Mountain Lake Investment Management LLC Diversified Active

CIK: 0001308555 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $131,596 (100.0% shares, 0.0% debt)

Holdings (23)

New Positions (2)

DVA DAVITA INC 0.7%

Value ($000) $971 Shares 8,547 Est. Cost $121.60 Unrealized 0.0%

CMP COMPASS MINERALS INTL INC 0.4%

Value ($000) $469 Shares 23,905 Est. Cost $18.50 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DVA	DAVITA INC	8,547	$971	0.7%	$121.60	0.0%	COM	23918K108
CMP	COMPASS MINERALS INTL INC	23,905	$469	0.4%	$18.50	0.0%	COM	20451N101

Increased Positions (6)

ALSN ALLISON TRANSMISSION HLDGS I 8.2%

Value ($000) $10,749 (+26.9%) Shares 109,791 (+10.0%) Est. Cost $89.10 Unrealized -1.8%

NRP NATURAL RESOURCE PARTNERS L 5.2%

Value ($000) $6,821 (+42.4%) Shares 65,330 (+43.2%) Est. Cost $103.34 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 1.9%

Value ($000) $2,492 (+58.9%) Shares 105,376 (+5.5%) Est. Cost $13.37 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 6.6%

Value ($000) $8,637 (-7.0%) Shares 83,944 (+9.6%) Est. Cost $139.77 Unrealized -19.6%

OPLN OPENLANE INC 1.1%

Value ($000) $1,431 (+11.7%) Shares 48,036 (+8.0%) Est. Cost $17.29 Unrealized +56.4%

NE NOBLE CORP PLC 5.0%

Value ($000) $6,537 (+1.9%) Shares 231,491 (+2.0%) Est. Cost $30.26 Unrealized -3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALSN	ALLISON TRANSMISSION HLDGS I	109,791 (+10.0%)	$10,749 (+26.9%)	8.2%	$89.10	-1.8%	COM	01973R101
NRP	NATURAL RESOURCE PARTNERS L	65,330 (+43.2%)	$6,821 (+42.4%)	5.2%	$103.34	—	COM UNIT LTD PAR	63900P608
PSLV	SPROTT ASSET MANAGEMENT LP	105,376 (+5.5%)	$2,492 (+58.9%)	1.9%	$13.37	—	PHYSICAL SILVER	85207K107
BLDR	BUILDERS FIRSTSOURCE INC	83,944 (+9.6%)	$8,637 (-7.0%)	6.6%	$139.77	-19.6%	COM	12008R107
OPLN	OPENLANE INC	48,036 (+8.0%)	$1,431 (+11.7%)	1.1%	$17.29	+56.4%	COM	48238T109
NE	NOBLE CORP PLC	231,491 (+2.0%)	$6,537 (+1.9%)	5.0%	$30.26	-3.4%	ORD SHS A	G65431127

Exited Positions (5)

CNC CENTENE CORP DEL 2.3%

Value ($000) $2,976 Shares 83,402 Est. Cost $30.20 Unrealized +23.9%

CI THE CIGNA GROUP 1.1%

Value ($000) $1,483 Shares 5,144 Est. Cost $293.19 Unrealized -4.8%

CNR CORE NATURAL RESOURCES INC 1.1%

Value ($000) $1,473 Shares 17,643 Est. Cost $79.87 Unrealized +6.6%

BTU PEABODY ENERGY CORP 0.7%

Value ($000) $913 Shares 34,420 Est. Cost $17.54 Unrealized +67.3%

WES WESTERN MIDSTREAM PARTNERS L 0.2%

Value ($000) $329 Shares 8,363 Est. Cost $39.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNC	CENTENE CORP DEL	83,402	$2,976	2.3%	$30.20	+23.9%	—	15135B101
CI	THE CIGNA GROUP	5,144	$1,483	1.1%	$293.19	-4.8%	—	125523100
CNR	CORE NATURAL RESOURCES INC	17,643	$1,473	1.1%	$79.87	+6.6%	—	218937100
BTU	PEABODY ENERGY CORP	34,420	$913	0.7%	$17.54	+67.3%	—	704551100
WES	WESTERN MIDSTREAM PARTNERS L	8,363	$329	0.2%	$39.29	—	—	958669103

Decreased Positions (15)

ALGT ALLEGIANT TRAVEL CO 8.2%

Value ($000) $10,786 (+29.8%) Shares 126,494 (-7.5%) Est. Cost $99.11 Unrealized -27.9%

SGOL ETFS GOLD TR 11.3%

Value ($000) $14,901 (-11.8%) Shares 362,721 (-21.0%) Est. Cost $19.83 Unrealized —

DHI D R HORTON INC 6.6%

Value ($000) $8,620 (-17.3%) Shares 59,850 (-2.7%) Est. Cost $122.31 Unrealized +24.3%

