MASTERS CAPITAL MANAGEMENT LLC

CIK 1104186 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions have no disclosed value and are left out of the sum, counted here rather than dropped: $3.0B
every reported holding for this filer and quarter, including ones with no disclosed value: 98
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 33
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 24

Quarter-end snapshot, filed up to 45 days later — not current holdings. What a 13F covers ↓

Changes · Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Position changes into quarter 2026-03-31
The reviewed ticker for the filed issuer name and share class, the same mapping the Reported positions table uses. Symbols are never inferred from names; — means no reviewed mapping.	position matched across quarters by exact reported CUSIP over a registry gap — never a name match	NEW / ADD / TRIM / EXIT by share count · NO CHANGE = same shares; the value moved with price, so never an ADD or a TRIM · EXIT = absent this quarter (disposed, delisted, confidential, or reported by an affiliate) — the filing does not say which · NO PRIOR = no comparable prior quarter on record (a first filing, or a quarter filed inside an affiliate's report), so not called a new stake · n/c = not classifiable: value undisclosed on one side of the pair, or neither shares nor value can classify it · †v: the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE	derived by Public Filings from the published data; “no value” means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated	Prev value	Curr value	Prev shares	Curr shares
—	share class as filed: 20 YR TR BD ETF · position key `pos:13043` · issuer key `iss:1012` CALL	NEW	+$347M	+4,000,000	$0	$347M	—	4,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM NEW · position key `pos:15168` · issuer key `iss:456` CALL	ADD	+$145M	+1,300,000	$81.7M	$227M	700,000	2,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL B · position key `pos:10156` · issuer key `iss:1861` CALL	TRIM	−$21.3M	−200,000	$198M	$177M	2,000,000	1,800,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:18143` · issuer key `iss:982` CALL	ADD	+$58.6M	+1,000,000	$73.8M	$132M	2,000,000	3,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:10136` · issuer key `iss:990` CALL	ADD	+$62.0M	+300,000	$59.2M	$121M	200,000	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:16532` · issuer key `iss:812` CALL	TRIM	−$65.8M	−700,000	$163M	$96.9M	2,000,000	1,300,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL A · position key `pos:18082` · issuer key `iss:1950` CALL	NEW	+$82.7M	+1,100,000	$0	$82.7M	—	1,100,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM NEW · position key `pos:12359` · issuer key `iss:566` PUT	NEW	+$66.5M	+1,000,000	$0	$66.5M	—	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:15008` · issuer key `iss:318` CALL	NEW	+$60.7M	+1,000,000	$0	$60.7M	—	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:16525` · issuer key `iss:58` CALL	NEW	+$58.1M	+200,000	$0	$58.1M	—	200,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:15816` · issuer key `iss:1377` CALL	NEW	+$56.0M	+500,000	$0	$56.0M	—	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:16716` · issuer key `iss:633` CALL	NEW	+$53.2M	+200,000	$0	$53.2M	—	200,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:13754` · issuer key `iss:468` CALL	ADD	+$20.0M	+184,500	$31.8M	$51.8M	315,500	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM STK · position key `pos:12367` · issuer key `iss:1627` CALL	TRIM	−$25.4M	−1,000,000	$76.8M	$51.4M	2,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:11349` · issuer key `iss:1242`	ADD	+$5.5M	+100,000	$43.7M	$49.2M	400,000	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL B · position key `pos:10156` · issuer key `iss:1861`	ADD	+$19.4M	+200,000	$29.8M	$49.2M	300,000	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL B · position key `pos:10501` · issuer key `iss:779` CALL	ADD	+$27.7M	+420,100	$19.3M	$47.0M	379,900	800,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: SPON ADR CL D · position key `pos:11379` · issuer key `iss:1999` CALL	ADD	+$23.8M	+380,000	$22.4M	$46.2M	620,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:14408` · issuer key `iss:753`	TRIM	−$442K	−175,000	$43.6M	$43.2M	1,100,000	925,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM CL A · position key `pos:16476` · issuer key `iss:19` CALL	NEW	+$41.4M	+500,000	$0	$41.4M	—	500,000

Flags: no row carries a flag.

