Context Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Context Capital Management, LLC reported 52 stock positions worth $127.8 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 6.9% of the portfolio, followed by Plum Acquisition Corp. IV (PLMK, 5.6%) and Sizzle Acquisition Class A (SZZL, 4.7%). Compared with Q1 2025, it opened 36 new positions, sold out of 4 and reduced 8. The biggest buy was a new position in Sizzle Acquisition Class A (SZZL) and the biggest sale Fact II Acquisition (FACT, shares −82%).

Most Recent 13F
Q2 2026
Location
LAJOLLA, CA
CIK
0001301396
Portfolio Value
$127.8M (Q2 2025)
SEC Filing
0001420506-25-001712 ↗ filed Aug 6, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $21.1M Q1 2024 Q2 2024: $15.8M Q2 2024 Q3 2024: $32.8M Q3 2024 Q4 2024: $68.3M Q4 2024 Q1 2025: $74.6M Q1 2025 Q2 2025: $127.8M $127.8M Q2 2025 Q3 2025: $481.8M Q3 2025 Q4 2025: $300.2M Q4 2025 Q1 2026: $367.6M Q1 2026 Q2 2026: $484.2M Q2 2026

Holdings 52 stocks · $127.8M
IBIT iShares Bitcoin Trust ETF 6.90% 144,000 $8.8M Reduce -31.8%
PLMK Plum Acquisition Corp. IV 5.63% 700,000 $7.2M No change
SZZL Sizzle Acquisition Corp. Class A 4.72% 600,000 $6.0M New
SOUL.U Soulpower Acquisition Corp. 4.71% 582,480 $6.0M New
RDAG Republic Digital Acquis Class A 4.02% 500,000 $5.1M New
WENNU Wen Acquisition Corp. 4.00% 483,500 $5.1M New
XRPN Armada Acquisition Class A 3.15% 400,000 $4.0M New
SIMA Sim Acquisition Corp. I-A 3.02% 370,000 $3.9M No change
KCHVU Kochav Defense Acquisition C 2.79% 350,000 $3.6M New
CAEP Cantor Equity Partners III-A 2.48% 300,000 $3.2M New
TACO Berto Acquisition Corp. 2.45% 300,000 $3.1M New
FERAU Fifth Era Acquisition Corp. I 2.44% 300,000 $3.1M No change
FACT Fact II Acquisition Corp. 2.42% 300,000 $3.1M Reduce -82.3%
BRR Columbus Circle Capital Co. Class A 2.41% 290,000 $3.1M New
CRAQU Cal Redwood Acquisition Corp. 2.41% 300,000 $3.1M New
RAAQ Real Asset Acquisiti Class A 2.38% 300,000 $3.0M New
OBAWU Oxley Bridge Acquisition Ltd. 2.35% 300,000 $3.0M New
SBXDF Silverbox Corp. IV-A 2.26% 262,951 $2.9M Reduce -43.2%
CEPT Cantor Equity Partners Class A 2.16% 250,000 $2.8M New
DMAAU Drugs Made in America Acquis 2.02% 250,000 $2.6M No change
OYSEU Oyster Enterprises II Acquis 1.99% 250,782 $2.5M New
AXINU Axiom Intelligence Acquisiti 1.97% 250,000 $2.5M New
FIGXU Figx Capital Acquisition Cor 1.96% 250,000 $2.5M New
DAAQ Digital Asset Acquisiti Class A 1.64% 200,000 $2.1M New
EGHAU Egh Acquisition Corp. 1.60% 200,000 $2.0M New
PMTR Perimeter Acquis Corp. I Class A 1.59% 200,000 $2.0M New
TVA Texas Ventures Acquisition-A 1.58% 200,000 $2.0M New
COPL Copley Acquisition Corp. Class A 1.58% 200,000 $2.0M New
FTW Eqv Ventures Acquisition C-A 1.57% 190,720 $2.0M Reduce -61.1%
CHAC Crane Harbor Acqu Corp. Class A 1.34% 170,548 $1.7M New
MCGAU Yorkville Acquisition Corp. 1.32% 150,000 $1.7M New
AACB Artius II Acquisition Inc. Class A 1.28% 162,191 $1.6M No change
PACHU Pioneer Acquisition I Corp. 1.17% 150,000 $1.5M New
CEPO Cantor Equity Partners I-A 1.07% 115,123 $1.4M Reduce -61.6%
LPBB Launch Two Acquisition Class A 1.02% 125,000 $1.3M No change
PCAPU Procap Acquisition Corp. 0.84% 100,000 $1.1M New
NHICU Newhold Investment Corp. III 0.83% 100,000 $1.1M No change
GTEN Gores Holdings X Inc. Class A 0.80% 100,000 $1.0M New
NPAC New Providence Acquisition-A 0.80% 100,000 $1.0M New
IPCX Inflection Point Acquisiti-A 0.80% 100,000 $1.0M New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.80% 100,000 $1.0M Reduce -46.7%
SDHI Siddhi Acquisition Corp. Class A 0.79% 100,000 $1.0M New
WTGUU Wintergreen Acquisition Corp. 0.79% 100,000 $1.0M New
TACH Titan Acquisition Corp. Class A 0.79% 100,000 $1.0M New
LWACU Lightwave Acquisition Corp. 0.79% 100,000 $1.0M New
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.79% 100,000 $1.0M New
BACCU Blue Acquisition Corp. 0.79% 100,000 $1.0M New
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.78% 100,000 $1.0M New
GSRT GSR III Acquisition Corp. 0.74% 87,870 $948K Reduce -82.4%
AAM Aa Mission Acquisition Cor-A 0.61% 75,000 $782K No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.48% 54,800 $608K Reduce -81.7%
BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I 0.39% 50,000 $501K New
Other holdings (199): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
SecurityClassShares / PrincipalValueChange
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 108,000$99.9MAdd +20.0%
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 104,850$99.6MReduce -0.9%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 80,879$92.4MAdd +16.3%
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal 49,306$73.0MAdd +7.6%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 72,704$68.1MAdd +3.3%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal 66,582$66.9MAdd +3.3%
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) NOTE 9/1 · principal 66,695$65.0MAdd +12.1%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 550,000$37.4MReduce -8.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 300,000$34.6MNew
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 33,250$33.9MReduce -27.3%
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) NOTE 7.500% 8/0 · principal 33,190$33.0MReduce -11.9%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 600,000$32.2MReduce -14.3%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 42,484$30.7MAdd +347.2%
