Context Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Context Capital Management, LLC reported 132 stock positions worth $367.6 million. Its top holding was M3-Brigade Acquisition Class A (MBVI) at 2.2% of the portfolio, followed by HCM IV Acquisition (HACQU, 2.0%) and Drugs Made in America Acquis (DMII, 2.0%). Compared with Q4 2025, it opened 32 new positions, sold out of 8 and reduced 6. The biggest buy was a new position in HCM IV Acquisition (HACQU) and the biggest sale an exit from Zoetis (ZTS).

Most Recent 13F
Q2 2026
Location
LAJOLLA, CA
CIK
0001301396
Portfolio Value
$367.6M (Q1 2026)
SEC Filing
0001420506-26-000841 ↗ filed May 7, 2026

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 Q3 2025 Q4 2025: $300.2M Q4 2025 Q1 2026: $367.6M $367.6M Q1 2026 Q2 2026: $484.2M Q2 2026

Holdings 132 stocks · $367.6M
MBVI M3-Brigade Acquisition Class A 2.16% 791,300 $8.0M No change
HACQU HCM IV Acquisition Corp. 2.05% 750,000 $7.5M New
DMII Drugs Made in America Acquis 2.03% 750,000 $7.5M No change
HCAC Hall Chadwick Acquisition-A 1.76% 650,000 $6.5M No change
PLMK Plum Acquisition Corp. IV 1.72% 597,999 $6.3M Reduce -14.6%
SZZL Sizzle Acquisition Corp. Class A 1.68% 599,812 $6.2M No change
SOUL Soulpower Acquisition Co. Class A 1.62% 582,480 $6.0M No change
BIXI Bitcoin Infrastructure Class A 1.62% 600,000 $6.0M No change
LBRT Liberty Energy Inc. 1.48% 189,400 $5.5M New
RDAG Republic Digital Acquis Class A 1.39% 500,000 $5.1M No change
GTERA Globa Terra Acquisition Co. Class A 1.39% 500,000 $5.1M No change
CEPV Cantor Equity Partners Class A 1.37% 500,000 $5.0M No change
HCMA HCM III Acquisition Cor Class A 1.37% 500,000 $5.0M No change
MKLY McKinley Acquisition Co. Class A 1.36% 500,000 $5.0M No change
SUMAU Suma Acquisition Corp. 1.36% 500,000 $5.0M New
CRAC Crown Reserve Acquisiti Class A 1.36% 500,000 $5.0M No change
MZYX.U Mozayyx Acquisition Corp. 1.35% 500,000 $5.0M New
MESH Meshflow Acquisition Co. Class A 1.35% 500,000 $4.9M No change
SVAQ Silicon Valley Acquisit Class A 1.35% 500,000 $4.9M No change
DBCA D. Boral Acquisition I Class A 1.34% 500,000 $4.9M New
WENN Wen Acquisition Corp. Class A 1.34% 483,500 $4.9M No change
TLNC Talon Capital Corp. Class A 1.24% 448,165 $4.6M Reduce -0.4%
EVAC Eqv Ventures Acquisition C-A 1.24% 450,000 $4.5M No change
GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I 1.22% 441,420 $4.5M Reduce -31.2%
CRAN Crane Harbor Acquisitio Class A 1.21% 450,000 $4.5M No change
SCII SC II Acquisition Corp. Class A 1.15% 425,000 $4.2M No change
CCII Cohen Circle Acquisit II - A 1.11% 400,000 $4.1M No change
CEPF Cantor Equity Partners Class A 1.11% 400,000 $4.1M No change
GSRF GSR IV Acquisition Corp. Class A 1.09% 400,000 $4.0M No change
ADAC American Drive Acquisit Class A 1.08% 400,000 $4.0M No change
LPCV Launchpad Cadenza Acqui Class A 1.08% 400,000 $4.0M No change
IRHO Iron Horse Acquisitions Corp. 1.07% 400,000 $3.9M No change
ALOV Aldabra 4 Liquidity Opp Class A 1.07% 400,000 $3.9M New
IPXG Inflection Point Acquisition filed as COLUMBUS CIRCLE CAP CORP II 1.07% 400,000 $3.9M New
XSLL Xsolla Spac 1 Class A 1.03% 385,000 $3.8M New
XRPN Armada Acquisition Class A 0.98% 350,000 $3.6M No change
BCAR D. Boral Arc Acquisit Class A 0.98% 355,099 $3.6M Reduce -40.8%
KCHV Kochav Defense Acquisition-A 0.98% 350,000 $3.6M No change
CEPS Cantor Equity Partners Vi -A 0.96% 350,000 $3.5M New
KOYN CSLM Digital Asset Acqu - A 0.96% 350,000 $3.5M No change
BDCI BTC Development Corp. Class A 0.95% 350,000 $3.5M No change
RAAQ Real Asset Acquisiti Class A 0.86% 300,000 $3.1M No change
FERA Fifth Era Acquisition Corp. Class A 0.84% 300,000 $3.1M No change
CRAQ Cal Redwood Acquisit Class A 0.83% 300,000 $3.1M No change
OBA Oxley Bridge Acquisitio Class A 0.83% 300,000 $3.0M No change
