Two Seas Capital LP Hedge Fund

Location: Rye, NY

CIK: 0001823138 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 11, 2026

Total Value: $4.853B (100.0% shares, 0.0% debt)

Holdings (38)

SPY SPDR S&P 500 ETF TR 52.1%

Value $2.528B Shares 3,707,000 Share Price $681.92 Est. Cost/Share — Unrealized @ Report Date —

IWM ISHARES TR 5.3%

Value $258M Shares 1,050,000 Share Price $246.16 Est. Cost/Share — Unrealized @ Report Date —

CORZ CORE SCIENTIFIC INC NEW 5.1%

Value $248M Shares 17,011,221 Share Price $14.56 Est. Cost/Share $11.65 Unrealized @ Report Date +25.0%

ROIV ROIVANT SCIENCES LTD 4.4%

Value $212M Shares 9,791,891 Share Price $21.70 Est. Cost/Share $7.68 Unrealized @ Report Date +182.7%

— INDIVIOR PLC 3.8%

Value $183M Shares 5,109,198 Share Price $35.88 Est. Cost/Share $23.28 Unrealized @ Report Date —

TLN TALEN ENERGY CORP 3.0%

Value $147M Shares 391,974 Share Price $374.84 Est. Cost/Share $208.67 Unrealized @ Report Date +79.6%

CLMT CALUMET INC 2.9%

Value $139M Shares 6,976,229 Share Price $19.87 Est. Cost/Share $16.90 Unrealized @ Report Date +17.6%

CORZ CORE SCIENTIFIC INC NEW 2.5%

Value $123M Shares 8,477,600 Share Price $14.56 Est. Cost/Share $11.65 Unrealized @ Report Date +25.0%

HUT HUT 8 CORP 1.7%

Value $80.51M Shares 1,752,500 Share Price $45.94 Est. Cost/Share $44.08 Unrealized @ Report Date +4.2%

SHC SOTERA HEALTH CO 1.6%

Value $77.83M Shares 4,412,106 Share Price $17.64 Est. Cost/Share $14.47 Unrealized @ Report Date +21.9%

TDAY USA TODAY CO INC 1.5%

Value $74.95M Shares 14,552,621 Share Price $5.15 Est. Cost/Share $3.76 Unrealized @ Report Date +37.1%

FSLR FIRST SOLAR INC 1.5%

Value $74.26M Shares 284,259 Share Price $261.23 Est. Cost/Share $190.64 Unrealized @ Report Date +37.0%

IMVT IMMUNOVANT INC 1.5%

Value $72.88M Shares 2,866,962 Share Price $25.42 Est. Cost/Share $23.38 Unrealized @ Report Date +8.7%

ABUS ARBUTUS BIOPHARMA CORP 1.2%

Value $60.55M Shares 12,589,158 Share Price $4.81 Est. Cost/Share $3.05 Unrealized @ Report Date +57.5%

IBIT ISHARES BITCOIN TRUST ETF 1.2%

Value $60.47M Shares 1,218,000 Share Price $49.65 Est. Cost/Share — Unrealized @ Report Date —

ROIV ROIVANT SCIENCES LTD 1.1%

Value $52.85M Shares 2,435,500 Share Price $21.70 Est. Cost/Share $7.68 Unrealized @ Report Date +182.7%

WULF TERAWULF INC 1.1%

Value $51.74M Shares 4,502,794 Share Price $11.49 Est. Cost/Share $6.38 Unrealized @ Report Date +80.1%

ESPR ESPERION THERAPEUTICS INC NE 0.9%

Value $44.04M Shares 11,902,521 Share Price $3.70 Est. Cost/Share $1.82 Unrealized @ Report Date +102.9%

SATS ECHOSTAR CORP 0.9%

Value $43.71M Shares 402,135 Share Price $108.70 Est. Cost/Share $55.14 Unrealized @ Report Date +97.1%

GLNG GOLAR LNG LTD 0.9%

Value $43.57M Shares 1,170,998 Share Price $37.21 Est. Cost/Share $38.85 Unrealized @ Report Date -4.2%

VST VISTRA CORP 0.8%

Value $40.29M Shares 249,707 Share Price $161.33 Est. Cost/Share $120.75 Unrealized @ Report Date +33.6%

