PLUSTICK MANAGEMENT LLC Diversified Active

CIK: 0001643351 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $225,999 (100.0% shares, 0.0% debt)

Holdings (21)

New Positions (5)

RUN SUNRUN INC 4.1%

Value ($000) $9,200 Shares 500,000 Est. Cost $19.17 Unrealized 0.0%

CCCX CHURCHILL CAP CORP X 2.8%

Value ($000) $6,240 Shares 400,000 Est. Cost $15.60 Unrealized —

TE T1 ENERGY INC 2.4%

Value ($000) $5,344 Shares 800,000 Est. Cost $4.41 Unrealized 0.0%

SOC SABLE OFFSHORE CORP 1.4%

Value ($000) $3,157 Shares 350,000 Est. Cost $9.44 Unrealized 0.0%

LUMN LUMEN TECHNOLOGIES INC 1.4%

Value ($000) $3,108 Shares 400,000 Est. Cost $8.23 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RUN	SUNRUN INC	500,000	$9,200	4.1%	$19.17	0.0%	COM	86771W105
CCCX	CHURCHILL CAP CORP X	400,000	$6,240	2.8%	$15.60	—	SHS CL A	G2130T108
TE	T1 ENERGY INC	800,000	$5,344	2.4%	$4.41	0.0%	COM NEW	35834F104
SOC	SABLE OFFSHORE CORP	350,000	$3,157	1.4%	$9.44	0.0%	COM SHS	78574H104
LUMN	LUMEN TECHNOLOGIES INC	400,000	$3,108	1.4%	$8.23	0.0%	COM	550241103

Increased Positions (3)

NN NEXTNAV INC 15.2%

Value ($000) $34,375 (+17.8%) Shares 2,065,818 (+1.3%) Est. Cost $4.23 Unrealized +235.8%

YOU CLEAR SECURE INC 4.3%

Value ($000) $9,647 (+31.4%) Shares 275,000 (+25.0%) Est. Cost $33.15 Unrealized +2.5%

MRNA MODERNA INC 1.7%

Value ($000) $3,834 (+147.4%) Shares 130,000 (+116.7%) Est. Cost $29.84 Unrealized -9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NN	NEXTNAV INC	2,065,818 (+1.3%)	$34,375 (+17.8%)	15.2%	$4.23	+235.8%	COMMON STOCK	65345N106
YOU	CLEAR SECURE INC	275,000 (+25.0%)	$9,647 (+31.4%)	4.3%	$33.15	+2.5%	COM CL A	18467V109
MRNA	MODERNA INC	130,000 (+116.7%)	$3,834 (+147.4%)	1.7%	$29.84	-9.0%	COM	60770K107

Exited Positions (4)

WW WW INTL INC 2.5%

Value ($000) $5,746 Shares 210,000 Est. Cost $34.35 Unrealized -18.6%

WBD WARNER BROS DISCOVERY INC 0.9%

Value ($000) $1,953 Shares 100,000 Est. Cost $13.62 Unrealized +71.6%

HPE HEWLETT PACKARD ENTERPRISE C 0.2%

Value ($000) $491 Shares 20,000 Est. Cost $21.88 Unrealized +7.1%

PFE PFIZER INC 0.1%

Value ($000) $255 Shares 10,000 Est. Cost $24.14 Unrealized +3.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WW	WW INTL INC	210,000	$5,746	2.5%	$34.35	-18.6%	—	98262P200
WBD	WARNER BROS DISCOVERY INC	100,000	$1,953	0.9%	$13.62	+71.6%	—	934423104
HPE	HEWLETT PACKARD ENTERPRISE C	20,000	$491	0.2%	$21.88	+7.1%	—	42824C109
PFE	PFIZER INC	10,000	$255	0.1%	$24.14	+3.7%	—	717081103

Decreased Positions (8)

APLD APPLIED DIGITAL CORP 10.8%

Value ($000) $24,520 (-34.8%) Shares 1,000,000 (-39.0%) Est. Cost $4.84 Unrealized +494.5%

INOD INNODATA INC 7.4%

Value ($000) $16,814 (-39.4%) Shares 330,000 (-8.3%) Est. Cost $13.65 Unrealized +377.7%

