# EDGAR Filing Document

**Accession Number:** 0001966898
**File Stem:** 0001172661-26-000284
**Filing Date:** 2026-1
**Character Count:** 15656
**Document Hash:** e6b803513f5d7856636c26062730e995
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000284.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001172661-26-000284

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portman Square Capital LLP
- **CENTRAL INDEX KEY:** 0001966898

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23143
- **FILM NUMBER:** 26555575

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 PORTMAN SQUARE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1H 6AZ
- **BUSINESS PHONE:** 44-203-627-6800

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 PORTMAN SQUARE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1H 6AZ

### 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:** Portman Square Capital LLP<br>**Address:** 10 Portman Square<br>London, X0 W1H 6AZ

**Form 13F File Number:** 028-23143

**CRD Number (if applicable):** 000319011

**SEC File Number (if applicable):** 801-126696

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:** Petros Toseland<br>**Title:** CCO<br>**Phone:** 44-203-627-6800

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

/s/ Petros Toseland  London, X0  01-23-2026<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:** 117

**Form 13F Information Table Value Total:** $2261302841

      (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 |
| ADVANCED ENERGY INDS | COM | 007973100 |  | 11766594 | 56200 | SH | Put | SOLE |  | 56200 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 33155000 | 380000 | SH | Put | SOLE |  | 380000 | 0 | 0 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 40734450 | 691000 | SH |  | SOLE |  | 691000 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 8791486 | 62157 | SH |  | SOLE |  | 62157 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 78287040 | 553500 | SH | Put | SOLE |  | 553500 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 83997000 | 54000000 | PRN |  | SOLE |  | 54000000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 41467482 | 282900 | SH | Put | SOLE |  | 282900 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 11531850 | 29000 | SH | Put | SOLE |  | 29000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 977026 | 2457 | SH |  | SOLE |  | 2457 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1495564 | 43400 | SH | Put | SOLE |  | 43400 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1054476 | 30600 | SH | Call | SOLE |  | 30600 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 |  | 25280000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 63924665 | 395500 | SH | Put | SOLE |  | 395500 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2803807 | 10900 | SH | Put | SOLE |  | 10900 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 4398633 | 17100 | SH | Call | SOLE |  | 17100 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2821500 | 51300 | SH | Put | SOLE |  | 51300 | 0 | 0 |
| BLACKLINE INC | COM | 09239B109 |  | 3296943 | 59630 | SH |  | SOLE |  | 59630 | 0 | 0 |
| BLACKLINE INC | COM | 09239B109 |  | 19163514 | 346600 | SH | Put | SOLE |  | 346600 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 105737440 | 487000 | SH | Put | SOLE |  | 487000 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 7091550 | 102000 | SH |  | SOLE |  | 102000 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 5270805 | 24276 | SH |  | SOLE |  | 24276 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 6426396 | 1200 | SH | Put | SOLE |  | 1200 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 14219491 | 185900 | SH | Put | SOLE |  | 185900 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 3998478 | 51700 | SH | Put | SOLE |  | 51700 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3292056 | 21600 | SH | Put | SOLE |  | 21600 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 9620920 | 48800 | SH | Put | SOLE |  | 48800 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 1517661 | 7698 | SH |  | SOLE |  | 7698 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 9692298 | 138600 | SH | Put | SOLE |  | 138600 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE 0.250% 4/0 | 19260QAF4 |  | 10267500 | 10000000 | PRN |  | SOLE |  | 10000000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 22614000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 651283 | 2880 | SH |  | SOLE |  | 2880 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2574275 | 27500 | SH | Call | SOLE |  | 27500 | 0 | 0 |
| ENOVIS CORPORATION | COM | 194014502 |  | 13274712 | 498300 | SH | Call | SOLE |  | 498300 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 3286813 | 31300 | SH | Call | SOLE |  | 31300 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 2142204 | 20400 | SH | Put | SOLE |  | 20400 | 0 | 0 |
| EVERGY INC | NOTE 4.500%12/1 | 30034WAD8 |  | 24377500 | 20000000 | PRN |  | SOLE |  | 20000000 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 9423700 | 130000 | SH | Put | SOLE |  | 130000 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 3881347 | 13700 | SH | Put | SOLE |  | 13700 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 660280 | 34000 | SH | Put | SOLE |  | 34000 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 30139164 | 673200 | SH | Put | SOLE |  | 673200 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 3501073 | 88344 | SH |  | SOLE |  | 88344 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 16077891 | 405700 | SH | Put | SOLE |  | 405700 | 0 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 33417136 | 1664200 | SH | Put | SOLE |  | 1664200 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 28932120 | 373800 | SH | Put | SOLE |  | 373800 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 2205900 | 28500 | SH | Call | SOLE |  | 28500 | 0 | 0 |
