Advent Capital Management

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

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Advent Capital Management reported 28 stock positions worth $91.3 million. Its top holding was Advent Convertible Bond ETF (ACVT) at 30.9% of the portfolio, followed by General Motors (GM, 4.1%) and United Airlines (UAL, 4.0%). Compared with Q4 2025, it opened 22 new positions, sold out of 9, added to 3 and reduced 2. The biggest buy was a new position in United Airlines (UAL) and the biggest sale an exit from Northrop Grumman (NOC).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $91.3M (Q1 2026)
SEC Filing: 0001140361-26-019477 ↗ filed May 7, 2026

Holdings Value

Holdings 28 stocks · $91.3M


ACVT Advent Convertible Bond ETF	30.88%	1,083,500	$28.2M	Add +9.4%
GM General Motors Co.	4.08%	50,000	$3.7M	Add +25.0%
UAL United Airlines Holdings Inc.	4.03%	40,000	$3.7M	New
NOW ServiceNow Inc.	4.01%	35,000	$3.7M	New
ETN Eaton Corp. PLC	3.92%	10,000	$3.6M	Reduce -23.1%
SPOT Spotify Technology SA	3.72%	7,000	$3.4M	New
AMZN Amazon.com Inc.	3.65%	16,000	$3.3M	New
ABBV Abbvie Inc.	3.57%	15,000	$3.3M	No change
CCL Carnival Corp.	3.54%	125,000	$3.2M	Add +25.0%
CRWD CrowdStrike Holdings Inc. Class A	3.42%	8,000	$3.1M	New
MS Morgan Stanley	3.25%	18,000	$3.0M	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	3.19%	12,000	$2.9M	New
GOOG Alphabet Inc. Class C	3.14%	10,000	$2.9M	New
GE General Electric filed as GE AEROSPACE	3.11%	10,000	$2.8M	New
C Citigroup Inc.	3.11%	25,000	$2.8M	New
GLW Corning Inc.	2.98%	20,000	$2.7M	New
COMP Compass Inc. Class A	2.74%	341,700	$2.5M	New
MTB M & T Bank Corp. filed as M & T BK CORP	2.72%	12,000	$2.5M	New
STX Seagate Technology Holdings	2.58%	6,000	$2.4M	New
CPA Copa Holdings SA Class A	2.37%	19,000	$2.2M	New
BE Bloom Energy Corp. Class A	2.23%	15,000	$2.0M	New
CIFR Cipher Digital Inc.	2.12%	150,000	$1.9M	New
AAPL Apple Inc.	0.83%	3,000	$761K	New
FTAI Ftai Aviation Ltd.	0.25%	940	$230K	New
QGEN Qiagen N.V.	0.17%	3,894	$156K	New
W Wayfair Inc. Class A	0.17%	2,073	$156K	New
ESPR Esperion Therapeutics Inc.	0.15%	50,000	$137K	Reduce -44.4%
BBAI Bigbear.ai Holdings Inc.	0.08%	20,000	$70K	New

Options reported separately and not counted above: SPY calls ($195.1M), SPY puts ($27.6M), MSFT calls ($7.4M), ECHO calls ($3.2M), SMCI puts ($2.3M), NCLH calls ($1.9M), GS calls ($1.7M), JOBY puts ($1.7M), AKAM calls ($689K), INDI calls ($644K), PLUG calls ($565K), CIFR calls ($290K).

