Context Capital Management, LLC

Name: Context Capital Management, LLC 13F holdings, Q4 2024
Creator: Context Capital Management, LLC
Published: 2025-02-11

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Context Capital Management, LLC reported 16 stock positions worth $68.3 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 32.7% of the portfolio, followed by Fact II Acquisition (FACT, 24.7%) and GSR III Acquisition (GSRTU, 7.4%). Compared with Q3 2024, it opened 7 new positions, sold out of 2, added to 1 and reduced 2. The biggest buy was a new position in Fact II Acquisition (FACT) and the biggest sale Silverbox Corp. IV (SBXUF, shares −0%).

Most Recent 13F: Q2 2026
Location: LAJOLLA, CA
CIK: 0001301396
Portfolio Value: $68.3M (Q4 2024)
SEC Filing: 0001301396-25-000002 ↗ filed Feb 11, 2025

Holdings Value

Holdings 16 stocks · $68.3M


IBIT iShares Bitcoin Trust ETF	32.72%	421,000	$22.3M	Add +34.5%
FACT Fact II Acquisition Corp.	24.66%	1,700,000	$16.8M	New
GSRTU GSR III Acquisition Corp.	7.36%	500,000	$5.0M	New
FTW Eqv Ventures Acquisition C-A	7.31%	500,000	$5.0M	No change
SBXUF Silverbox Corp. IV	6.90%	462,951	$4.7M	Reduce -0.4%
SIMA Sim Acquisition Corp. I-A	5.44%	370,000	$3.7M	No change
HONDU HCM II Acquisition Corp.	5.18%	350,000	$3.5M	No change
VACH Voyager Acquisition Corp.	2.94%	200,000	$2.0M	No change
CCIR Cohen Circle Acquisitio Class A	2.93%	200,000	$2.0M	New
LPBB Launch Two Acquisition Class A	1.82%	125,000	$1.2M	New
CEP Cantor Equity Partners Inc.	1.52%	100,000	$1.0M	No change
AAM Aa Mission Acquisition Cor-A	1.11%	75,000	$758K	New
BURTECH ACQUISITION CORP	0.06%	135,668	$39K	Reduce -22.8%
RMSG Real Messenger Corp.	0.03%	7,772	$20K	New
NORTHVIEW ACQUISITION CORP	0.01%	222,500	$9K	No change
PONY Pony AI Inc.	0.01%	500	$7K	New

Other holdings (222): bonds, preferreds, convertibles and warrants · $802.4M (not counted above)

