Polar Asset Management Partners Inc. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$7.9B

Holdings

644

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (644 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	1,795,000	$1.2B	15.52%	Put
2	NVDANVIDIA CORPORATION	1,756,228	$326.0M	4.14%	Put
3	AMZNAMAZON COM INC	1,299,300	$299.0M	3.79%	Put
4	IDCC 3.5 06/01/27INTERDIGITAL INC	61,775,000	$255.0M	3.24%
5	NDQINVESCO QQQ TR	357,900	$219.0M	2.78%	Put
6	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	140,000,000	$203.0M	2.58%
7	PHYS/USPROTT ASSET MANAGEMENT LP	6,058,832	$200.0M	2.54%
8	PLTRPALANTIR TECHNOLOGIES INC	1,120,000	$198.0M	2.51%	Put
9	TSLATESLA INC	420,000	$186.0M	2.36%	Put
10	GOOGALPHABET INC	580,000	$181.0M	2.30%	Put
11	GVA 3.75 05/15/28GRANITE CONSTR INC	55,000,000	$139.0M	1.76%
12	EVRG 4.5 12/15/27EVERGY INC	100,000,000	$121.0M	1.54%
13	ADBEADOBE INC	300,000	$104.0M	1.32%	Put
14	COPCONOCOPHILLIPS	1,100,000	$102.0M	1.29%	Put
15	AMDADVANCED MICRO DEVICES INC	467,284	$99.0M	1.26%	Put
16	DAYDAYFORCE INC	1,422,818	$98.0M	1.24%	Put
17	CYBRCYBERARK SOFTWARE LTD	187,366	$83.0M	1.05%
18	PSLV/USPROTT ASSET MANAGEMENT LP	3,437,232	$81.0M	1.03%
19	AAPLAPPLE INC	300,000	$80.0M	1.01%	Put
20	MRSHMARSH & MCLENNAN COS INC	400,000	$74.0M	0.94%	Put
21	ITRI 1.375 07/15/30ITRON INC	70,000,000	$70.0M	0.89%
22	IWMISHARES TR	290,000	$70.0M	0.89%	Put
23	CMACOMERICA INC	787,000	$68.0M	0.86%
24	IBITISHARES BITCOIN TRUST ETF	1,310,720	$63.0M	0.80%	Put
25	BRK/BBERKSHIRE HATHAWAY INC DEL	120,000	$60.0M	0.76%	Put
26	EAELECTRONIC ARTS INC	284,820	$58.0M	0.74%
27	ETHAISHARES ETHEREUM TR	2,580,000	$57.0M	0.72%	Put
28	MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC	21,375,000	$55.0M	0.70%
29	PPL 2.875 03/15/28PPL CAP FDG INC	50,000,000	$54.0M	0.69%
30	EEMISHARES TR	1,000,000	$54.0M	0.69%	Put
31	EXASEXACT SCIENCES CORP	525,000	$53.0M	0.67%
32	MSFTMICROSOFT CORP	100,000	$48.0M	0.61%	Put
33	CDTXCIDARA THERAPEUTICS INC	216,998	$47.0M	0.60%
34	LYV 2.875 01/15/30LIVE NATION ENTERTAINMENT IN	40,000,000	$42.0M	0.53%
35	CADECADENCE BANK	983,756	$42.0M	0.53%
36	SYU1SYNOVUS FINL CORP	835,115	$41.0M	0.52%
37	RNAAVIDITY BIOSCIENCES INC	529,510	$38.0M	0.48%
38	HOLXHOLOGIC INC	488,923	$36.0M	0.46%	Put
39	CWANCLEARWATER ANALYTICS HLDGS I	1,422,500	$34.0M	0.43%
40	GTLSCHART INDS INC	157,145	$32.0M	0.41%
41	TSMTAIWAN SEMICONDUCTOR MFG LTD	108,416	$32.0M	0.41%
42	AVGOBROADCOM INC	89,200	$30.0M	0.38%	Call
43	FYBRFRONTIER COMMUNICATIONS PARE	800,000	$30.0M	0.38%
44	ETHGRAYSCALE ETHEREUM MINI TR E	1,000,000	$28.0M	0.36%	Call
45	OLEDUNIVERSAL DISPLAY CORP	242,904	$27.0M	0.34%	Call
46	XERSXERIS BIOPHARMA HOLDINGS INC	10,500,000	$27.0M	0.34%
47	SMHVANECK ETF TRUST	76,500	$27.0M	0.34%	Put
48	CFLTCONFLUENT INC	879,700	$26.0M	0.33%
