Advent Capital Management

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Advent Capital Management reported 15 stock positions worth $60.9 million. Its top holding was Advent Convertible Bond ETF (ACVT) at 43.5% of the portfolio, followed by Eaton (ETN, 6.8%) and Northrop Grumman (NOC, 6.6%). Compared with Q3 2025, it opened 9 new positions, sold out of 13 and added to 6. The biggest buy was a new position in Northrop Grumman (NOC) and the biggest sale an exit from Amgen (AMGN).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $60.9M (Q4 2025)
SEC Filing: 0001140361-26-004346 ↗ filed Feb 9, 2026

Holdings Value

Holdings 15 stocks · $60.9M


ACVT Advent Convertible Bond ETF	43.54%	990,250	$26.5M	Add +0.0%
ETN Eaton Corp. PLC	6.80%	13,000	$4.1M	Add +30.0%
NOC Northrop Grumman Corp.	6.56%	7,000	$4.0M	New
ABBV Abbvie Inc.	5.63%	15,000	$3.4M	New
GM General Motors Co.	5.34%	40,000	$3.3M	New
VRT Vertiv Holdings Co. Class A	5.32%	20,000	$3.2M	Add +33.3%
CCL Carnival Corp.	5.02%	100,000	$3.1M	New
PNC PNC Financial Services Group	4.80%	14,000	$2.9M	New
BSX Boston Scientific Corp.	4.70%	30,000	$2.9M	New
AVGO Broadcom Inc.	4.55%	8,000	$2.8M	Add +60.0%
RCL Royal Caribbean Cruises Ltd.	4.12%	9,000	$2.5M	Add +28.6%
ZTS Zoetis Inc.	1.16%	5,600	$705K	New
UNIT Uniti Group Inc.	1.15%	100,000	$701K	New
APLS Apellis Pharmaceuticals Inc.	0.74%	18,000	$452K	New
ESPR Esperion Therapeutics Inc.	0.55%	90,000	$333K	Add +12.5%

Options reported separately and not counted above: SPY calls ($586.5M), CSCO calls ($30.8M), HD calls ($6.9M), NCLH calls ($6.7M), ORCL calls ($4.9M), AKAM calls ($3.5M), BABA calls ($2.2M), RIOT puts ($1.3M), SOFI calls ($1.2M), BTDR calls ($1.2M), MARA calls ($898K), BBAI calls ($540K), and 4 more.

