Westchester Capital Management, LLC Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$2.4B

Holdings

278

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (278 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	CYBRCYBERARK SOFTWARE LTD	327,864	$146.2M	6.14%
2	SPYSPDR S&P 500 ETF TR	200,000	$136.4M	5.73%	Put
3	TECK/BTECK RESOURCES LTD	2,845,112	$136.2M	5.72%	Put
4	EAELECTRONIC ARTS INC	594,161	$121.4M	5.10%
5	WBDWARNER BROS DISCOVERY INC	3,980,001	$114.7M	4.82%	Put
6	NSCNORFOLK SOUTHN CORP	387,596	$111.9M	4.70%
7	GTLSCHART INDS INC	496,058	$102.3M	4.30%
8	FYBRFRONTIER COMMUNICATIONS PARE	2,308,994	$87.9M	3.69%
9	EXASEXACT SCIENCES CORP	751,561	$76.3M	3.21%
10	RNAAVIDITY BIOSCIENCES INC	962,659	$69.4M	2.92%
11	CMACOMERICA INC	658,366	$57.2M	2.40%
12	PRAPROASSURANCE CORP	1,605,544	$38.8M	1.63%
13	DAYDAYFORCE INC	546,665	$37.8M	1.59%
14	SEESEALED AIR CORP NEW	853,621	$35.4M	1.49%
15	YCYAA MISSION ACQUISITION CORP	2,701,172	$28.8M	1.21%
16	CFLTCONFLUENT INC	857,198	$25.9M	1.09%
17	LBRDALIBERTY BROADBAND CORP	530,942	$25.6M	1.08%
18	NGDNEW GOLD INC CDA	2,852,255	$24.8M	1.04%
19	HOLXHOLOGIC INC	319,734	$23.8M	1.00%
20	TGNATEGNA INC	1,192,134	$23.1M	0.97%
21	HYACHAYMAKER ACQUISITION CORP IV	1,939,028	$22.1M	0.93%
22	ANSCAGRICULTURE & NAT SOL ACQ CO	1,964,677	$21.9M	0.92%
23	ALAIR LEASE CORP	334,421	$21.5M	0.90%
24	KFIIK&F GROWTH ACQUISITION CORP	1,885,000	$19.5M	0.82%
25	CSXCSX CORP	487,583	$17.7M	0.74%	Put
26	DMIIDRUGS MADE IN AMER ACQUTN CO	1,669,000	$17.3M	0.73%
27	APTVAPTIV PLC	223,800	$17.0M	0.72%	Put
28	SZZLSIZZLE ACQUISITION CORP. II	1,564,728	$15.9M	0.67%
29	CTLPCANTALOUPE INC	1,389,401	$14.8M	0.62%
30	GPATGP-ACT III ACQUISITION CORP	1,360,852	$14.6M	0.61%
31	GTERAGLOBA TERRA ACQUISITION COR	1,414,429	$14.3M	0.60%
32	CADECADENCE BANK	328,564	$14.1M	0.59%
33	HONHONEYWELL INTL INC	72,100	$14.1M	0.59%	Put
34	SDHISIDDHI ACQUISITION CORP	1,349,197	$13.9M	0.58%
35	TACHTITAN ACQUISITION CORP	1,344,693	$13.8M	0.58%
36	VACHVOYAGER ACQUISITION CORP	1,261,894	$13.5M	0.57%
37	SIMASIM ACQUISITION CORP. I	1,270,312	$13.5M	0.57%
38	NPACNEW PROVIDENCE ACQUISITION C	1,278,999	$13.1M	0.55%
39	OYSEOYSTER ENTERPRISES II ACQUIS	1,295,112	$13.1M	0.55%
40	THSTREEHOUSE FOODS INC	553,686	$13.1M	0.55%
41	KCHVKOCHAV DEFENSE ACQUI CO	1,286,000	$13.0M	0.55%
42	SOULSOULPOWER ACQUISITION CORP	1,279,300	$13.0M	0.55%
43	PLMKPLUM ACQUISITION CORP IV	1,225,000	$12.8M	0.54%
44	JACSJACKSON ACQUISITION CO II	1,186,200	$12.4M	0.52%
45	ALDFALDEL FINL II INC	1,159,448	$12.2M	0.51%
46	POLEANDRETTI ACQUISITION CORP II	1,111,416	$11.7M	0.49%
47	GIWGIGCAPITAL8 CORP	1,080,000	$10.7M	0.45%
48	AACBARTIUS II ACQUISITION INC	995,939	$10.3M	0.43%
49	BCARD. BORAL ARC ACQ I CORP.	1,002,475	$10.1M	0.42%
