# EDGAR Filing Document

**Accession Number:** 0001000742
**File Stem:** 0001140361-26-005786
**Filing Date:** 2026-2
**Character Count:** 17335
**Document Hash:** 6e12760a1d0d1094fe96b932fe97662a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-005786.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001140361-26-005786

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SANDLER CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001000742

**ORGANIZATION NAME:**
- **EIN:** 112792496
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06285
- **FILM NUMBER:** 26642223

**BUSINESS ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2127548100

**MAIL ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** SANDLER CAPITAL MANAGEMENT<br>**Address:** 711 FIFTH AVENUE<br>SUITE 500<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-06285

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:** Andrew Sandler<br>**Title:** Managing Director<br>**Phone:** 212-754-8100

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

/s/ Andrew Sandler  NEW YORK, NY  02-17-2026<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:** 141

**Form 13F Information Table Value Total:** $305293978

      (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 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 1045135 | 7270 | SH |  | SOLE |  | 7270 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 2464636 | 18113 | SH |  | SOLE |  | 18113 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 1275361 | 9397 | SH |  | SOLE |  | 9397 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4376882 | 13948 | SH |  | SOLE |  | 13948 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2963267 | 12838 | SH |  | SOLE |  | 12838 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 2702800 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 4063795 | 30071 | SH |  | SOLE |  | 30071 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 513760 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2053630 | 7554 | SH |  | SOLE |  | 7554 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4077900 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 880448 | 3426 | SH |  | SOLE |  | 3426 | 0 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 1035659 | 19094 | SH |  | SOLE |  | 19094 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 1522365 | 29327 | SH |  | SOLE |  | 29327 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 2582696 | 14200 | SH |  | SOLE |  | 14200 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 4401496 | 24200 | SH | Call | SOLE |  | 24200 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1664035 | 2930 | SH |  | SOLE |  | 2930 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2566520 | 46664 | SH |  | SOLE |  | 46664 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 2821211 | 46732 | SH |  | SOLE |  | 46732 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 908203 | 15443 | SH |  | SOLE |  | 15443 | 0 | 0 |
| BIOLIFE SOLUTIONS INC | COM NEW | 09062W204 |  | 764983 | 31637 | SH |  | SOLE |  | 31637 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 1926612 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 427084 | 9800 | SH | Put | SOLE |  | 9800 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 2806800 | 120000 | SH | Put | SOLE |  | 120000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 3310566 | 36185 | SH |  | SOLE |  | 36185 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 823787 | 1438 | SH |  | SOLE |  | 1438 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 2417130 | 9630 | SH |  | SOLE |  | 9630 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 2121302 | 13193 | SH |  | SOLE |  | 13193 | 0 | 0 |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 866410 | 3569 | SH |  | SOLE |  | 3569 | 0 | 0 |
| CHIME FINL INC | COM SHS CL A | 16935C109 |  | 1258500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 678600 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 1259500 | 55000 | SH | Call | SOLE |  | 55000 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 1228987 | 5255 | SH |  | SOLE |  | 5255 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 674050 | 8500 | SH | Put | SOLE |  | 8500 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5251050 | 45000 | SH | Put | SOLE |  | 45000 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 1409746 | 7638 | SH |  | SOLE |  | 7638 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 3392100 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 809342 | 2291 | SH |  | SOLE |  | 2291 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 6567000 | 75000 | SH | Put | SOLE |  | 75000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 9897607 | 113038 | SH |  | SOLE |  | 113038 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1293510 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 326199 | 2267 | SH |  | SOLE |  | 2267 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 2651501 | 21246 | SH |  | SOLE |  | 21246 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1492063 | 3183 | SH |  | SOLE |  | 3183 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 1039695 | 1886 | SH |  | SOLE |  | 1886 | 0 | 0 |
| CUSTOM TRUCK ONE SOURCE INC | COM CL A | 23204X103 |  | 1078825 | 187296 | SH |  | SOLE |  | 187296 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 1130316 | 2534 | SH |  | SOLE |  | 2534 | 0 | 0 |
| D-WAVE QUANTUM INC | COM | 26740W109 |  | 523000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 3273556 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 700213 | 5149 | SH |  | SOLE |  | 5149 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 2840050 | 8405 | SH |  | SOLE |  | 8405 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 4306535 | 24175 | SH |  | SOLE |  | 24175 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1167658 | 3666 | SH |  | SOLE |  | 3666 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 2312711 | 2152 | SH |  | SOLE |  | 2152 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 1844160 | 169500 | SH | Put | SOLE |  | 169500 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 2594869 | 105354 | SH |  | SOLE |  | 105354 | 0 | 0 |
| FORMFACTOR INC | COM | 346375108 |  | 1451340 | 26019 | SH |  | SOLE |  | 26019 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 722151 | 9883 | SH |  | SOLE |  | 9883 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 784284 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 1626068 | 4830 | SH |  | SOLE |  | 4830 | 0 | 0 |
| GOGO INC | COM | 38046C109 |  | 677564 | 145400 | SH | Put | SOLE |  | 145400 | 0 | 0 |
| GROUPON INC | COM NEW | 399473206 |  | 781884 | 44400 | SH | Call | SOLE |  | 44400 | 0 | 0 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 1948200 | 60000 | SH | Put | SOLE |  | 60000 | 0 | 0 |