Other holdings (194): bonds, preferreds, convertibles and warrants · $4.3B (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	157,311	$197.0M	Reduce -10.9%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	157,600	$191.8M	Reduce -10.0%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	142,238,000	$184.9M	Add +13.4%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	119,816,000	$108.4M	Reduce -14.7%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	73,569,000	$104.3M	Reduce -28.5%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	105,126,000	$104.2M	Reduce -5.9%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	1,997,547	$103.7M	Add +12.8%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	1,988,322	$102.7M	Reduce -6.2%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,277,582	$96.4M	Reduce -3.3%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	87,479,000	$94.3M	Add +12.5%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	65,080,000	$81.6M	Add +11.8%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	78,180,000	$79.3M	Add +112.7%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	67,596,000	$74.8M	Reduce -12.3%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	71,579,000	$74.4M	Reduce -23.8%
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	65,401,000	$69.7M	New
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	58,536,000	$65.1M	Add +12.4%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	849,161	$59.0M	Add +3.6%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	53,292,000	$57.1M	Add +22.3%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	46,122,000	$53.0M	Reduce -11.8%
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29)	NOTE 0.750%12/1 · principal	45,578,000	$50.6M	New
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	43,876,000	$48.1M	Reduce -2.2%
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	48,301,000	$47.3M	Reduce -12.0%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	920,473	$46.5M	Add +9.9%
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	916,989	$45.6M	New
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	40,522,000	$45.6M	Add +15076.8%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	49,037,000	$44.9M	Reduce -26.4%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	43,706,000	$44.8M	Reduce -32.4%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	45,147,000	$40.8M	Add +26.1%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	42,082,000	$40.1M	Reduce -2.1%
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	37,409,000	$37.5M	New
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	36,095,000	$37.3M	Reduce -18.0%
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	24,026,000	$37.2M	Reduce -2.1%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	34,948,000	$35.4M	Reduce -7.8%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	35,404,000	$35.2M	Reduce -13.8%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	527,546	$34.9M	Add +95.3%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	33,316,000	$34.6M	Reduce -5.7%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	34,451,000	$34.3M	Reduce -18.9%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	28,682,000	$34.2M	Add +145.2%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	28,784,000	$33.8M	Add +44.3%
NOVANTA INC (NOVT 6.5 11/01/28)	UNIT 11/01/2028	581,990	$31.7M	New
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	86,679	$31.5M	Reduce -23.0%
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	30,415,000	$31.0M	Add +316.6%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	529,956	$31.0M	Reduce -3.6%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	31,555,000	$30.0M	Reduce -12.8%
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	27,466,000	$29.4M	Reduce -3.8%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	29,815,000	$29.1M	Add +1.8%
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	28,914,000	$28.3M	Reduce -10.1%
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	25,656,000	$27.1M	New
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	25,868,000	$26.9M	Reduce -5.9%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	24,431,000	$26.8M	Reduce -13.2%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	19,332,000	$26.0M	Add +4.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	323,380	$25.9M	Add +13.8%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	23,068,000	$25.8M	Reduce -65.4%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	27,741,000	$25.1M	Reduce -44.9%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	25,944,000	$25.1M	Reduce -56.9%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	19,947,000	$24.6M	Add +14.6%
BILL HOLDINGS INC (BILL 0 04/01/30)	NOTE 4/0 · principal	26,181,000	$24.1M	New
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	27,271,000	$23.9M	Reduce -34.5%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	20,513,000	$23.3M	Reduce -5.4%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	25,404,000	$23.1M	Reduce -20.3%
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	26,389,000	$23.1M	Add +4.5%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	24,534,000	$22.8M	Reduce -8.4%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	24,310,000	$22.6M	Reduce -18.1%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	19,818,000	$21.6M	Add +57.0%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	14,629,000	$21.5M	Add +201.4%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	23,121,000	$21.0M	Add +37.3%
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	21,751,000	$20.7M	Reduce -28.8%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	22,321,000	$20.6M	Reduce -41.3%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	14,212,000	$20.4M	Reduce -29.6%
VARONIS SYSTEM INC (VRNS 1 09/15/29)	NOTE 1.000% 9/1 · principal	21,261,000	$19.9M	New
RIOT PLATFORMS INC (RIOT 0.75 01/15/30)	NOTE 0.750% 1/1 · principal	17,193,000	$19.6M	New
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	466,504	$19.2M	Add +6.6%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	19,706,000	$18.8M	Reduce -15.1%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	17,981,000	$18.8M	Reduce -38.9%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	18,985,000	$18.2M	Reduce -18.9%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	15,247,000	$17.5M	Reduce -0.8%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	16,969,000	$17.0M	Reduce -52.3%
NUTANIX INC (NTNX 0.5 12/15/29)	NOTE 0.500%12/1 · principal	17,518,000	$16.9M	New
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	16,156,000	$16.5M	Reduce -6.6%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	14,525,000	$16.5M	Add +312.1%
FRESHPET INC (FRPT 3 04/01/28)	NOTE 3.000% 4/0 · principal	13,767,000	$16.2M	Add +58.9%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	3,364,000	$15.4M	Add +31.1%
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	22,573,000	$15.3M	Reduce -24.9%
WORKIVA INC (WK 1.125 08/15/26)	NOTE 1.125% 8/1 · principal	13,072,000	$15.3M	Add +21.7%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	9,682,000	$15.1M	Reduce -50.3%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	265,400	$14.7M	Add +52.5%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	14,787,000	$14.6M	Reduce -32.5%
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	16,224,000	$14.5M	Reduce -6.8%
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	10,085,000	$14.5M	New
CLEANSPARK INC (CLSK 0 06/15/30)	NOTE 6/1 · principal	13,301,000	$13.8M	New
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29)	NOTE 1.250%11/0 · principal	11,670,000	$12.9M	New
EVOLENT HEALTH INC	DEBT 4.500% 8/1 · principal	17,588,000	$12.8M	Add +22.5%
MARA HOLDINGS INC (MARA 0 06/01/31)	NOTE 6/0 · principal	14,435,000	$12.1M	New
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	8,009,000	$11.4M	Add +45.4%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	10,300,000	$10.3M	Add +2.6%
