Empyrean Capital Partners, LP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Empyrean Capital Partners, LP reported 43 stock positions worth $1.5 billion . Its top holding was Pioneer Natural Resources (PXD) at 12.2% of the portfolio, followed by Aercap (AER, 11.0% ) and Alight Class A (ALIT, 10.7% ). Compared with Q4 2023, it opened 8 new positions, sold out of 6, added to 5 and reduced 7. The biggest buy was Pioneer Natural Resources (PXD, shares +48% ) and the biggest sale an exit from Splunk (SPLK).
Location LOS ANGELES, CA
CIK 0001317195
Portfolio Value $1.5B (Q1 2024) Holdings 43 stocks · $1.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 PXD Pioneer Natural Resources Co. 698,000 $183.2M Add +48.2% AER Aercap Holdings NV 1,915,000 $166.4M Reduce -7.3% ALIT Alight Inc. Class A 16,311,000 $160.7M Add +23.6% HES Hess Corp. 884,000 $134.9M Add +45.6% MPC Marathon Petroleum Corp. 439,000 $88.5M No change D Dominion Energy Inc. 1,572,000 $77.3M No change APG Api Group Corp. 1,800,000 $70.7M No change PCG P G & E Corp. 4,100,000 $68.7M No change J Jacobs Solutions Inc. 423,000 $65.0M Reduce -21.2% ENVA Enova International Inc. 881,600 $55.4M Reduce -10.0% TXNM TXNM Energy Inc. filed as PNM RES INC 1,404,554 $52.9M Add +0.1% NMRK Newmark Group Inc. Class A 4,360,150 $48.4M No change AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC 1,880,634 $43.0M No change OKLO Oklo Inc. filed as ALTC ACQUISITION CORP 3,056,992 $34.9M No change VTOL Bristow Group Inc. 1,027,914 $28.0M No change LSXMK Liberty Media Corp.-Liber-New 703,088 $20.9M No change CVII Churchill Capital Corp. Vii-A 1,912,322 $20.5M No change NNI Nelnet Inc. Class A 215,000 $20.3M Reduce -37.3% JNPR Juniper Networks Inc. 532,000 $19.7M New ECHO Echostar Corp. Class A 1,250,000 $17.8M New AMBP Ardagh Metal Packaging SA 4,000,000 $13.7M No change CLVT Clarivate PLC 1,575,000 $11.7M New LSXMA Liberty Media Corp. Class A New 378,258 $11.2M No change FIP Ftai Infrastructure Inc. 1,750,000 $11.0M Reduce -30.9% TRIP Tripadvisor Inc. 350,000 $9.7M New AGI Alamos Gold Inc. Class A 617,000 $9.1M Reduce -23.5% ACIC American Coastal Insurance C 750,000 $8.0M No change LLYVK Liberty Media Corp.-Liberty-C 175,771 $7.7M No change AEM Agnico Eagle Mines Ltd. 120,000 $7.2M Reduce -11.8% BLCO Bausch + Lomb Corp. 385,000 $6.7M No change EHAB Enhabit Inc. 490,000 $5.7M No change SABR Sabre Corp. 2,000,000 $4.8M No change LLYVA Liberty Media Corp.-Liberty-A 94,563 $4.0M No change NGD New Gold Inc. 2,269,335 $3.9M No change NG Novagold Resources Inc. 1,253,000 $3.8M Add +31.3% TDS Telephone and Data Systems 200,000 $3.2M No change NN Nextnav Inc. 422,000 $2.8M New B Barrick Gold Corp. 127,572 $2.1M No change GBTG Global Business Travel Group 320,556 $1.9M No change BWMN Bowman Consulting Group Ltd. 40,000 $1.4M New PSX Phillips 66 2,940 $480K No change WOLF Wolfspeed Inc. 14,000 $413K New SN Sharkninja Inc. 5,000 $311K New
Options reported separately and not counted above: IWM puts ($2.2M).
