CSS LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), CSS LLC reported 528 stock positions worth $597.7 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 3.3% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 3.0%) and iShares Gold Trust (IAU, 2.7%). Compared with Q3 2025, it opened 160 new positions, sold out of 112, added to 145 and reduced 154. The biggest buy was a new position in Sofi Technologies (SOFI) and the biggest sale an exit from China Fund.
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001103646
- Portfolio Value
- $597.7M (Q4 2025)
- SEC Filing
- 0001103646-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 528 stocks · $597.7M
| VOO Vanguard S&P 500 ETF | 3.32% | 31,650 | $19.8M | Add +13.1% |
| RSP Invesco S&P 500 Equal Weight | 3.04% | 94,842 | $18.2M | Add +6.0% |
| IAU iShares Gold Trust | 2.68% | 197,260 | $16.0M | Add +6.5% |
| SWZ Total Return Securities Fund | 1.73% | 1,659,007 | $10.3M | Add +204.6% |
| SOFI Sofi Technologies Inc. | 1.57% | 358,863 | $9.4M | New |
| STEW SRH Total Return Fund Inc. | 1.43% | 461,965 | $8.6M | Add +0.0% |
| DMII Drugs Made in America Acquis | 1.33% | 806,001 | $8.0M | Reduce -1.4% |
| IRHOU Iron Horse Acquisition II Co. | 1.23% | 738,100 | $7.3M | New |
| TACH Titan Acquisition Corp. Class A | 1.21% | 708,268 | $7.3M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.21% | 10,646 | $7.3M | Reduce -50.0% |
| WDC Western Digital Corp. | 1.15% | 39,823 | $6.9M | Add +2.8% |
| WENN Wen Acquisition Corp. Class A | 1.09% | 647,631 | $6.5M | Add +18.3% |
| ITHAU Ithax Acquisition Corp. III | 0.99% | 593,710 | $5.9M | New |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 0.97% | 205,764 | $5.8M | No change |
| SVIA Silvia Inc. filed as PROCAP FINL INC | 0.91% | 1,548,500 | $5.5M | New |
| CTA Simplify Managed Futures St | 0.88% | 193,515 | $5.3M | Add +29.8% |
| BRW Saba Capital Income & Opport | 0.87% | 739,304 | $5.2M | Add +542.7% |
| LKSP Lake Superior Acquisiti Class A | 0.79% | 465,815 | $4.7M | New |
| IPCX Inflection Point Acquisiti-A | 0.77% | 454,422 | $4.6M | No change |
| MESHU Meshflow Acquisition Corp. | 0.75% | 446,548 | $4.5M | New |
| XRSFX Rivernorth Capital & Income | 0.71% | 294,880 | $4.2M | Add +23.0% |
| RKLB Rocket Lab Corp. | 0.69% | 59,127 | $4.1M | Reduce -4.4% |
| MXE Mexico Equity and Income FD | 0.69% | 332,579 | $4.1M | Reduce -7.9% |
| AVUV Avantis US Small Cap Value | 0.67% | 39,420 | $4.0M | Add +1.3% |
| RAAQ Real Asset Acquisiti Class A | 0.66% | 386,748 | $4.0M | No change |
| TACO Berto Acquisition Corp. | 0.62% | 364,881 | $3.7M | Add +2365.1% |
| AVES Avantis Emerging Markets Val | 0.61% | 62,973 | $3.7M | No change |
| GLD SPDR Gold Shares | 0.61% | 9,230 | $3.7M | Reduce -18.4% |
| DFSV Dimensional US Small Cap Val | 0.60% | 109,020 | $3.6M | Add +27.1% |
| FG MERGER II CORP | 0.59% | 352,136 | $3.5M | No change |
| RDAG Republic Digital Acquis Class A | 0.59% | 345,952 | $3.5M | Reduce -11.0% |
| LPBB Launch Two Acquisition Class A | 0.58% | 328,620 | $3.4M | No change |
| IVLU iShares MSCI International V | 0.57% | 90,270 | $3.4M | Add +8.4% |
| LLYVA Liberty Live Holdings Class A | 0.57% | 41,755 | $3.4M | No change |
| BE Bloom Energy Corp. Class A | 0.56% | 38,323 | $3.3M | Add +8.8% |
| EWJV iShares MSCI Japan Value ETF | 0.55% | 82,513 | $3.3M | Add +1.0% |
| CYBR Cyberark Software Ltd./Israel | 0.53% | 7,094 | $3.2M | Add +21.2% |
| DBC Invesco DB Commodity Index T | 0.53% | 140,422 | $3.1M | Add +5.9% |
| FIGX Figx Capital Acquisition C-A | 0.50% | 299,799 | $3.0M | No change |
| PSKY Paramount Skydance Class B | 0.50% | 224,279 | $3.0M | Add +6.7% |
| CDTX Cidara Therapeutics Inc. | 0.50% | 13,500 | $3.0M | New |
| AXON Axon Enterprise Inc. | 0.48% | 5,053 | $2.9M | Add +2.4% |
| SMTC Semtech Corp. | 0.48% | 38,535 | $2.8M | Add +7.5% |
| CHPG Championsgate Acquisitio-A | 0.47% | 273,137 | $2.8M | No change |
| DAY Dayforce Inc. | 0.46% | 39,799 | $2.8M | New |
| GM General Motors Co. | 0.46% | 33,575 | $2.7M | Add +17.6% |
| FERA Fifth Era Acquisition Corp. Class A | 0.46% | 264,731 | $2.7M | No change |
| SLV iShares Silver Trust | 0.45% | 42,140 | $2.7M | Add +1.9% |
| EFA iShares MSCI Eafe ETF | 0.43% | 27,020 | $2.6M | Reduce -15.0% |
| ADACU American Drive Acquisition C | 0.42% | 250,000 | $2.5M | New |
| DYOR Insight Digital Partners I-A | 0.41% | 250,000 | $2.5M | New |
| CMA Comerica Inc. | 0.41% | 27,879 | $2.4M | New |
| CVAC Curevac NV | 0.38% | 506,847 | $2.3M | Add +85.3% |
| PEO Adams Natural Resources Fund | 0.36% | 99,468 | $2.2M | Reduce -12.2% |
| CET Central Securities Corp. | 0.36% | 42,607 | $2.2M | No change |
| PACH Pioneer Acquisition I Class A | 0.36% | 212,388 | $2.1M | No change |
| CVX Chevron Corp. | 0.36% | 13,982 | $2.1M | Reduce -12.5% |
| LNSR Lensar Inc. | 0.35% | 180,570 | $2.1M | Reduce -1.4% |
