Westchester Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Westchester Capital Management, LLC reported 221 stock positions worth $2.1 billion. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 6.9% of the portfolio, followed by Electronic Arts (EA, 5.7%) and Norfolk Southern (NSC, 5.3%). Compared with Q3 2025, it opened 63 new positions, sold out of 33, added to 35 and reduced 29. The biggest buy was Electronic Arts (EA, shares +360%) and the biggest sale an exit from Mr Cooper (COOP).
- Most Recent 13F
- Q2 2026
- Location
- VALHALLA, NY
- CIK
- 0001512805
- Portfolio Value
- $2.1B (Q4 2025)
- SEC Filing
- 0001512805-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 221 stocks · $2.1B
| CYBR Cyberark Software Ltd./Israel | 6.89% | 327,864 | $146.2M | Add +17.9% |
| EA Electronic Arts Inc. | 5.72% | 594,161 | $121.4M | Add +360.0% |
| NSC Norfolk Southern Corp. | 5.27% | 387,596 | $111.9M | Add +196.3% |
| WBD Warner Bros Discovery Inc. | 4.96% | 3,649,601 | $105.2M | Add +185.5% |
| GTLS Chart Industries Inc. | 4.82% | 496,058 | $102.3M | Reduce -9.7% |
| FYBR Frontier Communications Pare | 4.14% | 2,308,994 | $87.9M | Add +10.3% |
| EXAS Exact Sciences Corp. | 3.60% | 751,561 | $76.3M | New |
| TECK Teck Resources Ltd.-CLS B | 3.54% | 1,566,212 | $75.0M | Reduce -16.0% |
| RNAM Avidity Biosciences Inc. | 3.27% | 962,659 | $69.4M | New |
| CMA Comerica Inc. | 2.70% | 658,366 | $57.2M | New |
| PRA Proassurance Corp. | 1.83% | 1,605,544 | $38.8M | Reduce -8.8% |
| DAY Dayforce Inc. | 1.78% | 546,665 | $37.8M | New |
| SEE Sealed Air Corp. | 1.67% | 853,621 | $35.4M | New |
| AAM Aa Mission Acquisition Cor-A | 1.36% | 2,701,172 | $28.8M | No change |
| CFLT Confluent Inc. Class A | 1.22% | 857,198 | $25.9M | New |
| LBRDA Liberty Broadband-A | 1.21% | 530,942 | $25.6M | Reduce -29.8% |
| NGD New Gold Inc. | 1.17% | 2,852,255 | $24.8M | New |
| HOLX Hologic Inc. | 1.12% | 319,734 | $23.8M | New |
| TGNA Tegna Inc. | 1.09% | 1,192,134 | $23.1M | No change |
| HAYMAKER ACQUISITION CORP 4 | 1.04% | 1,939,028 | $22.1M | No change |
| ANSC Agriculture & Natural Soluti | 1.03% | 1,964,677 | $21.9M | Reduce -20.3% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 1.01% | 334,421 | $21.5M | Add +117.6% |
| KFII K&F Growth Acquisition Cor-A | 0.92% | 1,885,000 | $19.5M | No change |
| DMAA Drugs Made in America Acquis | 0.82% | 1,669,000 | $17.3M | No change |
| SZZL Sizzle Acquisition Corp. Class A | 0.75% | 1,564,728 | $15.9M | No change |
| CTLP Cantaloupe Inc. | 0.70% | 1,389,401 | $14.8M | No change |
| GPAT GP-Act III Acquisition-A | 0.69% | 1,360,852 | $14.6M | Add +22.5% |
| GTERA Globa Terra Acquisition Co. Class A | 0.67% | 1,414,429 | $14.3M | No change |
| CADE Cadence Bank | 0.66% | 328,564 | $14.1M | New |
| SDHI Siddhi Acquisition Corp. Class A | 0.65% | 1,349,197 | $13.9M | Add +103.9% |
| TACH Titan Acquisition Corp. Class A | 0.65% | 1,344,693 | $13.8M | No change |
| VACH Voyager Acquisition Corp. | 0.63% | 1,261,894 | $13.5M | No change |
| SIMA Sim Acquisition Corp. I-A | 0.63% | 1,270,312 | $13.5M | No change |
| NPAC New Providence Acquisition-A | 0.62% | 1,278,999 | $13.1M | New |
| OYSE Oyster Enterprises II Acq-A | 0.62% | 1,295,112 | $13.1M | Add +191.0% |
| THS Treehouse Foods Inc. | 0.62% | 553,686 | $13.1M | New |
| KCHV Kochav Defense Acquisition-A | 0.61% | 1,286,000 | $13.0M | Add +349.6% |
| SOUL Soulpower Acquisition Co. Class A | 0.61% | 1,279,300 | $13.0M | No change |