VNME Vendome Acquisition Corp. Class A 0.83% 300,000 $3.0M No change
HAVA Harvard Ave Acquisition Class A 0.82% 300,000 $3.0M No change
GLED.U Galaxyedge Acquisition Corp. 0.82% 300,000 $3.0M New
PAACU Proem Acquisition Corp. I 0.82% 300,000 $3.0M New
EVOX Evolution Global Acquis Class A 0.81% 300,000 $3.0M No change
DYOR Insight Digital Partners I-A 0.81% 300,000 $3.0M No change
DNMX Dynamix Corp. III Class A 0.81% 300,000 $3.0M No change
SVIV Spring Valley Acquisitio-A 0.81% 300,000 $3.0M New
KRAQ Krakacquisition Corp. Class A 0.80% 300,000 $3.0M New
SIMA Sim Acquisition Corp. I-A 0.79% 270,000 $2.9M No change
SBXDF Silverbox Corp. IV-A 0.77% 262,951 $2.8M No change
ILLUU Illumination Acquisition Cor 0.76% 280,000 $2.8M New
BEBE Tge Value Creative Solu Class A 0.74% 275,000 $2.7M No change
DMAA Drugs Made in America Acquis 0.71% 250,000 $2.6M No change
PMTR Perimeter Acquis Corp. I Class A 0.70% 250,000 $2.6M No change
TACO Berto Acquisition Corp. 0.70% 250,000 $2.6M No change
OYSE Oyster Enterprises II Acq-A 0.69% 250,782 $2.6M No change
ONCH 1RT Acquisition Corp. Class A 0.69% 250,000 $2.5M No change
AXIN Axiom Intelligence Class A 0.69% 250,000 $2.5M No change
FIGX Figx Capital Acquisition C-A 0.69% 250,000 $2.5M No change
NWAX New America Acquisition Class A 0.68% 250,000 $2.5M No change
CTAAU Clearthink 1 Acquisition Cor 0.68% 250,000 $2.5M New
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 0.68% 250,000 $2.5M No change
BLRK Bluerock Acquisition Corp. Class A 0.67% 250,000 $2.5M No change
ITHA Ithax Acquisition Corp. Class A 0.67% 250,000 $2.5M No change
WPAC White Pearl Acquisition Co. Class A 0.67% 250,000 $2.5M New
IRAB Iris Acquisition Corp. I Class A 0.67% 250,000 $2.5M New
FACT Fact II Acquisition Corp. 0.57% 200,000 $2.1M Reduce -33.3%
COPL Copley Acquisition Corp. Class A 0.56% 200,000 $2.1M No change
CAEP Cantor Equity Partners III-A 0.56% 200,000 $2.1M No change
DAAQ Digital Asset Acquisiti Class A 0.56% 200,000 $2.0M No change
EGHA Egh Acquisition Co. Class A 0.56% 200,000 $2.0M No change
INAC Indigo Acquisition Corp. 0.55% 200,000 $2.0M No change
IPFXU Inflection Point Acquisition 0.55% 200,000 $2.0M New
OTGA Otg Acquisition Corp. I Class A 0.55% 200,000 $2.0M No change
YCY Aa Mission Acquisition-A 0.55% 200,000 $2.0M No change
IEAG Infinite Eagle Class-A 0.54% 200,000 $2.0M New
LATA Galata Acqu Corp. II Class A 0.54% 200,000 $2.0M No change
SAC Safeguard Acquisition C Class A 0.54% 200,000 $2.0M No change
TDWD Tailwind 2.0 Acquisitio Class A 0.54% 200,000 $2.0M No change
IACOU Idea Acquisition Corp. 0.54% 200,000 $2.0M New
QADRU Qdro Acquisition Corp. 0.54% 200,000 $2.0M New
BIII Black Spade Acquisition Class A 0.54% 200,601 $2.0M New
MEVO M Evo Global Acquisitio Class A filed as M EVO GBL ACQUISITION CORP I 0.54% 200,000 $2.0M New
PTOR Praetorian Acquisition Cor-A 0.53% 200,000 $2.0M New
AEXA American Exceptionalism Class A 0.50% 170,000 $1.8M No change
LKSP Lake Superior Acquisiti Class A 0.48% 175,000 $1.8M No change
PACH Pioneer Acquisition I Class A 0.41% 150,000 $1.5M No change
BCSS Bain Capital GSS Inv- A 0.41% 150,000 $1.5M No change
HVMC Highview Merger Corp. Class A 0.41% 150,000 $1.5M No change
BLZR Trailblazer Acquisition Class A 0.41% 150,000 $1.5M No change
RNGT Range Capital Acquisit Class A 0.41% 150,000 $1.5M No change
SAAQ Space Asset Acquisition Class A 0.41% 150,000 $1.5M New
APXT Apex Treasury Corp. Class A 0.41% 149,800 $1.5M No change
GPAC General Purpose Acquisit-A 0.40% 150,000 $1.5M New

Show all 132 holdings

Other holdings (260): bonds, preferreds, convertibles and warrants · $4.0B (not counted above)
SecurityClassShares / PrincipalValueChange
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 237,716,000$197.9MAdd +4.4%
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 54,688,217$195.5MAdd +14.3%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal 39,817,000$125.4MAdd +18.0%
