GRAHAM CAPITAL MANAGEMENT, L.P.

Filed: 2/17/2026ACC: 0001140361-26-005576

📋 What this filing means

GRAHAM CAPITAL MANAGEMENT, L.P. filed this quarterly 13F‑HR report disclosing 1174 equity positions with a total reported market value of $4.18B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

1174

Positions

$4.18B

Total AUM (reported)

788.58M

Total Shares

Allocation by class

COM$1.32B31.7%

CL A NEW$634.65M15.2%

SHS BEN INT$184.18M4.4%

NOTE 2.750% 6/0$171.70M4.1%

CL A$147.73M3.5%

SHS$130.54M3.1%

UNIT SER 1$116.72M2.8%

Portfolio Concentration

Top 3$988.31M23.7%

4–10$538.86M12.9%

11–25$693.20M16.6%

Rest$1.96B46.9%

Top 3 weight

23.7%

Top 10 weight

36.5%

Voting Authority Distribution

Total shares with voting rights: 788.58M

Sole

Full voting authority

788.58M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole1174

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings1174

Rows:

STRATEGY INC

SOLE

CL A NEW

Shares4.16M

TypeSH

Market value$632.42M

15.13%

Sole

4.16M

Shared

0.00

None

0.00

ISHARES BITCOIN TRUST ETF

SOLE

SHS BEN INT

Shares3.71M

TypeSH

Market value$184.18M

4.41%

Sole

3.71M

Shared

0.00

None

0.00

APPLIED DIGITAL CORP

SOLE

NOTE 2.750% 6/0

Shares63.74M

TypePRN

Market value$171.70M

4.11%

Sole

63.74M

Shared

0.00

None

0.00

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares190K

TypeSH

Market value$116.72M

2.79%

Sole

190K

Shared

0.00

None

0.00

FIDELITY WISE ORIGIN BITCOIN

SOLE

SHS

Shares1.17M

TypeSH

Market value$88.95M

2.13%

Sole

1.17M

Shared

0.00

None

0.00

SUNRUN INC

SOLE

NOTE 4.000% 3/0

Shares52.94M

TypePRN

Market value$74.93M

1.79%

Sole

52.94M

Shared

0.00

None

0.00

PURECYCLE TECHNOLOGIES INC

SOLE

NOTE 7.250% 8/1

Shares68.17M

TypePRN

Market value$68.90M

1.65%

Sole

68.17M

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares59.79M

TypePRN

Market value$67.11M

1.61%

Sole

59.79M

Shared

0.00

None

0.00

GREEN PLAINS INC

SOLE

NOTE 5.250%11/0

Shares58.31M

TypePRN

Market value$61.40M

1.47%

Sole

58.31M

Shared

0.00

None

0.00

TILRAY BRANDS INC

SOLE

NOTE 5.200% 6/1

Shares59.50M

TypePRN

Market value$60.85M

1.46%

Sole

59.50M

Shared

0.00

None

0.00

THE REALREAL INC

SOLE

DEBT 4.000% 2/1

Shares35.50M

TypePRN

Market value$60.25M

1.44%

Sole

35.50M

Shared

0.00

None

0.00

GROUPON INC

SOLE

NOTE 4.875% 6/3

Shares65.47M

TypePRN

Market value$58.21M

1.39%

Sole

65.47M

Shared

0.00

None

0.00

AMAZON COM INC

SOLE

COM

Shares246.87K

TypeSH

Market value$56.98M

1.36%

Sole

246.87K

Shared

0.00

None

0.00

CALUMET INC

SOLE

COM

Shares2.61M

TypeSH

Market value$51.86M

1.24%

Sole

2.61M

Shared

0.00

None

0.00

EOS ENERGY ENTERPRISES INC

SOLE

COM CL A

Shares4.45M

TypeSH

Market value$50.96M

1.22%

Sole

4.45M

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

CL A

Shares75.24K