FTAI FTAI AVIATION LTD 0.8%

Value $36.66M Shares 186,209 Share Price $196.85 Est. Cost/Share $124.02 Unrealized @ Report Date +58.7%

NKTR NEKTAR THERAPEUTICS 0.6%

Value $31.51M Shares 745,185 Share Price $42.28 Est. Cost/Share $55.96 Unrealized @ Report Date -24.5%

NBIS NEBIUS GROUP N.V. 0.6%

Value $28.83M Shares 344,482 Share Price $83.71 Est. Cost/Share $55.90 Unrealized @ Report Date +49.7%

HUT HUT 8 CORP 0.5%

Value $22.58M Shares 491,500 Share Price $45.94 Est. Cost/Share $44.08 Unrealized @ Report Date +4.2%

CLMT CALUMET INC 0.5%

Value $22.29M Shares 1,122,000 Share Price $19.87 Est. Cost/Share $16.90 Unrealized @ Report Date +17.6%

MSOS ADVISORSHARES TR 0.3%

Value $16.88M Shares 3,575,300 Share Price $4.72 Est. Cost/Share $4.22 Unrealized @ Report Date +11.9%

SOC SABLE OFFSHORE CORP 0.3%

Value $15.63M Shares 1,733,239 Share Price $9.02 Est. Cost/Share $14.57 Unrealized @ Report Date -38.1%

MSOS ADVISORSHARES TR 0.3%

Value $15.35M Shares 3,252,409 Share Price $4.72 Est. Cost/Share $4.22 Unrealized @ Report Date +11.9%

OMEX ODYSSEY MARINE EXPL INC 0.2%

Value $10.16M Shares 5,185,029 Share Price $1.96 Est. Cost/Share $1.44 Unrealized @ Report Date +35.9%

META META PLATFORMS INC 0.2%

Value $9.421M Shares 14,272 Share Price $660.09 Est. Cost/Share $664.64 Unrealized @ Report Date -0.7%

CRWV COREWEAVE INC 0.2%

Value $7.877M Shares 110,000 Share Price $71.61 Est. Cost/Share $118.31 Unrealized @ Report Date -39.5%

SONO SONOS INC 0.1%

Value $5.662M Shares 322,462 Share Price $17.56 Est. Cost/Share $14.96 Unrealized @ Report Date +17.4%

CIFR CIPHER MINING INC 0.1%

Value $4.513M Shares 305,756 Share Price $14.76 Est. Cost/Share $5.21 Unrealized @ Report Date +183.2%

CORZ CORE SCIENTIFIC INC NEW 0.1%

Value $3.494M Shares 240,000 Share Price $14.56 Est. Cost/Share $11.65 Unrealized @ Report Date +25.0%

LUCD LUCID DIAGNOSTICS INC 0.1%

Value $3.27M Shares 3,000,000 Share Price $1.09 Est. Cost/Share $1.09 Unrealized @ Report Date -0.2%

CORZW CORE SCIENTIFIC INC NEW 0.1%

Value $2.45M Shares 289,539 Share Price $8.46 Est. Cost/Share $2.92 Unrealized @ Report Date —

