Context Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Context Capital Management, LLC reported 108 stock positions worth $300.2 million. Its top holding was M3-Brigade Acquisition Class A (MBVI) at 2.6% of the portfolio, followed by Drugs Made in America Acquis (DMII, 2.5%) and Plum Acquisition Corp. IV (PLMK, 2.4%). Compared with Q3 2025, it opened 35 new positions, sold out of 4, added to 1 and reduced 15. The biggest buy was a new position in Hall Chadwick Acquisition (HCACU) and the biggest sale an exit from Echostar Corp. (echo 3.875 11/30/30).
- Most Recent 13F
- Q2 2026
- Location
- LAJOLLA, CA
- CIK
- 0001301396
- Portfolio Value
- $300.2M (Q4 2025)
- SEC Filing
- 0001420506-26-000398 ↗ filed Feb 13, 2026
Holdings Value
Holdings 108 stocks · $300.2M
| MBVI M3-Brigade Acquisition Class A | 2.64% | 791,300 | $7.9M | Reduce -10.1% |
| DMII Drugs Made in America Acquis | 2.47% | 750,000 | $7.4M | No change |
| PLMK Plum Acquisition Corp. IV | 2.44% | 700,000 | $7.3M | No change |
| GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I | 2.17% | 641,420 | $6.5M | Reduce -0.7% |
| HCACU Hall Chadwick Acquisition Co. | 2.17% | 650,000 | $6.5M | New |
| SZZL Sizzle Acquisition Corp. Class A | 2.03% | 599,812 | $6.1M | Reduce -0.0% |
| BCAR D. Boral Arc Acquisit Class A | 2.00% | 600,000 | $6.0M | No change |
| BIXIU Bitcoin Infrastructure Acqui | 1.99% | 600,000 | $6.0M | New |
| SOUL Soulpower Acquisition Co. Class A | 1.97% | 582,480 | $5.9M | No change |
| CEPV Cantor Equity Partners Class A | 1.71% | 500,000 | $5.1M | New |
| RDAG Republic Digital Acquis Class A | 1.69% | 500,000 | $5.1M | No change |
| GTERA Globa Terra Acquisition Co. Class A | 1.68% | 500,000 | $5.0M | Reduce -28.6% |
| HCMA HCM III Acquisition Cor Class A | 1.67% | 500,000 | $5.0M | No change |
| MESHU Meshflow Acquisition Corp. | 1.67% | 500,000 | $5.0M | New |
| MKLY McKinley Acquisition Co. Class A | 1.66% | 500,000 | $5.0M | No change |
| SVAQU Silicon Valley Acquisition C | 1.66% | 500,000 | $5.0M | New |
| CRAC Crown Reserve Acquisiti Class A | 1.66% | 500,000 | $5.0M | New |
| WENN Wen Acquisition Corp. Class A | 1.63% | 483,500 | $4.9M | No change |
| ZTS Zoetis Inc. | 1.55% | 37,100 | $4.7M | New |
| TLNC Talon Capital Corp. Class A | 1.52% | 450,000 | $4.5M | No change |
| CRANU Crane Harbor Acquisition Cor | 1.51% | 450,000 | $4.5M | New |
| EVAC Eqv Ventures Acquisition C-A | 1.50% | 450,000 | $4.5M | No change |
| SCIIU SC II Acquisition Corp. | 1.43% | 425,000 | $4.3M | New |
| CEPF Cantor Equity Partners Class A | 1.37% | 400,000 | $4.1M | No change |
| CCII Cohen Circle Acquisit II - A | 1.36% | 400,000 | $4.1M | No change |
| GSRF GSR IV Acquisition Corp. Class A | 1.33% | 400,000 | $4.0M | Reduce -11.1% |
| LPCVU Launchpad Cadenza Acquisitio | 1.33% | 400,000 | $4.0M | New |
| ADACU American Drive Acquisition C | 1.33% | 400,000 | $4.0M | New |
| IRHOU Iron Horse Acquisition II Co. | 1.32% | 400,000 | $4.0M | New |
| XRPN Armada Acquisition Class A | 1.19% | 350,000 | $3.6M | No change |
| KCHV Kochav Defense Acquisition-A | 1.18% | 350,000 | $3.5M | No change |
| BDCI BTC Development Corp. Class A | 1.17% | 350,000 | $3.5M | No change |
| KOYN CSLM Digital Asset Acqu - A | 1.16% | 350,000 | $3.5M | No change |
| CRWV Coreweave Inc. Class A | 1.14% | 47,800 | $3.4M | New |
| FACT Fact II Acquisition Corp. | 1.04% | 300,000 | $3.1M | No change |
| FERA Fifth Era Acquisition Corp. Class A | 1.03% | 300,000 | $3.1M | No change |
| RAAQ Real Asset Acquisiti Class A | 1.02% | 300,000 | $3.1M | No change |
| CRAQ Cal Redwood Acquisit Class A | 1.01% | 300,000 | $3.0M | No change |
| OBA Oxley Bridge Acquisitio Class A | 1.01% | 300,000 | $3.0M | No change |
| VNME Vendome Acquisition Corp. Class A | 1.00% | 300,000 | $3.0M | No change |
| HAVA Harvard Ave Acquisition Class A | 0.99% | 300,000 | $3.0M | New |
| DYOR Insight Digital Partners I-A | 0.99% | 300,000 | $3.0M | New |
| DNMX Dynamix Corp. III Class A | 0.99% | 300,000 | $3.0M | New |
| EVOX Evolution Global Acquis Class A | 0.99% | 300,000 | $3.0M | New |
| SIMA Sim Acquisition Corp. I-A | 0.95% | 270,000 | $2.9M | No change |
| SBXDF Silverbox Corp. IV-A | 0.93% | 262,951 | $2.8M | No change |
