DSC Meridian Capital LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), DSC Meridian Capital LP reported 6 stock positions worth $101.1 million. Its top holding was iShares Broad Usd High Yield (USHY) at 43.4% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 28.7%) and Vistra (VST, 10.0%). Compared with Q4 2024, it opened 2 new positions, sold out of 7, added to 2 and reduced 1. The biggest buy was iShares Broad Usd High Yield (USHY, shares +107%) and the biggest sale an exit from Vanguard Long-Term Corp. Bond (VCLT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001970572
Portfolio Value
$101.1M (Q1 2025)
SEC Filing
0001970572-25-000003 ↗ filed May 15, 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 Q4 2024 Q1 2025: $101.1M $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 6 stocks · $101.1M
USHY iShares Broad Usd High Yield 43.42% 1,192,052 $43.9M Add +106.8%
BKLN Invesco Senior Loan ETF 28.66% 1,399,517 $29.0M Reduce -35.1%
VST Vistra Corp. 9.97% 85,809 $10.1M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 8.58% 109,869 $8.7M New
TLN Talen Energy Corp. 5.07% 25,673 $5.1M Add +33.4%
CORZ Core Scientific Inc. 4.30% 600,000 $4.3M New

Options reported separately and not counted above: HYG puts ($110.9M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $22.4M (not counted above)
SecurityClassShares / PrincipalValueChange
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 9,500,000$10.2MAdd +90.0%
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 12,000,000$8.6MNew
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 1,203,516$3.6MAdd +100.6%

Total filed on the 13F, all lines: $123.5M.

Portfolio Sells Q4 2024 → Q1 2025
VCLT Vanguard Long-Term Corp. Bond Sold out 0.00% −17.59
HCP Hashicorp Inc. Class A Sold out 0.00% −8.99
BKLN Invesco Senior Loan ETF Reduce -35.1% 28.66% −7.74
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −5.45
GEV GE Vernova Inc. Sold out 0.00% −0.61
GLW Corning Inc. Sold out 0.00% −0.49
NRG NRG Energy Inc. Sold out 0.00% −0.48
CEG Constellation Energy Sold out 0.00% −0.42

Portfolio Buys Q4 2024 → Q1 2025
USHY iShares Broad Usd High Yield Add +106.8% 43.42% +26.42
HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 8.58% +8.58
CORZ Core Scientific Inc. New 4.30% +4.30
TLN Talen Energy Corp. Add +33.4% 5.07% +1.97

Options Activity Q4 2024 → Q1 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -10.0% 1,406,300 $110.9M

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

Notes & Other Activity Q4 2024 → Q1 2025
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal Sold out 15,900,000 $14.5Mbefore exit
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Add +90.0% 9,500,000 $10.2M
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal New 12,000,000 $8.6M
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Add +100.6% 1,203,516 $3.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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