DSC Meridian Capital LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), DSC Meridian Capital LP reported 11 stock positions worth $124.8 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 36.4% of the portfolio, followed by Vanguard Long-Term Corp. Bond (VCLT, 17.6%) and iShares Broad Usd High Yield (USHY, 17.0%). Compared with Q3 2024, it sold out of 2, added to 8 and reduced 1. The biggest buy was Invesco Senior Loan ETF (BKLN, shares +316%) and the biggest sale an exit from iShares 20+ Year Treasury BD (TLT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001970572
Portfolio Value
$124.8M (Q4 2024)
SEC Filing
0001970572-25-000002 ↗ filed Feb 7, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $80.6M Q1 2024 Q2 2024: $121.7M Q2 2024 Q3 2024: $111.1M Q3 2024 Q4 2024: $124.8M $124.8M Q4 2024 Q1 2025: $101.1M Q1 2025 Q2 2025: $148.1M Q2 2025 Q3 2025: $200.0M Q3 2025 Q4 2025: $203.9M Q4 2025 Q1 2026: $188.9M Q1 2026 Q2 2026: $303.9M Q2 2026

Holdings 11 stocks · $124.8M
BKLN Invesco Senior Loan ETF 36.40% 2,155,992 $45.4M Add +316.4%
VCLT Vanguard Long-Term Corp. Bond 17.59% 293,500 $21.9M No change
USHY iShares Broad Usd High Yield 16.99% 576,428 $21.2M Reduce -27.1%
VST Vistra Corp. 9.48% 85,809 $11.8M No change
HCP Hashicorp Inc. Class A 8.99% 327,790 $11.2M Add +33.4%
TECK Teck Resources Ltd.-CLS B 5.45% 167,746 $6.8M Add +60.6%
TLN Talen Energy Corp. 3.11% 19,239 $3.9M Add +713.8%
GEV GE Vernova Inc. 0.61% 2,328 $766K Add +33.2%
GLW Corning Inc. 0.49% 12,876 $612K Add +33.4%
NRG NRG Energy Inc. 0.48% 6,617 $597K Add +32.2%
CEG Constellation Energy 0.42% 2,320 $519K Add +31.8%

Options reported separately and not counted above: HYG puts ($122.9M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $25.6M (not counted above)
SecurityClassShares / PrincipalValueChange
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 15,900,000$14.5MNo change
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 5,000,000$6.3MNo change
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 600,000$4.9MNo change

Total filed on the 13F, all lines: $150.4M.

Portfolio Sells Q3 2024 → Q4 2024
TLT iShares 20+ Year Treasury BD Sold out 0.00% −15.08
USHY iShares Broad Usd High Yield Reduce -27.1% 16.99% −9.79
HBM Hudbay Minerals Inc. Sold out 0.00% −3.32

Portfolio Buys Q3 2024 → Q4 2024
BKLN Invesco Senior Loan ETF Add +316.4% 36.40% +26.61
TLN Talen Energy Corp. Add +713.8% 3.11% +2.73
HCP Hashicorp Inc. Class A Add +33.4% 8.99% +1.50
TECK Teck Resources Ltd.-CLS B Add +60.6% 5.45% +0.54
GEV GE Vernova Inc. Add +33.2% 0.61% +0.21
GLW Corning Inc. Add +33.4% 0.49% +0.10
NRG NRG Energy Inc. Add +32.2% 0.48% +0.07
CEG Constellation Energy Add +31.8% 0.42% +0.00

Options Activity Q3 2024 → Q4 2024
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 1,562,500 $122.9M
TLT iShares 20+ Year Treasury BD call Sold out 466,700 $45.8Mbefore exit
AZUL S A put Sold out 3,000,000 $10.3Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$303.9MAERO, AZUL, CORZ, USHY, BKLN
Q1 2026 9$188.9MUSHY, AERO, CORZ, HYG, VST
Q4 2025 9$203.9MAERO, CORZ, USHY, BKLN, VST
Q3 2025 9$200.0MBKLN, CORZ, VST, COOP, TECK
Q2 2025 10$148.1MUSHY, VST, BKLN, K, CORZ
Q1 2025 6$101.1MUSHY, BKLN, VST, HYG, TLN
Q4 2024 11$124.8MBKLN, VCLT, USHY, VST, HCP
Q3 2024 13$111.1MUSHY, VCLT, TLT, BKLN, VST
Q2 2024 11$121.7MUSHY, TLT, VCLT, BKLN, TECK
Q1 2024Amended 5$80.6MTLT, VCLT, BKLN, TECK, SLCA