Fund Holdings

MASTERS CAPITAL MANAGEMENT LLC

Filing Period:
Securities
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SharesValue ($K)
Q4 2025
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Q1 2026
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Change
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Q4 2025
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Q1 2026
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Weight (%)
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Change
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ISHARES TR(Call)04,000,000+4,000,0000346,760,000—+346,760,000
CITIGROUP INC(C)(Call)700,0002,000,000+1,300,00081,683,000226,820,000—+145,137,000
WAYFAIR INC(W)(Call)01,100,000+1,100,000082,731,000—+82,731,000
DELTA AIR LINES INC(DAL)(Put)01,000,000+1,000,000066,480,000—+66,480,000
INTERNATIONAL BUSINESS MACHS(IBM)(Call)200,000500,000+300,00059,242,000121,195,000—+61,953,000
BRISTOL-MYERS SQUIBB CO(BMY)(Call)01,000,000+1,000,000060,650,000—+60,650,000
INTEL CORP(INTC)(Call)2,000,0003,000,000+1,000,00073,800,000132,390,000—+58,590,000
AIR PRODUCTS AND CHEMICALS I(Call)0200,000+200,000058,098,000—+58,098,000
ORMAT TECHNOLOGIES INC(ORA)(Call)0500,000+500,000055,960,000—+55,960,000
ECOLAB INC(ECL)(Call)0200,000+200,000053,204,000—+53,204,000
AST SPACEMOBILE INC(ASTS)(Call)0500,000+500,000041,435,000—+41,435,000
ARCHER DANIELS MIDLAND CO(Call)0500,000+500,000036,345,000—+36,345,000
CVS HEALTH CORP(CVS)(Call)0500,000+500,000035,910,000—+35,910,000
IONQ INC(IONQ)(Call)01,100,000+1,100,000031,713,000—+31,713,000
BOSTON SCIENTIFIC CORP(BSX)(Call)0500,000+500,000031,375,000—+31,375,000
MOHAWK INDS INC(MHK)(Call)0300,000+300,000029,538,000—+29,538,000
FIREFLY AEROSPACE INC(FLY)(Call)01,000,000+1,000,000028,470,000—+28,470,000
FIFTH THIRD BANCORP(FITB)(Call)0600,000+600,000027,876,000—+27,876,000
FREEPORT MCMORAN INC(FCX)(Call)379,900800,000+420,10019,295,12147,024,000—+27,728,879
YPF SOCIEDAD ANONIMA(YPF)(Call)620,0001,000,000+380,00022,419,20046,220,000—+23,800,800
BARCLAYS PLC(Call)01,000,000+1,000,000021,160,000—+21,160,000
FLUOR CORP(FLR)(Call)0430,000+430,000020,059,500—+20,059,500
CLOROX CO DEL(CLX)(Call)315,500500,000+184,50031,811,86551,815,000—+20,003,135
UNITED PARCEL SVCS INC(UPS)300,000500,000+200,00029,757,00049,190,0007.27%+19,433,000
HORMEL FOODS CORP(HRL)0850,000+850,000019,252,5002.84%+19,252,500
THE REALREAL INC(REAL)(Call)02,000,000+2,000,000018,160,000—+18,160,000
FASTLY INC(FSLY)(Call)0500,000+500,000014,530,000—+14,530,000
VENTURE GLOBAL INC(VG)(Call)0880,000+880,000013,868,800—+13,868,800
MOBILEYE GLOBAL INC(MBLY)(Call)02,000,000+2,000,000013,740,000—+13,740,000
BETA TECHNOLOGIES INC0700,000+700,000010,290,0001.52%+10,290,000
BORGWARNER INC(Call)1,000,0001,000,000045,060,00054,260,000—+9,200,000
TRANSOCEAN LTD(RIG)1,000,0002,000,000+1,000,0004,130,00013,260,0001.96%+9,130,000
FASTLY INC(FSLY)0300,000+300,00008,718,0001.29%+8,718,000
APPLIED OPTOELECTRONICS INC(AAOI)(Call)0100,000+100,00008,459,000—+8,459,000
ISOENERGY LTD0700,000+700,00007,378,0001.09%+7,378,000
SUNRUN INC(RUN)0500,000+500,00006,780,0001.00%+6,780,000
LYFT INC(LYFT)0500,000+500,00006,650,0000.98%+6,650,000
NOV INC(NOV)2,000,0002,000,000031,260,00037,620,0005.56%+6,360,000
VERADERMICS INC(MANE)0100,000+100,00006,315,0000.93%+6,315,000
IAMGOLD CORP(IAG)0300,000+300,00005,646,0000.83%+5,646,000
MOHAWK INDS INC(MHK)400,000500,000+100,00043,720,00049,230,0007.27%+5,510,000
ENOVIX CORPORATION(ENVX)(Call)01,000,000+1,000,00005,180,000—+5,180,000
AST SPACEMOBILE INC(ASTS)500,000500,000036,315,00041,435,0006.12%+5,120,000
CLEVELAND-CLIFFS INC NEW(CLF)(Call)1,000,0002,000,000+1,000,00013,280,00016,900,000—+3,620,000
HUNTSMAN CORP(HUN)1,000,0001,000,000010,000,00013,310,0001.97%+3,310,000
NOKIA CORP(NOK)2,000,0002,000,000012,940,00016,080,0002.38%+3,140,000
BRAINSWAY LTD1,000,0001,650,000+650,00019,020,00021,928,5003.24%+2,908,500
