# EDGAR Filing Document

**Accession Number:** 0001880562
**File Stem:** 0001880562-25-000008
**Filing Date:** 2025-8
**Character Count:** 14171
**Document Hash:** 5c12eaed2701a093202a0585ca3b5635
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001880562-25-000008.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001880562-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sandia Investment Management LP
- **CENTRAL INDEX KEY:** 0001880562

**ORGANIZATION NAME:**
- **EIN:** 862690104
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22158
- **FILM NUMBER:** 251220237

**BUSINESS ADDRESS:**
- **STREET 1:** 201 WASHINGTON STREET
- **STREET 2:** SUITE 2600
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 516-946-8207

**MAIL ADDRESS:**
- **STREET 1:** 201 WASHINGTON STREET
- **STREET 2:** SUITE 2600
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Sandia Investment Management LP<br>**Address:** 201 WASHINGTON STREET<br>SUITE 2600<br>BOSTON, MA 02108

**Form 13F File Number:** 028-22158

**CRD Number (if applicable):** 000311098

**SEC File Number (if applicable):** 801-120856

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:** Thomas Cagna<br>**Title:** CCO COO and CFO<br>**Phone:** (516) 946-8207

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

Thomas Cagna  Boston, MA  08-14-2025<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:** 102

**Form 13F Information Table Value Total:** $38972870

      (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 |
| 89BIO INC | COM | 282559103 |  | 171850 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| A SPAC III ACQUISITION CORP | ORD SHS CL A | G0544A103 |  | 307500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ABACUS GLOBAL MGMT INC | *W EXP 06/30/202 | 00258Y112 |  | 122825 | 109665 | SH |  | SOLE |  | 0 | 0 | 0 |
| ABPRO HLDGS INC | *W EXP 11/12/202 | 000847111 |  | 8262 | 358427 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALDEL FINL II INC | CL A | G01558108 |  | 1049000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ALDEL FINL II INC | *W EXP 09/26/203 | G01558124 |  | 26000 | 50000 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALEANNA INC | *W EXP 12/13/202 | 01444V111 |  | 17542 | 74647 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 531343 | 22505 | SH |  | SOLE |  | 22505 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 387600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ANDRETTI ACQUISITION CORP II | ORD SHS CL A | G26745102 |  | 415200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ANDRETTI ACQUISITION CORP II | *W EXP 06/01/203 | G26745128 |  | 4000 | 20000 | SH |  | SOLE |  | 0 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | ORD SHS CL A | G05384501 |  | 629400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ATEGRITY SPECIALTY IN CO HO | COM | 04681Y103 |  | 114056 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| AXIOM INTELLIGENCE AC CORP 1 | UNIT 06/10/2030 | G0750N120 |  | 201800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BAIRD MED INVT HLDGS LTD | *W EXP 10/01/202 | G0705H111 |  | 8659 | 108100 | SH |  | SOLE |  | 0 | 0 | 0 |
| BBB FOODS INC | CL A COM | G0896C103 |  | 277600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BETA BIONICS INC | COM | 08659B102 |  | 87360 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BLUE ACQUISITION CORP. | UNIT 06/02/2030 | G1331A124 |  | 200800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | CL A | G2003N105 |  | 1893709 | 180870 | SH |  | SOLE |  | 180870 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | RIGHT 10/11/2029 | G2003N121 |  | 47100 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| BRIDGER AEROSPACE GRP HLDGS | *W EXP 01/24/202 | 96812F110 |  | 1371 | 17690 | SH |  | SOLE |  | 0 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 117950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 554350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 194120 | 18400 | SH |  | SOLE |  | 18400 | 0 | 0 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 267200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CENTURI HOLDINGS INC | COM SHS | 155923105 |  | 448800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CHARLTON ARIA ACQUISITION CO | ORD SHS CL A | G9877L107 |  | 489328 | 47600 | SH |  | SOLE |  | 47600 | 0 | 0 |
| CHEWY INC | CL A | 16679L109 |  | 213100 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CHIME FINL INC | COM SHS CL A | 16935C109 |  | 949025 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| CHURCHILL CAPITAL CORP IX | *W EXP 03/31/203 | G21301117 |  | 9501 | 10000 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHURCHILL CAPITAL CORP IX | CL A SHS | G21301109 |  | 473400 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| CHURCHILL CAP CORP X | UNIT 05/14/2030 | G2130T124 |  | 206014 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CID HOLDCO INC | COM | 171756109 |  | 112219 | 21875 | SH |  | SOLE |  | 21875 | 0 | 0 |
| CLARUS CORP NEW | COM | 18270P109 |  | 239232 | 68943 | SH |  | SOLE |  | 68943 | 0 | 0 |
| COLUMBUS CIRCLE CAP CORP. I | UNIT 05/16/2030 | G2296A125 |  | 343800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| COMPLETE SOLARIA INC | COM | 20460L104 |  | 91051 | 49484 | SH |  | SOLE |  | 49484 | 0 | 0 |
| COREBRIDGE FINL INC | COM | 21871X109 |  | 355000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CLASSOVER HLDGS INC | COM CL B | 182744102 |  | 264600 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| DYNAMIX CORP | SHS CL A | G2949D104 |  | 1295125 | 126973 | SH |  | SOLE |  | 126973 | 0 | 0 |
| DYNAMIX CORP | *W EXP 09/12/202 | G2949D112 |  | 24740 | 63486 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 831200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ENVOY MEDICAL INC | *W EXP 09/29/202 | 29415V117 |  | 20823 | 589886 | SH |  | SOLE |  | 0 | 0 | 0 |