Other holdings (22): bonds, preferreds, convertibles and warrants · $234.6M (not counted above) Security Class Shares / Principal Value Change WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 52,000,000 $29.6M Add +131.1% M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 22,000,000 $27.9M Reduce -6.4% INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 18,500,000 $26.7M New ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 25,000,000 $24.7M New AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 25,000,000 $23.4M Reduce -10.7% SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 23,000,000 $22.7M No change CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 12,500,000 $13.8M Reduce -16.7% 3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal 15,000,000 $11.7M No change JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 12,000,000 $11.1M Reduce -53.9% PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 11,986,000 $10.1M New LCI INDUSTRIES (LCII 1.125 05/15/26) NOTE 1.125% 5/1 · principal 10,000,000 $9.9M No change LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal 7,000,000 $6.8M New ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 4,500,000 $4.8M Add +80.0% EVERBRIDGE INC (EVBG 0.125 12/15/24) NOTE 0.125%12/1 · principal 4,000,000 $3.9M New SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 2,500,000 $2.3M Reduce -93.0% ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 2,500,000 $2.1M New ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 30,000 $1.8M New PAGERDUTY INC. (PD 1.25 07/01/25) NOTE 1.250% 7/0 · principal 1,337,000 $1.3M No change PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 1,001,670 $32K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 75,000 $8K No change GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 160,000 $3K No change BENFW Beneficient Co. Group -28 *W EXP 06/07/202 100,000 $815 No change
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ SPLK Splunk Inc. Sold out 0.00% −8.72 SRC Spirit Realty Capital Inc. Sold out 0.00% −2.15 FYBR Frontier Communications Pare Sold out 0.00% −1.62 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −1.14 NNI Nelnet Inc. Class A Reduce -37.3% 1.35% −0.75 J Jacobs Solutions Inc. Reduce -21.2% 4.31% −0.52 KGC Kinross Gold Corp. Sold out 0.00% −0.29 HRTG Heritage Insurance Holdings Sold out 0.00% −0.16 AGI Alamos Gold Inc. Class A Reduce -23.5% 0.60% −0.15 ENVA Enova International Inc. Reduce -10.0% 3.67% −0.09 AEM Agnico Eagle Mines Ltd. Reduce -11.8% 0.47% −0.04 FIP Ftai Infrastructure Inc. Reduce -30.9% 0.73% +0.05 AER Aercap Holdings NV Reduce -7.3% 11.04% +0.40
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ PXD Pioneer Natural Resources Co. Add +48.2% 12.15% +4.81 HES Hess Corp. Add +45.6% 8.95% +2.88 ALIT Alight Inc. Class A Add +23.6% 10.65% +2.85 JNPR Juniper Networks Inc. New 1.31% +1.31 ECHO Echostar Corp. Class A New 1.18% +1.18 CLVT Clarivate PLC New 0.78% +0.78 TRIP Tripadvisor Inc. New 0.65% +0.65 NN Nextnav Inc. New 0.18% +0.18 BWMN Bowman Consulting Group Ltd. New 0.09% +0.09 WOLF Wolfspeed Inc. New 0.03% +0.03 SN Sharkninja Inc. New 0.02% +0.02 NG Novagold Resources Inc. Add +31.3% 0.25% +0.00 TXNM TXNM Energy Inc. Add +0.1% 3.51% −0.54
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 1,640,000 $2.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Add +131.1% 52,000,000 $29.6M M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal Reduce -6.4% 22,000,000 $27.9M INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal New 18,500,000 $26.7M ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal New 25,000,000 $24.7M AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Reduce -10.7% 25,000,000 $23.4M HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal Sold out 16,000,000 $14.1Mbefore exit CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Reduce -16.7% 12,500,000 $13.8M JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal Reduce -53.9% 12,000,000 $11.1M PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal New 11,986,000 $10.1M ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal Sold out 9,000,000 $8.5Mbefore exit LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal New 7,000,000 $6.8M ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal Add +80.0% 4,500,000 $4.8M EVERBRIDGE INC (EVBG 0.125 12/15/24) NOTE 0.125%12/1 · principal New 4,000,000 $3.9M SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Reduce -93.0% 2,500,000 $2.3M ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal New 2,500,000 $2.1M ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 30,000 $1.8M
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 94 $2.6B VSAT, AER, BTI, MPC, ENVA Q1 2026 107 $2.8B AER, BTI, SHEL, MPC, NSC Q4 2025 80 $2.7B AER, SHEL, BTI, COF, PCG Q3 2025 73 $2.2B AER, SHEL, BTI, MPC, PCG Q2 2025 57 $1.9B AER, SHEL, HES, LBRDK, MPC Q1 2025 43 $1.7B HES, SHEL, AER, CVS, MPC Q4 2024 52 $1.8B HES, AER, SHEL, PCG, DFS Q3 2024 51 $1.6B HES, AER, SHEL, D, ALIT Q2 2024 52 $1.5B SHEL, AER, HES, ALIT, D Q1 2024 43 $1.5B PXD, AER, ALIT, HES, MPC