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 119,429,000$115.9MNo change
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 117,959,000$113.1MAdd +0.7%
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 99,377,000$106.6MAdd +78.9%
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 106,093,000$102.6MAdd +28.5%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 75,787,000$101.6MReduce -6.4%
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 107,035,000$86.2MNew
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 71,254,000$79.9MReduce -10.7%
FLUENCE ENERGY INC (FLNC 2.25 06/15/30) NOTE 2.250% 6/1 · principal 78,672,000$79.4MAdd +1.9%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 98,762,000$79.0MAdd +1.4%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 81,306,000$78.5MAdd +18.2%
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 85,468,000$76.4MAdd +57.5%
JOBY AVIATION INC (JOBY 0.75 02/15/32) NOTE 0.750% 2/1 · principal 87,000,000$74.8MNew
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 77,841,000$70.2MAdd +8.8%
INTEGER HOLDINGS CORP (ITGR 1.875 03/15/30) DBCV 1.875% 3/1 · principal 72,999,000$70.0MNew
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal 70,806,000$68.5MReduce -9.4%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal 52,933,000$66.9MReduce -7.9%
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 61,300,000$64.1MReduce -17.1%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 69,704,000$63.3MAdd +10.7%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 63,706,000$61.2MAdd +92.1%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 66,931,000$60.6MAdd +111.1%
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal 22,740,000$60.4MAdd +7.7%
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 67,082,000$59.4MAdd +19.4%
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 65,121,000$58.9MAdd +12.8%
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 59,619,000$58.1MAdd +41.5%
UPSTART HOLDINGS INC (UPST 1 11/15/30) NOTE 1.000%11/1 · principal 78,174,000$55.7MAdd +29.9%
GROUPON INC (GRPN 4.875 06/30/30 UNRS) NOTE 4.875% 6/3 · principal 65,101,000$53.3MReduce -6.8%
STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal 58,211,000$51.0MNew
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 56,300,000$49.9MNew
PORCH GROUP INC (PRCH 9 05/15/30) DEBT 9.000% 5/1 · principal 46,500,000$49.6MAdd +27.4%
NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 935,000$47.0MNew
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 51,000,000$46.0MNew
RAMACO RESOURCES INC (METC 0 11/01/31) NOTE 11/0 · principal 60,005,000$45.9MAdd +57.0%
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal 43,000,000$44.1MNew
GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) NOTE 5.250%11/0 · principal 29,052,000$41.0MAdd +5.6%
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 23,150,000$40.5MNo change
CENTRUS ENERGY CORP (LEU 2.25 11/01/30) NOTE 2.250%11/0 · principal 19,450,000$39.5MNo change
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) NOTE 1.500% 3/1 · principal 38,500,000$39.3MReduce -52.5%
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal 71,771,000$38.2MReduce -2.6%
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) NOTE 2.250% 7/0 · principal 21,983,000$37.8MReduce -43.4%
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 14,970,000$36.5MReduce -14.3%
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 33,000,000$33.0MNew
PAGAYA TECHNOLOGIES LTD (PGY 6.125 10/01/29) NOTE 6.125%10/0 · principal 28,225,000$32.5MNew
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 29,709,000$30.4MReduce -3.3%
ORACLE CORP (ORCL 6.5 01/15/29 D) 6.5 DEP CUM SR D 675,000$30.4MNew
ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) NOTE 2.500% 4/0 · principal 29,100,000$30.1MNew
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) NOTE 4.750% 5/0 · principal 12,065,000$28.8MNo change
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 26,649,000$25.7MReduce -36.0%
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal 12,209,000$24.7MNo change
ASSERTIO HOLDINGS INC (ASRT 6.5 09/01/27) NOTE 6.500% 9/0 · principal 24,230,000$24.3MNo change
VNET GROUP INC NOTE 2.000%10/0 · principal 21,500,000$24.2MNew
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 25,000,000$24.1MNew
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 25,000,000$23.5MNew
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 25,330,000$22.3MReduce -40.4%
ASTRONICS CORP (ATRO 5.5 03/15/30) NOTE 5.500% 3/1 · principal 6,915,000$21.3MNo change
MCEWEN INC (MUX 5.25 08/15/30) NOTE 5.250% 8/1 · principal 9,650,000$20.3MNew
BEYOND MEAT INC (BYND 7 10/15/30) DEBT 10/1 · principal 31,124,000$20.1MNo change
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 48,776,000$20.0MAdd +45.8%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal 8,050,000$19.4MReduce -62.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 350,000$18.8MAdd +250.0%
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 17,297,000$17.6MReduce -5.0%
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 16,363,000$16.3MAdd +44.0%
APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal 7,270,000$16.2MReduce -53.3%
ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) NOTE 1/1 · principal 14,900,000$15.5MNew
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) NOTE 5.875%10/0 · principal 16,400,000$15.4MAdd +60.8%
PPL CORPORATION (PPL 7 02/15/29) UNIT 02/15/2029 300,000$15.4MNew
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 18,000,000$15.3MNew
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 15,762,000$15.3MReduce -8.7%
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal 14,000,000$14.7MNo change
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 50,000$14.1MNo change
GREEN PLAINS INC DEBT 5.250%11/0 · principal 9,890,000$14.0MAdd +17.9%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 4,081,000$13.7MAdd +2.0%
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal 14,285,000$13.2MReduce -90.1%
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) NOTE 0.250%10/0 · principal 9,960,000$12.5MReduce -31.6%
ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) NOTE 4.250%11/1 · principal 8,530,000$12.0MReduce -54.0%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 12,000,000$11.5MReduce -62.7%
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 11,682,000$10.8MReduce -16.6%
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 12,000,000$10.5MNew
VSE CORP (VSEC 5.75 02/01/29) UNIT 02/01/2029 200,000$10.1MNew
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 250,000$10.1MNew
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal 9,974,000$9.4MReduce -52.0%
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 26,290,000$9.2MAdd +68.1%
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 6,371,000$9.1MNo change
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal 10,000,000$9.0MNew
WHIRLPOOL CORP (WHR 8.5 02/15/29 A) 8.5 DEP SR A CNV 200,000$8.2MNew
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 5,800,000$8.1MNew
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal 8,060,000$8.0MAdd +4.0%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 150,000$7.9MReduce -40.0%
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal 2,000,000$6.2MNo change
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 5,684,000$5.8MReduce -58.0%
GREEN PLAINS INC (GPRE 2.25 03/15/27) NOTE 2.250% 3/1 · principal 5,498,000$5.5MNo change
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 100,000$5.4MNo change