| BEBE.U Tge Value Creative Solutions | 0.91% | 275,000 | $2.7M | New |
| NWAX.U New America Acquisition I Co. | 0.87% | 250,000 | $2.6M | New |
| DMAA Drugs Made in America Acquis | 0.86% | 250,000 | $2.6M | No change |
| PMTR Perimeter Acquis Corp. I Class A | 0.86% | 250,000 | $2.6M | Add +25.0% |
| ONCH 1RT Acquisition Corp. Class A | 0.85% | 250,000 | $2.5M | No change |
| TACO Berto Acquisition Corp. | 0.84% | 250,000 | $2.5M | No change |
| OYSE Oyster Enterprises II Acq-A | 0.84% | 250,782 | $2.5M | No change |
| AXIN Axiom Intelligence Class A | 0.84% | 250,000 | $2.5M | No change |
| FIGX Figx Capital Acquisition C-A | 0.84% | 250,000 | $2.5M | No change |
| BLRKU Bluerock Acquisition Corp. | 0.83% | 250,000 | $2.5M | New |
| ITHAU Ithax Acquisition Corp. III | 0.83% | 250,000 | $2.5M | New |
| NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I | 0.82% | 250,000 | $2.5M | New |
| COPL Copley Acquisition Corp. Class A | 0.68% | 200,000 | $2.0M | No change |
| CAEP Cantor Equity Partners III-A | 0.68% | 200,000 | $2.0M | No change |
| DAAQ Digital Asset Acquisiti Class A | 0.68% | 200,000 | $2.0M | No change |
| EGHA Egh Acquisition Co. Class A | 0.67% | 200,000 | $2.0M | No change |
| SAC.U Safeguard Acquisition Corp. | 0.67% | 200,000 | $2.0M | New |
| INAC Indigo Acquisition Corp. | 0.67% | 200,000 | $2.0M | Reduce -33.3% |
| FTW Eqv Ventures Acquisition C-A | 0.67% | 190,720 | $2.0M | No change |
| OTGA Otg Acquisition Corp. I Class A | 0.67% | 200,000 | $2.0M | Reduce -33.3% |
| YCY Aa Mission Acquisition-A | 0.66% | 200,000 | $2.0M | New |
| TWLVU Twelve Seas Investment Co. II | 0.66% | 200,000 | $2.0M | New |
| LATA Galata Acqu Corp. II Class A | 0.66% | 200,000 | $2.0M | No change |
| TDWD Tailwind 2.0 Acquisitio Class A | 0.66% | 200,000 | $2.0M | New |
| AEXA American Exceptionalism Class A | 0.64% | 170,000 | $1.9M | Reduce -15.0% |
| CEPT Cantor Equity Partners Class A | 0.58% | 155,530 | $1.8M | Reduce -22.2% |
| LKSP Lake Superior Acquisiti Class A | 0.58% | 175,000 | $1.7M | New |
| BCSS Bain Capital GSS Inv- A | 0.50% | 150,000 | $1.5M | No change |
| PACH Pioneer Acquisition I Class A | 0.50% | 150,000 | $1.5M | No change |
| BLZR Trailblazer Acquisition Class A | 0.50% | 150,000 | $1.5M | Reduce -50.0% |
| HVMC Highview Merger Corp. Class A | 0.50% | 150,000 | $1.5M | No change |
| RNGT Range Capital Acquisit Class A | 0.50% | 150,000 | $1.5M | New |
| APXT Apex Treasury Corp. Class A | 0.49% | 149,800 | $1.5M | New |
| CHEC Chenghe Acquisition II Class A | 0.45% | 136,151 | $1.4M | No change |
| LPBB Launch Two Acquisition Class A | 0.44% | 125,000 | $1.3M | No change |
| CEPO Cantor Equity Partners I-A | 0.40% | 115,123 | $1.2M | No change |
| AACB Artius II Acquisition Inc. Class A | 0.38% | 112,191 | $1.2M | No change |
| NHIC Newhold Investment Cor III-A | 0.35% | 100,000 | $1.0M | No change |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 0.34% | 100,000 | $1.0M | No change |
| SDHI Siddhi Acquisition Corp. Class A | 0.34% | 100,000 | $1.0M | No change |
| NPAC New Providence Acquisition-A | 0.34% | 100,000 | $1.0M | No change |
| TACH Titan Acquisition Corp. Class A | 0.34% | 100,000 | $1.0M | No change |
| GTEN Gores Holdings X Inc. Class A | 0.34% | 100,000 | $1.0M | No change |
| BACC Blue Acquisition Corp. Class A | 0.34% | 100,000 | $1.0M | No change |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.34% | 100,000 | $1.0M | No change |
| WTG Wintergreen Acquisition Corp. | 0.34% | 100,000 | $1.0M | No change |
| IPCX Inflection Point Acquisiti-A | 0.34% | 100,000 | $1.0M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.34% | 100,000 | $1.0M | No change |
| MCGA Yorkville Acquisition Corp. Class A | 0.34% | 100,000 | $1.0M | No change |
| FCRS Futurecrest Acquisition Class A | 0.34% | 100,000 | $1.0M | Reduce -50.0% |
| LWAC Lightwave Acquisition Corp. Class A | 0.33% | 100,000 | $1.0M | No change |
| SCPQU Social Commerce Partners Cor | 0.33% | 100,000 | $1.0M | New |
| MMTX Miluna Acquisition Class A | 0.33% | 100,000 | $991K | New |
| AAM Aa Mission Acquisition Cor-A | 0.26% | 73,600 | $785K | Reduce -1.9% |
