K2 PRINCIPAL FUND, L.P. Q3 2025 Filing

Filed November 13, 2025

Portfolio Value

$1.2B

Holdings

322

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (322 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	GQ9SPDR GOLD TR	299,646	$106.5M	8.65%	Put
2	VOOVANGUARD INDEX FDS	55,000	$33.7M	2.74%	Call
3	SLVISHARES SILVER TR	746,631	$31.6M	2.57%	Put
4	WDC 3 11/15/28WESTERN DIGITAL CORP	7,500	$24.0M	1.95%
5	IREN 3.5 12/15/29 IRENIREN LTD	6,000	$21.5M	1.75%
6	NDQINVESCO QQQ TR	35,000	$21.0M	1.71%	Put
7	AAUC 8.75 09/07/28ALLIED GOLD CORP	15,650	$18.0M	1.46%
8	BMTABRITISH AMERN TOB PLC	335,356	$17.8M	1.45%	Call
9	APLDAPPLIED DIGITAL CORP	7,000	$17.6M	1.43%
10	LITE 1.5 12/15/29LUMENTUM HLDGS INC	7,000	$16.9M	1.37%
11	SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO	8,500	$16.1M	1.31%
12	AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP	14,500	$15.4M	1.25%
13	PTON 0 02/15/26PELOTON INTERACTIVE INC	15,679	$15.4M	1.25%
14	VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE	15,000	$14.8M	1.20%
15	NTNX 0.25 10/01/27NUTANIX INC	10,000	$13.9M	1.13%
16	CORZCORE SCIENTIFIC INC NEW	768,101	$13.8M	1.12%	Call
17	DBX 0 03/01/26DROPBOX INC	13,859	$13.7M	1.11%
18	TRIP 0.25 04/01/26TRIPADVISOR INC	14,000	$13.7M	1.11%
19	—MICROSTRATEGY	15,000	$13.5M	1.09%
20	SPCE 2.5 02/01/27VIRGIN GALACTIC	31,000	$13.3M	1.08%
21	—MARA HOLDINGS	12,500	$12.6M	1.02%
22	OPENOPENDOOR TECHNOLOGIES INC	1,558,714	$12.4M	1.01%	Put
23	CRWVCOREWEAVE INC	89,500	$12.2M	0.99%	Put
24	WWAYFAIR INC	129,500	$11.6M	0.94%	Call
25	HOTUCN 6 12/31/26AMER HOTEL INC PROP REIT	11,323	$11.0M	0.89%
26	HHHHOWARD HUGHES HOLDINGS INC	130,000	$10.7M	0.87%	Call
27	ETSY 0.125 10/01/26ETSY INC	10,000	$10.4M	0.85%
28	AMC 6 04/30/30 144AMUVICO LLC	11,451	$10.4M	0.85%
29	BBCN 3 02/15/29BLACKBERRY LTD	7,000	$10.4M	0.84%
30	STRCNA 6.875 08/01/26 144ASTRATHCONA RESOU	10,000	$10.0M	0.81%
31	XIFR 2.5 06/15/26NEXTERA ENGY PTR	10,000	$9.8M	0.80%
32	JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP	10,000	$9.7M	0.79%
33	SNAP 0.75 08/01/26SNAP INC	10,000	$9.7M	0.79%
34	UPST 0.25 08/15/26UPSTART HLDGS INC	10,000	$9.6M	0.78%
35	GFR 12 10/01/28 144AGREENFIRE RESOUR	8,941	$9.5M	0.77%
36	WT 3.25 06/15/26WISDOMTREE INC	7,344	$9.5M	0.77%
37	RPD 0.25 03/15/27RAPID7 INC	10,000	$9.4M	0.76%
38	CENX 2.75 05/01/28CENTURY ALUM CO	5,750	$9.4M	0.76%
39	LCID 1.25 12/15/26LUCID GROUP	10,000	$9.3M	0.76%
40	GLXYLP 2.5 12/01/29GALAXY DIG HO LP	5,500	$9.1M	0.74%
41	FSLY 0 03/15/26FASTLY INC	9,249	$9.1M	0.74%
42	AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC	9,000	$9.0M	0.73%
43	IIPR 5.5 05/25/26 *IIP OP PRTNRSHP	9,082	$9.0M	0.73%
44	COIN 0.25 04/01/30COINBASE GLOBAL INC	7,000	$8.8M	0.71%
45	MARAMARA HOLDINGS	9,000	$8.6M	0.70%
46	SEI 4.75 05/01/30SOLARIS ENERGY INFRAS INC	4,750	$8.6M	0.70%
47	BTOCN 2.75 02/01/30B2GOLD CORP	5,000	$8.5M	0.69%