| PLMK Plum Acquisition Corp. IV | 0.60% | 1,225,000 | $12.8M | No change |
| JACS Jackson Acquisition Co. Class A | 0.58% | 1,186,200 | $12.4M | No change |
| ALDF Aldel Financial II Inc. | 0.57% | 1,159,448 | $12.2M | No change |
| POLE Andretti Acquisition Corp. Class A | 0.55% | 1,111,416 | $11.7M | Reduce -4.3% |
| GIW GIGCAPITAL8 Corp. Class A | 0.50% | 1,080,000 | $10.7M | New |
| AACB Artius II Acquisition Inc. Class A | 0.48% | 995,939 | $10.3M | No change |
| BCAR D. Boral Arc Acquisit Class A | 0.47% | 1,002,475 | $10.1M | Reduce -9.4% |
| LPBB Launch Two Acquisition Class A | 0.47% | 950,000 | $10.0M | No change |
| FACT Fact II Acquisition Corp. | 0.45% | 921,116 | $9.6M | Reduce -14.9% |
| ATII Archimedes Tech Spac Partner | 0.44% | 907,144 | $9.4M | Add +0.8% |
| NTWO Newbury Street II Ac Class A | 0.44% | 898,111 | $9.4M | No change |
| JENA Jena Acquisition Corp. II - A | 0.44% | 912,000 | $9.3M | Add +78.1% |
| MLAC Mountain Lake Acquisition-A | 0.44% | 887,700 | $9.2M | Reduce -24.9% |
| OBA Oxley Bridge Acquisitio Class A | 0.44% | 917,657 | $9.2M | Add +80.6% |
| COPL Copley Acquisition Corp. Class A | 0.41% | 860,600 | $8.8M | No change |
| PACHU Pioneer Acquisition I Corp. | 0.41% | 850,000 | $8.6M | No change |
| XRPN Armada Acquisition Class A | 0.40% | 833,400 | $8.5M | Add +31.6% |
| APTV Aptiv PLC | 0.40% | 111,900 | $8.5M | Add +239.1% |
| LWAC Lightwave Acquisition Corp. Class A | 0.39% | 819,872 | $8.2M | Add +43.9% |
| ALF Centurion Acquisition Corp. | 0.35% | 688,240 | $7.4M | Add +0.0% |
| TASK Taskus Inc. Class A | 0.33% | 602,597 | $7.1M | Add +50.4% |
| TAVI Tavia Acquisition Corp. | 0.33% | 680,000 | $7.1M | No change |
| LCCC Lakeshore Acquisition III Co. | 0.33% | 689,436 | $7.0M | No change |
| CSX CSX Corp. | 0.32% | 187,783 | $6.8M | Reduce -2.1% |
| AXIN Axiom Intelligence Class A | 0.32% | 675,000 | $6.8M | Add +35.0% |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.32% | 666,477 | $6.8M | New |
| GSRFU GSR IV Acquisition Corp. | 0.32% | 650,000 | $6.7M | Reduce -3.7% |
| CRAQ Cal Redwood Acquisit Class A | 0.31% | 650,000 | $6.6M | Add +30.0% |
| SOCA Solarius Capital Acquis Class A | 0.30% | 640,000 | $6.4M | Add +113.3% |
| CRAC Crown Reserve Acquisiti Class A | 0.29% | 610,000 | $6.1M | New |
| HAVAU Harvard Ave Acquisition Corp. | 0.28% | 598,790 | $6.0M | New |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.27% | 550,046 | $5.7M | No change |
| EVAC.U Eqv Ventures Acquisition Cor | 0.26% | 550,000 | $5.5M | No change |
| IPEX Inflection Point Acquisition | 0.26% | 532,807 | $5.5M | No change |
| TVAI Thayer Ventures Acquis Class A | 0.25% | 525,000 | $5.3M | Add +110.0% |
| GTEN Gores Holdings X Inc. Class A | 0.25% | 515,073 | $5.3M | New |
| LEGT Legato Merger Corp. III | 0.25% | 483,161 | $5.3M | No change |
| ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP | 0.25% | 521,794 | $5.2M | Add +92.0% |
| VNME Vendome Acquisition Corp. Class A | 0.24% | 500,000 | $5.0M | No change |
| DMIIU Drugs Made in America Acquis | 0.24% | 502,914 | $5.0M | Add +151.5% |
| NMP NMP Acquisition Corp. Class A | 0.24% | 500,000 | $5.0M | No change |
| DMII Drugs Made in America Acquis | 0.23% | 500,000 | $5.0M | New |
| APXT Apex Treasury Corp. Class A | 0.23% | 500,000 | $4.9M | New |
| YCY.U Aa Mission Acquisition Corp. | 0.23% | 494,185 | $4.9M | New |
| NHIC Newhold Investment Cor III-A | 0.22% | 450,000 | $4.7M | No change |