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value $351K Shares 24,107 Share Price $14.54 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	3,707,000	$2.528B	52.1%	$681.92	—	—	Put	78462F103
IWM	ISHARES TR	1,050,000	$258M	5.3%	$246.16	—	—	Put	464287655
CORZ	CORE SCIENTIFIC INC NEW	17,011,221	$248M	5.1%	$14.56	$11.65	+25.0%	COM	21874A106
ROIV	ROIVANT SCIENCES LTD	9,791,891	$212M	4.4%	$21.70	$7.68	+182.7%	SHS	G76279101
—	INDIVIOR PLC	5,109,198	$183M	3.8%	$35.88	$23.28	—	ORD	G4766E116
TLN	TALEN ENERGY CORP	391,974	$147M	3.0%	$374.84	$208.67	+79.6%	COM	87422Q109
CLMT	CALUMET INC	6,976,229	$139M	2.9%	$19.87	$16.90	+17.6%	COM	131428104
CORZ	CORE SCIENTIFIC INC NEW	8,477,600	$123M	2.5%	$14.56	$11.65	+25.0%	Call	21874A106
HUT	HUT 8 CORP	1,752,500	$80.51M	1.7%	$45.94	$44.08	+4.2%	Call	44812J104
SHC	SOTERA HEALTH CO	4,412,106	$77.83M	1.6%	$17.64	$14.47	+21.9%	COM	83601L102
TDAY	USA TODAY CO INC	14,552,621	$74.95M	1.5%	$5.15	$3.76	+37.1%	COM	36472T109
FSLR	FIRST SOLAR INC	284,259	$74.26M	1.5%	$261.23	$190.64	+37.0%	COM	336433107
IMVT	IMMUNOVANT INC	2,866,962	$72.88M	1.5%	$25.42	$23.38	+8.7%	COM	45258J102
ABUS	ARBUTUS BIOPHARMA CORP	12,589,158	$60.55M	1.2%	$4.81	$3.05	+57.5%	COM	03879J100
IBIT	ISHARES BITCOIN TRUST ETF	1,218,000	$60.47M	1.2%	$49.65	—	—	Put	46438F101
ROIV	ROIVANT SCIENCES LTD	2,435,500	$52.85M	1.1%	$21.70	$7.68	+182.7%	Call	G76279101
WULF	TERAWULF INC	4,502,794	$51.74M	1.1%	$11.49	$6.38	+80.1%	COM	88080T104
ESPR	ESPERION THERAPEUTICS INC NE	11,902,521	$44.04M	0.9%	$3.70	$1.82	+102.9%	COM	29664W105
SATS	ECHOSTAR CORP	402,135	$43.71M	0.9%	$108.70	$55.14	+97.1%	CL A	278768106
GLNG	GOLAR LNG LTD	1,170,998	$43.57M	0.9%	$37.21	$38.85	-4.2%	SHS	G9456A100
VST	VISTRA CORP	249,707	$40.29M	0.8%	$161.33	$120.75	+33.6%	COM	92840M102
FTAI	FTAI AVIATION LTD	186,209	$36.66M	0.8%	$196.85	$124.02	+58.7%	SHS	G3730V105
NKTR	NEKTAR THERAPEUTICS	745,185	$31.51M	0.6%	$42.28	$55.96	-24.5%	COM NEW	640268306
NBIS	NEBIUS GROUP N.V.	344,482	$28.83M	0.6%	$83.71	$55.90	+49.7%	SHS CLASS A	N97284108
HUT	HUT 8 CORP	491,500	$22.58M	0.5%	$45.94	$44.08	+4.2%	COM	44812J104
CLMT	CALUMET INC	1,122,000	$22.29M	0.5%	$19.87	$16.90	+17.6%	Call	131428104
MSOS	ADVISORSHARES TR	3,575,300	$16.88M	0.3%	$4.72	$4.22	+11.9%	Call	00768Y453
SOC	SABLE OFFSHORE CORP	1,733,239	$15.63M	0.3%	$9.02	$14.57	-38.1%	COM SHS	78574H104
MSOS	ADVISORSHARES TR	3,252,409	$15.35M	0.3%	$4.72	$4.22	+11.9%	PURE US CANNABIS	00768Y453
OMEX	ODYSSEY MARINE EXPL INC	5,185,029	$10.16M	0.2%	$1.96	$1.44	+35.9%	COM NEW	676118201
META	META PLATFORMS INC	14,272	$9.421M	0.2%	$660.09	$664.64	-0.7%	CL A	30303M102
CRWV	COREWEAVE INC	110,000	$7.877M	0.2%	$71.61	$118.31	-39.5%	COM CL A	21873S108
SONO	SONOS INC	322,462	$5.662M	0.1%	$17.56	$14.96	+17.4%	COM	83570H108
CIFR	CIPHER MINING INC	305,756	$4.513M	0.1%	$14.76	$5.21	+183.2%	COM	17253J106
CORZ	CORE SCIENTIFIC INC NEW	240,000	$3.494M	0.1%	$14.56	$11.65	+25.0%	Put	21874A106
LUCD	LUCID DIAGNOSTICS INC	3,000,000	$3.27M	0.1%	$1.09	$1.09	-0.2%	COM	54948X109
CORZW	CORE SCIENTIFIC INC NEW	289,539	$2.45M	0.1%	$8.46	$2.92	—	*W EXP 01/23/202	21874A114
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$351K	0.0%	$14.54	$17.16	—	*W EXP 01/23/202	21874A130