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Two Seas Capital LP

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13F filer, CIK 1823138, RYE, NY

Two Seas Capital LP reported $4,853,386,111 across 38 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-11. Its ten largest share positions make up 75.54% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001315863-26-000142

Period
2025-12-31
Reported value
$4.85B
Holdings
38
Top 10 weight
75.54%
New
5
Sold out
8

Part of the filer group Two Seas Capital LP

  • Sina Toussi
  • Two Seas Capital GP LLC
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TLNadded+125,086$46.9M
NKTRnew+745,185$31.5M
CLMTadded+1,223,691$24.3M
CORZadded+1,647,243$24M
HUTnew+491,500$22.6M

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
INDIVIOR PLCreduced-5,394,954-$194M
AVADEL PHARMACEUTICALSexited-5,369,082-$82M
ROIVreduced-1,962,273-$42.6M
BURexited-1,602,067-$19.2M
FTAIreduced-83,392-$16.4M

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 0001315863-26-000142, largest first. % of portfolio is the value over $1,707,108,959, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,232,888 shares; 2025Q1: 7,995,574 shares; 2025Q2: 6,770,027 shares; 2025Q3: 15,363,978 shares; 2025Q4: 17,011,221 shares 17,011,221$248M14.51%+1,647,243Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 10,167,807 shares; 2025Q1: 10,136,307 shares; 2025Q2: 10,598,040 shares; 2025Q3: 11,754,164 shares; 2025Q4: 9,791,891 shares 9,791,891$212M12.45%-1,962,273Timeline
INDIVIOR PLCINDIVIOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 12,457,514 shares; 2025Q1: 11,366,777 shares; 2025Q2: 11,407,795 shares; 2025Q3: 10,504,152 shares; 2025Q4: 5,109,198 shares 5,109,198$183M10.74%-5,394,954
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 568,475 shares; 2025Q1: 472,275 shares; 2025Q2: 300,698 shares; 2025Q3: 266,888 shares; 2025Q4: 391,974 shares 391,974$147M8.61%+125,086Timeline
CLMTCALUMET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,783,334 shares; 2025Q1: 2,866,511 shares; 2025Q2: 4,497,609 shares; 2025Q3: 5,752,538 shares; 2025Q4: 6,976,229 shares 6,976,229$139M8.12%+1,223,691Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,896,136 shares; 2025Q1: 3,321,136 shares; 2025Q2: 4,020,867 shares; 2025Q3: 3,373,228 shares; 2025Q4: 4,412,106 shares 4,412,106$77.8M4.56%+1,038,878Timeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 500,000 shares; 2025Q1: 3,437,206 shares; 2025Q2: 11,230,621 shares; 2025Q3: 14,180,621 shares; 2025Q4: 14,552,621 shares 14,552,621$74.9M4.39%+372,000Timeline
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 340,692 shares; 2025Q4: 284,259 shares 284,259$74.3M4.35%-56,433Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,511,614 shares; 2025Q1: 1,642,772 shares; 2025Q2: 2,252,772 shares; 2025Q3: 2,762,040 shares; 2025Q4: 2,866,962 shares 2,866,962$72.9M4.27%+104,922Timeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 8,740,956 shares; 2025Q1: 9,465,956 shares; 2025Q2: 10,443,317 shares; 2025Q3: 10,991,261 shares; 2025Q4: 12,589,158 shares 12,589,158$60.6M3.55%+1,597,897Timeline
WULFTERAWULF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 214,371 shares; 2025Q2: 2,287,100 shares; 2025Q3: 3,851,188 shares; 2025Q4: 4,502,794 shares 4,502,794$51.7M3.03%+651,606Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,230,871 shares; 2025Q1: 6,930,871 shares; 2025Q2: 9,954,975 shares; 2025Q3: 9,749,724 shares; 2025Q4: 11,902,521 shares 11,902,521$44M2.58%+2,152,797Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 292,470 shares; 2025Q4: 402,135 shares 402,135$43.7M2.56%+109,665Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 515,949 shares; 2025Q2: 909,355 shares; 2025Q3: 1,095,998 shares; 2025Q4: 1,170,998 shares 1,170,998$43.6M2.55%+75,000Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 379,085 shares; 2025Q1: 211,435 shares; 2025Q2: 231,257 shares; 2025Q3: 170,000 shares; 2025Q4: 249,707 shares 249,707$40.3M2.36%+79,707Timeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 115,663 shares; 2025Q2: 178,844 shares; 2025Q3: 269,601 shares; 2025Q4: 186,209 shares 186,209$36.7M2.15%-83,392Timeline
