Advent Capital Management

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Advent Capital Management reported 19 stock positions worth $71.8 million. Its top holding was Advent Convertible Bond ETF (ACVT) at 37.1% of the portfolio, followed by Amgen (AMGN, 6.3%) and Diamondback Energy (FANG, 6.0%). Compared with Q2 2025, it opened 11 new positions, sold out of 22, added to 4 and reduced 2. The biggest buy was a new position in Spotify Technology (SPOT) and the biggest sale an exit from Meta Platforms Class A (META).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $71.8M (Q3 2025)
SEC Filing: 0001140361-25-041917 ↗ filed Nov 13, 2025

Holdings Value

Holdings 19 stocks · $71.8M


ACVT Advent Convertible Bond ETF	37.07%	990,000	$26.6M	No change
AMGN Amgen Inc.	6.28%	16,000	$4.5M	Add +6.7%
FANG Diamondback Energy Inc.	5.98%	30,000	$4.3M	Add +20.0%
AMZN Amazon.com Inc.	5.50%	18,000	$4.0M	Add +80.0%
ETN Eaton Corp. PLC	5.21%	10,000	$3.7M	Add +233.3%
SPOT Spotify Technology SA	4.86%	5,000	$3.5M	New
BMY Bristol-Myers Squibb Co.	4.71%	75,000	$3.4M	New
MDT Medtronic PLC	4.64%	35,000	$3.3M	New
DAL Delta Air Lines Inc.	3.95%	50,000	$2.8M	New
T AT&T Inc.	3.93%	100,000	$2.8M	No change
CMI Cummins Inc.	3.53%	6,000	$2.5M	New
MGM MGM Resorts International	3.38%	70,000	$2.4M	Reduce -26.3%
RCL Royal Caribbean Cruises Ltd.	3.15%	7,000	$2.3M	New
VRT Vertiv Holdings Co. Class A	3.15%	15,000	$2.3M	New
AVGO Broadcom Inc.	2.30%	5,000	$1.6M	Reduce -66.7%
DFDV Defi Development Corp.	1.07%	50,000	$766K	New
HUBS HubSpot Inc.	0.65%	1,000	$468K	New
BBAI Bigbear.ai Holdings Inc.	0.36%	40,000	$261K	New
ESPR Esperion Therapeutics Inc.	0.30%	80,000	$212K	New

Options reported separately and not counted above: SPY puts ($105.3M), BABA calls ($5.3M), JD calls ($5.2M), GME calls ($3.4M), CIM calls ($2.6M), CIFR calls ($2.0M), AGNC calls ($1.9M), CRWV calls ($1.7M), BTDR puts ($1.7M), LYFT calls ($1.2M), REAL calls ($1.1M), BE calls ($846K), and 10 more.

