K2 PRINCIPAL FUND, L.P. Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$1.2T

Holdings

385

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (385 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	GQ9SPDR GOLD TR	107,200	$42.5B	3.42%	Call
2	LITE 0.5 06/15/28LUMENTUM HLDGS INC	14,000	$39.8B	3.20%
3	SPYSPDR SP 500 ETF TR	58,200	$39.7B	3.20%	Call
4	SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO	8,500	$23.4B	1.89%
5	AAUC 8.75 09/07/28ALLIED GOLD CORP	15,650	$23.3B	1.88%
6	PARPAR TECHNOLOGY CORP	603,580	$21.9B	1.76%	Put
7	GDXVANECK ETF TRUST	235,000	$20.2B	1.62%	Put
8	FCXFREEPORT-MCMORAN INC	385,800	$19.6B	1.58%	Put
9	APLD 2.75 06/01/30APPLIED DIGITAL CORP	7,000	$18.8B	1.52%
10	SLVISHARES SILVER TR	275,200	$17.7B	1.43%	Put
11	AGCN 0.125 01/15/31FIRST MAJESTIC	14,500	$16.1B	1.30%
12	PTON 0 02/15/26PELOTON INTERACTIVE INC	15,679	$15.6B	1.25%
13	ASTS 2.375 10/15/32AST SPACEMOBILE INC	11,500	$15.2B	1.22%
14	BMTABRITISH AMERN TOB PLC	265,735	$15.0B	1.21%	Call
15	CRNC 1.5 07/01/28CERENCE INC	16,750	$15.0B	1.21%
16	VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE	15,000	$15.0B	1.21%
17	TRIP 0.25 04/01/26TRIPADVISOR INC	14,000	$13.8B	1.11%
18	JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP	13,824	$13.6B	1.10%
19	SPCE 2.5 02/01/27VIRGIN GALACTIC	16,500	$13.5B	1.09%
20	GMEGAMESTOP CORP NEW	651,500	$13.1B	1.05%	Put
21	SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC	12,000	$13.0B	1.05%
22	MSTR 0 12/01/29STRATEGY INC	15,000	$12.4B	1.00%
23	NDQINVESCO QQQ TR	20,000	$12.3B	0.99%	Put
24	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	12,500	$12.2B	0.99%
25	CENX 2.75 05/01/28CENTURY ALUM CO	5,750	$12.1B	0.98%
26	GME 0 04/01/30GAMESTOP CORP	12,000	$11.9B	0.96%
27	GDXJVANECK ETF TRUST	104,000	$11.8B	0.95%	Put
28	LCID 1.25 12/15/26LUCID GROUP	12,500	$11.6B	0.94%
29	NTNX 0.25 10/01/27NUTANIX INC	10,000	$11.3B	0.91%
30	HOTUCN 6 12/31/26AMER HOTEL INC PROP REIT	11,779	$11.1B	0.90%
31	AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC	9,000	$10.4B	0.84%
32	UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC	8,000	$10.4B	0.84%
33	MARA 0 03/01/30MARA HOLDINGS INC	12,500	$9.9B	0.80%
34	XIFR 2.5 06/15/26NEXTERA ENGY PTR	10,000	$9.9B	0.80%
35	SNAP 0.75 08/01/26SNAP INC	10,000	$9.8B	0.79%
36	UPST 0.25 08/15/26UPSTART HLDGS INC	10,000	$9.6B	0.77%
37	VZLACN 5 01/15/31VIZSLA SILVER CORP	7,210	$9.5B	0.76%
38	COIN 0.25 04/01/30COINBASE GLOBAL INC	9,000	$9.2B	0.74%
39	BBCN 3 02/15/29BLACKBERRY LTD	7,000	$8.8B	0.71%
40	AMC 6 04/30/30 144AMUVICO LLC	11,909	$8.6B	0.69%
41	WT 3.25 06/15/26WISDOMTREE INC	7,344	$8.5B	0.68%
42	SOLSSOLSTICE ADVANCED MATLS INC	169,810	$8.2B	0.66%	Put
43	REAL 1 03/01/28THE REALREAL INC	8,500	$8.0B	0.65%
44	SEDG 2.25 07/01/29SOLAREDGE TECHNOLOGIES INC	6,750	$7.9B	0.63%
45	DBX 0 03/01/26DROPBOX INC	7,859	$7.8B	0.63%
46	IBITISHARES BITCOIN TRUST ETF	152,322	$7.6B	0.61%	Put
