Angelo Gordon & Co., L.P. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Angelo Gordon & Co., L.P. reported 38 stock positions worth $623.9 million . Its top holding was Starwood Property Trust (stwd 6.75 07/15/27) at 7.6% of the portfolio, followed by Evergy Inc. (evrg 4.5 12/15/27) (7.5% ) and Ugi Corp. (ugi 5 06/01/28) (7.3% ). Compared with Q1 2025, it opened 14 new positions, sold out of 10, added to 7 and reduced 6. The biggest buy was a new position in Ugi Corp. (ugi 5 06/01/28) and the biggest sale an exit from Cinemark Holdings Inc. (cnk 4.5 08/15/25) .
Location NEW YORK, NY
CIK 0000860662
Portfolio Value $623.9M (Q2 2025) Holdings 38 stocks · $623.9M Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) 44,250,000 $47.3M No change EVERGY INC (EVRG 4.5 12/15/27) 40,000,000 $46.8M Add +14.3% UGI CORP (UGI 5 06/01/28) 33,000,000 $45.5M New WEC ENERGY GROUP INC (WEC 4.375 06/01/29) 39,000,000 $44.9M New PG&E CORP (PCG 4.25 12/01/27) 45,000,000 $44.7M Add +210.3% SOUTHERN CO (SO 4.5 06/15/27) 33,000,000 $36.3M New MIDDLEBY CORP (MIDD 1 09/01/25) 32,000,000 $35.9M New HOUS Anywhere Real Estate Inc. 9,692,993 $35.1M No change BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 34,633,000 $33.8M Add +43.5% MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) 31,000,000 $28.9M Add +19.2% ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) 21,587,000 $21.2M No change PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 18,500,000 $20.0M New AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) 19,500,000 $19.5M Reduce -39.1% DUKE ENERGY CORP (DUK 4.125 04/15/26) 16,000,000 $16.9M Add +23.1% AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) 15,000,000 $15.1M No change AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) 15,500,000 $14.7M Reduce -13.9% K Kellanova 170,008 $13.5M Add +11.3% ETSY INC (ETSY 0.25 06/15/28) 14,445,000 $12.4M Add +20.4% NVRI Enviri Corp. 1,233,435 $10.7M New SKX Skechers USA Inc. Class A 160,000 $10.1M New HES Hess Corp. 70,000 $9.7M No change FYBR Frontier Communications Pare 230,000 $8.4M Reduce -16.4% PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 7,500,000 $8.1M No change SPR Spirit Aerosystems Hold Class A 175,000 $6.7M New HAEMONETICS CORP (HAE 0 03/01/26) 6,000,000 $5.8M No change EVRI Everi Holdings Inc. 319,924 $4.6M Reduce -50.8% ANSS Ansys Inc. 12,500 $4.4M New SPTN Spartannash Co. 150,000 $4.0M New TGI Triumph Group Inc. 123,370 $3.2M Reduce -53.5% IPG Interpublic Group of Cos Inc. 125,000 $3.1M New DEXCOM INC (DXCM 0.375 05/15/28) 3,000,000 $2.8M New NGL NGL Energy Partners LP 639,444 $2.7M New MITT TPG Mortgage Investment Trus 288,290 $2.2M No change AGS Playags Inc. 158,850 $2.0M Reduce -24.4% SRDX Surmodics Inc. 40,000 $1.2M No change NETD Nabors Energy Transition C-A 100,000 $1.1M No change HAYMAKER ACQUISITION CORP 4 50,000 $555K New PAYO Payoneer Global Inc. 83,946 $460K No change
Options reported separately and not counted above: AMODW calls ($65K), KDKRW calls ($55K), MDAIW calls ($52K), CNCKW calls ($26K), NETDW calls ($24K), FBYDW calls ($20K), LZM.WS calls ($10K), HYAC.WS calls ($9K), SPWRW calls ($8K), BGLWW calls ($8K), BDMDW calls ($4K), LOTWW calls ($3K), and 4 more.
Other holdings (7): bonds, preferreds, convertibles and warrants · $127.2M (not counted above) Total filed on the 13F, all lines: $751.0M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ AMODW Insight Acquisition Co. -CW23 call New 587,999 $65K KDKRW Ares Acquisition Corp. II-28 call New 50,000 $55K MDAIW Spectral AI -CW27 call New 74,999 $52K CNCKW Coincheck Group NV call New 30,000 $26K NETDW Nabors Energy Transiti-CW call New 50,000 $24K FBYDW Falcon's Beyond Global-27 call New 25,000 $20K LZM.WS Lifezone Metals Ltd. -28 call New 25,000 $10K HYAC.WS Haymaker Acquisition Corp.-28 call New 25,000 $9K SPWRW Sunpower Inc.-CW27 call New 25,000 $8K BGLWW Blue Gold Ltd. call New 33,100 $8K BDMDW Baird Medical Investment -28 call New 50,000 $4K LOTWW Lotus Technology Inc.-28 call New 25,000 $3K XBPEW CF Acquisition Viii A -CW27 call New 25,000 $1K RDZNW Vahanna Tech Edge -CW24 call New 25,000 $1K LANWF Lanvin Group Holdings Ltd.-27 call New 20,000 $380 PIIIW P3 Health Partne -CW27 call New 16,666 $187
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +32.3% 410,000 $22.0M NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Add +28.6% 450,000 $17.9M APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV New 150,000 $11.3M MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Sold out 40,000 $2.0Mbefore exit SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF New 10,000 $1.2M AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 Sold out 587,999 $36Kbefore exit FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 Sold out 25,000 $25Kbefore exit NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Sold out 50,000 $20Kbefore exit MDAIW Spectral AI -CW27 *W EXP 09/11/202 Sold out 74,999 $19Kbefore exit CNCKW Coincheck Group NV *W EXP 12/11/202 Sold out 30,000 $17Kbefore exit KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Sold out 50,000 $15Kbefore exit LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Sold out 25,000 $12Kbefore exit HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Sold out 25,000 $5Kbefore exit SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 Sold out 25,000 $5Kbefore exit BDMDW Baird Medical Investment -28 *W EXP 10/01/202 Sold out 50,000 $4Kbefore exit LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 Sold out 25,000 $3Kbefore exit RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 Sold out 25,000 $1Kbefore exit XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 Sold out 25,000 $1Kbefore exit LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 Sold out 20,000 $396before exit PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 Sold out 16,666 $200before exit
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 2024 Amended 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