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 33,431$30.2MAdd +8.1%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 32,044$28.8MNew
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 25,000$24.9MNew
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 24,300$24.0MReduce -5.3%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 27,200$23.6MAdd +5.8%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 340,000$21.1MNew
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 15,000$20.7MNew
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 14,500$18.5MNew
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 12,000$15.8MNew
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 11,270$14.8MReduce -29.6%
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 14,500$14.5MNew
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 250,000$11.1MNo change
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 200,000$10.6MReduce -38.5%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 255,000$9.6MNo change
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 7,800$9.1MAdd +34.5%
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 150,000$8.8MNo change
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 6,012$6.0MNo change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 5,000$5.4MNo change
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 5,538$4.8MNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 4,000$4.2MNew
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 3,500$4.1MNo change
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 50,000$3.3MReduce -66.7%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 2,795$3.0MNo change
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 2,500$2.8MReduce -66.7%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 2,500$2.6MNo change
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 2,500$2.3MNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 2,000$2.1MNo change
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 1,500$1.7MNew
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal 1,810$1.6MNo change
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal 1,400$1.3MNo change
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 1,250$1.2MNo change
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 1,000$929KNew
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 486$478KNo change
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 175,000$291KNew
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 850,000$255KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 454,454$181KReduce -52.5%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 250,000$180KNew
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 74,868$176KReduce -57.2%
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 104,317$125KReduce -32.4%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 67,110$123KNew
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 600,000$120KNew
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 150,000$119KNew
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal 43,650$112KAdd +19.8%
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 100,000$85KNew
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 350,000$84KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 110,707$81KReduce -8.5%
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 39,149$74KAdd +0.9%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 75,174$74KNew
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 150,000$69KNew
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 78,641$68KAdd +57.8%
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 100,000$64KNew
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal 49,086$59KAdd +8.1%
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 187,500$58KNo change
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 45,910$58KAdd +38.8%
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 66,075$56KNo change
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 57,058$54KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 200,000$54KNew
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 185,000$51KReduce -23.3%
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 258,389$50KNo change
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 50,128$48KAdd +7.1%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal 39,678$47KNo change
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 18,263$47KAdd +75.8%
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 170,548$46KNew
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal 52,914$45KAdd +21.7%
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 32,600$44KAdd +85.2%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 48,163$43KAdd +68.0%
SMNRW Denali Capital Acq-CW27 *W EXP 99/99/999 605,000$42KNo change
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal 40,096$42KAdd +6.7%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 56,950$40KNo change
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 100,000$40KNew