| CEPV Cantor Equity Partners Class A | 0.22% | 450,000 | $4.6M | New |
| PGAC Pantages Capital Acquisition | 0.22% | 443,000 | $4.6M | No change |
| MACI Melar Acquisition Corp. I-A | 0.21% | 424,707 | $4.5M | No change |
| TACO Berto Acquisition Corp. | 0.21% | 433,460 | $4.4M | New |
| ORIQ Origin Investment Corp. I | 0.20% | 425,000 | $4.3M | No change |
| CUB Lionheart Holdings Class A | 0.20% | 400,036 | $4.3M | Add +33.4% |
| HSPT Horizon Space Acquisition II | 0.20% | 404,900 | $4.3M | No change |
| BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I | 0.20% | 400,000 | $4.2M | Reduce -20.0% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.20% | 393,423 | $4.1M | Reduce -50.1% |
| PACH Pioneer Acquisition I Class A | 0.19% | 408,612 | $4.1M | Add +532.4% |
| AIIA.U AI Infrastructure Acquisitio | 0.19% | 400,000 | $4.1M | New |
| KOYNU CSLM Digital Asset Acquisiti | 0.19% | 400,000 | $4.0M | No change |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 0.19% | 390,847 | $4.0M | Reduce -42.4% |
| FVN Future Vision II Acquisition | 0.19% | 376,362 | $4.0M | No change |
| KOYN CSLM Digital Asset Acqu - A | 0.19% | 400,000 | $4.0M | New |
| WENNU Wen Acquisition Corp. | 0.19% | 384,654 | $3.9M | No change |
| RDAC Rising Dragon Acquisition Co. | 0.18% | 367,500 | $3.8M | No change |
| SSEA Starry Sea Acquisition Corp. | 0.18% | 375,000 | $3.8M | New |
| QSEA Quartzsea Acquisition Corp. | 0.18% | 366,605 | $3.8M | No change |
| HON Honeywell International Inc. | 0.17% | 18,900 | $3.7M | Add +47.7% |
| SPEG Silver Pegasus Acquisition-A | 0.17% | 350,000 | $3.5M | Add +40.0% |
| ALIS Calisa Acquisition Corp. | 0.17% | 354,923 | $3.5M | New |
| FG MERGER II CORP | 0.17% | 349,172 | $3.5M | Reduce -16.5% |
| AEAQU Activate Energy Acquisition | 0.17% | 350,000 | $3.5M | New |
| MESHU Meshflow Acquisition Corp. | 0.17% | 350,000 | $3.5M | New |
| CAPN Cayson Acquisition Corp. | 0.16% | 325,000 | $3.5M | No change |
| SBXDF Silverbox Corp. IV-A | 0.16% | 325,485 | $3.4M | No change |
| NOEM CO2 Energy Transition Corp. | 0.16% | 331,013 | $3.4M | No change |
| UYSC Uy Scuti Acquisition Corp. | 0.16% | 330,000 | $3.4M | No change |
| LPCVU Launchpad Cadenza Acquisitio | 0.16% | 334,463 | $3.3M | New |
| EGHA Egh Acquisition Co. Class A | 0.16% | 325,000 | $3.3M | Add +30.0% |
| AIIA AI Infrastructure Ac-A | 0.16% | 331,000 | $3.3M | New |
| RIBB Ribbon Acquisition Corp. | 0.14% | 284,734 | $3.0M | New |
| CHECU Chenghe Acquisition III Co. | 0.13% | 275,000 | $2.8M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.12% | 260,814 | $2.6M | No change |
| TDAC Translational Development Ac | 0.12% | 248,852 | $2.6M | No change |
| LKSPU Lake Superior Acquisition Co. | 0.12% | 255,000 | $2.6M | New |
| WTG Wintergreen Acquisition Corp. | 0.12% | 254,058 | $2.6M | Add +1.6% |
| BCSS.U Bain Capital GSS Investment | 0.12% | 250,000 | $2.6M | Add +900.0% |
| BACC Blue Acquisition Corp. Class A | 0.12% | 247,210 | $2.5M | Reduce -80.2% |
| CRACU Crown Reserve Acquisition Co. | 0.12% | 250,000 | $2.5M | New |
| INAC Indigo Acquisition Corp. | 0.12% | 250,000 | $2.5M | New |
| PAII Pyrophyte Acquisition Corp. Class A | 0.12% | 250,000 | $2.5M | New |
| QUMS Quantumsphere Acquisition Co. | 0.12% | 250,000 | $2.5M | New |
| BLRKU Bluerock Acquisition Corp. | 0.12% | 250,000 | $2.5M | New |
| MKLY McKinley Acquisition Co. Class A | 0.12% | 250,000 | $2.5M | New |
| ITHAU Ithax Acquisition Corp. III | 0.12% | 250,000 | $2.5M | New |