Other holdings (175): bonds, preferreds, convertibles and warrants · $3.3B (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	149,172	$178.0M	Reduce -5.2%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	118,720,000	$143.3M	Reduce -16.5%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	1,937,116	$109.5M	Reduce -2.6%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	61,850,000	$92.9M	Reduce -15.9%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	100,272,000	$88.7M	Reduce -16.3%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	74,231,000	$85.0M	Reduce -15.1%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	70,442,000	$82.7M	Add +4.2%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	2,045,065	$82.5M	Add +2.4%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,303,436	$76.7M	Add +2.0%
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	78,717,000	$76.4M	Add +110.4%
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29)	NOTE 0.750%12/1 · principal	66,318,000	$62.4M	Add +45.5%
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	1,121,375	$58.1M	Add +22.3%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	867,181	$56.4M	Add +2.1%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	57,262,000	$56.2M	Add +188.9%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	52,841,000	$51.5M	Reduce -49.7%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	41,168,000	$49.1M	Reduce -29.7%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	35,117,000	$48.9M	Reduce -46.0%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	39,934,000	$48.3M	Reduce -13.4%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	42,825,000	$48.2M	Reduce -19.6%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	44,628,000	$46.9M	Add +23.6%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	54,492,000	$43.7M	Add +20.7%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	760,734	$43.5M	Add +43.5%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	39,825,000	$41.9M	Reduce -9.2%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	33,029,000	$41.4M	Add +14.8%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	35,844,000	$41.1M	Add +4.0%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	5,501,000	$39.5M	Add +63.5%
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29)	NOTE 1.250%11/0 · principal	38,433,000	$38.6M	Add +229.3%
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	31,182,000	$38.2M	Add +29.8%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	39,178,000	$38.1M	Reduce -6.9%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	933,089	$34.7M	Add +1.4%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	34,659,000	$33.9M	Add +438.8%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	32,542,000	$32.2M	Reduce -2.3%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	28,645,000	$32.2M	Reduce -60.0%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	30,199,000	$31.4M	Add +51.4%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	32,652,000	$29.5M	Reduce -33.4%
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	24,367,000	$29.2M	Add +141.6%
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	28,936,000	$27.9M	Add +307.9%
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	24,865,000	$27.0M	Reduce -62.0%
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	27,480,000	$24.6M	Add +4.1%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	375,591	$24.4M	Reduce -28.8%
RIOT PLATFORMS INC (RIOT 0.75 01/15/30)	NOTE 0.750% 1/1 · principal	20,554,000	$23.7M	Add +19.6%
CLEANSPARK INC (CLSK 0 06/15/30)	NOTE 6/1 · principal	23,547,000	$22.8M	Add +77.0%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	22,686,000	$22.2M	Reduce -28.1%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	23,015,000	$22.2M	Add +28.0%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	17,392,000	$22.0M	Add +22.4%
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	21,671,000	$21.9M	Reduce -28.8%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	23,121,000	$21.6M	Reduce -5.8%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	18,870,000	$21.2M	Reduce -8.0%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	22,037,000	$21.2M	Reduce -13.3%
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	71,120	$20.6M	Reduce -17.9%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	367,465	$20.5M	Add +38.5%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	20,783,000	$20.4M	Reduce -14.9%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	470,385	$20.3M	Add +0.8%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	21,977,000	$20.0M	Reduce -5.0%
BILL HOLDINGS INC (BILL 0 04/01/30)	NOTE 4/0 · principal	22,260,000	$19.9M	Reduce -15.0%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	21,095,000	$19.5M	Reduce -5.5%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	13,597,000	$19.3M	Reduce -29.7%
