Context Capital Management, LLC

Name: Context Capital Management, LLC 13F holdings, Q1 2025
Creator: Context Capital Management, LLC
Published: 2025-05-05

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Context Capital Management, LLC reported 20 stock positions worth $74.6 million. Its top holding was Fact II Acquisition (FACT) at 22.8% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 13.2%) and Plum Acquisition Corp. IV (PLMK, 9.4%). Compared with Q4 2024, it opened 10 new positions, sold out of 5 and reduced 4. The biggest buy was a new position in Plum Acquisition Corp. IV (PLMK) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −50%).

Most Recent 13F: Q2 2026
Location: LAJOLLA, CA
CIK: 0001301396
Portfolio Value: $74.6M (Q1 2025)
SEC Filing: 0001301396-25-000003 ↗ filed May 5, 2025

Holdings Value

Holdings 20 stocks · $74.6M


FACT Fact II Acquisition Corp.	22.83%	1,700,000	$17.0M	No change
IBIT iShares Bitcoin Trust ETF	13.24%	211,000	$9.9M	Reduce -49.9%
PLMK Plum Acquisition Corp. IV	9.42%	700,000	$7.0M	New
GSRT GSR III Acquisition Corp.	6.71%	500,000	$5.0M	New
FTW Eqv Ventures Acquisition C-A	6.66%	490,720	$5.0M	Reduce -1.9%
SBXDF Silverbox Corp. IV-A	6.31%	462,951	$4.7M	No change
SIMA Sim Acquisition Corp. I-A	5.07%	370,000	$3.8M	No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP	4.23%	300,000	$3.2M	Reduce -14.3%
CEPO Cantor Equity Partners I-A	4.12%	300,000	$3.1M	New
FERAU Fifth Era Acquisition Corp. I	4.05%	300,000	$3.0M	New
DMAAU Drugs Made in America Acquis	3.41%	250,000	$2.5M	New
VACH Voyager Acquisition Corp.	2.70%	198,200	$2.0M	Reduce -0.9%
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII	2.48%	187,500	$1.9M	New
AACBU Artius II Acquisition Inc.	2.19%	162,191	$1.6M	New
LPBB Launch Two Acquisition Class A	1.70%	125,000	$1.3M	No change
CEP Cantor Equity Partners Inc.	1.44%	100,000	$1.1M	No change
NHICU Newhold Investment Corp. III	1.35%	100,000	$1.0M	New
AAM Aa Mission Acquisition Cor-A	1.05%	75,000	$782K	No change
VG Venture Global Inc. Class A	1.03%	74,568	$768K	New
NVNIF Nvni Group Ltd.	0.01%	40,000	$9K	New