1–20 of the 93 changes on this page

Mark-to-market only (no share change) · 16

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
The reviewed ticker for the filed issuer name and share class, the same mapping the Reported positions table uses. Symbols are never inferred from names; — means no reviewed mapping.	position matched across quarters by exact reported CUSIP over a registry gap — never a name match	NEW / ADD / TRIM / EXIT by share count · NO CHANGE = same shares; the value moved with price, so never an ADD or a TRIM · EXIT = absent this quarter (disposed, delisted, confidential, or reported by an affiliate) — the filing does not say which · NO PRIOR = no comparable prior quarter on record (a first filing, or a quarter filed inside an affiliate's report), so not called a new stake · n/c = not classifiable: value undisclosed on one side of the pair, or neither shares nor value can classify it · †v: the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE	derived by Public Filings from the published data; “no value” means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: SPONSORED ADS · position key `pos:15694` · issuer key `iss:72` CALL	NO CHANGE	−$21.1M	$147M	$125M	1,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM NEW · position key `pos:12359` · issuer key `iss:566`	NO CHANGE	−$2.9M	$69.4M	$66.5M	1,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:13464` · issuer key `iss:303` CALL	NO CHANGE	+$9.2M	$45.1M	$54.3M	1,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM CL A · position key `pos:16476` · issuer key `iss:19`	NO CHANGE	+$5.1M	$36.3M	$41.4M	500,000	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:12472` · issuer key `iss:1269`	NO CHANGE	+$6.4M	$31.3M	$37.6M	2,000,000	2,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: ADR · position key `pos:12296` · issuer key `iss:237`	NO CHANGE	−$4.3M	$25.5M	$21.2M	1,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:13012` · issuer key `iss:1797`	NO CHANGE	−$13.4M	$31.6M	$18.2M	2,000,000	2,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: SPONSORED ADR · position key `pos:11956` · issuer key `iss:1317`	NO CHANGE	+$3.1M	$12.9M	$16.1M	2,000,000	2,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:17943` · issuer key `iss:933`	NO CHANGE	+$3.3M	$10.0M	$13.3M	1,000,000	1,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:14116` · issuer key `iss:663`	NO CHANGE	−$4.3M	$14.6M	$10.4M	2,000,000	2,000,000
—	share class as filed: SHS · position key `sid:sec:prov:f32900aad8f1098a75a7540de279c057` · issuer key `cusip6:G33856`	NO CHANGE	−$1.0M	$9.3M	$8.2M	2,000,000	2,000,000
—	share class as filed: COM · position key `sid:sec:prov:db86a5af956d7c6093af99afe588d598` · issuer key `cusip6:03464Y`	NO CHANGE	−$390K	$8.6M	$8.2M	1,000,000	1,000,000
—	share class as filed: COM · position key `sid:sec:prov:1eabbea4ad52d87442fc2c9de16a9e96` · issuer key `cusip6:54948X`	NO CHANGE	+$240K	$4.4M	$4.6M	4,000,000	4,000,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM NEW · position key `pos:12066` · issuer key `iss:1464`	NO CHANGE	+$290K	$2.0M	$2.3M	1,000,000	1,000,000
—	share class as filed: COM · position key `sid:sec:prov:f309fd20b3ad4e615ae4aab363b9fa0c` · issuer key `cusip6:64131A`	NO CHANGE	+$70.0K	$1.4M	$1.5M	1,000,000	1,000,000
—	share class as filed: COM CL A · position key `sid:sec:prov:31bd096d76f11be58e8f9b95ba95be3f` · issuer key `cusip6:644393`	NO CHANGE	−$550K	$1.1M	$590K	1,000,000	1,000,000

Flags: no row carries a flag.

Holdings without a security ID are counted, not compared. Method ↗

Reported positions — 2026-03-31

71 issuers · 98 rows

View

This build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.

