Elequin Capital, LP Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$1.3B

Holdings

394

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (394 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	NVDANVIDIA CORPORATION	1,520,680	$283.6M	21.08%	Put
2	TSLATESLA INC	626,109	$281.6M	20.93%	Put
3	MSFTMICROSOFT CORP	500,007	$241.8M	17.98%	Put
4	AXON 0.5 12/15/27AXON ENTERPRISE INC	27,856,000	$70.1M	5.21%
5	AMZNAMAZON COM INC	300,000	$69.2M	5.15%	Put
6	BSOLBITWISE SOLANA STAKING ETF	3,935,600	$64.5M	4.80%
7	AMDADVANCED MICRO DEVICES INC	212,185	$45.4M	3.38%	Put
8	AVGOBROADCOM INC	100,000	$34.6M	2.57%	Put
9	SPYSPDR S&P 500 ETF TR	45,019	$30.7M	2.28%
10	AAPLAPPLE INC	100,001	$27.2M	2.02%	Put
11	BOX 0 01/15/26BOX INC	22,938,000	$26.9M	2.00%
12	GSOLGRAYSCALE SOLANA TR ETF	1,750,605	$15.9M	1.18%
13	EXPE 0 02/15/26EXPEDIA GROUP INC	10,415,000	$11.6M	0.87%
14	IBITISHARES BITCOIN TRUST ETF	157,955	$7.8M	0.58%	Call
15	BITBBITWISE BITCOIN ETF TR	160,000	$7.6M	0.57%
16	JMSTJ P MORGAN EXCHANGE TRADED F	140,871	$7.2M	0.53%
17	FSOLFIDELITY SOLANA FD	367,718	$5.4M	0.40%
18	XOVRENTREPRENEURSHARES SERIES TR	250,000	$5.0M	0.37%
19	DFNMDIMENSIONAL ETF TRUST	99,324	$4.8M	0.36%
20	FLMIFRANKLIN TEMPLETON ETF TR	186,702	$4.6M	0.35%
21	MIGASTRATEGY INC	29,957	$4.6M	0.34%
22	COINCOINBASE GLOBAL INC	19,386	$4.4M	0.33%
23	BSMRINVESCO EXCH TRD SLF IDX FD	155,296	$3.7M	0.27%
24	PLTRPALANTIR TECHNOLOGIES INC	19,369	$3.4M	0.26%
25	HYMBSPDR SERIES TRUST	132,744	$3.3M	0.25%
26	METAMETA PLATFORMS INC	5,000	$3.3M	0.25%	Put
27	MMITNEW YORK LIFE INVTS ACTIVE E	134,234	$3.3M	0.24%
28	VCRMVANGUARD MUN BD FDS	35,296	$2.7M	0.20%
29	MUNYVANGUARD NY TAX FREE FDS	23,631	$2.4M	0.18%
30	JMSIJ P MORGAN EXCHANGE TRADED F	46,481	$2.3M	0.17%
31	BSSXINVESCO EXCH TRD SLF IDX FD	87,759	$2.3M	0.17%
32	TAFMAB ACTIVE ETFS INC	88,061	$2.2M	0.17%
33	BSMZINVESCO EXCH TRD SLF IDX FD	85,314	$2.2M	0.16%
34	VSOLVANECK SOLANA TR	130,000	$2.1M	0.16%
35	VIAV 1.625 03/15/26VIAVI SOLUTIONS INC	1,500,000	$2.0M	0.15%
36	BSMTINVESCO EXCH TRD SLF IDX FD	77,936	$1.8M	0.13%
37	DFCADIMENSIONAL ETF TRUST	34,156	$1.7M	0.13%
38	BSMVINVESCO EXCH TRD SLF IDX FD	72,685	$1.5M	0.11%
39	TSMTAIWAN SEMICONDUCTOR MFG LTD	5,000	$1.5M	0.11%	Put
40	SMMUPIMCO ETF TR	29,419	$1.5M	0.11%
41	PWZINVESCO EXCH TRADED FD TR II	60,957	$1.5M	0.11%
42	CALIBLACKROCK ETF TRUST II	29,065	$1.5M	0.11%
43	BSMUINVESCO EXCH TRD SLF IDX FD	65,980	$1.5M	0.11%
44	VTEIVANGUARD MUN BD FDS	14,062	$1.4M	0.11%
45	BSMQINVESCO EXCH TRD SLF IDX FD	55,747	$1.3M	0.10%
46	IWDISHARES TR	6,204	$1.3M	0.10%
47	TLTWISHARES TR	54,389	$1.2M	0.09%
