Bulldog Investors, LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bulldog Investors, LLP reported 138 stock positions worth $429.6 million. Its top holding was General American Investors (GAM) at 4.7% of the portfolio, followed by SRH Total Return Fund (STEW, 4.7%) and Central Securities (CET, 4.6%). Compared with Q2 2025, it opened 43 new positions, sold out of 26, added to 29 and reduced 41. The biggest buy was a new position in Oxford Lane Capital (OXLC) and the biggest sale an exit from Ares Acquisition Corp. II.
- Most Recent 13F
- Q2 2026
- Location
- SADDLE BROOK, NJ
- CIK
- 0001504304
- Portfolio Value
- $429.6M (Q3 2025)
- SEC Filing
- 0001398344-25-020984 ↗ filed Nov 14, 2025
Holdings Value
Holdings 138 stocks · $429.6M
| GAM General American Investors | 4.74% | 327,610 | $20.4M | Reduce -4.2% |
| STEW SRH Total Return Fund Inc. | 4.72% | 1,117,582 | $20.3M | No change |
| CET Central Securities Corp. | 4.62% | 386,046 | $19.8M | Add +4.9% |
| NBXG Neuberger Next Generation Co. | 4.07% | 1,136,986 | $17.5M | Add +0.2% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 3.62% | 2,624,438 | $15.5M | Add +1.1% |
| CION Cion Investment Corp. | 3.39% | 1,538,071 | $14.6M | No change |
| TRC Tejon Ranch Co. | 2.94% | 790,460 | $12.6M | Add +0.1% |
| RWAY Runway Growth Finance Corp. | 2.46% | 1,041,284 | $10.6M | Add +0.1% |
| XCMUX MFS High Yield Municipal TR | 2.42% | 2,994,960 | $10.4M | Add +12.1% |
| AFB Allianceberstein NTL Muni | 2.35% | 931,099 | $10.1M | Reduce -20.0% |
| CNNE Cannae Holdings Inc. | 2.25% | 528,733 | $9.7M | Reduce -2.3% |
| TPL Texas Pacific Land Corp. | 2.11% | 9,700 | $9.1M | Add +9.0% |
| XGDVX Gabelli Dividend & Income TR | 1.90% | 300,795 | $8.2M | Reduce -0.1% |
| CXH MFS Investment Grade Muni | 1.79% | 980,494 | $7.7M | Add +9.4% |
| OXLC Oxford Lane Capital Corp. | 1.76% | 447,288 | $7.6M | New |
| DRDB Roman DBDR Acquisition Corp. | 1.65% | 685,278 | $7.1M | Reduce -0.5% |
| CCAP Crescent Capital BDC Inc. | 1.45% | 437,518 | $6.2M | Add +50.7% |
| IIF Morgan Stanley India Invest | 1.41% | 229,537 | $6.0M | Reduce -22.9% |
| GF The New Germany Fund Inc. | 1.32% | 491,479 | $5.7M | Reduce -0.4% |
| VLGEA Village Super Market Class A | 1.32% | 151,510 | $5.7M | Add +184.5% |
| OTF Blue Owl Technology Finance | 1.25% | 389,655 | $5.4M | Add +740.3% |
| BCIC BCP Investment Corp. | 1.23% | 460,007 | $5.3M | Add +112.4% |
| ALX Alexander's Inc. | 1.23% | 22,500 | $5.3M | Add +6.9% |
| CUB Lionheart Holdings Class A | 1.17% | 476,386 | $5.0M | Reduce -1.8% |
| XENWX Eaton Vance New York Municip | 1.11% | 484,023 | $4.8M | Reduce -7.4% |
| MRCC Monroe Capital Corp. | 1.06% | 651,021 | $4.6M | New |
| LEO BNY Mellon Strategic Muni | 1.05% | 725,132 | $4.5M | Add +18.2% |
| SIMA Sim Acquisition Corp. I-A | 1.02% | 415,644 | $4.4M | Reduce -1.2% |
| JACS Jackson Acquisition Co. Class A | 1.00% | 412,874 | $4.3M | Reduce -0.9% |
| FTW Eqv Ventures Acquisition C-A | 0.97% | 402,200 | $4.2M | No change |
| ALF Centurion Acquisition Corp. | 0.88% | 358,246 | $3.8M | Reduce -2.4% |
| SVACU Spring Valley Acquisition Co. | 0.88% | 366,996 | $3.8M | New |
| IHD Voya Emrg MRKT Hi DVD Eqty | 0.85% | 580,497 | $3.6M | Add +169.3% |
| ECF Ellsworth Growth and Income | 0.84% | 312,463 | $3.6M | No change |
| FSK FS KKR Capital Corp. | 0.84% | 241,118 | $3.6M | New |
| DMB BNY Mellon Muni BND Infra | 0.83% | 331,979 | $3.6M | Add +91.7% |
| GDL GDL Fund | 0.82% | 409,922 | $3.5M | Reduce -0.3% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.80% | 326,877 | $3.4M | Reduce -0.6% |
| SOUL Soulpower Acquisition Co. Class A | 0.79% | 336,952 | $3.4M | Reduce -2.1% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.78% | 319,285 | $3.4M | Reduce -10.8% |
| BEAG Bold Eagle Acquisition Cor-A | 0.75% | 309,639 | $3.2M | Reduce -3.0% |
| LPBB Launch Two Acquisition Class A | 0.71% | 293,863 | $3.1M | Reduce -5.1% |
