199K | New |
| MH McGraw Hill Inc. | 0.57% | 15,000 | $188K | New |
| OMCC Old Market Capital Corp. filed as OLD MKT CAP CORP | 0.56% | 35,842 | $185K | No change |
| RAPP Rapport Therapeutics Inc. | 0.54% | 6,000 | $178K | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.54% | 2,175 | $178K | New |
| CTRE Caretrust REIT Inc. | 0.53% | 5,000 | $173K | New |
| PACS Pacs Group Inc. | 0.52% | 12,500 | $172K | No change |
| VOYG Voyager Technologies Inc. Class A | 0.50% | 5,500 | $164K | Add +1000.0% |
| DMAA Drugs Made in America Acquis | 0.49% | 15,721 | $161K | New |
| BRRWU Columbus Circle Capital Corp. | 0.49% | 15,000 | $160K | Reduce -50.0% |
| CRBG Corebridge Financial Inc. | 0.49% | 5,000 | $160K | Reduce -50.0% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.48% | 15,000 | $158K | Reduce -49.2% |
| FLY Firefly Aerospace Inc. | 0.44% | 5,000 | $147K | New |
| VG Venture Global Inc. Class A | 0.43% | 10,000 | $142K | No change |
| CHAC Crane Harbor Acqu Corp. Class A | 0.37% | 11,921 | $121K | New |
| FIGXU Figx Capital Acquisition Cor | 0.36% | 11,888 | $120K | Add +9.3% |
| CAEP Cantor Equity Partners III-A | 0.35% | 11,250 | $116K | Reduce -38.9% |
| CLASSOVER HLDGS INC | 0.33% | 90,000 | $109K | No change |
| FCRS.U Futurecrest Acquisition Corp. | 0.32% | 10,000 | $106K | New |
| ONCHU 1RT Acquisition Corp. | 0.32% | 10,000 | $106K | New |
| TTAM Titan America SA | 0.23% | 5,000 | $75K | Reduce -66.7% |
| KDP Keurig Dr Pepper Inc. | 0.19% | 2,500 | $64K | Reduce -75.0% |
| FIG Figma Inc. Class A | 0.16% | 1,000 | $52K | New |
| BLSH Bullish | 0.04% | 200 | $13K | New |
Other holdings (19): bonds, preferreds, convertibles and warrants · $549K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 339,645 | $177K | Reduce -41.4% |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 400,248 | $75K | Reduce -6.4% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 162,499 | $73K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 150,000 | $41K | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 12,296 | $34K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 49,500 | $24K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 589,886 | $22K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 62,550 | $18K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 12,191 | $15K | Reduce -51.2% |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 74,647 | $14K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 75,000 | $12K | New |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 20,000 | $10K | Reduce -31.7% |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 358,427 | $8K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 108,100 | $8K | No change |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 10,000 | $5K | Reduce -80.0% |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 12,500 | $5K | No change |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 20,000 | $4K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 25,000 | $4K | New |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 17,690 | $1K | No change |
Total filed on the 13F, all lines: $33.6M.
