Angelo Gordon & Co., L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Angelo Gordon & Co., L.P. reported 34 stock positions worth $474.5 million. Its top holding was Cinemark Holdings Inc. (cnk 4.5 08/15/25) at 10.8% of the portfolio, followed by Starwood Property Trust (stwd 6.75 07/15/27) (9.8%) and Evergy Inc. (evrg 4.5 12/15/27) (8.7%). Compared with Q4 2024, it opened 10 new positions, sold out of 9, added to 12 and reduced 4. The biggest buy was a new position in American Water Capital C (awk 3.625 06/15/26) and the biggest sale an exit from Juniper Networks (JNPR).
- Most Recent 13F
- Q4 2025
- Location
- NEW YORK, NY
- CIK
- 0000860662
- Portfolio Value
- $474.5M (Q1 2025)
- SEC Filing
- 0001085146-25-003286 ↗ filed May 15, 2025
Holdings Value
Holdings 34 stocks · $474.5M
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | 10.84% | 29,500,000 | $51.4M | Add +51.3% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | 9.84% | 44,250,000 | $46.7M | Add +12.7% |
| EVERGY INC (EVRG 4.5 12/15/27) | 8.67% | 35,000,000 | $41.1M | Add +40.0% |
| HOUS Anywhere Real Estate Inc. | 6.80% | 9,692,993 | $32.3M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | 6.74% | 32,000,000 | $32.0M | Add +18.5% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | 5.07% | 26,000,000 | $24.1M | Add +23.8% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | 5.06% | 24,133,000 | $24.0M | Add +70.8% |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) filed as REALOGY GRP LLC/REALOGY CO | 4.22% | 21,587,000 | $20.0M | Reduce -12.2% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | 4.22% | 18,500,000 | $20.0M | Reduce -13.9% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | 3.60% | 18,000,000 | $17.1M | Add +125.0% |
| PG&E CORP (PCG 4.25 12/01/27) | 3.23% | 14,500,000 | $15.3M | Reduce -6.5% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | 3.23% | 15,000,000 | $15.3M | New |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | 3.03% | 11,250,000 | $14.4M | Add +28.6% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | 2.97% | 13,000,000 | $14.1M | Add +160.0% |
| K Kellanova | 2.66% | 152,776 | $12.6M | Add +2.0% |
| HES Hess Corp. | 2.36% | 70,000 | $11.2M | Reduce -12.5% |
| ETSY INC (ETSY 0.25 06/15/28) | 2.15% | 12,000,000 | $10.2M | No change |
| FYBR Frontier Communications Pare | 2.08% | 275,000 | $9.9M | New |
| EVRI Everi Holdings Inc. | 1.87% | 650,000 | $8.9M | Add +85.7% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | 1.77% | 7,500,000 | $8.4M | No change |
| TGI Triumph Group Inc. | 1.42% | 265,000 | $6.7M | New |
| BECN Beacon Roofing Supply Inc. | 1.30% | 49,944 | $6.2M | New |
| HAEMONETICS CORP (HAE 0 03/01/26) | 1.21% | 6,000,000 | $5.7M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | 1.10% | 5,500,000 | $5.2M | New |
| HEES H&E Equipment Services Inc. | 0.94% | 46,884 | $4.4M | New |
| FIVE9 INC (FIVN 1 03/15/29) | 0.90% | 5,000,000 | $4.3M | New |
| AGS Playags Inc. | 0.54% | 210,000 | $2.5M | New |
| AMED Amedisys Inc. | 0.49% | 25,000 | $2.3M | New |
| MITT TPG Mortgage Investment Trus | 0.44% | 288,290 | $2.1M | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) filed as LIBERTY MEDIA CORP DEL | 0.44% | 2,000,000 | $2.1M | New |
| SRDX Surmodics Inc. | 0.26% | 40,000 | $1.2M | Add +60.0% |
| ARES ACQUISITION CORP II | 0.23% | 100,000 | $1.1M | No change |
| NETD Nabors Energy Transition C-A | 0.23% | 100,000 | $1.1M | No change |
| PAYO Payoneer Global Inc. | 0.10% | 83,946 | $491K | No change |
Other holdings (21): bonds, preferreds, convertibles and warrants · $101.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 650,000 | $31.1M | No change |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 650,000 | $28.6M | Add +30.0% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 310,000 | $15.2M | New |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 350,000 | $14.3M | No change |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 220,000 | $10.5M | No change |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 40,000 | $2.0M | New |
| AMODW Insight Acquisition Co. -CW23 | *W EXP 12/13/202 | 587,999 | $36K | New |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 25,000 | $25K | New |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 50,000 | $20K | New |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | 74,999 | $19K | New |
| CNCKW Coincheck Group NV | *W EXP 12/11/202 | 30,000 | $17K | New |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 50,000 | $15K | New |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 25,000 | $12K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 25,000 | $5K | New |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 25,000 | $5K | New |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 50,000 | $4K | New |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 25,000 | $3K | New |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 25,000 | $1K | New |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | 25,000 | $1K | New |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 20,000 | $396 | New |
| PIIIW P3 Health Partne -CW27 | *W EXP 11/19/202 | 16,666 | $200 | New |
Total filed on the 13F, all lines: $576.3M.
