Angelo Gordon & Co., L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Angelo Gordon & Co., L.P. reported 39 stock positions worth $686.7 million. Its top holding was Anywhere Real Estate (HOUS) at 14.9% of the portfolio, followed by Evergy Inc. (evrg 4.5 12/15/27) (7.3%) and Starwood Property Trust (stwd 6.75 07/15/27) (6.8%). Compared with Q2 2025, it opened 13 new positions, sold out of 12, added to 5 and reduced 7. The biggest buy was a new position in Box Inc. (box 1.5 09/15/29) and the biggest sale an exit from Middleby Corp. (midd 1 09/01/25).

Most Recent 13F
Q4 2025
Location
NEW YORK, NY
CIK
0000860662
Portfolio Value
$686.7M (Q3 2025)
SEC Filing
0000860662-25-000005 ↗ filed Nov 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 Q4 2024 Q1 2025: $474.5M Q1 2025 Q2 2025: $623.9M Q2 2025 Q3 2025: $686.7M $686.7M Q3 2025 Q4 2025: $850.7M Q4 2025

Holdings 39 stocks · $686.7M
HOUS Anywhere Real Estate Inc. 14.95% 9,692,993 $102.6M No change
EVERGY INC (EVRG 4.5 12/15/27) 7.32% 40,000,000 $50.3M No change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) 6.81% 44,250,000 $46.8M No change
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 6.69% 46,633,000 $46.0M Add +34.6%
UGI CORP (UGI 5 06/01/28) 6.14% 33,000,000 $42.2M No change
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) 6.07% 34,000,000 $41.7M Reduce -12.8%
SOUTHERN CO (SO 4.5 06/15/27) 5.34% 33,000,000 $36.7M No change
PG&E CORP (PCG 4.25 12/01/27) 4.42% 30,000,000 $30.3M Reduce -33.3%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) 4.30% 31,000,000 $29.5M No change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) 3.43% 23,500,000 $23.5M Add +56.7%
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) 3.08% 21,587,000 $21.2M No change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 2.89% 18,500,000 $19.9M No change
BOX INC (BOX 1.5 09/15/29) 2.63% 18,000,000 $18.1M New
DUKE ENERGY CORP (DUK 4.125 04/15/26) 2.50% 16,000,000 $17.2M No change
MITT TPG Mortgage Investment Trus 2.44% 2,315,966 $16.8M Add +703.4%
VRNA Verona Pharma Ltd. 2.25% 145,000 $15.5M New
NGL NGL Energy Partners LP 2.19% 2,504,447 $15.0M Add +291.7%
NVRI Enviri Corp. 2.18% 1,178,773 $15.0M Reduce -4.4%
ETSY INC (ETSY 0.25 06/15/28) 1.86% 14,445,000 $12.7M No change
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) 1.43% 10,000,000 $9.8M New
K Kellanova 1.33% 111,652 $9.2M Reduce -34.3%
DKS Dick's Sporting Goods Inc. 1.26% 38,880 $8.6M New
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 1.25% 7,500,000 $8.6M No change
SPR Spirit Aerosystems Hold Class A 1.12% 200,000 $7.7M Add +14.3%
HAEMONETICS CORP (HAE 0 03/01/26) 0.85% 6,000,000 $5.9M No change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) 0.83% 5,000,000 $5.7M New
TXNM TXNM Energy Inc. 0.83% 100,697 $5.7M New
CYBR Cyberark Software Ltd./Israel 0.81% 11,461 $5.5M New
FYBR Frontier Communications Pare 0.77% 141,614 $5.3M Reduce -38.4%
IPG Interpublic Group of Cos Inc. 0.40% 98,035 $2.7M Reduce -21.6%
DEXCOM INC (DXCM 0.375 05/15/28) 0.40% 3,000,000 $2.7M No change
GTLS Chart Industries Inc. 0.38% 13,000 $2.6M New
NSC Norfolk Southern Corp. 0.21% 4,875 $1.5M New
INFA Informatica Inc. Class A 0.21% 58,500 $1.5M New
TGNA Tegna Inc. 0.19% 64,999 $1.3M New
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) 0.08% 750,000 $570K New
PAYO Payoneer Global Inc. 0.06% 83,946 $406K No change
WW WW International Inc.-New filed as WW INTL INC 0.05% 12,369 $338K New
SRDX Surmodics Inc. 0.03% 7,042 $210K Reduce -82.4%

Options reported separately and not counted above: CORZ calls ($583K), KDKRW calls ($53K), MDAIW calls ($52K), AMODW calls ($46K), FBYDW calls ($42K), CNCKW calls ($22K), LZM.WS calls ($16K), BGLWW calls ($15K), NETDW calls ($14K), HYAC.WS calls ($10K), SPWRW calls ($7K), BDMDW calls ($4K), and 5 more.

