Praetorian PR LLC Hedge Fund

CIK: 0001949877 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $206,369 (100.0% shares, 0.0% debt)

Holdings (16)

New Positions (5)

JBS JBS N.V. 5.2%

Value ($000) $10,815 Shares 750,000 Est. Cost $13.74 Unrealized 0.0%

LRN STRIDE INC 4.1%

Value ($000) $8,441 Shares 130,000 Est. Cost $90.80 Unrealized 0.0%

NWAX/U NEW AMER ACQUISITION I CORP 1.8%

Value ($000) $3,748 Shares 360,000 Est. Cost $10.41 Unrealized —

TVA TEXAS VENTURES ACQUISITION I 1.0%

Value ($000) $2,077 Shares 195,000 Est. Cost $10.86 Unrealized 0.0%

HSAI HESAI GROUP 0.1%

Value ($000) $257 Shares 11,490 Est. Cost $22.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBS	JBS N.V.	750,000	$10,815	5.2%	$13.74	0.0%	CL A SHS	N4732M103
LRN	STRIDE INC	130,000	$8,441	4.1%	$90.80	0.0%	COM	86333M108
NWAX/U	NEW AMER ACQUISITION I CORP	360,000	$3,748	1.8%	$10.41	—	UNIT 99/99/9999	023634207
TVA	TEXAS VENTURES ACQUISITION I	195,000	$2,077	1.0%	$10.86	0.0%	USD CL A ORD SHS	G8772L105
HSAI	HESAI GROUP	11,490	$257	0.1%	$22.40	—	SPONSORED ADS	428050108

Increased Positions (4)

SNWV SANUWAVE HEALTH INC 3.8%

Value ($000) $7,908 (+1123.1%) Shares 265,000 (+1436.2%) Est. Cost $32.40 Unrealized -1.0%

MRX MAREX GROUP PLC 9.3%

Value ($000) $19,180 (+42.6%) Shares 500,000 (+25.0%) Est. Cost $35.48 Unrealized -4.3%

RTAC RENATUS TACTICAL ACQUIS 5.1%

Value ($000) $10,510 (+4.7%) Shares 985,000 (+7.1%) Est. Cost $11.23 Unrealized -2.8%

MPC MARATHON PETE CORP 6.7%

Value ($000) $13,824 (+2.5%) Shares 85,000 (+21.4%) Est. Cost $176.57 Unrealized +5.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNWV	SANUWAVE HEALTH INC	265,000 (+1436.2%)	$7,908 (+1123.1%)	3.8%	$32.40	-1.0%	COM	80303D305
MRX	MAREX GROUP PLC	500,000 (+25.0%)	$19,180 (+42.6%)	9.3%	$35.48	-4.3%	ORD	G5S37H101
RTAC	RENATUS TACTICAL ACQUIS	985,000 (+7.1%)	$10,510 (+4.7%)	5.1%	$11.23	-2.8%	SHS CL A	G7490F101
MPC	MARATHON PETE CORP	85,000 (+21.4%)	$13,824 (+2.5%)	6.7%	$176.57	+5.6%	COM	56585A102

Exited Positions (4)

OPCH OPTION CARE HEALTH INC 1.7%

Value ($000) $3,470 Shares 125,000 Est. Cost $28.96 Unrealized +1.4%

— SPDR S&P 500 ETF TR 0.5%

Value ($000) $1,065 Shares 4,250 Est. Cost — Unrealized —

— FORD MTR CO 0.2%

Value ($000) $350 Shares 5,000 Est. Cost — Unrealized —

— ISHARES TR 0.0%

Value ($000) $8 Shares 1,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OPCH	OPTION CARE HEALTH INC	125,000	$3,470	1.7%	$28.96	+1.4%	—	68404L201
—	SPDR S&P 500 ETF TR	4,250	$1,065	0.5%	—	—	PUT	78462F953
—	FORD MTR CO	5,000	$350	0.2%	—	—	CALL	345370900
—	ISHARES TR	1,500	$8	0.0%	—	—	PUT	464287952

Decreased Positions (2)

DOLE DOLE PLC 1.3%

Value ($000) $2,601 (-61.3%) Shares 173,500 (-65.3%) Est. Cost $14.03 Unrealized -0.7%

VAL/WS VALARIS LTD 0.1%

Value ($000) $238 (-82.2%) Shares 135,000 (-71.7%) Est. Cost $11.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DOLE	DOLE PLC	173,500 (-65.3%)	$2,601 (-61.3%)	1.3%	$14.03	-0.7%	ORD SHS	G27907107
VAL/WS	VALARIS LTD	135,000 (-71.7%)	$238 (-82.2%)	0.1%	$11.97	—	*W EXP 04/29/202	G9460G119

Unchanged Positions (5)

SII SPROTT INC 26.1%

Value ($000) $53,856 Shares 550,000 Est. Cost $40.79 Unrealized +117.4%

JOE ST JOE CO 19.0%

Value ($000) $39,184 Shares 660,000 Est. Cost $42.84 Unrealized +30.7%

XP XP INC 7.9%

Value ($000) $16,370 Shares 1,000,000 Est. Cost $15.41 Unrealized +14.2%

PBF PBF ENERGY INC 3.3%

Value ($000) $6,780 Shares 250,000 Est. Cost $26.14 Unrealized +22.5%

VLO VALERO ENERGY CORP 5.1%

Value ($000) $10,581 Shares 65,000 Est. Cost $147.81 Unrealized +14.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SII	SPROTT INC	550,000	$53,856	26.1%	$40.79	+117.4%	COM NEW	852066208
JOE	ST JOE CO	660,000	$39,184	19.0%	$42.84	+30.7%	COM	790148100
XP	XP INC	1,000,000	$16,370	7.9%	$15.41	+14.2%	CL A	G98239109
PBF	PBF ENERGY INC	250,000	$6,780	3.3%	$26.14	+22.5%	CL A	69318G106
VLO	VALERO ENERGY CORP	65,000	$10,581	5.1%	$147.81	+14.2%	COM	91913Y100