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ARMOR ADVISORS, L.L.C.

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13F filer, CIK 1600698, NEW YORK, NY

ARMOR ADVISORS, L.L.C. reported $111,765,597 across 14 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-10. Its ten largest share positions make up 95.08% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001600698-26-000003

Period
2025-12-31
Reported value
$112M
Holdings
14
Top 10 weight
95.08%
New
4
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AGInew+248,245$9.58M
PPLTnew+12,903$2.41M
SKEnew+90,400$2.15M
CRHadded+14,640$1.83M
SLVadded+24,318$1.57M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FNVexited-63,812-$14.2M
RGLDexited-58,805-$11.8M
HAFNIA LTD SHSexited-825,376-$4.94M
FROexited-210,332-$4.79M
FERGreduced-582-$130K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001600698-26-000003, largest first. % of portfolio is the value over $95,512,297, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CRHCRH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 237,886 shares; 2024Q4: 302,886 shares; 2025Q1: 276,641 shares; 2025Q2: 230,849 shares; 2025Q3: 213,349 shares; 2025Q4: 227,989 shares 227,989$28.5M29.79%+14,640Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,933 shares; 2024Q4: 183,573 shares; 2025Q1: 176,105 shares; 2025Q2: 196,105 shares; 2025Q3: 201,776 shares; 2025Q4: 201,776 shares 201,776$10.6M11.08%0Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 69,050 shares; 2025Q2: 107,009 shares; 2025Q3: 115,880 shares; 2025Q4: 131,080 shares 131,080$10.2M10.72%+15,200Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 248,245 shares 248,245$9.58M10.03%newTimeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,000 shares; 2024Q4: 43,777 shares; 2025Q1: 90,277 shares; 2025Q2: 72,777 shares; 2025Q3: 123,277 shares; 2025Q4: 147,595 shares 147,595$9.51M9.95%+24,318Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 24,100 shares; 2025Q1: 34,342 shares; 2025Q2: 34,342 shares; 2025Q3: 38,934 shares; 2025Q4: 39,868 shares 39,868$7.26M7.61%+934Timeline
SBLKSTAR BULK CARRIERS CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 474,343 shares; 2024Q4: 365,763 shares; 2025Q1: 334,069 shares; 2025Q2: 328,390 shares; 2025Q3: 328,390 shares; 2025Q4: 328,390 shares 328,390$6.31M6.61%0Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,600 shares; 2025Q1: 68,136 shares; 2025Q2: 38,136 shares; 2025Q3: 15,386 shares; 2025Q4: 14,804 shares 14,804$3.3M3.45%-582Timeline
FCNCAFIRST CTZNS BANCSHARES INC DQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,799 shares; 2024Q4: 2,284 shares; 2025Q1: 3,182 shares; 2025Q2: 2,503 shares; 2025Q3: 1,537 shares; 2025Q4: 1,479 shares 1,479$3.17M3.32%-58Timeline
PPLTABRDN PLATINUM ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,903 shares 12,903$2.41M2.52%newTimeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 90,400 shares 90,400$2.15M2.25%newTimeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,540 shares; 2024Q4: 58,184 shares; 2025Q1: 53,142 shares; 2025Q2: 53,142 shares; 2025Q3: 53,142 shares; 2025Q4: 51,132 shares 51,132$1.51M1.58%-2,010Timeline
EXKENDEAVOUR SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 111,000 shares 111,000$1.04M1.09%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
NMMNAVIOS MARITIME PARTNERS LP COM UNIT LPIcall310,000$16.3M0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
GLDSPDR GOLD TR150,000$53.3Mput
FNVFRANCO NEV CORP63,812$14.2Mshares
RGLDROYAL GOLD INC58,805$11.8Mshares
SPYSTATE STR SPDR S&P 500 ETF T10,000$6.66Mput
HAFNIA LTD SHSHAFNIA LTD SHS825,376$4.94Mshares
FROFRONTLINE PLC210,332$4.79Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001600698-26-000003 base2026-02-10acceptance time not in the bulk data set