K2 PRINCIPAL FUND, L.P. Q3 2025 Filing

Filed November 13, 2025

Portfolio Value

$1.2T

Holdings

322

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (322 positions)

#	Stock	Shares	Value	% Portfolio	Type
101	FVRR 0 11/01/25FIVERR INTL LTD	3,750	$3.7B	0.30%
102	TIXTTELUS INTL CDA INC	806,090	$3.6B	0.29%
103	AEXAAMERICAN EXCEPTIONALISM ACQU	330,235	$3.6B	0.29%
104	—HENNESSY CAP INVT CORP VII	352,579	$3.6B	0.29%
105	SEISOLARIS ENERGY INFRAS INC	85,000	$3.4B	0.28%	Call
106	MKSI 1.25 06/01/30MKS INC.	3,000	$3.3B	0.27%
107	GOOGALPHABET INC	13,500	$3.3B	0.27%
108	RKTROCKET COS INC	165,000	$3.2B	0.26%	Put
109	07WAMR COOPER GROUP INC	15,000	$3.2B	0.26%
110	SHLFDI 9.625 04/15/29 144ASHELF DRILL HOLD LTD	3,000	$3.1B	0.26%
111	ASTS 2.375 10/15/32AST SPACEMOBILE INC	3,000	$3.1B	0.25%
112	PKSTPEAKSTONE REALTY TRUST	237,403	$3.1B	0.25%
113	BEAGBOLD EAGLE ACQUISITION CORP	299,415	$3.1B	0.25%
114	LCII 3 03/01/30LCI INDUSTRIES	3,000	$3.1B	0.25%
115	BDCIBTC DEV CORP	300,000	$3.0B	0.25%
116	HCMAHCM III ACQUISITION CORP	300,000	$3.0B	0.25%
117	GENIGENIUS SPORTS LIMITED	240,761	$3.0B	0.24%
118	PDSPRECISION DRILLING CORP	51,600	$2.9B	0.24%
119	GH 0 11/15/27GUARDANT HEALTH INC	3,000	$2.9B	0.23%
120	OMCOMNICOM GROUP INC	35,000	$2.9B	0.23%	Call
121	LATAGALATA ACQUISITION CORP II	282,100	$2.8B	0.23%
122	JENAJENA ACQUISITION CORP II	275,000	$2.8B	0.23%
123	FYBRFRONTIER COMMUNICATIONS PARE	71,074	$2.7B	0.22%
124	TACOBERTO ACQUISITION CORP	255,204	$2.7B	0.22%
125	LIONLIONSGATE STUDIOS CORP	380,785	$2.6B	0.21%
126	BBARRICK MNG CORP	79,845	$2.6B	0.21%
127	IVQUCN 9.75 12/30/27INVESQUE INC	2,527	$2.6B	0.21%
128	CEPFCANTOR EQUITY PARTNERS IV IN	252,641	$2.6B	0.21%
129	GLXYLP 3 12/15/26GALAXY DIG HO LP	2,000	$2.6B	0.21%
130	FNVFRANCO NEV CORP	11,500	$2.6B	0.21%
131	TLNTALEN ENERGY CORP	6,000	$2.6B	0.21%
132	PMTRPERIMETER ACQUISITION CORP I	247,237	$2.5B	0.20%
133	IPCXINFLECTION PT ACQUISITION CO	248,066	$2.5B	0.20%
134	XIFR 0 11/15/25NEXTERA ENGY PTR	2,500	$2.5B	0.20%
135	WLACWILLOW LANE ACQUISITION CORP	196,853	$2.3B	0.19%
136	HYACHAYMAKER ACQUISITION CORP IV	199,800	$2.3B	0.18%
137	PCAPPROCAP ACQUISITION CORP	217,301	$2.2B	0.18%
138	KOYNDIGITAL ASSET ACQUISITION CO	218,397	$2.2B	0.18%
139	DCBODOCEBO INC	79,910	$2.2B	0.18%
140	VFCV F CORP	149,100	$2.2B	0.17%
141	CRAQCAL REDWOOD ACQUISITION CORP	215,031	$2.2B	0.17%
142	AYS1SANDSTORM GOLD LTD	170,000	$2.1B	0.17%
143	FNDFLOOR DECOR HLDGS INC	28,500	$2.1B	0.17%	Call
144	AMZNAMAZON COM INC	9,508	$2.1B	0.17%
145	GFRGREENFIRE RES LTD NEW	447,600	$2.1B	0.17%
146	COOP 6.5 08/01/29 144ANATIONSTAR MTG HLD INC	2,000	$2.1B	0.17%
147	OACCOAKTREE ACQUISITION CORP III	195,292	$2.1B	0.17%
148	WENNWEN ACQUISITION CORP	202,663	$2.1B	0.17%
149	GROY/WSGOLD ROYALTY CORP	1,145,422	$2.1B	0.17%