Security	Class	Shares / Principal	Value	Change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	91,788	$75.3M	Reduce -8.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	80,241	$70.5M	Add +35.6%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	44,000	$48.5M	Reduce -29.6%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	36,750	$37.1M	Add +88.7%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	34,586	$34.8M	Reduce -6.7%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	28,750	$31.4M	New
SEA LTD (SEALTD 0.25 09/15/26)	NOTE 0.250% 9/1 · principal	33,770	$30.7M	Add +45.1%
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	32,750	$30.5M	Add +718.8%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	33,744	$30.3M	New
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	31,250	$27.6M	Add +81.2%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	475,000	$26.1M	New
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	500,000	$22.8M	New
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25)	NOTE 7.500% 8/0 · principal	21,940	$21.9M	Reduce -8.3%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	21,250	$20.5M	New
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	19,262	$20.1M	Add +37.2%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	26,584	$19.4M	Reduce -23.1%
RINGCENTRAL INC (RNG 0 03/01/25)	NOTE 3/0 · principal	16,700	$16.6M	New
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	17,040	$13.2M	New
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	14,015	$13.0M	Reduce -28.2%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	12,598	$13.0M	Reduce -33.0%
BLOCK INC (XYZ 0.125 03/01/25)	NOTE 0.125% 3/0 · principal	13,000	$12.9M	No change
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	255,000	$12.7M	New
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	200,000	$12.5M	Reduce -20.0%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	12,000	$12.4M	No change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	200,000	$12.2M	New
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	12,648	$11.6M	Add +31.1%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	10,500	$10.6M	Add +50.0%
BLOCK INC (XYZ 0 05/01/26)	NOTE 5/0 · principal	10,445	$9.7M	No change
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	7,500	$9.5M	No change
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	7,000	$9.0M	No change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	7,795	$8.2M	Reduce -42.1%
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	10,863	$7.5M	No change
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	6,135	$6.7M	New
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	7,112	$6.2M	No change
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	6,000	$5.2M	Reduce -53.9%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	5,000	$5.1M	New
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	5,000	$4.5M	No change
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	9,666	$4.1M	Reduce -39.7%
LCI INDUSTRIES (LCII 1.125 05/15/26)	NOTE 1.125% 5/1 · principal	4,000	$3.9M	No change
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	4,750	$3.9M	Reduce -36.7%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	4,000	$3.7M	Reduce -38.5%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	2,550	$2.7M	Reduce -78.8%
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	2,761	$2.7M	Reduce -55.0%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	2,810	$2.4M	No change
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	50,000	$2.4M	No change
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	2,500	$2.4M	Reduce -83.9%
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	2,000	$1.9M	Reduce -96.3%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	2,000	$1.9M	No change
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	1,640	$1.5M	Reduce -78.1%
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	1,400	$1.3M	No change
