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MASTERS CAPITAL MANAGEMENT LLC

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13F filer, CIK 1104186, ATLANTA, GA

MASTERS CAPITAL MANAGEMENT LLC reported $2,760,166,595 across 78 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 48.25% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104186-25-000012

Period
2025-09-30
Reported value
$2.76B
Holdings
78
Top 10 weight
48.25%
New
32
Sold out
26

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ADMnew+300,000$17.9M
EMNadded+250,000$15.8M
OLNnew+550,000$13.7M
MHKnew+100,000$12.9M
VALEnew+1,000,000$10.9M

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
INTCexited-1,000,000-$22.4M
SMGexited-200,000-$13.2M
PPGexited-100,000-$11.4M
TTIexited-2,000,000-$6.72M
ETORexited-100,000-$6.66M

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, Q3 2025

Share positions as resolved from 13F-HR 0001104186-25-000012, largest first. % of portfolio is the value over $622,520,392, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,091,628 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$56.8M9.12%0Timeline
FLRFLUOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$42.1M6.76%0Timeline
EMNEASTMAN CHEM COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 250,000 shares; 2025Q3: 500,000 shares 500,000$31.5M5.06%+250,000Timeline
NOVNOV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,150,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$26.5M4.26%0Timeline
VYXNCR VOYIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000,000 shares; 2025Q2: 1,900,000 shares; 2025Q3: 2,100,000 shares 2,100,000$26.4M4.23%+200,000Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares 300,000$25.1M4.03%0Timeline
ASTSAST SPACEMOBILE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 712,022 shares; 2024Q4: 800,000 shares; 2025Q1: 600,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares 500,000$24.5M3.94%0Timeline
CLFCLEVELAND-CLIFFS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,010,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,500,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$24.4M3.92%0Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$22.5M3.61%0Timeline
BCSBARCLAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,900,000 shares; 2024Q4: 1,900,000 shares; 2025Q1: 1,500,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$20.7M3.32%0Timeline
ENVXENOVIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,700,000 shares; 2024Q4: 1,400,000 shares; 2025Q1: 1,700,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$19.9M3.2%0Timeline
ADMARCHER DANIELS MIDLAND COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares 300,000$17.9M2.88%newTimeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$17.9M2.88%0Timeline
BWAYBRAINSWAY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$15.1M2.42%0Timeline
FTKFLOTEK INDUSTRIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 475,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$14.6M2.35%0Timeline
VFCV F CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$14.4M2.32%0Timeline
LIONLIONSGATE STUDIOS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$13.8M2.22%0Timeline
OLNOLIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 550,000 shares 550,000$13.7M2.21%newTimeline
TLSTELOS CORP MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,100,000 shares; 2024Q4: 2,800,000 shares; 2025Q1: 2,700,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$13.7M2.2%0Timeline
MHKMOHAWK INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$12.9M2.07%newTimeline
PBRPETROLEO BRASILEIRO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$12.7M2.03%0Timeline
EVEXEVE HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,200,000 shares; 2024Q4: 1,700,000 shares; 2025Q1: 2,050,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 3,050,000 shares 3,050,000$11.6M1.87%+1,050,000Timeline
DOWDOW HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 500,000 shares 500,000$11.5M1.84%+400,000Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 600,000 shares; 2025Q3: 750,000 shares 750,000$10.9M1.75%+150,000Timeline
VALEVALE S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 970,000 shares; 2025Q2: not reported; 2025Q3: 1,000,000 shares 1,000,000$10.9M1.74%newTimeline
CRCCALIFORNIA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$10.6M1.71%newTimeline
REALTHE REALREAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares 1,000,000$10.6M1.71%newTimeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 895,500 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 999,700 shares 999,700$9.58M1.54%-300Timeline
AOMRANGEL OAK MORTGAGE REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,115,000 shares; 2024Q4: 1,115,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$9.37M1.51%0Timeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$9.1M1.46%0Timeline
BMYBRISTOL-MYERS SQUIBB COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares; 2025Q3: 200,000 shares 200,000$9.02M1.45%-50,000Timeline
GPREGREEN PLAINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 500,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$8.79M1.41%0Timeline
BORRBORR DRILLING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,960,100 shares; 2025Q2: 2,100,000 shares; 2025Q3: 3,000,000 shares 3,000,000$8.07M1.3%+900,000Timeline
DCHDAUCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200,000 shares 1,200,000$7.21M1.16%newTimeline
DQDAQO NEW ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$5.63M0.9%newTimeline
CECELANESE CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$4.21M0.68%newTimeline
LUCDLUCID DIAGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,727,273 shares; 2025Q2: 2,727,273 shares; 2025Q3: 3,999,273 shares 3,999,273$4.04M0.65%+1,272,000Timeline
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: not reported; 2025Q3: 1,000,000 shares 1,000,000$3.12M0.5%newTimeline
STIMNEURONETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,200,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$2.73M0.44%0Timeline
PLUGPLUG PWR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$2.33M0.37%0Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares 1,000,000$2.21M0.36%newTimeline
SENSEONICS HLDGS INCSENSEONICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,000,000 shares; 2024Q4: 7,000,000 shares; 2025Q1: 4,500,000 shares; 2025Q2: 4,500,000 shares; 2025Q3: 5,000,000 shares 5,000,000$2.18M0.35%+500,000
UPWHEELS UP EXPERIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$1.84M0.3%0Timeline

