Vennlight Capital Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Vennlight Capital Management, LP reported 24 stock positions worth $85.7 million . Its top holding was Xcel Energy (XEL) at 13.1% of the portfolio, followed by Ferrovial (FER, 8.7% ) and Geopark (GPRK, 6.8% ). Compared with Q3 2025, it opened 17 new positions, sold out of 18, added to 4 and reduced 3. The biggest buy was Xcel Energy (XEL, shares +488% ) and the biggest sale an exit from Terrestrial Energy (IMSR).
Location WESTON, CT
CIK 0002013462
Portfolio Value $85.7M (Q4 2025) Holdings 24 stocks · $85.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 XEL Xcel Energy Inc. 152,239 $11.2M Add +487.8% FER Ferrovial NV 115,871 $7.5M New GPRK Geopark Ltd. 789,978 $5.9M New CPK Chesapeake Utilities Corp. 43,586 $5.4M New WULF Terawulf Inc. 419,396 $4.8M Add +139.5% LNT Alliant Energy Corp. 71,500 $4.6M New DGXX Digi Power X Inc. filed as DIGI PWR X INC 1,753,308 $4.5M New CIFR Cipher Digital Inc. 294,292 $4.3M Add +237.5% IDA Idacorp Inc. 30,100 $3.8M New NI Nisource Inc. 91,024 $3.8M New BE Bloom Energy Corp. Class A 36,467 $3.2M New SR Spire Inc. 36,000 $3.0M New ETR Entergy Corp. 31,338 $2.9M New NKLR Terra Innovatum Global NV 621,540 $2.9M New AES AES Corp. 153,692 $2.2M Reduce -60.1% BWXT BWX Technologies Inc. 12,350 $2.1M New GLXY Galaxy Digital Inc. Class A 90,073 $2.0M Add +6.6% IREN Iren Ltd. filed as IREN LIMITED 52,749 $2.0M New BITF Bitfarms Ltd./Canada 834,075 $2.0M New HIVE Hive Digital Technologies LT 758,683 $2.0M New APLD Applied Digital Corp. 76,037 $1.9M Reduce -39.2% TLN Talen Energy Corp. 4,440 $1.7M Reduce -65.5% BTDR Bitdeer Technologies Group-A 91,900 $1.0M New ETN Eaton Corp. PLC 3,225 $1.0M New
Options reported separately and not counted above: IMSR calls ($6.6M), FLNC puts ($989K), WULF calls ($661K), IREN calls ($604K).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ IMSR Terrestrial Energy Inc. Sold out 0.00% −10.68 SMR Nuscale Power Corp. Sold out 0.00% −9.01 PCG P G & E Corp. Sold out 0.00% −7.91 TLN Talen Energy Corp. Reduce -65.5% 1.94% −5.18 VST Vistra Corp. Sold out 0.00% −5.14 UUUU Energy Fuels Inc. Sold out 0.00% −4.80 MTZ Mastec Inc. Sold out 0.00% −4.03 AES AES Corp. Reduce -60.1% 2.57% −4.02 CWEN Clearway Energy Inc. Class C Sold out 0.00% −3.56 CORZ Core Scientific Inc. Sold out 0.00% −3.50 CMS CMS Energy Corp. Sold out 0.00% −3.04 EMR Emerson Electric Co. Sold out 0.00% −2.87 CEG Constellation Energy Sold out 0.00% −2.73 EVRG Evergy Inc. Sold out 0.00% −2.70 MSTR Strategy Inc. Sold out 0.00% −2.65 NRG NRG Energy Inc. Sold out 0.00% −2.63 HUT Hut 8 Corp. Sold out 0.00% −2.61 APLD Applied Digital Corp. Reduce -39.2% 2.18% −1.55 ES Eversource Energy Sold out 0.00% −1.42 SRE Sempra Sold out 0.00% −1.40 RIOT Riot Platforms Inc. Sold out 0.00% −1.40
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ XEL Xcel Energy Inc. Add +487.8% 13.12% +10.41 FER Ferrovial NV New 8.74% +8.74 GPRK Geopark Ltd. New 6.83% +6.83 CPK Chesapeake Utilities Corp. New 6.35% +6.35 LNT Alliant Energy Corp. New 5.43% +5.43 DGXX Digi Power X Inc. New 5.22% +5.22 IDA Idacorp Inc. New 4.45% +4.45 NI Nisource Inc. New 4.44% +4.44 BE Bloom Energy Corp. Class A New 3.70% +3.70 CIFR Cipher Digital Inc. Add +237.5% 5.07% +3.64 SR Spire Inc. New 3.47% +3.47 ETR Entergy Corp. New 3.38% +3.38 NKLR Terra Innovatum Global NV New 3.35% +3.35 WULF Terawulf Inc. Add +139.5% 5.62% +3.02 BWXT BWX Technologies Inc. New 2.49% +2.49 IREN Iren Ltd. New 2.33% +2.33 BITF Bitfarms Ltd./Canada New 2.29% +2.29 HIVE Hive Digital Technologies LT New 2.28% +2.28 BTDR Bitdeer Technologies Group-A New 1.20% +1.20 ETN Eaton Corp. PLC New 1.20% +1.20 GLXY Galaxy Digital Inc. Class A Add +6.6% 2.35% −1.37
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ IMSR Terrestrial Energy Inc. call New 1,077,500 $6.6M FLNC Fluence Energy Inc. put New 50,000 $989K WULF Terawulf Inc. call New 57,500 $661K IREN Iren Ltd. call New 16,000 $604K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 32 $149.2M BKV, FER, PAM, PPL, HTO Q1 2026 18 $99.0M FER, HTO, TGS, PAM, MWH Q4 2025 24 $85.7M XEL, FER, GPRK, CPK, WULF Q3 2025 25 $76.9M IMSR, SMR, PCG, TLN, AES Q2 2025 17 $91.1M IMSR, TLN, SR, HUT, GLXY Q1 2025 5 $47.2M TXNM, VST, HUT, WULF, CIFR Q4 2024 15 $105.3M TXNM, ETR, TLN, EVRG, XEL