Two Seas Capital LP Diversified Active

CIK: 0001823138 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 11, 2026

Total Value ($000): $4,853,386 (100.0% shares, 0.0% debt)

Holdings (38)

New Positions (5)

HUT HUT 8 CORP 1.7%

Value ($000) $80,510 Shares 1,752,500 Est. Cost $44.08 Unrealized 0.0%

IBIT ISHARES BITCOIN TRUST ETF 1.2%

Value ($000) $60,474 Shares 1,218,000 Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 0.6%

Value ($000) $31,506 Shares 745,185 Est. Cost $55.96 Unrealized 0.0%

HUT HUT 8 CORP 0.5%

Value ($000) $22,580 Shares 491,500 Est. Cost $44.08 Unrealized 0.0%

CORZ CORE SCIENTIFIC INC NEW 0.1%

Value ($000) $3,494 Shares 240,000 Est. Cost $11.65 Unrealized +49.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUT	HUT 8 CORP	1,752,500	$80,510	1.7%	$44.08	0.0%	CALL	44812J104
IBIT	ISHARES BITCOIN TRUST ETF	1,218,000	$60,474	1.2%	—	—	PUT	46438F101
NKTR	NEKTAR THERAPEUTICS	745,185	$31,506	0.6%	$55.96	0.0%	COM NEW	640268306
HUT	HUT 8 CORP	491,500	$22,580	0.5%	$44.08	0.0%	COM	44812J104
CORZ	CORE SCIENTIFIC INC NEW	240,000	$3,494	0.1%	$11.65	+49.7%	PUT	21874A106

Increased Positions (18)

CORZ CORE SCIENTIFIC INC NEW 2.5%

Value ($000) $123,434 (+102.4%) Shares 8,477,600 (+149.3%) Est. Cost $11.65 Unrealized +49.7%

CLMT CALUMET INC 2.9%

Value ($000) $138,618 (+32.0%) Shares 6,976,229 (+21.3%) Est. Cost $16.90 Unrealized +13.9%

TLN TALEN ENERGY CORP 3.0%

Value ($000) $146,928 (+29.4%) Shares 391,974 (+46.9%) Est. Cost $208.67 Unrealized +86.3%

IMVT IMMUNOVANT INC 1.5%

Value ($000) $72,878 (+63.7%) Shares 2,866,962 (+3.8%) Est. Cost $23.38 Unrealized -4.6%

CORZ CORE SCIENTIFIC INC NEW 5.1%

Value ($000) $247,683 (-10.1%) Shares 17,011,221 (+10.7%) Est. Cost $11.65 Unrealized +49.7%

SHC SOTERA HEALTH CO 1.6%

Value ($000) $77,830 (+46.7%) Shares 4,412,106 (+30.8%) Est. Cost $14.47 Unrealized +14.3%

SATS ECHOSTAR CORP 0.9%

Value ($000) $43,712 (+95.7%) Shares 402,135 (+37.5%) Est. Cost $55.14 Unrealized +47.7%

ESPR ESPERION THERAPEUTICS INC NE 0.9%

Value ($000) $44,039 (+70.5%) Shares 11,902,521 (+22.1%) Est. Cost $1.82 Unrealized +77.2%

TDAY USA TODAY CO INC 1.5%

Value ($000) $74,946 (+28.0%) Shares 14,552,621 (+2.6%) Est. Cost $3.76 Unrealized +25.1%

ABUS ARBUTUS BIOPHARMA CORP 1.2%

Value ($000) $60,554 (+21.3%) Shares 12,589,158 (+14.5%) Est. Cost $3.05 Unrealized +47.2%

MSOS ADVISORSHARES TR 0.3%

Value ($000) $15,351 (+113.7%) Shares 3,252,409 (+116.8%) Est. Cost $4.75 Unrealized —

WULF TERAWULF INC 1.1%

Value ($000) $51,737 (+17.6%) Shares 4,502,794 (+16.9%) Est. Cost $6.38 Unrealized +110.2%

VST VISTRA CORP 0.8%

Value ($000) $40,285 (+21.0%) Shares 249,707 (+46.9%) Est. Cost $120.75 Unrealized +50.7%

SOC SABLE OFFSHORE CORP 0.3%

Value ($000) $15,634 (+45.8%) Shares 1,733,239 (+182.3%) Est. Cost $14.57 Unrealized -35.2%

CLMT CALUMET INC 0.5%

Value ($000) $22,294 (+22.2%) Shares 1,122,000 (+12.2%) Est. Cost $16.90 Unrealized +13.9%

NBIS NEBIUS GROUP N.V. 0.6%

Value ($000) $28,835 (+9.5%) Shares 344,482 (+46.9%) Est. Cost $55.90 Unrealized +85.4%

OMEX ODYSSEY MARINE EXPL INC 0.2%

Value ($000) $10,163 (+14.0%) Shares 5,185,029 (+13.5%) Est. Cost $1.44 Unrealized +60.4%