| BACC Blue Acquisition Corp. Class A | 0.71% | 306,891 | $3.1M | New |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | 0.71% | 406,055 | $3.0M | Add +424.0% |
| SBXDF Silverbox Corp. IV-A | 0.67% | 275,171 | $2.9M | Reduce -2.3% |
| RANG Range Capital Acquisition Co. | 0.64% | 265,736 | $2.7M | Reduce -1.2% |
| POLE Andretti Acquisition Corp. Class A | 0.63% | 260,734 | $2.7M | Reduce -2.3% |
| FACT Fact II Acquisition Corp. | 0.61% | 255,091 | $2.6M | Add +31.5% |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.60% | 254,674 | $2.6M | Reduce -2.7% |
| GLO Clough Global Opportunities | 0.59% | 445,718 | $2.5M | Add +75.1% |
| CHAC Crane Harbor Acqu Corp. Class A | 0.59% | 250,000 | $2.5M | No change |
| KOYNU CSLM Digital Asset Acquisiti | 0.59% | 250,000 | $2.5M | New |
| SPEGU Silver Pegasus Acquisition C | 0.57% | 239,339 | $2.4M | New |
| TONT Graf Global Corp. Class A | 0.57% | 230,807 | $2.4M | Reduce -5.4% |
| DMA Destra Multi-Alternative | 0.56% | 280,092 | $2.4M | Reduce -27.9% |
| JOF Japan Smaller Capitalization | 0.53% | 217,948 | $2.3M | Add +184.4% |
| CB Chubb Ltd. | 0.53% | 8,000 | $2.3M | New |
| TAVI Tavia Acquisition Corp. | 0.52% | 216,064 | $2.2M | Reduce -1.7% |
| HVMCU Highview Merger Corp. | 0.52% | 219,965 | $2.2M | New |
| MKLYU McKinley Acquisition Corp. | 0.50% | 216,921 | $2.2M | New |
| OYSE Oyster Enterprises II Acq-A | 0.50% | 214,747 | $2.2M | New |
| PBBK PB Bankshares Inc. | 0.49% | 110,000 | $2.1M | Add +693.5% |
| PGZ Principal Real Estate Income | 0.46% | 189,736 | $2.0M | Reduce -48.8% |
| EVAC.U Eqv Ventures Acquisition Cor | 0.46% | 197,811 | $2.0M | New |
| CCIF Carlyle Credit Income Fund | 0.44% | 328,415 | $1.9M | New |
| BACCU Blue Acquisition Corp. | 0.43% | 184,494 | $1.9M | Reduce -34.9% |
| SZZL Sizzle Acquisition Corp. Class A | 0.41% | 172,988 | $1.7M | Add +241.9% |
| TLNCU Talon Capital Corp. | 0.40% | 169,250 | $1.7M | New |
| CXE MFS High Income Municipal TR | 0.39% | 449,633 | $1.7M | Add +1.4% |
| ZTR Virtus Total Return Fund Inc. | 0.39% | 257,181 | $1.7M | No change |
| INAC Indigo Acquisition Corp. | 0.38% | 163,573 | $1.6M | New |
| LWACU Lightwave Acquisition Corp. | 0.38% | 160,956 | $1.6M | Reduce -20.6% |
| BCARU D Boral Arc Acquisition I Co. | 0.36% | 152,690 | $1.5M | New |
| TACH Titan Acquisition Corp. Class A | 0.35% | 150,000 | $1.5M | New |
| ICMB Investcorp Credit Management | 0.34% | 522,752 | $1.5M | Add +45.8% |
| LEGT Legato Merger Corp. III | 0.34% | 134,125 | $1.4M | Reduce -6.0% |
| BCAR D. Boral Arc Acquisit Class A | 0.32% | 137,500 | $1.4M | New |
| DYNC Dynamix Corp. | 0.32% | 130,734 | $1.4M | Reduce -56.2% |
| DMAA Drugs Made in America Acquis | 0.31% | 130,264 | $1.3M | Add +78.5% |
| VNMEU Vendome Acquisition Corp. I | 0.30% | 127,859 | $1.3M | New |
| BRR Columbus Circle Capital Co. Class A | 0.28% | 118,908 | $1.2M | New |
| OYSEU Oyster Enterprises II Acquis | 0.28% | 120,199 | $1.2M | Reduce -50.3% |
| MXE Mexico Equity and Income FD | 0.28% | 101,158 | $1.2M | No change |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.27% | 115,240 | $1.2M | New |
| VNME Vendome Acquisition Corp. Class A | 0.26% | 112,402 | $1.1M | New |
| CEE Central and Eastern Europe F | 0.26% | 72,345 | $1.1M | Add +440.9% |
| NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP | 0.25% | 121,453 | $1.1M | Reduce -39.9% |
| JENA Jena Acquisition Corp. II - A | 0.25% | 105,071 | $1.1M | New |
| XRPN Armada Acquisition Class A | 0.24% | 100,000 | $1.0M | New |
| NXDT Nexpoint Diversified Real Es | 0.24% | 278,799 | $1.0M | Reduce 0.0% |
| NHIC Newhold Investment Cor III-A | 0.24% | 100,000 | $1.0M | No change |
| COPL Copley Acquisition Corp. Class A | 0.24% | 100,000 | $1.0M | No change |
| FIGXU Figx Capital Acquisition Cor | 0.23% | 100,090 | $1.0M | Add +162.6% |
| PELI Pelican Acquisition Corp. | 0.23% | 100,000 | $1.0M | No change |
| CHPG Championsgate Acquisitio-A | 0.23% | 100,000 | $1.0M | No change |
| CRAQ Cal Redwood Acquisit Class A | 0.23% | 100,000 | $1.0M | No change |