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 5,000,000$5.0MNew
SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) NOTE 2.250% 7/1 · principal 5,250,000$4.6MNew
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 6,184,000$3.1MReduce -39.4%
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 2,538,000$2.3MNo change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 2,500,000$2.2MNo change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 1,750,000$2.2MNo change
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 1,386,000$2.0MNo change
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 1,250,000$1.3MNo change
SEMLER SCIENTIFIC INC (SMLR 4.25 08/01/30) NOTE 4.250% 8/0 · principal 1,000,000$952KNew
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 796,976$319KReduce -3.4%
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 132,700$176KReduce -11.5%
HCACR Hall Chadwick Acquisi-Rights RIGHT 11/20/2030 650,000$150KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 225,000$135KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 266,259$133KReduce -23.9%
GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 57,142$124KNo change
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 200,000$118KReduce -55.6%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 250,000$110KNo change
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 582,480$105KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 600,000$102KNo change
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 92,565$96KReduce -57.0%
SCIIR SC II Acquisition Corp.-RT RIGHT 11/26/2030 425,000$94KNo change
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 263,766$91KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 300,000$90KNo change
BIXIW Bitcoin Infrastructure Acqui *W EXP 11/06/203 300,000$89KNo change
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 700,000$89KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 241,750$85KNo change
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 350,000$83KNo change
CRANR Crane Harbor Acquisition-RTS RIGHT 12/09/2030 450,000$79KNo change
CRACR Crown Reserve Acquisitio-RTS RIGHT 10/06/2030 500,000$75KNo change
DBCAW D. Boral Acquisition I Corp. *W EXP 01/30/203 250,000$75KNew
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 166,666$75KNo change
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 150,000$75KNo change
SVAQW Silicon Valley Acquisition C *W EXP 12/08/203 250,000$71KNo change
HCICR Hennessy Capital Investm-RTS RIGHT 02/02/2031 400,000$70KNew
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 100,000$69KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 525,000$67KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 300,000$66KNo change
WHITE PEARL ACQUISITION CORP RIGHT 09/10/2030 250,000$65KNew
NWAX.WS New America Acquisition I Co. *W EXP 99/99/999 125,000$63KNo change
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 750,000$60KNo change
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 500,000$60KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 208,389$57KNo change
IRHOR Iron Horse Acquisiti- Rights RIGHT 07/11/2030 400,000$57KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 150,000$56KAdd +50.0%
EVOXW Evolution Global Acquisition *W EXP 10/22/203 150,000$56KNo change
SVIVW Spring Valley Acquisition Co. *W EXP 01/22/203 75,000$55KNew
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 187,500$53KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 185,000$52KNo change
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 162,191$49KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 250,000$47KNo change
KTWOR K2 Capital Acquisition C-RTS RIGHT 07/30/2027 225,000$47KNew
