Context Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Context Capital Management, LLC reported 78 stock positions worth $481.8 million. Its top holding was Echostar Corp. (echo 3.875 11/30/30) at 53.7% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 1.9%) and M3-Brigade Acquisition Vi (MBVIU, 1.8%). Compared with Q2 2025, it opened 31 new positions, sold out of 4 and reduced 8. The biggest buy was a new position in Echostar Corp. (echo 3.875 11/30/30) and the biggest sale an exit from Fifth Era Acquisition Corp. I (FERAU).

Most Recent 13F
Q2 2026
Location
LAJOLLA, CA
CIK
0001301396
Portfolio Value
$481.8M (Q3 2025)
SEC Filing
0001420506-25-003137 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $481.8M $481.8M Q3 2025 Q4 2025: $300.2M Q4 2025 Q1 2026: $367.6M Q1 2026 Q2 2026: $484.2M Q2 2026

Holdings 78 stocks · $481.8M
ECHOSTAR CORP (ECHO 3.875 11/30/30) 53.73% 105,127,217 $258.9M New
IBIT iShares Bitcoin Trust ETF 1.94% 144,000 $9.4M No change
MBVIU M3-Brigade Acquisition Vi Co. 1.85% 880,000 $8.9M New
DMIIU Drugs Made in America Acquis 1.55% 750,000 $7.5M New
PLMK Plum Acquisition Corp. IV 1.50% 700,000 $7.2M No change
GTERA Globa Terra Acquisition Co. Class A 1.45% 700,000 $7.0M New
SVACU Spring Valley Acquisition Co. 1.38% 646,003 $6.6M New
SZZL Sizzle Acquisition Corp. Class A 1.26% 600,000 $6.0M No change
BCAR D. Boral Arc Acquisit Class A 1.24% 600,000 $6.0M New
SOUL Soulpower Acquisition Co. Class A 1.22% 582,480 $5.9M No change
RDAG Republic Digital Acquis Class A 1.06% 500,000 $5.1M No change
HCMA HCM III Acquisition Cor Class A 1.05% 500,000 $5.1M New
MKLYU McKinley Acquisition Corp. 1.04% 500,000 $5.0M New
WENN Wen Acquisition Corp. Class A 1.02% 483,500 $4.9M No change
GSRFU GSR IV Acquisition Corp. 0.95% 450,000 $4.6M New
TLNCU Talon Capital Corp. 0.94% 450,000 $4.5M New
EVAC Eqv Ventures Acquisition C-A 0.93% 450,000 $4.5M New
CEPF Cantor Equity Partners Class A 0.85% 400,000 $4.1M New
CCII Cohen Circle Acquisit II - A 0.84% 400,000 $4.1M New
XRPN Armada Acquisition Class A 0.76% 350,000 $3.7M Reduce -12.5%
BDCIU BTC Development Corp. 0.73% 350,000 $3.5M New
KOYNU CSLM Digital Asset Acquisiti 0.73% 350,000 $3.5M New
KCHV Kochav Defense Acquisition-A 0.73% 350,000 $3.5M No change
FACT Fact II Acquisition Corp. 0.64% 300,000 $3.1M No change
BLZRU Trailblazer Acquisition Corp. 0.64% 300,000 $3.1M New
RAAQ Real Asset Acquisiti Class A 0.64% 300,000 $3.1M No change
FERA Fifth Era Acquisition Corp. Class A 0.63% 300,000 $3.1M New
OTGAU Otg Acquisition Corp. I 0.63% 300,000 $3.0M New
CRAQ Cal Redwood Acquisit Class A 0.62% 300,000 $3.0M No change
EMISU Emmis Acquisition Corp. 0.62% 300,000 $3.0M New
INAC Indigo Acquisition Corp. 0.62% 300,000 $3.0M New
OBA Oxley Bridge Acquisitio Class A 0.62% 300,000 $3.0M No change
VNME Vendome Acquisition Corp. Class A 0.62% 300,000 $3.0M New
BRR Columbus Circle Capital Co. Class A 0.61% 290,000 $2.9M No change
SIMA Sim Acquisition Corp. I-A 0.59% 270,000 $2.8M Reduce -27.0%
SBXDF Silverbox Corp. IV-A 0.57% 262,951 $2.8M No change
ONCH 1RT Acquisition Corp. Class A 0.54% 250,000 $2.6M New
TACO Berto Acquisition Corp. 0.54% 250,000 $2.6M Reduce -16.7%
DMAA Drugs Made in America Acquis 0.53% 250,000 $2.6M New
OYSE Oyster Enterprises II Acq-A 0.52% 250,782 $2.5M No change
FIGX Figx Capital Acquisition C-A 0.52% 250,000 $2.5M No change
AXIN Axiom Intelligence Class A 0.52% 250,000 $2.5M No change
AEXA American Exceptionalism Class A 0.45% 200,000 $2.2M New
FCRS.U Futurecrest Acquisition Corp. 0.44% 200,000 $2.1M New
CEPT Cantor Equity Partners Class A 0.44% 200,000 $2.1M Reduce -20.0%
CAEP Cantor Equity Partners III-A 0.43% 200,000 $2.1M Reduce -33.3%
DAAQ Digital Asset Acquisiti Class A 0.42% 200,000 $2.0M No change
PMTR Perimeter Acquis Corp. I Class A 0.42% 200,000 $2.0M No change
COPL Copley Acquisition Corp. Class A 0.42% 200,000 $2.0M No change
EGHA Egh Acquisition Co. Class A 0.42% 200,000 $2.0M No change
LATAU Galata Acquisition Corp. II 0.41% 200,000 $2.0M New
FTW Eqv Ventures Acquisition C-A 0.41% 190,720 $2.0M No change
CHAC Crane Harbor Acqu Corp. Class A 0.36% 170,548 $1.7M No change
HVMCU Highview Merger Corp. 0.32% 150,000 $1.5M New
BCSS.U Bain Capital GSS Investment 0.31% 150,000 $1.5M New
PACH Pioneer Acquisition I Class A 0.31% 150,000 $1.5M No change
CHECU Chenghe Acquisition III Co. 0.28% 136,151 $1.4M New
LPBB Launch Two Acquisition Class A 0.27% 125,000 $1.3M No change
CEPO Cantor Equity Partners I-A 0.25% 115,123 $1.2M No change
AACB Artius II Acquisition Inc. Class A 0.24% 112,191 $1.1M Reduce -30.8%
TVA Texas Ventures Acquisition-A 0.22% 100,000 $1.1M Reduce -50.0%
MCGA Yorkville Acquisition Corp. Class A 0.22% 100,000 $1.1M New
PCAP Procap Acquisition Corp. Class A 0.21% 100,000 $1.0M No change
GTEN Gores Holdings X Inc. Class A 0.21% 100,000 $1.0M No change
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.21% 100,000 $1.0M No change
NHIC Newhold Investment Cor III-A 0.21% 100,000 $1.0M New
NPAC New Providence Acquisition-A 0.21% 100,000 $1.0M No change
SDHI Siddhi Acquisition Corp. Class A 0.21% 100,000 $1.0M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.21% 100,000 $1.0M No change
TACH Titan Acquisition Corp. Class A 0.21% 100,000 $1.0M No change
IPCX Inflection Point Acquisiti-A 0.21% 100,000 $1.0M No change
