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Teramo Advisors, LLC

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13F filer, CIK 1904821, Naples, FL

Teramo Advisors, LLC reported $388,337,605 across 11 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-06. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000528

Period
2025-12-31
Reported value
$388M
Holdings
11
Top 10 weight
100%
New
1
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IVVadded+60,000$41.1M
SPYadded+25,000$17M
CRMnew+786$208K

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
RSPexited-26,300-$4.99M
OPERreduced-10,000-$1M
CNPexited-5,710-$222K
EFXexited-794-$204K
BSXexited-2,050-$200K

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 0001172661-26-000528, largest first. % of portfolio is the value over $335,731,105, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 355,000 shares; 2024Q4: 370,000 shares; 2025Q1: 410,000 shares; 2025Q2: 315,000 shares; 2025Q3: 250,000 shares; 2025Q4: 275,000 shares 275,000$188M55.86%+25,000Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,500 shares; 2024Q4: 3,500 shares; 2025Q1: 3,500 shares; 2025Q2: 105,000 shares; 2025Q3: 150,500 shares; 2025Q4: 210,500 shares 210,500$144M42.95%+60,000Timeline
OPERETF SER SOLUTIONSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 20,000 shares 20,000$2M0.6%-10,000Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,220 shares; 2025Q2: 2,220 shares; 2025Q3: 2,220 shares; 2025Q4: 2,220 shares 2,220$695K0.21%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 967 shares; 2025Q2: not reported; 2025Q3: 967 shares; 2025Q4: 967 shares 967$263K0.08%0Timeline
PMPHILIP MORRIS 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: 1,360 shares; 2025Q2: 1,360 shares; 2025Q3: 1,360 shares; 2025Q4: 1,360 shares 1,360$218K0.06%0Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 414 shares; 2025Q2: 414 shares; 2025Q3: 414 shares; 2025Q4: 414 shares 414$216K0.06%0Timeline
FEFIRSTENERGY 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: 4,800 shares; 2025Q4: 4,800 shares 4,800$215K0.06%0Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 786 shares; 2025Q2: 786 shares; 2025Q3: not reported; 2025Q4: 786 shares 786$208K0.06%newTimeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 591 shares; 2025Q2: 591 shares; 2025Q3: 591 shares; 2025Q4: 591 shares 591$207K0.06%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 SHSput150,000$52.6M+15,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
RSPINVESCO EXCHANGE TRADED FD T26,300$4.99Mshares
CNPCENTERPOINT ENERGY INC5,710$222Kshares
EFXEQUIFAX INC794$204Kshares
BSXBOSTON SCIENTIFIC CORP2,050$200Kshares

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 0001172661-26-000528 base2026-02-06acceptance time not in the bulk data set