Other holdings (188): bonds, preferreds, convertibles and warrants · $909.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	105,850	$99.7M	Add +223.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	90,000	$82.9M	Add +12.2%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	69,571	$68.2M	Add +2628.3%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	64,482	$65.3M	Add +86.4%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	70,404	$63.5M	Add +2.2%
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25)	NOTE 9/1 · principal	59,500	$57.8M	New
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	45,750	$44.7M	Add +24.5%
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25)	NOTE 7.500% 8/0 · principal	37,690	$37.7M	Add +71.8%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	600,000	$35.9M	Add +200.0%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	700,000	$34.6M	New
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	38,750	$34.1M	Add +24.0%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	25,650	$25.0M	Add +20.7%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	28,663	$24.9M	Reduce -15.1%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	21,762	$23.1M	Add +13.0%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	25,700	$22.9M	Add +542.5%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	29,334	$21.6M	Add +10.3%
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	21,015	$19.3M	Add +50.0%
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	17,600	$18.9M	Add +1073.3%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	325,000	$15.7M	Reduce -31.6%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	255,000	$11.4M	No change
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	250,000	$11.4M	Reduce -50.0%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	10,500	$10.6M	No change
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	9,500	$8.8M	New
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	7,500	$8.4M	New
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	150,000	$7.5M	New
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	150,000	$7.2M	Reduce -25.0%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	5,800	$6.8M	Reduce -79.8%
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	6,012	$6.0M	Add +117.8%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	5,000	$5.4M	No change
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	4,140	$3.7M	Add +152.4%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	2,795	$3.1M	Reduce -64.1%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	50,000	$2.4M	No change
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	10,391	$2.3M	Add +7.5%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	2,500	$2.3M	New
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	2,500	$2.3M	No change
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	2,000	$2.2M	Reduce -83.3%
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	2,500	$2.2M	New
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	7,485	$1.9M	Add +172.0%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	2,000	$1.8M	No change
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	1,810	$1.6M	Reduce -35.6%
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	1,250	$1.2M	No change
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	486	$482K	No change
FACTW Fact II Acquisition Corp. -29	*W EXP 11/26/203	850,000	$170K	No change
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999	175,000	$121K	Add +129.5%
BEYOND MEAT INC (BYND 0 03/15/27)	NOTE 3/1 · principal	66,075	$76K	Add +31.0%
3D SYSTEMS CORP (DDD 0 11/15/26)	NOTE 11/1 · principal	78,407	$72K	Reduce -13.5%
BTMWQ Bitcoin Depot Inc.-CW23	*W EXP 06/30/202	956,793	$67K	No change
GROUPON INC (GRPN 6.25 03/15/27 *)	NOTE 6.250% 3/1 · principal	63,443	$66K	Add +25.4%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	45,412	$60K	Add +157.3%
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	45,806	$60K	Reduce -2.7%
PLMKW Plum Acquisition Corp. IV-30	*W EXP 08/19/202	350,000	$58K	New
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26)	NOTE 1.500% 4/1 · principal	58,249	$57K	Add +6.0%
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	38,800	$55K	New
SBXWF Silverbox Corp. IV-A- 29	*W EXP 08/19/202	154,317	$54K	New
UPSTART HOLDINGS INC (UPST 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	57,058	$53K	Add +39.0%
EMCRF Embrace Change Acq-Rights	RIGHT 10/25/2026	300,000	$51K	No change
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	50,187	$49K	Reduce -23.6%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28)	NOTE 2.750% 5/0 · principal	39,678	$48K	Add +0.3%
SBCWW Pono Capital Two Inc. -27	*W EXP 09/17/202	258,389	$48K	Reduce -18.5%
GSRTR GSR III Acquisition Corp.	RIGHT 99/99/9999	31,469	$46K	Reduce -55.9%
PELOTON INTERACTIVE INC (PTON 0 02/15/26)	NOTE 2/1 · principal	46,791	$44K	Add +8.1%