NKTRNEKTAR THERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 745,185 shares 745,185$31.5M1.85%new2026-09-25, 13G/A: 3,345,978 shares, 9.8% of the class, 13G/A filed 2026-09-28 Timeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 250,000 shares; 2025Q3: 234,482 shares; 2025Q4: 344,482 shares 344,482$28.8M1.69%+110,000Timeline
HUTHUT 8 CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 476,808 shares; 2025Q1: 131,808 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 491,500 shares 491,500$22.6M1.32%newTimeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 158,518 shares; 2025Q1: not reported; 2025Q2: 441,677 shares; 2025Q3: 614,044 shares; 2025Q4: 1,733,239 shares 1,733,239$15.6M0.92%+1,119,195Timeline
MSOSADVISORSHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,500,000 shares; 2025Q4: 3,252,409 shares 3,252,409$15.4M0.9%+1,752,409Timeline
OMEXODYSSEY MARINE EXPL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,549,049 shares; 2025Q1: 2,549,049 shares; 2025Q2: 1,430,769 shares; 2025Q3: 4,570,011 shares; 2025Q4: 5,185,029 shares 5,185,029$10.2M0.6%+615,018Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 18,516 shares; 2025Q1: not reported; 2025Q2: 15,065 shares; 2025Q3: 24,272 shares; 2025Q4: 14,272 shares 14,272$9.42M0.55%-10,000Timeline
CRWVCOREWEAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 279,051 shares; 2025Q4: 110,000 shares 110,000$7.88M0.46%-169,051Timeline
SONOSONOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 528,928 shares; 2025Q1: 431,042 shares; 2025Q2: 281,042 shares; 2025Q3: 531,042 shares; 2025Q4: 322,462 shares 322,462$5.66M0.33%-208,580Timeline
CIFRCIPHER DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares; 2025Q3: 462,000 shares; 2025Q4: 305,756 shares 305,756$4.51M0.26%-156,244Timeline
LUCDLUCID DIAGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000,000 shares; 2025Q4: 3,000,000 shares 3,000,000$3.27M0.19%0Timeline
CORZWCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 280,248 shares; 2025Q1: 280,248 shares; 2025Q2: 336,378 shares; 2025Q3: 289,539 shares; 2025Q4: 289,539 shares 289,539$2.45M0.14%0Timeline
CORZZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,107 shares; 2025Q3: 24,107 shares; 2025Q4: 24,107 shares 24,107$351K0.02%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 SHSput3,707,000$2.53B-2,095,300
IWMISHARES TR SHSput1,050,000$258M-400,000
CORZCORE SCIENTIFIC INC NEW COMcall8,477,600$123M+5,077,600
HUTHUT 8 CORP COMcall1,752,500$80.5Mnew
IBITISHARES BITCOIN TRUST ETF SHSput1,218,000$60.5Mnew
ROIVROIVANT SCIENCES LTD SHScall2,435,500$52.9M0
CLMTCALUMET INC COMcall1,122,000$22.3M+122,000
MSOSADVISORSHARES TR PURE US CANNABIScall3,575,300$16.9M0
CORZCORE SCIENTIFIC INC NEW COMput240,000$3.49Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CRWVCOREWEAVE INC1,180,000$161Mcall
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS5,369,082$82Mshares
PCGPG&E CORP1,910,800$28.8Mcall
SOCSABLE OFFSHORE CORP1,500,000$26.2Mcall
BURBURFORD CAPITAL LIMITED1,602,067$19.2Mshares
BTDRBITDEER TECHNOLOGIES GROUP450,000$7.69Mshares
ANIPANI PHARMACEUTICALS INC25,721$2.36Mshares
GLXYGALAXY DIGITAL INC.35,000$1.18Mshares

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 0001315863-26-000142 base2026-02-11acceptance time not in the bulk data set