Mountain Lake Investment Management LLC

Q3 2025 13F-HR Holdings

Location
San Francisco, CA
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
26
Total value ($000)
$134,277
Net value change ($000)
+14,109 (11.7%)
New positions
5
Sold out positions
6
Turnover %
24.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
VNOM 9,853 NEW
ALSN 7,550 818.0%
HP 3,013 NEW
CNC 2,976 NEW
CI 1,483 NEW
PHYS 1,252 10.1%
NRP 1,204 33.6%
NE 916 16.7%
DHI 910 9.6%
PSLV 792 101.9%
Top Reduces (Value $000, Stocks/ETFs)
SB -7,935 -100.0%
PDS -2,915 -100.0%
SDRL -1,931 -30.5%
FRPH -1,796 -100.0%
OZK -1,648 -100.0%
JOE -892 -100.0%
ALCO -335 -100.0%
OPLN -309 -19.4%
EOG -260 -4.4%
ET -212 -10.1%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type