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MASTERS CAPITAL MANAGEMENT LLC

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13F filer, CIK 1104186, ATLANTA, GA

MASTERS CAPITAL MANAGEMENT LLC reported $2,451,182,443 across 76 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 49.95% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104186-26-000003

Period
2025-12-31
Reported value
$2.45B
Holdings
76
Top 10 weight
49.95%
New
20
Sold out
22

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MHKadded+300,000$32.8M
HONnew+100,000$19.5M
REALadded+1,000,000$15.8M
NOKnew+2,000,000$12.9M
DCHadded+1,800,000$11.5M

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
ADMexited-300,000-$17.9M
VFCexited-1,000,000-$14.4M
CLFreduced-1,000,000-$13.3M
EMNreduced-200,000-$12.8M
PBRexited-1,000,000-$12.7M

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 0001104186-26-000003, largest first. % of portfolio is the value over $723,086,481, 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; 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; 2025Q4: 1,000,000 shares 1,000,000$69.4M9.6%0Timeline
MHKMOHAWK INDS 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: 100,000 shares; 2025Q4: 400,000 shares 400,000$43.7M6.05%+300,000Timeline
FLRFLUOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,100,000 shares 1,100,000$43.6M6.03%+100,000Timeline
ASTSAST SPACEMOBILE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 712,022 shares; 2024Q4: 800,000 shares; 2025Q1: 600,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$36.3M5.02%0Timeline
REALTHE REALREAL 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: 1,000,000 shares; 2025Q4: 2,000,000 shares 2,000,000$31.6M4.36%+1,000,000Timeline
NOVNOV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,000,000 shares 2,000,000$31.3M4.32%0Timeline
VYXNCR VOYIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,000,000 shares 3,000,000$30.6M4.23%+900,000Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 300,000 shares 300,000$29.8M4.12%0Timeline
BCSBARCLAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$25.4M3.52%0Timeline
HONHONEYWELL INTL 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: 100,000 shares 100,000$19.5M2.7%newTimeline
DCHDAUCH 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: 1,200,000 shares; 2025Q4: 3,000,000 shares 3,000,000$19.2M2.66%+1,800,000Timeline
EMNEASTMAN CHEM COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 250,000 shares; 2025Q3: 500,000 shares; 2025Q4: 300,000 shares 300,000$19.1M2.65%-200,000Timeline
BWAYBRAINSWAY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$19M2.63%0Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,000,000 shares 2,000,000$18.4M2.54%0Timeline
LIONLIONSGATE STUDIOS 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: 2,000,000 shares; 2025Q3: 2,000,000 shares; 2025Q4: 2,000,000 shares 2,000,000$18.3M2.53%0Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,200,000 shares 1,200,000$17.4M2.41%+200,000Timeline
FTKFLOTEK INDUSTRIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$17.2M2.38%0Timeline
DNLIDENALI THERAPEUTICS 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: 600,000 shares; 2025Q3: 750,000 shares; 2025Q4: 1,000,000 shares 1,000,000$16.5M2.28%+250,000Timeline
DOWDOW HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 500,000 shares; 2025Q4: 700,000 shares 700,000$16.4M2.26%+200,000Timeline
BMYBRISTOL-MYERS SQUIBB COQuarterly 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: 250,000 shares; 2025Q3: 200,000 shares; 2025Q4: 300,000 shares 300,000$16.2M2.24%+100,000Timeline
ENVXENOVIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,000,000 shares 2,000,000$14.6M2.02%0Timeline
OLNOLIN 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: 550,000 shares; 2025Q4: 700,000 shares 700,000$14.6M2.02%+150,000Timeline
CLFCLEVELAND-CLIFFS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$13.3M1.84%-1,000,000Timeline
NOKNOKIA 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: 2,000,000 shares 2,000,000$12.9M1.79%newTimeline
BORRBORR DRILLING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,900,000 shares 2,900,000$11.7M1.62%-100,000Timeline
AAUCALLIED GOLD 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: 500,000 shares 500,000$11.4M1.58%newTimeline
TLSTELOS CORP MDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,100,000 shares 2,100,000$10.7M1.48%+100,000Timeline
EVTLVERTICAL AEROSPACE LTDQuarterly 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: 2,000,000 shares 2,000,000$10.7M1.47%newTimeline