DYORW Insight Digital Partners II *W EXP 10/28/203 150,000$46KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 150,000$45KNo change
KRAQW Krakacq Corp. -31 *W EXP 12/23/203 75,000$45KNew
DNMXW Dynamix Corp. III *W EXP 10/10/203 150,000$45KNo change
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 175,000$44KNo change
MESHW Meshflow Acquisition Corp. *W EXP 11/20/203 166,666$43KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 250,782$43KNo change
IGACR Invest Green Acquisition-RTS RIGHT 11/17/2030 250,000$43KNo change
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 300,000$42KNo change
BDCIW BTC Development Corp. - 30 *W EXP 09/11/203 87,500$42KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 300,000$41KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 150,000$41KNo change
ALOVW Aldabra 4 Liquidity Opportun *W EXP 12/23/203 133,333$40KNew
ADACW American Dr Acq A -30 *W EXP 02/06/203 133,333$40KNo change
XSLLW Xsolla Spac 1 *W EXP 01/12/203 192,500$38KNew
ARTCW Art Technology Acquisition C *W EXP 12/19/203 125,000$38KNew
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 150,000$38KReduce -25.0%
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 150,000$38KNo change
SAC.WS Safeguard Acquisition Corp. *W EXP 99/99/999 100,000$37KNo change
HAVAR Harvard Ave Acquisition RIGHT 99/99/9999 300,000$36KNo change
IEAGR Infinite Eagle Acquis-Rights RIGHT 01/13/2031 200,000$36KNew
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 100,000$35KNo change
SAAQW Space Asset Acquisition Corp. *W EXP 03/31/203 50,000$35KNew
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 50,000$34KNo change
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 125,000$34KNo change
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 50,000$34KReduce -50.0%
MEVOW M Evo Global Acq -31 *W EXP 02/18/203 100,000$34KNew
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 290,981$33KReduce -1.9%
BEBE.WS Tge Value Creative Solutions *W EXP 09/16/203 137,500$33KNo change
BBCQW Bleichroeder Acquisition Cor *W EXP 12/23/203 33,333$32KNew
IRAB.WS Iris Acq Corp. II -31 *W EXP 08/15/203 125,000$31KNew
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 172,160$31KNo change
TDWDR Tailwind 2.0 Acquisition-RTS RIGHT 11/07/2030 200,000$31KNo change
TWLVR Twelve Seas Investment Co. II RIGHT 11/21/2030 200,000$30KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 100,000$30KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 150,000$30KNo change
LKSPR Lake Superior Acquisition Co. RIGHT 09/19/2030 25,000$29KNo change
LPCVW Launchpad Cadenza Acquisitio *W EXP 12/15/203 133,333$29KNo change
OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 100,000$28KNo change
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 62,500$28KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 75,000$27KNo change
ITHAW Ithax Acquisition Corp. III *W EXP 11/17/203 125,000$26KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 50,000$25KNo change
SVIAW Procap Financial Inc. *W EXP 12/05/203 88,125$25KAdd +17.5%
BLRKW Bluerock Acquisition Corp. *W EXP 12/12/203 83,333$25KNo change
NSTR.WS Viking Acquisition Corp. I *W EXP 11/03/203 83,333$25KNo change
BIII.WS Black Spade Acquisition III *W EXP 99/99/999 66,867$23KNew
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 104,317$23KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 50,000$23KNo change
IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 200,000$22KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 74,700$22KNo change
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 100,000$21KNo change
PTORW Praetorian Acquisition Corp. *W EXP 01/16/203 66,666$21KNew
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 50,000$21KNo change
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 357,933$20KNo change

Largest 200 of 260 shown.