| LWAC Lightwave Acquisition Corp. Class A | 0.23% | 100,000 | $995K | New |
| HHH Howard Hughes Holdings Inc. | 0.23% | 12,000 | $986K | No change |
| PFX Phenixfin Corp. | 0.21% | 19,218 | $915K | No change |
| INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X | 0.20% | 68,275 | $878K | New |
| BCV Bancroft Fund Ltd. | 0.20% | 39,448 | $863K | New |
| KTF DWS Municipal Income Trust | 0.20% | 92,604 | $849K | Reduce -67.7% |
| FERA Fifth Era Acquisition Corp. Class A | 0.18% | 74,246 | $754K | Add +266.7% |
| TACO Berto Acquisition Corp. | 0.17% | 69,163 | $719K | No change |
| BDCIU BTC Development Corp. | 0.16% | 70,154 | $709K | New |
| WENN Wen Acquisition Corp. Class A | 0.16% | 70,000 | $708K | No change |
| SWZ Total Return Securities Fund | 0.15% | 106,902 | $650K | No change |
| ALDF Aldel Financial II Inc. | 0.14% | 57,944 | $606K | Reduce -5.9% |
| GYRO Gyrodyne LLC | 0.14% | 60,000 | $601K | New |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.14% | 57,091 | $594K | Reduce -17.2% |
| BBDC Barings BDC Inc. | 0.14% | 67,422 | $591K | Reduce -68.0% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.12% | 50,000 | $528K | No change |
| RDAGU Republic Digital Acquisition | 0.12% | 50,000 | $526K | No change |
| SPAQ Horizon Kinetics Spac Active | 0.12% | 4,933 | $514K | Reduce -5.1% |
| EGHA Egh Acquisition Co. Class A | 0.12% | 50,000 | $501K | No change |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.11% | 44,909 | $460K | Add +95.0% |
| OFS Ofs Capital Corp. | 0.10% | 57,639 | $443K | Reduce -54.7% |
| CCIX Churchill Capital Corp. Ix | 0.10% | 41,730 | $437K | No change |
| GSRFU GSR IV Acquisition Corp. | 0.10% | 42,237 | $428K | New |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.10% | 41,519 | $414K | Reduce -77.6% |
| CEPT Cantor Equity Partners Class A | 0.09% | 35,895 | $377K | Reduce -13.1% |
| CHECU Chenghe Acquisition III Co. | 0.08% | 35,000 | $349K | New |
| FCRS.U Futurecrest Acquisition Corp. | 0.06% | 25,000 | $265K | New |
| CCIIU Cohen Circle Acquisition Cor | 0.06% | 25,000 | $257K | New |
| NWFL Norwood Financial Corp. | 0.06% | 9,331 | $237K | New |
| GTERU Globa Terra Acquisition Corp. | 0.05% | 22,540 | $229K | New |
| INACU Indigo Acquisition Corp. | 0.04% | 19,035 | $192K | New |
| AXIN Axiom Intelligence Class A | 0.04% | 18,000 | $179K | No change |
| EVAC Eqv Ventures Acquisition C-A | 0.04% | 16,707 | $166K | New |
| HAYMAKER ACQUISITION CORP 4 | 0.04% | 14,625 | $166K | New |
| OTGAU Otg Acquisition Corp. I | 0.04% | 15,250 | $154K | New |
| DMIIU Drugs Made in America Acquis | 0.04% | 15,225 | $151K | New |
| OACC Oaktree Acquisition Corp. I-A | 0.03% | 13,500 | $142K | No change |
| ONCHU 1RT Acquisition Corp. | 0.02% | 10,000 | $106K | New |
| BLZRU Trailblazer Acquisition Corp. | 0.02% | 10,000 | $102K | New |
| HFRO Highland Opport & Income | 0.02% | 10,715 | $68K | No change |
| PCF High Income Securities Fund | 0.02% | 10,705 | $68K | No change |
| HERZ Herzfeld Credit Income Fund | 0.01% | 17,573 | $42K | New |
Other holdings (59): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | 62,485 | $222K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 171,454 | $219K | Reduce -0.9% |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 342,122 | $176K | Reduce -0.5% |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 358,013 | $161K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 265,736 | $85K | Reduce -1.2% |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 208,865 | $77K | Reduce -0.7% |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 33,320 | $70K | Reduce -68.5% |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 134,066 | $67K | No change |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 239,221 | $61K | Reduce -1.3% |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 179,123 | $61K | Reduce -2.4% |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 255,010 | $59K | Reduce -0.9% |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 336,952 | $55K | Add +42.8% |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 301,194 | $49K | Add +6.4% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 50,000 | $48K | No change |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | 63,190 | $46K | Reduce -7.0% |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 109,630 | $41K | Reduce -5.1% |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 191,005 | $40K | Add +27.3% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 57,091 | $39K | Reduce -17.2% |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 116,436 | $38K | Reduce -4.6% |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 466,167 | $37K | Reduce -2.2% |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 148,930 | $37K | Reduce -2.4% |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 228,563 | $37K | Reduce -2.4% |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 130,041 | $36K | Add +34.1% |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 195,142 | $33K | No change |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | 275,000 | $33K | No change |
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | 166,064 | $32K | Reduce -2.2% |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 195,000 | $31K | No change |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 172,988 | $31K | Add +241.9% |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 200,000 | $30K | Reduce -17.3% |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 25,000 | $30K | No change |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | 163,573 | $29K | New |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 130,264 | $28K | Add +78.5% |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 100,000 | $27K | No change |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | 44,909 | $27K | Add +95.0% |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 59,715 | $26K | Reduce -3.4% |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 127,680 | $26K | Reduce -1.9% |
| PELIR Pelican Acquisition Corp.-RTS | RIGHT 05/02/2030 | 100,000 | $24K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 66,931 | $23K | Reduce -5.7% |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 34,577 | $23K | New |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 29,456 | $23K | No change |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 75,000 | $23K | New |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | 100,000 | $22K | New |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 35,000 | $20K | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 72,046 | $19K | Add +299.2% |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 50,000 | $18K | No change |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | 68,750 | $15K | New |
| TBMCR Trailblazer Merger Corp.-RTS | RIGHT 04/21/2028 | 75,152 | $15K | Reduce -3.7% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 28,972 | $15K | Reduce -5.9% |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 100,000 | $13K | New |
| EURKR Eureka Acquisition Corp.-RTS | RIGHT 07/03/2026 | 51,000 | $12K | No change |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | 56,201 | $11K | New |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | 50,000 | $11K | No change |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 50,000 | $10K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 50,000 | $9K | Reduce -50.7% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 21,039 | $8K | No change |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 54,591 | $8K | Reduce -41.0% |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 65,272 | $7K | Reduce -6.8% |
| YHNAR YHN Acquisition I Ltd. | RIGHT 08/15/2029 | 35,923 | $5K | Reduce -7.5% |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 18,000 | $3K | No change |
Total filed on the 13F, all lines: $432.1M.