| KMLM Kraneshares MT LC MN FT Id S | 0.34% | 78,027 | $2.0M | Add +7.8% |
| DFIV Dimensional International Va | 0.34% | 40,350 | $2.0M | No change |
| GAM General American Investors | 0.33% | 33,268 | $2.0M | Reduce -3.8% |
| CEPV Cantor Equity Partners Class A | 0.32% | 184,693 | $1.9M | New |
| IVZ Invesco Ltd. | 0.31% | 70,533 | $1.9M | Reduce -21.6% |
| EXPE Expedia Group Inc. | 0.29% | 6,068 | $1.7M | Reduce -6.9% |
| CCK Crown Holdings Inc. | 0.29% | 16,589 | $1.7M | Add +108.9% |
| SPE Special Opportunities Fund | 0.28% | 115,979 | $1.7M | No change |
| BCS Barclays PLC-Spons ADR | 0.28% | 66,566 | $1.7M | Reduce -10.9% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.28% | 31,707 | $1.7M | Reduce -5.1% |
| MRK Merck & Co. Inc. | 0.28% | 15,925 | $1.7M | Reduce -9.8% |
| C Citigroup Inc. | 0.28% | 14,298 | $1.7M | Reduce -9.5% |
| BHF Brighthouse Financial Inc. | 0.28% | 25,500 | $1.7M | New |
| SSNC Ss&c Technologies Holdings | 0.28% | 18,800 | $1.6M | Add +10.7% |
| EWZ iShares MSCI Brazil ETF | 0.27% | 51,520 | $1.6M | Add +24.1% |
| SYF Synchrony Financial | 0.27% | 19,504 | $1.6M | Reduce -3.3% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 30,020 | $1.6M | Reduce -6.5% |
| MDY State Street SPDR S&P Midcap | 0.26% | 2,580 | $1.6M | Add +89.7% |
| DFJ Wisdomtree JPN S/C DVD Fund | 0.26% | 16,146 | $1.6M | Add +3.8% |
| MTSI Macom Technology Solutions H | 0.26% | 9,018 | $1.5M | New |
| PNC PNC Financial Services Group | 0.26% | 7,400 | $1.5M | New |
| JHG Janus Henderson Group PLC | 0.26% | 32,237 | $1.5M | Add +72.9% |
| NEE Nextera Energy Inc. | 0.26% | 18,995 | $1.5M | Reduce -5.0% |
| NWE Northwestern Energy Group Inc. | 0.25% | 23,600 | $1.5M | New |
| PEP Pepsico Inc. | 0.25% | 10,419 | $1.5M | Add +105.5% |
| BTI British American Tob-SP ADR | 0.25% | 26,170 | $1.5M | Reduce -6.5% |
| DELL Dell Technologies -C | 0.25% | 11,740 | $1.5M | Add +27.5% |
| FCRS Futurecrest Acquisition Class A | 0.24% | 143,748 | $1.5M | Reduce -28.1% |
| CMI Cummins Inc. | 0.24% | 2,840 | $1.4M | Reduce -11.0% |
| CIO City Office REIT Inc. | 0.24% | 207,013 | $1.4M | Add +1970.1% |
| CVS CVS Health Corp. | 0.24% | 18,221 | $1.4M | Reduce -2.8% |
| CCII Cohen Circle Acquisit II - A | 0.24% | 140,340 | $1.4M | Reduce -33.0% |
| PPC Pilgrim's Pride Corp. | 0.24% | 36,767 | $1.4M | Add +11.7% |
| MAT Mattel Inc. | 0.24% | 72,032 | $1.4M | Reduce -13.1% |
| BWA Borgwarner Inc. | 0.24% | 31,526 | $1.4M | Add +120.9% |
| FIS Fidelity National Info Serv | 0.23% | 20,846 | $1.4M | Add +2.2% |
| PYPL PayPal Holdings Inc. | 0.23% | 23,693 | $1.4M | Add +26.9% |
| HPE Hewlett Packard Enterprise | 0.23% | 57,216 | $1.4M | Add +13.2% |
| PM Philip Morris International | 0.23% | 8,460 | $1.4M | Add +28.2% |
| THC Tenet Healthcare Corp. | 0.23% | 6,790 | $1.3M | Add +13.0% |
| ADT Adt Inc. | 0.22% | 166,140 | $1.3M | Reduce -3.3% |
| UHS Universal Health Services-B | 0.22% | 6,079 | $1.3M | Add +12.6% |
Options reported separately and not counted above: WESTERN DIGITAL CORP puts ($56.8M), SPY calls ($49.6M), MSTR puts ($42.8M), GME puts ($29.3M), GLD puts ($24.6M), SPY puts ($22.2M), AAL puts ($18.6M), SOFI puts ($14.3M), RKLB puts ($10.6M), ECHO puts ($9.3M), RIVN puts ($7.0M), NIO puts ($5.7M), and 236 more.
Other holdings (223): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 37,825,753 | $126.5M | Add +162.5% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 40,464,000 | $115.0M | Add +14.1% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 65,074,000 | $75.4M | Add +4.0% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 44,792,000 | $61.5M | Reduce -28.2% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 30,268,000 | $50.9M | Add +18.6% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 32,756,000 | $47.6M | Reduce -27.6% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 18,936,000 | $44.4M | No change |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 7,500,000 | $39.9M | Reduce -44.4% |
| TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) | DEB 4.625% 9/3 · principal | 27,333,000 | $37.6M | Add +19.8% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 26,500,000 | $29.8M | Add +1666.7% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 23,661 | $29.5M | Add +554.9% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 11,000,000 | $20.1M | New |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 2,031,951 | $17.2M | Add +99.4% |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | 13,980,000 | $15.9M | No change |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 10,393,000 | $15.4M | Reduce -4.