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 162,191$39KNo change
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal 45,754$38KReduce -11.8%
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 29,115$38KNew
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal 37,978$36KAdd +7.6%
EVENTBRITE INC (EB 0.75 09/15/26) NOTE 0.750% 9/1 · principal 40,114$36KAdd +11.1%
FARO TECHNOLOGIES INC (FARO 5.5 02/01/28) NOTE 5.500% 2/0 · principal 29,180$35KAdd +15.4%
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 34,912$35KAdd +52.8%
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 300,000$34KNo change
MITEK SYSTEMS INC (MITK 0.75 02/01/26) NOTE 0.750% 2/0 · principal 34,750$34KNo change
PROS HOLDINGS INC (PRO 2.5 07/01/30) DEBT 2.500% 7/0 · principal 29,883$32KNew
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 17,895$32KReduce -5.3%
APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal 30,931$31KReduce -15.1%
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 100,000$30KNo change
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 30,211$29KNo change
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 32,077$27KReduce -5.5%
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 100,000$27KNew
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 33,408$27KAdd +13.9%
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 62,500$26KNo change
CLRRF Climaterock -RTS RIGHT 10/31/2028 168,490$26KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 79,882$24KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 250,000$23KNo change
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal 16,350$23KNew
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 100,000$23KNew
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 29,170$22KNo change
ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27) NOTE 6.500% 9/0 · principal 23,380$21KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 33,333$21KNew
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal 8,049$21KAdd +7.5%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 19,262$21KReduce -11.5%
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) NOTE 1.500% 3/1 · principal 21,243$21KAdd +46.5%
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 357,933$20KNo change
NOVAVAX INC (NVAX 5 12/15/27) NOTE 5.000%12/1 · principal 19,538$19KNo change
PORCH GROUP INC (PRCH 9 05/15/30) DEBT 9.000% 5/1 · principal 15,000$19KNew
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 50,000$19KNew
GROUPON INC (GRPN 1.125 03/15/26) NOTE 1.125% 3/1 · principal 18,606$18KReduce -47.4%
SEMTECH CORP (SMTC 4 11/01/28) NOTE 4.000%11/0 · principal 7,700$18KAdd +14.9%
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 100,000$17KNew
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 172,160$17KNo change
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 15,902$16KNew
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 14,012$16KNo change
MESA LABORATORIES INC (MLAB 1.375 08/15/25) NOTE 1.375% 8/1 · principal 16,047$16KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 296,581$15KNo change
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 100,000$15KNo change
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) NOTE 0.750% 8/0 · principal 15,036$15KAdd +34.4%
INNOVIVA INC (INVA 2.125 03/15/28) NOTE 2.125% 3/1 · principal 14,751$15KNo change
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 25,000$15KNew
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) NOTE 4.750% 5/0 · principal 11,000$15KNew
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 27,880$15KAdd +7.8%
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 75,000$14KNew
CARDLYTICS INC (CDLX 1 09/15/25) NOTE 1.000% 9/1 · principal 14,070$14KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 50,000$14KNew
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 50,000$14KNo change
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 12,100$13KNew
APLMW Apollomics Inc.-27 *W EXP 04/01/202 298,500$13KNo change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 540,000$13KNo change
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 12,175$13KAdd +19.7%
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 12,851$13KNo change
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 12,440$12KNo change
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal 26,114$12KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 51,732$11KNo change
3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal 12,036$11KReduce -84.7%
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 26,194$10KNo change
IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 200,000$10KNo change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 200,000$10KNo change
LVRWF Lavoro Ltd.-27 *W EXP 02/27/202 235,863$8KNo change
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 20,536$8KNew
MANNKIND CORP (MNKD 2.5 03/01/26) NOTE 2.500% 3/0 · principal 8,060$8KNo change
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 9,552$8KReduce -54.6%
TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) NOTE 2.500% 9/1 · principal 8,000$8KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 175,000$8KNo change
CELULARITY INC *W EXP 07/16/202 150,000$8KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 75,000$7KNo change