GLNG GOLAR LNG LTD 0.9%

Value ($000) $43,573 (-1.6%) Shares 1,170,998 (+6.8%) Est. Cost $38.85 Unrealized -1.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	8,477,600 (+149.3%)	$123,434 (+102.4%)	2.5%	$11.65	+49.7%	CALL	21874A106
CLMT	CALUMET INC	6,976,229 (+21.3%)	$138,618 (+32.0%)	2.9%	$16.90	+13.9%	COM	131428104
TLN	TALEN ENERGY CORP	391,974 (+46.9%)	$146,928 (+29.4%)	3.0%	$208.67	+86.3%	COM	87422Q109
IMVT	IMMUNOVANT INC	2,866,962 (+3.8%)	$72,878 (+63.7%)	1.5%	$23.38	-4.6%	COM	45258J102
CORZ	CORE SCIENTIFIC INC NEW	17,011,221 (+10.7%)	$247,683 (-10.1%)	5.1%	$11.65	+49.7%	COM	21874A106
SHC	SOTERA HEALTH CO	4,412,106 (+30.8%)	$77,830 (+46.7%)	1.6%	$14.47	+14.3%	COM	83601L102
SATS	ECHOSTAR CORP	402,135 (+37.5%)	$43,712 (+95.7%)	0.9%	$55.14	+47.7%	CL A	278768106
ESPR	ESPERION THERAPEUTICS INC NE	11,902,521 (+22.1%)	$44,039 (+70.5%)	0.9%	$1.82	+77.2%	COM	29664W105
TDAY	USA TODAY CO INC	14,552,621 (+2.6%)	$74,946 (+28.0%)	1.5%	$3.76	+25.1%	COM	36472T109
ABUS	ARBUTUS BIOPHARMA CORP	12,589,158 (+14.5%)	$60,554 (+21.3%)	1.2%	$3.05	+47.2%	COM	03879J100
MSOS	ADVISORSHARES TR	3,252,409 (+116.8%)	$15,351 (+113.7%)	0.3%	$4.75	—	PURE US CANNABIS	00768Y453
WULF	TERAWULF INC	4,502,794 (+16.9%)	$51,737 (+17.6%)	1.1%	$6.38	+110.2%	COM	88080T104
VST	VISTRA CORP	249,707 (+46.9%)	$40,285 (+21.0%)	0.8%	$120.75	+50.7%	COM	92840M102
SOC	SABLE OFFSHORE CORP	1,733,239 (+182.3%)	$15,634 (+45.8%)	0.3%	$14.57	-35.2%	COM SHS	78574H104
CLMT	CALUMET INC	1,122,000 (+12.2%)	$22,294 (+22.2%)	0.5%	$16.90	+13.9%	CALL	131428104
NBIS	NEBIUS GROUP N.V.	344,482 (+46.9%)	$28,835 (+9.5%)	0.6%	$55.90	+85.4%	SHS CLASS A	N97284108
OMEX	ODYSSEY MARINE EXPL INC	5,185,029 (+13.5%)	$10,163 (+14.0%)	0.2%	$1.44	+60.4%	COM NEW	676118201
GLNG	GOLAR LNG LTD	1,170,998 (+6.8%)	$43,573 (-1.6%)	0.9%	$38.85	-1.9%	SHS	G9456A100

Exited Positions (8)

CRWV COREWEAVE INC 3.3%

Value ($000) $161,483 Shares 1,180,000 Est. Cost $118.31 Unrealized -14.3%

— AVADEL PHARMACEUTICALS PLC 1.7%

Value ($000) $81,986 Shares 5,369,082 Est. Cost $11.18 Unrealized —

PCG PG&E CORP 0.6%

Value ($000) $28,815 Shares 1,910,800 Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 0.5%

Value ($000) $26,190 Shares 1,500,000 Est. Cost $14.57 Unrealized -35.2%

BUR BURFORD CAP LTD 0.4%

Value ($000) $19,161 Shares 1,602,067 Est. Cost $13.03 Unrealized -24.9%

BTDR BITDEER TECHNOLOGIES GROUP 0.2%

Value ($000) $7,691 Shares 450,000 Est. Cost $14.04 Unrealized +14.8%

ANIP ANI PHARMACEUTICALS INC 0.0%

Value ($000) $2,356 Shares 25,721 Est. Cost $81.54 Unrealized +6.2%

GLXY GALAXY DIGITAL INC. 0.0%

Value ($000) $1,183 Shares 35,000 Est. Cost $26.97 Unrealized +14.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRWV	COREWEAVE INC	1,180,000	$161,483	3.3%	$118.31	-14.3%	CALL	21873S108
—	AVADEL PHARMACEUTICALS PLC	5,369,082	$81,986	1.7%	$11.18	—	—	G29687103
PCG	PG&E CORP	1,910,800	$28,815	0.6%	—	—	CALL	69331C108
SOC	SABLE OFFSHORE CORP	1,500,000	$26,190	0.5%	$14.57	-35.2%	CALL	78574H104
BUR	BURFORD CAP LTD	1,602,067	$19,161	0.4%	$13.03	-24.9%	—	G17977110
BTDR	BITDEER TECHNOLOGIES GROUP	450,000	$7,691	0.2%	$14.04	+14.8%	—	G11448100
ANIP	ANI PHARMACEUTICALS INC	25,721	$2,356	0.0%	$81.54	+6.2%	—	00182C103
GLXY	GALAXY DIGITAL INC.	35,000	$1,183	0.0%	$26.97	+14.9%	—	36317J209