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 15,505,000 | $15.4M | Add +120.4% |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 10,500,000 | $14.8M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 10,317,000 | $14.6M | Add +246.6% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 10,300,000 | $14.1M | Reduce -62.2% |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | 17,000,000 | $13.8M | Add +6.3% |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | 17,118,000 | $13.1M | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 12,500,000 | $13.0M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 11,464,000 | $12.6M | New |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | 10,140,000 | $12.3M | New |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 5,124,000 | $11.8M | Reduce -70.2% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 200,173 | $11.7M | Reduce -27.5% |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | 3,000,000 | $10.5M | No change |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | NOTE 2.500% 6/1 · principal | 6,822,000 | $10.1M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 9,331,000 | $9.7M | Add +483.2% |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 4,210,000 | $9.1M | New |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | 11,500,000 | $9.0M | New |
| PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) | NOTE 1.500% 9/1 · principal | 6,000,000 | $8.9M | Reduce -62.5% |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | 7,885,000 | $8.8M | Reduce -33.7% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 9,500,000 | $8.5M | Add +137.5% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 6,969,000 | $8.4M | Add +178.8% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 8,780,000 | $8.3M | Add +240.3% |
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | 323,419 | $8.0M | Add +6.4% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 7,585,000 | $7.9M | Add +212.0% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 5,632,000 | $7.7M | No change |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 6,480,000 | $7.3M | Reduce -13.6% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 6,372,000 | $7.2M | New |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 7,000,000 | $7.0M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 5,200,000 | $6.5M | No change |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 5,000,000 | $5.9M | New |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | 5,256,000 | $5.5M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 3,429,000 | $5.4M | Reduce -86.0% |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | 5,037,000 | $5.2M | Reduce -37.3% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 4,974,000 | $4.9M | Reduce -39.9% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 3,796,000 | $4.8M | Reduce -24.1% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 4,583,000 | $4.7M | Add +81.5% |
| STRATEGY INC (MSTR 0.625 09/15/28) | NOTE 0.625% 9/1 · principal | 3,900,000 | $4.6M | Reduce -73.1% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 3,639,000 | $4.6M | Reduce -20.1% |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 5,000,000 | $4.5M | No change |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 3,390,000 | $4.3M | Reduce -69.8% |
| SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) | NOTE 2.250% 7/0 · principal | 3,652,000 | $4.2M | Reduce -50.3% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 2,550,000 | $4.0M | New |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 67,921 | $3.8M | Reduce -50.2% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 3,735,000 | $3.7M | New |
| HERTZ CORP/THE (HTZ 8 07/15/29) | NOTE 8.000% 7/1 · principal | 3,165,999 | $3.6M | No change |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 3,536,000 | $3.5M | Add +9722.2% |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 · principal | 2,755,000 | $3.2M | Reduce -26.6% |
| CLEANSPARK INC (CLSK 0 06/15/30) | NOTE 6/1 · principal | 3,000,000 | $3.1M | New |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 3,349,000 | $3.0M | New |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 2,935,000 | $3.0M | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 2,978,000 | $2.9M | New |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 49,843 | $2.9M | New |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 3,000,000 | $2.9M | Add +50.0% |
| RIOT PLATFORMS INC (RIOT 0.75 01/15/30) | NOTE 0.750% 1/1 · principal | 2,500,000 | $2.8M | New |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | 2,542,000 | $2.7M | Reduce -62.0% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 2,516,000 | $2.6M | Reduce -55.4% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 2,500,000 | $2.4M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 2,442,000 | $2.4M | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 2,510,000 | $2.3M | Reduce -1.8% |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 27,910 | $2.2M | New |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | 2,500,000 | $2.1M | New |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 2,000,000 | $1.9M | No change |