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29)	NOTE 2.500% 9/0 · principal	19,404,000	$18.8M	New
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	17,143,000	$18.4M	Reduce -37.6%
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	22,518,000	$18.2M	Reduce -17.4%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	148,222	$17.2M	Reduce -6.0%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	17,784,000	$15.9M	Reduce -59.3%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	9,458,000	$15.7M	Add +231.9%
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31)	NOTE 0.250%10/0 · principal	12,492,000	$15.7M	Add +61.6%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	16,953,000	$15.5M	Reduce -10.7%
NOVANTA INC (NOVT 6.5 11/01/28)	UNIT 11/01/2028	287,611	$15.4M	Reduce -50.6%
STRATEGY INC (MSTR 2.25 06/15/32)	NOTE 2.250% 6/1 · principal	14,597,000	$15.1M	Add +224.4%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	13,396,000	$15.0M	Reduce -55.1%
UPSTART HOLDINGS INC (UPST 2 10/01/29)	NOTE 2.000%10/0 · principal	14,822,000	$14.5M	Add +540.3%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	14,539,000	$14.0M	Reduce -26.2%
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	14,174,000	$13.9M	Reduce -51.0%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	13,929,000	$13.7M	Reduce -5.8%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	247,214	$13.2M	Reduce -23.6%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	8,495,000	$13.0M	Reduce -41.9%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	13,923,000	$13.0M	Add +220.1%
NUTANIX INC (NTNX 0.5 12/15/29)	NOTE 0.500%12/1 · principal	14,172,000	$12.8M	Reduce -19.1%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	14,439,000	$12.6M	Reduce -48.0%
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	12,009,000	$12.4M	New
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	13,479,000	$12.3M	Reduce -16.9%
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	8,403,000	$11.9M	Add +4.9%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	1,099,000	$11.1M	Add +9.8%
MARA HOLDINGS INC (MARA 2.125 09/01/31)	NOTE 2.125% 9/0 · principal	12,689,000	$10.8M	Add +3804.3%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	7,389,000	$10.3M	Reduce -23.7%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	7,867,000	$10.1M	Add +3290.9%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	9,534,000	$9.3M	Reduce -7.4%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	7,447,000	$9.2M	Reduce -51.2%
SOFI TECHNOLOGIES INC (SOFI 0 10/15/26)	CONV · principal	8,948,000	$9.2M	Add +250.3%
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	3,956,000	$8.9M	Reduce -49.0%
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	5,000,000	$8.3M	Add +233.3%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	6,800,000	$8.2M	No change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	5,132,000	$7.8M	Add +1.5%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	7,206,000	$7.4M	Reduce -0.6%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	7,160,000	$7.3M	Reduce -82.3%
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	97,805	$7.0M	Reduce -7.5%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	7,272,000	$6.9M	Add +1.6%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	5,025,000	$6.9M	Add +11.1%
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	7,000,000	$6.8M	Reduce -18.0%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	1,427,000	$6.8M	Add +1.9%
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	5,778,000	$6.8M	New
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
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	5,476,000	$5.9M	Add +0.0%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	81,297	$5.8M	Add +4.6%
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	4,900,000	$5.7M	New
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	$5.5M	No change
COGENT BIOSCIENCES INC (COGT 1.625 11/15/31)	NOTE 1.625%11/1 · principal	4,470,000	$5.5M	Add +1.6%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.4M	No change
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	5,250,000	$5.2M	Reduce -44.2%
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	5,600,000	$5.1M	No change
UPSTART HOLDINGS INC (UPST 1 11/15/30)	NOTE 1.000%11/1 · principal	6,806,000	$4.9M	Reduce -25.4%
FRESHPET INC (FRPT 3 04/01/28)	NOTE 3.000% 4/0 · principal	4,006,000	$4.6M	Reduce -70.9%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,850,000	$4.4M	No change
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	4,377,000	$4.3M	New
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	3,343,000	$4.3M	Reduce -88.3%
