Investor: Paul Singer & Jonathan Pollock
Number of Assets: 34
Reporting Period: Q4 - 2025
Holdings at Report: $22,594,232,626
Return Since Report: +$1,852,135,445
Return Since Report: +8.20%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Bill Holdings Inc. (BILL) | Equity | 0% | 3,000,000 | 1.13% | $54.54 | $38.19 | $163,620,000 | $114,570,000 | -$49,050,000 | -29.98% |
| Crown Castle Inc. (CCI) | Equity | 0% | 1,225,000 | 0.75% | $88.87 | $81.14 | $108,865,750 | $99,396,500 | -$9,469,250 | -8.70% |
| Digital Realty Trust Inc. (DLR) | Put | +100% | 1,000,000 | N/A | $154.71 | N/A | $154,710,000 | N/A | N/A | N/A |
| Equinix Inc. (EQIX) | Equity | 0% | 150,000 | 0.79% | $766.16 | $980.24 | $114,924,000 | $147,036,000 | +$32,112,000 | +27.94% |
| Etsy Inc. (ETSY) | Equity | 0% | 5,000,000 | 1.91% | $55.44 | $50.00 | $277,200,000 | $249,975,000 | -$27,225,000 | -9.82% |
| FS KKR Capital Corp. (FSK) | Equity | +100% | 264,850 | 0.03% | $14.81 | N/A | $3,922,429 | N/A | N/A | N/A |
| GCI Liberty INC | Equity | +38.38% | 659,928 | 0.17% | $37.21 | N/A | $24,555,921 | N/A | N/A | N/A |
| Vaneck Gold Miners ETF (GDX) | Put | +100% | 14,000,000 | N/A | $85.77 | N/A | $1,200,780,000 | N/A | N/A | N/A |
| HDFC Bank Limited (HDB) | Equity | +100% | 216,756 | 0.05% | $36.54 | $24.81 | $7,920,264 | $5,376,633 | -$2,543,631 | -32.12% |
| Hewlett Packard Enterprise Company (HPE) | Equity | 0% | 18,630,978 | 3.08% | $24.02 | $23.81 | $447,516,092 | $443,510,431 | -$4,005,661 | -0.90% |
| Ishares Iboxx $ High Yield Corp.Orate Bond ETF (HYG) | Equity | 0% | 3,800,000 | 2.11% | $80.63 | $79.59 | $306,394,000 | $302,442,000 | -$3,952,000 | -1.29% |
| Ishares Expanded Tech-software Sector ETF (IGV) | Call | +100% | 1,000,000 | N/A | $105.69 | N/A | $105,690,000 | N/A | N/A | N/A |
| Ishares Expanded Tech-software Sector ETF (IGV) | Put | +100% | 300,000 | N/A | $105.69 | N/A | $31,707,000 | N/A | N/A | N/A |
| Ishares Russell 1000 Value ETF (IWD) | Put | +100% | 2,800,000 | N/A | $210.34 | N/A | $588,952,000 | N/A | N/A | N/A |
| Southwest Airlines Co. (LUV) | Equity | 0% | 51,128,500 | 14.54% | $41.33 | $37.59 | $2,113,140,905 | $1,921,920,315 | -$191,220,590 | -9.05% |
| Microstrategy INC | Bond | +100% | 16,000,000 | N/A | $1.42 | N/A | $22,709,280 | N/A | N/A | N/A |
| Nvidia Corporation (NVDA) | Put | +100% | 3,000,000 | N/A | $186.50 | N/A | $559,500,000 | N/A | N/A | N/A |
| OR Royalties INC | Equity | +42.70% | 3,111,000 | 0.76% | $35.39 | $0.00 | $110,098,290 | $0 | -$110,098,290 | -100% |
| Pepsico Inc. (PEP) | Equity | 0% | 1,275,000 | 1.26% | $143.52 | $155.09 | $182,988,000 | $197,733,375 | +$14,745,375 | +8.06% |
| Pinterest Inc. (PINS) | Equity | 0% | 28,000,000 | 4.99% | $25.89 | $18.37 | $724,920,000 | $514,360,000 | -$210,560,000 | -29.05% |
| Phillips 66 (PSX) | Equity | 0% | 19,251,000 | 17.09% | $129.04 | $181.78 | $2,484,149,040 | $3,499,350,525 | +$1,015,201,485 | +40.87% |
| Invesco QQQ Trust (QQQ) | Call | +100% | 1,000,000 | N/A | $614.31 | N/A | $614,310,000 | N/A | N/A | N/A |
| Invesco QQQ Trust (QQQ) | Put | +100% | 1,500,000 | N/A | $614.31 | N/A | $921,465,000 | N/A | N/A | N/A |
| Seadrill Limited (SDRL) | Equity | +23.09% | 4,558,758 | 1.09% | $34.60 | $45.47 | $157,733,027 | $207,286,726 | +$49,553,699 | +31.42% |
| Sensata Technologies Holding PLC (ST) | Equity | 0% | 3,250,000 | 0.74% | $33.29 | $34.30 | $108,192,500 | $111,458,750 | +$3,266,250 | +3.02% |
| Suncor Energy Inc. (SU) | Equity | 0% | 52,670,800 | 16.08% | $44.36 | $66.11 | $2,336,476,688 | $3,481,803,234 | +$1,145,326,546 | +49.02% |
| Triple Flag Precious Metals Corp. (TFPM) | Equity | 0% | 133,815,727 | 30.59% | $33.22 | $34.72 | $4,445,358,451 | $4,645,412,963 | +$200,054,512 | +4.50% |
| Uniti Group LLC | Equity | 0% | 59,012,219 | 2.85% | $7.01 | N/A | $413,675,655 | N/A | N/A | N/A |
| Wayfair Inc. | Bond | +100% | 15,000,000 | N/A | $2.29 | N/A | $34,327,350 | N/A | N/A | N/A |
| The Energy Select Sector SPDR Fund (XLE) | Put | +100% | 16,000,000 | N/A | $44.71 | N/A | $715,360,000 | N/A | N/A | N/A |
| The Industrial Select Sector SPDR Fund (XLI) | Put | +100% | 7,500,000 | N/A | $155.12 | N/A | $1,163,400,000 | N/A | N/A | N/A |
| The Consumer Staples Select Sector Spdr Fund (XLP) | Put | +100% | 20,000,000 | N/A | $77.68 | N/A | $1,553,600,000 | N/A | N/A | N/A |
| SPDR S&P Metals and Mining ETF (XME) | Put | +100% | 900,000 | N/A | $103.61 | N/A | $93,249,000 | N/A | N/A | N/A |
| SPDR S&P Oil & Gas Exploration & Production ETF (XOP) | Put | +100% | 2,398,400 | N/A | $126.26 | N/A | $302,821,984 | N/A | N/A | N/A |