| GSHR Gesher Acquisition Corp. II-A | 0.12% | 240,000 | $2.5M | No change |
| KHC The Kraft Heinz Co. | 0.11% | 100,000 | $2.4M | Add +99.2% |
| TONT Graf Global Corp. Class A | 0.11% | 214,157 | $2.3M | No change |
| BHF Brighthouse Financial Inc. | 0.11% | 34,440 | $2.2M | New |
| RAAQ Real Asset Acquisiti Class A | 0.10% | 215,312 | $2.2M | Reduce -10.4% |
| BIXIU Bitcoin Infrastructure Acqui | 0.10% | 220,000 | $2.2M | New |
| CCIIU Cohen Circle Acquisition Cor | 0.10% | 210,630 | $2.2M | No change |
| CHAR Charlton Aria Acquisiti Class A | 0.10% | 200,000 | $2.1M | No change |
| SVCC Stellar V Capital Corp. Class A | 0.10% | 200,000 | $2.1M | No change |
| SVACU Spring Valley Acquisition Co. | 0.10% | 200,000 | $2.1M | No change |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.10% | 200,000 | $2.1M | Reduce -57.9% |
| CEPF Cantor Equity Partners Class A | 0.10% | 200,000 | $2.1M | No change |
| DTSQ DT Cloud Star Acquisition Co. | 0.10% | 187,722 | $2.0M | Reduce -69.7% |
| OBAWU Oxley Bridge Acquisition Ltd. | 0.10% | 200,000 | $2.0M | No change |
| TVA Texas Ventures Acquisition-A | 0.10% | 190,031 | $2.0M | Reduce -60.3% |
| LAFAU Lafayette Acquisition Corp. | 0.09% | 200,000 | $2.0M | New |
| LKSP Lake Superior Acquisiti Class A | 0.09% | 200,000 | $2.0M | New |
| OAKU Oak Woods Acquisition Corp. Class A | 0.09% | 163,362 | $2.0M | Add +1844.8% |
| HAVA Harvard Ave Acquisition Class A | 0.09% | 198,154 | $2.0M | New |
| DRDB Roman DBDR Acquisition Corp. | 0.09% | 185,244 | $1.9M | Reduce -35.1% |
| DSACU Daedalus Special Acquisition | 0.09% | 192,208 | $1.9M | New |
| LATAU Galata Acquisition Corp. II | 0.08% | 175,000 | $1.8M | No change |
| SVAQU Silicon Valley Acquisition C | 0.08% | 175,000 | $1.7M | New |
| EMIS Emmis Acquisition Corp. Class A | 0.08% | 175,000 | $1.7M | No change |
| HVMC Highview Merger Corp. Class A | 0.08% | 170,299 | $1.7M | New |
| PMTRU Perimeter Acquisition Corp. I | 0.08% | 150,000 | $1.6M | No change |
| NVG Nuveen Amt-FR Muni CRDT | 0.07% | 123,412 | $1.6M | No change |
| FIGX Figx Capital Acquisition C-A | 0.07% | 152,916 | $1.5M | Add +1.9% |
| CRAQU Cal Redwood Acquisition Corp. | 0.07% | 150,000 | $1.5M | No change |
| APXTU Apex Treasury Corp. | 0.07% | 150,000 | $1.5M | New |
| ADACU American Drive Acquisition C | 0.07% | 150,000 | $1.5M | New |
| IRHOU Iron Horse Acquisition II Co. | 0.07% | 150,000 | $1.5M | New |
| MQY BlackRock Muniyield Quality | 0.07% | 130,274 | $1.5M | No change |
| BYM BlackRock Muni Inc. QLTY | 0.07% | 132,996 | $1.5M | No change |
| CHAC Crane Harbor Acqu Corp. Class A | 0.07% | 134,347 | $1.4M | Reduce -86.9% |
| MKLYU McKinley Acquisition Corp. | 0.07% | 142,813 | $1.4M | No change |
| FTW Eqv Ventures Acquisition C-A | 0.07% | 135,300 | $1.4M | No change |
| CEPO Cantor Equity Partners I-A | 0.06% | 126,829 | $1.3M | No change |
| BACCU Blue Acquisition Corp. | 0.06% | 123,532 | $1.3M | Reduce -38.2% |
| SPEGU Silver Pegasus Acquisition C | 0.06% | 125,000 | $1.3M | No change |
| VCIC Vine Hill Capital Class A | 0.06% | 119,938 | $1.3M | Reduce -83.4% |
| OTGAU Otg Acquisition Corp. I | 0.06% | 125,000 | $1.3M | No change |
| LFACU Leapfrog Acquisition Corp. | 0.06% | 125,000 | $1.3M | New |
| SCPQU Social Commerce Partners Cor | 0.06% | 125,000 | $1.3M | New |
| BKHA Black Hawk Acquisition Cor-A | 0.05% | 102,000 | $1.1M | No change |
| APADU A Paradise Acquisition Corp. | 0.05% | 100,000 | $1.0M | No change |