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	9,415,000	$9.5M	Reduce -4.1%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	9,356,000	$9.4M	Reduce -0.9%
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	7,756,000	$9.1M	Add +177.0%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	10,085,000	$9.0M	New
T1 ENERGY INC (TE 5.25 12/01/30)	NOTE 5.250%12/0 · principal	6,900,000	$8.9M	New
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	8,319,000	$8.8M	Reduce -26.9%
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	8,537,000	$8.6M	New
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31)	NOTE 0.250%10/0 · principal	7,730,000	$8.4M	New
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	105,738	$8.4M	Add +13.4%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	5,056,000	$8.1M	Reduce -45.3%
UPSTART HOLDINGS INC (UPST 1 11/15/30)	NOTE 1.000%11/1 · principal	9,118,000	$8.0M	New
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30)	NOTE 4.750% 5/0 · principal	3,905,000	$7.8M	Reduce -40.6%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	6,800,000	$7.4M	Reduce -12.8%
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	7,094,000	$7.3M	Add +106.0%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	6,433,000	$7.3M	Reduce -83.4%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	7,250,000	$7.2M	Reduce -51.9%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	5,474,000	$7.0M	No change
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	7,159,000	$6.8M	Reduce -72.8%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29)	NOTE 5.500%12/0 · principal	3,980,000	$6.7M	Add +11.2%
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	5,714,000	$6.5M	Add +3165.1%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	6,398,000	$6.4M	No change
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	6,413,000	$6.2M	No change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	3,615,000	$6.0M	Add +97.0%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	5,660,000	$5.8M	Add +3.0%
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	5,900,000	$5.7M	No change
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	6,200,000	$5.6M	Add +12.7%
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	4,208,000	$5.5M	Reduce -47.8%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	4,525,000	$5.5M	Reduce -30.5%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	5,809,000	$5.3M	Reduce -8.4%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	1,001,000	$5.3M	Reduce -32.2%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.2M	No change
PAGAYA TECHNOLOGIES LTD (PGY 6.125 10/01/29)	NOTE 6.125%10/0 · principal	2,822,000	$5.2M	New
COGENT BIOSCIENCES INC (COGT 1.625 11/15/31)	NOTE 1.625%11/1 · principal	4,400,000	$5.2M	New
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	5,600,000	$5.1M	Add +166.7%
STRATEGY INC (MSTR 2.25 06/15/32)	NOTE 2.250% 6/1 · principal	4,500,000	$5.0M	New
THE REALREAL INC (REAL 4 02/15/31)	DEBT 4.000% 2/1 · principal	2,800,000	$4.8M	Reduce -35.3%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	1,400,000	$4.7M	Add +47.4%
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	3,950,000	$4.6M	Reduce -21.5%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	4,266,000	$4.6M	New
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	77,747	$4.6M	No change
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	4,508,000	$4.5M	Reduce -84.2%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	4,350,000	$4.5M	Add +9.4%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,850,000	$4.4M	No change
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	4,426,000	$4.2M	Reduce -12.2%
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	6,000,000	$4.1M	Add +50.0%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	4,086,000	$3.8M	Add +27.2%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	3,741,000	$3.7M	Reduce -85.6%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	2,850,000	$3.6M	Add +547.7%
PORCH GROUP INC (PRCH 9 05/15/30)	DEBT 9.000% 5/1 · principal	3,150,000	$3.6M	New
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,376,000	$3.6M	Add +27.9%
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	832,000	$3.6M	New
FASTLY INC (FSLY 7.75 06/01/28)	NOTE 7.750% 6/0 · principal	3,150,000	$3.5M	New
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	2,886,000	$3.3M	Reduce -83.9%
TXNM ENERGY INC (TXNM 5.75 06/01/54)	NOTE 5.750% 6/0 · principal	2,479,000	$3.3M	Reduce -74.3%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29)	NOTE 2.125% 5/1 · principal	3,289,000	$3.3M	New
SOFI TECHNOLOGIES INC (SOFI 0 10/15/26)	CONV · principal	2,554,000	$3.3M	Reduce -42.7%
GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS)	NOTE 5.250%11/0 · principal	3,100,000	$3.3M	New
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	3,000,000	$3.2M	No change
UPSTART HOLDINGS INC (UPST 2 10/01/29)	NOTE 2.000%10/0 · principal	2,315,000	$2.9M	New
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	3,300,000	$2.9M	No change
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	3,000,000	$2.8M	New
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	3,073,000	$2.8M	Reduce -4.6%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	2,200,000	$2.8M	New
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	2,000,000	$2.7M	No change
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	2,604,000	$2.6M	No change
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	1,750,000	$2.5M	New
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	1,500,000	$2.2M	New
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,175,000	$2.2M	No change
CELCUITY INC (CELC 2.75 08/01/31)	NOTE 2.750% 8/0 · principal	980,000	$2.1M	No change
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	2,107,000	$2.0M	No change
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	1,980,000	$1.9M	No change
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	1,830,000	$1.9M	Reduce -40.0%
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	1,800,000	$1.8M	No change
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	2,103,000	$1.7M	Reduce -63.6%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	13,528	$1.7M	Reduce -20.4%
FLUENCE ENERGY INC (FLNC 2.25 06/15/30)	NOTE 2.250% 6/1 · principal	1,400,000	$1.7M	New
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	1,570,000	$1.6M	Reduce -32.3%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	1,549,000	$1.5M	Reduce -42.6%
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	1,160,000	$1.2M	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
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	1,244,000	$1.0M	Reduce -84.9%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	872,000	$868K	Reduce -97.7%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27)	NOTE 4.750% 6/1 · principal	790,000	$847K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	775,000	$762K	No change
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	325,000	$676K	Reduce -23.5%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	554,000	$602K	Reduce -89.7%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	300,000	$569K	No change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *)	NOTE 4.250% 2/1 · principal	476,000	$495K	No change
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	232,000	$309K	Reduce -97.2%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	285,000	$277K	Reduce -99.3%
STRATEGY INC (MSTR 0 12/01/29)	NOTE 12/0 · principal	332,000	$273K	New
MARA HOLDINGS INC (MARA 2.125 09/01/31)	NOTE 2.125% 9/0 · principal	325,000	$265K	New
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	18,260	$29K	No change
GME.WS Gamestop Corp.	*W EXP 10/30/202	6,778	$20K	New
AUROW Aurora Innovation Inc. -CW28	*W EXP 11/03/202	61,500	$14K	No change
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49)	NOTE 0.750% 3/1 · principal	4,000	$3K	No change
OPENW Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$1K	New
OPENL Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$624	New
OPENZ Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$479	New