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q4 2025 → Q1 2026
ZTS Zoetis Inc. Sold out 0.00% −1.55
CRWV Coreweave Inc. Class A Sold out 0.00% −1.14
BCAR D. Boral Arc Acquisit Class A Reduce -40.8% 0.98% −1.03
GFUZ General Fusion Group Ltd. Reduce -31.2% 1.22% −0.95
PLMK Plum Acquisition Corp. IV Reduce -14.6% 1.72% −0.72
FTW Eqv Ventures Acquisition C-A Sold out 0.00% −0.67
TWLVU Twelve Seas Investment Co. II Sold out 0.00% −0.66
FACT Fact II Acquisition Corp. Reduce -33.3% 0.57% −0.47
CEPT Cantor Equity Partners Class A Reduce -48.6% 0.24% −0.35
TLNC Talon Capital Corp. Class A Reduce -0.4% 1.24% −0.27
AAM Aa Mission Acquisition Cor-A Sold out 0.00% −0.26
CHAC Crane Harbor Acqu Corp. Class A Sold out 0.00% −0.26
KPTI Karyopharm Therapeutics Inc. Sold out 0.00% −0.15
CCXIU Churchill Capital Corp. Xi Sold out 0.00% −0.08

Portfolio Buys Q4 2025 → Q1 2026
HACQU HCM IV Acquisition Corp. New 2.05% +2.05
LBRT Liberty Energy Inc. New 1.48% +1.48
SUMAU Suma Acquisition Corp. New 1.36% +1.36
MZYX.U Mozayyx Acquisition Corp. New 1.35% +1.35
DBCA D. Boral Acquisition I Class A New 1.34% +1.34
ALOV Aldabra 4 Liquidity Opp Class A New 1.07% +1.07
IPXG Inflection Point Acquisition New 1.07% +1.07
XSLL Xsolla Spac 1 Class A New 1.03% +1.03
CEPS Cantor Equity Partners Vi -A New 0.96% +0.96
GLED.U Galaxyedge Acquisition Corp. New 0.82% +0.82
PAACU Proem Acquisition Corp. I New 0.82% +0.82
SVIV Spring Valley Acquisitio-A New 0.81% +0.81
KRAQ Krakacquisition Corp. Class A New 0.80% +0.80
ILLUU Illumination Acquisition Cor New 0.76% +0.76
CTAAU Clearthink 1 Acquisition Cor New 0.68% +0.68
WPAC White Pearl Acquisition Co. Class A New 0.67% +0.67
IRAB Iris Acquisition Corp. I Class A New 0.67% +0.67
IPFXU Inflection Point Acquisition New 0.55% +0.55
IEAG Infinite Eagle Class-A New 0.54% +0.54
IACOU Idea Acquisition Corp. New 0.54% +0.54
QADRU Qdro Acquisition Corp. New 0.54% +0.54
BIII Black Spade Acquisition Class A New 0.54% +0.54
MEVO M Evo Global Acquisitio Class A New 0.54% +0.54
PTOR Praetorian Acquisition Cor-A New 0.53% +0.53
SAAQ Space Asset Acquisition Class A New 0.41% +0.41
GPAC General Purpose Acquisit-A New 0.40% +0.40
ZKP Lafayette Digital Acquisitio New 0.40% +0.40
MUZE Muzero Acquisition Corp. Class A New 0.40% +0.40
BBCQ Bleichroeder Acquis II Class A New 0.27% +0.27
ARCI Archimedes Tech Spac Partner New 0.27% +0.27
WLIIU Willow Lane Acquisition Corp. New 0.21% +0.21
GIX GIGCAPITAL9 Corp. Class A New 0.20% +0.20

Notes & Other Activity Q4 2025 → Q1 2026
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal Add +4.4% 237,716,000 $197.9M
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +14.3% 54,688,217 $195.5M
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal Add +18.0% 39,817,000 $125.4M
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal Add +0.7% 117,959,000 $113.1M
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Add +78.9% 99,377,000 $106.6M
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal Add +28.5% 106,093,000 $102.6M
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal Reduce -6.4% 75,787,000 $101.6M
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal New 107,035,000 $86.2M
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal Reduce -10.7% 71,254,000 $79.9M
FLUENCE ENERGY INC (FLNC 2.25 06/15/30) NOTE 2.250% 6/1 · principal Add +1.9% 78,672,000 $79.4M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal Add +1.4% 98,762,000 $79.0M