| PL.WS Planet Labs PBC -CW26 | *W EXP 12/06/202 | 185,303 | $1.6M | Reduce -52.6% |
| XEROX HOLDINGS CORP (XRX 3.75 03/15/30) | NOTE 3.750% 3/1 · principal | 5,634,000 | $1.6M | Add +13.8% |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 1,500,000 | $1.6M | New |
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 | 28,523 | $1.6M | New |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 1,476,000 | $1.5M | No change |
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | 1,491,000 | $1.4M | No change |
| GREEN PLAINS INC | DEBT 5.250%11/0 · principal | 1,270,000 | $1.3M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 1,087,000 | $1.3M | Add +8.7% |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | 765,000 | $1.3M | New |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 15,149 | $1.2M | Add +34.9% |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 744,914 | $1.2M | Add +161.6% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 22,233 | $1.1M | Reduce -7.4% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 16,284 | $1.1M | Add +15.9% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 12,665 | $955K | Reduce -81.5% |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 202,733 | $916K | Add +0.6% |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 853,000 | $873K | Reduce -57.4% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 782,000 | $800K | Reduce -21.8% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 832,000 | $792K | Reduce -88.3% |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 855,972 | $749K | Add +0.5% |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 36,157 | $697K | Add +8.7% |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 1,025,000 | $696K | Reduce -84.2% |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | 106,679 | $378K | Add +183.6% |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 372,000 | $373K | New |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 375,000 | $371K | New |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 374,000 | $369K | Add +24.3% |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 1,162,788 | $366K | No change |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 350,000 | $338K | New |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 1,600,882 | $328K | No change |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 521,141 | $302K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 950,373 | $300K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 540,426 | $297K | Add +1.5% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 132,383 | $238K | Reduce -82.5% |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 761,739 | $236K | No change |
| DAVEW Dave Inc. -CW27 | *W EXP 01/05/202 | 7,495 | $221K | New |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 200,000 | $202K | Reduce -92.0% |
| RAAQW REAL ASSET AQC Corp -30 | *W EXP 04/24/203 | 463,451 | $199K | Add +4.1% |
| TDACW Translational Dev -A -CW26 | *W EXP 12/18/202 | 582,037 | $180K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 19,445 | $164K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 655,424 | $164K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 43,070 | $163K | No change |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 394,899 | $162K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 246,166 | $160K | No change |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 34,847 | $156K | Reduce -41.9% |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 533,299 | $154K | Add +43.0% |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 294,423 | $153K | New |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 538,657 | $145K | Reduce -35.1% |
| SOUNW Soundhound AI Inc. | *W EXP 04/26/202 | 41,417 | $144K | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 129,000 | $138K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 300,805 | $135K | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 33,473 | $134K | No change |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 66,340 | $133K | Add +18.5% |
| LKSPR Lake Superior Acquisition Co. | RIGHT 09/19/2030 | 66,545 | $126K | New |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 127,538 | $126K | Add +45.8% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 221,811 | $122K | Reduce -19.0% |
