Q4 2025 · 13F-HR
Marnell Management LLCholdings as filed
Filed 2026-02-13 · accession 0001852314-26-000002
$206.1M
Reported value
62
Positions
2025-12-31
Period end
The Brief · Marnell Management LLC · Q4 2025
AI · grounded in 13F
Marnell Management LLC established a new position in SPY valued at $68.19M. The fund also added new stakes in SBLK for $11.23M and JBGS for $6.56M. Other new entries include HCC, WULF, and CNR.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $68.2M | 33.1% | 100,000 | PUT | SOLE |
| Y8162K204 | SBLK | STAR BULK CARRIERS CORP. | $6.9M | 3.37% | 361,191 | Common | SOLE |
| 46590V100 | JBGS | JBG SMITH PPTYS | $6.6M | 3.18% | 385,463 | Common | SOLE |
| 93627C101 | HCC | WARRIOR MET COAL INC | $6.5M | 3.17% | 74,184 | Common | SOLE |
| 88080T104 | WULF | TERAWULF INC | $6.5M | 3.15% | 565,928 | Common | SOLE |
| 218937100 | CNR | CORE NATURAL RESOURCES INC | $6.0M | 2.93% | 68,143 | Common | SOLE |
| Y41053102 | INSW | INTERNATIONAL SEAWAYS INC | $6.0M | 2.92% | 123,827 | Common | SOLE |
| 65341D102 | NXRT | NEXPOINT RESIDENTIAL TR INC | $5.2M | 2.53% | 173,438 | Common | SOLE |
| Y2685T131 | GNK | GENCO SHIPPING & TRADING LTD | $5.2M | 2.51% | 281,246 | Common | SOLE |
| Y62267409 | NMM | NAVIOS MARITIME PARTNERS L P | $5.0M | 2.44% | 95,884 | Common | SOLE |
| G89479102 | TRMD | TORM PLC | $4.8M | 2.34% | 245,902 | Common | SOLE |
| 88642R109 | TDW | TIDEWATER INC NEW | $4.5M | 2.19% | 89,546 | Common | SOLE |
| 31946M103 | FCNCA | FIRST CTZNS BANCSHARES INC D | $4.5M | 2.19% | 2,105 | Common | SOLE |
| Y8162K204 | SBLK | STAR BULK CARRIERS CORP. | $4.3M | 2.08% | 222,900 | CALL | SOLE |
| 156431108 | CENX | CENTURY ALUM CO | $4.2M | 2.03% | 107,056 | Common | SOLE |
| 366505105 | GTX | GARRETT MOTION INC | $3.9M | 1.91% | 225,971 | Common | SOLE |
| Y0207T100 | ASC | ARDMORE SHIPPING CORP | $3.9M | 1.88% | 366,141 | Common | SOLE |
| N97284108 | NBIS | NEBIUS GROUP N.V. | $3.7M | 1.80% | 44,276 | Common | SOLE |
| 44812J104 | HUT | HUT 8 CORP | $3.5M | 1.69% | 75,942 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $3.2M | 1.57% | 221,872 | Common | SOLE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $2.9M | 1.39% | 8,864 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $2.7M | 1.29% | 6,700 | Common | SOLE |
| 014752109 | ALX | ALEXANDERS INC | $2.6M | 1.27% | 12,040 | Common | SOLE |
| M46528101 | FRO | FRONTLINE PLC | $2.4M | 1.16% | 109,319 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $2.2M | 1.05% | 5,760 | Common | SOLE |
| Y2990R101 | HAFN | HAFNIA LTD | $2.2M | 1.05% | 404,306 | Common | SOLE |
| 26969P108 | EXP | EAGLE MATLS INC | $1.9M | 0.91% | 9,050 | Common | SOLE |
| Y2065G121 | DHT | DHT HOLDINGS INC | $1.8M | 0.87% | 146,793 | Common | SOLE |
| B38564108 | CMBT | CMB.TECH NV | $1.8M | 0.86% | 184,253 | Common | SOLE |
