Arena Capital Advisors, LLC- CA In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Arena Capital Advisors, LLC- CA reported 9 stock positions worth $47.1 million . Its top holding was Diebold Nixdorf (DBD) at 74.0% of the portfolio, followed by Uniti (UNIT, 15.2% ) and Planet Labs PBC (PL, 4.3% ). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 1 and reduced 2. The biggest buy was a new position in Uniti (UNIT) and the biggest sale an exit from Spirit Aviation (FLYYQ).
Location LOS ANGELES, CA
CIK 0001833078
Portfolio Value $47.1M (Q3 2025) Holdings 9 stocks · $47.1M Holdings quarter Q2 2026 Q1 2026 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 Q2 2025 DBD Diebold Nixdorf Inc. 611,495 $34.9M Reduce -37.5% UNIT Uniti Group Inc. 1,172,703 $7.2M New PL Planet Labs PBC 154,431 $2.0M No change GSM Ferroglobe PLC 200,000 $910K Reduce -9.1% VATE Innovate Corp. 127,934 $626K New HLF Herbalife Ltd. 70,910 $598K Add +16.4% VSXY Victoria's Secret & Co. 20,000 $543K No change PCG P G & E Corp. 14,750 $222K No change TBLA Taboola.com Ltd. 51,973 $177K No change
Other holdings (16): bonds, preferreds, convertibles and warrants · $193.5M (not counted above) Security Class Shares / Principal Value Change DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 45,729,000 $41.2M New PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 39,790,000 $40.3M New HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 30,500,000 $28.4M New PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal 16,879,000 $25.3M New ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal 26,200,000 $25.2M New EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 17,370,000 $17.4M New CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 8,000,000 $8.9M New XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 9,500,000 $4.4M New SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal 2,179,000 $2.0M New NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 78,035 $144K No change ALVOW Alvotech SA -27 *W EXP 99/99/999 60,714 $92K No change MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 375,000 $34K No change AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 20,288 $12K No change LIMNW Liminatus Pharma Inc. Class A-28 *W EXP 04/30/203 29,166 $4K No change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 48,842 $3K No change PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 39,028 $1K No change
Total filed on the 13F, all lines: $240.6M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ FLYYQ Spirit Aviation Holdings Inc. Sold out 0.00% −16.89 DBD Diebold Nixdorf Inc. Reduce -37.5% 73.99% −4.55 VSAT Viasat Inc. Sold out 0.00% −0.11 DCGO Docgo Inc. Sold out 0.00% −0.04 AUR Aurora Innovation Inc. Sold out 0.00% −0.00 GSM Ferroglobe PLC Reduce -9.1% 1.93% +0.76
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ UNIT Uniti Group Inc. New 15.23% +15.23 VATE Innovate Corp. New 1.33% +1.33 HLF Herbalife Ltd. Add +16.4% 1.27% +0.51
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal New 45,729,000 $41.2M PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 39,790,000 $40.3M HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal New 30,500,000 $28.4M PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal New 16,879,000 $25.3M ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal New 26,200,000 $25.2M EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal New 17,370,000 $17.4M CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal New 8,000,000 $8.9M XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal New 9,500,000 $4.4M SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal New 2,179,000 $2.0M ALURW Allurion Technologies-28 *W EXP 08/01/203 Sold out 1,813 $57before exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 9 $37.5M PSUS, UNIT, PL, VATE, VGSH Q1 2026 9 $21.4M UNIT, PL, SHY, VGSH, HLF Q4 2025 8 $14.3M UNIT, PL, JEF, HLF, VATE Q3 2025 9 $47.1M DBD, UNIT, PL, GSM, VATE Q2 2025 11 $69.0M DBD, FLYYQ, PL, GSM, HLF Q1 2025 9 $64.3M DBD, GSM, HLF, PL, VSXY Q4 2024 12 $83.4M DBD, NDOI, GSM, PL, HLF Q3 2024 12 $91.2M DBD, NDOI, GSM, PL, HLF Q2 2024 15 $86.6M DBD, NDOI, GSM, HLF, PL Q1 2024 15 $62.5M DBD, CNDA, GSM, PL, HLF