Angelo Gordon & Co., L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Angelo Gordon & Co., L.P. reported 39 stock positions worth $850.7 million. Its top holding was Anywhere Real Estate (HOUS) at 16.1% of the portfolio, followed by Enviri (NVRI, 7.4%) and Ugi Corp. (ugi 5 06/01/28) (6.7%). Compared with Q3 2025, it opened 13 new positions, sold out of 13, added to 14 and reduced 4. The biggest buy was Enviri (NVRI, shares +199%) and the biggest sale an exit from Southern Co. (so 4.5 06/15/27).

Most Recent 13F
Q4 2025
Location
NEW YORK, NY
CIK
0000860662
Portfolio Value
$850.7M (Q4 2025)
SEC Filing
0000860662-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $276.0M Q1 2024 Q2 2024: $245.7M Q2 2024 Q3 2024: $294.0M Q3 2024 Q4 2024: $395.2M Q4 2024 Q1 2025: $474.5M Q1 2025 Q2 2025: $623.9M Q2 2025 Q3 2025: $686.7M Q3 2025 Q4 2025: $850.7M $850.7M Q4 2025

Holdings 39 stocks · $850.7M
HOUS Anywhere Real Estate Inc. 16.13% 9,692,993 $137.3M No change
NVRI Enviri Corp. 7.41% 3,518,688 $63.1M Add +198.5%
UGI CORP (UGI 5 06/01/28) 6.66% 40,000,000 $56.7M Add +21.2%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 6.59% 51,633,000 $56.0M Add +10.7%
EVERGY INC (EVRG 4.5 12/15/27) 6.44% 45,000,000 $54.8M Add +12.5%
NGL NGL Energy Partners LP 5.52% 4,692,696 $46.9M Add +87.4%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) 5.37% 44,250,000 $45.7M No change
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) 4.66% 34,000,000 $39.7M No change
DUKE ENERGY CORP (DUK 4.125 04/15/26) 4.36% 36,000,000 $37.1M Add +125.0%
NX Quanex Building Products 3.71% 2,054,770 $31.6M New
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) 3.46% 31,000,000 $29.4M No change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 3.29% 25,500,000 $28.0M Add +240.0%
PG&E CORP (PCG 4.25 12/01/27) 3.02% 25,000,000 $25.7M Reduce -16.7%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 2.95% 23,500,000 $25.1M Add +27.0%
MITT TPG Mortgage Investment Trus 2.32% 2,315,966 $19.7M No change
BOX INC (BOX 1.5 09/15/29) 2.06% 18,000,000 $17.5M No change
DAY Dayforce Inc. 1.71% 210,000 $14.5M New
EXAS Exact Sciences Corp. 1.67% 140,000 $14.2M New
FYBR Frontier Communications Pare 1.57% 350,000 $13.3M Add +147.2%
CYBR Cyberark Software Ltd./Israel 1.42% 27,000 $12.0M Add +135.6%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) 1.27% 10,000,000 $10.8M Add +100.0%
CMS ENERGY CORP (CMS 3.375 05/01/28) 1.13% 9,000,000 $9.6M New
NSC Norfolk Southern Corp. 1.04% 30,505 $8.8M Add +525.7%
EA Electronic Arts Inc. 0.96% 40,000 $8.2M New
WBD Warner Bros Discovery Inc. 0.78% 230,000 $6.6M New
HAEMONETICS CORP (HAE 0 03/01/26) 0.70% 6,000,000 $5.9M No change
ETSY INC (ETSY 0.25 06/15/28) 0.50% 4,727,000 $4.2M Reduce -67.3%
DEXCOM INC (DXCM 0.375 05/15/28) 0.49% 4,500,000 $4.1M Add +50.0%
GTLS Chart Industries Inc. 0.48% 20,000 $4.1M Add +53.9%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.45% 60,000 $3.9M New
RNAM Avidity Biosciences Inc. 0.38% 45,000 $3.2M New
CFLT Confluent Inc. Class A 0.36% 100,000 $3.0M New
BILL HOLDINGS INC (BILL 0 04/01/30) 0.32% 3,000,000 $2.8M New
TXNM TXNM Energy Inc. 0.31% 45,000 $2.6M Reduce -55.3%
KVUE Kenvue Inc. 0.20% 100,000 $1.7M New
FOLD Amicus Therapeutics Inc. 0.17% 100,000 $1.4M New
CORZ Core Scientific Inc. 0.06% 32,500 $473K New
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) 0.05% 427,000 $428K Reduce -98.0%
PAYO Payoneer Global Inc. 0.04% 83,946 $377K No change

Options reported separately and not counted above: KDKRW calls ($77K), FBYDW calls ($51K), HYAC.WS calls ($39K), MDAIW calls ($34K), AMODW calls ($32K), BGLWW calls ($14K), CNCKW calls ($12K), LZM.WS calls ($10K), RDZNW calls ($7K), SPWRW calls ($6K), BDMDW calls ($3K), LOTWW calls ($1K), and 3 more.