| QUMSU Quantumsphere Acquisition Co. | 0.05% | 100,000 | $1.0M | No change |
| SBXE.U Silverbox Corp. V | 0.05% | 100,000 | $1.0M | New |
| COLA Columbus Acquisition Corp. | 0.04% | 89,000 | $921K | No change |
| FERA Fifth Era Acquisition Corp. Class A | 0.04% | 86,300 | $885K | No change |
| FIGXU Figx Capital Acquisition Cor | 0.04% | 85,000 | $864K | No change |
| KMB Kimberly-Clark Corp. | 0.04% | 8,155 | $823K | New |
| KVACF Keen Vision Acquisition Corp. | 0.04% | 70,000 | $823K | No change |
| FT Franklin Universal Trust | 0.04% | 102,032 | $816K | No change |
| MRLN Merlin Inc. filed as INFLECTION POINT ACQUISITION | 0.04% | 74,595 | $800K | Reduce -94.1% |
| APAC Stonebridge Acquisition Class A | 0.04% | 80,000 | $796K | New |
| CCIX Churchill Capital Corp. Ix | 0.04% | 74,769 | $795K | No change |
| RDAGU Republic Digital Acquisition | 0.04% | 75,000 | $782K | No change |
| YCY Aa Mission Acquisition-A | 0.04% | 78,000 | $775K | New |
| VACI.U Viking Acquisitions Corp. I | 0.04% | 75,000 | $752K | New |
| PCAPU Procap Acquisition Corp. | 0.03% | 69,110 | $708K | No change |
| KDP Keurig Dr Pepper Inc. | 0.03% | 24,634 | $690K | Reduce -87.4% |
| SUNC Sunococorp LLC | 0.03% | 12,829 | $632K | New |
| CHPGU Championsgate Acquisition Co. | 0.03% | 60,000 | $608K | No change |
| KVUE Kenvue Inc. | 0.03% | 33,200 | $573K | New |
| FSHP Flag Ship Acquisition Corp. | 0.03% | 52,702 | $567K | No change |
| MYI BlackRock Muniyield QLTY III | 0.03% | 51,189 | $556K | No change |
| EURK Eureka Acquisition Corp. | 0.03% | 50,000 | $549K | No change |
| WENN Wen Acquisition Corp. Class A | 0.03% | 52,529 | $531K | Add +0.5% |
| MHD BlackRock Muniholdings Fund | 0.02% | 43,988 | $516K | No change |
| CCXIU Churchill Capital Corp. Xi | 0.02% | 50,000 | $511K | New |
| CAEP Cantor Equity Partners III-A | 0.02% | 50,000 | $510K | No change |
| BDCIU BTC Development Corp. | 0.02% | 50,000 | $507K | No change |
| BSAA Best Spac I Acquisition-A | 0.02% | 50,000 | $507K | No change |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.02% | 50,000 | $505K | No change |
| CRANU Crane Harbor Acquisition Cor | 0.02% | 50,000 | $503K | New |
| DNMXU Dynamix Corp. III | 0.02% | 50,000 | $503K | New |
| MUE BlackRock Munihold QLT FD II | 0.02% | 43,988 | $441K | No change |
| BLE BlackRock Muni Inc. TR II | 0.02% | 35,704 | $373K | No change |
| BFK BlackRock Municipal Inc. TRST | 0.02% | 35,704 | $358K | No change |
| ONCHU 1RT Acquisition Corp. | 0.01% | 30,820 | $319K | No change |
| EFT Eaton Vance Fltng RT Inc. TR | 0.01% | 26,678 | $301K | Reduce -26.1% |
| UCFI CN Healthy Food Tech Group C | 0.01% | 48,718 | $268K | No change |
| HCMAU HCM III Acquisition Corp. | 0.01% | 25,000 | $256K | No change |
| CMCSA Comcast Corp. Class A | 0.01% | 6,000 | $179K | Reduce -92.5% |
| ALISU Calisa Acquisition Corp. | 0.01% | 15,748 | $165K | New |
| BRW Saba Capital Income & Opport | 0.01% | 22,344 | $157K | No change |
| FCRS.U Futurecrest Acquisition Corp. | 0.00% | 10,000 | $102K | No change |
| MFIC Midcap Financial Investment | 0.00% | 7,702 | $88K | No change |
| CHEC Chenghe Acquisition II Class A | 0.00% | 2,000 | $20K | New |
| WTGUU Wintergreen Acquisition Corp. | 0.00% | 324 | $3K | Reduce -92.6% |
Options reported separately and not counted above: SPY puts ($136.4M), TECK puts ($61.2M), CSX puts ($10.9M), HON puts ($10.4M), WBD puts ($9.5M), APTV puts ($8.5M), KDP puts ($6.9M), KHC puts ($5.9M), CMCSA puts ($4.1M), KVUE puts ($573K).