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	2,752	$1.3M	Reduce -33.5%
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	1,250	$1.2M	No change
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	1,000	$966K	No change
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	486	$480K	No change
GCMGW GCM Grosvenor Inc. A -CW25	*W EXP 11/17/202	314,174	$396K	No change
CLSKW Cleanspark Inc.-29	*W EXP 12/29/202	202,416	$146K	New
FACTW Fact II Acquisition Corp. -29	*W EXP 11/26/203	850,000	$128K	New
CTSWF Cactus Acquisition Corp.-CW23	*W EXP 08/17/202	215,352	$87K	No change
3D SYSTEMS CORP (DDD 0 11/15/26)	NOTE 11/1 · principal	90,657	$81K	Add +8.0%
BEYOND MEAT INC (BYND 0 03/15/27)	NOTE 3/1 · principal	50,450	$79K	Add +30.3%
SBCWW Pono Capital Two Inc. -27	*W EXP 09/17/202	317,201	$76K	Reduce -25.4%
SATLW Satellogic Inc.-A -23	*W EXP 01/25/202	197,517	$72K	Reduce -30.8%
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	65,660	$70K	Add +6.7%
WAYFAIR INC (W 1 08/15/26)	NOTE 1.000% 8/1 · principal	70,886	$66K	Add +4.5%
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	47,056	$65K	Reduce -13.7%
BTMWQ Bitcoin Depot Inc.-CW23	*W EXP 06/30/202	956,793	$63K	Reduce -15.1%
FLDDW Fold Holdings Inc. -23	*W EXP 02/14/203	73,100	$63K	Reduce -55.2%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	68,904	$59K	Add +12.3%
REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27)	NOTE 1.750% 2/1 · principal	60,543	$58K	Add +15.3%
EQV VENTURES ACQUISITION	*W EXP 07/01/203	160,543	$58K	New
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26)	NOTE 1.500% 4/1 · principal	54,979	$54K	Add +32.1%
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	51,732	$49K	Add +1.7%
GROUPON INC (GRPN 6.25 03/15/27 *)	NOTE 6.250% 3/1 · principal	50,608	$48K	New
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	49,863	$48K	Reduce -12.2%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28)	NOTE 2.750% 5/0 · principal	39,553	$47K	Add +67.7%
GBBKR Global Blockchain Acq - RTS	RIGHT 05/09/2027	400,000	$42K	No change
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	36,849	$41K	New
ATEKW Athena Technology Acq -CW23	*W EXP 10/17/202	775,000	$41K	No change
PELOTON INTERACTIVE INC (PTON 0 02/15/26)	NOTE 2/1 · principal	43,279	$40K	Reduce -13.6%
RFACR RF Acquisition Corp.- Rights	RIGHT 05/01/2028	257,310	$40K	Reduce -20.8%
UPSTART HOLDINGS INC (UPST 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	41,058	$37K	Add +6.5%
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26)	NOTE 1.750% 5/0 · principal	41,150	$37K	Add +85.8%
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	35,096	$34K	Reduce -13.9%
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	34,750	$34K	Add +6.1%
EVENTBRITE INC (EB 0.75 09/15/26)	NOTE 0.750% 9/1 · principal	36,233	$32K	Add +88.4%
GROUPON INC (GRPN 1.125 03/15/26)	NOTE 1.125% 3/1 · principal	34,015	$32K	Reduce -39.4%
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	33,927	$31K	Add +20.1%
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	32,535	$31K	Add +110.6%
LVRWF Lavoro Ltd.-27	*W EXP 02/27/202	235,863	$31K	No change
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	19,895	$30K	Add +1.3%
CCIRW Cohen Circle Acquisition-29	*W EXP 01/31/202	66,666	$30K	New
KACRF Kairous Acquisition Corp.-RTS	RIGHT 09/15/2026	143,552	$29K	No change
CUTERA INC (CUTR 2.25 06/01/28)	NOTE 2.250% 6/0 · principal	31,314	$28K	No change
GREEN PLAINS INC (GPRE 2.25 03/15/27)	NOTE 2.250% 3/1 · principal	32,900	$28K	Add +63.3%
PLUG POWER INC (PLUG 3.75 06/01/25)	NOTE 3.750% 6/0 · principal	28,495	$27K	Add +26.7%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	30,211	$27K	Add +14.8%
CRTWF Cartica Acquisition A -28	*W EXP 04/30/202	100,000	$27K	No change
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30)	NOTE 7.250% 8/1 · principal	28,875	$27K	New
SIMAW Sim Acquisition Corp. - 29	*W EXP 06/01/203	241,250	$26K	No change
