Two Seas Capital LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 18, 2025), Two Seas Capital LP reported 25 stock positions worth $838.8 million. Its top holding was Indivior (INDV) at 18.5% of the portfolio, followed by Roivant Sciences (ROIV, 14.3%) and Talen Energy (TLN, 13.7%). Compared with Q3 2024, it opened 6 new positions, sold out of 3, added to 14 and reduced 4. The biggest buy was Calumet (CLMT, shares +475%) and the biggest sale Indivior (INDV, shares −4%).

Most Recent 13F
Q2 2026
Location
RYE, NY
CIK
0001823138
Portfolio Value
$838.8M (Q4 2024)
SEC Filing
0001315863-25-000188 ↗ filed Feb 18, 2025

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 Q3 2024 Q4 2024: $838.8M $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 25 stocks · $838.8M
INDV Indivior Ltd. 18.46% 12,457,514 $154.8M Reduce -4.4%
ROIV Roivant Sciences Ltd. 14.34% 10,167,807 $120.3M Add +4.5%
TLN Talen Energy Corp. 13.65% 568,475 $114.5M Add +26.6%
CORZ Core Scientific Inc. 10.44% 6,232,888 $87.6M Add +9.2%
VST Vistra Corp. 6.23% 379,085 $52.3M Add +50.0%
AVDL Avadel Pharmaceuticals Ltd. 5.38% 4,296,449 $45.2M Add +90.6%
SHC Sotera Health Co. 4.72% 2,896,136 $39.6M Add +624.0%
CLMT Calumet Inc. 4.68% 1,783,334 $39.3M Add +475.3%
IMVT Immunovant Inc. 4.46% 1,511,614 $37.4M Add +123.4%
ABUS Arbutus Biopharma Corp. 3.41% 8,740,956 $28.6M Add +4.2%
CEG Constellation Energy 2.63% 98,463 $22.0M Add +293.9%
ESPR Esperion Therapeutics Inc. 1.63% 6,230,871 $13.7M Reduce -5.4%
META Meta Platforms Inc. Class A 1.29% 18,516 $10.8M Reduce -48.5%
HUT Hut 8 Corp. 1.16% 476,808 $9.8M Add +132.7%
ARDX Ardelyx Inc. 1.12% 1,855,337 $9.4M New
BTDR Bitdeer Technologies Group-A 1.12% 433,028 $9.4M New
IREN Iren Ltd. filed as IREN LIMITED 1.01% 860,000 $8.4M Add +212.7%
ADAPY Adaptimmune Therapeutics-ADR 0.95% 14,835,146 $8.0M New
SONO Sonos Inc. 0.95% 528,928 $8.0M No change
APLD Applied Digital Corp. 0.60% 662,587 $5.1M New
GOOGL Alphabet Inc. Class A 0.56% 25,000 $4.7M Reduce -37.5%
SOC Sable Offshore Corp. 0.43% 158,518 $3.6M New
TDAY USA Today Co. Inc. filed as GANNETT CO INC 0.30% 500,000 $2.5M New
BTBT Bit Digital Inc. 0.23% 662,414 $1.9M Add +60.6%
OMEX Odyssey Marine Exploration 0.22% 2,549,049 $1.8M Add +2449.1%

Options reported separately and not counted above: SPY puts ($117.2M), QQQ puts ($101.7M), TLN calls ($70.5M), TDAY calls ($12.8M), CLMT calls ($8.8M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $7.5M (not counted above)
SecurityClassShares / PrincipalValueChange
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 5,315,000$5.2MNo change
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 280,248$2.3MNo change

Total filed on the 13F, all lines: $846.3M.

Portfolio Sells Q3 2024 → Q4 2024
INDV Indivior Ltd. Reduce -4.4% 18.46% −3.28
META Meta Platforms Inc. Class A Reduce -48.5% 1.29% −2.23
EXEL Exelixis Inc. Sold out 0.00% −2.01
GOOGL Alphabet Inc. Class A Reduce -37.5% 0.56% −0.57
ARQT Arcutis Biotherapeutics Inc. Sold out 0.00% −0.50
WULF Terawulf Inc. Sold out 0.00% −0.35
ESPR Esperion Therapeutics Inc. Reduce -5.4% 1.63% −0.22

Portfolio Buys Q3 2024 → Q4 2024
CLMT Calumet Inc. Add +475.3% 4.68% +3.74
SHC Sotera Health Co. Add +624.0% 4.72% +3.58
CEG Constellation Energy Add +293.9% 2.63% +1.51
IMVT Immunovant Inc. Add +123.4% 4.46% +1.16
ARDX Ardelyx Inc. New 1.12% +1.12
BTDR Bitdeer Technologies Group-A New 1.12% +1.12
VST Vistra Corp. Add +50.0% 6.23% +1.11
ADAPY Adaptimmune Therapeutics-ADR New 0.95% +0.95
HUT Hut 8 Corp. Add +132.7% 1.16% +0.73
IREN Iren Ltd. Add +212.7% 1.01% +0.61
APLD Applied Digital Corp. New 0.60% +0.60
SOC Sable Offshore Corp. New 0.43% +0.43
AVDL Avadel Pharmaceuticals Ltd. Add +90.6% 5.38% +0.33
TDAY USA Today Co. Inc. New 0.30% +0.30
OMEX Odyssey Marine Exploration Add +2449.1% 0.22% +0.20
BTBT Bit Digital Inc. Add +60.6% 0.23% −0.02
TLN Talen Energy Corp. Add +26.6% 13.65% −0.04
CORZ Core Scientific Inc. Add +9.2% 10.44% −1.14
ABUS Arbutus Biopharma Corp. Add +4.2% 3.41% −2.12
ROIV Roivant Sciences Ltd. Add +4.5% 14.34% −4.86

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put New 200,000 $117.2M
QQQ Invesco QQQ Trust Series 1 put New 199,000 $101.7M
TLN Talen Energy Corp. call New 350,000 $70.5M
EXEL Exelixis Inc. call Sold out 907,900 $23.6Mbefore exit
TDAY USA Today Co. Inc. call New 2,520,800 $12.8M
CLMT Calumet Inc. call New 400,000 $8.8M
PCRX Pacira Biosciences Inc. put Sold out 158,400 $2.4Mbefore exit

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