Westchester Capital Management, LLC Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$2.4B

Holdings

278

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (278 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	KCHVKOCHAV DEFENSE ACQUI CO	1,000,000	$239.0M	10.04%
2	TACHTITAN ACQUISITION CORP	672,345	$234.0M	9.83%
3	JACSJACKSON ACQUISITION CO II	850,000	$203.0M	8.53%
4	OYSEOYSTER ENTERPRISES II ACQUIS	850,000	$169.0M	7.10%
5	MLACMOUNTAIN LAKE ACQUISITION CO	700,013	$167.0M	7.02%
6	SZZLSIZZLE ACQUISITION CORP. II	1,000,000	$159.0M	6.68%
7	CYBRCYBERARK SOFTWARE LTD	327,864	$146.2M	6.14%
8	SPYSPDR S&P 500 ETF TR	200,000	$136.4M	5.73%	Put
9	TECK/BTECK RESOURCES LTD	2,845,112	$136.2M	5.72%	Put
10	SOULSOULPOWER ACQUISITION CORP	747,800	$130.0M	5.46%
11	—ALDEL FINL II INC	312,499	$127.0M	5.34%
12	EAELECTRONIC ARTS INC	594,161	$121.4M	5.10%
13	AFJKAIMEI HEALTH TECHNOLOGY CO L	288,212	$115.0M	4.83%
14	WBDWARNER BROS DISCOVERY INC	3,980,001	$114.7M	4.82%	Put
15	IPODDUNE ACQUISITION CORP II	449,855	$113.0M	4.75%
16	NSCNORFOLK SOUTHN CORP	387,596	$111.9M	4.70%
17	GTLSCHART INDS INC	496,058	$102.3M	4.30%
18	LCCCLAKESHORE ACQUISITION III CO	439,436	$92.0M	3.86%
19	FYBRFRONTIER COMMUNICATIONS PARE	2,308,994	$87.9M	3.69%
20	TAVITAVIA ACQUISITION CORP	400,000	$83.0M	3.49%
21	ESHARESH ACQUISITION CORP	400,000	$80.0M	3.36%
22	PGACPANTAGES CAPITAL ACQUISITION	385,000	$77.0M	3.23%
23	DMIIDRUGS MADE IN AMER ACQUTN CO	500,000	$77.0M	3.23%
24	EXASEXACT SCIENCES CORP	751,561	$76.3M	3.21%
25	RNAAVIDITY BIOSCIENCES INC	962,659	$69.4M	2.92%
26	FACTFACT II ACQUISITION CORP	200,216	$69.0M	2.90%
27	UYSCUY SCUTI ACQUISITION CORP.	330,000	$65.0M	2.73%
28	COPLCOPLEY ACQUISITION CORP	376,548	$63.0M	2.65%
29	JENAJENA ACQUISITION CORP II	400,000	$63.0M	2.65%
30	CMACOMERICA INC	658,366	$57.2M	2.40%
31	TVAITHAYER VENTURES ACQ CORP II	275,000	$56.0M	2.35%
32	LWACLIGHTWAVE ACQUISITION CORP	284,934	$52.0M	2.18%
33	—NEWBURY STR II ACQUISITION C	225,000	$51.0M	2.14%
34	GRAFGRAF GLOBAL CORP	106,977	$47.0M	1.97%
35	—ALCHEMY INVTS ACQUISITN CORP	224,998	$46.0M	1.93%
36	—AGRICULTURE & NAT SOL ACQ CO	132,870	$44.0M	1.85%
37	BAYARBAYVIEW ACQUISITION CORP	250,000	$42.0M	1.76%
38	VACHVOYAGER ACQUISITION CORP	183,647	$41.0M	1.72%
39	GSHRGESHER ACQUISITION CORP. II	119,999	$41.0M	1.72%
40	SIMASIM ACQUISITION CORP. I	187,499	$40.0M	1.68%
41	KFIIK&F GROWTH ACQUISITION CORP	250,000	$39.0M	1.64%
42	PRAPROASSURANCE CORP	1,605,544	$38.8M	1.63%
43	LPBBLAUNCH TWO ACQUISITION CORP.	124,999	$38.0M	1.60%
44	DAYDAYFORCE INC	546,665	$37.8M	1.59%
45	AXINAXIOM INTELLIGENCE AC CORP 1	175,000	$36.0M	1.51%
46	SEESEALED AIR CORP NEW	853,621	$35.4M	1.49%
47	—NEWHOLD INVT CORP III	99,998	$35.0M	1.47%
48	CAPNCAYSON ACQUISITION CORP	150,000	$34.0M	1.43%