Other holdings (56): bonds, preferreds, convertibles and warrants · $4.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 1,000,000 | $240K | New |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 672,345 | $235K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 426,330 | $215K | New |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 260,489 | $208K | Reduce -74.6% |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 850,000 | $204K | No change |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 850,000 | $170K | New |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 700,013 | $168K | Reduce -13.1% |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 1,000,000 | $160K | No change |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 747,800 | $131K | Reduce -40.1% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 312,499 | $128K | No change |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | 129,726 | $117K | Reduce -63.4% |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 449,855 | $115K | New |
| AFJKR Aimei Health Technology Co. L | RIGHT 11/17/2028 | 288,212 | $115K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 199,999 | $110K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 99,999 | $98K | No change |
| LCCCR Lakeshore Acquisition III Co. | RIGHT 08/01/2026 | 439,436 | $94K | No change |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 128,764 | $88K | New |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 149,998 | $87K | No change |
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | 400,000 | $84K | No change |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 100,055 | $82K | New |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 400,000 | $82K | No change |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 100,000 | $80K | New |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 500,000 | $79K | No change |
| PGACR Pantages Capital Acquis-RT | RIGHT 11/15/2029 | 385,000 | $77K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 200,216 | $70K | Reduce -7.5% |
| UYSCR Uy Scuti Acquisition Corp. | RIGHT 03/03/2030 | 330,000 | $66K | No change |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 376,548 | $65K | No change |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | 400,000 | $64K | New |
| TVAIR Thayer Ventures Acquisition | RIGHT 05/15/2030 | 275,000 | $58K | New |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 284,934 | $54K | New |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 225,000 | $52K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 106,977 | $48K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 224,998 | $47K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 132,870 | $44K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 250,000 | $43K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 183,647 | $42K | No change |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 119,999 | $42K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 187,499 | $40K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 250,000 | $40K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 124,999 | $39K | No change |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 175,000 | $37K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 99,998 | $36K | No change |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 150,000 | $34K | No change |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 649,000 | $33K | No change |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 99,998 | $29K | No change |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 175,000 | $27K | No change |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 349,019 | $24K | No change |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 243,606 | $22K | No change |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | 75,000 | $18K | New |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 49,999 | $16K | No change |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 44,785 | $14K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 37,499 | $14K | New |
| BKHAR Black Hawk Acquisition C-RTS | RIGHT 06/20/2025 | 9,923 | $13K | No change |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | 50,000 | $8K | New |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 99,994 | $4K | No change |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | 4,058 | $487 | New |
Total filed on the 13F, all lines: $2.1B.
Portfolio Sells Q3 2025 → Q4 2025
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −8.06 |
| K Kellanova | Sold out | 0.00% | −7.25 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −3.31 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −2.68 |
| LBRDA Liberty Broadband-A | Reduce -29.8% | 1.21% | −1.28 |
| GTLS Chart Industries Inc. | Reduce -9.7% | 4.82% | −0.89 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.75 |