Portfolio Sells Q2 2025 → Q3 2025
| DYNC Dynamix Corp. | Sold out | 0.00% | −3.38 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -37.7% | 6.87% | −2.43 |
| ETR Entergy Corp. | Sold out | 0.00% | −2.17 |
| WLAC Willow Lane Acquisition Class A | Sold out | 0.00% | −2.00 |
| HNGE Hinge Health Inc. Class A | Sold out | 0.00% | −1.71 |
| AHL Aspen Insurance Holdings Class A | Sold out | 0.00% | −1.64 |
| CHYM Chime Financial Inc. Class A | Reduce -45.5% | 0.92% | −1.56 |
| ALDF Aldel Financial II Inc. | Reduce -62.5% | 1.19% | −1.55 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −1.45 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −1.39 |
| MRUS Merus NV | Sold out | 0.00% | −1.37 |
| VCIC Vine Hill Capital Class A | Sold out | 0.00% | −1.37 |
| MACIU Melar Acquisition Corp. I | Sold out | 0.00% | −1.37 |
| CHAR Charlton Aria Acquisiti Class A | Sold out | 0.00% | −1.28 |
| CCIX Churchill Capital Corp. Ix | Sold out | 0.00% | −1.24 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −1.17 |
| AS Amer Sports Inc. | Sold out | 0.00% | −1.01 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −0.94 |
| WAY Waystar Holding Corp. | Reduce -39.8% | 1.72% | −0.93 |
| FTW Eqv Ventures Acquisition C-A | Reduce -43.1% | 1.57% | −0.84 |
| SARO Standardaero Inc. | Reduce -33.3% | 1.65% | −0.82 |
| LOAR Loar Holdings Inc. | Reduce -35.8% | 1.82% | −0.81 |
| ASPC A Spac III Acquisition Class A | Sold out | 0.00% | −0.80 |
| SRAD Sportradar Group AG-A | Sold out | 0.00% | −0.73 |
| TBBB BBB Foods Inc. Class A | Sold out | 0.00% | −0.72 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.70 |
| KDP Keurig Dr Pepper Inc. | Reduce -75.0% | 0.19% | −0.67 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −0.65 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −0.56 |
| CCCXU Churchill Capital Corp. X | Sold out | 0.00% | −0.54 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.51 |
| KVYO Klaviyo Inc. Class A | Reduce -33.3% | 0.84% | −0.48 |
| FLOC Flowco Holdings Inc. Class A | Sold out | 0.00% | −0.46 |
| SLDE Slide Insurance Holdings Inc. | Reduce -30.0% | 0.67% | −0.46 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.45 |
| CRBG Corebridge Financial Inc. | Reduce -50.0% | 0.49% | −0.44 |
| RDW Redwire Corp. | Sold out | 0.00% | −0.43 |
| BRRWU Columbus Circle Capital Corp. | Reduce -50.0% | 0.49% | −0.41 |
| VLOS Velos Acquisition I Corp. | Reduce -49.2% | 0.48% | −0.39 |
| CTRI Centuri Holdings Inc. | Reduce -33.0% | 0.86% | −0.31 |
| BTSG Brightspring Health Services | Sold out | 0.00% | −0.31 |
| CID HOLDCO INC | Sold out | 0.00% | −0.29 |
| POLE Andretti Acquisition Corp. Class A | Reduce -37.5% | 0.79% | −0.29 |
| TTAM Titan America SA | Reduce -66.7% | 0.23% | −0.26 |
| SPWR Sunpower Inc. | Sold out | 0.00% | −0.24 |
| BBNX Beta Bionics Inc. | Sold out | 0.00% | −0.23 |
| CAEP Cantor Equity Partners III-A | Reduce -38.9% | 0.35% | −0.15 |
| SAIL Sailpoint Inc. | Reduce -20.0% | 1.34% | −0.15 |
| ONL Orion Properties Inc. | Sold out | 0.00% | −0.14 |
| SVV Savers Value Village Inc. | Sold out | 0.00% | −0.13 |
Portfolio Buys Q2 2025 → Q3 2025
| MRLN Merlin Inc. | New | 2.76% | +2.76 |
| VIA Via Transportation Inc. Class A | New | 2.48% | +2.48 |
| WBI Waterbridge Infrastruc Class A | New | 1.91% | +1.91 |
| APACU Stonebridge Acquisition II C | New | 1.81% | +1.81 |
| ATEX Anterix Inc. | New | 1.78% | +1.78 |
| AAM Aa Mission Acquisition Cor-A | New | 1.59% | +1.59 |
| GTEN Gores Holdings X Inc. Class A | New | 1.55% | +1.55 |
| OTGAU Otg Acquisition Corp. I | New | 1.54% | +1.54 |
| MBVIU M3-Brigade Acquisition Vi Co. | New | 1.53% | +1.53 |
| KLAR Klarna Group PLC | New | 1.22% | +1.22 |