Portfolio Sells Q4 2024 → Q1 2025
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −2.89 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −2.62 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −1.70 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −1.56 |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | Reduce -13.9% | 4.22% | −1.34 |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | Reduce -12.2% | 4.22% | −1.28 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −1.25 |
| PG&E CORP (PCG 4.25 12/01/27) | Reduce -6.5% | 3.23% | −1.02 |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | Sold out | 0.00% | −0.94 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.78 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −0.39 |
| HES Hess Corp. | Reduce -12.5% | 2.36% | −0.34 |
| TLSI Trisalus Life Sciences Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | New | 3.23% | +3.23 |
| FYBR Frontier Communications Pare | New | 2.08% | +2.08 |
| EVERGY INC (EVRG 4.5 12/15/27) | Add +40.0% | 8.67% | +1.80 |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | Add +160.0% | 2.97% | +1.67 |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | Add +125.0% | 3.60% | +1.63 |
| TGI Triumph Group Inc. | New | 1.42% | +1.42 |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | Add +70.8% | 5.06% | +1.41 |
| BECN Beacon Roofing Supply Inc. | New | 1.30% | +1.30 |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | New | 1.10% | +1.10 |
| HEES H&E Equipment Services Inc. | New | 0.94% | +0.94 |
| FIVE9 INC (FIVN 1 03/15/29) | New | 0.90% | +0.90 |
| EVRI Everi Holdings Inc. | Add +85.7% | 1.87% | +0.68 |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | Add +28.6% | 3.03% | +0.64 |
| AGS Playags Inc. | New | 0.54% | +0.54 |
| AMED Amedisys Inc. | New | 0.49% | +0.49 |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | New | 0.44% | +0.44 |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | Add +51.3% | 10.84% | +0.13 |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | Add +23.8% | 5.07% | +0.11 |
| SRDX Surmodics Inc. | Add +60.0% | 0.26% | +0.01 |
| K Kellanova | Add +2.0% | 2.66% | −0.41 |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | Add +12.7% | 9.84% | −0.47 |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | Add +18.5% | 6.74% | −1.24 |
Options Activity Q4 2024 → Q1 2025
| AMODW Insight Acquisition Co. -CW23 | call | Sold out | 587,999 | $1.8Mbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | call | Sold out | 50,000 | $549Kbefore exit |
| NETDW Nabors Energy Transiti-CW | call | Sold out | 50,000 | $540Kbefore exit |
| BDMDW Baird Medical Investment -28 | call | Sold out | 50,000 | $380Kbefore exit |
| MDAIW Spectral AI -CW27 | call | Sold out | 99,999 | $283Kbefore exit |
| HYAC.WS Haymaker Acquisition Corp.-28 | call | Sold out | 25,000 | $269Kbefore exit |
| CNCKW Coincheck Group NV | call | Sold out | 30,000 | $267Kbefore exit |
| FBYDW Falcon's Beyond Global-27 | call | Sold out | 25,000 | $200Kbefore exit |
| LZM.WS Lifezone Metals Ltd. -28 | call | Sold out | 25,000 | $174Kbefore exit |
| LOTWW Lotus Technology Inc.-28 | call | Sold out | 25,000 | $90Kbefore exit |
| RDZNW Vahanna Tech Edge -CW24 | call | Sold out | 25,000 | $55Kbefore exit |
| SPWRW Sunpower Inc.-CW27 | call | Sold out | 25,000 | $45Kbefore exit |
| LANWF Lanvin Group Holdings Ltd.-27 | call | Sold out | 20,000 | $40Kbefore exit |
| XBPEW CF Acquisition Viii A -CW27 | call | Sold out | 25,000 | $27Kbefore exit |
| PIIIW P3 Health Partne -CW27 | call | Sold out | 16,666 | $4Kbefore 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 2024 → Q1 2025
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +30.0% | 650,000 | $28.6M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 310,000 | $15.2M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Sold out | 225,000 | $13.7Mbefore exit |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | New | 40,000 | $2.0M |
| AMODW Insight Acquisition Co. -CW23 | *W EXP 12/13/202 | New | 587,999 | $36K |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | New | 25,000 | $25K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | New | 50,000 | $20K |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | New | 74,999 | $19K |
| CNCKW Coincheck Group NV | *W EXP 12/11/202 | New | 30,000 | $17K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | New | 50,000 | $15K |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | New | 25,000 | $12K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | New | 25,000 | $5K |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | New | 25,000 | $5K |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | New | 50,000 | $4K |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | New | 25,000 | $3K |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | New | 25,000 | $1K |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | New | 25,000 | $1K |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | New | 20,000 | $396 |
| PIIIW P3 Health Partne -CW27 | *W EXP 11/19/202 | New | 16,666 | $200 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 39 | $850.7M | HOUS, 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 | $686.7M | HOUS, 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 | $623.9M | STARWOOD 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 | $474.5M | CINEMARK 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 | $395.2M | CINEMARK 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 | $294.0M | HOUS, 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 | $245.7M | STARWOOD 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 | $276.0M | HOUS, 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 |