| TECK Teck Resources Ltd.-CLS B | Reduce -16.0% | 3.54% | −0.71 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.69 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.69 |
| NPACU New Providence Acquisition C | Sold out | 0.00% | −0.68 |
| MRLN Merlin Inc. | Reduce -94.1% | 0.04% | −0.65 |
| MRUS Merus NV | Sold out | 0.00% | −0.56 |
| KCHVU Kochav Defense Acquisition C | Sold out | 0.00% | −0.53 |
| BACC Blue Acquisition Corp. Class A | Reduce -80.2% | 0.12% | −0.53 |
| CHAC Crane Harbor Acqu Corp. Class A | Reduce -86.9% | 0.07% | −0.47 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.45 |
| OYSEU Oyster Enterprises II Acquis | Sold out | 0.00% | −0.44 |
| CGCTU Cartesian Growth Corp. III | Sold out | 0.00% | −0.37 |
| PRA Proassurance Corp. | Reduce -8.8% | 1.83% | −0.37 |
| ANSC Agriculture & Natural Soluti | Reduce -20.3% | 1.03% | −0.36 |
| CCAQU Dune Acquisition Corp. II | Sold out | 0.00% | −0.35 |
| VCIC Vine Hill Capital Class A | Reduce -83.4% | 0.06% | −0.34 |
| XRPNU Armada Acquisition Corp. II | Sold out | 0.00% | −0.30 |
| ALE Allete Inc. | Sold out | 0.00% | −0.29 |
| GTENU Gores Holdings X Inc. | Sold out | 0.00% | −0.28 |
| DTSQ DT Cloud Star Acquisition Co. | Reduce -69.7% | 0.10% | −0.24 |
| HDRN Hadron Energy Inc. | Reduce -50.1% | 0.20% | −0.24 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.23 |
| KDP Keurig Dr Pepper Inc. | Reduce -87.4% | 0.03% | −0.23 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.22 |
| JENA.U Jena Acquisition Corp. II | Sold out | 0.00% | −0.22 |
| YHNA YHN Acquisition I Ltd. | Sold out | 0.00% | −0.22 |
| MLAC Mountain Lake Acquisition-A | Reduce -24.9% | 0.44% | −0.20 |
| GHLD Guild Holdings Co. Class A | Sold out | 0.00% | −0.19 |
| IBAC Ib Acquisition Corp. | Sold out | 0.00% | −0.19 |
| HSPOF Horizon Space Acquisition I | Sold out | 0.00% | −0.19 |
| TVA Texas Ventures Acquisition-A | Reduce -60.3% | 0.10% | −0.17 |
| FAC Factorial Energy Inc. | Reduce -42.4% | 0.19% | −0.16 |
| BLUW Blue Water Acquisition C-A | Reduce -57.9% | 0.10% | −0.15 |
| TVAIU Thayer Ventures Acquisition | Sold out | 0.00% | −0.15 |
| RFAI RF Acquisition Corp. II | Sold out | 0.00% | −0.14 |
| FACT Fact II Acquisition Corp. | Reduce -14.9% | 0.45% | −0.13 |
| CMCSA Comcast Corp. Class A | Reduce -92.5% | 0.01% | −0.12 |
| ASPC A Spac III Acquisition Class A | Sold out | 0.00% | −0.11 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.10 |
| BAYA Bayview Acquisition Corp. Class A | Sold out | 0.00% | −0.10 |
| BCAR D. Boral Arc Acquisit Class A | Reduce -9.4% | 0.47% | −0.10 |
| POLE Andretti Acquisition Corp. Class A | Reduce -4.3% | 0.55% | −0.08 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.08 |
Portfolio Buys Q3 2025 → Q4 2025
| EA Electronic Arts Inc. | Add +360.0% | 5.72% | +4.37 |
| WBD Warner Bros Discovery Inc. | Add +185.5% | 4.96% | +3.66 |
| EXAS Exact Sciences Corp. | New | 3.60% | +3.60 |
| RNAM Avidity Biosciences Inc. | New | 3.27% | +3.27 |
| NSC Norfolk Southern Corp. | Add +196.3% | 5.27% | +3.23 |
| CMA Comerica Inc. | New | 2.70% | +2.70 |
| DAY Dayforce Inc. | New | 1.78% | +1.78 |
| SEE Sealed Air Corp. | New | 1.67% | +1.67 |
| CFLT Confluent Inc. Class A | New | 1.22% | +1.22 |
| NGD New Gold Inc. | New | 1.17% | +1.17 |
| HOLX Hologic Inc. | New | 1.12% | +1.12 |
| CADE Cadence Bank | New | 0.66% | +0.66 |
| NPAC New Providence Acquisition-A | New | 0.62% | +0.62 |
| THS Treehouse Foods Inc. | New | 0.62% | +0.62 |
| AL Sumisho Air Lease Corp. | Add +117.6% | 1.01% | +0.50 |
| GIW GIGCAPITAL8 Corp. Class A | New | 0.50% | +0.50 |
| KCHV Kochav Defense Acquisition-A | Add +349.6% | 0.61% | +0.47 |
| OYSE Oyster Enterprises II Acq-A | Add +191.0% | 0.62% | +0.39 |
| CCAQ Collective Acquisition Corp. | New | 0.32% | +0.32 |
| SDHI Siddhi Acquisition Corp. Class A | Add +103.9% | 0.65% | +0.30 |
| CRAC Crown Reserve Acquisiti Class A | New | 0.29% | +0.29 |
| HAVAU Harvard Ave Acquisition Corp. | New | 0.28% | +0.28 |
| APTV Aptiv PLC | Add +239.1% | 0.40% | +0.25 |
| GTEN Gores Holdings X Inc. Class A | New | 0.25% | +0.25 |
| DMII Drugs Made in America Acquis | New | 0.23% | +0.23 |
| APXT Apex Treasury Corp. Class A | New | 0.23% | +0.23 |
| YCY.U Aa Mission Acquisition Corp. | New | 0.23% | +0.23 |
| CEPV Cantor Equity Partners Class A | New | 0.22% | +0.22 |
| TACO Berto Acquisition Corp. | New | 0.21% | +0.21 |
| AIIA.U AI Infrastructure Acquisitio | New | 0.19% | +0.19 |
| KOYN CSLM Digital Asset Acqu - A | New | 0.19% | +0.19 |
| SSEA Starry Sea Acquisition Corp. | New | 0.18% | +0.18 |
| OBA Oxley Bridge Acquisitio Class A | Add +80.6% | 0.44% | +0.17 |
| JENA Jena Acquisition Corp. II - A | Add +78.1% | 0.44% | +0.17 |
| ALIS Calisa Acquisition Corp. | New | 0.17% | +0.17 |
| AEAQU Activate Energy Acquisition | New | 0.17% | +0.17 |
| MESHU Meshflow Acquisition Corp. | New | 0.17% | +0.17 |
| PACH Pioneer Acquisition I Class A | Add +532.4% | 0.19% | +0.16 |