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,399,000	$4.2M	Add +1.7%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	3,048,000	$4.1M	New
EVOLENT HEALTH INC	DEBT 4.500% 8/1 · principal	8,037,000	$4.1M	Reduce -54.3%
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	4,104,000	$4.1M	New
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	2,183,000	$3.8M	New
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	26,314	$3.8M	Add +94.5%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	3,981,000	$3.7M	Reduce -83.6%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	4,055,000	$3.7M	Reduce -0.8%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	3,000,000	$3.6M	Add +441.5%
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	2,030,000	$3.5M	Add +1.5%
PORCH GROUP INC (PRCH 9 05/15/30)	DEBT 9.000% 5/1 · principal	3,150,000	$3.5M	No change
THE REALREAL INC (REAL 4 02/15/31)	DEBT 4.000% 2/1 · principal	2,800,000	$3.4M	No change
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	3,337,000	$3.3M	Reduce -90.5%
T1 ENERGY INC (TE 5.25 12/01/30)	NOTE 5.250%12/0 · principal	3,100,000	$3.3M	Reduce -55.1%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29)	NOTE 2.125% 5/1 · principal	3,285,000	$3.2M	Reduce -0.1%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	3,000,000	$3.1M	No change
WORKIVA INC (WK 1.125 08/15/26)	NOTE 1.125% 8/1 · principal	2,996,000	$3.0M	Reduce -77.1%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	2,832,000	$3.0M	Reduce -33.6%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	2,906,000	$3.0M	New
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	2,500,000	$2.9M	Add +13.6%
OMNICELL INC (OMCL 1 12/01/29)	NOTE 1.000%12/0 · principal	2,875,000	$2.8M	New
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	2,261,000	$2.7M	Reduce -60.4%
MARA HOLDINGS INC (MARA 0 03/01/30)	NOTE 3/0 · principal	2,800,000	$2.5M	New
CELCUITY INC (CELC 2.75 08/01/31)	NOTE 2.750% 8/0 · principal	980,000	$2.4M	No change
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	2,670,000	$2.4M	Reduce -19.1%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	2,498,000	$2.4M	Reduce -90.4%
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	2,107,000	$2.1M	No change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	1,762,000	$2.0M	Reduce -81.2%
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	2,030,000	$1.9M	Reduce -92.1%
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	$1.9M	No change
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	1,962,000	$1.8M	Reduce -6.7%
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	1,140,000	$1.7M	Reduce -34.9%
PAGAYA TECHNOLOGIES LTD (PGY 6.125 10/01/29)	NOTE 6.125%10/0 · principal	1,422,000	$1.6M	Reduce -49.6%
RAMACO RESOURCES INC (METC 0 11/01/31)	NOTE 11/0 · principal	2,000,000	$1.5M	New
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	1,549,000	$1.5M	No change
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	2,555,000	$1.4M	Reduce -88.7%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	565,000	$1.4M	Reduce -84.4%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	1,200,000	$1.2M	New
STRATEGY INC (MSTR 0.625 03/15/30)	NOTE 0.625% 3/1 · principal	965,000	$1.1M	New
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	1,058,000	$1.0M	No change
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	2,250,000	$961K	Reduce -62.5%
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	1,244,000	$939K	No change
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	1,000,000	$922K	Reduce -90.1%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	809,000	$779K	Reduce -86.1%
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	775,000	$767K	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	300,000	$541K	No change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *)	NOTE 4.250% 2/1 · principal	476,000	$427K	No change
CENTRUS ENERGY CORP (LEU 2.25 11/01/30)	NOTE 2.250%11/0 · principal	200,000	$408K	New
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	376,000	$380K	Reduce -56.9%
CIPHER DIGITAL INC (CIFR 1.75 05/15/30)	NOTE 1.750% 5/1 · principal	95,000	$295K	New
APPLIED DIGITAL CORP (APLD 2.75 06/01/30)	NOTE 2.750% 6/0 · principal	105,000	$280K	New
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	111,000	$102K	Reduce -99.8%
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	15,000	$98K	Reduce -98.2%
GME.WS Gamestop Corp.	*W EXP 10/30/202	6,778	$26K	No change
AUROW Aurora Innovation Inc. -CW28	*W EXP 11/03/202	61,500	$12K	No change
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	18,260	$8K	No change
OPENW Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$725	No change
OPENL Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$295	No change
OPENZ Opendoor Technologies Inc.-26	*W EXP 11/20/202	1,199	$282	No change

