Two Seas Capital LP Hedge Fund

Location: Rye, NY

CIK: 0001823138 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 13, 2025

Total Value: $5.955B (100.0% shares, 0.0% debt)

Holdings (39)

SPY SPDR S&P 500 ETF TR 62.1%

Value $3.699B Shares 5,987,500 Share Price $617.85 Est. Cost/Share — Unrealized @ Report Date —

HYG ISHARES TR 9.9%

Value $591M Shares 7,325,500 Share Price $80.65 Est. Cost/Share — Unrealized @ Report Date —

FSLR FIRST SOLAR INC 7.9%

Value $471M Shares 2,844,000 Share Price $165.54 Est. Cost/Share $147.64 Unrealized @ Report Date +12.1%

— INDIVIOR PLC 2.8%

Value $168M Shares 11,407,795 Share Price $14.74 Est. Cost/Share $23.28 Unrealized @ Report Date —

ROIV ROIVANT SCIENCES LTD 2.0%

Value $119M Shares 10,598,040 Share Price $11.27 Est. Cost/Share $7.16 Unrealized @ Report Date +57.3%

CORZ CORE SCIENTIFIC INC NEW 1.9%

Value $116M Shares 6,770,027 Share Price $17.07 Est. Cost/Share $6.41 Unrealized @ Report Date +166.3%

HUM HUMANA INC 1.7%

Value $101M Shares 411,500 Share Price $244.48 Est. Cost/Share — Unrealized @ Report Date —

TLN TALEN ENERGY CORP 1.5%

Value $87.43M Shares 300,698 Share Price $290.77 Est. Cost/Share $124.30 Unrealized @ Report Date +133.9%

CLMT CALUMET INC 1.2%

Value $70.86M Shares 4,497,609 Share Price $15.76 Est. Cost/Share $16.39 Unrealized @ Report Date -3.8%

CORZ CORE SCIENTIFIC INC NEW 1.0%

Value $58.04M Shares 3,400,000 Share Price $17.07 Est. Cost/Share $6.41 Unrealized @ Report Date +166.3%

— AVADEL PHARMACEUTICALS PLC 0.9%

Value $54.47M Shares 6,155,074 Share Price $8.85 Est. Cost/Share $11.18 Unrealized @ Report Date —

VST VISTRA CORP 0.8%

Value $44.82M Shares 231,257 Share Price $193.81 Est. Cost/Share $92.07 Unrealized @ Report Date +110.0%

SHC SOTERA HEALTH CO 0.8%

Value $44.71M Shares 4,020,867 Share Price $11.12 Est. Cost/Share $13.83 Unrealized @ Report Date -19.6%

TDAY GANNETT CO INC 0.7%

Value $40.21M Shares 11,230,621 Share Price $3.58 Est. Cost/Share $3.66 Unrealized @ Report Date -2.1%

GLNG GOLAR LNG LTD 0.6%

Value $37.46M Shares 909,355 Share Price $41.19 Est. Cost/Share $38.48 Unrealized @ Report Date +5.7%

IMVT IMMUNOVANT INC 0.6%

Value $36.04M Shares 2,252,772 Share Price $16.00 Est. Cost/Share $25.06 Unrealized @ Report Date -36.2%

ABUS ARBUTUS BIOPHARMA CORP 0.5%

Value $32.27M Shares 10,443,317 Share Price $3.09 Est. Cost/Share $2.80 Unrealized @ Report Date +10.3%

BUR BURFORD CAP LTD 0.4%

Value $22.5M Shares 1,577,670 Share Price $14.26 Est. Cost/Share $13.03 Unrealized @ Report Date +9.4%

FTAI FTAI AVIATION LTD 0.3%

Value $20.57M Shares 178,844 Share Price $115.04 Est. Cost/Share $115.01 Unrealized @ Report Date -0.4%

RUN SUNRUN INC 0.3%

Value $15.89M Shares 1,942,700 Share Price $8.18 Est. Cost/Share — Unrealized @ Report Date —

CEG CONSTELLATION ENERGY CORP 0.3%

Value $15.39M Shares 47,688 Share Price $322.76 Est. Cost/Share $263.84 Unrealized @ Report Date +22.0%

IREN IREN LIMITED 0.2%

Value $14.16M Shares 971,891 Share Price $14.57 Est. Cost/Share $9.54 Unrealized @ Report Date +52.8%