EQV VENTURES ACQUISITION	*W EXP 07/01/203	121,007	$44K	Reduce -24.6%
GREEN PLAINS INC (GPRE 2.25 03/15/27)	NOTE 2.250% 3/1 · principal	51,892	$43K	Add +57.7%
FLDDW Fold Holdings Inc. -23	*W EXP 02/14/203	56,950	$42K	Reduce -22.1%
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	49,850	$42K	New
HVIIR Hennessy Capital Investment	RIGHT 01/17/2030	187,500	$38K	New
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	37,596	$38K	Add +7.1%
CLRRF Climaterock -RTS	RIGHT 10/31/2028	168,490	$37K	No change
GBBKR Global Blockchain Acq - RTS	RIGHT 05/09/2027	400,000	$37K	No change
SMNRW Denali Capital Acq-CW27	*W EXP 99/99/999	605,000	$36K	No change
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	43,477	$36K	Add +501.2%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	35,293	$35K	Reduce -29.2%
BNIXW Bannix Acquisition Corp.-CW23	*W EXP 07/31/202	320,484	$34K	No change
GROUPON INC (GRPN 1.125 03/15/26)	NOTE 1.125% 3/1 · principal	35,376	$34K	Add +4.0%
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	34,750	$34K	No change
EVENTBRITE INC (EB 0.75 09/15/26)	NOTE 0.750% 9/1 · principal	36,114	$33K	Reduce -0.3%
BNIXR Bannix Acquisition Corp.-RTS	RIGHT 07/31/2026	110,385	$31K	Reduce -47.5%
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	18,895	$31K	Reduce -5.0%
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26)	NOTE 1.500% 6/1 · principal	33,927	$30K	No change
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	36,431	$29K	Reduce -1.1%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	30,211	$28K	No change
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30)	NOTE 7.250% 8/1 · principal	33,075	$28K	Add +14.6%
PLUG POWER INC (PLUG 3.75 06/01/25)	NOTE 3.750% 6/0 · principal	28,495	$28K	No change
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	30,931	$27K	Add +81.5%
FARO TECHNOLOGIES INC (FARO 5.5 02/01/28)	NOTE 5.500% 2/0 · principal	25,275	$26K	Add +68.2%
CRTWF Cartica Acquisition A -28	*W EXP 04/30/202	100,000	$25K	No change
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	26,070	$25K	Reduce -19.9%
SIMAW Sim Acquisition Corp. - 29	*W EXP 06/01/203	241,250	$24K	No change
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	22,850	$23K	Add +128.5%
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26)	NOTE 1.750% 5/0 · principal	36,450	$23K	Reduce -11.4%
ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27)	NOTE 6.500% 9/0 · principal	23,380	$21K	Reduce -2.1%
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	29,170	$21K	Add +42.9%
HEALTH CATALYST INC (HCAT 2.5 04/15/25)	NOTE 2.500% 4/1 · principal	20,491	$20K	No change
CHARR Charlton Aria Acquisi-Rights	RIGHT 12/31/2026	100,000	$20K	No change
LVRWF Lavoro Ltd.-27	*W EXP 02/27/202	235,863	$20K	No change
CUTERA INC (CUTR 2.25 06/01/28)	NOTE 2.250% 6/0 · principal	35,814	$19K	Add +14.4%
NOVAVAX INC (NVAX 5 12/15/27)	NOTE 5.000%12/1 · principal	19,538	$18K	No change
EONR.WS HNR Acquisition Corp. -CW23	*W EXP 11/15/202	296,581	$18K	Reduce -15.1%
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	21,052	$17K	Add +13.5%
XBPEW CF Acquisition Viii A -CW27	*W EXP 11/30/202	357,933	$17K	No change
ARTIVION INC (AORT 4.25 07/01/25)	NOTE 4.250% 7/0 · principal	14,790	$17K	Reduce -25.7%
MESA LABORATORIES INC (MLAB 1.375 08/15/25)	NOTE 1.375% 8/1 · principal	16,047	$16K	No change
AIMWF Aimfinity Investment-CW27	*W EXP 99/99/999	200,000	$16K	No change
IBACR Ib Acquisition Corp.-RTS	RIGHT 09/28/2026	200,000	$15K	No change
VACHW Voyager Acquisition Corp. -CW	*W EXP 05/16/203	100,000	$15K	No change
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27)	NOTE 1.500%10/1 · principal	14,012	$15K	Reduce -25.5%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	16,000	$15K	New
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	25,850	$15K	Add +18.3%
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	14,751	$14K	Add +27.7%
LPBBW Launch Two Acquisition -29	*W EXP 10/09/202	62,500	$14K	No change
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	14,500	$14K	New
ALFUW Centurion Acquisition - 29	*W EXP 05/31/203	79,882	$13K	No change
CARDLYTICS INC (CDLX 1 09/15/25)	NOTE 1.000% 9/1 · principal	14,070	$13K	Reduce -18.1%
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	12,851	$13K	No change
GCLWW GCL Global Holdings-A -CW26	*W EXP 02/13/203	250,000	$13K	New
GCTS.WS Concord Acq Class A -CW28	*W EXP 03/01/202	172,160	$12K	No change
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30)	DEBT 11.500% 1/1 · principal	26,114	$12K	Add +8.3%
ESPERION THERAPEUTICS (ESPR 4 11/15/25)	NOTE 4.000%11/1 · principal	12,440	$12K	New
SEMTECH CORP (SMTC 4 11/01/28)	NOTE 4.000%11/0 · principal	6,700	$12K	No change
VMCWF Valuence Merger Corp. -CW27	*W EXP 99/99/999	75,000	$12K	No change
ASBPW Aspire Biopharma Holdin-CW27	*W EXP 02/14/203	175,000	$12K	New