This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.

a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing

Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets.

value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0

—

ISHARES TR · 20 YR TR BD ETF · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$347M

4,000,000

11.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CITIGROUP INC

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for CITIGROUP INC, as it reported them
CITIGROUP INC · COM NEW · CALL CUSIP — src ↗	$113M	1,000,000
CITIGROUP INC · COM NEW · CALL CUSIP — src ↗	$113M	1,000,000

$227M

2,000,000

7.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

UNITED PARCEL SVCS INC

2 positions · 4 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for UNITED PARCEL SVCS INC, as it reported them
UNITED PARCEL SVCS INC · CL B · CALL CUSIP — src ↗	$98.4M	1,000,000
UNITED PARCEL SVCS INC · CL B · CALL CUSIP — src ↗	$49.2M	500,000
UNITED PARCEL SVCS INC · CL B CUSIP — src ↗	$49.2M	500,000
UNITED PARCEL SVCS INC · CL B · CALL CUSIP — src ↗	$29.5M	300,000

$226M

2,300,000

7.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

DELTA AIR LINES INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for DELTA AIR LINES INC, as it reported them
DELTA AIR LINES INC · COM NEW CUSIP — src ↗	$66.5M	1,000,000
DELTA AIR LINES INC · COM NEW · PUT CUSIP — src ↗	$66.5M	1,000,000

$133M

2,000,000

4.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

INTEL CORP

1 position · 3 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for INTEL CORP, as it reported them
INTEL CORP · COM · CALL CUSIP — src ↗	$44.1M	1,000,000
INTEL CORP · COM · CALL CUSIP — src ↗	$44.1M	1,000,000
INTEL CORP · COM · CALL CUSIP — src ↗	$44.1M	1,000,000

$132M

3,000,000

4.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ALIBABA GROUP HLDG LTD · SPONSORED ADS · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$125M

1,000,000

4.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

INTERNATIONAL BUSINESS MACHS · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$121M

500,000

4.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GENERAL MTRS CO

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for GENERAL MTRS CO, as it reported them
GENERAL MTRS CO · COM · CALL CUSIP — src ↗	$74.5M	1,000,000
GENERAL MTRS CO · COM · CALL CUSIP — src ↗	$22.4M	300,000

$96.9M

1,300,000

3.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AST SPACEMOBILE INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for AST SPACEMOBILE INC, as it reported them
AST SPACEMOBILE INC · COM CL A · CALL CUSIP — src ↗	$41.4M	500,000
AST SPACEMOBILE INC · COM CL A CUSIP — src ↗	$41.4M	500,000

$82.9M

1,000,000

2.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WAYFAIR INC

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for WAYFAIR INC, as it reported them
WAYFAIR INC · CL A · CALL CUSIP — src ↗	$75.2M	1,000,000
WAYFAIR INC · CL A · CALL CUSIP — src ↗	$7.5M	100,000

$82.7M

1,100,000

2.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MOHAWK INDS INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for MOHAWK INDS INC, as it reported them
MOHAWK INDS INC · COM CUSIP — src ↗	$49.2M	500,000
MOHAWK INDS INC · COM · CALL CUSIP — src ↗	$29.5M	300,000

$78.8M

800,000

2.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FLUOR CORP

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for FLUOR CORP, as it reported them
FLUOR CORP · COM CUSIP — src ↗	$43.2M	925,000
FLUOR CORP · COM · CALL CUSIP — src ↗	$20.1M	430,000

$63.2M

1,355,000

2.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BRISTOL-MYERS SQUIBB CO · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$60.7M

1,000,000

2.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AIR PRODUCTS AND CHEMICALS I · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$58.1M

200,000

1.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ORMAT TECHNOLOGIES INC

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for ORMAT TECHNOLOGIES INC, as it reported them
ORMAT TECHNOLOGIES INC · COM · CALL CUSIP — src ↗	$33.6M	300,000
ORMAT TECHNOLOGIES INC · COM · CALL CUSIP — src ↗	$22.4M	200,000

$56.0M

500,000

1.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BORGWARNER INC · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$54.3M

1,000,000

1.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ECOLAB INC · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$53.2M

200,000

1.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CLOROX CO DEL · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$51.8M

500,000

1.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SLB LIMITED · COM STK · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$51.4M

1,000,000

1.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FREEPORT MCMORAN INC · CL B · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$47.0M

800,000

1.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

YPF SOCIEDAD ANONIMA

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for YPF SOCIEDAD ANONIMA, as it reported them
YPF SOCIEDAD ANONIMA · SPON ADR CL D · CALL CUSIP — src ↗	$23.1M	500,000
YPF SOCIEDAD ANONIMA · SPON ADR CL D · CALL CUSIP — src ↗	$23.1M	500,000