Total filed on the 13F, all lines: $3.4B.

Portfolio Sells Q4 2025 → Q1 2026


NOC Northrop Grumman Corp.	Sold out	0.00%	−6.56
VRT Vertiv Holdings Co. Class A	Sold out	0.00%	−5.32
PNC PNC Financial Services Group	Sold out	0.00%	−4.80
BSX Boston Scientific Corp.	Sold out	0.00%	−4.70
AVGO Broadcom Inc.	Sold out	0.00%	−4.55
RCL Royal Caribbean Cruises Ltd.	Sold out	0.00%	−4.12
ETN Eaton Corp. PLC	Reduce -23.1%	3.92%	−2.88
ZTS Zoetis Inc.	Sold out	0.00%	−1.16
UNIT Uniti Group Inc.	Sold out	0.00%	−1.15
APLS Apellis Pharmaceuticals Inc.	Sold out	0.00%	−0.74
ESPR Esperion Therapeutics Inc.	Reduce -44.4%	0.15%	−0.40

Portfolio Buys Q4 2025 → Q1 2026


UAL United Airlines Holdings Inc.	New	4.03%	+4.03
NOW ServiceNow Inc.	New	4.01%	+4.01
SPOT Spotify Technology SA	New	3.72%	+3.72
AMZN Amazon.com Inc.	New	3.65%	+3.65
CRWD CrowdStrike Holdings Inc. Class A	New	3.42%	+3.42
MS Morgan Stanley	New	3.25%	+3.25
IBM Intl Business Machines Corp.	New	3.19%	+3.19
GOOG Alphabet Inc. Class C	New	3.14%	+3.14
GE General Electric	New	3.11%	+3.11
C Citigroup Inc.	New	3.11%	+3.11
GLW Corning Inc.	New	2.98%	+2.98
COMP Compass Inc. Class A	New	2.74%	+2.74
MTB M & T Bank Corp.	New	2.72%	+2.72
STX Seagate Technology Holdings	New	2.58%	+2.58
CPA Copa Holdings SA Class A	New	2.37%	+2.37
BE Bloom Energy Corp. Class A	New	2.23%	+2.23
CIFR Cipher Digital Inc.	New	2.12%	+2.12
AAPL Apple Inc.	New	0.83%	+0.83
FTAI Ftai Aviation Ltd.	New	0.25%	+0.25
W Wayfair Inc. Class A	New	0.17%	+0.17
QGEN Qiagen N.V.	New	0.17%	+0.17
BBAI Bigbear.ai Holdings Inc.	New	0.08%	+0.08
GM General Motors Co.	Add +25.0%	4.08%	−1.26
CCL Carnival Corp.	Add +25.0%	3.54%	−1.47
ACVT Advent Convertible Bond ETF	Add +9.4%	30.88%	−12.66

Options Activity Q4 2025 → Q1 2026


SPY SS SPDR S&P 500 ETF Trust-US	call	Reduce -65.1%	300,000	$195.1M
CSCO Cisco Systems Inc.	call	Sold out	400,000	$30.8Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US	put	New	42,500	$27.6M
MSFT Microsoft Corp.	call	New	20,000	$7.4M
HD Home Depot Inc.	call	Sold out	20,000	$6.9Mbefore exit
ORCL Oracle Corp.	call	Sold out	25,000	$4.9Mbefore exit
ECHO Echostar Corp. Class A	call	New	27,500	$3.2M
SMCI Super Micro Computer Inc.	put	New	100,000	$2.3M
BABA Alibaba Group Holding-SP ADR	call	Sold out	15,000	$2.2Mbefore exit
NCLH Norwegian Cruise Line Holdin	call	Reduce -66.7%	100,000	$1.9M
GS Goldman Sachs Group Inc.	call	New	2,000	$1.7M
JOBY Joby Aviation Inc.	put	New	200,000	$1.7M
RIOT Riot Platforms Inc.	put	Sold out	100,000	$1.3Mbefore exit
SOFI Sofi Technologies Inc.	call	Sold out	45,000	$1.2Mbefore exit
BTDR Bitdeer Technologies Group-A	call	Sold out	105,000	$1.2Mbefore exit
MARA Mara Holdings Inc.	call	Sold out	100,000	$898Kbefore exit
AKAM Akamai Technologies Inc.	call	Reduce -85.0%	6,000	$689K
INDI Indie Semiconductor Inc. Class A	call	New	200,000	$644K
PLUG Plug Power Inc.	call	New	250,000	$565K
BBAI Bigbear.ai Holdings Inc.	call	Sold out	100,000	$540Kbefore exit
ESPR Esperion Therapeutics Inc.	call	Sold out	100,000	$370Kbefore exit
WULF Terawulf Inc.	call	Sold out	30,000	$345Kbefore exit
CIFR Cipher Digital Inc.	call	New	22,500	$290K
LULU Lululemon Athletica Inc.	call	Sold out	1,000	$208Kbefore exit
OPEN Opendoor Technologies Inc.	call	Sold out	20,000	$117Kbefore exit