Other holdings (219): bonds, preferreds, convertibles and warrants · $3.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 227,716,000 | $187.5M | New |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 47,840,217 | $159.9M | New |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | 80,936,000 | $135.0M | Add +104428.0% |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | 144,000,000 | $120.5M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 119,429,000 | $114.7M | Add +109618.9% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 117,115,000 | $111.8M | Add +92033.1% |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | 77,173,000 | $93.6M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 79,754,000 | $89.8M | Add +81403.1% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 97,362,000 | $86.9M | Add +348805.2% |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 81,129,000 | $82.7M | Add +260521.9% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 57,457,000 | $82.0M | Add +123852.6% |
| CLEANSPARK INC (CLSK 0 06/15/30) | NOTE 6/1 · principal | 78,135,000 | $81.2M | New |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 82,543,000 | $80.8M | Add +250699.1% |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | 73,897,000 | $78.6M | Add +464602.5% |
| CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) | NOTE 2.750% 5/0 · principal | 33,746,000 | $71.0M | Add +88277.3% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 55,537,000 | $69.9M | Add +95571.0% |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 68,806,000 | $69.4M | Add +90875.9% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 71,541,000 | $65.0M | Add +102041.6% |
| GROUPON INC (GRPN 4.875 06/30/30 UNRS) | NOTE 4.875% 6/3 · principal | 69,876,000 | $61.7M | Add +94789.9% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 62,949,000 | $57.2M | Add +130097.1% |
| APPLIED DIGITAL CORP (APLD 2.75 06/01/30) | NOTE 2.750% 6/0 · principal | 21,117,000 | $57.1M | New |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 57,735,000 | $55.2M | Add +1154600.0% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 41,946,000 | $54.8M | Add +80416.7% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 23,150,000 | $53.0M | Add +104414.7% |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 60,174,000 | $52.7M | New |
| CENTRUS ENERGY CORP (LEU 2.25 11/01/30) | NOTE 2.250%11/0 · principal | 19,450,000 | $52.2M | New |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 56,178,000 | $50.7M | Add +218746.9% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 21,350,000 | $50.2M | Add +46662.8% |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 73,715,000 | $49.8M | Add +111228.4% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 54,268,000 | $47.4M | New |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | NOTE 2.250% 7/0 · principal | 38,843,000 | $45.3M | Add +117527.6% |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | 41,649,000 | $43.0M | Add +106285.9% |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 42,470,000 | $42.9M | Add +90435.1% |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | 36,500,000 | $41.2M | Add +187079.5% |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 42,119,000 | $39.8M | Add +149912.5% |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 17,470,000 | $37.9M | Add +187547.7% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 28,015,000 | $37.6M | Add +99900.0% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 33,163,000 | $37.3M | Add +95572.6% |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | 12,209,000 | $36.3M | Add +496402.6% |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | 33,750,000 | $33.4M | Add +80738.3% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 550,000 | $32.7M | No change |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | 38,230,000 | $32.5M | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 31,700,000 | $29.4M | Add +165004.2% |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 30,709,000 | $29.0M | Add +110726.8% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 32,134,000 | $29.0M | Add +100180.9% |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | 27,504,000 | $29.0M | New |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | 18,530,000 | $28.2M | New |
| SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) | NOTE 4.750% 5/0 · principal | 12,065,000 | $24.1M | Add +171059.0% |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | 31,124,000 | $24.1M | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 22,660,000 | $23.6M | Add +90871.1% |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 20,784,000 | $23.1M | New |
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | 33,463,000 | $22.7M | Add +111424.8% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 22,954,000 | $22.6M | Add +109444.7% |
| ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27) | NOTE 6.500% 9/0 · principal | 24,230,000 | $22.0M | Add +99900.0% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 19,262,000 | $20.0M | Add +99900.0% |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 15,036,000 | $18.8M | Add +99900.0% |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 18,606,000 | $18.5M | Add +99900.0% |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 50,000 | $18.3M | Reduce -33.3% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 18,211,000 | $18.2M | Add +141608.8% |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 · principal | 15,559,000 | $18.0M | Add +67840.3% |
| T1 ENERGY INC (TE 5.25 12/01/30) | NOTE 5.250%12/0 · principal | 14,000,000 | $17.9M | New |
| ASTRONICS CORP (ATRO 5.5 03/15/30) | NOTE 5.500% 3/1 · principal | 6,915,000 | $17.7M | New |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 17,262,000 | $16.4M | Add +57740.8% |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | 14,560,000 | $15.8M | New |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 12,213,000 | $14.5M | Add +81320.0% |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 14,012,000 | $13.7M | Add +99900.0% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 13,534,000 | $13.4M | Add +68482.1% |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | NOTE 2.250% 9/0 · principal | 10,000,000 | $12.6M | New |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 250,000 | $12.2M | No change |
| SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) | NOTE 3.500%12/0 · principal | 4,000,000 | $11.0M | Add +99900.0% |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 11,363,000 | $10.1M | Add +99900.0% |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 10,200,000 | $10.0M | Add +83506.6% |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | NOTE 2.500% 6/1 · principal | 6,371,000 | $9.5M | New |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | 8,060,000 | $9.1M | Add +99900.0% |
| HERTZ CORP/THE (HTZ 8 07/15/29) | NOTE 8.000% 7/1 · principal | 7,750,000 | $8.9M | New |
| GREEN PLAINS INC | DEBT 5.250%11/0 · principal | 8,390,000 | $8.8M | New |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 100,000 | $8.0M | No change |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 7,220,000 | $7.8M | New |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 10,200,000 | $7.2M | Add +83506.6% |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | 2,000,000 | $7.0M | Add +99900.0% |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | 15,636,000 | $6.2M | Add +99900.0% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 100,000 | $5.5M | Reduce -70.6% |
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 | 100,000 | $5.5M | New |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 5,498,000 | $5.3M | Add +11474.3% |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 2,607,000 | $3.7M | Add +99900.0% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 3,750,000 | $3.5M | New |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 50,000 | $2.9M | No change |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | 2,500,000 | $2.6M | Add +99900.0% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 2,538,000 | $2.3M | Add +99900.0% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 1,386,000 | $2.0M | Add +99900.0% |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 1,750,000 | $1.9M | Add +99900.0% |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 1,250,000 | $1.3M | Add +99900.0% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 486,000 | $485K | Add +99900.0% |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 825,000 | $289K | Reduce -2.9% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 225,000 | $200K | No change |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | 450,000 | $163K | No change |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 250,000 | $145K | No change |