| BRCB Black Rock Coffee Bar Inc. Class A | New | 1.08% | +1.08 |
| NIQ Niq Global Intelligence PLC | New | 1.07% | +1.07 |
| FIGR Figure Technology Solut Class A | New | 0.94% | +0.94 |
| LGN Legence Corp. Class A | New | 0.93% | +0.93 |
| PRTA Prothena Corp. PLC | New | 0.89% | +0.89 |
| MIAX Miami International Holdings | New | 0.81% | +0.81 |
| JENA.U Jena Acquisition Corp. II | New | 0.79% | +0.79 |
| PAII.U Pyrophyte Acquisition Corp. I | New | 0.77% | +0.77 |
| HTFL Heartflow Inc. | New | 0.76% | +0.76 |
| SOCAU Solarius Capital Acquisition | New | 0.76% | +0.76 |
| TLNCU Talon Capital Corp. | New | 0.76% | +0.76 |
| MACI Melar Acquisition Corp. I-A | New | 0.75% | +0.75 |
| GEMI Gemini Space Station Inc. Class A | New | 0.69% | +0.69 |
| NTSK Netskope Inc. Class A | New | 0.69% | +0.69 |
| COGT Cogent Biosciences Inc. | New | 0.65% | +0.65 |
| ASIC Ategrity Specialty Holdings | Add +188.7% | 0.92% | +0.62 |
| BDCIU BTC Development Corp. | New | 0.61% | +0.61 |
| EVAC.U Eqv Ventures Acquisition Cor | New | 0.61% | +0.61 |
| CRCL Circle Internet Group Inc. | New | 0.60% | +0.60 |
| MH McGraw Hill Inc. | New | 0.57% | +0.57 |
| SFD Smithfield Foods Inc. | Add +25.0% | 1.78% | +0.55 |
| RAPP Rapport Therapeutics Inc. | New | 0.54% | +0.54 |
| KSPI JSC Kaspi.kz ADR | New | 0.54% | +0.54 |
| LAKE Lakeland Industries Inc. | Add +89.7% | 0.92% | +0.54 |
| CTRE Caretrust REIT Inc. | New | 0.53% | +0.53 |
| DMAA Drugs Made in America Acquis | New | 0.49% | +0.49 |
| VOYG Voyager Technologies Inc. Class A | Add +1000.0% | 0.50% | +0.45 |
| FLY Firefly Aerospace Inc. | New | 0.44% | +0.44 |
| CHAC Crane Harbor Acqu Corp. Class A | New | 0.37% | +0.37 |
| FCRS.U Futurecrest Acquisition Corp. | New | 0.32% | +0.32 |
| ONCHU 1RT Acquisition Corp. | New | 0.32% | +0.32 |
| FIG Figma Inc. Class A | New | 0.16% | +0.16 |
| FIGXU Figx Capital Acquisition Cor | Add +9.3% | 0.36% | +0.08 |
| BLSH Bullish | New | 0.04% | +0.04 |
Notes & Other Activity Q2 2025 → Q3 2025
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Reduce -41.4% | 339,645 | $177K |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | Sold out | 109,665 | $123Kbefore exit |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | Reduce -6.4% | 400,248 | $75K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | Sold out | 63,486 | $25Kbefore exit |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Reduce -51.2% | 12,191 | $15K |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | New | 75,000 | $12K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Reduce -31.7% | 20,000 | $10K |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Sold out | 10,000 | $10Kbefore exit |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | Sold out | 25,250 | $6Kbefore exit |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | Reduce -80.0% | 10,000 | $5K |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Sold out | 30,362 | $4Kbefore exit |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | New | 25,000 | $4K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 111 | $39.8M | HAYMAKER ACQUISITION CORP 4, BEAG, RGS, RGR, LGN |
| Q3 2025 | 87 | $33.0M | HAYMAKER ACQUISITION CORP 4, BEAG, FACT, TMS, RGS |
| Q2 2025 | 80 | $38.3M | HAYMAKER ACQUISITION CORP 4, BEAG, DYNC, FACT, TMS |
| Q1 2025 | 79 | $33.9M | HAYMAKER ACQUISITION CORP 4, BEAGU, DYNCU, FACTU, CCIXU |
| Q4 2024 | 102 | $52.5M | LVROF, DMYY, HAYMAKER ACQUISITION CORP 4, BEAGU, AJG |
| Q3 2024 | 87 | $61.6M | LVROF, GHIXU, HAYMAKER ACQUISITION CORP 4, DMYY, SEDA |
| Q2 2024 | 89 | $79.4M | LVROF, SEDA, GHIXU, SKGR, HAYMAKER ACQUISITION CORP 4 |
| Q1 2024 | 99 | $101.5M | LVROF, SEDA, SCRM, GHIXU, CNDA |