| LPCVU Launchpad Cadenza Acquisitio | New | 0.16% | +0.16 |
| AIIA AI Infrastructure Ac-A | New | 0.16% | +0.16 |
| SOCA Solarius Capital Acquis Class A | Add +113.3% | 0.30% | +0.15 |
| RIBB Ribbon Acquisition Corp. | New | 0.14% | +0.14 |
| DMIIU Drugs Made in America Acquis | Add +151.5% | 0.24% | +0.13 |
| LKSPU Lake Superior Acquisition Co. | New | 0.12% | +0.12 |
| TVAI Thayer Ventures Acquis Class A | Add +110.0% | 0.25% | +0.12 |
| CRACU Crown Reserve Acquisition Co. | New | 0.12% | +0.12 |
| INAC Indigo Acquisition Corp. | New | 0.12% | +0.12 |
| PAII Pyrophyte Acquisition Corp. Class A | New | 0.12% | +0.12 |
| QUMS Quantumsphere Acquisition Co. | New | 0.12% | +0.12 |
| BLRKU Bluerock Acquisition Corp. | New | 0.12% | +0.12 |
Options Activity Q3 2025 → Q4 2025
| TECK Teck Resources Ltd.-CLS B | put | Reduce -22.7% | 1,278,900 | $61.2M |
| CSX CSX Corp. | put | Add +56.5% | 299,800 | $10.9M |
| HON Honeywell International Inc. | put | Add +12.9% | 53,200 | $10.4M |
| WBD Warner Bros Discovery Inc. | put | Reduce -3.3% | 330,400 | $9.5M |
| APTV Aptiv PLC | put | Add +239.1% | 111,900 | $8.5M |
| KDP Keurig Dr Pepper Inc. | put | Add +26.7% | 248,000 | $6.9M |
| PPLI People Inc. | put | Sold out | 185,400 | $6.3Mbefore exit |
| KHC The Kraft Heinz Co. | put | Add +25.8% | 242,800 | $5.9M |
| DD Dupont DE Nemours Inc. | put | Sold out | 59,800 | $4.7Mbefore exit |
| CMCSA Comcast Corp. Class A | put | Add +70.2% | 135,500 | $4.1M |
| BA The Boeing Co. | put | Sold out | 6,700 | $1.4Mbefore exit |
| KVUE Kenvue Inc. | put | New | 33,200 | $573K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | New | 1,000,000 | $240K |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | New | 426,330 | $215K |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | Reduce -74.6% | 260,489 | $208K |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | New | 850,000 | $170K |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Reduce -13.1% | 700,013 | $168K |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | Reduce -40.1% | 747,800 | $131K |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | Reduce -63.4% | 129,726 | $117K |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | New | 449,855 | $115K |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | New | 128,764 | $88K |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | New | 100,055 | $82K |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | New | 100,000 | $80K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | Reduce -7.5% | 200,216 | $70K |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | New | 400,000 | $64K |
| TVAIR Thayer Ventures Acquisition | RIGHT 05/15/2030 | New | 275,000 | $58K |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | New | 284,934 | $54K |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | Sold out | 224,999 | $45Kbefore exit |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Sold out | 59,999 | $30Kbefore exit |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Sold out | 153,300 | $28Kbefore exit |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | Sold out | 128,936 | $18Kbefore exit |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | New | 75,000 | $18K |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | New | 37,499 | $14K |
| BZFDW Buzzfeed Inc. -CW27 | *W EXP 12/03/202 | Sold out | 145,837 | $8Kbefore exit |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | Sold out | 100,000 | $8Kbefore exit |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | New | 50,000 | $8K |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | Sold out | 124,999 | $7Kbefore exit |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | Sold out | 87,498 | $5Kbefore exit |
| GIBOW Gibo Holdings Ltd.-30 | *W EXP 05/08/203 | Sold out | 74,998 | $3Kbefore exit |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | Sold out | 62,499 | $3Kbefore exit |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | Sold out | 85,801 | $2Kbefore exit |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | Sold out | 92,073 | $2Kbefore exit |
| VEEAW Plum Acquisition I A -CW28 | *W EXP 09/13/202 | Sold out | 26,913 | $2Kbefore exit |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | Sold out | 74,998 | $997before exit |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | New | 4,058 | $487 |
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 | 228 | $2.0B | EA, NSC, WBD, GTLS, WBS |
| Q1 2026 | 233 | $2.1B | EA, NSC, WBD, WBS, GTLS |
| Q4 2025 | 221 | $2.1B | CYBR, EA, NSC, WBD, GTLS |
| Q3 2025 | 191 | $1.9B | COOP, K, CYBR, GTLS, TECK |
| Q2 2025 | 153 | $1.7B | HES, K, CHX, FYBR, COOP |
| Q1 2025 | 121 | $1.7B | HES, K, CHX, DFS, BERY |
| Q4 2024 | 112 | $1.7B | HES, EDR, K, HCP, CHX |
| Q3 2024 | 120 | $2.1B | HES, EDR, SWN, HCP, AMED |
| Q2 2024 | 144 | $2.3B | HES, EDR, WRK, X, AMED |
| Q1 2024 | 170 | $2.3B | PXD, HES, WRK, X, AMED |