INTEGRA RES CORP01,000,000+1,000,00002,730,0000.40%+2,730,000
SENSEONICS HLDGS INC249,998500,000+250,0021,379,9893,330,0000.49%+1,950,011
DAUCH CORP3,000,0003,500,000+500,00019,230,00020,755,0003.07%+1,525,000
FLOTEK INDUSTRIES INC(FTK)1,000,0001,089,438+89,43817,230,00018,487,7632.73%+1,257,763
LIONSGATE STUDIOS CORP(LION)2,000,0001,994,814-5,18618,260,00019,130,2662.83%+870,266
MOBILEYE GLOBAL INC(MBLY)0100,000+100,0000687,0000.10%+687,000
PLUG PWR INC(PLUG)1,000,0001,000,00001,970,0002,260,0000.33%+290,000
LUCID DIAGNOSTICS INC4,000,0004,000,00004,360,0004,600,0000.68%+240,000
NEURONETICS INC1,000,0001,000,00001,380,0001,450,0000.21%+70,000
BORR DRILLING LTD(BORR)2,900,0002,000,000-900,00011,687,00011,540,0001.70%-147,000
ANGEL OAK MORTGAGE REIT INC(AOMD)1,000,0001,000,00008,610,0008,220,0001.21%-390,000
FLUOR CORP(FLR)1,100,000925,000-175,00043,593,00043,151,2506.37%-441,750
NEW FORTRESS ENERGY INC1,000,0001,000,00001,140,000590,0000.09%-550,000
FERROGLOBE PLC2,000,0002,000,00009,280,0008,240,0001.22%-1,040,000
WHEELS UP EXPERIENCE INC5,000,0004,000,000-1,000,0003,281,5002,066,0000.31%-1,215,500
PONY AI INC(PONY)(Call)750,0001,000,000+250,00010,875,0009,440,000—-1,435,000
TRANSOCEAN LTD(RIG)(Call)2,000,0001,000,000-1,000,0008,260,0006,630,000—-1,630,000
TELOS CORP MD2,100,0002,000,000-100,00010,710,0008,380,0001.24%-2,330,000
DELTA AIR LINES INC(DAL)1,000,0001,000,000069,400,00066,480,0009.82%-2,920,000
CLEVELAND-CLIFFS INC NEW(CLF)1,000,0001,200,000+200,00013,280,00010,140,0001.50%-3,140,000
VERTICAL AEROSPACE LTD2,000,0003,400,000+1,400,00010,660,0007,514,0001.11%-3,146,000
EVE HLDG INC2,100,0002,000,000-100,0008,379,0004,960,0000.73%-3,419,000
EASTMAN CHEM CO(EMN)300,000200,000-100,00019,149,00015,264,0002.25%-3,885,000
ENOVIX CORPORATION(ENVX)2,000,0002,000,000014,620,00010,360,0001.53%-4,260,000
BARCLAYS PLC1,000,0001,000,000025,450,00021,160,0003.13%-4,290,000
CELSIUS HLDGS INC(CELH)100,0000-100,0004,574,0000—-4,574,000
DENALI THERAPEUTICS INC(DNLI)1,000,000600,000-400,00016,510,00011,520,0001.70%-4,990,000
VERTICAL AEROSPACE LTD(Call)1,000,0000-1,000,0005,330,0000—-5,330,000
ALCOA CORP(AA)(Call)500,000300,000-200,00026,570,00019,899,000—-6,671,000
NEXGEN ENERGY LTD(NXE)2,000,0001,000,000-1,000,00018,400,00011,600,0001.71%-6,800,000
ARCHER AVIATION INC(ACHR)999,6000-999,6007,516,9920—-7,516,992
PONY AI INC(PONY)1,200,000950,000-250,00017,400,0008,968,0001.32%-8,432,000
NCR VOYIX CORPORATION3,000,0003,500,000+500,00030,600,00022,155,0003.27%-8,445,000
CELANESE CORP DEL(CE)200,0000-200,0008,456,0000—-8,456,000
GREEN PLAINS INC(GPRE)1,000,0000-1,000,0009,800,0000—-9,800,000
ALLIED GOLD CORP(AAUC)500,0000-500,00011,440,0000—-11,440,000
LYFT INC(LYFT)(Call)1,000,000500,000-500,00019,370,0006,650,000—-12,720,000
THE REALREAL INC(REAL)2,000,0002,000,000031,560,00018,160,0002.68%-13,400,000
OLIN CORP(OLN)700,0000-700,00014,581,0000—-14,581,000
BRISTOL-MYERS SQUIBB CO(BMY)300,0000-300,00016,182,0000—-16,182,000
DOW INC(DOW)700,0000-700,00016,366,0000—-16,366,000
HONEYWELL INTL INC(HON)100,0000-100,00019,509,0000—-19,509,000
CELANESE CORP DEL(CE)(Call)469,2000-469,20019,837,7760—-19,837,776
OLIN CORP(OLN)(Call)1,000,0000-1,000,00020,830,0000—-20,830,000
ALIBABA GROUP HLDG LTD(BABA)(Call)1,000,0001,000,0000146,580,000125,460,000—-21,120,000
UNITED PARCEL SVCS INC(UPS)(Call)2,000,0001,800,000-200,000198,380,000177,084,000—-21,296,000
INTERNATIONAL PAPER CO(IP)(Call)1,000,000500,000-500,00039,390,00017,850,000—-21,540,000
DOW INC(DOW)(Call)1,000,0000-1,000,00023,380,0000—-23,380,000
EXXON MOBIL CORP(Call)200,0000-200,00024,068,0000—-24,068,000
APA CORPORATION(APA)(Call)1,000,0000-1,000,00024,460,0000—-24,460,000
PFIZER INC(PFE)(Call)1,000,0000-1,000,00024,900,0000—-24,900,000
SLB LIMITED(SLB)(Call)2,000,0001,000,000-1,000,00076,760,00051,390,000—-25,370,000
FORD MTR CO(F)(Call)2,000,0000-2,000,00026,240,0000—-26,240,000
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