Decreased Positions (10)

SPY SPDR S&P 500 ETF TR 52.1%

Value ($000) $2,527,877 (-34.6%) Shares 3,707,000 (-36.1%) Est. Cost — Unrealized —

IWM ISHARES TR 5.3%

Value ($000) $258,468 (-26.3%) Shares 1,050,000 (-27.6%) Est. Cost — Unrealized —

— INDIVIOR PLC 3.8%

Value ($000) $183,318 (-27.6%) Shares 5,109,198 (-51.4%) Est. Cost $23.28 Unrealized —

ROIV ROIVANT SCIENCES LTD 4.4%

Value ($000) $212,484 (+19.5%) Shares 9,791,891 (-16.7%) Est. Cost $7.68 Unrealized +157.0%

CRWV COREWEAVE INC 0.2%

Value ($000) $7,877 (-79.4%) Shares 110,000 (-60.6%) Est. Cost $118.31 Unrealized -14.3%

META META PLATFORMS INC 0.2%

Value ($000) $9,421 (-47.1%) Shares 14,272 (-41.2%) Est. Cost $664.64 Unrealized +0.4%

FTAI FTAI AVIATION LTD 0.8%

Value ($000) $36,655 (-18.5%) Shares 186,209 (-30.9%) Est. Cost $124.02 Unrealized +37.3%

SONO SONOS INC 0.1%

Value ($000) $5,662 (-32.5%) Shares 322,462 (-39.3%) Est. Cost $14.96 Unrealized +16.6%

CIFR CIPHER MINING INC 0.1%

Value ($000) $4,513 (-22.4%) Shares 305,756 (-33.8%) Est. Cost $5.21 Unrealized +238.7%

FSLR FIRST SOLAR INC 1.5%

Value ($000) $74,257 (-1.2%) Shares 284,259 (-16.6%) Est. Cost $190.64 Unrealized +32.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	3,707,000 (-36.1%)	$2,527,877 (-34.6%)	52.1%	—	—	PUT	78462F103
IWM	ISHARES TR	1,050,000 (-27.6%)	$258,468 (-26.3%)	5.3%	—	—	PUT	464287655
—	INDIVIOR PLC	5,109,198 (-51.4%)	$183,318 (-27.6%)	3.8%	$23.28	—	ORD	G4766E116
ROIV	ROIVANT SCIENCES LTD	9,791,891 (-16.7%)	$212,484 (+19.5%)	4.4%	$7.68	+157.0%	SHS	G76279101
CRWV	COREWEAVE INC	110,000 (-60.6%)	$7,877 (-79.4%)	0.2%	$118.31	-14.3%	COM CL A	21873S108
META	META PLATFORMS INC	14,272 (-41.2%)	$9,421 (-47.1%)	0.2%	$664.64	+0.4%	CL A	30303M102
FTAI	FTAI AVIATION LTD	186,209 (-30.9%)	$36,655 (-18.5%)	0.8%	$124.02	+37.3%	SHS	G3730V105
SONO	SONOS INC	322,462 (-39.3%)	$5,662 (-32.5%)	0.1%	$14.96	+16.6%	COM	83570H108
CIFR	CIPHER MINING INC	305,756 (-33.8%)	$4,513 (-22.4%)	0.1%	$5.21	+238.7%	COM	17253J106
FSLR	FIRST SOLAR INC	284,259 (-16.6%)	$74,257 (-1.2%)	1.5%	$190.64	+32.3%	COM	336433107

Unchanged Positions (5)

ROIV ROIVANT SCIENCES LTD 1.1%

Value ($000) $52,850 Shares 2,435,500 Est. Cost $7.68 Unrealized +157.0%

CORZW CORE SCIENTIFIC INC NEW 0.1%

Value ($000) $2,450 Shares 289,539 Est. Cost $2.92 Unrealized —

MSOS ADVISORSHARES TR 0.3%

Value ($000) $16,875 Shares 3,575,300 Est. Cost $4.75 Unrealized —

LUCD LUCID DIAGNOSTICS INC 0.1%

Value ($000) $3,270 Shares 3,000,000 Est. Cost $1.09 Unrealized +2.4%

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value ($000) $351 Shares 24,107 Est. Cost $17.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	2,435,500	$52,850	1.1%	$7.68	+157.0%	CALL	G76279101
CORZW	CORE SCIENTIFIC INC NEW	289,539	$2,450	0.1%	$2.92	—	*W EXP 01/23/202	21874A114
MSOS	ADVISORSHARES TR	3,575,300	$16,875	0.3%	$4.75	—	CALL	00768Y453
LUCD	LUCID DIAGNOSTICS INC	3,000,000	$3,270	0.1%	$1.09	+2.4%	COM	54948X109
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$351	0.0%	$17.16	—	*W EXP 01/23/202	21874A130