NBIS NEBIUS GROUP N.V. 0.2%

Value $13.83M Shares 250,000 Share Price $55.33 Est. Cost/Share $33.51 Unrealized @ Report Date +65.1%

META META PLATFORMS INC 0.2%

Value $11.12M Shares 15,065 Share Price $738.09 Est. Cost/Share $616.61 Unrealized @ Report Date +19.5%

WULF TERAWULF INC 0.2%

Value $10.02M Shares 2,287,100 Share Price $4.38 Est. Cost/Share $3.51 Unrealized @ Report Date +24.7%

ESPR ESPERION THERAPEUTICS INC NE 0.2%

Value $9.8M Shares 9,954,975 Share Price $0.98 Est. Cost/Share $1.51 Unrealized @ Report Date -35.2%

— PROSHARES TR 0.2%

Value $9.785M Shares 500,000 Share Price $19.57 Est. Cost/Share $19.57 Unrealized @ Report Date —

SOC SABLE OFFSHORE CORP 0.2%

Value $9.708M Shares 441,677 Share Price $21.98 Est. Cost/Share $23.26 Unrealized @ Report Date -5.5%

ARDX ARDELYX INC 0.1%

Value $6.035M Shares 1,539,416 Share Price $3.92 Est. Cost/Share $5.51 Unrealized @ Report Date -28.8%

ADAPY ADAPTIMMUNE THERAPEUTICS PLC 0.1%

Value $5.413M Shares 22,580,701 Share Price $0.24 Est. Cost/Share $0.43 Unrealized @ Report Date —

APLD APPLIED DIGITAL CORP 0.1%

Value $5.035M Shares 500,000 Share Price $10.07 Est. Cost/Share $7.38 Unrealized @ Report Date +36.5%

CORZW CORE SCIENTIFIC INC NEW 0.1%

Value $3.65M Shares 336,378 Share Price $10.85 Est. Cost/Share $2.92 Unrealized @ Report Date —

SONO SONOS INC 0.1%

Value $3.038M Shares 281,042 Share Price $10.81 Est. Cost/Share $16.85 Unrealized @ Report Date -35.8%

NRG NRG ENERGY INC 0.0%

Value $2.409M Shares 15,000 Share Price $160.58 Est. Cost/Share $130.97 Unrealized @ Report Date +22.0%

OMEX ODYSSEY MARINE EXPL INC 0.0%

Value $1.688M Shares 1,430,769 Share Price $1.18 Est. Cost/Share $0.70 Unrealized @ Report Date +69.4%

FSLR FIRST SOLAR INC 0.0%

Value $1.655M Shares 10,000 Share Price $165.54 Est. Cost/Share $147.64 Unrealized @ Report Date +12.1%

CIFR CIPHER MINING INC 0.0%

Value $1.195M Shares 250,000 Share Price $4.78 Est. Cost/Share $3.23 Unrealized @ Report Date +47.8%

— WOLFSPEED INC 0.0%

Value $962K Shares 2,412,111 Share Price $0.40 Est. Cost/Share $0.40 Unrealized @ Report Date —