Other holdings (180): bonds, preferreds, convertibles and warrants · $4.4B (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	176,506	$223.3M	Add +2.1%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	175,046	$215.8M	Reduce -2.8%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	125,451,000	$184.7M	Add +4.5%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	102,867,000	$133.1M	Add +10.1%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	140,503,000	$128.9M	Reduce -8.6%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	111,695,000	$114.9M	Add +6.7%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	2,119,534	$105.4M	Add +124.4%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	93,911,000	$100.9M	Add +2.3%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,320,670	$92.4M	Add +12.4%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	1,771,241	$92.1M	Add +2.3%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	77,086,000	$88.1M	Add +31.9%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	77,733,000	$85.3M	Add +12.9%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	58,205,000	$68.9M	Add +12.6%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	66,705,000	$67.3M	Add +10.9%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	64,630,000	$65.2M	New
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	66,630,000	$60.0M	Reduce -15.6%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	60,160,000	$59.4M	Add +2.5%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	52,075,000	$57.9M	Add +26.4%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	819,770	$56.4M	Add +2.7%
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	54,865,000	$55.3M	New
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	52,317,000	$55.2M	Add +145.6%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	44,874,000	$48.6M	Add +31.1%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	43,579,000	$48.5M	Add +58.5%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	50,345,000	$44.7M	Add +18.3%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	44,036,000	$44.6M	Reduce -7.1%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	837,300	$41.9M	Add +1.1%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	42,987,000	$41.1M	Reduce -9.8%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	41,072,000	$40.6M	Reduce -13.9%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	36,753,000	$40.4M	Add +29.8%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	35,335,000	$40.4M	Reduce -19.0%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	42,466,000	$39.9M	Reduce -31.9%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	35,554,000	$39.6M	Reduce -4.3%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	40,318,000	$39.5M	Reduce -12.9%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	37,913,000	$39.4M	Add +129.8%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	37,846,000	$39.2M	Reduce -14.8%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	41,107,000	$38.8M	Reduce -7.5%
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	24,532,000	$38.5M	New
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	35,806,000	$36.6M	Reduce -2.6%
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	41,661,000	$35.8M	Reduce -7.0%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	19,467,000	$35.8M	Reduce -6.1%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	38,682,000	$35.7M	Add +684.1%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	38,026,000	$34.7M	Reduce -49.0%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	36,189,000	$33.5M	Reduce -15.7%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	549,710	$32.4M	Add +24.4%
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	32,174,000	$31.2M	Add +431.2%
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	30,556,000	$31.2M	Add +554.4%
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	112,520	$30.6M	New
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	28,553,000	$30.2M	Reduce -25.9%
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	28,548,000	$29.5M	Add +11.3%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	29,298,000	$29.5M	Reduce -1.9%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	31,888,000	$29.1M	Reduce -9.4%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	28,133,000	$28.4M	Reduce -9.3%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	27,488,000	$27.9M	Add +21.6%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	29,423,000	$27.3M	Add +35.9%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	29,674,000	$27.1M	Add +2.1%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	284,030	$26.5M	Add +62.7%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	26,021,000	$25.7M	Reduce -36.7%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	26,357,000	$25.1M	Add +68.1%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	26,781,000	$24.7M	Reduce -15.8%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	19,948,000	$24.5M	No change
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	30,062,000	$24.2M	Reduce -14.8%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	20,182,000	$22.9M	Reduce -1.0%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	17,409,000	$22.3M	Add +7.4%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	18,532,000	$22.0M	New
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	25,263,000	$21.9M	Add +17.4%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	23,197,000	$21.8M	Reduce -18.2%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	21,906,000	$21.6M	Reduce -17.1%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	21,691,000	$21.4M	Add +41.4%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	23,407,000	$21.0M	Reduce -25.0%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	17,886,000	$19.1M	Reduce -21.3%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	15,340,000	$18.7M	Reduce -57.8%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	270,147	$18.3M	Add +19.5%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	15,374,000	$18.3M	Reduce -18.0%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	437,794	$17.2M	Add +11.0%
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	16,204,000	$17.1M	Add +89.8%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	17,578,000	$16.9M	Add +25.8%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	12,625,000	$15.7M	New
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	17,302,000	$15.2M	Reduce -38.6%
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	17,401,000	$15.1M	Reduce -27.5%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	15,086,000	$14.9M	Reduce -3.9%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	16,844,000	$14.6M	Add +1334.8%
EVOLENT HEALTH INC	DEBT 4.500% 8/1 · principal	14,361,000	$14.4M	New
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	14,800,000	$14.4M	Reduce -33.4%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	11,697,000	$13.3M	Reduce -77.6%
PAGERDUTY INC. (PD 1.5 10/15/28 *)	NOTE 1.500%10/1 · principal	13,453,000	$13.2M	Reduce -6.6%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	9,250,000	$12.8M	Reduce -80.2%
WORKIVA INC (WK 1.125 08/15/26)	NOTE 1.125% 8/1 · principal	10,743,000	$12.8M	Reduce -4.8%
TXNM ENERGY INC (TXNM 5.75 06/01/54)	NOTE 5.750% 6/0 · principal	9,634,000	$12.6M	Add +39.1%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	11,380,000	$12.3M	Reduce -2.6%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	8,395,000	$11.8M	Reduce -4.2%