WTG Wintergreen Acquisition Corp. 0.21% 100,000 $1.0M No change
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.21% 100,000 $1.0M No change
BACC Blue Acquisition Corp. Class A 0.21% 100,000 $1000K No change
LWAC Lightwave Acquisition Corp. Class A 0.21% 100,000 $995K No change
AAM Aa Mission Acquisition Cor-A 0.16% 75,000 $789K No change
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.10% 50,000 $499K No change
GSRT GSR III Acquisition Corp. 0.01% 4,144 $43K Reduce -95.3%
Other holdings (190): bonds, preferreds, convertibles and warrants · $613.7M (not counted above)
SecurityClassShares / PrincipalValueChange
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 127,115$119.4MAdd +17.7%
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 108,850$103.8MAdd +3.8%
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 58,050$60.3MAdd +74.6%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 34,663$32.0MReduce -28.0%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 32,044$29.2MNo change
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 27,905$28.5MAdd +129.2%
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 24,909$23.1MAdd +71.8%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 19,000$21.2MNew
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 550,000$20.8MNew
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 75,000$20.4MNew
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 19,734$19.5MReduce -18.8%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 340,000$18.7MNo change
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 19,200$17.5MReduce -29.4%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 305,000$12.0MAdd +19.6%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 250,000$11.8MNo change
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 9,000$11.2MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 150,000$10.4MReduce -72.7%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 200,000$9.9MNo change
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 100,000$9.5MReduce -66.7%
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 6,012$6.0MNo change
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 5,000$4.8MAdd +100.0%
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 5,000$4.4MNew
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 3,500$3.0MNew
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 50,000$3.0MNo change
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal 2,500$2.5MReduce -96.3%
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 2,538$2.3MReduce -54.2%
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 2,000$2.1MNo change
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 486$486KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 850,000$238KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 225,000$214KAdd +12.5%
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 175,000$210KNo change
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 77,430$174KAdd +15.4%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 250,000$163KNo change
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 71,075$146KAdd +7.6%
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 241,750$135KNo change
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 166,666$118KNew
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 582,480$111KNew
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 600,000$108KNo change
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 700,000$105KNew
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 350,000$105KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 150,000$101KNo change
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 450,000$99KNew
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 97,854$97KAdd +34.6%
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 354,454$88KReduce -22.0%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal 45,656$88KReduce -7.0%
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 100,000$80KNew
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 300,000$80KNew
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 75,631$77KAdd +0.6%
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 350,000$77KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 525,000$76KNew
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal 52,096$74KAdd +29.9%
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 185,000$68KNo change
GROUPON INC (GRPN 4.875 06/30/30 UNRS) NOTE 4.875% 6/3 · principal 73,639$68KNew
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 150,000$68KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 300,000$66KNew
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 70,041$63KReduce -10.9%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal 38,184$62KReduce -3.8%
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 39,149$62KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 100,000$61KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 100,000$60KNo change
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 46,910$56KAdd +2.2%
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 62,500$56KNew
EQV VENTURES ACQUISITION *W EXP 07/01/203 110,707$55KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 50,000$55KReduce -50.0%