TypeSH

Market value$49.66M

1.19%

Sole

75.24K

Shared

0.00

None

0.00

KRANESHARES TRUST

SOLE

CSI CHI INTERNET

Shares1.42M

TypeSH

Market value$48.36M

1.16%

Sole

1.42M

Shared

0.00

None

0.00

ISHARES INC

SOLE

MSCI CDA ETF

Shares806.85K

TypeSH

Market value$43.51M

1.04%

Sole

806.85K

Shared

0.00

None

0.00

ISHARES TR

SOLE

20 YR TR BD ETF

Shares488K

TypeSH

Market value$42.53M

1.02%

Sole

488K

Shared

0.00

None

0.00

BRIDGEBIO PHARMA INC

SOLE

NOTE 2.500% 3/1

Shares22.24M

TypePRN

Market value$41.99M

1.00%

Sole

22.24M

Shared

0.00

None

0.00

NVIDIA CORPORATION

SOLE

COM

Shares222.28K

TypeSH

Market value$41.46M

0.99%

Sole

222.28K

Shared

0.00

None

0.00

RAMACO RES INC

SOLE

NOTE 11/0

Shares47.30M

TypePRN

Market value$40.04M

0.96%

Sole

47.30M

Shared

0.00

None

0.00

NETFLIX INC

SOLE

COM

Shares393.92K

TypeSH

Market value$36.93M

0.88%

Sole

393.92K

Shared

0.00

None

0.00

CLEANSPARK INC

SOLE

NOTE 6/1

Shares34.52M

TypePRN

Market value$35.77M

0.86%

Sole

34.52M

Shared

0.00

None

0.00

ISHARES TR

SOLE

IBOXX HI YD ETF

Shares430.10K

TypeSH

Market value$34.68M

0.83%

Sole

430.10K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
STRATEGY INCSOLE	CL A NEW	4.16M	SH	$632.42M 15.13%	4.16M
ISHARES BITCOIN TRUST ETFSOLE	SHS BEN INT	3.71M	SH	$184.18M 4.41%	3.71M
APPLIED DIGITAL CORPSOLE	NOTE 2.750% 6/0	63.74M	PRN	$171.70M 4.11%	63.74M
INVESCO QQQ TRSOLE	UNIT SER 1	190K	SH	$116.72M 2.79%	190K
FIDELITY WISE ORIGIN BITCOINSOLE	SHS	1.17M	SH	$88.95M 2.13%	1.17M
SUNRUN INCSOLE	NOTE 4.000% 3/0	52.94M	PRN	$74.93M 1.79%	52.94M
PURECYCLE TECHNOLOGIES INCSOLE	NOTE 7.250% 8/1	68.17M	PRN	$68.90M 1.65%	68.17M
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	59.79M	PRN	$67.11M 1.61%	59.79M
GREEN PLAINS INCSOLE	NOTE 5.250%11/0	58.31M	PRN	$61.40M 1.47%	58.31M
TILRAY BRANDS INCSOLE	NOTE 5.200% 6/1	59.50M	PRN	$60.85M 1.46%	59.50M
THE REALREAL INCSOLE	DEBT 4.000% 2/1	35.50M	PRN	$60.25M 1.44%	35.50M
GROUPON INCSOLE	NOTE 4.875% 6/3	65.47M	PRN	$58.21M 1.39%	65.47M
AMAZON COM INCSOLE	COM	246.87K	SH	$56.98M 1.36%	246.87K
CALUMET INCSOLE	COM	2.61M	SH	$51.86M 1.24%	2.61M
EOS ENERGY ENTERPRISES INCSOLE	COM CL A	4.45M	SH	$50.96M 1.22%	4.45M
META PLATFORMS INCSOLE	CL A	75.24K	SH	$49.66M 1.19%	75.24K
KRANESHARES TRUSTSOLE	CSI CHI INTERNET	1.42M	SH	$48.36M 1.16%	1.42M
ISHARES INCSOLE	MSCI CDA ETF	806.85K	SH	$43.51M 1.04%	806.85K
ISHARES TRSOLE	20 YR TR BD ETF	488K	SH	$42.53M 1.02%	488K
BRIDGEBIO PHARMA INCSOLE	NOTE 2.500% 3/1	22.24M	PRN	$41.99M 1.00%	22.24M
NVIDIA CORPORATIONSOLE	COM	222.28K	SH	$41.46M 0.99%	222.28K
RAMACO RES INCSOLE	NOTE 11/0	47.30M	PRN	$40.04M 0.96%	47.30M
NETFLIX INCSOLE	COM	393.92K	SH	$36.93M 0.88%	393.92K
CLEANSPARK INCSOLE	NOTE 6/1	34.52M	PRN	$35.77M 0.86%	34.52M
ISHARES TRSOLE	IBOXX HI YD ETF	430.10K	SH	$34.68M 0.83%	430.10K

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