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

Notes & Other Activity Q4 2025 → Q1 2026


BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -5.2%	149,172	$178.0M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -16.5%	118,720,000	$143.3M
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Reduce -2.6%	1,937,116	$109.5M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Reduce -15.9%	61,850,000	$92.9M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Reduce -16.3%	100,272,000	$88.7M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Reduce -15.1%	74,231,000	$85.0M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Add +4.2%	70,442,000	$82.7M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +2.4%	2,045,065	$82.5M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Sold out	78,180,000	$79.3Mbefore exit
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Add +2.0%	1,303,436	$76.7M
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	Add +110.4%	78,717,000	$76.4M
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29)	NOTE 0.750%12/1 · principal	Add +45.5%	66,318,000	$62.4M
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	Add +22.3%	1,121,375	$58.1M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +2.1%	867,181	$56.4M
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	Add +188.9%	57,262,000	$56.2M
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	Reduce -49.7%	52,841,000	$51.5M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Reduce -29.7%	41,168,000	$49.1M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Reduce -46.0%	35,117,000	$48.9M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	Reduce -13.4%	39,934,000	$48.3M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Reduce -19.6%	42,825,000	$48.2M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Add +23.6%	44,628,000	$46.9M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	Add +20.7%	54,492,000	$43.7M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	Add +43.5%	760,734	$43.5M
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	Reduce -9.2%	39,825,000	$41.9M
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	Add +14.8%	33,029,000	$41.4M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Add +4.0%	35,844,000	$41.1M
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Add +63.5%	5,501,000	$39.5M
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29)	NOTE 1.250%11/0 · principal	Add +229.3%	38,433,000	$38.6M
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	Add +29.8%	31,182,000	$38.2M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -6.9%	39,178,000	$38.1M
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	Sold out	35,404,000	$35.2Mbefore exit
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Add +1.4%	933,089	$34.7M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	Add +438.8%	34,659,000	$33.9M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -2.3%	32,542,000	$32.2M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Reduce -60.0%	28,645,000	$32.2M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	Add +51.4%	30,199,000	$31.4M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Reduce -33.4%	32,652,000	$29.5M
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	Add +141.6%	24,367,000	$29.2M
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	Add +307.9%	28,936,000	$27.9M
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	Reduce -62.0%	24,865,000	$27.0M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Sold out	25,868,000	$26.9Mbefore exit
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Sold out	23,068,000	$25.8Mbefore exit
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	Add +4.1%	27,480,000	$24.6M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -28.8%	375,591	$24.4M
RIOT PLATFORMS INC (RIOT 0.75 01/15/30)	NOTE 0.750% 1/1 · principal	Add +19.6%	20,554,000	$23.7M
CLEANSPARK INC (CLSK 0 06/15/30)	NOTE 6/1 · principal	Add +77.0%	23,547,000	$22.8M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Reduce -28.1%	22,686,000	$22.2M
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	Add +28.0%	23,015,000	$22.2M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	Add +22.4%	17,392,000	$22.0M
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	Reduce -28.8%	21,671,000	$21.9M

Showing the first 50 of 184.

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