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 250,000$54KNew
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal 66,214$53KAdd +25.1%
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 170,548$53KNo change
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal 46,354$52KAdd +22.1%
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 187,500$51KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 300,000$48KNew
VWAVW Visionwave Holdings Inc. *W EXP 07/14/203 115,819$48KNew
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 22,150$46KReduce -32.1%
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 104,317$46KNo change
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal 47,502$46KAdd +3.8%
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 100,000$44KNo change
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) NOTE 2.250% 7/0 · principal 33,022$44KNew
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 208,389$43KReduce -19.4%
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 250,782$43KNo change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 48,349$42KAdd +44.7%
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 200,000$42KNo change
MITEK SYSTEMS INC (MITK 0.75 02/01/26) NOTE 0.750% 2/0 · principal 41,750$41KAdd +20.1%
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 250,000$40KNo change
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 162,191$37KNo change
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 28,015$37KReduce -3.8%
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 50,000$37KNew
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 150,000$36KNew
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 32,912$32KReduce -5.7%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 172,160$32KNo change
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 150,000$30KNew
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 125,000$30KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 25,000$30KReduce -50.0%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 27,611$30KReduce -8.6%
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 27,709$30KAdd +604.5%
PORCH GROUP INC (PRCH 9 05/15/30) DEBT 9.000% 5/1 · principal 19,500$29KAdd +30.0%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 56,950$29KNo change
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) NOTE 1.500% 3/1 · principal 31,129$27KAdd +46.5%
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 79,882$27KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 150,000$26KNo change
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 28,077$25KReduce -12.5%
PROS HOLDINGS INC (PRO 2.5 07/01/30) DEBT 2.500% 7/0 · principal 18,883$24KReduce -36.8%
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 62,500$23KNo change
APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal 22,901$23KReduce -26.0%
ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27) NOTE 6.500% 9/0 · principal 24,230$22KAdd +3.6%
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 100,000$22KNo change
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 29,844$22KAdd +13.9%
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 33,333$22KNo change
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 25,670$21KReduce -12.0%
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 100,000$21KNo change
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal 47,406$21KReduce -3.9%
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 30,005$21KAdd +7.6%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 19,262$20KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 100,000$20KNo change
EVENTBRITE INC (EB 0.75 09/15/26) NOTE 0.750% 9/1 · principal 20,954$20KReduce -47.8%
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 25,000$19KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 50,000$19KNo change
GROUPON INC (GRPN 1.125 03/15/26) NOTE 1.125% 3/1 · principal 18,606$18KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 250,000$18KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 100,000$17KNo change
IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 200,000$17KNo change
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 15,000$17KNew
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 75,000$17KNo change
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 15,902$16KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 100,000$16KNo change
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 100,000$16KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 75,000$16KNo change
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) NOTE 0.750% 8/0 · principal 15,036$16KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 50,000$15KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 296,581$15KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 33,333$15KNo change
ABVWF Above Food Ingredients- 29 *W EXP 06/28/202 60,000$14KReduce -40.0%
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 357,933$14KNo change
3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal 16,036$14KAdd +33.2%
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 14,012$14KNo change
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 12,851$13KNo change