Portfolio Sells Q2 2025 → Q3 2025
| ARES ACQUISITION CORP II | Sold out | 0.00% | −1.38 |
| LPAA Launch One Acquisition Corp. | Sold out | 0.00% | −1.36 |
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −1.14 |
| LRFC Logan Ridge Finance Corp. | Sold out | 0.00% | −1.13 |
| IIF Morgan Stanley India Invest | Reduce -22.9% | 1.41% | −0.73 |
| AFB Allianceberstein NTL Muni | Reduce -20.0% | 2.35% | −0.70 |
| CNNE Cannae Holdings Inc. | Reduce -2.3% | 2.25% | −0.61 |
| PGZ Principal Real Estate Income | Reduce -48.8% | 0.46% | −0.53 |
| TYG Tortoise Energy Infrastruct | Sold out | 0.00% | −0.46 |
| DYNC Dynamix Corp. | Reduce -56.2% | 0.32% | −0.46 |
| KTF DWS Municipal Income Trust | Reduce -67.7% | 0.20% | −0.45 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −0.41 |
| TACHU Titan Acquisition Corp. | Sold out | 0.00% | −0.40 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.40 |
| BLUW Blue Water Acquisition C-A | Reduce -77.6% | 0.10% | −0.37 |
| BBDC Barings BDC Inc. | Reduce -68.0% | 0.14% | −0.35 |
| DTSQ DT Cloud Star Acquisition Co. | Sold out | 0.00% | −0.35 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −0.34 |
| SZZLU Sizzle Acquisition Corp. II | Sold out | 0.00% | −0.34 |
| OYSEU Oyster Enterprises II Acquis | Reduce -50.3% | 0.28% | −0.34 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.32 |
| DMA Destra Multi-Alternative | Reduce -27.9% | 0.56% | −0.30 |
| BACCU Blue Acquisition Corp. | Reduce -34.9% | 0.43% | −0.29 |
| IBAC Ib Acquisition Corp. | Sold out | 0.00% | −0.24 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −0.24 |
| FERAU Fifth Era Acquisition Corp. I | Sold out | 0.00% | −0.18 |
| GF The New Germany Fund Inc. | Reduce -0.4% | 1.32% | −0.17 |
| FACTU Fact II Acquisition Corp. | Sold out | 0.00% | −0.17 |
| OFS Ofs Capital Corp. | Reduce -54.7% | 0.10% | −0.17 |
| NSLR Neostellar Capital Corp. | Reduce -39.9% | 0.25% | −0.17 |
| HDRN Hadron Energy Inc. | Reduce -10.8% | 0.78% | −0.16 |
| DRDB Roman DBDR Acquisition Corp. | Reduce -0.5% | 1.65% | −0.16 |
| BSAAU Best Spac I Acquisition Corp. | Sold out | 0.00% | −0.15 |
| DMAAU Drugs Made in America Acquis | Sold out | 0.00% | −0.15 |
| M Macy's Inc. | Sold out | 0.00% | −0.15 |
| LWACU Lightwave Acquisition Corp. | Reduce -20.6% | 0.38% | −0.14 |
| VLOS Velos Acquisition I Corp. | Reduce -0.6% | 0.80% | −0.14 |
| PACHU Pioneer Acquisition I Corp. | Sold out | 0.00% | −0.14 |
| CUB Lionheart Holdings Class A | Reduce -1.8% | 1.17% | −0.13 |
| GAM General American Investors | Reduce -4.2% | 4.74% | −0.13 |
| WTGUU Wintergreen Acquisition Corp. | Sold out | 0.00% | −0.13 |
| XENWX Eaton Vance New York Municip | Reduce -7.4% | 1.11% | −0.12 |
| SBXDF Silverbox Corp. IV-A | Reduce -2.3% | 0.67% | −0.11 |
| XHNWX Pioneer Diversified High | Sold out | 0.00% | −0.11 |
| LPBB Launch Two Acquisition Class A | Reduce -5.1% | 0.71% | −0.10 |
| ALF Centurion Acquisition Corp. | Reduce -2.4% | 0.88% | −0.10 |
| BEAG Bold Eagle Acquisition Cor-A | Reduce -3.0% | 0.75% | −0.10 |
| SIMA Sim Acquisition Corp. I-A | Reduce -1.2% | 1.02% | −0.09 |
| JACS Jackson Acquisition Co. Class A | Reduce -0.9% | 1.00% | −0.09 |
| SOUL Soulpower Acquisition Co. Class A | Reduce -2.1% | 0.79% | −0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| OXLC Oxford Lane Capital Corp. | New | 1.76% | +1.76 |
| OTF Blue Owl Technology Finance | Add +740.3% | 1.25% | +1.07 |
| MRCC Monroe Capital Corp. | New | 1.06% | +1.06 |
| SVACU Spring Valley Acquisition Co. | New | 0.88% | +0.88 |
| FSK FS KKR Capital Corp. | New | 0.84% | +0.84 |