SATS ECHOSTAR CORP 17.6%

Value ($000) $39,676 (+29.9%) Shares 365,000 (-8.8%) Est. Cost $22.50 Unrealized +261.9%

VISN COMMSCOPE HLDG CO INC 1.2%

Value ($000) $2,720 (-76.6%) Shares 150,000 (-80.0%) Est. Cost $3.53 Unrealized +388.0%

SMCI SUPER MICRO COMPUTER INC 2.9%

Value ($000) $6,586 (-45.1%) Shares 225,000 (-10.0%) Est. Cost $36.61 Unrealized +12.5%

AR ANTERO RESOURCES CORP 4.9%

Value ($000) $11,027 (-30.1%) Shares 320,000 (-31.9%) Est. Cost $20.65 Unrealized +64.0%

NBIS NEBIUS GROUP N.V. 5.0%

Value ($000) $11,300 (-28.1%) Shares 135,000 (-3.6%) Est. Cost $24.38 Unrealized +325.1%

NXDR NEXTDOOR HOLDINGS INC 2.0%

Value ($000) $4,410 (-18.8%) Shares 2,100,000 (-19.2%) Est. Cost $1.94 Unrealized +1.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APLD	APPLIED DIGITAL CORP	1,000,000 (-39.0%)	$24,520 (-34.8%)	10.8%	$4.84	+494.5%	COM NEW	038169207
INOD	INNODATA INC	330,000 (-8.3%)	$16,814 (-39.4%)	7.4%	$13.65	+377.7%	COM NEW	457642205
SATS	ECHOSTAR CORP	365,000 (-8.8%)	$39,676 (+29.9%)	17.6%	$22.50	+261.9%	CL A	278768106
VISN	COMMSCOPE HLDG CO INC	150,000 (-80.0%)	$2,720 (-76.6%)	1.2%	$3.53	+388.0%	COM	20337X109
SMCI	SUPER MICRO COMPUTER INC	225,000 (-10.0%)	$6,586 (-45.1%)	2.9%	$36.61	+12.5%	COM NEW	86800U302
AR	ANTERO RESOURCES CORP	320,000 (-31.9%)	$11,027 (-30.1%)	4.9%	$20.65	+64.0%	COM	03674X106
NBIS	NEBIUS GROUP N.V.	135,000 (-3.6%)	$11,300 (-28.1%)	5.0%	$24.38	+325.1%	SHS CLASS A	N97284108
NXDR	NEXTDOOR HOLDINGS INC	2,100,000 (-19.2%)	$4,410 (-18.8%)	2.0%	$1.94	+1.1%	COM CL A	65345M108

Unchanged Positions (5)

LENZ LENZ THERAPEUTICS INC 1.4%

Value ($000) $3,200 Shares 200,000 Est. Cost $36.77 Unrealized -20.7%

GSAT GLOBALSTAR INC 4.5%

Value ($000) $10,078 Shares 165,111 Est. Cost $24.21 Unrealized +128.1%

FSLR FIRST SOLAR INC 4.6%

Value ($000) $10,449 Shares 40,000 Est. Cost $191.94 Unrealized +31.4%

LYFT LYFT INC 3.4%

Value ($000) $7,748 Shares 400,000 Est. Cost $14.82 Unrealized +40.2%

ECG EVERUS CONSTR GROUP 1.1%

Value ($000) $2,567 Shares 30,000 Est. Cost $62.93 Unrealized +42.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LENZ	LENZ THERAPEUTICS INC	200,000	$3,200	1.4%	$36.77	-20.7%	COM	52635N103
GSAT	GLOBALSTAR INC	165,111	$10,078	4.5%	$24.21	+128.1%	COM NEW	378973507
FSLR	FIRST SOLAR INC	40,000	$10,449	4.6%	$191.94	+31.4%	COM	336433107
LYFT	LYFT INC	400,000	$7,748	3.4%	$14.82	+40.2%	CL A COM	55087P104
ECG	EVERUS CONSTR GROUP	30,000	$2,567	1.1%	$62.93	+42.2%	COM	300426103