50	LPBBLAUNCH TWO ACQUISITION CORP.	950,000	$10.0M	0.42%
51	FACTFACT II ACQUISITION CORP	921,116	$9.6M	0.40%
52	ATIIARCHIMEDES TECH SPAC PARTNER	907,144	$9.4M	0.39%
53	—NEWBURY STR II ACQUISITION C	898,111	$9.4M	0.39%
54	JENAJENA ACQUISITION CORP II	912,000	$9.3M	0.39%
55	MLACMOUNTAIN LAKE ACQUISITION CO	887,700	$9.2M	0.39%
56	OBAOXLEY BRIDGE ACQ LTD	917,657	$9.2M	0.39%
57	COPLCOPLEY ACQUISITION CORP	860,600	$8.8M	0.37%
58	PACHPIONEER ACQUISITION I CORP	850,000	$8.6M	0.36%
59	XRPNARMADA ACQUISITION CORP II	833,400	$8.5M	0.36%
60	KHCKRAFT HEINZ CO	342,800	$8.3M	0.35%	Put
61	LWACLIGHTWAVE ACQUISITION CORP	819,872	$8.2M	0.35%
62	KDPKEURIG DR PEPPER INC	272,634	$7.6M	0.32%	Put
63	ALFCENTURION ACQUISITION CORP	688,240	$7.3M	0.31%
64	TASKTASKUS INC	602,597	$7.1M	0.30%
65	TAVITAVIA ACQUISITION CORP	680,000	$7.1M	0.30%
66	LCCCLAKESHORE ACQUISITION III CO	689,436	$7.0M	0.30%
67	AXINAXIOM INTELLIGENCE AC CORP 1	675,000	$6.8M	0.29%
68	IPODDUNE ACQUISITION CORP II	666,477	$6.8M	0.29%
69	GSRFGSR IV ACQUISITION CORP	650,000	$6.7M	0.28%
70	CRAQCAL REDWOOD ACQUISITION CORP	650,000	$6.6M	0.28%
71	SOCASOLARIUS CAPITAL ACQU CORP	640,000	$6.4M	0.27%
72	—CROWN RESV ACQUISITION CORP	610,000	$6.1M	0.25%
73	HAVAHARVARD AVE ACQUISITION CORP	598,790	$6.0M	0.25%
74	LOBLIVE OAK ACQUISITION CORP V	550,046	$5.7M	0.24%
75	FTWEQV VENTURES AC CORP. II	550,000	$5.5M	0.23%
76	BACQINFLECTION POINT ACQU CORP V	532,807	$5.5M	0.23%
77	TVAITHAYER VENTURES ACQ CORP II	525,000	$5.3M	0.22%
78	GTENGORES HLDGS X INC	515,073	$5.3M	0.22%
79	LEGTLEGATO MERGER CORP III	483,161	$5.3M	0.22%
80	APADA PARADISE ACQUISITION CORP	521,794	$5.2M	0.22%
81	VNMEVENDOME ACQUISITION CORP I	500,000	$5.0M	0.21%
82	DMIIDRUGS MADE IN AMER ACQ II CO	502,914	$5.0M	0.21%
83	NMPNMP ACQUISITION CORP	500,000	$5.0M	0.21%
84	DMIIDRUGS MADE IN AMER ACQ II CO	500,000	$4.9M	0.21%
85	—APEX TREAS CORP	500,000	$4.9M	0.21%
86	YCYAA MISSION ACQUISITION CORP	494,185	$4.9M	0.21%
87	NHICNEWHOLD INVT CORP III	450,000	$4.7M	0.20%
88	CEPFCANTOR EQUITY PARTNERS V INC	450,000	$4.6M	0.19%
89	PGACPANTAGES CAPITAL ACQUISITION	443,000	$4.6M	0.19%
90	MACIMELAR ACQUISITION CORP. I	424,707	$4.5M	0.19%
91	TACOBERTO ACQUISITION CORP	433,460	$4.4M	0.18%
92	—ORIGIN INVT CORP I	425,000	$4.3M	0.18%
93	CUBLIONHEART HOLDINGS	400,036	$4.3M	0.18%
94	HSPTHORIZON SPACE ACQUISITION II	404,900	$4.3M	0.18%
95	CMCSACOMCAST CORP NEW	141,500	$4.2M	0.18%	Put
96	—BLUE WTR ACQUISITION CORP. I	400,000	$4.2M	0.18%
97	GIGGIGCAPITAL7 CORP	393,423	$4.1M	0.17%
98	PACHPIONEER ACQUISITION I CORP	408,612	$4.1M	0.17%
99	AIIAAI INFRASTRUCTURE ACQUISI	400,000	$4.1M	0.17%
100	—CSLM DIGITA ASSET ACQ CORP I	400,000	$4.0M	0.17%

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