| BDCIW BTC Development Corp. - 30 | *W EXP 09/11/203 | 167,766 | $114K | Reduce -5.2% |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 80,600 | $113K | Reduce -90.1% |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 443,780 | $111K | No change |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 335,762 | $111K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 226,606 | $102K | Reduce -81.1% |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 113,213 | $102K | New |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 226,262 | $102K | No change |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 186,736 | $99K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 306,505 | $98K | Reduce -59.2% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 94,000 | $95K | New |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 114,444 | $92K | Reduce -22.8% |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 109,326 | $86K | Reduce -18.6% |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 140,625 | $84K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 35,056 | $84K | Add +27.5% |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 219,907 | $81K | Add +1.9% |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 289,368 | $79K | No change |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | 305,019 | $79K | No change |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 75,000 | $76K | New |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 653,814 | $73K | Reduce -7.1% |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 270,486 | $73K | Add +30.5% |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | 72,098 | $65K | Reduce -33.4% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 54,000 | $64K | New |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 23,398 | $62K | No change |
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | 91,806 | $59K | New |
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 19,141 | $58K | New |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 57,000 | $53K | Add +72.7% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 60,034 | $53K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 375,778 | $53K | No change |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 54,000 | $52K | New |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 34,142 | $51K | No change |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 20,000 | $50K | No change |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 50,000 | $48K | New |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 97,794 | $47K | New |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 748,037 | $47K | No change |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 31,250 | $47K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 170,835 | $46K | Reduce -22.6% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 44,000 | $44K | Reduce -98.3% |
| MBVIW M3-Brigade Acquisition Vi Co. | *W EXP 08/18/203 | 111,690 | $41K | New |
| DYORW Insight Digital Partners II | *W EXP 10/28/203 | 125,000 | $41K | New |
| ADSEW ADS-Tec Energy PLC-WRNT | *W EXP 99/99/999 | 33,306 | $40K | Add +65.7% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 41,000 | $39K | New |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 158,948 | $38K | No change |
| GTERW Globa Terra Acquisition - 30 | *W EXP 06/17/203 | 301,600 | $38K | No change |
| ANNAW Aleanna Inc. Class A - 29 | *W EXP 12/13/202 | 265,398 | $38K | No change |
| YCY.WS Aa Mission Acquisition -31 | *W EXP 07/23/203 | 168,833 | $37K | New |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 132,521 | $37K | No change |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 52,400 | $37K | No change |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 29,000 | $34K | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 33,000 | $33K | New |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 147,591 | $32K | No change |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 77,955 | $31K | Add +81.4% |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 204,299 | $31K | No change |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 100,000 | $30K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 80,613 | $30K | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 30,000 | $29K | New |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 105,918 | $29K | Add +946.6% |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 30,000 | $29K | New |
| HVMCW Highview Merger Corp. - 30 | *W EXP 07/24/203 | 105,075 | $28K | New |
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | 572,541 | $28K | Add +4.3% |
| NXATW K Wave Media Ltd.-28 | *W EXP 05/14/203 | 910,853 | $27K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 13,960 | $27K | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 27,000 | $27K | New |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | 16,662 | $27K | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 25,000 | $25K | New |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 137,332 | $23K | Reduce -25.6% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 23,000 | $23K | Reduce -88.8% |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 104,653 | $23K | Reduce -27.6% |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 24,768 | $18K | Reduce -50.5% |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 25,000 | $18K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 49,400 | $17K | No change |
