LSP Investment Advisors, LLC Diversified Active

CIK: 0001728850 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $188,062 (100.0% shares, 0.0% debt)

Holdings (21)

Increased Positions (5)

EXE EXPAND ENERGY CORPORATION 29.9%

Value ($000) $56,252 (+65.8%) Shares 509,717 (+59.6%) Est. Cost $97.86 Unrealized +13.1%

GPOR GULFPORT ENERGY CORP 12.1%

Value ($000) $22,692 (+167.3%) Shares 109,100 (+132.6%) Est. Cost $188.47 Unrealized +5.8%

EQT EQT CORP 21.8%

Value ($000) $40,977 (+5.2%) Shares 764,500 (+6.8%) Est. Cost $51.65 Unrealized +8.7%

CRK COMSTOCK RES INC 5.1%

Value ($000) $9,501 (+26.5%) Shares 409,900 (+8.2%) Est. Cost $20.10 Unrealized +9.6%

AR ANTERO RESOURCES CORP 3.5%

Value ($000) $6,530 (+18.9%) Shares 189,500 (+15.8%) Est. Cost $35.91 Unrealized -5.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXE	EXPAND ENERGY CORPORATION	509,717 (+59.6%)	$56,252 (+65.8%)	29.9%	$97.86	+13.1%	COM	165167735
GPOR	GULFPORT ENERGY CORP	109,100 (+132.6%)	$22,692 (+167.3%)	12.1%	$188.47	+5.8%	COMMON SHARES	402635502
EQT	EQT CORP	764,500 (+6.8%)	$40,977 (+5.2%)	21.8%	$51.65	+8.7%	COM	26884L109
CRK	COMSTOCK RES INC	409,900 (+8.2%)	$9,501 (+26.5%)	5.1%	$20.10	+9.6%	COM	205768302
AR	ANTERO RESOURCES CORP	189,500 (+15.8%)	$6,530 (+18.9%)	3.5%	$35.91	-5.7%	COM	03674X106

Exited Positions (1)

D DOMINION ENERGY INC 0.1%

Value ($000) $205 Shares 3,350 Est. Cost $58.31 Unrealized +2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
D	DOMINION ENERGY INC	3,350	$205	0.1%	$58.31	+2.5%	—	25746U109

Decreased Positions (1)

SPY SPDR S&P 500 ETF TR 6.6%

Value ($000) $12,386 (-63.8%) Shares 18,164 (-64.7%) Est. Cost $429.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	18,164 (-64.7%)	$12,386 (-63.8%)	6.6%	$429.14	—	TR UNIT	78462F103

Unchanged Positions (15)

GOOG ALPHABET INC 3.6%

Value ($000) $6,715 Shares 21,400 Est. Cost $112.13 Unrealized +155.4%

GDX VANECK ETF TRUST 3.2%

Value ($000) $6,047 Shares 70,500 Est. Cost $29.48 Unrealized —

MSFT MICROSOFT CORP 2.1%

Value ($000) $4,004 Shares 8,280 Est. Cost $280.73 Unrealized +78.3%

GDXJ VANECK ETF TRUST 0.8%

Value ($000) $1,546 Shares 13,584 Est. Cost $38.35 Unrealized —

BATL BATTALION OIL CORP 1.4%

Value ($000) $2,678 Shares 2,369,769 Est. Cost $9.80 Unrealized -88.3%

AMZN AMAZON COM INC 1.7%

Value ($000) $3,278 Shares 14,200 Est. Cost $127.50 Unrealized +79.4%

EEM ISHARES TR 3.2%

Value ($000) $5,954 Shares 108,830 Est. Cost $50.38 Unrealized —

HOOD ROBINHOOD MKTS INC 0.3%

Value ($000) $494 Shares 4,364 Est. Cost $30.77 Unrealized +322.7%

IWM ISHARES TR 2.0%

Value ($000) $3,815 Shares 15,500 Est. Cost $218.77 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.4%

Value ($000) $780 Shares 2,208 Est. Cost $81.35 Unrealized +346.5%

DUK DUKE ENERGY CORP NEW 0.2%

Value ($000) $359 Shares 3,060 Est. Cost $87.25 Unrealized +39.3%

EXC EXELON CORP 0.3%

Value ($000) $579 Shares 13,274 Est. Cost $21.77 Unrealized +108.8%

PEG PUBLIC SVC ENTERPRISE GRP IN 0.2%

Value ($000) $430 Shares 5,350 Est. Cost $53.86 Unrealized +50.5%

EWJ ISHARES INC 1.3%

Value ($000) $2,422 Shares 30,000 Est. Cost $68.24 Unrealized —

CNP CENTERPOINT ENERGY INC 0.3%

Value ($000) $623 Shares 16,250 Est. Cost $22.86 Unrealized +70.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	21,400	$6,715	3.6%	$112.13	+155.4%	CAP STK CL C	02079K107
GDX	VANECK ETF TRUST	70,500	$6,047	3.2%	$29.48	—	GOLD MINERS ETF	92189F106
MSFT	MICROSOFT CORP	8,280	$4,004	2.1%	$280.73	+78.3%	COM	594918104
GDXJ	VANECK ETF TRUST	13,584	$1,546	0.8%	$38.35	—	JUNIOR GOLD MINE	92189F791
BATL	BATTALION OIL CORP	2,369,769	$2,678	1.4%	$9.80	-88.3%	COM	07134L107
AMZN	AMAZON COM INC	14,200	$3,278	1.7%	$127.50	+79.4%	COM	023135106
EEM	ISHARES TR	108,830	$5,954	3.2%	$50.38	—	MSCI EMG MKT ETF	464287234
HOOD	ROBINHOOD MKTS INC	4,364	$494	0.3%	$30.77	+322.7%	COM CL A	770700102
IWM	ISHARES TR	15,500	$3,815	2.0%	$218.77	—	RUSSELL 2000 ETF	464287655
CEG	CONSTELLATION ENERGY CORP	2,208	$780	0.4%	$81.35	+346.5%	COM	21037T109
DUK	DUKE ENERGY CORP NEW	3,060	$359	0.2%	$87.25	+39.3%	COM NEW	26441C204
EXC	EXELON CORP	13,274	$579	0.3%	$21.77	+108.8%	COM	30161N101
PEG	PUBLIC SVC ENTERPRISE GRP IN	5,350	$430	0.2%	$53.86	+50.5%	COM	744573106
EWJ	ISHARES INC	30,000	$2,422	1.3%	$68.24	—	MSCI JAPAN ETF	46434G822
CNP	CENTERPOINT ENERGY INC	16,250	$623	0.3%	$22.86	+70.0%	COM	15189T107