| GSRFR GSR IV Acquisition Corp.-RTS | RIGHT 08/22/2030 | 57,142 | $136K | Reduce -11.2% |
| GFUZW Spring Valley Acq Co. -30 | *W EXP 09/04/203 | 215,334 | $134K | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 300,000 | $120K | No change |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 750,000 | $105K | No change |
| CRACR Crown Reserve Acquisitio-RTS | RIGHT 10/06/2030 | 500,000 | $103K | New |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 582,480 | $102K | No change |
| MBVIW M3-Brigade Acquisition Vi Co. | *W EXP 08/18/203 | 263,766 | $98K | Reduce -10.0% |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | 300,000 | $97K | No change |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 600,000 | $96K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 350,000 | $95K | No change |
| GTERR Globa Terra Acquisition-RTS | RIGHT 06/17/2030 | 700,000 | $91K | No change |
| TLNCW Talon Capital Corp.-30 | *W EXP 08/27/203 | 150,000 | $89K | Add +0.1% |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 350,000 | $84K | No change |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 166,666 | $83K | No change |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 100,548 | $80K | Reduce -41.0% |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 241,750 | $75K | No change |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 100,000 | $71K | No change |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 100,000 | $70K | No change |
| EVOXW Evolution Global Acquisition | *W EXP 10/22/203 | 150,000 | $66K | New |
| GTERW Globa Terra Acquisition - 30 | *W EXP 06/17/203 | 525,000 | $66K | No change |
| MKLYR McKinley Acquisition Corp. | RIGHT 07/25/2030 | 500,000 | $65K | No change |
| RAAQW REAL ASSET AQC Corp -30 | *W EXP 04/24/203 | 150,000 | $65K | No change |
| KOYNW CSLM Digital Asset Acquisiti | *W EXP 08/28/203 | 175,000 | $61K | New |
| BDCIW BTC Development Corp. - 30 | *W EXP 09/11/203 | 87,500 | $60K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 150,000 | $56K | No change |
| DNMXW Dynamix Corp. III | *W EXP 10/10/203 | 150,000 | $54K | New |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 162,191 | $54K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 110,707 | $53K | No change |
| SVIAW Procap Financial Inc. | *W EXP 12/05/203 | 75,000 | $53K | New |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 250,000 | $53K | No change |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 150,000 | $53K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 187,500 | $52K | No change |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 250,782 | $50K | No change |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | 200,000 | $50K | No change |
| DYORW Insight Digital Partners II | *W EXP 10/28/203 | 150,000 | $50K | New |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 300,000 | $48K | No change |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | 300,000 | $48K | No change |
| IGACR Invest Green Acquisition-RTS | RIGHT 11/17/2030 | 250,000 | $48K | New |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 250,000 | $47K | No change |
| LKSPR Lake Superior Acquisition Co. | RIGHT 09/19/2030 | 25,000 | $46K | New |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | 50,000 | $45K | No change |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 208,389 | $45K | No change |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | 150,000 | $41K | No change |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 100,000 | $40K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 185,000 | $40K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 354,454 | $40K | No change |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 50,000 | $40K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 100,000 | $38K | No change |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 62,500 | $36K | No change |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 125,000 | $34K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 150,000 | $33K | No change |