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
SPYSTATE STR SPDR S&P 500 ETF T SHSput1,000,000$666M0
IBMINTERNATIONAL BUSINESS MACHS COMcall500,000$141Mnew
GILDGILEAD SCIENCES INC COMcall1,000,000$111Mnew
CCITIGROUP INC COMcall1,000,000$102M-1,100,000
UPSUNITED PARCEL SVCS INC COMcall1,000,000$83.5Mnew
GLWCORNING INC COMcall1,000,100$82Mnew
SLBSLB LIMITED COMcall2,000,000$68.7M0
INTCINTEL CORP COMcall2,000,000$67.1M-1,000,000
AAALCOA CORP Stockcall2,000,000$65.8M+1,000,000
GMGENERAL MTRS CO Stockcall1,000,000$61Mnew
DALDELTA AIR LINES INC Stockcall1,000,000$56.8Mnew
EMNEASTMAN CHEM CO Stockcall800,000$50.4M-100,000
XBISPDR SERIES TRUST S&P BIOTECHcall500,000$50.1Mnew
BMYBRISTOL-MYERS SQUIBB CO COMcall1,000,000$45.1M0
BWABORGWARNER INC Stockcall1,000,000$44Mnew
ADMARCHER DANIELS MIDLAND CO Stockcall700,000$41.8M-300,000
NUENUCOR CORP Stockcall300,000$40.6Mnew
FCXFREEPORT MCMORAN INC Stockcall1,000,000$39.2M-1,000,000
XOMEXXON MOBIL CORP COMcall300,000$33.8Mnew
EMNEASTMAN CHEM CO Stockput500,000$31.5Mnew
FLRFLUOR CORP COMcall700,000$29.4M+215,000
MHKMOHAWK INDS INC COMcall200,000$25.8M-100,000
PFEPFIZER INC COMcall1,000,000$25.5Mnew
HALHALLIBURTON CO Stockcall1,000,000$24.6Mnew
FFORD MTR CO Stockcall2,000,000$23.9Mnew
DOWDOW HLDGS INC Stockcall1,000,000$22.9M+500,000
BABAALIBABA GROUP HLDG LTD SPONSORED ADScall100,000$17.9Mnew
RUNSUNRUN INC COMcall1,000,000$17.3M+500,000
VFCV F CORP Stockcall1,000,000$14.4Mnew
NOVNOV INC COMcall1,000,000$13.2M0
OLNOLIN CORP COM PAR $1call500,000$12.5Mnew
REALTHE REALREAL INC COMcall1,000,000$10.6Mnew
HTZHERTZ GLOBAL HLDGS INC COM NEWcall1,000,000$6.8Mnew
RIGTRANSOCEAN LTD Stockcall2,000,000$6.24Mnew
EVTLVERTICAL AEROSPACE LTD Stockcall1,000,000$5.19Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
WMTWALMART INC1,000,000$97.8Mput
TLTISHARES TR1,000,000$88.2Mcall
UALUNITED AIRLS HLDGS INC1,000,000$79.6Mcall
GDXJVANECK ETF TRUST1,000,000$67.6Mcall
MUMICRON TECHNOLOGY INC500,000$61.6Mcall
BAXBAXTER INTL INC2,000,000$60.6Mcall
WWAYFAIR INC1,000,000$51.1Mcall
UBERUBER TECHNOLOGIES INC500,000$46.6Mcall
TFCTRUIST FINL CORP1,029,900$44.3Mcall
BABOEING CO200,000$41.9Mcall
DALDELTA AIR LINES INC500,000$24.6Mput
INTCINTEL CORP1,000,000$22.4Mshares
COHRCOHERENT CORP250,000$22.3Mcall
PRGOPERRIGO CO PLC697,400$18.6Mcall
SMGSCOTTS MIRACLE-GRO CO200,000$13.2Mshares
PPGPPG INDS INC100,000$11.4Mshares
MIRMIRION TECHNOLOGIES INC500,000$10.8Mcall
ADNTADIENT PLC500,000$9.73Mcall
LYFTLYFT INC500,000$7.88Mcall
CLFCLEVELAND-CLIFFS INC NEW1,000,000$7.6Mcall
QSQUANTUMSCAPE CORP1,000,000$6.72Mcall
TTITETRA TECHNOLOGIES INC DEL2,000,000$6.72Mshares
ETORETORO GROUP LTD100,000$6.66Mshares
SRRKSCHOLAR ROCK HLDG CORP50,000$1.77Mshares
NGNOVAGOLD RESOURCES INC100,000$409Kshares
INMBINMUNE BIO INC100,000$231Kcall

How Q3 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 0001104186-25-000012 base2025-11-14acceptance time not in the bulk data set