| GUESS INC | COM | 401617105 |  | 8375000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 5025657 | 159900 | SH | Put | SOLE |  | 159900 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 14564000 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 5077948 | 211405 | SH |  | SOLE |  | 211405 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 68089494 | 2834700 | SH | Put | SOLE |  | 2834700 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 32252000 | 400000 | SH | Put | SOLE |  | 400000 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 18042698 | 194300 | SH | Put | SOLE |  | 194300 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 77992264 | 611800 | SH | Put | SOLE |  | 611800 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 15753851 | 123579 | SH |  | SOLE |  | 123579 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 5193000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 20430000 | 600000 | SH | Call | SOLE |  | 600000 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 28072500 | 197000 | SH | Put | SOLE |  | 197000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 5073600 | 480000 | SH | Put | SOLE |  | 480000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 4904448 | 463997 | SH |  | SOLE |  | 463997 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 799232 | 1400 | SH | Call | SOLE |  | 1400 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 1737202 | 53800 | SH | Put | SOLE |  | 53800 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 6445632 | 3200 | SH | Put | SOLE |  | 3200 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 35326368 | 554400 | SH | Put | SOLE |  | 554400 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 |  | 7323750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 1682208 | 26400 | SH |  | SOLE |  | 26400 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 54165505 | 647100 | SH | Put | SOLE |  | 647100 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 1593920 | 17000 | SH | Put | SOLE |  | 17000 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 5166000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 31372942 | 390794 | SH |  | SOLE |  | 390794 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 11/01/2027 | 65339F119 |  | 2479875 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 176302908 | 2196100 | SH | Put | SOLE |  | 2196100 | 0 | 0 |
| NOVANTA INC | UNIT 11/01/2028 | 67000B203 |  | 22334750 | 410000 | SH |  | SOLE |  | 410000 | 0 | 0 |
| NOVANTA INC | COM | 67000B104 |  | 11696717 | 98300 | SH | Put | SOLE |  | 98300 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 14533860 | 268400 | SH | Put | SOLE |  | 268400 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 1815379 | 33525 | SH |  | SOLE |  | 33525 | 0 | 0 |
| OSI SYSTEMS INC | NOTE 2.250% 8/0 | 671044AF2 |  | 10416000 | 7000000 | PRN |  | SOLE |  | 7000000 | 0 | 0 |
| OSI SYSTEMS INC | COM | 671044105 |  | 5611320 | 22000 | SH | Put | SOLE |  | 22000 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 2207954 | 137396 | SH |  | SOLE |  | 137396 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 8035000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 64344280 | 4004000 | SH | Put | SOLE |  | 4004000 | 0 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 15645765 | 381000 | SH |  | SOLE |  | 381000 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 2193680 | 17000 | SH | Put | SOLE |  | 17000 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 2953788 | 52400 | SH | Call | SOLE |  | 52400 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 6211974 | 110200 | SH | Put | SOLE |  | 110200 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 5016864 | 9600 | SH | Call | SOLE |  | 9600 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 3553612 | 6800 | SH | Put | SOLE |  | 6800 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 5105401 | 51100 | SH | Put | SOLE |  | 51100 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 35768000 | 800000 | SH | Call | SOLE |  | 800000 | 0 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 12391475 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 6297000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SOUTHERN CO | UNIT 12/15/2028 | 842587842 |  | 88924940 | 1786000 | SH |  | SOLE |  | 1786000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 83450400 | 957000 | SH | Put | SOLE |  | 957000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 4153249 | 47629 | SH |  | SOLE |  | 47629 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 141878980 | 358000 | SH | Call | SOLE |  | 358000 | 0 | 0 |
| SPECTRUM BRANDS HLDGS INC NE | COM | 84790A105 |  | 7249116 | 122700 | SH | Call | SOLE |  | 122700 | 0 | 0 |
| STARWOOD PPTY TR INC | NOTE 6.750% 7/1 | 85571BBA2 |  | 18661500 | 18000000 | PRN |  | SOLE |  | 18000000 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 21439104 | 1190400 | SH | Put | SOLE |  | 1190400 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 9844660 | 133000 | SH | Put | SOLE |  | 133000 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 1215186 | 16417 | SH |  | SOLE |  | 16417 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 20284992 | 604800 | SH | Put | SOLE |  | 604800 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 6802717 | 202824 | SH |  | SOLE |  | 202824 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3758660 | 46000 | SH | Put | SOLE |  | 46000 | 0 | 0 |
| UGI CORP NEW | NOTE 5.000% 6/0 | 902681AB1 |  | 77666523 | 54714000 | PRN |  | SOLE |  | 54714000 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 50736365 | 1355500 | SH | Put | SOLE |  | 1355500 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 4834588 | 20900 | SH | Put | SOLE |  | 20900 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2336332 | 10100 | SH | Call | SOLE |  | 10100 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 2589824 | 3200 | SH | Put | SOLE |  | 3200 | 0 | 0 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 397943 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 4851142 | 29800 | SH | Put | SOLE |  | 29800 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 750218 | 28700 | SH |  | SOLE |  | 28700 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 2853853 | 28422 | SH |  | SOLE |  | 28422 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 612501 | 6100 | SH | Put | SOLE |  | 6100 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 12243906 | 116100 | SH | Put | SOLE |  | 116100 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 427535 | 4054 | SH |  | SOLE |  | 4054 | 0 | 0 |
| WINNEBAGO INDS INC | COM | 974637100 |  | 12156000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2526930 | 21000 | SH | Put | SOLE |  | 21000 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 39833 | 16807 | SH |  | SOLE |  | 16807 | 0 | 0 |

---