On February 17, 2026, Shay Capital disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 641,728 shares of Sable Offshore (SOC +3.92%), an estimated $6.06 million trade based on quarterly average pricing.
What happened
According to a SEC filing dated February 17, 2026, Shay Capital reduced its position in Sable Offshore by 641,728 shares, with an estimated transaction value of $6.06 million based on average market prices during the fourth quarter of 2025. The fund’s quarter-end position in Sable Offshore dropped to 50,000 shares, with the value change reflecting both share sales and price fluctuations.
What else to know
- This was a sell transaction, reducing Sable Offshore to 0.01% of Shay Capital LLC’s 13F reportable AUM.
- Top holdings after the filing:
- NASDAQ: FTAI: $62.01 million (10.0% of AUM)
- NASDAQ: MSFT: $26.87 million (4.3% of AUM)
- NASDAQ: PCT: $13.66 million (2.2% of AUM)
- NASDAQ: AZ: $13.38 million (2.2% of AUM)
- NYSEMKT: SPY: $12.38 million (2.0% of AUM)
- As of February 13, 2026, shares of Sable Offshore were priced at $8.89, down 71.0% over the past year and significantly underperforming the S&P 500, which is instead up about 17%.
Company overview
| Metric | Value |
|---|---|
| Net income (TTM) | $8.4 million |
| Price (as of market close 2/13/26) | $8.89 |
| One-year price change | (70%) |
Company snapshot
- Sable Offshore provides oil and gas exploration and development services, operating three offshore platforms and an onshore processing facility in California.
- The company generates revenue through the extraction, processing, and sale of crude oil and natural gas from federally leased acreage.
- It supplies crude oil and natural gas produced in the United States, where it operates, to U.S.-based customers.
Sable Offshore is an energy company specializing in offshore oil and gas production, leveraging a portfolio of federal leases across approximately 76,000 acres. The company operates three offshore platforms and an onshore processing facility in California, supporting its resource extraction and processing activities.
What this transaction means for investors
Sable remains a capital structure story more than an operating comeback, and the uncertainty around its operations remains well-reflected in the firm’s stock performance.
Yes, the company says it restarted production at the Santa Ynez Unit in May 2025 and raised $295 million in a public offering at $29.50 per share, followed by a $250 million private placement at $5.50 per share. But full year 2025 still ended with a $410.2 million net loss and $921.6 million in short-term debt against just $97.7 million in cash.
Crucially, the company has not yet sold commercial quantities of hydrocarbons since acquiring the asset. Oil is being stored pending regulatory approvals or an offshore storage and treating strategy.
Against a portfolio otherwise tilted toward infrastructure, logistics, and cash generative cyclicals, this very well could have been the highest risk exposure. Trimming it to a token 0.01% signals skepticism that operational momentum will outrun dilution and debt service.
For long-term investors, the takeaway is clear. Until sales flow and leverage falls, equity remains a speculative option on execution.