EOG EOG RES INC 3.3%

Value ($000) $4,342 (-22.5%) Shares 41,348 (-17.3%) Est. Cost $122.08 Unrealized -12.2%

PHYS SPROTT ASSET MANAGEMENT LP 11.3%

Value ($000) $14,898 (+8.8%) Shares 451,183 (-2.4%) Est. Cost $17.29 Unrealized —

AN AUTONATION INC 7.4%

Value ($000) $9,711 (-8.8%) Shares 47,032 (-3.4%) Est. Cost $167.89 Unrealized +23.9%

HP HELMERICH & PAYNE INC 2.6%

Value ($000) $3,390 (+12.5%) Shares 118,197 (-13.3%) Est. Cost $18.44 Unrealized +44.1%

ET ENERGY TRANSFER L P 1.2%

Value ($000) $1,637 (-13.1%) Shares 99,285 (-9.6%) Est. Cost $18.30 Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL 1.8%

Value ($000) $2,415 (+10.8%) Shares 72,712 (-2.4%) Est. Cost $18.89 Unrealized +65.6%

PPLT ABRDN PLATINUM ETF TRUST 1.6%

Value ($000) $2,122 (+10.5%) Shares 11,383 (-15.3%) Est. Cost $90.06 Unrealized —

VNOM VIPER ENERGY INC 7.4%

Value ($000) $9,718 (-1.4%) Shares 251,563 (-2.4%) Est. Cost $38.10 Unrealized -0.6%

PAA PLAINS ALL AMERN PIPELINE L 1.2%

Value ($000) $1,549 (+2.8%) Shares 86,237 (-2.3%) Est. Cost $18.32 Unrealized —

SDRL SEADRILL LTD 3.4%

Value ($000) $4,410 (+0.4%) Shares 127,463 (-12.4%) Est. Cost $34.80 Unrealized -10.5%

VAL VALARIS LTD 1.2%

Value ($000) $1,572 (+0.8%) Shares 31,192 (-2.4%) Est. Cost $41.16 Unrealized +30.4%

AR ANTERO RESOURCES CORP 2.6%

Value ($000) $3,418 (+0.2%) Shares 99,192 (-2.4%) Est. Cost $22.77 Unrealized +48.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALGT	ALLEGIANT TRAVEL CO	126,494 (-7.5%)	$10,786 (+29.8%)	8.2%	$99.11	-27.9%	COM	01748X102
SGOL	ETFS GOLD TR	362,721 (-21.0%)	$14,901 (-11.8%)	11.3%	$19.83	—	PHYSCL GOLD SHS	00326A104
DHI	D R HORTON INC	59,850 (-2.7%)	$8,620 (-17.3%)	6.6%	$122.31	+24.3%	COM	23331A109
EOG	EOG RES INC	41,348 (-17.3%)	$4,342 (-22.5%)	3.3%	$122.08	-12.2%	COM	26875P101
PHYS	SPROTT ASSET MANAGEMENT LP	451,183 (-2.4%)	$14,898 (+8.8%)	11.3%	$17.29	—	PHYSICAL GOLD TR	85207H104
AN	AUTONATION INC	47,032 (-3.4%)	$9,711 (-8.8%)	7.4%	$167.89	+23.9%	COM	05329W102
HP	HELMERICH & PAYNE INC	118,197 (-13.3%)	$3,390 (+12.5%)	2.6%	$18.44	+44.1%	COM	423452101
ET	ENERGY TRANSFER L P	99,285 (-9.6%)	$1,637 (-13.1%)	1.2%	$18.30	—	COM UT LTD PTN	29273V100
TFPM	TRIPLE FLAG PRECIOUS METAL	72,712 (-2.4%)	$2,415 (+10.8%)	1.8%	$18.89	+65.6%	COM	89679M104
PPLT	ABRDN PLATINUM ETF TRUST	11,383 (-15.3%)	$2,122 (+10.5%)	1.6%	$90.06	—	PHYSCL PLATM SHS	003260106
VNOM	VIPER ENERGY INC	251,563 (-2.4%)	$9,718 (-1.4%)	7.4%	$38.10	-0.6%	CL A	64361Q101
PAA	PLAINS ALL AMERN PIPELINE L	86,237 (-2.3%)	$1,549 (+2.8%)	1.2%	$18.32	—	UNIT LTD PARTN	726503105
SDRL	SEADRILL LTD	127,463 (-12.4%)	$4,410 (+0.4%)	3.4%	$34.80	-10.5%	COM	G7997W102
VAL	VALARIS LTD	31,192 (-2.4%)	$1,572 (+0.8%)	1.2%	$41.16	+30.4%	CL A	G9460G101
AR	ANTERO RESOURCES CORP	99,192 (-2.4%)	$3,418 (+0.2%)	2.6%	$22.77	+48.7%	COM	03674X106