47	MARA 0 06/01/31MARA HOLDINGS INC	9,000	$7.5B	0.61%
48	OPEN 0.25 08/15/26OPENDOOR TECHNOL	7,550	$7.4B	0.59%
49	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	5,000	$7.3B	0.59%
50	PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR	7,473	$7.2B	0.58%
51	WT 3.25 08/15/29WISDOMTREE INC	6,000	$7.2B	0.58%
52	DBX 0 03/01/28DROPBOX INC	7,000	$7.1B	0.57%
53	RYAMRAYONIER ADVANCED MATLS INC	1,199,024	$7.1B	0.57%	Call
54	GLXYLP 2.5 12/01/29GALAXY DIG HO LP	5,500	$7.0B	0.56%
55	MSTR 0 03/01/30MICROSTRATEGY	8,000	$6.9B	0.56%
56	FLR 1.125 08/15/29FLUOR CORP	6,000	$6.8B	0.55%
57	CORZ 0 06/15/31CORE SCIENTIFIC INC NEW	6,400	$6.7B	0.54%
58	METAMETA PLATFORMS INC	10,000	$6.6B	0.53%	Put
59	AEIS 2.5 09/15/28ADVANCED ENERGY INDS	4,000	$6.6B	0.53%
60	TE 5.25 12/01/30T1 ENERGY INC	5,000	$6.4B	0.51%
61	OPENOPENDOOR TECHNOLOGIES INC	1,059,157	$6.2B	0.50%	Put
62	ON 0 05/01/27ON SEMICONDUCTOR CORP	5,000	$6.0B	0.48%
63	BL 0 03/15/26BLACKLINE INC	6,000	$5.9B	0.48%
64	FRPT 3 04/01/28FRESHPET INC	5,000	$5.9B	0.47%
65	GLNG 2.75 12/15/30GOLAR LNG	6,000	$5.8B	0.47%
66	XPOFXPONENTIAL FITNESS INC	694,974	$5.7B	0.46%
67	RUN 4 03/01/30SUNRUN INC	4,000	$5.7B	0.46%
68	MARA 1 12/01/26MARA HOLDINGS INC	6,000	$5.6B	0.45%
69	BKSY 8.25 08/01/33BLACKSKY TECHNOLOGY INC	5,000	$5.3B	0.43%
70	PLTRPALANTIR TECHNOLOGIES INC	30,000	$5.3B	0.43%	Put
71	DCHAMERICAN AXLE MFG HLDGS IN	829,192	$5.3B	0.43%
72	CLSK 0 06/15/30CLEANSPARK INC	5,000	$5.2B	0.42%
73	SUNCSUNOCOCORP LLC	105,090	$5.2B	0.42%
74	MSTRSTRATEGY INC	4,000	$5.1B	0.41%
75	ENPH 0 03/01/26ENPHASE ENERGY INC	5,100	$5.1B	0.41%
76	IIPR 5.5 05/25/26 *IIP OP PRTNRSHP	5,082	$5.0B	0.41%
77	GES 3.75 04/15/28GUESS INC	5,000	$5.0B	0.40%
78	FSLRFIRST SOLAR INC	18,750	$4.9B	0.39%
79	BOX 1.5 09/15/29BOX INC	5,000	$4.9B	0.39%
80	—MA-COM TECH	4,000	$4.9B	0.39%
81	SPCE 9.8 12/31/28 QIBVIRGIN GALACTIC	5,993	$4.8B	0.39%
82	SUNSUNOCO LP/SUNOCO FIN CORP	90,000	$4.7B	0.38%	Put
83	LARCN 1.75 01/15/27LITHIUM ARGENTINA AG	5,095	$4.6B	0.37%
84	BTDR 5.25 12/01/29BITDEER TECHNO	4,000	$4.5B	0.37%
85	BBARRICK MNG CORP	101,145	$4.4B	0.35%
86	ABVXABIVAX SA	32,500	$4.4B	0.35%	Call
87	ARRY 2.875 07/01/31ARRAY TECHNOLOGIES INC	3,000	$4.4B	0.35%
88	EDRCN 0.25 01/15/31 144AENDEAVOUR SILVER	4,000	$4.3B	0.35%
89	BIPBROOKFIELD INFRAST PARTNERS	124,900	$4.3B	0.35%
90	BRR 0 12/05/28PROCAP FINANCIAL INC	5,000	$4.3B	0.35%
91	IAUCN 8 02/22/27I-80 GOLD CORP	4,000	$4.2B	0.34%
92	NGDNEW GOLD INC CDA	481,563	$4.2B	0.34%
93	GOOGALPHABET INC	13,354	$4.2B	0.34%
94	EXAS 2 03/01/30EXACT SCIENCES CORP	3,000	$4.2B	0.33%
95	ELEELEMENTAL RTY CORP	177,356	$4.1B	0.33%
96	CCIICOHEN CIRCLE ACQUISIT CORP I	399,200	$4.1B	0.33%
97	GFRGREENFIRE RES LTD NEW	845,285	$4.0B	0.32%
98	PRO 2.25 09/15/27PROS HOLDINGS INC	4,000	$4.0B	0.32%
99	NLOPNET LEASE OFFICE PROPERTIES	154,500	$4.0B	0.32%
100	VOOVANGUARD INDEX FDS	6,300	$4.0B	0.32%	Call

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