PAULSON & CO. INC. Diversified Active

CIK: 0001035674 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $3,261,997 (100.0% shares, 0.0% debt)

Holdings (9)

New Positions (1)

SOLS SOLSTICE ADVANCED MATLS INC 2.1%

Value ($000) $67,807 Shares 1,395,787 Est. Cost $47.08 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOLS	SOLSTICE ADVANCED MATLS INC	1,395,787	$67,807	2.1%	$47.08	0.0%	COM SHS	83443Q103

Increased Positions (2)

BHC BAUSCH HEALTH COS INC 15.6%

Value ($000) $509,128 (+11.6%) Shares 73,255,869 (+3.5%) Est. Cost $12.04 Unrealized -45.4%

THRY THRYV HLDGS INC 0.8%

Value ($000) $26,300 (-49.0%) Shares 4,347,070 (+1.6%) Est. Cost $13.26 Unrealized -40.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BHC	BAUSCH HEALTH COS INC	73,255,869 (+3.5%)	$509,128 (+11.6%)	15.6%	$12.04	-45.4%	COM	071734107
THRY	THRYV HLDGS INC	4,347,070 (+1.6%)	$26,300 (-49.0%)	0.8%	$13.26	-40.3%	COM NEW	886029206

Exited Positions (2)

HON HONEYWELL INTL INC 1.3%

Value ($000) $42,100 Shares 200,000 Est. Cost $198.41 Unrealized -1.7%

TMQ TRILOGY METALS INC NEW 0.9%

Value ($000) $30,087 Shares 14,326,996 Est. Cost $0.97 Unrealized +384.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	200,000	$42,100	1.3%	$198.41	-1.7%	—	438516106
TMQ	TRILOGY METALS INC NEW	14,326,996	$30,087	0.9%	$0.97	+384.0%	—	89621C105

Decreased Positions (1)

MDGL MADRIGAL PHARMACEUTICALS INC 30.5%

Value ($000) $994,358 (+13.7%) Shares 1,707,522 (-10.5%) Est. Cost $225.10 Unrealized +126.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDGL	MADRIGAL PHARMACEUTICALS INC	1,707,522 (-10.5%)	$994,358 (+13.7%)	30.5%	$225.10	+126.9%	COM	558868105

Unchanged Positions (5)

PPTA PERPETUA RESOURCES CORP 24.0%

Value ($000) $783,128 Shares 32,347,299 Est. Cost $8.28 Unrealized +197.0%

THM INTERNATIONAL TOWER HILL MIN 4.0%

Value ($000) $130,645 Shares 70,239,388 Est. Cost $0.64 Unrealized +191.5%

NG NOVAGOLD RES INC 7.8%

Value ($000) $253,859 Shares 27,238,061 Est. Cost $3.23 Unrealized +187.0%

AAMI ACADIAN ASSET MANAGEMENT INC 11.2%

Value ($000) $363,934 Shares 7,743,282 Est. Cost $9.72 Unrealized +373.8%

AEM AGNICO EAGLE MINES LTD 4.1%

Value ($000) $132,837 Shares 783,561 Est. Cost $49.03 Unrealized +242.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PPTA	PERPETUA RESOURCES CORP	32,347,299	$783,128	24.0%	$8.28	+197.0%	COM	714266103
THM	INTERNATIONAL TOWER HILL MIN	70,239,388	$130,645	4.0%	$0.64	+191.5%	COM	46050R102
NG	NOVAGOLD RES INC	27,238,061	$253,859	7.8%	$3.23	+187.0%	COM NEW	66987E206
AAMI	ACADIAN ASSET MANAGEMENT INC	7,743,282	$363,934	11.2%	$9.72	+373.8%	COM	10948W103
AEM	AGNICO EAGLE MINES LTD	783,561	$132,837	4.1%	$49.03	+242.4%	COM	008474108