Other holdings (7): bonds, preferreds, convertibles and warrants · $129.9M (not counted above)
SecurityClassShares / PrincipalValueChange
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 575,000$39.2MReduce -11.5%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 540,000$28.2MAdd +31.7%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 550,000$21.8MReduce -15.4%
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 50,000$13.6MNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 220,000$11.0MNo change
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 150,000$10.6MNo change
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 60,000$5.7MAdd +500.0%

Total filed on the 13F, all lines: $816.7M.

Portfolio Sells Q2 2025 → Q3 2025
MIDDLEBY CORP (MIDD 1 09/01/25) Sold out 0.00% −5.75
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) Sold out 0.00% −3.12
PG&E CORP (PCG 4.25 12/01/27) Reduce -33.3% 4.42% −2.74
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) Sold out 0.00% −2.35
SKX Skechers USA Inc. Class A Sold out 0.00% −1.62
HES Hess Corp. Sold out 0.00% −1.55
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) Reduce -12.8% 6.07% −1.13
K Kellanova Reduce -34.3% 1.33% −0.83
EVRI Everi Holdings Inc. Sold out 0.00% −0.73
ANSS Ansys Inc. Sold out 0.00% −0.70
SPTN Spartannash Co. Sold out 0.00% −0.64
FYBR Frontier Communications Pare Reduce -38.4% 0.77% −0.57
TGI Triumph Group Inc. Sold out 0.00% −0.51
AGS Playags Inc. Sold out 0.00% −0.32
NETD Nabors Energy Transition C-A Sold out 0.00% −0.18
SRDX Surmodics Inc. Reduce -82.4% 0.03% −0.16
IPG Interpublic Group of Cos Inc. Reduce -21.6% 0.40% −0.09
HAYMAKER ACQUISITION CORP 4 Sold out 0.00% −0.09
NVRI Enviri Corp. Reduce -4.4% 2.18% +0.46

Portfolio Buys Q2 2025 → Q3 2025
BOX INC (BOX 1.5 09/15/29) New 2.63% +2.63
VRNA Verona Pharma Ltd. New 2.25% +2.25
MITT TPG Mortgage Investment Trus Add +703.4% 2.44% +2.09
NGL NGL Energy Partners LP Add +291.7% 2.19% +1.75
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) New 1.43% +1.43
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) Add +34.6% 6.69% +1.27
DKS Dick's Sporting Goods Inc. New 1.26% +1.26
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) Add +56.7% 3.43% +1.01
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) New 0.83% +0.83
TXNM TXNM Energy Inc. New 0.83% +0.83
CYBR Cyberark Software Ltd./Israel New 0.81% +0.81
GTLS Chart Industries Inc. New 0.38% +0.38
NSC Norfolk Southern Corp. New 0.21% +0.21
INFA Informatica Inc. Class A New 0.21% +0.21
TGNA Tegna Inc. New 0.19% +0.19
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) New 0.08% +0.08
SPR Spirit Aerosystems Hold Class A Add +14.3% 1.12% +0.05
WW WW International Inc.-New New 0.05% +0.05

Options Activity Q2 2025 → Q3 2025
CORZ Core Scientific Inc. call New 32,500 $583K
KDKRW Ares Acquisition Corp. II-28 call Sold out 50,000 $55Kbefore exit
KDKRW Ares Acquisition Corp. II-28 call New 50,000 $53K

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

Notes & Other Activity Q2 2025 → Q3 2025
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -11.5% 575,000 $39.2M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +31.7% 540,000 $28.2M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -15.4% 550,000 $21.8M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Sold out 450,000 $17.9Mbefore exit
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A New 50,000 $13.6M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF Add +500.0% 60,000 $5.7M

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