In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Two Seas Capital LP reported 22 stock positions worth $642.5 million . Its top holding was Indivior (INDV) at 16.6% of the portfolio, followed by Roivant Sciences (ROIV, 15.9% ) and Talen Energy (TLN, 14.7% ). Compared with Q4 2024, it opened 4 new positions, sold out of 7, added to 10 and reduced 7. The biggest buy was a new position in Golar LNG (GLNG) and the biggest sale an exit from Constellation Energy (CEG).
Location RYE, NY
CIK 0001823138
Portfolio Value $642.5M (Q1 2025) Holdings 22 stocks · $642.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 INDV Indivior Ltd. 11,366,777 $106.5M Reduce -8.8% ROIV Roivant Sciences Ltd. 10,136,307 $102.3M Reduce -0.3% TLN Talen Energy Corp. 472,275 $94.3M Reduce -16.9% CORZ Core Scientific Inc. 7,995,574 $57.9M Add +28.3% AVDL Avadel Pharmaceuticals Ltd. 4,946,449 $38.7M Add +15.1% SHC Sotera Health Co. 3,321,136 $38.7M Add +14.7% CLMT Calumet Inc. 2,866,511 $36.3M Add +60.7% ABUS Arbutus Biopharma Corp. 9,465,956 $33.0M Add +8.3% IMVT Immunovant Inc. 1,642,772 $28.1M Add +8.7% VST Vistra Corp. 211,435 $24.8M Reduce -44.2% GLNG Golar LNG Ltd. 515,949 $19.6M New FTAI Ftai Aviation Ltd. 115,663 $12.8M New ARDX Ardelyx Inc. 2,120,337 $10.4M Add +14.3% ESPR Esperion Therapeutics Inc. 6,930,871 $10.0M Add +11.2% TDAY USA Today Co. Inc. filed as GANNETT CO INC 3,437,206 $9.9M Add +587.4% SONO Sonos Inc. 431,042 $4.6M Reduce -18.5% IREN Iren Ltd. filed as IREN LIMITED 665,000 $4.0M Reduce -22.7% ADAPY Adaptimmune Therapeutics-ADR 20,529,685 $4.0M Add +38.4% NBIS Nebius Group NV 150,000 $3.2M New HUT Hut 8 Corp. 131,808 $1.5M Reduce -72.4% OMEX Odyssey Marine Exploration 2,549,049 $1.0M No change WULF Terawulf Inc. 214,371 $585K New
Options reported separately and not counted above: SPY puts ($1.1B), QQQ puts ($715.1M), HYG puts ($577.9M), TLN calls ($49.9M), VST calls ($35.2M), TDAY calls ($8.1M), CORZ calls ($6.1M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $849K (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 280,248 $849K No change
Total filed on the 13F, all lines: $643.3M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CEG Constellation Energy Sold out 0.00% −2.63 VST Vistra Corp. Reduce -44.2% 3.86% −2.37 INDV Indivior Ltd. Reduce -8.8% 16.58% −1.88 META Meta Platforms Inc. Class A Sold out 0.00% −1.29 BTDR Bitdeer Technologies Group-A Sold out 0.00% −1.12 HUT Hut 8 Corp. Reduce -72.4% 0.24% −0.93 APLD Applied Digital Corp. Sold out 0.00% −0.60 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.56 SOC Sable Offshore Corp. Sold out 0.00% −0.43 IREN Iren Ltd. Reduce -22.7% 0.63% −0.38 SONO Sonos Inc. Reduce -18.5% 0.72% −0.23 BTBT Bit Digital Inc. Sold out 0.00% −0.23 TLN Talen Energy Corp. Reduce -16.9% 14.68% +1.02 ROIV Roivant Sciences Ltd. Reduce -0.3% 15.92% +1.58
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ GLNG Golar LNG Ltd. New 3.05% +3.05 FTAI Ftai Aviation Ltd. New 2.00% +2.00 ABUS Arbutus Biopharma Corp. Add +8.3% 5.14% +1.73 SHC Sotera Health Co. Add +14.7% 6.03% +1.30 TDAY USA Today Co. Inc. Add +587.4% 1.55% +1.24 CLMT Calumet Inc. Add +60.7% 5.66% +0.98 AVDL Avadel Pharmaceuticals Ltd. Add +15.1% 6.03% +0.65 ARDX Ardelyx Inc. Add +14.3% 1.62% +0.50 NBIS Nebius Group NV New 0.49% +0.49 WULF Terawulf Inc. New 0.09% +0.09 ESPR Esperion Therapeutics Inc. Add +11.2% 1.55% −0.08 IMVT Immunovant Inc. Add +8.7% 4.37% −0.09 ADAPY Adaptimmune Therapeutics-ADR Add +38.4% 0.63% −0.32 CORZ Core Scientific Inc. Add +28.3% 9.01% −1.43
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +917.5% 2,035,000 $1.1B QQQ Invesco QQQ Trust Series 1 put Add +666.3% 1,525,000 $715.1M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 7,325,500 $577.9M TLN Talen Energy Corp. call Reduce -28.6% 250,000 $49.9M VST Vistra Corp. call New 300,000 $35.2M CLMT Calumet Inc. call Sold out 400,000 $8.8Mbefore exit TDAY USA Today Co. Inc. call Add +11.7% 2,814,900 $8.1M CORZ Core Scientific Inc. call New 836,500 $6.1M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $2.6B ROIV, CLMT, CORZ, NKTR, TLN Q1 2026 33 $2.2B ROIV, CORZ, CLMT, TLN, INDV Q4 2025 27 $1.7B CORZ, ROIV, INDV, TLN, CLMT Q3 2025 30 $1.7B CORZ, INDV, ROIV, TLN, CLMT Q2 2025 31 $1.0B INDV, ROIV, CORZ, TLN, CLMT Q1 2025 22 $642.5M INDV, ROIV, TLN, CORZ, AVDL Q4 2024 Amended 25 $838.8M INDV, ROIV, TLN, CORZ, VST Q3 2024 22 $584.4M INDV, ROIV, TLN, CORZ, ABUS Q2 2024 16 $590.7M INDV, ROIV, CORZ, TLN, AVDL Q1 2024 15 $492.7M INDV, ROIV, ABUS, IMVT, META