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 10,000$13KReduce -33.3%
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) NOTE 4.750% 5/0 · principal 7,049$13KReduce -35.9%
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 50,000$13KNo change
SCAGW Scage Future -30 *W EXP 05/15/203 262,500$12KNew
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 12,440$12KNo change
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 9,310$12KNew
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 12,200$12KNew
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) NOTE 5.875%10/0 · principal 12,200$12KNew
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 75,000$12KNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 11,363$12KAdd +4.6%
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 51,732$10KNo change
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 8,000$10KNew
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal 25,864$10KReduce -1.0%
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 50,000$10KNo change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 540,000$9KNo change
MANNKIND CORP (MNKD 2.5 03/01/26) NOTE 2.500% 3/0 · principal 8,060$9KNo change
INNOVIVA INC (INVA 2.125 03/15/28) NOTE 2.125% 3/1 · principal 9,351$9KReduce -36.6%
LVRWF Lavoro Ltd.-27 *W EXP 02/27/202 235,863$9KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 50,000$8KNo change
FORTUNA MINING CORP (FVICN 3.75 06/30/29) NOTE 3.750% 6/3 · principal 5,255$8KAdd +425.5%
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 15,636$8KReduce -23.9%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 4,000$8KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 117,430$7KNo change
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal 15,499$6KReduce -5.2%
KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) NOTE 6.000% 5/1 · principal 8,871$6KNo change
ZYNEX INC (ZYXI 5 05/15/26) NOTE 5.000% 5/1 · principal 11,000$6KNo change
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal 2,000$6KReduce -33.3%
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 75,340$6KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 97,250$5KNo change
CELULARITY INC *W EXP 07/16/202 150,000$5KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 175,000$5KNo change
RMSGW Real Messenger Corp.-28 *W EXP 11/19/202 87,700$5KNo change
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 5,000$5KNew
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 25,000$4KNo change
LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) DEBT 9.000% 1/1 · principal 8,835$3KNo change
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 2,607$3KNo change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 210,024$3KNo change
GROUPON INC DEBT 4.875% 6/3 · principal 2,987$3KNew
PROS HOLDINGS INC (PRO 2.25 09/15/27) NOTE 2.250% 9/1 · principal 2,772$3KNo change
SEMTECH CORP (SMTC 4 11/01/28) NOTE 4.000%11/0 · principal 7,700$3KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 10,000$3KNo change
DFLIW Chardan Nextech Acquisi-CW27 *W EXP 10/07/202 50,700$3KNo change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 2,500$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$2KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 51,183$2KNo change
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 1,386$2KNo change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 1,750$2KNo change
CDIOW Cardio Diagnostics-CW26 *W EXP 10/25/202 81,500$2KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 122,013$2KNo change
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 1,250$1KNo change
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 128,500$1KNo change
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 734$963New
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal 555$820No change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 3,092$186No change
APLMW Apollomics Inc.-27 *W EXP 04/01/202 298,500$0No change

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q2 2025 → Q3 2025
FERAU Fifth Era Acquisition Corp. I Sold out 0.00% −2.44
SIMA Sim Acquisition Corp. I-A Reduce -27.0% 0.59% −2.43
XRPN Armada Acquisition Class A Reduce -12.5% 0.76% −2.39
CAEP Cantor Equity Partners III-A Reduce -33.3% 0.43% −2.05
DMAAU Drugs Made in America Acquis Sold out 0.00% −2.02
TACO Berto Acquisition Corp. Reduce -16.7% 0.54% −1.91
CEPT Cantor Equity Partners Class A Reduce -20.0% 0.44% −1.72
TVA Texas Ventures Acquisition-A Reduce -50.0% 0.22% −1.36
AACB Artius II Acquisition Inc. Class A Reduce -30.8% 0.24% −1.05
NHICU Newhold Investment Corp. III Sold out 0.00% −0.83
GSRT GSR III Acquisition Corp. Reduce -95.3% 0.01% −0.73
IMSR Terrestrial Energy Inc. Sold out 0.00% −0.48

Portfolio Buys Q2 2025 → Q3 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) New 53.73% +53.73
MBVIU M3-Brigade Acquisition Vi Co. New 1.85% +1.85
DMIIU Drugs Made in America Acquis New 1.55% +1.55
GTERA Globa Terra Acquisition Co. Class A New 1.45% +1.45
SVACU Spring Valley Acquisition Co. New 1.38% +1.38
BCAR D. Boral Arc Acquisit Class A New 1.24% +1.24
HCMA HCM III Acquisition Cor Class A New 1.05% +1.05
MKLYU McKinley Acquisition Corp. New 1.04% +1.04
GSRFU GSR IV Acquisition Corp. New 0.95% +0.95
TLNCU Talon Capital Corp. New 0.94% +0.94