48	HYGISHARES TR	100,000	$8.1M	0.66%	Put
49	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	5,000	$8.1M	0.66%
50	FCXFREEPORT-MCMORAN INC	206,000	$8.1M	0.66%	Put
51	CLSKCLEANSPARK INC	6,500	$8.0M	0.65%
52	GME 0 04/01/30GAMESTOP CORP	7,000	$8.0M	0.65%
53	WT 3.25 08/15/29WISDOMTREE INC	6,000	$7.8M	0.64%
54	OPEN 0.25 08/15/26OPENDOOR TECHNOL	7,550	$7.6M	0.62%
55	GDXJVANECK ETF TRUST	75,000	$7.4M	0.60%	Put
56	PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR	7,473	$7.2M	0.58%
57	FLR 1.125 08/15/29FLUOR CORP	6,000	$7.1M	0.58%
58	SPHRSPHERE ENTERTAINMENT CO	114,700	$7.1M	0.58%	Call
59	VRNT 0.25 04/15/26VERINT SYSTEMS INC	7,250	$7.1M	0.58%
60	SPRYARS PHARMACEUTICALS INC	685,007	$6.9M	0.56%	Call
61	WULF 2.75 02/01/30TERAWULF INC	4,000	$6.5M	0.52%
62	ASTS 4.25 03/01/32AST SPACEMOBILE	3,000	$6.3M	0.51%
63	FSLRFIRST SOLAR INC	27,750	$6.1M	0.50%
64	GPRO 1.25 11/15/25GOPRO INC	6,000	$5.9M	0.48%
65	BL 0 03/15/26BLACKLINE INC	6,000	$5.8M	0.47%
66	XPOFXPONENTIAL FITNESS INC	740,000	$5.8M	0.47%
67	ON 0 05/01/27ON SEMICONDUCTOR CORP	5,000	$5.7M	0.46%
68	MARA 1 12/01/26MARA HOLDINGS INC	6,000	$5.6M	0.46%
69	BKSY 8.25 08/01/33BLACKSKY TECHNOLOGY INC	5,000	$5.6M	0.46%
70	AEIS 2.5 09/15/28ADVANCED ENERGY INDS	4,000	$5.5M	0.45%
71	RUN 4 03/01/30SUNRUN INC	4,000	$5.4M	0.44%
72	MSTR 0 03/01/30MICROSTRATEGY	5,000	$5.2M	0.42%
73	BOX 1.5 09/15/29BOX INC	5,000	$5.0M	0.41%
74	CRNC 1.5 07/01/28CERENCE INC	6,000	$5.0M	0.41%
75	ENPH 0 03/01/26ENPHASE ENERGY INC	5,100	$5.0M	0.41%
76	IBITISHARES BITCOIN TRUST ETF	76,100	$4.9M	0.40%
77	PARPAR TECHNOLOGY CORP	122,132	$4.8M	0.39%	Call
78	FTWEQV VENTURES AC CORP. II	483,973	$4.8M	0.39%
79	LARCN 1.75 01/15/27LITHIUM ARGENTINA AG	5,095	$4.6M	0.37%
80	RIOTRIOT PLATFORMS	3,000	$4.6M	0.37%
81	MARAMARA HOLDINGS INC	250,000	$4.6M	0.37%	Call
82	TLNCUTALON CAP CORP	450,000	$4.5M	0.37%
83	ABEGET 9.75 03/01/27 144AGETTY IMAGES INC	4,600	$4.4M	0.36%
84	NLOPNET LEASE OFFICE PROPERTIES	144,800	$4.3M	0.35%
85	ITBISHARES TR	40,000	$4.3M	0.35%	Call
86	SRGSERITAGE GROWTH PPTYS	1,000,000	$4.3M	0.35%
87	DMIIDRUGS MADE IN AMER ACQ II CO	426,507	$4.2M	0.34%
88	LITE 0.5 06/15/28LUMENTUM HLDGS INC	3,000	$4.2M	0.34%
89	DCHAMERICAN AXLE MFG HLDGS IN	696,786	$4.2M	0.34%
90	APPAPPLOVIN CORP	5,788	$4.2M	0.34%
91	RYAMRAYONIER ADVANCED MATLS INC	570,720	$4.1M	0.33%	Call
92	BTDR 5.25 12/01/29BITDEER TECHNO	3,000	$4.1M	0.33%
93	CCIICOHEN CIRCLE ACQUISIT CORP I	400,000	$4.1M	0.33%
94	—MA-COM TECH	4,000	$4.1M	0.33%
95	IAUCN 8 02/22/27I-80 GOLD CORP	4,000	$4.0M	0.32%
96	UBERUBER TECHNOLOGIES INC	40,430	$4.0M	0.32%
97	PRO 2.25 09/15/27PROS HOLDINGS INC	4,000	$4.0M	0.32%
98	UPWK 0.25 08/15/26UPWORK INC	4,000	$3.9M	0.32%
99	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	4,000	$3.9M	0.31%
100	PTONPELOTON INTERACTIVE INC	429,369	$3.9M	0.31%

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