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30)	NOTE 4.750% 5/0 · principal	6,580,000	$11.8M	Add +111.8%
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	11,925,000	$11.6M	Reduce -1.2%
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	8,058,000	$11.4M	Add +661.6%
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	9,815,000	$10.6M	Reduce -63.1%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	10,547,000	$10.6M	Add +42.5%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	10,425,000	$10.5M	Reduce -65.1%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	10,034,000	$10.3M	Reduce -67.4%
FRESHPET INC (FRPT 3 04/01/28)	NOTE 3.000% 4/0 · principal	8,664,000	$9.8M	Add +163.4%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	174,000	$9.5M	Add +117.5%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	9,441,000	$9.1M	Reduce -46.4%
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	93,238	$8.5M	Add +134.2%
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	7,300,000	$8.4M	Add +46.7%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	2,567,000	$8.2M	Reduce -80.4%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	6,510,000	$8.2M	New
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29)	NOTE 5.500%12/0 · principal	3,580,000	$8.0M	Reduce -34.8%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	5,669,000	$7.9M	Reduce -80.1%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	4,854,000	$7.8M	Reduce -15.6%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	7,800,000	$7.7M	Add +14.6%
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	8,244,000	$7.1M	Reduce -32.1%
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	5,509,000	$7.1M	Add +28.8%
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29)	NOTE 2.500% 9/0 · principal	6,171,000	$6.4M	New
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	6,398,000	$6.3M	No change
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	5,034,000	$6.3M	Add +19.9%
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	6,413,000	$6.1M	Reduce -26.3%
SOFI TECHNOLOGIES INC (SOFI 0 10/15/26)	CONV · principal	4,454,000	$5.8M	New
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	5,493,000	$5.7M	Reduce -56.4%
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	2,000,000	$5.7M	New
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	6,339,000	$5.7M	Add +3.7%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	5,474,000	$5.7M	Reduce -84.1%
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	5,900,000	$5.7M	No change
THE REALREAL INC (REAL 4 02/15/31)	DEBT 4.000% 2/1 · principal	4,324,000	$5.6M	New
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	3,444,000	$5.4M	Add +364.8%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.4M	No change
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	3,975,000	$5.0M	Reduce -77.4%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	5,352,000	$5.0M	Reduce -30.6%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	4,510,000	$4.9M	Add +219.9%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	3,525,000	$4.8M	Reduce -60.3%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	5,038,000	$4.7M	Add +8.1%
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	4,570,000	$4.7M	Add +128.5%
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	5,500,000	$4.6M	Add +160.1%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	5,782,000	$4.5M	Reduce -62.6%
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	3,615,000	$4.4M	Reduce -9.2%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,850,000	$4.3M	No change
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	3,712,000	$3.7M	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	3,468,000	$3.6M	Reduce -11.4%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	1,477,000	$3.6M	Reduce -77.4%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	3,655,000	$3.4M	Reduce -10.3%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	3,000,000	$3.2M	Add +100.0%
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	3,185,000	$3.2M	New
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	3,048,000	$3.0M	Reduce -0.3%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	77,747	$2.9M	Reduce -51.0%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	3,213,000	$2.9M	Add +0.1%
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	3,221,000	$2.9M	Reduce -0.4%
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	3,300,000	$2.8M	No change
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	2,800,000	$2.8M	No change
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	4,000,000	$2.8M	Add +300.0%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	950,000	$2.7M	Reduce -15.6%
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,076,000	$2.6M	Reduce -19.0%
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	2,604,000	$2.6M	No change
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	2,701,000	$2.6M	Reduce -96.2%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	1,835,000	$2.5M	New
GREEN PLAINS INC (GPRE 2.25 03/15/27)	NOTE 2.250% 3/1 · principal	2,625,000	$2.5M	New
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	2,320,000	$2.2M	Add +8.4%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	1,950,000	$2.2M	No change
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,175,000	$2.1M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	1,772,000	$2.0M	No change
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	2,100,000	$1.9M	New
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	1,980,000	$1.9M	No change
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	1,800,000	$1.8M	No change
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	16,993	$1.7M	Reduce -19.2%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	1,469,000	$1.5M	Reduce -70.5%
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	2,107,000	$1.5M	Add +99.3%
BILL HOLDINGS INC (BILL 0 12/01/25)	NOTE 12/0 · principal	1,550,000	$1.5M	No change
CELCUITY INC (CELC 2.75 08/01/31)	NOTE 2.750% 8/0 · principal	980,000	$1.3M	New
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	1,160,000	$1.1M	No change
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	1,058,000	$1.0M	No change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27)	NOTE 4.750% 6/1 · principal	790,000	$850K	New
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	859,000	$812K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	775,000	$745K	No change
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	425,000	$645K	Add +112.5%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	368,000	$562K	Reduce -98.9%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	440,000	$483K	Reduce -99.3%
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *)	NOTE 4.250% 2/1 · principal	476,000	$456K	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	300,000	$422K	Add +34.5%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	267,000	$368K	New
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	150,000	$288K	New
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	175,000	$229K	No change
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	18,260	$39K	No change
AUROW Aurora Innovation Inc. -CW28	*W EXP 11/03/202	61,500	$36K	No change
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49)	NOTE 0.750% 3/1 · principal	4,000	$3K	New