$46.2M

1,000,000

1.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BARCLAYS PLC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for BARCLAYS PLC, as it reported them
BARCLAYS PLC · ADR · CALL CUSIP — src ↗	$21.2M	1,000,000
BARCLAYS PLC · ADR CUSIP — src ↗	$21.2M	1,000,000

$42.3M

2,000,000

1.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BOEING CO

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for BOEING CO, as it reported them
BOEING CO · COM · CALL CUSIP — src ↗	$19.9M	100,000
BOEING CO · COM · CALL CUSIP — src ↗	$19.9M	100,000

$39.8M

200,000

1.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NOV INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$37.6M

2,000,000

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ARCHER DANIELS MIDLAND CO · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$36.3M

500,000

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

THE REALREAL INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for THE REALREAL INC, as it reported them
THE REALREAL INC · COM · CALL CUSIP — src ↗	$18.2M	2,000,000
THE REALREAL INC · COM CUSIP — src ↗	$18.2M	2,000,000

$36.3M

4,000,000

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CVS HEALTH CORP · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$35.9M

500,000

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

IONQ INC

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for IONQ INC, as it reported them
IONQ INC · COM · CALL CUSIP — src ↗	$28.8M	1,000,000
IONQ INC · COM · CALL CUSIP — src ↗	$2.9M	100,000

$31.7M

1,100,000

1.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BOSTON SCIENTIFIC CORP · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$31.4M

500,000

1.0%

—

FIREFLY AEROSPACE INC · COM · CALL CUSIP 31816X106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$28.5M

1,000,000

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FIFTH THIRD BANCORP · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$27.9M

600,000

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CLEVELAND-CLIFFS INC NEW

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for CLEVELAND-CLIFFS INC NEW, as it reported them
CLEVELAND-CLIFFS INC NEW · COM · CALL CUSIP — src ↗	$16.9M	2,000,000
CLEVELAND-CLIFFS INC NEW · COM CUSIP — src ↗	$10.1M	1,200,000

$27.0M

3,200,000

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FASTLY INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for FASTLY INC, as it reported them
FASTLY INC · CL A · CALL CUSIP — src ↗	$14.5M	500,000
FASTLY INC · CL A CUSIP — src ↗	$8.7M	300,000

$23.2M

800,000

0.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NCR VOYIX CORPORATION · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$22.2M

3,500,000

0.7%

—

BRAINSWAY LTD · SPONSORED ADS CUSIP 10501L106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$21.9M

1,650,000

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

DAUCH CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$20.8M

3,500,000

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ALCOA CORP · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$19.9M

300,000

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

TRANSOCEAN LTD

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for TRANSOCEAN LTD, as it reported them
TRANSOCEAN LTD · REGISTERED SHS CUSIP — src ↗	$13.3M	2,000,000
TRANSOCEAN LTD · REGISTERED SHS · CALL CUSIP — src ↗	$6.6M	1,000,000

$19.9M

3,000,000

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

HORMEL FOODS CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$19.3M

850,000

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

LIONSGATE STUDIOS CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$19.1M

1,994,814

0.6%

—

FLOTEK INDUSTRIES INC · COM NEW CUSIP 343389409
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$18.5M

1,089,438

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PONY AI INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for PONY AI INC, as it reported them
PONY AI INC · SPONSORED ADS · CALL CUSIP — src ↗	$9.4M	1,000,000
PONY AI INC · SPONSORED ADS CUSIP — src ↗	$9.0M	950,000

$18.4M

1,950,000

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

INTERNATIONAL PAPER CO · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$17.9M

500,000

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NOKIA CORP · SPONSORED ADR CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$16.1M

2,000,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ENOVIX CORPORATION

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for ENOVIX CORPORATION, as it reported them
ENOVIX CORPORATION · COM CUSIP — src ↗	$10.4M	2,000,000
ENOVIX CORPORATION · COM · CALL CUSIP — src ↗	$5.2M	1,000,000

$15.5M

3,000,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

EASTMAN CHEM CO · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$15.3M

200,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MOBILEYE GLOBAL INC

2 positions · 3 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for MOBILEYE GLOBAL INC, as it reported them
MOBILEYE GLOBAL INC · COMMON CLASS A · CALL CUSIP — src ↗	$6.9M	1,000,000
MOBILEYE GLOBAL INC · COMMON CLASS A · CALL CUSIP — src ↗	$6.9M	1,000,000
MOBILEYE GLOBAL INC · COMMON CLASS A CUSIP — src ↗	$687K	100,000