| EQV VENTURES ACQUISITION COR | CL A ORD SHS | G3106N109 |  | 923419 | 87861 | SH |  | SOLE |  | 87861 | 0 | 0 |
| EQV VENTURES ACQUISITION COR | *W EXP 07/01/203 | G3106N117 |  | 21497 | 29287 | SH |  | SOLE |  | 0 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 |  | 665900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| FACT II ACQUISITION CORP | ORD SHS CL A | G32901103 |  | 1287279 | 125100 | SH |  | SOLE |  | 125100 | 0 | 0 |
| FACT II ACQUISITION CORP | *W EXP 11/26/203 | G32901129 |  | 17201 | 62550 | SH |  | SOLE |  | 0 | 0 | 0 |
| FIGX CAP ACQUISITION CORP. | UNIT 06/17/2030 | G3473K126 |  | 108953 | 10879 | SH |  | SOLE |  | 10879 | 0 | 0 |
| FLOWCO HLDGS INC | COM CL A | 342909108 |  | 178100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 41458 | 427627 | SH |  | SOLE |  | 0 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | CLASS A | G4375F108 |  | 3565320 | 321200 | SH |  | SOLE |  | 321200 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | *W EXP 05/31/202 | G4375F116 |  | 49562 | 162499 | SH |  | SOLE |  | 0 | 0 | 0 |
| HINGE HEALTH INC | CL A | 433313103 |  | 657225 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| ITEOS THERAPEUTICS INC | COM | 46565G104 |  | 247904 | 24865 | SH |  | SOLE |  | 24865 | 0 | 0 |
| JAKKS PAC INC | COM NEW | 47012E403 |  | 228809 | 11011 | SH |  | SOLE |  | 11011 | 0 | 0 |
| KARMAN HLDGS INC | COMMON STOCK | 485924104 |  | 251850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 330600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 503700 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 685400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| LAKELAND INDS INC | COM | 511795106 |  | 147669 | 10850 | SH |  | SOLE |  | 10850 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | CL A SHS | G5509P102 |  | 1070000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | *W EXP 10/31/203 | G5509P110 |  | 34650 | 49500 | SH |  | SOLE |  | 0 | 0 | 0 |
| LOAR HOLDINGS INC | COM SHS | 53947R105 |  | 1005345 | 11667 | SH |  | SOLE |  | 11667 | 0 | 0 |
| M3BRIGADE ACQUISITION V CORP | CL A | G63212107 |  | 333608 | 29549 | SH |  | SOLE |  | 29549 | 0 | 0 |
| M3BRIGADE ACQUISITION V CORP | *W EXP 99/99/999 | G63212115 |  | 43750 | 25000 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 |  | 197350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MELAR ACQUISITION CORP. I | UNIT 06/10/2029 | G6004G126 |  | 524500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 526000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 447100 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| NEWHOLD INVT CORP III | ORD SHS CL A | G6486E102 |  | 254250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NEWHOLD INVT CORP III | *W EXP 01/30/203 | G6486E110 |  | 6069 | 12500 | SH |  | SOLE |  | 0 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 419650 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| OLD MKT CAP CORP | COM | 65373A109 |  | 197131 | 35842 | SH |  | SOLE |  | 35842 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 366000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ORION PROPERTIES INC | COM | 68629Y103 |  | 53448 | 25093 | SH |  | SOLE |  | 25093 | 0 | 0 |
| PACS GROUP INC | COM SHS | 69380Q107 |  | 161500 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| REDWIRE CORPORATION | COM | 75776W103 |  | 163000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| REGIS CORPORATION | COM SHS | 758932206 |  | 734529 | 32936 | SH |  | SOLE |  | 32936 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 183950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ROMAN DBDR ACQUISITION CORP | ORD SHS CL A | G7633M104 |  | 516531 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| SAILPOINT INC | COM | 78781J109 |  | 571500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 360895 | 7958 | SH |  | SOLE |  | 7958 | 0 | 0 |
| SAVERS VALUE VLG INC | COM | 80517M109 |  | 51000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SEAPORT ENTMT GROUP INC | COMMON STOCK | 812215200 |  | 248250 | 13311 | SH |  | SOLE |  | 13311 | 0 | 0 |
| SERITAGE GROWTH PPTYS | CL A | 81752R100 |  | 289172 | 93887 | SH |  | SOLE |  | 93887 | 0 | 0 |
| SLIDE INS HLDGS INC | COM | 831349105 |  | 433200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SMITHFIELD FOODS INC | COM | 832248207 |  | 470600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SONIDA SENIOR LIVING INC | COM | 140475203 |  | 314669 | 12612 | SH |  | SOLE |  | 12612 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 280800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SPRING VALLEY ACQUISTN CORP | *W EXP 02/25/202 | G83752116 |  | 4251 | 30362 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPRING VALLEY ACQUISTN CORP | RIGHT 02/25/2026 | G83752132 |  | 81130 | 579498 | SH |  | SOLE |  | 579498 | 0 | 0 |
| STANDARDAERO INC | COM | 85423L103 |  | 949500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TITAN AMER SA | COMMON SHARES | B9151N105 |  | 187200 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| VALARIS LTD | *W EXP 04/29/202 | G9460G119 |  | 47463 | 12296 | SH |  | SOLE |  | 0 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 155800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 266450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| VINE HILL CAP INVT CORP. | *W EXP 07/01/203 | G93Y09115 |  | 6106 | 25250 | SH |  | SOLE |  | 0 | 0 | 0 |
| VINE HILL CAP INVT CORP. | ORD SHS CL A | G93Y09107 |  | 525200 | 50500 | SH |  | SOLE |  | 50500 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 19625 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 1017663 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| WILLOW LANE ACQUISITION CORP | ORD SHS CL A | G9675P102 |  | 767250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| WEBULL CORP | ORD SHS | G9572D103 |  | 771384 | 64497 | SH |  | SOLE |  | 64497 | 0 | 0 |

---