48	MINOPIMCO ETF TR	26,579	$1.2M	0.09%
49	MMINNEW YORK LIFE INVTS ACTIVE E	49,371	$1.2M	0.09%
50	IBMTISHARES TR	45,439	$1.2M	0.09%
51	HIMUBLACKROCK ETF TRUST II	22,978	$1.1M	0.08%
52	VSDMVANGUARD MUN BD FDS	14,399	$1.1M	0.08%
53	MCHP 7.5 03/15/28MICROCHIP TECHNOLOGY INC.	18,223	$1.1M	0.08%
54	SMCISUPER MICRO COMPUTER INC	36,229	$1.1M	0.08%
55	FSMBFIRST TR EXCH TRADED FD III	51,965	$1.0M	0.08%
56	SCMBSCHWAB STRATEGIC TR	35,552	$915K	0.07%
57	GDXVANECK ETF TRUST	10,328	$885K	0.07%
58	CAIECALAMOS ETF TR	33,015	$882K	0.07%
59	BSMWINVESCO EXCH TRD SLF IDX FD	34,885	$875K	0.07%
60	JMUBJ P MORGAN EXCHANGE TRADED F	17,308	$874K	0.06%
61	FMBFIRST TR EXCH TRADED FD III	17,027	$870K	0.06%
62	FTHIFIRST TR EXCHANGE TRADED FD	34,384	$812K	0.06%
63	MUNIPIMCO ETF TR	15,484	$811K	0.06%
64	NEE 7.299 06/01/27NEXTERA ENERGY INC	15,708	$810K	0.06%
65	BSMYINVESCO EXCH TRD SLF IDX FD	32,887	$808K	0.06%
66	MEARISHARES U S ETF TR	15,782	$794K	0.06%
67	IBMRISHARES TR	30,406	$773K	0.06%
68	FCVTFIRST TR EXCHANGE-TRADED FD	17,504	$753K	0.06%
69	PCG 6 12/01/27 APG&E CORP	18,132	$741K	0.06%
70	SHYMBLACKROCK ETF TRUST II	28,492	$633K	0.05%
71	FBTCFIDELITY WISE ORIGIN BITCOIN	8,000	$609K	0.05%
72	GQ9SPDR GOLD TR	1,500	$594K	0.04%
73	ULTYTIDAL TRUST II	15,413	$575K	0.04%
74	ARES 6.75 10/01/27 BARES MANAGEMENT CORPORATION	11,432	$574K	0.04%
75	SOSOUTHERN CO	6,510	$567K	0.04%
76	BNDXVANGUARD CHARLOTTE FDS	11,439	$552K	0.04%
77	INMUBLACKROCK ETF TRUST II	22,316	$536K	0.04%
78	JMHIJ P MORGAN EXCHANGE TRADED F	10,274	$516K	0.04%
79	IBMSISHARES TR	19,174	$499K	0.04%
80	NEE 7.234 11/01/27NEXTERA ENERGY INC	10,246	$496K	0.04%
81	BMAXETF OPPORTUNITIES TRUST	20,670	$476K	0.04%
82	CGMUCAPITAL GRP FIXED INCM ETF T	16,050	$439K	0.03%
83	KKR 6.25 03/01/28 DKKR & CO INC	7,842	$405K	0.03%
84	VNMVANECK ETF TRUST	20,000	$381K	0.03%
85	XOMEXXON MOBIL CORP	3,000	$361K	0.03%	Call
86	CLOBVANECK ETF TRUST	6,963	$352K	0.03%
87	BABOEING CO	1,610	$349K	0.03%
88	FMHIFIRST TR EXCH TRADED FD III	7,105	$340K	0.03%
89	CGSMCAPITAL GRP FIXED INCM ETF T	11,862	$312K	0.02%
90	LITELUMENTUM HLDGS INC	743	$273K	0.02%
91	HPEHEWLETT PACKARD ENTERPRISE C	9,892	$237K	0.02%
92	VMBSVANGUARD SCOTTSDALE FDS	4,700	$221K	0.02%
93	ALBALBEMARLE CORP	1,556	$220K	0.02%
94	CLOIVANECK ETF TRUST	4,084	$215K	0.02%
95	ASMLASML HOLDING N V	200	$212K	0.02%	Put
96	WDCWESTERN DIGITAL CORP	1,216	$209K	0.02%
97	FEMBFIRST TR EXCH TRADED FD III	6,086	$181K	0.01%
98	BABAALIBABA GROUP HLDG LTD	1,235	$181K	0.01%
99	IBMOISHARES TR	6,995	$179K	0.01%
100	IBMPISHARES TR	6,044	$153K	0.01%

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