K2 PRINCIPAL FUND, L.P. Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$1.2B

Holdings

385

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (385 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	EVACEQV VENTURES ACQUISITION COR	488,712	$234.0M	18.85%
2	—INFLECTION PT ACQUISITION CO	473,166	$179.0M	14.42%
3	LEGTLEGATO MERGER CORP III	409,167	$167.0M	13.45%
4	APADA PARADISE ACQUISITION CORP	650,000	$162.0M	13.05%
5	BEAGBOLD EAGLE ACQUISITION CORP	478,518	$153.0M	12.33%
6	EURKEUREKA ACQUISITION CORP	326,474	$124.0M	9.99%
7	TACOBERTO ACQUISITION CORP	336,901	$124.0M	9.99%
8	HVIIUHENNESSY CAP INVT CORP VII	394,597	$110.0M	8.86%
9	CRAQCAL REDWOOD ACQUISITION CORP	328,278	$105.0M	8.46%
10	FACTFACT II ACQUISITION CORP	288,286	$100.0M	8.06%
11	BCARD. BORAL ARC ACQ I CORP.	257,677	$92.0M	7.41%
12	SIMASIM ACQUISITION CORP. I	395,072	$86.0M	6.93%
13	LPBBLAUNCH TWO ACQUISITION CORP.	267,954	$85.0M	6.85%
14	SPKLSPARK I ACQUISITION CORP	260,220	$80.0M	6.45%
15	ALFCENTURION ACQUISITION CORP	245,150	$78.0M	6.28%
16	—TRANSLATIONAL DEV ACQUISITIO	245,689	$76.0M	6.12%
17	ASTLWALGOMA STL GROUP INC	690,879	$75.0M	6.04%
18	GRAFGRAF GLOBAL CORP	162,657	$73.0M	5.88%
19	FTWEQV VENTURES AC CORP. II	189,383	$66.0M	5.32%
20	NOEMWCO2 ENERGY TRANSITION CORP	376,348	$63.0M	5.08%
21	KOYNDIGITAL ASSET ACQUISITION CO	159,845	$63.0M	5.08%
22	JENAJENA ACQUISITION CORP II	312,735	$62.0M	5.00%
23	—LIONHEART HOLDINGS	358,596	$60.0M	4.83%
24	FLDDWFOLD HLDGS INC	380,780	$57.0M	4.59%
25	SVCCUSTELLAR V CAP CORP	169,960	$56.0M	4.51%
26	GCTS/WSGCT SEMICONDUCTOR HLDG INC	683,091	$54.0M	4.35%
27	—NEWHOLD INVT CORP III	118,865	$53.0M	4.27%
28	LPAALAUNCH ONE ACQUISITION CORP	204,746	$51.0M	4.11%
29	ZEOWWZEO ENERGY CORP	1,277,536	$51.0M	4.11%
30	PEW/WSGRABAGUN DIGITAL HLDGS INC	129,857	$49.0M	3.95%
31	—NEWBURY STR II ACQUISITION C	198,253	$49.0M	3.95%
32	GQ9SPDR GOLD TR	107,200	$42.5M	3.42%	Call
33	TACHTITAN ACQUISITION CORP	136,650	$42.0M	3.38%
34	LITE 0.5 06/15/28LUMENTUM HLDGS INC	14,000	$39.8M	3.20%
35	SPYSPDR SP 500 ETF TR	58,200	$39.7M	3.20%	Call
36	RNGTWRANGE CAP ACQUISITION CORP I	122,200	$39.0M	3.14%
37	AACBARTIUS II ACQUISITION INC	112,006	$36.0M	2.90%
38	CHARCHARLTON ARIA ACQUISITION CO	191,752	$36.0M	2.90%
39	MLACMOUNTAIN LAKE ACQUISITION CO	147,507	$35.0M	2.82%
40	DMIIDRUGS MADE IN AMER ACQ II CO	250,000	$35.0M	2.82%
41	WENNWEN ACQUISITION CORP	113,158	$35.0M	2.82%
42	SZZLSIZZLE ACQUISITION CORP. II	223,957	$35.0M	2.82%
43	GIGGIGCAPITAL7 CORP	86,112	$35.0M	2.82%
44	DNMXDYNAMIX CORP III	96,249	$34.0M	2.74%
45	JACSJACKSON ACQUISITION CO II	136,000	$34.0M	2.74%
46	EVOXEVOLUTION GLOBAL ACQUISITION	75,000	$33.0M	2.66%
47	MACIMELAR ACQUISITION CORP. I	236,041	$33.0M	2.66%
48	GPATGP-ACT III ACQUISITION CORP	121,798	$32.0M	2.58%
49	GIWGIGCAPITAL8 CORP	100,000	$31.0M	2.50%
50	PCAPPROCAP ACQUISITION CORP	77,017	$28.0M	2.26%
51	LWACLIGHTWAVE ACQUISITION CORP	106,950	$28.0M	2.26%