ARTIVION INC (AORT 4.25 07/01/25)	NOTE 4.250% 7/0 · principal	19,900	$26K	No change
VGASW Cenaq Energy Corp. Class A -CW27	*W EXP 02/15/202	87,553	$25K	Reduce -34.1%
ACCOLADE INC (ACCD 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	25,991	$24K	Reduce -7.2%
EMCRF Embrace Change Acq-Rights	RIGHT 10/25/2026	300,000	$24K	No change
IGTAW Inception Growth Acq -23	*W EXP 10/15/202	124,400	$23K	No change
GCTS.WS Concord Acq Class A -CW28	*W EXP 03/01/202	172,160	$23K	No change
SMNRW Denali Capital Acq-CW27	*W EXP 99/99/999	605,000	$23K	No change
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27)	NOTE 1.500%10/1 · principal	18,812	$22K	Add +1.6%
SEMTECH CORP (SMTC 4 11/01/28)	NOTE 4.000%11/0 · principal	6,700	$21K	New
ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27)	NOTE 6.500% 9/0 · principal	23,880	$21K	Add +36.5%
BNIXR Bannix Acquisition Corp.-RTS	RIGHT 07/31/2026	210,385	$20K	No change
HEALTH CATALYST INC (HCAT 2.5 04/15/25)	NOTE 2.500% 4/1 · principal	20,491	$20K	No change
NOVAVAX INC (NVAX 5 12/15/27)	NOTE 5.000%12/1 · principal	19,538	$20K	Reduce -3.7%
GBBKW Global Blockchain Acq-CW27	*W EXP 05/09/202	400,000	$19K	No change
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	17,650	$19K	Add +44.1%
EONR.WS HNR Acquisition Corp. -CW23	*W EXP 11/15/202	349,249	$19K	No change
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	22,353	$19K	Add +2.5%
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	19,493	$19K	Add +7.7%
MICROSTRATEGY INC (MSTR 0 02/15/27)	NOTE 2/1 · principal	8,831	$18K	Reduce -84.8%
CHARR Charlton Aria Acquisi-Rights	RIGHT 12/31/2026	100,000	$17K	New
MESA LABORATORIES INC (MLAB 1.375 08/15/25)	NOTE 1.375% 8/1 · principal	16,047	$16K	No change
CLRRF Climaterock -RTS	RIGHT 10/31/2028	168,490	$16K	No change
CARDLYTICS INC (CDLX 1 09/15/25)	NOTE 1.000% 9/1 · principal	17,170	$15K	Add +0.3%
FARO TECHNOLOGIES INC (FARO 5.5 02/01/28)	NOTE 5.500% 2/0 · principal	15,025	$15K	No change
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	8,455	$15K	Add +7.2%
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	18,552	$15K	Reduce -13.9%
XBPEW CF Acquisition Viii A -CW27	*W EXP 11/30/202	357,933	$14K	No change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26)	NOTE 1.500% 9/1 · principal	12,591	$14K	Reduce -66.5%
IBACR Ib Acquisition Corp.-RTS	RIGHT 09/28/2026	200,000	$14K	No change
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	20,420	$14K	Add +52.4%
BANDWIDTH INC (BAND 0.25 03/01/26)	NOTE 0.250% 3/0 · principal	14,580	$13K	No change
TILRAY BRANDS INC (TLRY 5.2 06/15/27)	NOTE 5.200% 6/1 · principal	13,800	$13K	Add +12.2%
FNVWF Finnovate Acquisition -CW23	*W EXP 09/30/202	262,500	$13K	No change
LDTDF Prospector Leddartech Alm-28	*W EXP 12/21/202	127,872	$13K	No change
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	12,851	$13K	Reduce -3.8%
NEVRO CORP (NVRO 2.75 04/01/25)	NOTE 2.750% 4/0 · principal	12,702	$13K	No change
SLND.WS Legato Merger Corp. II -CW23	*W EXP 02/14/202	51,732	$12K	No change
LPBBW Launch Two Acquisition -29	*W EXP 10/09/202	62,500	$12K	New
VACHW Voyager Acquisition Corp. -CW	*W EXP 05/16/203	100,000	$12K	No change
CUTERA INC (CUTR 4 06/01/29)	NOTE 4.000% 6/0 · principal	13,235	$12K	No change
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	21,850	$12K	No change
NIO INC (NIO 0.5 02/01/27)	NOTE 0.500% 2/0 · principal	11,767	$12K	No change
ALFUW Centurion Acquisition - 29	*W EXP 05/31/203	79,882	$11K	New
ZYNEX INC (ZYXI 5 05/15/26)	NOTE 5.000% 5/1 · principal	11,000	$11K	Add +10.0%
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	11,551	$11K	No change
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	10,000	$11K	New
MANNKIND CORP (MNKD 2.5 03/01/26)	NOTE 2.500% 3/0 · principal	8,060	$11K	No change
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30)	DEBT 11.500% 1/1 · principal	24,114	$11K	No change