49	—KEEN VISION ACQUISITION CORP	649,000	$32.0M	1.34%
50	YCYAA MISSION ACQUISITION CORP	2,701,172	$28.8M	1.21%
51	—STELLAR V CAP CORP	99,998	$28.0M	1.18%
52	EMISEMMIS ACQUISITION CORP.	175,000	$26.0M	1.09%
53	CFLTCONFLUENT INC	857,198	$25.9M	1.09%
54	LBRDALIBERTY BROADBAND CORP	530,942	$25.6M	1.08%
55	NGDNEW GOLD INC CDA	2,852,255	$24.8M	1.04%
56	IBACRIB ACQUISITION CORP	349,019	$24.0M	1.01%
57	HOLXHOLOGIC INC	319,734	$23.8M	1.00%
58	TGNATEGNA INC	1,192,134	$23.1M	0.97%
59	HYACHAYMAKER ACQUISITION CORP IV	1,939,028	$22.1M	0.93%
60	ANSCAGRICULTURE & NAT SOL ACQ CO	1,964,677	$21.9M	0.92%
61	ALAIR LEASE CORP	334,421	$21.5M	0.90%
62	UCFIWCN HEALTHY FOOD TECH GROUP C	243,606	$21.0M	0.88%
63	KFIIK&F GROWTH ACQUISITION CORP	1,885,000	$19.5M	0.82%
64	NPACNEW PROVIDENCE ACQUISITION C	426,330	$18.2M	0.76%
65	CSXCSX CORP	487,583	$17.7M	0.74%	Put
66	DMIIDRUGS MADE IN AMER ACQUTN CO	1,669,000	$17.3M	0.73%
67	APTVAPTIV PLC	223,800	$17.0M	0.72%	Put
68	EGHAEGH ACQUISITION CORP.	75,000	$17.0M	0.71%
69	SZZLSIZZLE ACQUISITION CORP. II	1,564,728	$15.9M	0.67%
70	ALFCENTURION ACQUISITION CORP	49,999	$15.0M	0.63%
71	CTLPCANTALOUPE INC	1,389,401	$14.8M	0.62%
72	GPATGP-ACT III ACQUISITION CORP	1,360,852	$14.6M	0.61%
73	GTERAGLOBA TERRA ACQUISITION COR	1,414,429	$14.3M	0.60%
74	CADECADENCE BANK	328,564	$14.1M	0.59%
75	HONHONEYWELL INTL INC	72,100	$14.1M	0.59%	Put
76	SDHISIDDHI ACQUISITION CORP	1,349,197	$13.9M	0.58%
77	TACHTITAN ACQUISITION CORP	1,344,693	$13.8M	0.58%
78	VACHVOYAGER ACQUISITION CORP	1,261,894	$13.5M	0.57%
79	SIMASIM ACQUISITION CORP. I	1,270,312	$13.5M	0.57%
80	NPACNEW PROVIDENCE ACQUISITION C	1,278,999	$13.1M	0.55%
81	OYSEOYSTER ENTERPRISES II ACQUIS	1,295,112	$13.1M	0.55%
82	THSTREEHOUSE FOODS INC	553,686	$13.1M	0.55%
83	KCHVKOCHAV DEFENSE ACQUI CO	1,286,000	$13.0M	0.55%
84	SPKLSPARK I ACQUISITION CORP	44,785	$13.0M	0.55%
85	TACOBERTO ACQUISITION CORP	37,499	$13.0M	0.55%
86	SOULSOULPOWER ACQUISITION CORP	1,279,300	$13.0M	0.55%
87	PLMKPLUM ACQUISITION CORP IV	1,225,000	$12.8M	0.54%
88	JACSJACKSON ACQUISITION CO II	1,186,200	$12.4M	0.52%
89	ALDFALDEL FINL II INC	1,159,448	$12.2M	0.51%
90	POLEANDRETTI ACQUISITION CORP II	1,111,416	$11.7M	0.49%
91	GIWGIGCAPITAL8 CORP	1,080,000	$10.7M	0.45%
92	AACBARTIUS II ACQUISITION INC	995,939	$10.3M	0.43%
93	BCARD. BORAL ARC ACQ I CORP.	1,002,475	$10.1M	0.42%
94	LPBBLAUNCH TWO ACQUISITION CORP.	950,000	$10.0M	0.42%
95	FACTFACT II ACQUISITION CORP	921,116	$9.6M	0.40%
96	ATIIARCHIMEDES TECH SPAC PARTNER	907,144	$9.4M	0.39%
97	—NEWBURY STR II ACQUISITION C	898,111	$9.4M	0.39%
98	JENAJENA ACQUISITION CORP II	912,000	$9.3M	0.39%
99	MLACMOUNTAIN LAKE ACQUISITION CO	887,700	$9.2M	0.39%
100	OBAOXLEY BRIDGE ACQ LTD	917,657	$9.2M	0.39%

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