150	RDAGREPUBLIC DIGITAL ACQUISITION	200,000	$2.0B	0.17%
151	LPLALPL FINL HLDGS INC	6,115	$2.0B	0.17%
152	—SPRING VY ACQUISITION CORP I	200,000	$2.0B	0.16%
153	BCSSBAIN CAP GSS INVT CORP	200,000	$2.0B	0.16%
154	EMISEMMIS ACQUISITION CORP.	197,553	$2.0B	0.16%
155	CCOCAMECO CORP	23,000	$1.9B	0.16%
156	BSY 0.375 07/01/27BENTLEY SYS INC	2,000	$1.9B	0.15%
157	CORZWCORE SCIENTIFIC INC NEW	158,192	$1.8B	0.15%
158	LOBLIVE OAK ACQUISITION CORP V	178,100	$1.8B	0.15%
159	FTWEQV VENTURES ACQUISITION COR	173,140	$1.8B	0.15%
160	CEPFCANTOR EQUITY PARTNERS III I	163,822	$1.7B	0.14%
161	—NABORS ENERGY TRANSITION COR	150,000	$1.7B	0.14%
162	INTCINTEL CORP	50,000	$1.7B	0.14%	Call
163	TERTERADYNE INC	12,000	$1.7B	0.13%
164	BKRBAKER HUGHES COMPANY	33,000	$1.6B	0.13%	Call
165	KYIVKYIVSTAR GROUP LTD	395,441	$1.6B	0.13%
166	CEPFCANTOR EQUITY PARTNERS II IN	150,938	$1.6B	0.13%
167	CHECCHENGHE ACQUISITION III CO	156,706	$1.6B	0.13%
168	RTACRENATUS TACTICAL ACQUIS	134,710	$1.5B	0.12%
169	INVHINVITATION HOMES INC	50,000	$1.5B	0.12%	Put
170	LWACLIGHTWAVE ACQUISITION CORP	144,300	$1.5B	0.12%
171	VOXRVOX ROYALTY CORP	317,500	$1.4B	0.11%
172	GENVRGEN DIGITAL INC	184,274	$1.4B	0.11%
173	CBSTCN 9.25 12/31/28CANNABIST CO HLDGS INC	2,000	$1.3B	0.11%
174	WGMIVALKYRIE ETF TRUST II	30,000	$1.3B	0.11%	Call
175	AIOTPOWERFLEET INC	250,000	$1.3B	0.11%
176	RDDTREDDIT INC	5,481	$1.3B	0.10%
177	CPRICAPRI HOLDINGS LIMITED	61,357	$1.2B	0.10%	Call
178	CCIXCHURCHILL CAPITAL CORP IX	114,350	$1.2B	0.10%
179	ATIIARCHIMEDES TECH SPAC PARTNER	113,670	$1.2B	0.09%
180	ARESARES MANAGEMENT CORPORATION	7,000	$1.1B	0.09%	Call
181	OUTOUTFRONT MEDIA INC	60,435	$1.1B	0.09%
182	DRDBROMAN DBDR ACQUISITION CORP	107,090	$1.1B	0.09%
183	GTENGORES HLDGS X INC	102,849	$1.1B	0.09%
184	WLACWILLOW LANE ACQUISITION CORP	374,374	$1.0B	0.09%
185	CIACN 7.875 07/15/32 144ACHAMPION IRON CANADA INC	1,000	$1.0B	0.08%
186	ONCH1RT ACQUISITION CORP.	100,000	$1.0B	0.08%
187	EMXEMX RTY CORP	201,488	$1.0B	0.08%
188	MBVIM3-BRIGADE ACQUISITION VI CO	100,000	$1.0B	0.08%
189	SZZLSIZZLE ACQUISITION CORP. II	100,000	$1.0B	0.08%
190	KCHVKOCHAV DEFENSE ACQUI CO	100,000	$1.0B	0.08%
191	SPEGSILVER PEGASUS ACQUISITION C	100,000	$997.0M	0.08%
192	BLUWBLUE WTR ACQUISITION CORP. I	100,000	$996.0M	0.08%
193	TSEMTOWER SEMICONDUCTOR LTD	13,512	$976.9M	0.08%
194	MSFTMICROSOFT CORP	1,750	$906.4M	0.07%
195	CLFCLEVELAND-CLIFFS INC NEW	70,000	$854.0M	0.07%	Call
196	LCIDLUCID GROUP INC	32,658	$776.9M	0.06%	Call
197	NVDANVIDIA CORPORATION	4,000	$746.3M	0.06%
198	NXTNEXTRACKER INC	10,000	$739.9M	0.06%
199	PLYMPLYMOUTH INDL REIT INC	32,000	$714.6M	0.06%
200	MCGAYORKVILLE ACQUISITION CORP.	65,000	$692.9M	0.06%

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