Angelo Gordon & Co., L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Angelo Gordon & Co., L.P. reported 33 stock positions worth $395.2 million. Its top holding was Cinemark Holdings Inc. (cnk 4.5 08/15/25) at 10.7% of the portfolio, followed by Starwood Property Trust (stwd 6.75 07/15/27) (10.3%) and Anywhere Real Estate (HOUS, 8.1%). Compared with Q3 2024, it opened 12 new positions, sold out of 10, added to 11 and reduced 2. The biggest buy was a new position in Evergy Inc. (evrg 4.5 12/15/27) and the biggest sale an exit from Axonics.

Most Recent 13F
Q4 2025
Location
NEW YORK, NY
CIK
0000860662
Portfolio Value
$395.2M (Q4 2024)
SEC Filing
0001085146-25-001613 ↗ filed Feb 14, 2025

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 $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 Q4 2025

Holdings 33 stocks · $395.2M
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) 10.71% 19,500,000 $42.3M Add +69.6%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) 10.32% 39,250,000 $40.8M Add +21.7%
HOUS Anywhere Real Estate Inc. 8.09% 9,692,993 $32.0M No change
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) 7.98% 27,000,000 $31.5M Add +28.6%
EVERGY INC (EVRG 4.5 12/15/27) 6.87% 25,000,000 $27.1M New
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) 5.56% 21,500,000 $22.0M Add +138.9%
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) filed as REALOGY GRP LLC/REALOGY CO 5.51% 24,587,000 $21.8M No change
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) 4.96% 21,000,000 $19.6M Add +5.0%
PG&E CORP (PCG 4.25 12/01/27) 4.25% 15,500,000 $16.8M New
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 3.64% 14,133,000 $14.4M Add +41.3%
K Kellanova 3.07% 149,800 $12.1M New
JNPR Juniper Networks Inc. 2.89% 305,000 $11.4M Add +8.9%
HES Hess Corp. 2.69% 80,000 $10.6M Reduce -17.9%
SUM Summit Materials Inc. Class A 2.62% 205,000 $10.4M New
ETSY INC (ETSY 0.25 06/15/28) 2.48% 12,000,000 $9.8M New
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) 2.39% 8,750,000 $9.4M Add +133.3%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 1.98% 7,500,000 $7.8M New
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) 1.97% 8,000,000 $7.8M New
SMAR Smartsheet Inc. Class A 1.70% 120,000 $6.7M Add +353.4%
HCP Hashicorp Inc. Class A 1.56% 180,217 $6.2M Add +3.0%
HAEMONETICS CORP (HAE 0 03/01/26) 1.43% 6,000,000 $5.6M New
DUKE ENERGY CORP (DUK 4.125 04/15/26) 1.30% 5,000,000 $5.1M No change
ZUO Zuora Inc. Class A 1.25% 500,000 $5.0M New
EVRI Everi Holdings Inc. 1.20% 350,000 $4.7M New
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) 0.94% 3,500,000 $3.7M New
SPR Spirit Aerosystems Hold Class A 0.78% 90,000 $3.1M No change
MITT TPG Mortgage Investment Trus 0.49% 288,290 $1.9M No change
ALTM Arcadium Lithium PLC 0.39% 300,000 $1.5M New
ARES ACQUISITION CORP II 0.28% 100,000 $1.1M No change
NETD Nabors Energy Transition C-A 0.27% 100,000 $1.1M No change
SRDX Surmodics Inc. 0.25% 25,000 $990K Add +18.1%
PAYO Payoneer Global Inc. 0.17% 83,946 $674K No change
TLSI Trisalus Life Sciences Inc. 0.01% 10,854 $54K Reduce -48.0%

Options reported separately and not counted above: AMODW calls ($1.8M), KDKRW calls ($549K), NETDW calls ($540K), BDMDW calls ($380K), MDAIW calls ($283K), HYAC.WS calls ($269K), CNCKW calls ($267K), FBYDW calls ($200K), LZM.WS calls ($174K), LOTWW calls ($90K), RDZNW calls ($55K), SPWRW calls ($45K), and 3 more.

Other holdings (5): bonds, preferreds, convertibles and warrants · $105.5M (not counted above)
SecurityClassShares / PrincipalValueChange
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 650,000$40.2MAdd +85.7%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 500,000$24.9MNew
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 350,000$14.4MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 225,000$13.7MNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 220,000$12.3MNew

Total filed on the 13F, all lines: $500.7M.