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q3 2025 → Q4 2025


AMGN Amgen Inc.	Sold out	0.00%	−6.28
FANG Diamondback Energy Inc.	Sold out	0.00%	−5.98
AMZN Amazon.com Inc.	Sold out	0.00%	−5.50
SPOT Spotify Technology SA	Sold out	0.00%	−4.86
BMY Bristol-Myers Squibb Co.	Sold out	0.00%	−4.71
MDT Medtronic PLC	Sold out	0.00%	−4.64
DAL Delta Air Lines Inc.	Sold out	0.00%	−3.95
T AT&T Inc.	Sold out	0.00%	−3.93
CMI Cummins Inc.	Sold out	0.00%	−3.53
MGM MGM Resorts International	Sold out	0.00%	−3.38
DFDV Defi Development Corp.	Sold out	0.00%	−1.07
HUBS HubSpot Inc.	Sold out	0.00%	−0.65
BBAI Bigbear.ai Holdings Inc.	Sold out	0.00%	−0.36

Portfolio Buys Q3 2025 → Q4 2025


NOC Northrop Grumman Corp.	New	6.56%	+6.56
ACVT Advent Convertible Bond ETF	Add +0.0%	43.54%	+6.48
ABBV Abbvie Inc.	New	5.63%	+5.63
GM General Motors Co.	New	5.34%	+5.34
CCL Carnival Corp.	New	5.02%	+5.02
PNC PNC Financial Services Group	New	4.80%	+4.80
BSX Boston Scientific Corp.	New	4.70%	+4.70
AVGO Broadcom Inc.	Add +60.0%	4.55%	+2.25
VRT Vertiv Holdings Co. Class A	Add +33.3%	5.32%	+2.17
ETN Eaton Corp. PLC	Add +30.0%	6.80%	+1.59
ZTS Zoetis Inc.	New	1.16%	+1.16
UNIT Uniti Group Inc.	New	1.15%	+1.15
RCL Royal Caribbean Cruises Ltd.	Add +28.6%	4.12%	+0.97
APLS Apellis Pharmaceuticals Inc.	New	0.74%	+0.74
ESPR Esperion Therapeutics Inc.	Add +12.5%	0.55%	+0.25