Largest 200 of 223 shown.
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q3 2025 → Q4 2025
| CHINA FUND INC | Sold out | 0.00% | −2.23 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −1.50 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -50.0% | 1.21% | −1.26 |
| BDCIU BTC Development Corp. | Sold out | 0.00% | −1.25 |
| K Kellanova | Sold out | 0.00% | −1.07 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −1.05 |
| CEPF Cantor Equity Partners Class A | Reduce -81.4% | 0.21% | −0.95 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.86 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.73 |
| IBIT iShares Bitcoin Trust ETF | Reduce -71.5% | 0.16% | −0.62 |
| ALE Allete Inc. | Sold out | 0.00% | −0.61 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.43 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.41 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.40 |
| DKS Dick's Sporting Goods Inc. | Reduce -83.9% | 0.05% | −0.33 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.32 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.31 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.31 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.30 |
| XPHDX Pioneer Floating Rate Fund | Sold out | 0.00% | −0.30 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.27 |
| GH Guardant Health Inc. | Sold out | 0.00% | −0.26 |
| CCRN Cross Country Healthcare Inc. | Reduce -26.0% | 0.18% | −0.26 |
| AR Antero Resources Corp. | Reduce -70.8% | 0.10% | −0.26 |
| T AT&T Inc. | Reduce -61.8% | 0.11% | −0.23 |
| SMR Nuscale Power Corp. | Reduce -92.2% | 0.01% | −0.22 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.21 |
| UGI Ugi Corp. | Sold out | 0.00% | −0.21 |
| SHEL Shell PLC-ADR | Reduce -51.8% | 0.18% | −0.20 |
| ZTR Virtus Total Return Fund Inc. | Reduce -68.5% | 0.08% | −0.20 |
| COIN Coinbase Global Inc. Class A | Reduce -58.8% | 0.07% | −0.19 |
| CORZ Core Scientific Inc. | Reduce -60.2% | 0.09% | −0.19 |
| PENN Penn Entertainment Inc. | Reduce -79.8% | 0.03% | −0.19 |
| CEPT Cantor Equity Partners Class A | Sold out | 0.00% | −0.19 |
| APACU Stonebridge Acquisition II C | Sold out | 0.00% | −0.17 |
| CCRD Corecard Corp. | Sold out | 0.00% | −0.17 |
| GPOR Gulfport Energy Corp. | Reduce -57.4% | 0.15% | −0.17 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −0.16 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.15 |
| CMCSA Comcast Corp. Class A | Reduce -49.3% | 0.12% | −0.14 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −0.14 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.14 |
| ACI Albertsons Cos Inc. Class A | Reduce -70.6% | 0.05% | −0.13 |
| LEU Centrus Energy Corp. Class A | Sold out | 0.00% | −0.13 |
| CCII Cohen Circle Acquisit II - A | Reduce -33.0% | 0.24% | −0.13 |
| WEN The Wendy's Co. | Reduce -87.5% | 0.02% | −0.13 |
| BP BP PLC-Spons ADR | Reduce -51.9% | 0.11% | −0.13 |
| FCRS Futurecrest Acquisition Class A | Reduce -28.1% | 0.24% | −0.13 |
| AEXA American Exceptionalism Class A | Sold out | 0.00% | −0.13 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −0.12 |
Portfolio Buys Q3 2025 → Q4 2025
| SOFI Sofi Technologies Inc. | New | 1.57% | +1.57 |
| IRHOU Iron Horse Acquisition II Co. | New | 1.23% | +1.23 |
| SWZ Total Return Securities Fund | Add +204.6% | 1.73% | +1.15 |
| ITHAU Ithax Acquisition Corp. III | New | 0.99% | +0.99 |
| SVIA Silvia Inc. | New | 0.91% | +0.91 |
| LKSP Lake Superior Acquisiti Class A | New | 0.79% | +0.79 |
| MESHU Meshflow Acquisition Corp. | New | 0.75% | +0.75 |
| BRW Saba Capital Income & Opport | Add +542.7% | 0.87% | +0.71 |
| TACO Berto Acquisition Corp. | Add +2365.1% | 0.62% | +0.59 |
| CDTX Cidara Therapeutics Inc. | New | 0.50% | +0.50 |
| DAY Dayforce Inc. | New | 0.46% | +0.46 |
| ADACU American Drive Acquisition C | New | 0.42% | +0.42 |
| DYOR Insight Digital Partners I-A | New | 0.41% | +0.41 |
| CMA Comerica Inc. | New | 0.41% | +0.41 |
| WDC Western Digital Corp. | Add +2.8% | 1.15% | +0.34 |
| VOO Vanguard S&P 500 ETF | Add +13.1% | 3.32% | +0.33 |
| IAU iShares Gold Trust | Add +6.5% | 2.68% | +0.33 |
| CEPV Cantor Equity Partners Class A | New | 0.32% | +0.32 |
| BHF Brighthouse Financial Inc. | New | 0.28% | +0.28 |
| MTSI Macom Technology Solutions H | New | 0.26% | +0.26 |
| PNC PNC Financial Services Group | New | 0.26% | +0.26 |
| NWE Northwestern Energy Group Inc. | New | 0.25% | +0.25 |
| CIO City Office REIT Inc. | Add +1970.1% | 0.24% | +0.23 |
| XLRE SS Real Estate Select Sector | New | 0.22% | +0.22 |
| UTF Cohen & Steers Infrastructur | New | 0.22% | +0.22 |
| PSA Public Storage | New | 0.22% | +0.22 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 0.21% | +0.21 |