HUNHUNTSMAN 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: 1,000,000 shares 1,000,000$10M1.38%newTimeline
GPREGREEN PLAINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 500,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$9.8M1.36%0Timeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,000,000 shares 2,000,000$9.28M1.28%0Timeline
AOMRANGEL OAK MORTGAGE REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$8.61M1.19%0Timeline
CECELANESE CORP DELQuarterly 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: 100,000 shares; 2025Q4: 200,000 shares 200,000$8.46M1.17%+100,000Timeline
EVEXEVE HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,100,000 shares 2,100,000$8.38M1.16%-950,000Timeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 999,600 shares 999,600$7.52M1.04%-100Timeline
CELHCELSIUS HLDGS 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: 100,000 shares 100,000$4.57M0.63%newTimeline
LUCDLUCID DIAGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,000,000 shares 4,000,000$4.36M0.6%+727Timeline
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$4.13M0.57%0Timeline
UPWHEELS UP EXPERIENCE 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: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 5,000,000 shares 5,000,000$3.28M0.45%+4,000,000Timeline
PLUGPLUG PWR 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: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$1.97M0.27%0Timeline
STIMNEURONETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$1.38M0.19%0Timeline
SENSSENSEONICS HLDGS 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: 249,998 shares 249,998$1.38M0.19%newTimeline
NFENEW FORTRESS ENERGY 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: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$1.14M0.16%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
UPSUNITED PARCEL SVCS INC COMcall2,000,000$198M+1,000,000
GMGENERAL MTRS CO Stockcall2,000,000$163M+1,000,000
BABAALIBABA GROUP HLDG LTD SPONSORED ADScall1,000,000$147M+900,000
BABOEING CO COMcall500,000$109Mnew
HONHONEYWELL INTL INC COMcall500,000$97.5Mnew
CCITIGROUP INC COMcall700,000$81.7M-300,000
METMETLIFE INC Stockcall1,000,000$78.9Mnew
SLBSLB LIMITED COMcall2,000,000$76.8M0
INTCINTEL CORP COMcall2,000,000$73.8M0
DALDELTA AIR LINES INC Stockcall1,000,000$69.4M0
IBMINTERNATIONAL BUSINESS MACHS COMcall200,000$59.2M-300,000
EMNEASTMAN CHEM CO Stockcall800,000$51.1M0
BWABORGWARNER INC Stockcall1,000,000$45.1M0
GLWCORNING INC COMcall500,000$43.8M-500,100
MRVLMARVELL TECHNOLOGY INC COMcall500,000$42.5Mnew
IPINTERNATIONAL PAPER CO Stockcall1,000,000$39.4Mnew
NKENIKE INC COMcall500,000$31.9Mnew
CLXCLOROX CO DEL COMcall315,500$31.8Mnew
AAALCOA CORP Stockcall500,000$26.6M-1,500,000
FFORD MTR CO Stockcall2,000,000$26.2M0
PFEPFIZER INC COMcall1,000,000$24.9M0
APAAPA CORPORATION Stockcall1,000,000$24.5Mnew
XOMEXXON MOBIL CORP COMcall200,000$24.1M-100,000
DOWDOW HLDGS INC Stockcall1,000,000$23.4M0
YPFYPF SOCIEDAD ANONIMA SPON ADR CL Dcall620,000$22.4Mnew
OLNOLIN CORP COM PAR $1call1,000,000$20.8M+500,000
CECELANESE CORP DEL Stockcall469,200$19.8Mnew
LYFTLYFT INC CL A COMcall1,000,000$19.4Mnew
FCXFREEPORT MCMORAN INC Stockcall379,900$19.3M-620,100
CLFCLEVELAND-CLIFFS INC NEW Stockcall1,000,000$13.3Mnew
PONYPONY AI INC SPONSORED ADScall750,000$10.9Mnew
RIGTRANSOCEAN LTD Stockcall2,000,000$8.26M0
EVTLVERTICAL AEROSPACE LTD Stockcall1,000,000$5.33M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T1,000,000$666Mput
GILDGILEAD SCIENCES INC1,000,000$111Mcall
XBISPDR SERIES TRUST500,000$50.1Mcall
BMYBRISTOL-MYERS SQUIBB CO1,000,000$45.1Mcall
ADMARCHER DANIELS MIDLAND CO700,000$41.8Mcall
NUENUCOR CORP300,000$40.6Mcall
EMNEASTMAN CHEM CO500,000$31.5Mput
FLRFLUOR CORP700,000$29.4Mcall
MHKMOHAWK INDS INC200,000$25.8Mcall
HALHALLIBURTON CO1,000,000$24.6Mcall
ADMARCHER DANIELS MIDLAND CO300,000$17.9Mshares
RUNSUNRUN INC1,000,000$17.3Mcall
VFCV F CORP1,000,000$14.4Mshares
VFCV F CORP1,000,000$14.4Mcall
NOVNOV INC1,000,000$13.2Mcall
PBRPETROLEO BRASILEIRO S A1,000,000$12.7Mshares
VALEVALE S A1,000,000$10.9Mshares
CRCCALIFORNIA RES CORP200,000$10.6Mshares
REALTHE REALREAL INC1,000,000$10.6Mcall
HTZHERTZ GLOBAL HLDGS INC1,000,000$6.8Mcall
DQDAQO NEW ENERGY CORP200,000$5.63Mshares
SENSEONICS HLDGS INCSENSEONICS HLDGS INC5,000,000$2.18Mshares

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 0001104186-26-000003 base2026-02-17acceptance time not in the bulk data set