Options Activity Q3 2025 → Q4 2025


SPY SS SPDR S&P 500 ETF Trust-US	call	New	860,000	$586.5M
SPY SS SPDR S&P 500 ETF Trust-US	put	Sold out	158,000	$105.3Mbefore exit
CSCO Cisco Systems Inc.	call	New	400,000	$30.8M
HD Home Depot Inc.	call	New	20,000	$6.9M
NCLH Norwegian Cruise Line Holdin	call	New	300,000	$6.7M
JD Jd.com Inc.-ADR	call	Sold out	150,000	$5.2Mbefore exit
ORCL Oracle Corp.	call	New	25,000	$4.9M
AKAM Akamai Technologies Inc.	call	New	40,000	$3.5M
GME Gamestop Corp. Class A	call	Sold out	125,000	$3.4Mbefore exit
CIM Chimera Investment Corp.	call	Sold out	200,000	$2.6Mbefore exit
BABA Alibaba Group Holding-SP ADR	call	Reduce -49.1%	15,000	$2.2M
CIFR Cipher Digital Inc.	call	Sold out	160,000	$2.0Mbefore exit
AGNC AGNC Investment Corp.	call	Sold out	195,100	$1.9Mbefore exit
CRWV Coreweave Inc. Class A	call	Sold out	12,500	$1.7Mbefore exit
BTDR Bitdeer Technologies Group-A	put	Sold out	100,000	$1.7Mbefore exit
RIOT Riot Platforms Inc.	put	New	100,000	$1.3M
LYFT LYFT Inc. Class A	call	Sold out	55,000	$1.2Mbefore exit
SOFI Sofi Technologies Inc.	call	Add +50.0%	45,000	$1.2M
BTDR Bitdeer Technologies Group-A	call	Add +425.0%	105,000	$1.2M
REAL The Realreal Inc.	call	Sold out	100,000	$1.1Mbefore exit
MARA Mara Holdings Inc.	call	New	100,000	$898K
BE Bloom Energy Corp. Class A	call	Sold out	10,000	$846Kbefore exit
RIOT Riot Platforms Inc.	call	Sold out	28,500	$542Kbefore exit
GOSS Gossamer Bio Inc.	call	Sold out	200,000	$526Kbefore exit
RDW Redwire Corp.	call	Sold out	55,000	$494Kbefore exit
ESPR Esperion Therapeutics Inc.	call	New	100,000	$370K
WULF Terawulf Inc.	call	New	30,000	$345K
GGAL Grupo Financiero Galicia-ADR	call	Sold out	10,000	$276Kbefore exit
PLUG Plug Power Inc.	call	Sold out	100,000	$233Kbefore exit
OPEN Opendoor Technologies Inc.	call	New	20,000	$117K
AUR Aurora Innovation Inc.	call	Sold out	20,000	$108Kbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025


BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -10.9%	157,311	$197.0M
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Reduce -10.0%	157,600	$191.8M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Add +13.4%	142,238,000	$184.9M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Reduce -14.7%	119,816,000	$108.4M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Reduce -28.5%	73,569,000	$104.3M
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	Reduce -5.9%	105,126,000	$104.2M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +12.8%	1,997,547	$103.7M
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Reduce -6.2%	1,988,322	$102.7M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Reduce -3.3%	1,277,582	$96.4M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Add +12.5%	87,479,000	$94.3M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Add +11.8%	65,080,000	$81.6M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Add +112.7%	78,180,000	$79.3M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -12.3%	67,596,000	$74.8M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Reduce -23.8%	71,579,000	$74.4M
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	New	65,401,000	$69.7M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Add +12.4%	58,536,000	$65.1M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +3.6%	849,161	$59.0M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Add +22.3%	53,292,000	$57.1M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	Reduce -11.8%	46,122,000	$53.0M
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29)	NOTE 0.750%12/1 · principal	New	45,578,000	$50.6M
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	Reduce -2.2%	43,876,000	$48.1M
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	Reduce -12.0%	48,301,000	$47.3M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Add +9.9%	920,473	$46.5M
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	New	916,989	$45.6M
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	Add +15076.8%	40,522,000	$45.6M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Reduce -26.4%	49,037,000	$44.9M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	Reduce -32.4%	43,706,000	$44.8M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	Add +26.1%	45,147,000	$40.8M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -2.1%	42,082,000	$40.1M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Sold out	40,318,000	$39.5Mbefore exit
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	New	37,409,000	$37.5M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Reduce -18.0%	36,095,000	$37.3M
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	Reduce -2.1%	24,026,000	$37.2M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	Reduce -7.8%	34,948,000	$35.4M
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	Reduce -13.8%	35,404,000	$35.2M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Add +95.3%	527,546	$34.9M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -5.7%	33,316,000	$34.6M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Reduce -18.9%	34,451,000	$34.3M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Add +145.2%	28,682,000	$34.2M
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	Add +44.3%	28,784,000	$33.8M
NOVANTA INC (NOVT 6.5 11/01/28)	UNIT 11/01/2028	New	581,990	$31.7M
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	Reduce -23.0%	86,679	$31.5M
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	Add +316.6%	30,415,000	$31.0M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	Reduce -3.6%	529,956	$31.0M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Reduce -12.8%	31,555,000	$30.0M
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	Reduce -3.8%	27,466,000	$29.4M
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	Add +1.8%	29,815,000	$29.1M
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	Reduce -10.1%	28,914,000	$28.3M
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	New	25,656,000	$27.1M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Reduce -5.9%	25,868,000	$26.9M

Showing the first 50 of 195.

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