| EXAS Exact Sciences Corp. | New | 0.20% | +0.20 |
| BNTX Biontech SE-ADR | New | 0.19% | +0.19 |
| INVH Invitation Homes Inc. | New | 0.18% | +0.18 |
| THS Treehouse Foods Inc. | New | 0.17% | +0.17 |
| VHCPU Vine Hill Capital Investment | New | 0.16% | +0.16 |
| AL Sumisho Air Lease Corp. | New | 0.16% | +0.16 |
| SO The Southern Co. | New | 0.16% | +0.16 |
| CTA Simplify Managed Futures St | Add +29.8% | 0.88% | +0.16 |
| GM General Motors Co. | Add +17.6% | 0.46% | +0.15 |
| CCK Crown Holdings Inc. | Add +108.9% | 0.29% | +0.15 |
| PG The Procter & Gamble Co. | New | 0.15% | +0.15 |
| SLV iShares Silver Trust | Add +1.9% | 0.45% | +0.15 |
| ATXS Astria Therapeutics Inc. | New | 0.15% | +0.15 |
| WDAY Workday Inc. Class A | Add +533.5% | 0.18% | +0.15 |
| QRVO Qorvo Inc. | New | 0.14% | +0.14 |
| LPCVU Launchpad Cadenza Acquisitio | New | 0.14% | +0.14 |
| USFD US Foods Holding Corp. | Add +188.3% | 0.22% | +0.14 |
| MBCN Middlefield Banc Corp. | New | 0.14% | +0.14 |
| IT Gartner Inc. | New | 0.13% | +0.13 |
| TDWDU Tailwind 2.0 Acquisition Cor | New | 0.13% | +0.13 |
| BWA Borgwarner Inc. | Add +120.9% | 0.24% | +0.13 |
| WENN Wen Acquisition Corp. Class A | Add +18.3% | 1.09% | +0.13 |
| CVAC Curevac NV | Add +85.3% | 0.38% | +0.13 |
Options Activity Q3 2025 → Q4 2025
| WESTERN DIGITAL CORP | put | New | 330,000 | $56.8M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Add +65.2% | 72,700 | $49.6M |
| MSTR Strategy Inc. | put | Reduce -3.9% | 281,400 | $42.8M |
| SANDISK CORP | put | Sold out | 330,000 | $37.0Mbefore exit |
| GME Gamestop Corp. Class A | put | Reduce -8.3% | 1,457,500 | $29.3M |
| GLD SPDR Gold Shares | put | Add +77.1% | 62,000 | $24.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -48.4% | 32,500 | $22.2M |
| AAL American Airlines Group Inc. | put | Reduce -12.4% | 1,211,900 | $18.6M |
| SOFI Sofi Technologies Inc. | put | Reduce -5.2% | 544,900 | $14.3M |
| ECHO Echostar Corp. Class A | put | Add +7.9% | 85,200 | $9.3M |
| RIVN Rivian Automotive Inc. Class A | put | Add +2.6% | 355,600 | $7.0M |
| NIO Nio Inc. - ADR | put | Add +19.9% | 1,127,200 | $5.7M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 70,000 | $5.7Mbefore exit |
| K Kellanova | put | Sold out | 67,000 | $5.5Mbefore exit |
| PSKY Paramount Skydance Class B | put | Reduce -18.7% | 405,600 | $5.4M |
| ETNB 89BIO Inc. | put | Sold out | 356,000 | $5.2Mbefore exit |
| XLF SS Financial Select Sector | put | Add +118.8% | 87,500 | $4.8M |
| ARKK ARK Innovation ETF | call | Add +58.4% | 61,000 | $4.7M |
| XLE SS Energy Select Sector | put | Add +31.1% | 103,800 | $4.6M |
| XLV SS Health Care Select Sector | put | Reduce -18.0% | 28,700 | $4.4M |
| IBIT iShares Bitcoin Trust ETF | call | Add +35.2% | 86,500 | $4.3M |
| IWM iShares Russell 2000 ETF | put | New | 17,000 | $4.2M |
| TLT iShares 20+ Year Treasury BD | call | Add +10.0% | 44,000 | $3.8M |
| KRE SS SPDR S&P Regional Bank | put | Reduce -22.2% | 56,000 | $3.6M |
| ALE Allete Inc. | put | Sold out | 54,400 | $3.6Mbefore exit |
| KDK Kodiak AI Inc. | put | New | 320,000 | $3.5M |
| HIMS Hims & Hers Health Inc. | put | Add +56.1% | 99,900 | $3.2M |
| W Wayfair Inc. Class A | put | Add +42.9% | 32,000 | $3.2M |
| XLK SS Technology Select Sector | call | New | 22,000 | $3.2M |
| MARA Mara Holdings Inc. | put | Reduce -3.2% | 337,800 | $3.0M |
| SMCI Super Micro Computer Inc. | put | Add +26.6% | 101,000 | $3.0M |
| RSP Invesco S&P 500 Equal Weight | call | New | 15,000 | $2.9M |
| DUPONT DE NEMOURS INC | put | New | 70,000 | $2.8M |
| EEM iShares MSCI Emerging Market | put | Reduce -50.0% | 50,000 | $2.7M |
| K Kellanova | call | Sold out | 31,900 | $2.6Mbefore exit |
| GTLS Chart Industries Inc. | put | Sold out | 12,700 | $2.5Mbefore exit |
| UGI Ugi Corp. | put | Sold out | 76,000 | $2.5Mbefore exit |
| COIN Coinbase Global Inc. Class A | put | Add +22.1% | 10,500 | $2.4M |
| MP MP Materials Corp. | put | Reduce -37.4% | 46,800 | $2.4M |
| EA Electronic Arts Inc. | call | Add +132.7% | 11,400 | $2.3M |
| IEF iShares 7-10 Year Treasury B | put | New | 22,800 | $2.2M |
| IONQ Ionq Inc. | put | Add +69.3% | 45,200 | $2.0M |
| SPHR Sphere Entertainment Co. | put | Sold out | 32,500 | $2.0Mbefore exit |
| PLUG Plug Power Inc. | put | Add +27.3% | 1,017,800 | $2.0M |
| ASTS Ast Spacemobile Inc. | put | Reduce -5.8% | 27,500 | $2.0M |
| QS Quantumscape Corp. | put | Add +9.9% | 182,600 | $1.9M |
| RUN Sunrun Inc. | put | Reduce -27.8% | 102,600 | $1.9M |
| HOLX Hologic Inc. | put | New | 24,600 | $1.8M |
| TLT iShares 20+ Year Treasury BD | put | Sold out | 20,000 | $1.8Mbefore exit |
| CRWD CrowdStrike Holdings Inc. Class A | put | Add +111.8% | 3,600 | $1.7M |
