On February 17, 2026, Woodson Capital Management, LP disclosed a new position in Sirius XM (SIRI 0.56%).
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Woodson Capital Management, LP established a new stake in Sirius XM, acquiring 1,200,000 shares. The estimated transaction value was $23.99 million, based on the quarterly average price. The quarter-end value of the position also totaled $23.99 million, reflecting both the new investment and any price moves during the reporting period.
What else to know
- The new stake in Sirius XM represents 3.33% of Woodson Capital Management’s reportable 13F AUM after the filing.
- Top holdings after the filing:
- NYSE:AS: $56.02 million (8.7% of AUM)
- NYSE:TPR: $46.64 million (6.5% of AUM)
- NYSE:RDDT: $45.51 million (6.3% of AUM)
- NYSE:XYZ: $44.91 million (6.2% of AUM)
- NYSE:SG: $40.56 million (5.6% of AUM)
- As of February 16, 2026, shares of Sirius XM were priced at $21.29, down 19.48% over the past year, underperforming the S&P 500 by 31.28 percentage points
Company/Etf overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $8.56 billion |
| Net income (TTM) | $805.00 million |
| Dividend yield | 5.11% |
| Price (as of market close 2/13/26) | $21.29 |
Company/Etf snapshot
- Offers satellite radio, streaming audio services, podcasts, and location-based vehicle services, generating revenue primarily through subscription fees and advertising.
- Operates a subscription-based model, distributing content via satellite and digital platforms to consumers, automakers, and retailers.
- Targets individual consumers, automotive manufacturers, and commercial partners across the United States.
Sirius XM is a leading provider of subscription-based satellite radio and digital audio entertainment services in the United States, with a diversified portfolio that includes music, sports, news, and talk content. The company leverages a robust distribution network through automakers, retailers, and direct-to-consumer digital platforms to maintain a strong presence in the in-car and streaming audio markets. Its competitive advantage stems from exclusive content partnerships, integrated vehicle connectivity, and a scalable subscription model that supports consistent cash flow and shareholder returns.
What this transaction means for investors
Woodson Capital took a significant position in SiriusXM stock with its purchase of 1.2 million shares. The satellite radio provider has struggled with competition from streaming. Also, new car sales, a key sales channel for the company, have not been as robust in recent years.
Consequently, the stock lost about 20% of its value over the previous year and fell by nearly two-thirds of its value over the last five years despite Berkshire Hathaway holding over 37% of the outstanding shares.
NASDAQ: SIRI
Key Data Points
Nonetheless, the declines in subscriber counts have been small, and several stars broadcast exclusively on the platform, giving some customers a reason to subscribe.
Additionally, the stock offers a generous 5.11% dividend yield, far above the S&P 500 average of less than 1.1%. Hence, Woodson may have seen potential for both growth and income, though investors will have to wait patiently to see whether those anticipated returns materialize for the media stock.