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	21,750	$9K	Add +112.2%
BNIXW Bannix Acquisition Corp.-CW23	*W EXP 07/31/202	320,484	$9K	No change
ASBPW Aspire Biopharma Holdin-CW27	*W EXP 05/23/202	175,000	$8K	No change
ECD AUTOMOTIVE DESIGN INC	*W EXP 12/12/202	540,000	$8K	No change
LEGT.WS Legato Merger Corp. III-29	*W EXP 05/08/203	50,000	$8K	No change
RFACW RF Acquisition Corp.-CW27	*W EXP 05/01/202	250,000	$8K	No change
DYNAVAX TECHNOLOGIES (DVAX 2.5 05/15/26)	NOTE 2.500% 5/1 · principal	6,000	$8K	New
TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25)	NOTE 2.500% 9/1 · principal	8,000	$8K	New
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999	76,250	$7K	New
CDIOW Cardio Diagnostics-CW26	*W EXP 10/25/202	81,500	$7K	No change
PPYAW Papaya Growth Opportuni-CW23	*W EXP 12/31/202	250,000	$7K	No change
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	6,400	$6K	Add +166.7%
EZCORP INC (EZPW 2.375 05/01/25)	NOTE 2.375% 5/0 · principal	6,426	$6K	No change
OMEROS CORP (OMER 5.25 02/15/26)	NOTE 5.250% 2/1 · principal	6,709	$6K	Add +17.5%
IGTAR Inception Growth Acq Ltd. -RT	RIGHT 12/08/2026	124,880	$6K	No change
CUTERA INC (CUTR 2.25 03/15/26)	NOTE 2.250% 3/1 · principal	4,500	$6K	No change
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	7,232	$6K	New
ECXWW Ecarx Holdings Inc. Class A-27	*W EXP 99/99/999	117,430	$6K	No change
BRLSW Oxus Acquisition Corp. -CW23	*W EXP 02/07/202	75,340	$6K	No change
WORLD KINECT GROUP (WKC 3.25 07/01/28)	NOTE 3.250% 7/0 · principal	5,000	$6K	New
EVENTBRITE INC (EB 5 12/01/25)	NOTE 5.000%12/0 · principal	5,460	$5K	No change
BAERW Wildfire New Pubco Inc.-27	*W EXP 01/24/202	121,167	$5K	No change
TVGNW Semper Paratus Acqu -CW26	*W EXP 02/14/202	97,250	$5K	No change
AAM.WS Aa Mission Acquisition -30	*W EXP 08/01/203	75,000	$5K	New
ZCARW Zoomcar Holdings Inc.	*W EXP 05/31/202	274,598	$5K	No change
CRMLW Critical Metals Corp.-28	*W EXP 02/27/202	21,848	$5K	Reduce -8.0%
LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30)	DEBT 9.000% 1/1 · principal	10,335	$5K	No change
ALCWF Alchemy Investments Acqui-28	*W EXP 11/30/202	50,000	$5K	No change
NIO INC (NIO 3.875 10/15/29)	NOTE 3.875%10/1 · principal	6,000	$4K	No change
EMCWF Embrace Change Acquisitio-26	*W EXP 10/25/202	300,000	$4K	No change
COMMERCE.COM INC (CMRC 0.25 10/01/26)	NOTE 0.250%10/0 · principal	4,333	$4K	Add +5.6%
SVUWF Srivaru Holding Ltd.-28	*W EXP 12/08/202	454,100	$4K	No change
IVAWF Investcorp India Acquisi -27	*W EXP 06/01/202	212,035	$3K	No change
RMSGW Real Messenger Corp.-28	*W EXP 11/19/202	87,700	$3K	New
PHYWF PHYT WS -CW	*W EXP 05/03/202	85,200	$3K	No change
APLMW Apollomics Inc.-27	*W EXP 04/01/202	298,500	$3K	No change
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	2,607	$3K	Reduce -53.5%
ABVWF Above Food Ingredients- 29	*W EXP 06/28/202	100,000	$3K	No change
CELULARITY INC	*W EXP 07/16/202	150,000	$3K	No change
VMCWF Valuence Merger Corp. -CW27	*W EXP 99/99/999	75,000	$3K	No change
CLRWF Climaterock Class A -27	*W EXP 99/99/999	100,000	$3K	No change
FASWF Stonebridge Acquisition-CW23	*W EXP 04/02/202	18,236	$2K	No change
FTIIW Futuretech II Acq -CW27	*W EXP 08/18/202	150,000	$2K	No change
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	1,500	$2K	Reduce -92.7%
ZPTAW Zapata Computing Hol- CW23	*W EXP 02/14/202	143,115	$2K	No change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29)	NOTE 4.000% 3/1 · principal	1,750	$2K	No change
SLXNW Biomotion Sciences-CW29	*W EXP 08/15/202	51,183	$2K	Reduce -17.8%
ALSTF Alpha Star Acq Corp. - Rights	RIGHT 12/13/2026	335,596	$2K	No change
ALARM.COM HLDGS INC (ALRM 0 01/15/26)	NOTE 1/1 · principal	1,750	$2K	No change
ALSWF Alpha Star Acquisition -CW23	*W EXP 12/13/202	360,000	$2K	No change
BENFW Beneficient Co. Group -28	*W EXP 06/07/202	210,024	$2K	No change
TLGWF TLGY Acquisition Corp. -23	*W EXP 11/09/202	75,000	$2K	No change
DFLIW Chardan Nextech Acquisi-CW27	*W EXP 10/07/202	50,700	$1K	No change