| HAVAR Harvard Ave Acquisition | RIGHT 99/99/9999 | 300,000 | $33K | New |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | 200,000 | $33K | New |
| NSTR.WS Viking Acquisition Corp. I | *W EXP 11/03/203 | 83,333 | $33K | New |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 100,000 | $32K | No change |
| OTGAW Otg Acquisition Corp. I - 30 | *W EXP 09/05/203 | 100,000 | $32K | Reduce -33.3% |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 104,317 | $29K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 79,882 | $26K | No change |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 50,000 | $24K | Reduce -50.0% |
| RNGTW Range Capital Acquisition Co. | *W EXP 09/29/203 | 75,000 | $24K | New |
| LATAW Galata Acquisition Corp. - 30 | *W EXP 09/12/203 | 66,666 | $24K | No change |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 25,000 | $23K | No change |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 100,000 | $23K | No change |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 74,700 | $22K | Reduce -0.4% |
| YCY.WS Aa Mission Acquisition -31 | *W EXP 07/23/203 | 100,000 | $22K | New |
| CRACW Crown Reserve Acquisition Co. | *W EXP 10/06/203 | 250,000 | $22K | New |
| SDHIR Siddhi Acquisition Corp. | RIGHT 09/15/2029 | 100,000 | $22K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 50,000 | $21K | No change |
| APXTW Apex Treasury Corp. -30 | *W EXP 10/07/203 | 74,900 | $21K | New |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 100,000 | $21K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 50,000 | $21K | No change |
| HVMCW Highview Merger Corp. - 30 | *W EXP 07/24/203 | 75,000 | $20K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 62,500 | $20K | No change |
| BCSS.WS Bain Capital GSS Investment | *W EXP 01/01/202 | 30,000 | $20K | No change |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | 100,000 | $19K | No change |
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | 55,060 | $19K | New |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 25,000 | $18K | Reduce -50.0% |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | 75,000 | $18K | No change |
| SCAGW Scage Future -30 | *W EXP 05/15/203 | 262,500 | $17K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 33,333 | $17K | No change |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 50,000 | $16K | No change |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 200,000 | $16K | No change |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 296,581 | $14K | No change |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | 100,000 | $14K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 50,000 | $14K | No change |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 25,000 | $13K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 172,160 | $13K | No change |
| CHECW Chenghe Acquisition III Co. | *W EXP 09/09/203 | 68,075 | $13K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 75,000 | $13K | No change |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | 25,000 | $13K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 33,333 | $12K | No change |
| MMTXW Miluna Acquisition Corp. | *W EXP 09/29/203 | 100,000 | $11K | New |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 50,000 | $11K | No change |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | 357,933 | $10K | No change |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 23,500 | $10K | New |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 56,950 | $9K | No change |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 250,000 | $8K | No change |
| ECD AUTOMOTIVE DESIGN INC | *W EXP 12/12/202 | 540,000 | $6K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 117,430 | $5K | No change |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | 51,732 | $4K | No change |
| RMSGW Real Messenger Corp.-28 | *W EXP 11/19/202 | 87,700 | $4K | No change |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 75,340 | $4K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 97,250 | $4K | No change |
Largest 200 of 219 shown.
Total filed on the 13F, all lines: $3.9B.