ZYNEX INC (ZYXI 5 05/15/26) NOTE 5.000% 5/1 · principal 11,000$7KNo change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 300,000$7KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 117,430$7KNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 10,863$7KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 97,250$7KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 75,340$7KNo change
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 212,035$6KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 50,000$6KNo change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 4,000$6KAdd +300.0%
EVENTBRITE INC (EB 5 12/01/25) NOTE 5.000%12/0 · principal 5,460$5KNo change
ABVWF Above Food Ingredients- 29 *W EXP 06/28/202 100,000$5KNo change
KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) NOTE 6.000% 5/1 · principal 8,871$5KNew
BLOCK INC (XYZ 0 05/01/26) NOTE 5/0 · principal 5,000$5KNew
LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) DEBT 9.000% 1/1 · principal 8,835$4KNo change
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 6,000$4KReduce -22.8%
RMSGW Real Messenger Corp.-28 *W EXP 11/19/202 87,700$4KNo change
ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 274,598$4KNo change
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal 3,000$4KNew
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 10,000$3KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 122,013$3KNo change
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 2,607$3KNo change
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 3,933$3KReduce -34.5%
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 2,292$3KNo change
PROS HOLDINGS INC (PRO 2.25 09/15/27) NOTE 2.250% 9/1 · principal 2,772$3KReduce -89.4%
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 2,500$2KNew
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 51,183$2KNo change
PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 80,979$2KNo change
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal 2,459$2KNew
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 2,000$2KNo change
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 1,250$2KReduce -98.0%
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 1,750$2KNo change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 1,750$2KNo change
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 1,386$1KNo change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 210,024$1KNo change
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 128,500$1KNo change
CDIOW Cardio Diagnostics-CW26 *W EXP 10/25/202 81,500$1KNo change
FORTUNA MINING CORP (FVICN 3.75 06/30/29) NOTE 3.750% 6/3 · principal 1,000$1KNew
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 2,000$1KReduce -50.0%
DAYFORCE INC (DAY 0.25 03/15/26) NOTE 0.250% 3/1 · principal 1,000$967No change
FASWF Stonebridge Acquisition-CW23 *W EXP 04/02/202 18,236$910No change
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal 555$812No change
DFLIW Chardan Nextech Acquisi-CW27 *W EXP 10/07/202 50,700$705No change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 3,092$167No change
LDTDF Prospector Leddartech Alm-28 *W EXP 12/21/202 127,872$13No change
CLRWF Climaterock Class A -27 *W EXP 99/99/999 100,000$10No change

Total filed on the 13F, all lines: $1.2B.

Portfolio Sells Q1 2025 → Q2 2025
FACT Fact II Acquisition Corp. Reduce -82.3% 2.42% −20.41
IBIT iShares Bitcoin Trust ETF Reduce -31.8% 6.90% −6.34
GSRT GSR III Acquisition Corp. Reduce -82.4% 0.74% −5.97
FTW Eqv Ventures Acquisition C-A Reduce -61.1% 1.57% −5.09
SBXDF Silverbox Corp. IV-A Reduce -43.2% 2.26% −4.06
IMSR Terrestrial Energy Inc. Reduce -81.7% 0.48% −3.75
CEPO Cantor Equity Partners I-A Reduce -61.6% 1.07% −3.05
VACH Voyager Acquisition Corp. Sold out 0.00% −2.70
ONEN One Nuclear Energy Inc. Reduce -46.7% 0.80% −1.69
CEP Cantor Equity Partners Inc. Sold out 0.00% −1.44
VG Venture Global Inc. Class A Sold out 0.00% −1.03
NVNIF Nvni Group Ltd. Sold out 0.00% −0.01

Portfolio Buys Q1 2025 → Q2 2025
SZZL Sizzle Acquisition Corp. Class A New 4.72% +4.72
SOUL.U Soulpower Acquisition Corp. New 4.71% +4.71
RDAG Republic Digital Acquis Class A New 4.02% +4.02
WENNU Wen Acquisition Corp. New 4.00% +4.00
XRPN Armada Acquisition Class A New 3.15% +3.15
KCHVU Kochav Defense Acquisition C New 2.79% +2.79
CAEP Cantor Equity Partners III-A New 2.48% +2.48
TACO Berto Acquisition Corp. New 2.45% +2.45
BRR Columbus Circle Capital Co. Class A New 2.41% +2.41
CRAQU Cal Redwood Acquisition Corp. New 2.41% +2.41
RAAQ Real Asset Acquisiti Class A New 2.38% +2.38
OBAWU Oxley Bridge Acquisition Ltd. New 2.35% +2.35
CEPT Cantor Equity Partners Class A New 2.16% +2.16
OYSEU Oyster Enterprises II Acquis New 1.99% +1.99
AXINU Axiom Intelligence Acquisiti New 1.97% +1.97
FIGXU Figx Capital Acquisition Cor New 1.96% +1.96
DAAQ Digital Asset Acquisiti Class A New 1.64% +1.64
EGHAU Egh Acquisition Corp. New 1.60% +1.60
PMTR Perimeter Acquis Corp. I Class A New 1.59% +1.59
TVA Texas Ventures Acquisition-A New 1.58% +1.58
COPL Copley Acquisition Corp. Class A New 1.58% +1.58
CHAC Crane Harbor Acqu Corp. Class A New 1.34% +1.34
MCGAU Yorkville Acquisition Corp. New 1.32% +1.32
PACHU Pioneer Acquisition I Corp. New 1.17% +1.17