WAYFAIR INC (W 1 08/15/26)	NOTE 1.000% 8/1 · principal	12,500	$12K	Reduce -82.4%
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	11,185	$11K	Reduce -78.4%
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	26,194	$11K	Add +20.4%
GBBKW Global Blockchain Acq-CW27	*W EXP 05/09/202	400,000	$11K	No change
LEGT.WS Legato Merger Corp. III-29	*W EXP 05/08/203	50,000	$10K	No change
ECD AUTOMOTIVE DESIGN INC	*W EXP 12/12/202	540,000	$10K	No change
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	10,175	$10K	New
MANNKIND CORP (MNKD 2.5 03/01/26)	NOTE 2.500% 3/0 · principal	8,060	$9K	No change
TILRAY BRANDS INC (TLRY 5.2 06/15/27)	NOTE 5.200% 6/1 · principal	9,400	$9K	Reduce -31.9%
EMCWF Embrace Change Acquisitio-26	*W EXP 10/25/202	300,000	$8K	No change
ZYNEX INC (ZYXI 5 05/15/26)	NOTE 5.000% 5/1 · principal	11,000	$8K	No change
SLND.WS Legato Merger Corp. II -CW23	*W EXP 02/14/202	51,732	$8K	No change
BRLSW Oxus Acquisition Corp. -CW23	*W EXP 02/07/202	75,340	$8K	No change
CUTERA INC (CUTR 4 06/01/29)	NOTE 4.000% 6/0 · principal	14,735	$8K	Add +11.3%
TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25)	NOTE 2.500% 9/1 · principal	8,000	$8K	No change
ALCWF Alchemy Investments Acqui-28	*W EXP 11/30/202	50,000	$8K	No change
LDTDF Prospector Leddartech Alm-28	*W EXP 12/21/202	127,872	$8K	No change
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	10,863	$8K	No change
ECXWW Ecarx Holdings Inc. Class A-27	*W EXP 99/99/999	117,430	$7K	No change
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	No change
CELULARITY INC	*W EXP 07/16/202	150,000	$6K	No change
KOSMOS ENERGY LTD (KOS 3.125 03/15/30)	NOTE 3.125% 3/1 · principal	7,771	$6K	New
PPYAW Papaya Growth Opportuni-CW23	*W EXP 12/31/202	250,000	$6K	No change
EVENTBRITE INC (EB 5 12/01/25)	NOTE 5.000%12/0 · principal	5,460	$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	No change
SEA LTD (SEALTD 0.25 09/15/26)	NOTE 0.250% 9/1 · principal	5,270	$5K	Reduce -84.4%
RMSGW Real Messenger Corp.-28	*W EXP 11/19/202	87,700	$5K	No change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	5,538	$5K	Reduce -94.0%
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	6,191	$4K	New
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	4,500	$4K	Add +125.0%
NIO INC (NIO 3.875 10/15/29)	NOTE 3.875%10/1 · principal	6,000	$4K	No change
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	4,000	$4K	Reduce -37.5%
LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30)	DEBT 9.000% 1/1 · principal	8,835	$4K	Reduce -14.5%
IVAWF Investcorp India Acquisi -27	*W EXP 06/01/202	212,035	$4K	No change
SLXNW Biomotion Sciences-CW29	*W EXP 08/15/202	51,183	$4K	No change
ZCARW Zoomcar Holdings Inc.	*W EXP 05/31/202	274,598	$4K	No change
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	3,500	$4K	New
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	2,500	$4K	Reduce -66.7%
CDIOW Cardio Diagnostics-CW26	*W EXP 10/25/202	81,500	$3K	No change
FTIIW Futuretech II Acq -CW27	*W EXP 08/18/202	150,000	$3K	No change
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	2,607	$3K	No change
SVUWF Srivaru Holding Ltd.-28	*W EXP 12/08/202	454,100	$3K	No change
CUTERA INC (CUTR 2.25 03/15/26)	NOTE 2.250% 3/1 · principal	4,500	$3K	No change
APLMW Apollomics Inc.-27	*W EXP 04/01/202	298,500	$3K	No change
CLRWF Climaterock Class A -27	*W EXP 99/99/999	100,000	$3K	No change
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	2,292	$2K	New
XEROX HOLDINGS CORP (XRX 3.75 03/15/30)	NOTE 3.750% 3/1 · principal	4,000	$2K	New
ABVWF Above Food Ingredients- 29	*W EXP 06/28/202	100,000	$2K	No change
PARAW 7GC & Co. Holdings Class A -CW26	*W EXP 12/14/202	80,979	$2K	No change
CEROW Phoenix Biotech Acq -CW26	*W EXP 02/13/202	122,013	$2K	No change
ALARM.COM HLDGS INC (ALRM 0 01/15/26)	NOTE 1/1 · principal	1,750	$2K	No change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29)	NOTE 4.000% 3/1 · principal	1,750	$2K	No change
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	1,386	$2K	New
BENFW Beneficient Co. Group -28	*W EXP 06/07/202	210,024	$2K	No change
CUBWW Lionheart Holdings - WT	*W EXP 06/07/203	10,000	$1K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	1,400	$1K	No change
DFLIW Chardan Nextech Acquisi-CW27	*W EXP 10/07/202	50,700	$1K	No change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	1,000	$1K	No change
CDTTW Murphy Canyon Acq-CW27	*W EXP 09/22/202	128,500	$1K	No change
ACCOLADE INC (ACCD 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	1,000	$983	Reduce -96.2%
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	1,000	$960	No change
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28)	NOTE 3.250%11/0 · principal	555	$760	No change
FASWF Stonebridge Acquisition-CW23	*W EXP 04/02/202	18,236	$547	No change
KVAWF Keen Vision Acquisition C-28	*W EXP 03/15/202	3,092	$100	No change
HYMCW Hycroft Mining Holding	*W EXP 05/29/202	22,500	$56	No change

