Two Seas Capital LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Two Seas Capital LP reported 22 stock positions worth $584.4 million. Its top holding was Indivior (INDV) at 21.7% of the portfolio, followed by Roivant Sciences (ROIV, 19.2%) and Talen Energy (TLN, 13.7%). Compared with Q2 2024, it opened 6 new positions, added to 5 and reduced 11. The biggest buy was a new position in Exelixis (EXEL) and the biggest sale Odyssey Marine Exploration (OMEX, shares −91%).

Most Recent 13F
Q2 2026
Location
RYE, NY
CIK
0001823138
Portfolio Value
$584.4M (Q3 2024)
SEC Filing
0001315863-24-000822 ↗ filed Nov 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $492.7M Q1 2024 Q2 2024: $590.7M Q2 2024 Q3 2024: $584.4M $584.4M Q3 2024 Q4 2024: $838.8M Q4 2024 Q1 2025: $642.5M Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $2.6B Q2 2026

Holdings 22 stocks · $584.4M
INDV Indivior Ltd. 21.74% 13,030,027 $127.0M Add +3.2%
ROIV Roivant Sciences Ltd. 19.20% 9,724,893 $112.2M Reduce -5.8%
TLN Talen Energy Corp. 13.70% 449,115 $80.1M Reduce -3.6%
CORZ Core Scientific Inc. 11.58% 5,705,791 $67.7M Reduce -8.6%
ABUS Arbutus Biopharma Corp. 5.53% 8,387,388 $32.3M Reduce -2.1%
VST Vistra Corp. 5.12% 252,666 $30.0M Reduce -19.6%
AVDL Avadel Pharmaceuticals Ltd. 5.06% 2,253,780 $29.6M Add +6.5%
META Meta Platforms Inc. Class A 3.52% 35,958 $20.6M Add +16.1%
IMVT Immunovant Inc. 3.30% 676,614 $19.3M Reduce -2.3%
EXEL Exelixis Inc. 2.01% 453,103 $11.8M New
ESPR Esperion Therapeutics Inc. 1.86% 6,584,278 $10.9M Add +14.8%
SHC Sotera Health Co. 1.14% 400,000 $6.7M Add +14.3%
GOOGL Alphabet Inc. Class A 1.14% 40,000 $6.6M Reduce -19.0%
SONO Sonos Inc. 1.11% 528,928 $6.5M Reduce -24.9%
CEG Constellation Energy 1.11% 25,000 $6.5M New
CLMT Calumet Inc. 0.95% 310,007 $5.5M New
ARQT Arcutis Biotherapeutics Inc. 0.50% 312,122 $2.9M Reduce -59.0%
HUT Hut 8 Corp. 0.43% 204,916 $2.5M New
IREN Iren Ltd. filed as IRIS ENERGY LTD 0.40% 275,000 $2.3M New
WULF Terawulf Inc. 0.35% 432,626 $2.0M Reduce -13.5%
BTBT Bit Digital Inc. 0.25% 412,414 $1.4M New
OMEX Odyssey Marine Exploration 0.01% 100,000 $83K Reduce -91.3%

Options reported separately and not counted above: EXEL calls ($23.6M), PCRX puts ($2.4M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $6.9M (not counted above)
SecurityClassShares / PrincipalValueChange
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 5,315,000$5.0MReduce -73.8%
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 280,248$1.9MNo change

Total filed on the 13F, all lines: $591.3M.

Portfolio Sells Q2 2024 → Q3 2024
OMEX Odyssey Marine Exploration Reduce -91.3% 0.01% −0.94
ARQT Arcutis Biotherapeutics Inc. Reduce -59.0% 0.50% −0.70
SONO Sonos Inc. Reduce -24.9% 1.11% −0.65
GOOGL Alphabet Inc. Class A Reduce -19.0% 1.14% −0.39
WULF Terawulf Inc. Reduce -13.5% 0.35% −0.03
IMVT Immunovant Inc. Reduce -2.3% 3.30% +0.21
VST Vistra Corp. Reduce -19.6% 5.12% +0.55
ROIV Roivant Sciences Ltd. Reduce -5.8% 19.20% +0.74
ABUS Arbutus Biopharma Corp. Reduce -2.1% 5.53% +1.04
CORZ Core Scientific Inc. Reduce -8.6% 11.58% +1.76
TLN Talen Energy Corp. Reduce -3.6% 13.70% +4.95

Portfolio Buys Q2 2024 → Q3 2024
EXEL Exelixis Inc. New 2.01% +2.01
CEG Constellation Energy New 1.11% +1.11
CLMT Calumet Inc. New 0.95% +0.95
META Meta Platforms Inc. Class A Add +16.1% 3.52% +0.88
SHC Sotera Health Co. Add +14.3% 1.14% +0.44
HUT Hut 8 Corp. New 0.43% +0.43
IREN Iren Ltd. New 0.40% +0.40
BTBT Bit Digital Inc. New 0.25% +0.25
AVDL Avadel Pharmaceuticals Ltd. Add +6.5% 5.06% +0.02
ESPR Esperion Therapeutics Inc. Add +14.8% 1.86% −0.30
INDV Indivior Ltd. Add +3.2% 21.74% −12.73

Options Activity Q2 2024 → Q3 2024
EXEL Exelixis Inc. call Add +715.7% 907,900 $23.6M
PCRX Pacira Biosciences Inc. put New 158,400 $2.4M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Reduce -73.8% 5,315,000 $5.0M
CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 Sold out 233,540 $2.0Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 35$2.6BROIV, CLMT, CORZ, NKTR, TLN
Q1 2026 33$2.2BROIV, CORZ, CLMT, TLN, INDV
Q4 2025 27$1.7BCORZ, ROIV, INDV, TLN, CLMT
Q3 2025 30$1.7BCORZ, INDV, ROIV, TLN, CLMT
Q2 2025 31$1.0BINDV, ROIV, CORZ, TLN, CLMT
Q1 2025 22$642.5MINDV, ROIV, TLN, CORZ, AVDL
Q4 2024Amended 25$838.8MINDV, ROIV, TLN, CORZ, VST
Q3 2024 22$584.4MINDV, ROIV, TLN, CORZ, ABUS
Q2 2024 16$590.7MINDV, ROIV, CORZ, TLN, AVDL
Q1 2024 15$492.7MINDV, ROIV, ABUS, IMVT, META