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value $414K Shares 24,107 Share Price $17.16 Est. Cost/Share $17.16 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	5,987,500	$3.699B	62.1%	$617.85	—	—	Put	78462F103
HYG	ISHARES TR	7,325,500	$591M	9.9%	$80.65	—	—	Put	464288513
FSLR	FIRST SOLAR INC	2,844,000	$471M	7.9%	$165.54	$147.64	+12.1%	Call	336433107
—	INDIVIOR PLC	11,407,795	$168M	2.8%	$14.74	$23.28	—	ORD	G4766E116
ROIV	ROIVANT SCIENCES LTD	10,598,040	$119M	2.0%	$11.27	$7.16	+57.3%	SHS	G76279101
CORZ	CORE SCIENTIFIC INC NEW	6,770,027	$116M	1.9%	$17.07	$6.41	+166.3%	COM	21874A106
HUM	HUMANA INC	411,500	$101M	1.7%	$244.48	—	—	Call	444859102
TLN	TALEN ENERGY CORP	300,698	$87.43M	1.5%	$290.77	$124.30	+133.9%	COM	87422Q109
CLMT	CALUMET INC	4,497,609	$70.86M	1.2%	$15.76	$16.39	-3.8%	COM	131428104
CORZ	CORE SCIENTIFIC INC NEW	3,400,000	$58.04M	1.0%	$17.07	$6.41	+166.3%	Call	21874A106
—	AVADEL PHARMACEUTICALS PLC	6,155,074	$54.47M	0.9%	$8.85	$11.18	—	COM SHS	G29687103
VST	VISTRA CORP	231,257	$44.82M	0.8%	$193.81	$92.07	+110.0%	COM	92840M102
SHC	SOTERA HEALTH CO	4,020,867	$44.71M	0.8%	$11.12	$13.83	-19.6%	COM	83601L102
TDAY	GANNETT CO INC	11,230,621	$40.21M	0.7%	$3.58	$3.66	-2.1%	COM	36472T109
GLNG	GOLAR LNG LTD	909,355	$37.46M	0.6%	$41.19	$38.48	+5.7%	SHS	G9456A100
IMVT	IMMUNOVANT INC	2,252,772	$36.04M	0.6%	$16.00	$25.06	-36.2%	COM	45258J102
ABUS	ARBUTUS BIOPHARMA CORP	10,443,317	$32.27M	0.5%	$3.09	$2.80	+10.3%	COM	03879J100
BUR	BURFORD CAP LTD	1,577,670	$22.5M	0.4%	$14.26	$13.03	+9.4%	ORD SHS	G17977110
FTAI	FTAI AVIATION LTD	178,844	$20.57M	0.3%	$115.04	$115.01	-0.4%	SHS	G3730V105
RUN	SUNRUN INC	1,942,700	$15.89M	0.3%	$8.18	—	—	Put	86771W105
CEG	CONSTELLATION ENERGY CORP	47,688	$15.39M	0.3%	$322.76	$263.84	+22.0%	COM	21037T109
IREN	IREN LIMITED	971,891	$14.16M	0.2%	$14.57	$9.54	+52.8%	ORDINARY SHARES	Q4982L109
NBIS	NEBIUS GROUP N.V.	250,000	$13.83M	0.2%	$55.33	$33.51	+65.1%	SHS CLASS A	N97284108
META	META PLATFORMS INC	15,065	$11.12M	0.2%	$738.09	$616.61	+19.5%	CL A	30303M102
WULF	TERAWULF INC	2,287,100	$10.02M	0.2%	$4.38	$3.51	+24.7%	COM	88080T104
ESPR	ESPERION THERAPEUTICS INC NE	9,954,975	$9.8M	0.2%	$0.98	$1.51	-35.2%	COM	29664W105
—	PROSHARES TR	500,000	$9.785M	0.2%	$19.57	$19.57	—	ULTRAPRO SHT QQQ	74347G192
SOC	SABLE OFFSHORE CORP	441,677	$9.708M	0.2%	$21.98	$23.26	-5.5%	COM SHS	78574H104
ARDX	ARDELYX INC	1,539,416	$6.035M	0.1%	$3.92	$5.51	-28.8%	COM	039697107
ADAPY	ADAPTIMMUNE THERAPEUTICS PLC	22,580,701	$5.413M	0.1%	$0.24	$0.43	—	SPONDS ADS	00653A107
APLD	APPLIED DIGITAL CORP	500,000	$5.035M	0.1%	$10.07	$7.38	+36.5%	COM NEW	038169207
CORZW	CORE SCIENTIFIC INC NEW	336,378	$3.65M	0.1%	$10.85	$2.92	—	*W EXP 01/23/202	21874A114
SONO	SONOS INC	281,042	$3.038M	0.1%	$10.81	$16.85	-35.8%	COM	83570H108
NRG	NRG ENERGY INC	15,000	$2.409M	0.0%	$160.58	$130.97	+22.0%	COM NEW	629377508
OMEX	ODYSSEY MARINE EXPL INC	1,430,769	$1.688M	0.0%	$1.18	$0.70	+69.4%	COM NEW	676118201
FSLR	FIRST SOLAR INC	10,000	$1.655M	0.0%	$165.54	$147.64	+12.1%	COM	336433107
CIFR	CIPHER MINING INC	250,000	$1.195M	0.0%	$4.78	$3.23	+47.8%	COM	17253J106
—	WOLFSPEED INC	2,412,111	$962K	0.0%	$0.40	$0.40	—	COM	977852102
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$414K	0.0%	$17.16	$17.16	—	*W EXP 01/23/202	21874A130