HBK INVESTMENTS L P Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$12.7B

Holdings

222

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (222 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	KOS 3.125 03/15/30KOSMOS ENERGY LTD	38,250,000	$16.3B	127.87%
2	NVDANVIDIA CORPORATION	5,939,500	$1.1B	8.70%	Put
3	CYBRCYBERARK SOFTWARE LTD	2,450,000	$1.1B	8.58%
4	EXASEXACT SCIENCES CORP	7,646,637	$776.6M	6.10%
5	HOLXHOLOGIC INC	8,400,000	$625.7M	4.92%
6	NSCNORFOLK SOUTHN CORP	2,130,000	$615.0M	4.83%
7	DAYDAYFORCE INC	7,850,000	$542.9M	4.27%
8	CFLTCONFLUENT INC	15,000,000	$453.6M	3.56%
9	GTLSCHART INDS INC	1,969,092	$406.1M	3.19%
10	EAELECTRONIC ARTS INC	1,909,982	$390.3M	3.07%
11	CMACOMERICA INC	3,975,000	$345.5M	2.71%
12	RNAAVIDITY BIOSCIENCES INC	4,365,000	$314.8M	2.47%
13	WBDWARNER BROS DISCOVERY INC	10,862,870	$313.1M	2.46%	Put
14	FYBRFRONTIER COMMUNICATIONS PARE	7,800,000	$296.9M	2.33%
15	ALAIR LEASE CORP	4,602,260	$295.6M	2.32%
16	LBRDKLIBERTY BROADBAND CORP	5,908,691	$287.2M	2.26%
17	CDTXCIDARA THERAPEUTICS INC	1,260,000	$278.3M	2.19%
18	AM6AMICUS THERAPEUTICS INC	15,250,000	$217.2M	1.71%
19	GQ9SPDR GOLD TR	488,900	$193.8M	1.52%	Put
20	SYU1SYNOVUS FINL CORP	3,792,518	$189.5M	1.49%
21	AACBARTIUS II ACQUISITION INC	500,000	$184.0M	1.45%
22	IBITISHARES BITCOIN TRUST ETF	3,476,600	$172.6M	1.36%	Put
23	AHLASPEN INSURANCE HOLDINGS LTD	4,500,000	$166.9M	1.31%
24	BHFBRIGHTHOUSE FINL INC	2,100,000	$136.1M	1.07%
25	JENAJENA ACQUISITION CORP II	646,400	$126.0M	0.99%
26	TSMTAIWAN SEMICONDUCTOR MFG LTD	338,900	$103.0M	0.81%	Put
27	TXNMTXNM ENERGY INC	1,697,244	$99.9M	0.79%
28	SDHISIDDHI ACQUISITION CORP	300,000	$75.0M	0.59%
29	IWMISHARES TR	298,200	$73.4M	0.58%	Put
30	DMIIDRUGS MADE IN AMER ACQ II CO	500,000	$70.0M	0.55%
31	TWO 6.25 01/15/26TWO HARBORS INVENTMENT CORPO	62,077,000	$62.2M	0.49%
32	CSGS 3.875 09/15/28CSG SYS INTL INC	50,800,000	$60.1M	0.47%
33	ARKBARK 21SHARES BITCOIN ETF	1,966,887	$57.1M	0.45%
34	WWAYFAIR INC	24,805,000	$56.9M	0.45%
35	SNDKSANDISK CORP	234,697	$55.7M	0.44%
36	TSLATESLA INC	112,300	$50.5M	0.40%	Put
37	PAIIPYROPHYTE ACQUISITION CORP.	125,000	$50.0M	0.39%
38	NBISNEBIUS GROUP N.V.	556,800	$46.6M	0.37%	Put
39	KVUEKENVUE INC	2,535,001	$43.7M	0.34%
40	SOCASOLARIUS CAPITAL ACQU CORP	150,000	$42.0M	0.33%
41	GMEGAMESTOP CORP NEW	2,022,153	$40.6M	0.32%	Put
42	SIRISIRIUSXM HOLDINGS INC	1,970,104	$39.4M	0.31%	Call
43	MSTR 0 12/01/29STRATEGY INC	47,396,000	$39.0M	0.31%
44	RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC	34,000,000	$38.2M	0.30%
45	COIN 0.25 04/01/30COINBASE GLOBAL INC	37,200,000	$38.2M	0.30%
46	PTON 5.5 12/01/29PELOTON INTERACTIVE INC	22,500,000	$37.4M	0.29%
47	ALHC 4.25 11/15/29ALIGNMENT HEALTHCARE INC	24,100,000	$36.6M	0.29%
48	LTMLATAM AIRLINES GROUP SA	625,000	$33.8M	0.27%	Put
49	FETHFIDELITY ETHEREUM FD	1,126,139	$33.3M	0.26%