| 64110Y108 | NLOP | NET LEASE OFFICE PROPERTIES | $1.8M | 0.85% | 68,027 | Common | SOLE |
| 670346105 | NUE | NUCOR CORP | $1.6M | 0.79% | 10,000 | PUT | SOLE |
| Y7542C130 | STNG | SCORPIO TANKERS INC | $1.4M | 0.69% | 28,044 | Common | SOLE |
| G8726X106 | TNK | TEEKAY TANKERS LTD | $1.2M | 0.60% | 23,073 | Common | SOLE |
| H8817H100 | RIG | TRANSOCEAN LTD | $1.2M | 0.58% | 289,877 | Common | SOLE |
| 48251W104 | KKR | KKR & CO INC | $1.2M | 0.56% | 9,100 | Common | SOLE |
| 020764106 | AMR | ALPHA METALLURGICAL RESOUR I | $1.1M | 0.54% | 5,584 | Common | SOLE |
| 680665205 | OLN | OLIN CORP | $951,931 | 0.46% | 45,700 | Common | SOLE |
| G9460G101 | VAL | VALARIS LTD | $939,809 | 0.46% | 18,647 | Common | SOLE |
| 278768106 | SATS | ECHOSTAR CORP | $934,821 | 0.45% | 8,600 | Common | SOLE |
| 960413102 | WLK | WESTLAKE CORPORATION | $865,098 | 0.42% | 11,700 | Common | SOLE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $806,345 | 0.39% | 1,295 | Common | SOLE |
| G9108L173 | TEN | TSAKOS ENERGY NAVIGATION LTD | $762,078 | 0.37% | 33,991 | Common | SOLE |
| 03938L203 | MT | ARCELORMITTAL SA LUXEMBOURG | $678,446 | 0.33% | 14,888 | Common | SOLE |
| 704551100 | BTU | PEABODY ENERGY CORP | $675,883 | 0.33% | 22,757 | Common | SOLE |
| Y1968P121 | DAC | DANAOS CORPORATION | $670,468 | 0.33% | 7,119 | Common | SOLE |
| 812215200 | SEG | SEAPORT ENTMT GROUP INC | $638,571 | 0.31% | 32,300 | Common | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $583,080 | 0.28% | 9,078 | Common | SOLE |
| 12769G100 | CZR | CAESARS ENTERTAINMENT INC NE | $513,294 | 0.25% | 21,945 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $497,472 | 0.24% | 2,400 | Common | SOLE |
| B38564108 | CMBT | CMB.TECH NV | $494,080 | 0.24% | 51,200 | CALL | SOLE |
| 952845105 | WFG | WEST FRASER TIMBER CO LTD | $482,769 | 0.23% | 7,900 | Common | SOLE |
| 929042109 | VNO | VORNADO RLTY TR | $416,000 | 0.20% | 12,500 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $397,093 | 0.19% | 790 | Common | SOLE |
| 185899101 | CLF | CLEVELAND-CLIFFS INC NEW | $378,653 | 0.18% | 28,513 | Common | SOLE |
| 91912E105 | VALE | VALE S A | $336,174 | 0.16% | 25,800 | Common | SOLE |
| 98311A105 | WH | WYNDHAM HOTELS & RESORTS INC | $305,791 | 0.15% | 4,047 | Common | SOLE |
| 526057302 | LEN/B | LENNAR CORP | $304,384 | 0.15% | 3,200 | Common | SOLE |
| Y64177101 | ECO | OKEANIS ECO TANKERS COR | $272,649 | 0.13% | 8,057 | Common | SOLE |
| 12763L105 | CDRE | CADRE HLDGS INC | $248,144 | 0.12% | 6,076 | Common | SOLE |
| Y27183600 | GSL | GLOBAL SHIP LEASE INC NEW | $228,286 | 0.11% | 6,515 | Common | SOLE |
| G9087Q102 | TROX | TRONOX HOLDINGS PLC | $82,691 | 0.04% | 19,830 | Common | SOLE |
| Y2685T131 | GNK | GENCO SHIPPING & TRADING LTD | $79,249 | 0.04% | 4,300 | CALL | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.