Total filed on the 13F, all lines: $4.5B.

Portfolio Sells Q2 2025 → Q3 2025


META Meta Platforms Inc. Class A	Sold out	0.00%	−5.32
IBM Intl Business Machines Corp.	Sold out	0.00%	−4.96
RH RH	Sold out	0.00%	−4.55
WHR Whirlpool Corp.	Sold out	0.00%	−4.27
DXCM Dexcom Inc.	Sold out	0.00%	−4.20
JPM JPMorgan Chase & Co.	Sold out	0.00%	−3.49
TOL Toll Brothers Inc.	Sold out	0.00%	−3.43
NVDA Nvidia Corp.	Sold out	0.00%	−2.85
AVGO Broadcom Inc.	Reduce -66.7%	2.30%	−2.68
LOW Lowe's Cos Inc.	Sold out	0.00%	−2.67
ZTS Zoetis Inc.	Sold out	0.00%	−1.88
NOW ServiceNow Inc.	Sold out	0.00%	−1.53
LAZ Lazard Inc.	Sold out	0.00%	−1.44
QFIN Qfin Holdings Inc.-ADR	Sold out	0.00%	−0.98
MGM MGM Resorts International	Reduce -26.3%	3.38%	−0.55
OPFI Oppfi Inc.	Sold out	0.00%	−0.34
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−0.25
TVTX Travere Therapeutics Inc.	Sold out	0.00%	−0.25
SO The Southern Co.	Sold out	0.00%	−0.24
PENN Penn Entertainment Inc.	Sold out	0.00%	−0.22
BTG B2GOLD Corp.	Sold out	0.00%	−0.20
REAL The Realreal Inc.	Sold out	0.00%	−0.14
PMT Pennymac Mortgage Investment	Sold out	0.00%	−0.12
PRAA Pra Group Inc.	Sold out	0.00%	−0.10

Portfolio Buys Q2 2025 → Q3 2025


SPOT Spotify Technology SA	New	4.86%	+4.86
BMY Bristol-Myers Squibb Co.	New	4.71%	+4.71
MDT Medtronic PLC	New	4.64%	+4.64
DAL Delta Air Lines Inc.	New	3.95%	+3.95
ETN Eaton Corp. PLC	Add +233.3%	5.21%	+3.92
CMI Cummins Inc.	New	3.53%	+3.53
RCL Royal Caribbean Cruises Ltd.	New	3.15%	+3.15
VRT Vertiv Holdings Co. Class A	New	3.15%	+3.15
AMZN Amazon.com Inc.	Add +80.0%	5.50%	+2.86
FANG Diamondback Energy Inc.	Add +20.0%	5.98%	+1.85
AMGN Amgen Inc.	Add +6.7%	6.28%	+1.25
DFDV Defi Development Corp.	New	1.07%	+1.07
HUBS HubSpot Inc.	New	0.65%	+0.65
BBAI Bigbear.ai Holdings Inc.	New	0.36%	+0.36
ESPR Esperion Therapeutics Inc.	New	0.30%	+0.30

Options Activity Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +34.5%	158,000	$105.3M
CSCO Cisco Systems Inc.	call	Sold out	400,000	$27.8Mbefore exit
HOOD Robinhood Markets Inc. Class A	put	Sold out	100,000	$9.4Mbefore exit
BABA Alibaba Group Holding-SP ADR	call	Add +47.5%	29,500	$5.3M
JD Jd.com Inc.-ADR	call	New	150,000	$5.2M
CORZ Core Scientific Inc.	call	Sold out	250,000	$4.3Mbefore exit
NCLH Norwegian Cruise Line Holdin	call	Sold out	200,000	$4.1Mbefore exit
GME Gamestop Corp. Class A	call	Add +316.7%	125,000	$3.4M
AFRM Affirm Holdings Inc.	call	Sold out	40,000	$2.8Mbefore exit
CIM Chimera Investment Corp.	call	New	200,000	$2.6M
AMGN Amgen Inc.	call	Sold out	7,500	$2.1Mbefore exit
CIFR Cipher Digital Inc.	call	New	160,000	$2.0M
AGNC AGNC Investment Corp.	call	Add +95.1%	195,100	$1.9M
SOFI Sofi Technologies Inc.	put	Sold out	100,000	$1.8Mbefore exit
CRWV Coreweave Inc. Class A	call	New	12,500	$1.7M
BTDR Bitdeer Technologies Group-A	put	New	100,000	$1.7M
ALB Albemarle Corp.	call	Sold out	26,000	$1.6Mbefore exit
LYFT LYFT Inc. Class A	call	Reduce -66.7%	55,000	$1.2M
REAL The Realreal Inc.	call	New	100,000	$1.1M
DKNG Draftkings Inc. Class A	call	Sold out	20,000	$858Kbefore exit
BE Bloom Energy Corp. Class A	call	New	10,000	$846K
SOFI Sofi Technologies Inc.	call	Reduce -85.0%	30,000	$793K
MARA Mara Holdings Inc.	call	Sold out	50,000	$784Kbefore exit
UNH Unitedhealth Group Inc.	call	Sold out	2,500	$780Kbefore exit
BBAI Bigbear.ai Holdings Inc.	call	Add +100.0%	100,000	$652K
CLSK Cleanspark Inc.	call	Sold out	50,000	$552Kbefore exit
RIOT Riot Platforms Inc.	call	Reduce -85.8%	28,500	$542K
GOSS Gossamer Bio Inc.	call	New	200,000	$526K
CFLT Confluent Inc. Class A	call	Sold out	20,000	$499Kbefore exit
RDW Redwire Corp.	call	New	55,000	$494K
BTDR Bitdeer Technologies Group-A	call	New	20,000	$342K
GGAL Grupo Financiero Galicia-ADR	call	New	10,000	$276K
SPCE Virgin Galactic Holdings Inc.	call	Sold out	100,000	$273Kbefore exit
LUNR Intuitive Machines Inc.	call	Sold out	25,000	$272Kbefore exit
PLUG Plug Power Inc.	call	New	100,000	$233K
LULU Lululemon Athletica Inc.	call	New	1,000	$178K
AUR Aurora Innovation Inc.	call	New	20,000	$108K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025


BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Add +2.1%	176,506	$223.3M
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Reduce -2.8%	175,046	$215.8M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Add +4.5%	125,451,000	$184.7M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +10.1%	102,867,000	$133.1M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Reduce -8.6%	140,503,000	$128.9M
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	Add +6.7%	111,695,000	$114.9M
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Add +124.4%	2,119,534	$105.4M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +2.3%	93,911,000	$100.9M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Add +12.4%	1,320,670	$92.4M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +2.3%	1,771,241	$92.1M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Add +31.9%	77,086,000	$88.1M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Add +12.9%	77,733,000	$85.3M
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	Sold out	1,766,596	$69.9Mbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Add +12.6%	58,205,000	$68.9M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Add +10.9%	66,705,000	$67.3M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	New	64,630,000	$65.2M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Reduce -15.6%	66,630,000	$60.0M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	Add +2.5%	60,160,000	$59.4M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Add +26.4%	52,075,000	$57.9M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +2.7%	819,770	$56.4M
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	New	54,865,000	$55.3M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	Add +145.6%	52,317,000	$55.2M
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	Add +31.1%	44,874,000	$48.6M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Add +58.5%	43,579,000	$48.5M
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	Add +18.3%	50,345,000	$44.7M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Reduce -7.1%	44,036,000	$44.6M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Add +1.1%	837,300	$41.9M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -9.8%	42,987,000	$41.1M
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	Reduce -13.9%	41,072,000	$40.6M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Add +29.8%	36,753,000	$40.4M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -19.0%	35,335,000	$40.4M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Reduce -31.9%	42,466,000	$39.9M
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Reduce -4.3%	35,554,000	$39.6M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Reduce -12.9%	40,318,000	$39.5M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	Add +129.8%	37,913,000	$39.4M
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	Reduce -14.8%	37,846,000	$39.2M
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	Reduce -7.5%	41,107,000	$38.8M
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	New	24,532,000	$38.5M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	Reduce -2.6%	35,806,000	$36.6M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	Reduce -7.0%	41,661,000	$35.8M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	Reduce -6.1%	19,467,000	$35.8M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	Add +684.1%	38,682,000	$35.7M
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Reduce -49.0%	38,026,000	$34.7M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Reduce -15.7%	36,189,000	$33.5M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	Add +24.4%	549,710	$32.4M
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	Add +431.2%	32,174,000	$31.2M
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	Add +554.4%	30,556,000	$31.2M
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	New	112,520	$30.6M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -25.9%	28,553,000	$30.2M
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	Add +11.3%	28,548,000	$29.5M

Showing the first 50 of 176.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	23	$91.9M	ACVT, STM, GLW, ETN, NOW
Q1 2026	28	$91.3M	ACVT, GM, UAL, NOW, ETN
Q4 2025	15	$60.9M	ACVT, ETN, NOC, ABBV, GM
Q3 2025	19	$71.8M	ACVT, AMGN, FANG, AMZN, ETN
Q2 2025	30	$83.2M	ACVT, META, AMGN, AVGO, IBM
Q1 2025	20	$52.4M	AVGO, LOW, FANG, NOC, DXCM
Q4 2024	23	$52.2M	UPS, EXPE, LOW, X, ABBV
Q3 2024	39	$58.8M	NVDA, WHR, HD, VLO, ETN
Q2 2024	23	$55.8M	ZTS, ABBV, HD, AMZN, GOOG
Q1 2024	30	$69.9M	GOOG, UPS, ABBV, MDB, SLB