Showing the first 50 of 346.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +162.5% | 37,825,753 | $126.5M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Add +14.1% | 40,464,000 | $115.0M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +4.0% | 65,074,000 | $75.4M |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | Reduce -28.2% | 44,792,000 | $61.5M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Add +18.6% | 30,268,000 | $50.9M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -27.6% | 32,756,000 | $47.6M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Reduce -44.4% | 7,500,000 | $39.9M |
| TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) | DEB 4.625% 9/3 · principal | Add +19.8% | 27,333,000 | $37.6M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +1666.7% | 26,500,000 | $29.8M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +554.9% | 23,661 | $29.5M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | New | 11,000,000 | $20.1M |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Add +99.4% | 2,031,951 | $17.2M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | Sold out | 13,976,000 | $16.8Mbefore exit |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | Reduce -4.3% | 10,393,000 | $15.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +120.4% | 15,505,000 | $15.4M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | New | 10,500,000 | $14.8M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +246.6% | 10,317,000 | $14.6M |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | Reduce -62.2% | 10,300,000 | $14.1M |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | Sold out | 13,678,000 | $13.8Mbefore exit |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | Add +6.3% | 17,000,000 | $13.8M |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | New | 17,118,000 | $13.1M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 12,500,000 | $13.0M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | New | 11,464,000 | $12.6M |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | New | 10,140,000 | $12.3M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 11,261,000 | $11.9Mbefore exit |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -70.2% | 5,124,000 | $11.8M |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Reduce -27.5% | 200,173 | $11.7M |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | Sold out | 39,853 | $10.8Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 10,000,000 | $10.3Mbefore exit |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | NOTE 2.500% 6/1 · principal | New | 6,822,000 | $10.1M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Sold out | 10,199,000 | $10.1Mbefore exit |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 138,969 | $9.9Mbefore exit |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +483.2% | 9,331,000 | $9.7M |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | New | 4,210,000 | $9.1M |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | New | 11,500,000 | $9.0M |
| PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) | NOTE 1.500% 9/1 · principal | Reduce -62.5% | 6,000,000 | $8.9M |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | Reduce -33.7% | 7,885,000 | $8.8M |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | Add +137.5% | 9,500,000 | $8.5M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Add +178.8% | 6,969,000 | $8.4M |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | Add +240.3% | 8,780,000 | $8.3M |
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | Add +6.4% | 323,419 | $8.0M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Add +212.0% | 7,585,000 | $7.9M |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Reduce -13.6% | 6,480,000 | $7.3M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | New | 6,372,000 | $7.2M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Sold out | 4,400,000 | $6.0Mbefore exit |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | New | 5,000,000 | $5.9M |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | Sold out | 4,000,000 | $5.6Mbefore exit |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | New | 5,256,000 | $5.5M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -86.0% | 3,429,000 | $5.4M |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | Reduce -37.3% | 5,037,000 | $5.2M |
Showing the first 50 of 200.
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 | 556 | $743.0M | RSP, VOO, WDC, IAU, SPY |
| Q1 2026 | 525 | $632.8M | RSP, VOO, IAU, PEN, HOLX |
| Q4 2025 | 528 | $597.7M | VOO, RSP, IAU, SWZ, SOFI |
| Q3 2025 | 480 | $573.5M | VOO, RSP, SPY, IAU, CHINA FUND INC |
| Q2 2025 | 472 | $537.1M | RSP, VOO, IAU, STEW, BPMC |
| Q1 2025 | 459 | $499.3M | VOO, AXON, RSP, STEW, IAU |
| Q4 2024 | 462 | $534.5M | VOO, MTSI, RSP, STEW, IAU |
| Q3 2024 | 420 | $554.6M | CCL, VOO, SPY, RSP, SMTC |
| Q2 2024 | 424 | $457.3M | VOO, SPY, RSP, STEW, ALFUU |
| Q1 2024 | 414 | $409.7M | SPY, VOO, STEW, RSP, PEO |