# EDGAR Filing Document

**Accession Number:** 0001852314
**File Stem:** 0001852314-26-000002
**Filing Date:** 2026-2
**Character Count:** 9848
**Document Hash:** a25c5f1b2162484e194e443b2c4ecee7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001852314-26-000002.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001852314-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marnell Management LLC
- **CENTRAL INDEX KEY:** 0001852314

**ORGANIZATION NAME:**
- **EIN:** 472903792
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26326
- **FILM NUMBER:** 26629772

**BUSINESS ADDRESS:**
- **STREET 1:** 30445 NORTHWESTERN HIGHWAY
- **STREET 2:** SUITE 235
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48334
- **BUSINESS PHONE:** 248-579-4531

**MAIL ADDRESS:**
- **STREET 1:** 30445 NORTHWESTERN HIGHWAY
- **STREET 2:** SUITE 235
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48334

### 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:** Marnell Management LLC<br>**Address:** 30445 NORTHWESTERN HIGHWAY<br>SUITE 235<br>FARMINGTON HILLS, MI 48334

**Form 13F File Number:** 028-26326

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:** Ann Crilly Kvasnicka<br>**Title:** Chief Compliance Officer<br>**Phone:** 248-579-4668

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

/s/Ann Crilly Kvasnicka  Farmington Hills, MI  02-13-2026<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:** 62

**Form 13F Information Table Value Total:** $206135697

      (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 |
| AIR LEASE CORP | CL A | 00912X302 |  | 583080 | 9078 | SH |  | SOLE |  | 9078 | 0 | 0 |
| ALEXANDERS INC | COM | 014752109 |  | 2623998 | 12040 | SH |  | SOLE |  | 12040 | 0 | 0 |
| ALPHA METALLURGICAL RESOUR I | COM | 020764106 |  | 1116130 | 5584 | SH |  | SOLE |  | 5584 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 678446 | 14888 | SH |  | SOLE |  | 14888 | 0 | 0 |
| ARDMORE SHIPPING CORP | COM | Y0207T100 |  | 3877433 | 366141 | SH |  | SOLE |  | 366141 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 397093 | 790 | SH |  | SOLE |  | 790 | 0 | 0 |
| CADRE HLDGS INC | COM | 12763L105 |  | 248144 | 6076 | SH |  | SOLE |  | 6076 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 513294 | 21945 | SH |  | SOLE |  | 21945 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 4194454 | 107056 | SH |  | SOLE |  | 107056 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 378653 | 28513 | SH |  | SOLE |  | 28513 | 0 | 0 |
| CMB.TECH NV | SHS | B38564108 |  | 1778042 | 184253 | SH |  | SOLE |  | 184253 | 0 | 0 |
| CMB.TECH NV | SHS | B38564108 |  | 494080 | 51200 | SH | Call | SOLE |  | 51200 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 6031337 | 68143 | SH |  | SOLE |  | 68143 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 3230456 | 221872 | SH |  | SOLE |  | 221872 | 0 | 0 |
| DANAOS CORPORATION | SHS | Y1968P121 |  | 670468 | 7119 | SH |  | SOLE |  | 7119 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 1792343 | 146793 | SH |  | SOLE |  | 146793 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 1870454 | 9050 | SH |  | SOLE |  | 9050 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 934821 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 |  | 4517709 | 2105 | SH |  | SOLE |  | 2105 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 497472 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| FRONTLINE PLC | COM | M46528101 |  | 2385341 | 109319 | SH |  | SOLE |  | 109319 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 3938675 | 225971 | SH |  | SOLE |  | 225971 | 0 | 0 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 5183364 | 281246 | SH |  | SOLE |  | 281246 | 0 | 0 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 79249 | 4300 | SH | Call | SOLE |  | 4300 | 0 | 0 |
| GLOBAL SHIP LEASE INC NEW | COM CL A | Y27183600 |  | 228286 | 6515 | SH |  | SOLE |  | 6515 | 0 | 0 |
| HAFNIA LTD | SHS | Y2990R101 |  | 2154951 | 404306 | SH |  | SOLE |  | 404306 | 0 | 0 |
| HUT 8 CORP | COM | 44812J104 |  | 3488776 | 75942 | SH |  | SOLE |  | 75942 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 6011801 | 123827 | SH |  | SOLE |  | 123827 | 0 | 0 |
| JBG SMITH PPTYS | COM | 46590V100 |  | 6556725 | 385463 | SH |  | SOLE |  | 385463 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1160068 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| LENNAR CORP | CL B | 526057302 |  | 304384 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 806345 | 1295 | SH |  | SOLE |  | 1295 | 0 | 0 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 5027198 | 95884 | SH |  | SOLE |  | 95884 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 3706123 | 44276 | SH |  | SOLE |  | 44276 | 0 | 0 |
| NET LEASE OFFICE PROPERTIES | COM | 64110Y108 |  | 1754416 | 68027 | SH |  | SOLE |  | 68027 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 5220484 | 173438 | SH |  | SOLE |  | 173438 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 1631100 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| OKEANIS ECO TANKERS COR | SHS | Y64177101 |  | 272649 | 8057 | SH |  | SOLE |  | 8057 | 0 | 0 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 951931 | 45700 | SH |  | SOLE |  | 45700 | 0 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 675883 | 22757 | SH |  | SOLE |  | 22757 | 0 | 0 |
| SCORPIO TANKERS INC | SHS | Y7542C130 |  | 1425476 | 28044 | SH |  | SOLE |  | 28044 | 0 | 0 |
| SEAPORT ENTMT GROUP INC | COMMON STOCK | 812215200 |  | 638571 | 32300 | SH |  | SOLE |  | 32300 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2872202 | 8864 | SH |  | SOLE |  | 8864 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2655277 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 68192000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 6942091 | 361191 | SH |  | SOLE |  | 361191 | 0 | 0 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 4284138 | 222900 | SH | Call | SOLE |  | 222900 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2159078 | 5760 | SH |  | SOLE |  | 5760 | 0 | 0 |
| TEEKAY TANKERS LTD | CL A | G8726X106 |  | 1232560 | 23073 | SH |  | SOLE |  | 23073 | 0 | 0 |
| TERAWULF INC | COM | 88080T104 |  | 6502513 | 565928 | SH |  | SOLE |  | 565928 | 0 | 0 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 4522968 | 89546 | SH |  | SOLE |  | 89546 | 0 | 0 |
| TORM PLC | SHS CL A | G89479102 |  | 4814762 | 245902 | SH |  | SOLE |  | 245902 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 1197192 | 289877 | SH |  | SOLE |  | 289877 | 0 | 0 |
| TRONOX HOLDINGS PLC | SHS | G9087Q102 |  | 82691 | 19830 | SH |  | SOLE |  | 19830 | 0 | 0 |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 |  | 762078 | 33991 | SH |  | SOLE |  | 33991 | 0 | 0 |
| VALARIS LTD | CL A | G9460G101 |  | 939809 | 18647 | SH |  | SOLE |  | 18647 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 336174 | 25800 | SH |  | SOLE |  | 25800 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 |  | 416000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 6540803 | 74184 | SH |  | SOLE |  | 74184 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 482769 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 865098 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 305791 | 4047 | SH |  | SOLE |  | 4047 | 0 | 0 |

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