EVAC Eqv Ventures Acquisition C-A New 0.93% +0.93
CEPF Cantor Equity Partners Class A New 0.85% +0.85
CCII Cohen Circle Acquisit II - A New 0.84% +0.84
BDCIU BTC Development Corp. New 0.73% +0.73
KOYNU CSLM Digital Asset Acquisiti New 0.73% +0.73
BLZRU Trailblazer Acquisition Corp. New 0.64% +0.64
FERA Fifth Era Acquisition Corp. Class A New 0.63% +0.63
OTGAU Otg Acquisition Corp. I New 0.63% +0.63
EMISU Emmis Acquisition Corp. New 0.62% +0.62
INAC Indigo Acquisition Corp. New 0.62% +0.62
VNME Vendome Acquisition Corp. Class A New 0.62% +0.62
ONCH 1RT Acquisition Corp. Class A New 0.54% +0.54
DMAA Drugs Made in America Acquis New 0.53% +0.53
AEXA American Exceptionalism Class A New 0.45% +0.45
FCRS.U Futurecrest Acquisition Corp. New 0.44% +0.44
LATAU Galata Acquisition Corp. II New 0.41% +0.41
HVMCU Highview Merger Corp. New 0.32% +0.32
BCSS.U Bain Capital GSS Investment New 0.31% +0.31
CHECU Chenghe Acquisition III Co. New 0.28% +0.28
MCGA Yorkville Acquisition Corp. Class A New 0.22% +0.22
NHIC Newhold Investment Cor III-A New 0.21% +0.21

Notes & Other Activity Q2 2025 → Q3 2025
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal Add +17.7% 127,115 $119.4M
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Add +3.8% 108,850 $103.8M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Sold out 80,879 $92.4Mbefore exit
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) NOTE 9/1 · principal Sold out 66,695 $65.0Mbefore exit
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Add +74.6% 58,050 $60.3M
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) NOTE 7.500% 8/0 · principal Sold out 33,190 $33.0Mbefore exit
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Sold out 600,000 $32.2Mbefore exit
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -28.0% 34,663 $32.0M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal Sold out 42,484 $30.7Mbefore exit
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Sold out 33,431 $30.2Mbefore exit
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal Add +129.2% 27,905 $28.5M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Sold out 25,000 $24.9Mbefore exit
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal Add +71.8% 24,909 $23.1M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal New 19,000 $21.2M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 550,000 $20.8M
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A New 75,000 $20.4M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal Reduce -18.8% 19,734 $19.5M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 14,500 $18.5Mbefore exit
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal Reduce -29.4% 19,200 $17.5M
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Sold out 12,000 $15.8Mbefore exit
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +19.6% 305,000 $12.0M
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal New 9,000 $11.2M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -72.7% 150,000 $10.4M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF Reduce -66.7% 100,000 $9.5M
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Sold out 7,800 $9.1Mbefore exit
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Sold out 150,000 $8.8Mbefore exit
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal Sold out 5,000 $5.4Mbefore exit
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal Add +100.0% 5,000 $4.8M
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal New 5,000 $4.4M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal Sold out 4,000 $4.2Mbefore exit
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal Sold out 3,500 $4.1Mbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Sold out 2,795 $3.0Mbefore exit
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal New 3,500 $3.0M
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal Sold out 2,500 $2.8Mbefore exit
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Sold out 2,500 $2.6Mbefore exit
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal Reduce -96.3% 2,500 $2.5M
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal Reduce -54.2% 2,538 $2.3M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Sold out 1,500 $1.7Mbefore exit
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal Sold out 1,810 $1.6Mbefore exit
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal Sold out 1,400 $1.3Mbefore exit
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 1,250 $1.2Mbefore exit
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal Sold out 1,000 $929Kbefore exit
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 Add +12.5% 225,000 $214K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Sold out 74,868 $176Kbefore exit
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal Add +15.4% 77,430 $174K
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Add +7.6% 71,075 $146K
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 New 166,666 $118K
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal Sold out 43,650 $112Kbefore exit
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 New 582,480 $111K
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 New 700,000 $105K

Showing the first 50 of 147.

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