K2 Principal Fund, L.P.
Institutional manager — quarterly 13F holdings, Q ending 2026-03-31
Reported value
$1.43B
Q ending 2026-03-31
Prior quarter
$1.24B
Q ending 2025-12-31
Change
+15.4% QoQ · +81.7% YoY
Positions
487
reported holdings
Largest positions
Top 100 of 487 reported positions by value, Q ending 2026-03-31. A manager can hold shares, calls and puts on the same security at once — such positions are listed as separate rows. Type: Shares = common stock, Put/Call = option positions (valued at the underlying), Principal = debt. Tickers link to stock pages where covered.
| Holding | Ticker | Type | Value ▼ | Shares |
|---|---|---|---|---|
| Spdr Gold Tr | GLD | Call | $86.3M | 201K |
| State Str Spdr Sp 500 Etf T | SPY | Put | $48.8M | 75K |
| State Str Spdr Sp 500 Etf T | SPY | Call | $35.6M | 55K |
| Spdr Gold Tr | GLD | Put | $31.4M | 73K |
| Ishares Tr | IWM | Put | $21.1M | 85K |
| Ast Spacemobile Inc | ASTS 2.375 10/15/32 | Principal | $15.6M | 11K |
| Ishares Silver Tr | SLV | Call | $15.3M | 224K |
| Par Technology Corp | PAR 4 03/15/31 | Principal | $15.0M | 15K |
| Solaris Energy Infras Inc | SEI 0.25 10/01/31 | Principal | $15.0M | 12K |
| Global X Fds | COPX | Put | $14.8M | 194K |
| Gamestop Corp | Principal | $14.4M | 14K | |
| Golar Lng Ltd | Principal | $14.3M | 12K | |
| Tripadvisor Inc | TRIP 0.25 04/01/26 | Principal | $14.0M | 14K |
| Veeco Instrs Inc Del | VECO 2.875 06/01/29 | Principal | $13.8M | 10K |
| Jetblue Airways Corp | JBLU 0.5 04/01/26 | Principal | $13.8M | 14K |
| Cloudflare Inc | Principal | $13.6M | 12K | |
| Vaneck Etf Trust | GDXJ | Put | $12.9M | 108K |
| Strategy Inc | MSTR 0 12/01/29 | Principal | $12.6M | 15K |
| Kennedy-Wilson Inc | KW 4.75 02/01/30 | Principal | $12.3M | 12K |
| Freeport Mcmoran Inc | FCX | Put | $12.1M | 206K |
| Wix Ltd | WIX 0 09/15/30 | Principal | $12.0M | 15K |
| Cerence Inc | CRNC 1.5 07/01/28 | Principal | $12.0M | 14K |
| Ishares Tr | HYG | Put | $11.9M | 150K |
| Lucid Group Inc | LCID 1.25 12/15/26 | Principal | $11.8M | 13K |
| Dropbox Inc | DBX 0 03/01/28 | Principal | $11.4M | 12K |
| I-80 Gold Corp | IAUCN 3.75 04/15/31 | Principal | $11.2M | 10K |
| Mara Holdings Inc | MARA 0 03/01/30 | Principal | $11.1M | 13K |
| Coinbase Global Inc | COIN 0.25 04/01/30 | Principal | $10.2M | 11K |
| Xplr Infrastructure Lp | XIFR 2.5 06/15/26 | Principal | $9.9M | 10K |
| Snap Inc | SNAP 0.75 08/01/26 | Principal | $9.9M | 10K |
| Upstart Hldgs Inc | UPST 0.25 08/15/26 | Principal | $9.8M | 10K |
| Uber Technologies Inc | UBER 0.875 12/01/28 2028 | Principal | $9.7M | 8K |
| Etsy Inc | Principal | $9.7M | 10K | |
| Advanced Energy Inds | AEIS 2.5 09/15/28 | Principal | $9.6M | 4K |
| Alphabet Inc | GOOG | Shares | $9.5M | 33K |
| Sunrun Inc | RUN 4 03/01/30 | Principal | $9.5M | 8K |
| Rubrik Inc | Principal | $9.5M | 11K | |
| Wisdomtree Inc | WT 3.25 08/15/29 | Principal | $9.4M | 7K |
| Rayonier Advanced Matls Inc | RYAM | Call | $9.4M | 845K |
| Denison Mines Corp | DMLCN 4.25 09/15/31 . | Principal | $9.3M | 6K |
| Invesco Qqq Tr | QQQ | Put | $9.2M | 16K |
| Box Inc | BOX 1.5 09/15/29 | Principal | $9.2M | 10K |
| Blacksky Technology Inc | BKSY 8.25 08/01/33 | Principal | $9.2M | 8K |
| Akamai Technologies Inc | AKAM 1.125 02/15/29 | Principal | $9.1M | 8K |
| Marriott Vacations Worldwide | VAC 3.25 12/15/27 | Principal | $8.7M | 9K |
| Mara Holdings Inc | MARA 0 06/01/31 | Principal | $8.2M | 9K |