PCAPU Procap Acquisition Corp. New 0.84% +0.84
GTEN Gores Holdings X Inc. Class A New 0.80% +0.80
NPAC New Providence Acquisition-A New 0.80% +0.80
IPCX Inflection Point Acquisiti-A New 0.80% +0.80
SDHI Siddhi Acquisition Corp. Class A New 0.79% +0.79
WTGUU Wintergreen Acquisition Corp. New 0.79% +0.79
TACH Titan Acquisition Corp. Class A New 0.79% +0.79
LWACU Lightwave Acquisition Corp. New 0.79% +0.79
CCAQ Collective Acquisition Corp. New 0.79% +0.79
BACCU Blue Acquisition Corp. New 0.79% +0.79
FAC Factorial Energy Inc. New 0.78% +0.78
BLUWU Blue Water Acquisition III New 0.39% +0.39

Notes & Other Activity Q1 2025 → Q2 2025
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal Add +20.0% 108,000 $99.9M
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Reduce -0.9% 104,850 $99.6M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Add +16.3% 80,879 $92.4M
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal Add +7.6% 49,306 $73.0M
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal Add +3.3% 72,704 $68.1M
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal Add +3.3% 66,582 $66.9M
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) NOTE 9/1 · principal Add +12.1% 66,695 $65.0M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -8.3% 550,000 $37.4M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF New 300,000 $34.6M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28) NOTE 0.375% 3/0 · principal Sold out 38,750 $34.1Mbefore exit
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Reduce -27.3% 33,250 $33.9M
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) NOTE 7.500% 8/0 · principal Reduce -11.9% 33,190 $33.0M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Reduce -14.3% 600,000 $32.2M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal Add +347.2% 42,484 $30.7M
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Add +8.1% 33,431 $30.2M
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal New 32,044 $28.8M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 25,000 $24.9M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal Reduce -5.3% 24,300 $24.0M
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal Add +5.8% 27,200 $23.6M
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD New 340,000 $21.1M
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal New 15,000 $20.7M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal Sold out 21,015 $19.3Mbefore exit
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 14,500 $18.5M
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal New 12,000 $15.8M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Reduce -29.6% 11,270 $14.8M
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal New 14,500 $14.5M
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal Sold out 10,500 $10.6Mbefore exit
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -38.5% 200,000 $10.6M
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Add +34.5% 7,800 $9.1M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal New 4,000 $4.2M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 4,140 $3.7Mbefore exit
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Reduce -66.7% 50,000 $3.3M
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal Reduce -66.7% 2,500 $2.8M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Sold out 50,000 $2.4Mbefore exit
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal Sold out 2,500 $2.2Mbefore exit
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal New 1,500 $1.7M
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal New 1,000 $929K
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 New 175,000 $291K
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Reduce -52.5% 454,454 $181K
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 New 250,000 $180K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Reduce -57.2% 74,868 $176K
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 Reduce -32.4% 104,317 $125K
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal New 67,110 $123K
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 New 600,000 $120K
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 New 150,000 $119K
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal Add +19.8% 43,650 $112K
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 New 100,000 $85K
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -8.5% 110,707 $81K
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal Add +0.9% 39,149 $74K
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal New 75,174 $74K

Showing the first 50 of 141.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 150$484.2MGSRVU, SPCE, LGND, WLCOU, MBVI
Q1 2026 132$367.6MMBVI, HACQU, DMII, HCAC, PLMK
Q4 2025 108$300.2MMBVI, DMII, PLMK, GFUZ, HCACU
Q3 2025 78$481.8MECHOSTAR CORP (ECHO 3.875 11/30/30), IBIT, MBVIU, DMIIU, PLMK
Q2 2025 52$127.8MIBIT, PLMK, SZZL, SOUL.U, RDAG
Q1 2025 20$74.6MFACT, IBIT, PLMK, GSRT, FTW
Q4 2024 16$68.3MIBIT, FACT, GSRTU, FTW, SBXUF
Q3 2024 11$32.8MIBIT, FTW.U, SBXUF, SIMA, HONDU
Q2 2024 4$15.8MIBIT, IBAC, BURTECH ACQUISITION CORP, NORTHVIEW ACQUISITION CORP
Q1 2024 8$21.1MIBIT, IBACU, LEGT.U, BURTECH ACQUISITION CORP, ANDRETTI ACQUISITION CORP