| VLGEA Village Super Market Class A | Add +184.5% | 1.32% | +0.80 |
| BACC Blue Acquisition Corp. Class A | New | 0.71% | +0.71 |
| KOYNU CSLM Digital Asset Acquisiti | New | 0.59% | +0.59 |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | Add +424.0% | 0.71% | +0.57 |
| SPEGU Silver Pegasus Acquisition C | New | 0.57% | +0.57 |
| BCIC BCP Investment Corp. | Add +112.4% | 1.23% | +0.55 |
| CB Chubb Ltd. | New | 0.53% | +0.53 |
| IHD Voya Emrg MRKT Hi DVD Eqty | Add +169.3% | 0.85% | +0.52 |
| HVMCU Highview Merger Corp. | New | 0.52% | +0.52 |
| MKLYU McKinley Acquisition Corp. | New | 0.50% | +0.50 |
| OYSE Oyster Enterprises II Acq-A | New | 0.50% | +0.50 |
| EVAC.U Eqv Ventures Acquisition Cor | New | 0.46% | +0.46 |
| CCIF Carlyle Credit Income Fund | New | 0.44% | +0.44 |
| PBBK PB Bankshares Inc. | Add +693.5% | 0.49% | +0.43 |
| CCAP Crescent Capital BDC Inc. | Add +50.7% | 1.45% | +0.41 |
| TLNCU Talon Capital Corp. | New | 0.40% | +0.40 |
| INAC Indigo Acquisition Corp. | New | 0.38% | +0.38 |
| DMB BNY Mellon Muni BND Infra | Add +91.7% | 0.83% | +0.38 |
| BCARU D Boral Arc Acquisition I Co. | New | 0.36% | +0.36 |
| TACH Titan Acquisition Corp. Class A | New | 0.35% | +0.35 |
| JOF Japan Smaller Capitalization | Add +184.4% | 0.53% | +0.35 |
| BCAR D. Boral Arc Acquisit Class A | New | 0.32% | +0.32 |
| VNMEU Vendome Acquisition Corp. I | New | 0.30% | +0.30 |
| BRR Columbus Circle Capital Co. Class A | New | 0.28% | +0.28 |
| SZZL Sizzle Acquisition Corp. Class A | Add +241.9% | 0.41% | +0.28 |
| MBVIU M3-Brigade Acquisition Vi Co. | New | 0.27% | +0.27 |
| VNME Vendome Acquisition Corp. Class A | New | 0.26% | +0.26 |
| JENA Jena Acquisition Corp. II - A | New | 0.25% | +0.25 |
| XRPN Armada Acquisition Class A | New | 0.24% | +0.24 |
| GLO Clough Global Opportunities | Add +75.1% | 0.59% | +0.24 |
| LWAC Lightwave Acquisition Corp. Class A | New | 0.23% | +0.23 |
| CEE Central and Eastern Europe F | Add +440.9% | 0.26% | +0.21 |
| INFQ Infleqtion Inc. | New | 0.20% | +0.20 |
| BCV Bancroft Fund Ltd. | New | 0.20% | +0.20 |
| BDCIU BTC Development Corp. | New | 0.16% | +0.16 |
| XCMUX MFS High Yield Municipal TR | Add +12.1% | 2.42% | +0.16 |
| GYRO Gyrodyne LLC | New | 0.14% | +0.14 |
| CET Central Securities Corp. | Add +4.9% | 4.62% | +0.14 |
| FIGXU Figx Capital Acquisition Cor | Add +162.6% | 0.23% | +0.14 |
| LEO BNY Mellon Strategic Muni | Add +18.2% | 1.05% | +0.13 |
| FERA Fifth Era Acquisition Corp. Class A | Add +266.7% | 0.18% | +0.12 |
| DMAA Drugs Made in America Acquis | Add +78.5% | 0.31% | +0.12 |
| FACT Fact II Acquisition Corp. | Add +31.5% | 0.61% | +0.10 |
| GSRFU GSR IV Acquisition Corp. | New | 0.10% | +0.10 |
| ICMB Investcorp Credit Management | Add +45.8% | 0.34% | +0.08 |
Notes & Other Activity Q2 2025 → Q3 2025
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Reduce -0.9% | 171,454 | $219K |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | Reduce -0.5% | 342,122 | $176K |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | Sold out | 39,213 | $147Kbefore exit |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | Reduce -1.2% | 265,736 | $85K |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | Reduce -0.7% | 208,865 | $77K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | Reduce -68.5% | 33,320 | $70K |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | Reduce -1.3% | 239,221 | $61K |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | Reduce -2.4% | 179,123 | $61K |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Sold