Largest 200 of 222 shown.

Total filed on the 13F, all lines: $870.6M.

Portfolio Sells Q3 2024 → Q4 2024


SBXUF Silverbox Corp. IV	Reduce -0.4%	6.90%	−7.32
ALFUU Centurion Acquisition Corp.	Sold out	0.00%	−4.90
BURTECH ACQUISITION CORP	Reduce -22.8%	0.06%	−0.05
JETAI INC	Sold out	0.00%	−0.01

Portfolio Buys Q3 2024 → Q4 2024


FACT Fact II Acquisition Corp.	New	24.66%	+24.66
GSRTU GSR III Acquisition Corp.	New	7.36%	+7.36
CCIR Cohen Circle Acquisitio Class A	New	2.93%	+2.93
LPBB Launch Two Acquisition Class A	New	1.82%	+1.82
AAM Aa Mission Acquisition Cor-A	New	1.11%	+1.11
RMSG Real Messenger Corp.	New	0.03%	+0.03
PONY Pony AI Inc.	New	0.01%	+0.01
IBIT iShares Bitcoin Trust ETF	Add +34.5%	32.72%	−1.77

Notes & Other Activity Q3 2024 → Q4 2024


SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	Reduce -8.2%	91,788	$75.3M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Add +35.6%	80,241	$70.5M
AFFIRM HOLDINGS INC (AFRM 0 11/15/26)	NOTE 11/1 · principal	Sold out	66,484	$59.2Mbefore exit
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Reduce -29.6%	44,000	$48.5M
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	Add +88.7%	36,750	$37.1M
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	Reduce -6.7%	34,586	$34.8M
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	New	28,750	$31.4M
SEA LTD (SEALTD 0.25 09/15/26)	NOTE 0.250% 9/1 · principal	Add +45.1%	33,770	$30.7M
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	Add +718.8%	32,750	$30.5M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	New	33,744	$30.3M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	Add +81.2%	31,250	$27.6M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	New	475,000	$26.1M
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	New	500,000	$22.8M
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25)	NOTE 7.500% 8/0 · principal	Reduce -8.3%	21,940	$21.9M
BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29)	NOTE 8.500% 8/1 · principal	Sold out	18,270	$21.3Mbefore exit
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	New	21,250	$20.5M
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	Add +37.2%	19,262	$20.1M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	Reduce -23.1%	26,584	$19.4M
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25)	NOTE 0.750% 8/0 · principal	Sold out	18,750	$17.9Mbefore exit
RINGCENTRAL INC (RNG 0 03/01/25)	NOTE 3/0 · principal	New	16,700	$16.6M
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	New	17,040	$13.2M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	Reduce -28.2%	14,015	$13.0M
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	Reduce -33.0%	12,598	$13.0M
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	New	255,000	$12.7M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -20.0%	200,000	$12.5M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	New	200,000	$12.2M
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	Add +31.1%	12,648	$11.6M
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	Add +50.0%	10,500	$10.6M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	Sold out	9,558	$10.4Mbefore exit
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Sold out	9,371	$9.2Mbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -42.1%	7,795	$8.2M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	New	6,135	$6.7M
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29)	NOTE 3.875% 8/1 · principal	Sold out	6,000	$5.7Mbefore exit
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	Reduce -53.9%	6,000	$5.2M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	New	5,000	$5.1M
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	Reduce -39.7%	9,666	$4.1M
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Reduce -36.7%	4,750	$3.9M
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	Reduce -38.5%	4,000	$3.7M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -78.8%	2,550	$2.7M
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	Reduce -55.0%	2,761	$2.7M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	Reduce -83.9%	2,500	$2.4M
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	Sold out	2,000	$2.1Mbefore exit
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	Reduce -96.3%	2,000	$1.9M
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Reduce -78.1%	1,640	$1.5M
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	Reduce -33.5%	2,752	$1.3M
VIRGIN GALATIC HOLDINGS	2.500 02/01/27 CVT · principal	Sold out	56,236	$173Kbefore exit
CLSKW Cleanspark Inc.-29	*W EXP 12/29/202	New	202,416	$146K
FACTW Fact II Acquisition Corp. -29	*W EXP 11/26/203	New	850,000	$128K
ROCKETLAB USA INC	NOTE 4.25% 2/01/29 · principal	Sold out	53,333	$112Kbefore exit
STEM INC	NOTE 0.5% 12/01/28 · principal	Sold out	36,311	$103Kbefore exit

Showing the first 50 of 197.

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	150	$484.2M	GSRVU, SPCE, LGND, WLCOU, MBVI
Q1 2026	132	$367.6M	MBVI, HACQU, DMII, HCAC, PLMK
Q4 2025	108	$300.2M	MBVI, DMII, PLMK, GFUZ, HCACU
Q3 2025	78	$481.8M	ECHOSTAR CORP (ECHO 3.875 11/30/30), IBIT, MBVIU, DMIIU, PLMK
Q2 2025	52	$127.8M	IBIT, PLMK, SZZL, SOUL.U, RDAG
Q1 2025	20	$74.6M	FACT, IBIT, PLMK, GSRT, FTW
Q4 2024	16	$68.3M	IBIT, FACT, GSRTU, FTW, SBXUF
Q3 2024	11	$32.8M	IBIT, FTW.U, SBXUF, SIMA, HONDU
Q2 2024	4	$15.8M	IBIT, IBAC, BURTECH ACQUISITION CORP, NORTHVIEW ACQUISITION CORP
Q1 2024	8	$21.1M	IBIT, IBACU, LEGT.U, BURTECH ACQUISITION CORP, ANDRETTI ACQUISITION CORP