MARATHON ASSET MANAGEMENT LP Hedge Fund

CIK: 0001279913 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $64,311 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (2)

SPY SPDR S&P 500 ETF TR 37.7%

Value ($000) $24,219 Shares 35,000 Est. Cost $691.97 Unrealized —

— CABLE ONE INC 3.1%

Value ($000) $1,965 Shares 2,000,000 Est. Cost $0.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	35,000	$24,219	37.7%	$691.97	—	TR UNIT	78462F103
—	CABLE ONE INC	2,000,000	$1,965	3.1%	$0.98	—	NOTE	12685JAE5

Increased Positions (4)

PYPL PAYPAL HLDGS INC 4.1%

Value ($000) $2,635 (+57.1%) Shares 50,000 (+100.0%) Est. Cost $66.98 Unrealized -3.2%

IBIT ISHARES BITCOIN TRUST ETF 3.5%

Value ($000) $2,232 (+37.4%) Shares 47,000 (+88.0%) Est. Cost $54.79 Unrealized —

JD JD.COM INC 3.3%

Value ($000) $2,136 (+22.1%) Shares 75,000 (+50.0%) Est. Cost $32.81 Unrealized —

OSCR OSCAR HEALTH INC 2.2%

Value ($000) $1,435 (+1.1%) Shares 100,000 (+33.3%) Est. Cost $15.96 Unrealized +8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HLDGS INC	50,000 (+100.0%)	$2,635 (+57.1%)	4.1%	$66.98	-3.2%	COM	70450Y103
IBIT	ISHARES BITCOIN TRUST ETF	47,000 (+88.0%)	$2,232 (+37.4%)	3.5%	$54.79	—	SHS BEN INT	46438F101
JD	JD.COM INC	75,000 (+50.0%)	$2,136 (+22.1%)	3.3%	$32.81	—	SPON ADS CL A	47215P106
OSCR	OSCAR HEALTH INC	100,000 (+33.3%)	$1,435 (+1.1%)	2.2%	$15.96	+8.4%	CL A	687793109

Exited Positions (6)

SATS ECHOSTAR CORP 19.7%

Value ($000) $12,655 Shares 5,000 Est. Cost — Unrealized —

CNK CINEMARK HLDGS INC 13.1%

Value ($000) $8,406 Shares 300,000 Est. Cost $27.48 Unrealized -4.5%

AMD ADVANCED MICRO DEVICES INC 5.0%

Value ($000) $3,236 Shares 20,000 Est. Cost $111.19 Unrealized +102.0%

ETHA ISHARES ETHEREUM TR 4.2%

Value ($000) $2,678 Shares 85,000 Est. Cost $19.07 Unrealized —

GOOG ALPHABET INC 2.4%

Value ($000) $1,542 Shares 6,330 Est. Cost $182.46 Unrealized +56.9%

KORE KORE GROUP HLDGS INC 1.3%

Value ($000) $850 Shares 351,396 Est. Cost $2.35 Unrealized +64.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	5,000	$12,655	19.7%	—	—	CALL	278768106
CNK	CINEMARK HLDGS INC	300,000	$8,406	13.1%	$27.48	-4.5%	—	17243V102
AMD	ADVANCED MICRO DEVICES INC	20,000	$3,236	5.0%	$111.19	+102.0%	—	007903107
ETHA	ISHARES ETHEREUM TR	85,000	$2,678	4.2%	$19.07	—	—	46438R105
GOOG	ALPHABET INC	6,330	$1,542	2.4%	$182.46	+56.9%	—	02079K107
KORE	KORE GROUP HLDGS INC	351,396	$850	1.3%	$2.35	+64.5%	—	50066V305

Decreased Positions (3)

EAF GRAFTECH INTL LTD 31.2%

Value ($000) $20,088 (-25.9%) Shares 1,329,440 (-37.2%) Est. Cost $11.57 Unrealized +31.4%

UNH UNITEDHEALTH GROUP INC 4.5%

Value ($000) $2,869 (-33.5%) Shares 10,000 (-20.0%) Est. Cost $314.14 Unrealized +7.3%

TLT ISHARES TR 0.0%

Value ($000) $8 (-94.9%) Shares 3,000 (-88.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EAF	GRAFTECH INTL LTD	1,329,440 (-37.2%)	$20,088 (-25.9%)	31.2%	$11.57	+31.4%	COM NEW	384313607
UNH	UNITEDHEALTH GROUP INC	10,000 (-20.0%)	$2,869 (-33.5%)	4.5%	$314.14	+7.3%	COM	91324P102
TLT	ISHARES TR	3,000 (-88.9%)	$8 (-94.9%)	0.0%	—	—	CALL	464287432

Unchanged Positions (4)

NIO NIO INC 1.5%

Value ($000) $940 Shares 200,000 Est. Cost $3.81 Unrealized —

NBIS NEBIUS GROUP N.V. 1.3%

Value ($000) $852 Shares 10,000 Est. Cost $32.90 Unrealized +215.0%

BABA ALIBABA GROUP HLDG LTD 2.6%

Value ($000) $1,696 Shares 10,000 Est. Cost $146.07 Unrealized —

JHHY JOHN HANCOCK EXCHANGE TRADED 5.0%

Value ($000) $3,237 Shares 125,000 Est. Cost $25.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NIO	NIO INC	200,000	$940	1.5%	$3.81	—	SPON ADS	62914V106
NBIS	NEBIUS GROUP N.V.	10,000	$852	1.3%	$32.90	+215.0%	SHS CLASS A	N97284108
BABA	ALIBABA GROUP HLDG LTD	10,000	$1,696	2.6%	$146.07	—	SPONSORED ADS	01609W102
JHHY	JOHN HANCOCK EXCHANGE TRADED	125,000	$3,237	5.0%	$25.21	—	HIGH YIELD ETF	47804J719