Portfolio Sells Q3 2024 → Q4 2024
AXONICS INC Sold out 0.00% −3.65
NVEI Nuvei Corp.-Subordinate VTG Sold out 0.00% −2.98
RCM R1 RCM Inc. Sold out 0.00% −2.41
BZH Beazer Homes USA Inc. Sold out 0.00% −2.31
VZIO Vizio Holding Corp. Class A Sold out 0.00% −1.99
CTLT Catalent Inc. Sold out 0.00% −1.96
HES Hess Corp. Reduce -17.9% 2.69% −1.81
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) Sold out 0.00% −1.46
CPRI Capri Holdings Ltd. Sold out 0.00% −1.30
SHAKE SHACK INC (SHAK 0 03/01/28) Sold out 0.00% −0.95
ZURA Zura Bio Ltd. Sold out 0.00% −0.03
TLSI Trisalus Life Sciences Inc. Reduce -48.0% 0.01% −0.02

Portfolio Buys Q3 2024 → Q4 2024
EVERGY INC (EVRG 4.5 12/15/27) New 6.87% +6.87
PG&E CORP (PCG 4.25 12/01/27) New 4.25% +4.25
K Kellanova New 3.07% +3.07
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) Add +69.6% 10.71% +2.96
SUM Summit Materials Inc. Class A New 2.62% +2.62
ETSY INC (ETSY 0.25 06/15/28) New 2.48% +2.48
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) Add +138.9% 5.56% +2.46
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) New 1.98% +1.98
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) New 1.97% +1.97
HAEMONETICS CORP (HAE 0 03/01/26) New 1.43% +1.43
ZUO Zuora Inc. Class A New 1.25% +1.25
SMAR Smartsheet Inc. Class A Add +353.4% 1.70% +1.20
EVRI Everi Holdings Inc. New 1.20% +1.20
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) New 0.94% +0.94
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) Add +133.3% 2.39% +0.87
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) Add +28.6% 7.98% +0.66
ALTM Arcadium Lithium PLC New 0.39% +0.39
SRDX Surmodics Inc. Add +18.1% 0.25% −0.03
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) Add +41.3% 3.64% −0.13
HCP Hashicorp Inc. Class A Add +3.0% 1.56% −0.46
JNPR Juniper Networks Inc. Add +8.9% 2.89% −0.82
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) Add +5.0% 4.96% −1.31
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) Add +21.7% 10.32% −1.39

Options Activity Q3 2024 → Q4 2024
AMODW Insight Acquisition Corp. call Sold out 587,999 $6.7Mbefore exit
EVTWF Vertical Aerospace Ltd. -CW26 call Sold out 400,000 $2.8Mbefore exit
PGYWW Pagaya Technologies Ltd. -27 call Sold out 199,999 $2.1Mbefore exit
AMODW Insight Acquisition Co. -CW23 call New 587,999 $1.8M
TGAWF Target Global Acq I -CW27 call Sold out 133,333 $1.5Mbefore exit
PLAOW Patria Latin American-CW27 call Sold out 75,000 $871Kbefore exit
BLEUACACIA LTD call Sold out 75,000 $824Kbefore exit
XFINW Excelfin Acquisition -CW23 call Sold out 50,000 $565Kbefore exit
BDMDW Baird Medical Investment -28 call New 50,000 $380K
PERCEPTION CAPITAL CORP IV call Sold out 33,100 $379Kbefore exit
THCPW Thunder Bridge Capital-CW call Sold out 30,000 $316Kbefore exit
MCAAW Mountain & Co. I Acq -CW23 call Sold out 25,000 $293Kbefore exit
DPCSW DP Cap Acquisition A -CW23 call Sold out 25,000 $286Kbefore exit
CNCKW Coincheck Group NV call New 30,000 $267K
CTSWF Cactus Acquisition Corp.-CW23 call Sold out 20,000 $230Kbefore exit
OCSAW Oculis Holding AG -30 call Sold out 13,333 $163Kbefore exit
AUROW Aurora Innovation Inc. -CW28 call Sold out 22,499 $133Kbefore exit
BLEUACACIA LTD call Sold out 150,000 $5Kbefore 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 2024 → Q4 2024
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +85.7% 650,000 $40.2M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 500,000 $24.9M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Sold out 350,000 $19.5Mbefore exit
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 New 350,000 $14.4M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 225,000 $13.7M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 220,000 $12.3M

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