49	ANETARISTA NETWORKS INC	176,147	$23.0M	0.29%
50	QCOMQUALCOMM INC	133,900	$22.0M	0.28%	Call
51	ORCLORACLE CORP	117,600	$22.0M	0.28%	Call
52	SMTCSEMTECH CORP	313,683	$22.0M	0.28%	Put
53	CORZWCORE SCIENTIFIC INC NEW	2,629,086	$22.0M	0.28%
54	BL 1 06/01/29BLACKLINE INC	20,000,000	$21.0M	0.27%
55	HIHILLENBRAND INC	674,619	$21.0M	0.27%
56	KCHVKOCHAV DEFENSE ACQUI CO	2,150,000	$21.0M	0.27%
57	CCXIUCHURCHILL CAP CORP XI	2,000,000	$20.0M	0.25%
58	CRDOCREDO TECHNOLOGY GROUP HOLDI	144,774	$20.0M	0.25%
59	BCARD. BORAL ARC ACQ I CORP.	1,899,664	$19.0M	0.24%
60	LBRDKLIBERTY BROADBAND CORP	400,000	$19.0M	0.24%
61	MSIMOTOROLA SOLUTIONS INC	50,600	$19.0M	0.24%	Call
62	—M3BRIGADE ACQUISITION V CORP	1,757,441	$18.0M	0.23%
63	PIIMPINJ INC	108,811	$18.0M	0.23%
64	MCOMOODYS CORP	36,516	$18.0M	0.23%
65	EXAS 0.375 03/15/27EXACT SCIENCES CORP	16,600,000	$17.0M	0.22%
66	BOX 1.5 09/15/29BOX INC	17,500,000	$17.0M	0.22%
67	CHACRCRANE HBR ACQUISITION CORP	1,625,000	$17.0M	0.22%
68	SNAPSNAP INC	2,057,300	$16.0M	0.20%	Call
69	DMIIDRUGS MADE IN AMER ACQUTN CO	1,600,000	$16.0M	0.20%
70	WBDWARNER BROS DISCOVERY INC	597,400	$16.0M	0.20%	Call
71	MLACMOUNTAIN LAKE ACQUISITION CO	1,479,935	$15.0M	0.19%
72	LRCXLAM RESEARCH CORP	87,739	$15.0M	0.19%
73	AXON 0.5 12/15/27AXON ENTERPRISE INC	6,129,000	$15.0M	0.19%
74	CMECME GROUP INC	55,625	$15.0M	0.19%
75	MACIMELAR ACQUISITION CORP. I	1,485,000	$15.0M	0.19%
76	SCHWSCHWAB CHARLES CORP	142,800	$14.0M	0.18%
77	SBXDSILVERBOX CORP IV	1,380,000	$14.0M	0.18%
78	DMIIDRUGS MADE IN AMER ACQ II CO	1,500,000	$14.0M	0.18%
79	QC10FLAGSTAR BANK NATIONAL ASSOC	1,188,449	$14.0M	0.18%
80	METAMETA PLATFORMS INC	22,600	$14.0M	0.18%
81	EVREVERCORE INC	42,600	$14.0M	0.18%
82	—CROWN RESV ACQUISITION CORP	1,490,000	$14.0M	0.18%
83	DYORINSIGHT DIGITAL PARTNERS II	1,499,000	$14.0M	0.18%
84	MESHMESHFLOW ACQUISITION CORP	1,350,000	$13.0M	0.16%
85	POLEANDRETTI ACQUISITION CORP II	1,250,000	$13.0M	0.16%
86	LRN 1.125 09/01/27STRIDE INC	10,000,000	$13.0M	0.16%
87	KEYKEYCORP	675,800	$13.0M	0.16%
88	NXPINXP SEMICONDUCTORS N V	61,383	$13.0M	0.16%
89	NDAQNASDAQ INC	133,164	$12.0M	0.15%
90	NSCNORFOLK SOUTHN CORP	45,000	$12.0M	0.15%
91	MTSIMACOM TECH SOLUTIONS HLDGS I	72,476	$12.0M	0.15%
92	SZ7AMERICAS GOLD AND SILVER COR	2,625,000	$12.0M	0.15%
93	GPATGP-ACT III ACQUISITION CORP	1,174,996	$12.0M	0.15%
94	ZSZSCALER INC	60,000	$12.0M	0.15%	Put
95	LYVLIVE NATION ENTERTAINMENT IN	89,700	$12.0M	0.15%
96	TACOBERTO ACQUISITION CORP	1,100,000	$11.0M	0.14%
97	BBARRICK MNG CORP	266,000	$11.0M	0.14%	Put
98	GSRFGSR IV ACQUISITION CORP	1,200,000	$11.0M	0.14%
99	VLYVALLEY NATL BANCORP	966,974	$11.0M	0.14%
100	MBVIM3-BRIGADE ACQUISITION VI CO	1,100,000	$11.0M	0.14%

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