out | 25,000 | $59Kbefore exit |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | Reduce -0.9% | 255,010 | $59K |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | Add +42.8% | 336,952 | $55K |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | Add +6.4% | 301,194 | $49K |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | Reduce -7.0% | 63,190 | $46K |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | Reduce -5.1% | 109,630 | $41K |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | Add +27.3% | 191,005 | $40K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Reduce -17.2% | 57,091 | $39K |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | Reduce -4.6% | 116,436 | $38K |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | Reduce -2.2% | 466,167 | $37K |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | Reduce -2.4% | 148,930 | $37K |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | Reduce -2.4% | 228,563 | $37K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | Add +34.1% | 130,041 | $36K |
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | Reduce -2.2% | 166,064 | $32K |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | Add +241.9% | 172,988 | $31K |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | Reduce -17.3% | 200,000 | $30K |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | New | 163,573 | $29K |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | Add +78.5% | 130,264 | $28K |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | Add +95.0% | 44,909 | $27K |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | Reduce -3.4% | 59,715 | $26K |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | Reduce -1.9% | 127,680 | $26K |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | Reduce -5.7% | 66,931 | $23K |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | New | 34,577 | $23K |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | New | 75,000 | $23K |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | New | 100,000 | $22K |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | Add +299.2% | 72,046 | $19K |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | New | 68,750 | $15K |
| TBMCR Trailblazer Merger Corp.-RTS | RIGHT 04/21/2028 | Reduce -3.7% | 75,152 | $15K |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | Reduce -5.9% | 28,972 | $15K |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | New | 100,000 | $13K |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | New | 56,201 | $11K |
| DTSQR DT Cloud Star Acquisition Co. | RIGHT 07/09/2029 | Sold out | 100,000 | $11Kbefore exit |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | Reduce -50.7% | 50,000 | $9K |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | Reduce -41.0% | 54,591 | $8K |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | Reduce -6.8% | 65,272 | $7K |
| YHNAR YHN Acquisition I Ltd. | RIGHT 08/15/2029 | Reduce -7.5% | 35,923 | $5K |
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 | 148 | $452.4M | STEW, CET, NBXG, GAM, DSM |
| Q1 2026 | 146 | $443.1M | STEW, DSM, CET, GAM, TPL |
| Q4 2025 | 148 | $446.2M | STEW, DSM, CET, GAM, NBXG |
| Q3 2025 | 138 | $429.6M | GAM, STEW, CET, NBXG, DSM |
| Q2 2025 | 125 | $393.5M | STEW, GAM, CET, NBXG, CION |
| Q1 2025 | 104 | $368.5M | STEW, CION, GAM, DSM, AFB |
| Q4 2024 | 105 | $382.1M | STEW, CION, GAM, DSM, TPZ |
| Q3 2024 | 99 | $297.1M | STEW, GAM, CION, CET, TPL |
| Q2 2024 | 99 | $267.2M | STEW, GAM, CION, CET, EVE |
| Q1 2024 | 109 | $302.2M | STEW, GAM, KTF, CION, CET |