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal Add +18.2% 81,306,000 $78.5M
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal Add +57.5% 85,468,000 $76.4M
JOBY AVIATION INC (JOBY 0.75 02/15/32) NOTE 0.750% 2/1 · principal New 87,000,000 $74.8M
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal Add +8.8% 77,841,000 $70.2M
INTEGER HOLDINGS CORP (ITGR 1.875 03/15/30) DBCV 1.875% 3/1 · principal New 72,999,000 $70.0M
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal Reduce -9.4% 70,806,000 $68.5M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal Reduce -7.9% 52,933,000 $66.9M
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal Reduce -17.1% 61,300,000 $64.1M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Add +10.7% 69,704,000 $63.3M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +92.1% 63,706,000 $61.2M
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal Add +111.1% 66,931,000 $60.6M
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal Add +7.7% 22,740,000 $60.4M
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal Add +19.4% 67,082,000 $59.4M
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal Add +12.8% 65,121,000 $58.9M
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal Add +41.5% 59,619,000 $58.1M
UPSTART HOLDINGS INC (UPST 1 11/15/30) NOTE 1.000%11/1 · principal Add +29.9% 78,174,000 $55.7M
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Sold out 41,946,000 $54.8Mbefore exit
GROUPON INC (GRPN 4.875 06/30/30 UNRS) NOTE 4.875% 6/3 · principal Reduce -6.8% 65,101,000 $53.3M
STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal New 58,211,000 $51.0M
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal New 56,300,000 $49.9M
PORCH GROUP INC (PRCH 9 05/15/30) DEBT 9.000% 5/1 · principal Add +27.4% 46,500,000 $49.6M
NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 New 935,000 $47.0M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal New 51,000,000 $46.0M
RAMACO RESOURCES INC (METC 0 11/01/31) NOTE 11/0 · principal Add +57.0% 60,005,000 $45.9M
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal New 43,000,000 $44.1M
GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) NOTE 5.250%11/0 · principal Add +5.6% 29,052,000 $41.0M
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) NOTE 1.500% 3/1 · principal Reduce -52.5% 38,500,000 $39.3M
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal Reduce -2.6% 71,771,000 $38.2M
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) NOTE 2.250% 7/0 · principal Reduce -43.4% 21,983,000 $37.8M
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal Sold out 28,015,000 $37.6Mbefore exit
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal Reduce -14.3% 14,970,000 $36.5M
MITEK SYSTEMS INC (MITK 0.75 02/01/26) NOTE 0.750% 2/0 · principal Sold out 33,750,000 $33.4Mbefore exit
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal New 33,000,000 $33.0M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Sold out 550,000 $32.7Mbefore exit
PAGAYA TECHNOLOGIES LTD (PGY 6.125 10/01/29) NOTE 6.125%10/0 · principal New 28,225,000 $32.5M
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal Reduce -3.3% 29,709,000 $30.4M
ORACLE CORP (ORCL 6.5 01/15/29 D) 6.5 DEP CUM SR D New 675,000 $30.4M
ZENAS BIOPHARMA INC (ZBIO 2.5 04/01/32) NOTE 2.500% 4/0 · principal New 29,100,000 $30.1M
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal Reduce -36.0% 26,649,000 $25.7M

Showing the first 50 of 143.

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