Total filed on the 13F, all lines: $984.5M.

Portfolio Sells Q4 2024 → Q1 2025


IBIT iShares Bitcoin Trust ETF	Reduce -49.9%	13.24%	−19.48
CCIR Cohen Circle Acquisitio Class A	Sold out	0.00%	−2.93
IMSR Terrestrial Energy Inc.	Reduce -14.3%	4.23%	−0.95
FTW Eqv Ventures Acquisition C-A	Reduce -1.9%	6.66%	−0.65
VACH Voyager Acquisition Corp.	Reduce -0.9%	2.70%	−0.24
BURTECH ACQUISITION CORP	Sold out	0.00%	−0.06
RMSG Real Messenger Corp.	Sold out	0.00%	−0.03
NORTHVIEW ACQUISITION CORP	Sold out	0.00%	−0.01
PONY Pony AI Inc.	Sold out	0.00%	−0.01

Portfolio Buys Q4 2024 → Q1 2025


PLMK Plum Acquisition Corp. IV	New	9.42%	+9.42
GSRT GSR III Acquisition Corp.	New	6.71%	+6.71
CEPO Cantor Equity Partners I-A	New	4.12%	+4.12
FERAU Fifth Era Acquisition Corp. I	New	4.05%	+4.05
DMAAU Drugs Made in America Acquis	New	3.41%	+3.41
ONEN One Nuclear Energy Inc.	New	2.48%	+2.48
AACBU Artius II Acquisition Inc.	New	2.19%	+2.19
NHICU Newhold Investment Corp. III	New	1.35%	+1.35
VG Venture Global Inc. Class A	New	1.03%	+1.03
NVNIF Nvni Group Ltd.	New	0.01%	+0.01

Notes & Other Activity Q4 2024 → Q1 2025


CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	Add +223.2%	105,850	$99.7M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Add +12.2%	90,000	$82.9M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Add +2628.3%	69,571	$68.2M
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	Add +86.4%	64,482	$65.3M
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	Add +2.2%	70,404	$63.5M
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25)	NOTE 9/1 · principal	New	59,500	$57.8M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Sold out	44,000	$48.5Mbefore exit
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	Add +24.5%	45,750	$44.7M
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25)	NOTE 7.500% 8/0 · principal	Add +71.8%	37,690	$37.7M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +200.0%	600,000	$35.9M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	New	700,000	$34.6M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	Add +24.0%	38,750	$34.1M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	Add +20.7%	25,650	$25.0M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	Reduce -15.1%	28,663	$24.9M
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	Add +13.0%	21,762	$23.1M
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	Add +542.5%	25,700	$22.9M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	Add +10.3%	29,334	$21.6M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	Add +50.0%	21,015	$19.3M
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	Add +1073.3%	17,600	$18.9M
RINGCENTRAL INC (RNG 0 03/01/25)	NOTE 3/0 · principal	Sold out	16,700	$16.6Mbefore exit
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -31.6%	325,000	$15.7M
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	Sold out	12,598	$13.0Mbefore exit
BLOCK INC (XYZ 0.125 03/01/25)	NOTE 0.125% 3/0 · principal	Sold out	13,000	$12.9Mbefore exit
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	Sold out	12,648	$11.6Mbefore exit
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	Reduce -50.0%	250,000	$11.4M
BLOCK INC (XYZ 0 05/01/26)	NOTE 5/0 · principal	Sold out	10,445	$9.7Mbefore exit
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	Sold out	7,000	$9.0Mbefore exit
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	New	9,500	$8.8M
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	New	7,500	$8.4M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	New	150,000	$7.5M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -25.0%	150,000	$7.2M
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	Reduce -79.8%	5,800	$6.8M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Sold out	6,135	$6.7Mbefore exit
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	Sold out	7,112	$6.2Mbefore exit
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	Add +117.8%	6,012	$6.0M
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	Sold out	6,000	$5.2Mbefore exit
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	Sold out	5,000	$4.5Mbefore exit
LCI INDUSTRIES (LCII 1.125 05/15/26)	NOTE 1.125% 5/1 · principal	Sold out	4,000	$3.9Mbefore exit
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Sold out	4,750	$3.9Mbefore exit
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Add +152.4%	4,140	$3.7M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -64.1%	2,795	$3.1M
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	Add +7.5%	10,391	$2.3M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	New	2,500	$2.3M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Reduce -83.3%	2,000	$2.2M
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	New	2,500	$2.2M
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	Add +172.0%	7,485	$1.9M
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	Reduce -35.6%	1,810	$1.6M
GCMGW GCM Grosvenor Inc. A -CW25	*W EXP 11/17/202	Sold out	314,174	$396Kbefore exit
CLSKW Cleanspark Inc.-29	*W EXP 12/29/202	Sold out	202,416	$146Kbefore exit
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999	Add +129.5%	175,000	$121K

Showing the first 50 of 163.

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