# EDGAR Filing Document

**Accession Number:** 0001823138
**File Stem:** 0001315863-25-000810
**Filing Date:** 2025-11
**Character Count:** 8796
**Document Hash:** 3d8a7f775576aee80e9f9c924135cd48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001315863-25-000810.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001315863-25-000810

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Seas Capital LP
- **CENTRAL INDEX KEY:** 0001823138

**ORGANIZATION NAME:**
- **EIN:** 843799363
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22002
- **FILM NUMBER:** 251485018

**BUSINESS ADDRESS:**
- **STREET 1:** 32 ELM PLACE, 3RD FLOOR
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 917.536.6028

**MAIL ADDRESS:**
- **STREET 1:** 32 ELM PLACE, 3RD FLOOR
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kairos Capital Management LP
- **DATE OF NAME CHANGE:** 20200831

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Two Seas Capital LP<br>**Address:** 32 ELM PLACE 3RD FLOOR<br>RYE, NY 10580

**Form 13F File Number:** 028-22002

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lawrence J. Palermo<br>**Title:** Chief Financial Officer<br>**Phone:** 646.420.4504

**Signature, Place, and Date of Signing:**

/s/ Lawrence J. Palermo  Rye, NY  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 49

**Form 13F Information Table Value Total:** $6229649975

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 7185000 | 1500000 | SH |  | SOLE |  | 1500000 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 10659187 | 2225300 | SH | Call | SOLE |  | 2225300 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 6466500 | 1350000 | SH | Call | SOLE |  | 1350000 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 2356044 | 25721 | SH |  | SOLE |  | 25721 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 49900325 | 10991261 | SH |  | SOLE |  | 10991261 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 81985882 | 5369082 | SH |  | SOLE |  | 5369082 | 0 | 0 |
| BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 |  | 7690500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 19160721 | 1602067 | SH |  | SOLE |  | 1602067 | 0 | 0 |
| CALUMET INC | COM | 131428104 |  | 104983819 | 5752538 | SH |  | SOLE |  | 5752538 | 0 | 0 |
| CALUMET INC | COM | 131428104 |  | 11862500 | 650000 | SH | Call | SOLE |  | 650000 | 0 | 0 |
| CALUMET INC | COM | 131428104 |  | 6387500 | 350000 | SH | Call | SOLE |  | 350000 | 0 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 5816580 | 462000 | SH |  | SOLE |  | 462000 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | *W EXP 01/23/202 | 21874A114 |  | 3367339 | 289539 | SH |  | SOLE |  | 289539 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | *W EXP 01/23/202 | 21874A130 |  | 432480 | 24107 | SH |  | SOLE |  | 24107 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 275629765 | 15363978 | SH |  | SOLE |  | 15363978 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 60996000 | 3400000 | SH | Call | SOLE |  | 3400000 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 38188129 | 279051 | SH |  | SOLE |  | 279051 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 58161250 | 425000 | SH | Call | SOLE |  | 425000 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 103321750 | 755000 | SH | Call | SOLE |  | 755000 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 22333009 | 292470 | SH |  | SOLE |  | 292470 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 25836769 | 9749724 | SH |  | SOLE |  | 9749724 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 75132807 | 340692 | SH |  | SOLE |  | 340692 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 44985623 | 269601 | SH |  | SOLE |  | 269601 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 1183350 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| GANNETT CO INC | COM | 36472T109 |  | 58565965 | 14180621 | SH |  | SOLE |  | 14180621 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 44289279 | 1095998 | SH |  | SOLE |  | 1095998 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 44524085 | 2762040 | SH |  | SOLE |  | 2762040 | 0 | 0 |
| INDIVIOR PLC | ORD | G4766E116 |  | 253255105 | 10504152 | SH |  | SOLE |  | 10504152 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 350842000 | 1450000 | SH | Put | SOLE |  | 1450000 | 0 | 0 |
| LUCID DIAGNOSTICS INC | COM | 54948X109 |  | 3030000 | 3000000 | SH |  | SOLE |  | 3000000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 17824871 | 24272 | SH |  | SOLE |  | 24272 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 26325294 | 234482 | SH |  | SOLE |  | 234482 | 0 | 0 |
| ODYSSEY MARINE EXPL INC | COM NEW | 676118201 |  | 8911521 | 4570011 | SH |  | SOLE |  | 4570011 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 28814864 | 1910800 | SH | Call | SOLE |  | 1910800 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 177840501 | 11754164 | SH |  | SOLE |  | 11754164 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 36849115 | 2435500 | SH | Call | SOLE |  | 2435500 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 10721208 | 614044 | SH |  | SOLE |  | 614044 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 26190000 | 1500000 | SH | Call | SOLE |  | 1500000 | 0 | 0 |
| SONOS INC | COM | 83570H108 |  | 8390464 | 531042 | SH |  | SOLE |  | 531042 | 0 | 0 |
| SOTERA HEALTH CO | COM | 83601L102 |  | 53060876 | 3373228 | SH |  | SOLE |  | 3373228 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 686165400 | 1030000 | SH | Put | SOLE |  | 1030000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 511959330 | 768500 | SH | Put | SOLE |  | 768500 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 333090000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 646194600 | 970000 | SH | Put | SOLE |  | 970000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1498105584 | 2248800 | SH | Put | SOLE |  | 2248800 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 189861300 | 285000 | SH | Put | SOLE |  | 285000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 113528817 | 266888 | SH |  | SOLE |  | 266888 | 0 | 0 |
| TERAWULF INC | COM | 88080T104 |  | 43980567 | 3851188 | SH |  | SOLE |  | 3851188 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 33306400 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |

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