Other holdings (7): bonds, preferreds, convertibles and warrants · $208.4M (not counted above)
SecurityClassShares / PrincipalValueChange
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 133,000$48.3MAdd +166.0%
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 575,000$38.0MNo change
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 661,667$36.0MNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 670,000$33.7MAdd +204.6%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 700,000$28.7MAdd +27.3%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 250,000$18.8MAdd +66.7%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 60,000$4.8MNo change

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q3 2025 → Q4 2025
SOUTHERN CO (SO 4.5 06/15/27) Sold out 0.00% −5.34
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) Sold out 0.00% −3.43
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) Reduce -98.0% 0.05% −3.03
VRNA Verona Pharma Ltd. Sold out 0.00% −2.25
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) Sold out 0.00% −1.43
PG&E CORP (PCG 4.25 12/01/27) Reduce -16.7% 3.02% −1.40
ETSY INC (ETSY 0.25 06/15/28) Reduce -67.3% 0.50% −1.36
K Kellanova Sold out 0.00% −1.33
DKS Dick's Sporting Goods Inc. Sold out 0.00% −1.26
SPR Spirit Aerosystems Hold Class A Sold out 0.00% −1.12
TXNM TXNM Energy Inc. Reduce -55.3% 0.31% −0.52
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.40
INFA Informatica Inc. Class A Sold out 0.00% −0.21
TGNA Tegna Inc. Sold out 0.00% −0.19
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) Sold out 0.00% −0.08
WW WW International Inc.-New Sold out 0.00% −0.05
SRDX Surmodics Inc. Sold out 0.00% −0.03

Portfolio Buys Q3 2025 → Q4 2025
NVRI Enviri Corp. Add +198.5% 7.41% +5.23
NX Quanex Building Products New 3.71% +3.71
NGL NGL Energy Partners LP Add +87.4% 5.52% +3.33
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) Add +240.0% 3.29% +2.04
DUKE ENERGY CORP (DUK 4.125 04/15/26) Add +125.0% 4.36% +1.86
DAY Dayforce Inc. New 1.71% +1.71
EXAS Exact Sciences Corp. New 1.67% +1.67
CMS ENERGY CORP (CMS 3.375 05/01/28) New 1.13% +1.13
EA Electronic Arts Inc. New 0.96% +0.96
NSC Norfolk Southern Corp. Add +525.7% 1.04% +0.82
FYBR Frontier Communications Pare Add +147.2% 1.57% +0.80
WBD Warner Bros Discovery Inc. New 0.78% +0.78
CYBR Cyberark Software Ltd./Israel Add +135.6% 1.42% +0.61
UGI CORP (UGI 5 06/01/28) Add +21.2% 6.66% +0.52
AL Sumisho Air Lease Corp. New 0.45% +0.45
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) Add +100.0% 1.27% +0.43
RNAM Avidity Biosciences Inc. New 0.38% +0.38
CFLT Confluent Inc. Class A New 0.36% +0.36
BILL HOLDINGS INC (BILL 0 04/01/30) New 0.32% +0.32
KVUE Kenvue Inc. New 0.20% +0.20
FOLD Amicus Therapeutics Inc. New 0.17% +0.17
GTLS Chart Industries Inc. Add +53.9% 0.48% +0.11
DEXCOM INC (DXCM 0.375 05/15/28) Add +50.0% 0.49% +0.09
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) Add +27.0% 2.95% +0.06
CORZ Core Scientific Inc. New 0.06% +0.06
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) Add +10.7% 6.59% −0.10
EVERGY INC (EVRG 4.5 12/15/27) Add +12.5% 6.44% −0.88

Options Activity Q3 2025 → Q4 2025
CORZ Core Scientific Inc. call Sold out 32,500 $583Kbefore exit
NETDW Nabors Energy Transiti-CW call Sold out 50,000 $14Kbefore 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
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A Add +166.0% 133,000 $48.3M
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 New 661,667 $36.0M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +204.6% 670,000 $33.7M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +27.3% 700,000 $28.7M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Sold out 540,000 $28.2Mbefore exit
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Add +66.7% 250,000 $18.8M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 39$850.7MHOUS, NVRI, UGI CORP (UGI 5 06/01/28), BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), EVERGY INC (EVRG 4.5 12/15/27)
Q3 2025 39$686.7MHOUS, EVERGY INC (EVRG 4.5 12/15/27), STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), UGI CORP (UGI 5 06/01/28)
Q2 2025 38$623.9MSTARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), EVERGY INC (EVRG 4.5 12/15/27), UGI CORP (UGI 5 06/01/28), WEC ENERGY GROUP INC (WEC 4.375 06/01/29), PG&E CORP (PCG 4.25 12/01/27)
Q1 2025 34$474.5MCINEMARK HOLDINGS INC (CNK 4.5 08/15/25), STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), EVERGY INC (EVRG 4.5 12/15/27), HOUS, AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)
Q4 2024 33$395.2MCINEMARK HOLDINGS INC (CNK 4.5 08/15/25), STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), HOUS, AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25), EVERGY INC (EVRG 4.5 12/15/27)
Q3 2024 31$294.0MHOUS, STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), CINEMARK HOLDINGS INC (CNK 4.5 08/15/25), AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25), ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26)
Q2 2024Amended 30$245.7MSTARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), HOUS, ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26), AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25), MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)
Q1 2024 25$276.0MHOUS, STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27), NCL CORPORATION LTD (NCLH 6 05/15/24), ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26), PXD