Portfolio Sells Q3 2025 → Q4 2025
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | Sold out | 0.00% | −53.73 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −1.94 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.61 |
| BLZR Trailblazer Acquisition Class A | Reduce -50.0% | 0.50% | −0.14 |
| FCRS Futurecrest Acquisition Class A | Reduce -50.0% | 0.34% | −0.10 |
| CHAC Crane Harbor Acqu Corp. Class A | Reduce -57.4% | 0.26% | −0.10 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.01 |
| ONEN One Nuclear Energy Inc. | Reduce -40.0% | 0.21% | −0.00 |
| TVA Texas Ventures Acquisition-A | Reduce -30.0% | 0.25% | +0.03 |
| OTGA Otg Acquisition Corp. I Class A | Reduce -33.3% | 0.67% | +0.04 |
| INAC Indigo Acquisition Corp. | Reduce -33.3% | 0.67% | +0.05 |
| AAM Aa Mission Acquisition Cor-A | Reduce -1.9% | 0.26% | +0.10 |
| CEPT Cantor Equity Partners Class A | Reduce -22.2% | 0.58% | +0.15 |
| AEXA American Exceptionalism Class A | Reduce -15.0% | 0.64% | +0.19 |
| GTERA Globa Terra Acquisition Co. Class A | Reduce -28.6% | 1.68% | +0.23 |
| GSRF GSR IV Acquisition Corp. Class A | Reduce -11.1% | 1.33% | +0.38 |
| SZZL Sizzle Acquisition Corp. Class A | Reduce -0.0% | 2.03% | +0.77 |
| MBVI M3-Brigade Acquisition Class A | Reduce -10.1% | 2.64% | +0.79 |
| GFUZ General Fusion Group Ltd. | Reduce -0.7% | 2.17% | +0.79 |
Portfolio Buys Q3 2025 → Q4 2025
| HCACU Hall Chadwick Acquisition Co. | New | 2.17% | +2.17 |
| BIXIU Bitcoin Infrastructure Acqui | New | 1.99% | +1.99 |
| CEPV Cantor Equity Partners Class A | New | 1.71% | +1.71 |
| MESHU Meshflow Acquisition Corp. | New | 1.67% | +1.67 |
| SVAQU Silicon Valley Acquisition C | New | 1.66% | +1.66 |
| CRAC Crown Reserve Acquisiti Class A | New | 1.66% | +1.66 |
| ZTS Zoetis Inc. | New | 1.55% | +1.55 |
| CRANU Crane Harbor Acquisition Cor | New | 1.51% | +1.51 |
| SCIIU SC II Acquisition Corp. | New | 1.43% | +1.43 |
| LPCVU Launchpad Cadenza Acquisitio | New | 1.33% | +1.33 |
| ADACU American Drive Acquisition C | New | 1.33% | +1.33 |
| IRHOU Iron Horse Acquisition II Co. | New | 1.32% | +1.32 |
| CRWV Coreweave Inc. Class A | New | 1.14% | +1.14 |
| HAVA Harvard Ave Acquisition Class A | New | 0.99% | +0.99 |
| DYOR Insight Digital Partners I-A | New | 0.99% | +0.99 |
| DNMX Dynamix Corp. III Class A | New | 0.99% | +0.99 |
| EVOX Evolution Global Acquis Class A | New | 0.99% | +0.99 |
| BEBE.U Tge Value Creative Solutions | New | 0.91% | +0.91 |
| NWAX.U New America Acquisition I Co. | New | 0.87% | +0.87 |
| BLRKU Bluerock Acquisition Corp. | New | 0.83% | +0.83 |
| ITHAU Ithax Acquisition Corp. III | New | 0.83% | +0.83 |
| NSTR Northstar Earth & Space Ente | New | 0.82% | +0.82 |
| SAC.U Safeguard Acquisition Corp. | New | 0.67% | +0.67 |
| YCY Aa Mission Acquisition-A | New | 0.66% | +0.66 |
| TWLVU Twelve Seas Investment Co. II | New | 0.66% | +0.66 |
| TDWD Tailwind 2.0 Acquisitio Class A | New | 0.66% | +0.66 |
| LKSP Lake Superior Acquisiti Class A | New | 0.58% | +0.58 |
| RNGT Range Capital Acquisit Class A | New | 0.50% | +0.50 |
| APXT Apex Treasury Corp. Class A | New | 0.49% | +0.49 |
| PMTR Perimeter Acquis Corp. I Class A | Add +25.0% | 0.86% | +0.43 |
| SCPQU Social Commerce Partners Cor | New | 0.33% | +0.33 |
| MMTX Miluna Acquisition Class A | New | 0.33% | +0.33 |
| AEAQU Activate Energy Acquisition | New | 0.17% | +0.17 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.15% | +0.15 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.09% | +0.09 |
| CCXIU Churchill Capital Corp. Xi | New | 0.08% | +0.08 |
Notes & Other Activity Q3 2025 → Q4 2025
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 227,716,000 | $187.5M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 47,840,217 | $159.9M |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | Add +104428.0% | 80,936,000 | $135.0M |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | New | 144,000,000 | $120.5M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +109618.9% | 119,429,000 | $114.7M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +92033.1% | 117,115,000 | $111.8M |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | New | 77,173,000 | $93.6M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +81403.1% | 79,754,000 | $89.8M |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | Add +348805.2% | 97,362,000 | $86.9M |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | Add +260521.9% | 81,129,000 | $82.7M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Add +123852.6% | 57,457,000 | $82.0M |