| Select Sector Spdr Tr | XLP | Put | $8.2M | 100K |
| Strategy Inc | MSTR 0.625 03/15/30 | Principal | $8.1M | 7K |
| Blackberry Ltd | BBCN 3 02/15/29 | Principal | $8.1M | 7K |
| Coreweave Inc | CRWV 1.75 12/01/31 | Principal | $8.0M | 8K |
| Vaneck Etf Trust | GDXJ | Call | $7.8M | 65K |
| Live Nation Entertainment In | LYV 3.125 01/15/29 | Principal | $7.6M | 5K |
| The Realreal Inc | REAL 1 03/01/28 | Principal | $7.6M | 9K |
| Iip Operating Partner | IIPR 5.5 05/25/26 * | Principal | $7.6M | 8K |
| Opendoor Technologies In | OPEN 0.25 08/15/26 | Principal | $7.4M | 8K |
| Muvico Llc | AMC 6 04/30/30 144A | Principal | $7.4M | 12K |
| Fluor Corp | FLR 1.125 08/15/29 | Principal | $7.3M | 6K |
| Pebblebrook Hotel Tr | PEB 1.75 12/15/26 | Principal | $7.3M | 7K |
| Clear Channel Outdoor Ho | CCO 7.5 06/01/29 144A | Principal | $7.3M | 7K |
| Vizsla Silver Corp | VZLACN 5 01/15/31 | Principal | $7.3M | 7K |
| Freshpet Inc | FRPT 3 04/01/28 | Principal | $7.1M | 6K |
| Pennymac Finl Svcs Inc New | PFSI | Shares | $7.1M | 81K |
| Bitdeer Technologies Grp | BTDR 5.25 12/01/29 | Principal | $7.1M | 7K |
| Dauch Corp | DCH | Shares | $7.0M | 1.2M |
| Strategy Inc | MSTR 0 03/01/30 | Principal | $6.9M | 8K |
| Shopify Inc | SHOP | Put | $6.9M | 58K |
| Ishares Tr | EEM | Put | $6.8M | 120K |
| Sunococorp Llc | SUNC | Shares | $6.5M | 105K |
| On Semiconductor Corp | ON 0 05/01/27 | Principal | $6.5M | 5K |
| First Solar Inc | FSLR | Shares | $6.4M | 33K |
| Gamestop Corp | GME | Put | $6.3M | 275K |
| Spdr Gold Tr | GLD | Shares | $6.3M | 15K |
| Galaxy Digital Holdin Lp | GLXYLP 2.5 12/01/29 | Principal | $6.3M | 6K |
| Pebblebrook Hotel Trust | PEB 1.625 01/15/30 | Principal | $6.2M | 6K |
| Guidewire Software Inc | GWRE 1.25 11/01/29 | Principal | $6.0M | 6K |
| Abivax Sa | ABVX | Shares | $6.0M | 54K |
| Sunoco Lp/Sunoco Fin Corp | SUN | Put | $5.8M | 90K |
| Nabors Inds Inc | NBR 1.75 06/15/29 | Principal | $5.8M | 6K |
| Mara Holdings Inc | MARA 1 12/01/26 | Principal | $5.8M | 6K |
| Vaneck Etf Trust | GDX | Put | $5.7M | 63K |
| Peloton Interactive Inc | PTON 5.5 12/01/29 | Principal | $5.4M | 4K |
| Uber Technologies Inc | UBER | Put | $5.2M | 72K |
| Ishares Bitcoin Trust Etf | IBIT | Shares | $5.1M | 134K |
| First Majestic Silver | AGCN 0.125 01/15/31 | Principal | $5.1M | 4K |
| Solaris Energy Infras Inc | SEI | Call | $5.1M | 90K |
| Lithium Argentina Ag | LARCN 1.75 01/15/27 | Principal | $4.9M | 5K |
| Ark Etf Tr | ARKK | Call | $4.7M | 70K |
| Ark Etf Tr | ARKK | Put | $4.6M | 68K |
| Solstice Advanced Matls Inc | SOLS | Call | $4.6M | 60K |
| Willow Lane Acquisition Crp | Shares | $4.5M | 450K | |
| Ars Pharmaceuticals Inc | SPRY | Shares | $4.5M | 560K |
| Plug Power Inc | PLUG 6.75 12/01/33 | Principal | $4.3M | 4K |
| Bloom Energy Corp | BE 0 11/15/30 | Principal | $4.3M | 4K |
| Exact Sciences Corp | EXAS 2 03/01/30 | Principal | $4.3M | 3K |
| Willow Lane Acquisition Corp | Shares | $4.2M | 398K | |
| Gamestop Corp | GME | Call | $4.2M | 181K |
| Greenfire Res Ltd New | GFR | Shares | $4.1M | 656K |
| Brookfield Renewable Energy | Shares | $4.1M | 126K | |
| Ishares Silver Tr | SLV | Put | $4.1M | 60K |
| Cohen Circle Acquisit Corp I | Shares | $4.1M | 399K |
Values as reported in public regulatory filings (USD); holdings are reported quarterly, up to 45 days after quarter end, and may contain reporting errors. Nothing here is investment advice.