50	UBERUBER TECHNOLOGIES INC	404,754	$33.1M	0.26%	Put
51	HVMCHIGHVIEW MERGER CORP	125,000	$33.0M	0.26%
52	FRPT 3 04/01/28FRESHPET INC	27,200,000	$31.9M	0.25%
53	NWSANEWS CORP NEW	1,183,664	$30.9M	0.24%
54	SOLVSOLVENTUM CORP	388,022	$30.7M	0.24%
55	OMFONEMAIN HLDGS INC	453,800	$30.7M	0.24%	Put
56	TXNM 5.75 06/01/54TXNM ENERGY INC	22,500,000	$30.3M	0.24%
57	ANIP 2.25 09/01/29ANI PHARMACEUTICALS INC	22,650,000	$28.6M	0.22%
58	MIGASTRATEGY INC	173,564	$26.4M	0.21%	Put
59	CNKCINEMARK HLDGS INC	1,123,000	$26.1M	0.21%	Put
60	TFXTELEFLEX INCORPORATED	192,372	$23.5M	0.18%
61	PMT 5.5 03/15/26PENNYMAC CORP	21,840,000	$21.8M	0.17%
62	PMT 8.5 06/01/29PENNYMAC CORP	20,250,000	$21.4M	0.17%
63	VERX 0.75 05/01/29VERTEX INC	22,500,000	$21.4M	0.17%
64	DUK 4.125 04/15/26DUKE ENERGY CORP NEW	20,000,000	$20.6M	0.16%
65	BL 1 06/01/29BLACKLINE INC	18,505,000	$19.6M	0.15%
66	LGNLEGENCE CORP	450,000	$19.4M	0.15%
67	AGNCAGNC INVT CORP	1,800,000	$19.3M	0.15%	Put
68	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	12,000,000	$18.7M	0.15%
69	ETHWBITWISE ETHEREUM ETF	833,682	$17.7M	0.14%
70	CHTRCHARTER COMMUNICATIONS INC N	82,190	$17.2M	0.13%	Put
71	FVICN 3.75 06/30/29FORTUNA MNG CORP	10,000,000	$17.0M	0.13%
72	—FIGX CAP ACQUISITION CORP.	62,501	$17.0M	0.13%
73	CONCONCENTRA GROUP HOLDINGS PAR	862,750	$17.0M	0.13%
74	BATRAATLANTA BRAVES HLDGS INC	418,804	$16.5M	0.13%
75	VAC 3.25 12/15/27MARRIOTT VACATIONS WORLDWIDE	16,500,000	$15.7M	0.12%
76	TRIPTRIPADVISOR INC	1,066,160	$15.5M	0.12%	Put
77	HCMAHCM III ACQUISITION CORP	33,334	$15.0M	0.12%
78	JETSETF SER SOLUTIONS	513,300	$14.4M	0.11%	Put
79	ARCCARES CAPITAL CORP	700,000	$14.2M	0.11%	Put
80	XLFSELECT SECTOR SPDR TR	255,300	$14.0M	0.11%	Put
81	CRWVCOREWEAVE INC	187,600	$13.4M	0.11%	Put
82	PSKYPARAMOUNT SKYDANCE CORP	1,000,100	$13.4M	0.11%
83	SVMCN 4.75 12/15/29SILVERCORP METALS INC	6,500,000	$13.3M	0.10%
84	HPE 7.625 09/01/27HEWLETT PACKARD ENTERPRISE C	200,000	$13.2M	0.10%
85	MSTRSTRATEGY INC	10,107,000	$12.8M	0.10%
86	CNP 4.25 08/15/26CENTERPOINT ENERGY INC	11,500,000	$12.6M	0.10%
87	BUDANHEUSER BUSCH INBEV SA/NV	185,796	$11.9M	0.09%
88	BTSGBRIGHTSPRING HEALTH SVCS INC	300,000	$11.2M	0.09%
89	HIMSHIMS & HERS HEALTH INC	342,888	$11.1M	0.09%	Put
90	CVLTCOMMVAULT SYS INC	87,800	$11.0M	0.09%	Put
91	PCAPPROCAP ACQUISITION CORP	33,334	$10.0M	0.08%
92	BOXBOX INC	331,766	$9.9M	0.08%	Put
93	MDLNMEDLINE INC	235,000	$9.9M	0.08%
94	ACHRARCHER AVIATION INC	1,250,000	$9.4M	0.07%
95	BACBANK AMERICA CORP	166,800	$9.2M	0.07%	Put
96	CWANCLEARWATER ANALYTICS HLDGS I	373,303	$9.0M	0.07%
97	CLVTRIP COM GROUP LTD	123,600	$8.9M	0.07%	Put
98	ETHGRAYSCALE ETHEREUM MINI TR E	311,141	$8.7M	0.07%
99	FQIDIGITAL RLTY TR INC	55,842	$8.6M	0.07%	Put
100	DDOGDATADOG INC	62,900	$8.6M	0.07%	Put

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