Masters Capital Management LLC

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Masters Capital Management LLC ✚
CRD #	137605
SEC #	801-65894
CIK #	0001104186
AUM	804.6 M (2026-03-30)
Employees	17 (76% Investors, 0% Brokers)
Fees
Minimum
Phone	404-364-2021
Address	3060 Peachtree Road, NW Atlanta, GA 30305-2234
Source	[IAPD] [EDGAR] [Website] [LinkedIn]

Total AUM ($M) Copy

CIK	Period
0001104186	2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31

CIK

Period

0001104186

Sector	Form 13F Holdings	Value ($B)
	Citigroup Inc	0.2
	United Parcel Service Inc	0.2
	Delta Air Lines Inc	0.1
	Intel Corp	0.1
	Alibaba Group Holding Ltd	0.1
	International Business Machines Corp	0.1
	General Motors Co	0.1
	New Providence Acquisition Corp	0.1
	Wayfair Inc	0.1
	Mohawk Industries Inc	0.1
	Fluor Corp	0.1
	Bristol Myers Squibb Co	0.1
	Air Products & Chemicals Inc /DE/	0.1
	Ormat Technologies Inc	0.1
	BorgWarner Inc	0.1
	Ecolab Inc	0.1
	Clorox Co /DE/	0.1
	Schlumberger Ltd /NV/	0.1
	Freeport McMoran Copper & Gold Inc	0.0
	YPF Sociedad Anonima	0.0
	Barclays PLC	0.0
	Boeing Co	0.0
	National Oilwell Varco Inc	0.0
	Archer Daniels Midland Co	0.0
	Therealreal Inc	0.0
	CVS Caremark Corp	0.0
	DMY Technology Group Inc III	0.0
	Boston Scientific Corp	0.0
	Firefly Aerospace Inc	0.0


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Type	Form D Funds	Date	Sold	AUM
HF	Sciens Group Alternative Strategies PCC Limited-Blue Omega Cell	2014-03-31		9.3 M
HF	Marlin Master Fund Offshore II LP	2014-03-28		43.4 M
HF	Marlin Fund III Limited Partnership	[2012-03-29]	19.6 M	34.3 M
	Filed 2025-10-30 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF	Marlin Fund II Limited Partnership	[2012-03-29]	101.9 M	353.8 M
	Filed 2025-10-30 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Commission $67,561 · Net Assets Decline to Disclose
HF	Marlin Fund Limited Partnership	[2012-03-29]		373.1 M
HF	Marlin Fund Offshore LDC	2012-03-29		51.7 M

AUM Breakdown	Accounts	AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals)	0	0.0
(b) Individuals (high net worth individuals)	0	0.0
(c) Banking or thrift institutions	0	0.0
(d) Investment companies	0	0.0
(e) Business development companies	0	0.0
(f) Pooled investment vehicles	4	804.6
(g) Pension and profit sharing plans	0	0.0
(h) Charitable organizations	0	0.0
(i) State or municipal government entities	0	0.0
(j) Other investment advisers	0	0.0
(k) Insurance companies	0	0.0
(l) Sovereign wealth funds and foreign official institutions	0	0.0
(m) Corporations or other businesses not listed above	0	0.0
(n) Other	0	0.0
Total	4	804.6
By Discretionary
Discretionary	4	804.6
Non-Discretionary	0	0.0
Total	4	804.6
By Non-United States Persons
Non-United States Persons		43.4
United States Persons		761.2
Total	4	804.6

Form D Directors	Role	# Filings	# Firms	2011 - 2026
Michael Masters	Executive Officer	14	2
Masters Capital Management LLC	Executive Officer	4	2

EDGAR Form	CIK	2011 - 2026
13F-HR	[0001104186]
3	[0001104186]
4	[0001104186]
SC 13D	[0001104186]
SC 13G	[0001104186]

Form 13D/13G Filer	Form 13D/13G Subject	Filed
Masters Capital Management LLC	Sonendo Inc	[2024-02-14]
Masters Capital Management LLC	Brainsway Ltd	[2022-02-14]
Masters Capital Management LLC	Venus Concept Inc	[2021-12-23]
Masters Capital Management LLC	Virios Therapeutics Inc	[2021-02-16]
Masters Capital Management LLC	Senseonics Holdings Inc	[2021-01-21]
Masters Capital Management LLC	California Resources Corp	[2020-02-14]
Masters Capital Management LLC	California Resources Corp	[2019-02-14]
Masters Capital Management LLC	SecureWorks Corp	[2017-02-14]
Masters Capital Management LLC	YRC Worldwide Inc	[2016-02-12]
Masters Capital Management LLC	Neophotonics Corp	[2013-01-31]

Firm Profile (Form ADV)
Discretionary AUM	$0.7B
Clients	4 (25 non-US)
Serves	Institutional
Fund Types	Hedge Fund
LEI	54930021ZMJS835N2V95

Form 3/4/5 Subject	2011 - 2026
Masters Michael Willingham
Marlin Fund Limited Partnership
Marlin Fund III Limited Partnership
Marlin Fund II Limited Partnership
MSS VC SPV LP
Marlin Master Fund Offshore II LP
Venus Concept Inc
Masters Special Situations LLC
Masters Capital Management LLC

Insider Transaction (Form 3/4/5)	Date	Action	Shares	Price	Value ($)
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-11	Conversion	233,345	$0.00
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-11	Sell	102,717	$1.20	123,260
Venus Concept Inc VERO Voting Convertible Preferred Stock · derivative	2024-06-11	Conversion	350,000
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-10	Conversion	262,680	$0.00
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-10	Conversion	330,684	$0.00
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-10	Conversion	24,002	$0.00
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-10	Conversion	49,336	$0.00
Venus Concept Inc VERO Voting Convertible Preferred Stock · derivative	2024-06-10	Conversion	36,000
Venus Concept Inc VERO Voting Convertible Preferred Stock · derivative	2024-06-10	Conversion	394,000
Venus Concept Inc VERO Voting Convertible Preferred Stock · derivative	2024-06-10	Conversion	496,000
Venus Concept Inc VERO Voting Convertible Preferred Stock · derivative	2024-06-10	Conversion	74,000
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	1,487	$1.20	1,784
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	53,895	$1.22	65,752
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	11,467	$1.20	13,760
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	128,254	$1.20	153,905
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	19,814	$1.20	23,777
Venus Concept Inc VERO Common Stock, $0.0001 par value per share	2024-06-07	Sell	172,314	$1.20	206,777

Comparable Firms	State	AUM
Divisar Capital Management LLC ✚	CA	812.8 M
NAVI Intl-Administradora E Gestora de Recursos Financeiros LTDA ✚		810.0 M
Willing Capital Management Limited ✚		806.3 M
Nokomis Capital LLC ✚	TX	804.2 M
Barnegat Fund Management Inc ✚	NJ	803.4 M
Net Return Asset Management LLC ✚	NY	803.3 M
Opaleye Management Inc ✚	MA	802.8 M
Hunters Moon Capital LLP ✚		802.6 M
Saturn V Capital Management LP ✚	TX	793.2 M
KR Capital LP ✚	NY	792.4 M

Masters Capital Management LLC

Assets, Funds, Holdings