| CLEANSPARK INC (CLSK 0 06/15/30) | NOTE 6/1 · principal | New | 78,135,000 | $81.2M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Add +250699.1% | 82,543,000 | $80.8M |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | Add +464602.5% | 73,897,000 | $78.6M |
| CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) | NOTE 2.750% 5/0 · principal | Add +88277.3% | 33,746,000 | $71.0M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +95571.0% | 55,537,000 | $69.9M |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | Add +90875.9% | 68,806,000 | $69.4M |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | Add +102041.6% | 71,541,000 | $65.0M |
| GROUPON INC (GRPN 4.875 06/30/30 UNRS) | NOTE 4.875% 6/3 · principal | Add +94789.9% | 69,876,000 | $61.7M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +130097.1% | 62,949,000 | $57.2M |
| APPLIED DIGITAL CORP (APLD 2.75 06/01/30) | NOTE 2.750% 6/0 · principal | New | 21,117,000 | $57.1M |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Add +1154600.0% | 57,735,000 | $55.2M |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | Add +80416.7% | 41,946,000 | $54.8M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Add +104414.7% | 23,150,000 | $53.0M |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | New | 60,174,000 | $52.7M |
| CENTRUS ENERGY CORP (LEU 2.25 11/01/30) | NOTE 2.250%11/0 · principal | New | 19,450,000 | $52.2M |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | Add +218746.9% | 56,178,000 | $50.7M |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Add +46662.8% | 21,350,000 | $50.2M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | Add +111228.4% | 73,715,000 | $49.8M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | New | 54,268,000 | $47.4M |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | NOTE 2.250% 7/0 · principal | Add +117527.6% | 38,843,000 | $45.3M |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | Add +106285.9% | 41,649,000 | $43.0M |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | Add +90435.1% | 42,470,000 | $42.9M |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | Add +187079.5% | 36,500,000 | $41.2M |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | Add +149912.5% | 42,119,000 | $39.8M |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | Add +187547.7% | 17,470,000 | $37.9M |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | Add +99900.0% | 28,015,000 | $37.6M |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Add +95572.6% | 33,163,000 | $37.3M |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | Add +496402.6% | 12,209,000 | $36.3M |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | Add +80738.3% | 33,750,000 | $33.4M |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | New | 38,230,000 | $32.5M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +165004.2% | 31,700,000 | $29.4M |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | Add +110726.8% | 30,709,000 | $29.0M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +100180.9% | 32,134,000 | $29.0M |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | New | 27,504,000 | $29.0M |
| ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) | NOTE 4.250%11/1 · principal | New | 18,530,000 | $28.2M |
| SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) | NOTE 4.750% 5/0 · principal | Add +171059.0% | 12,065,000 | $24.1M |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | New | 31,124,000 | $24.1M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Add +90871.1% | 22,660,000 | $23.6M |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | New | 20,784,000 | $23.1M |
Showing the first 50 of 159.
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 |