$14.4M

2,100,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VENTURE GLOBAL INC

1 position · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for VENTURE GLOBAL INC, as it reported them
VENTURE GLOBAL INC · COM CL A · CALL CUSIP — src ↗	$7.9M	500,000
VENTURE GLOBAL INC · COM CL A · CALL CUSIP — src ↗	$6.0M	380,000

$13.9M

880,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

HUNTSMAN CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$13.3M

1,000,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

LYFT INC

2 positions · 2 reported rows

Rows MASTERS CAPITAL MANAGEMENT LLC reported for LYFT INC, as it reported them
LYFT INC · CL A COM · CALL CUSIP — src ↗	$6.7M	500,000
LYFT INC · CL A COM CUSIP — src ↗	$6.7M	500,000

$13.3M

1,000,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NEXGEN ENERGY LTD · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$11.6M

1,000,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BORR DRILLING LTD · SHS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$11.5M

2,000,000

0.4%

—

DENALI THERAPEUTICS INC · COM CUSIP 24823R105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$11.5M

600,000

0.4%

—

BETA TECHNOLOGIES INC · COM SHS CL A CUSIP 086921103
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$10.3M

700,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

APPLIED OPTOELECTRONICS INC · COM · CALL CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$8.5M

100,000

0.3%

—

TELOS CORP MD · COM CUSIP 87969B101
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$8.4M

2,000,000

0.3%

—

FERROGLOBE PLC · SHS CUSIP G33856108
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$8.2M

2,000,000

0.3%

—

ANGEL OAK MORTGAGE REIT INC · COM CUSIP 03464Y108
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$8.2M

1,000,000

0.3%

—

VERTICAL AEROSPACE LTD · SHS NEW CUSIP G9471C206
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$7.5M

3,400,000

0.2%

—

ISOENERGY LTD · COM NEW CUSIP 46500E867
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$7.4M

700,000

0.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SUNRUN INC · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$6.8M

500,000

0.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VERADERMICS INC · COMMON STOCK CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$6.3M

100,000

0.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

IAMGOLD CORP · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$5.6M

300,000

0.2%

—

EVE HLDG INC · COM CUSIP 29970N104
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$5.0M

2,000,000

0.2%

—

LUCID DIAGNOSTICS INC · COM CUSIP 54948X109
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$4.6M

4,000,000

0.2%

—

SENSEONICS HLDGS INC · COM CUSIP 81727U303
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$3.3M

500,000

0.1%

—

INTEGRA RES CORP · COM CUSIP 45826T509
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$2.7M

1,000,000

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PLUG PWR INC · COM NEW CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$2.3M

1,000,000

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WHEELS UP EXPERIENCE INC · COM CL A CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$2.1M

4,000,000

0.1%

—

NEURONETICS INC · COM CUSIP 64131A105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$1.5M

1,000,000

0.0%

—

NEW FORTRESS ENERGY INC · COM CL A CUSIP 644393100
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$590K

1,000,000

0.0%

1–20 of 71 issuers

One line per issuer, largest first — open a line for its reported rows. Grouping ↗

Book shape

Tick = median of the 8,748 tracked filers with a 2026-03-31 book (the index median: the 8,662 with a complete book). Concentration uses reported 13F long value, not total assets; the index is withheld when any position lacks a value.

share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 72.2%below median 80.0%
integer Herfindahl–Hirschman index in basis points over disclosed position values: 360 bpsbelow median 446 bps
holdings with no disclosed value (undisclosed, or unreadable on the filing) — kept and counted, never shown as zero: 98 / 98median book 97.5 positions

109 quarter-over-quarter rows

Filing history

Available filing periods
Period	Source
2026-03-31	EDGAR ↗

Complete source filings on SEC EDGAR

The filing on EDGAR is the record, including any filed after this build.

Open MASTERS CAPITAL MANAGEMENT LLC's 13F filings on SEC EDGAR ↗

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings: a position may have changed or closed since the quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars; each record notes its original unit.

Affiliated managers may report the same position, so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice.

Changes · Q1 2026Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Reported positions — 2026-03-31

Book shape

Filing history

Changes · Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.