| HINGE HEALTH INC | CL A | 433313103 |  | 2330815 | 50179 | SH |  | SOLE |  | 50179 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 5129679 | 68864 | SH |  | SOLE |  | 68864 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 3053159 | 15650 | SH |  | SOLE |  | 15650 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 675491 | 1521 | SH |  | SOLE |  | 1521 | 0 | 0 |
| HURON CONSULTING GROUP INC | COM | 447462102 |  | 808700 | 4677 | SH |  | SOLE |  | 4677 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1049975 | 1552 | SH |  | SOLE |  | 1552 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 3207600 | 180000 | SH | Call | SOLE |  | 180000 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 1413724 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 10072331 | 49571 | SH |  | SOLE |  | 49571 | 0 | 0 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 1123468 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 2118695 | 7217 | SH |  | SOLE |  | 7217 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1112670 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 1979208 | 18900 | SH | Put | SOLE |  | 18900 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 3352886 | 34036 | SH |  | SOLE |  | 34036 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 1691789 | 185300 | SH | Call | SOLE |  | 185300 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 2153033 | 15109 | SH |  | SOLE |  | 15109 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 3776250 | 26500 | SH | Put | SOLE |  | 26500 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 2141055 | 97100 | SH | Put | SOLE |  | 97100 | 0 | 0 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 1857102 | 44599 | SH |  | SOLE |  | 44599 | 0 | 0 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 2082000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 |  | 3219820 | 59748 | SH |  | SOLE |  | 59748 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 5117649 | 19786 | SH |  | SOLE |  | 19786 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2365485 | 3799 | SH |  | SOLE |  | 3799 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2936754 | 27900 | SH |  | SOLE |  | 27900 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 1299578 | 17800 | SH |  | SOLE |  | 17800 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1122153 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 399574 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1611905 | 3333 | SH |  | SOLE |  | 3333 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 355843 | 15194 | SH |  | SOLE |  | 15194 | 0 | 0 |
| MOELIS  CO | CL A | 60786M105 |  | 824055 | 11988 | SH |  | SOLE |  | 11988 | 0 | 0 |
| MONGODB INC | CL A | 60937P106 |  | 406680 | 969 | SH |  | SOLE |  | 969 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3444082 | 19400 | SH | Put | SOLE |  | 19400 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 489427 | 5220 | SH |  | SOLE |  | 5220 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 687103 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 1160928 | 11385 | SH |  | SOLE |  | 11385 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 735370 | 3943 | SH |  | SOLE |  | 3943 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3730000 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| PEDIATRIX MEDICAL GROUP INC | COM | 58502B106 |  | 1347570 | 63000 | SH | Call | SOLE |  | 63000 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 1177087 | 59690 | SH |  | SOLE |  | 59690 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 5854871 | 45863 | SH |  | SOLE |  | 45863 | 0 | 0 |
| QUIDELORTHO CORP | COM | 219798105 |  | 1836779 | 64313 | SH |  | SOLE |  | 64313 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 2477392 | 7006 | SH |  | SOLE |  | 7006 | 0 | 0 |
| ROBERT HALF INC. | COM | 770323103 |  | 1086400 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 1564061 | 4020 | SH |  | SOLE |  | 4020 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 5612040 | 30600 | SH |  | SOLE |  | 30600 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1589460 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 639943 | 4134 | SH |  | SOLE |  | 4134 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 2021898 | 21521 | SH |  | SOLE |  | 21521 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 583578 | 1801 | SH |  | SOLE |  | 1801 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1002521 | 6228 | SH |  | SOLE |  | 6228 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 1492745 | 6805 | SH |  | SOLE |  | 6805 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 2159850 | 82500 | SH | Call | SOLE |  | 82500 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A714 |  | 2328417 | 27300 | SH |  | SOLE |  | 27300 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 2888245 | 30377 | SH |  | SOLE |  | 30377 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 1323397 | 6615 | SH |  | SOLE |  | 6615 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1869462 | 22200 | SH |  | SOLE |  | 22200 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1828366 | 10790 | SH |  | SOLE |  | 10790 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 1519500 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 2579150 | 35000 | SH | Put | SOLE |  | 35000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5390097 | 17737 | SH |  | SOLE |  | 17737 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 7597250 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2222052 | 5928 | SH |  | SOLE |  | 5928 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 3807835 | 16737 | SH |  | SOLE |  | 16737 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 2476019 | 4848 | SH |  | SOLE |  | 4848 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 1185168 | 6123 | SH |  | SOLE |  | 6123 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 9504902 | 45478 | SH |  | SOLE |  | 45478 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 2456273 | 31350 | SH |  | SOLE |  | 31350 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 2198001 | 3633 | SH |  | SOLE |  | 3633 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 2706044 | 24200 | SH | Call | SOLE |  | 24200 | 0 | 0 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 2116532 | 48400 | SH | Put | SOLE |  | 48400 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 583766 | 49980 | SH |  | SOLE |  | 49980 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 1132960 | 97000 | SH | Call | SOLE |  | 97000 | 0 | 0 |
| VALMONT INDS INC | COM | 920253101 |  | 1628189 | 4047 | SH |  | SOLE |  | 4047 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 1069342 | 10717 | SH |  | SOLE |  | 10717 | 0 | 0 |
| VICTORIAS SECRET AND CO | COMMON STOCK | 926400102 |  | 1132749 | 20911 | SH |  | SOLE |  | 20911 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1204006 | 7463 | SH |  | SOLE |  | 7463 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 1039965 | 4251 | SH |  | SOLE |  | 4251 | 0 | 0 |
| WOODWARD INC | COM | 980745103 |  | 959261 | 3173 | SH |  | SOLE |  | 3173 | 0 | 0 |
| XPENG INC | ADS | 98422D105 |  | 687492 | 33900 | SH | Call | SOLE |  | 33900 | 0 | 0 |

---