52	RAAQREAL ASSET ACQUISITION CORP	67,110	$28.0M	2.26%
53	NOEMRCO2 ENERGY TRANSITION CORP	131,207	$28.0M	2.26%
54	OPENZOPENDOOR TECHNOLOGIES INC	69,434	$27.0M	2.18%
55	KCHVKOCHAV DEFENSE ACQUI CO	100,000	$24.0M	1.93%
56	SPEGSILVER PEGASUS ACQUISITION C	102,500	$24.0M	1.93%
57	BACCBLUE ACQUISITION CORP.	75,000	$24.0M	1.93%
58	SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO	8,500	$23.4M	1.89%
59	AAUC 8.75 09/07/28ALLIED GOLD CORP	15,650	$23.3M	1.88%
60	NPWR/WSNET POWER INC	46,181	$23.0M	1.85%
61	PARPAR TECHNOLOGY CORP	603,580	$21.9M	1.76%	Put
62	YCYAA MISSION ACQUISITION CORP	125,000	$21.0M	1.69%
63	GDXVANECK ETF TRUST	235,000	$20.2M	1.62%	Put
64	OAKUWOAK WOODS ACQUISITION CORP	500,340	$20.0M	1.61%
65	FCXFREEPORT-MCMORAN INC	385,800	$19.6M	1.58%	Put
66	MCGAYORKVILLE ACQUISITION CORP.	38,333	$19.0M	1.53%
67	APLD 2.75 06/01/30APPLIED DIGITAL CORP	7,000	$18.8M	1.52%
68	SLVISHARES SILVER TR	275,200	$17.7M	1.43%	Put
69	AGCN 0.125 01/15/31FIRST MAJESTIC	14,500	$16.1M	1.30%
70	PTON 0 02/15/26PELOTON INTERACTIVE INC	15,679	$15.6M	1.25%
71	ASTS 2.375 10/15/32AST SPACEMOBILE INC	11,500	$15.2M	1.22%
72	BMTABRITISH AMERN TOB PLC	265,735	$15.0M	1.21%	Call
73	CRNC 1.5 07/01/28CERENCE INC	16,750	$15.0M	1.21%
74	KFIIKF GROWTH ACQUISITION CORP	118,722	$15.0M	1.21%
75	EMISEMMIS ACQUISITION CORP.	100,000	$15.0M	1.21%
76	VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE	15,000	$15.0M	1.21%
77	TRIP 0.25 04/01/26TRIPADVISOR INC	14,000	$13.8M	1.11%
78	JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP	13,824	$13.6M	1.10%
79	SPCE 2.5 02/01/27VIRGIN GALACTIC	16,500	$13.5M	1.09%
80	GMEGAMESTOP CORP NEW	651,500	$13.1M	1.05%	Put
81	SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC	12,000	$13.0M	1.05%
82	MSTR 0 12/01/29STRATEGY INC	15,000	$12.4M	1.00%
83	NDQINVESCO QQQ TR	20,000	$12.3M	0.99%	Put
84	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	12,500	$12.2M	0.99%
85	CENX 2.75 05/01/28CENTURY ALUM CO	5,750	$12.1M	0.98%
86	MBVIM3-BRIGADE ACQUISITION VI CO	33,333	$12.0M	0.97%
87	NPACNEW PROVIDENCE ACQUISITION C	24,700	$12.0M	0.97%
88	GME 0 04/01/30GAMESTOP CORP	12,000	$11.9M	0.96%
89	GDXJVANECK ETF TRUST	104,000	$11.8M	0.95%	Put
90	LCID 1.25 12/15/26LUCID GROUP	12,500	$11.6M	0.94%
91	NTNX 0.25 10/01/27NUTANIX INC	10,000	$11.3M	0.91%
92	HOTUCN 6 12/31/26AMER HOTEL INC PROP REIT	11,779	$11.1M	0.90%
93	CHPGCHAMPIONSGATE ACQUISITION CO	62,780	$11.0M	0.89%
94	AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC	9,000	$10.4M	0.84%
95	UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC	8,000	$10.4M	0.84%
96	—KEEN VISION ACQUISITION CORP	204,578	$10.0M	0.81%
97	MARA 0 03/01/30MARA HOLDINGS INC	12,500	$9.9M	0.80%
98	XIFR 2.5 06/15/26NEXTERA ENGY PTR	10,000	$9.9M	0.80%
99	SNAP 0.75 08/01/26SNAP INC	10,000	$9.8M	0.79%
100	UPST 0.25 08/15/26UPSTART HLDGS INC	10,000	$9.6M	0.77%

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