Empyrean Capital Partners, LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Empyrean Capital Partners, LP reported 51 stock positions worth $1.6 billion . Its top holding was Hess (HES) at 10.1% of the portfolio, followed by Aercap (AER, 9.4% ) and Shell PLC-ADR (SHEL, 8.6% ). Compared with Q2 2024, it opened 9 new positions, sold out of 10, added to 14 and reduced 9. The biggest buy was Endeavor Group Hold Class A (EDR, shares +215% ) and the biggest sale an exit from FedEx (FDX).
Location LOS ANGELES, CA
CIK 0001317195
Portfolio Value $1.6B (Q3 2024) Holdings 51 stocks · $1.6B 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 Q2 2024 HES Hess Corp. 1,199,000 $162.8M Add +32.1% AER Aercap Holdings NV 1,600,000 $151.6M No change SHEL Shell PLC-ADR 2,100,000 $138.5M No change D Dominion Energy Inc. 1,572,000 $90.8M No change ALIT Alight Inc. Class A 11,150,000 $82.5M Reduce -11.5% PCG P G & E Corp. 4,100,000 $81.1M No change NMRK Newmark Group Inc. Class A 4,360,150 $67.7M No change TXNM TXNM Energy Inc. 1,404,554 $61.5M No change EDR Endeavor Group Hold Class A 2,110,000 $60.3M Add +215.2% APG Api Group Corp. 1,800,000 $59.4M No change KBR KBR Inc. 900,000 $58.6M Add +22.1% AKAM Akamai Technologies Inc. 540,598 $54.6M Add +218.0% AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC 1,880,634 $47.8M No change RCM R1 RCM Inc. 3,180,635 $45.1M Add +51.5% ENVA Enova International Inc. 535,000 $44.8M Reduce -29.2% J Jacobs Solutions Inc. 323,000 $42.3M Reduce -23.6% VTOL Bristow Group Inc. 1,120,000 $38.9M No change INTC Intel Corp. 1,150,000 $27.0M New BLCO Bausch + Lomb Corp. 1,238,000 $23.9M Add +221.6% SIRI Sirius XM Holdings Inc. 905,623 $21.4M New JNPR Juniper Networks Inc. 532,000 $20.7M No change CCIXU Churchill Capital Corp. Ix 1,750,000 $17.7M No change SBGI Sinclair Inc. 1,060,000 $16.2M Add +391.9% HHH Howard Hughes Holdings Inc. 209,000 $16.2M Add +178.7% MGRC McGrath Rentcorp 152,000 $16.0M New AMBP Ardagh Metal Packaging SA 4,000,000 $15.1M No change WSC Willscot Holdings Corp. 375,000 $14.1M New FIP Ftai Infrastructure Inc. 1,471,790 $13.8M Reduce -1.9% OXY Occidental Petroleum Corp. 232,600 $12.0M Add +392.8% AGI Alamos Gold Inc. Class A 558,000 $11.1M No change NN Nextnav Inc. 1,461,065 $10.9M Add +121.1% LLYVK Liberty Media Corp.-Liberty-C 175,771 $9.0M No change TDS Telephone and Data Systems 375,000 $8.7M Add +29.9% SABR Sabre Corp. 2,325,000 $8.5M Add +16.3% NGD New Gold Inc. 2,919,000 $8.4M Add +44.6% AEM Agnico Eagle Mines Ltd. 95,000 $7.7M Reduce -20.8% HNRG Hallador Energy Co. 775,000 $7.3M Add +55.0% HUT Hut 8 Corp. 467,000 $5.7M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2,000,000 $4.9M No change LLYVA Liberty Media Corp.-Liberty-A 94,563 $4.7M No change ULS Ul Solutions Inc. Class A 55,000 $2.7M New GBTG Global Business Travel Group 320,556 $2.5M No change GRAL Grail Inc. 176,000 $2.4M No change NG Novagold Resources Inc. 570,000 $2.3M Reduce -45.9% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 50,000 $2.2M No change ACIC American Coastal Insurance C 154,500 $1.7M Reduce -73.1% CON Concentra Group Holdings Par 70,000 $1.6M New SRTA Strata Critical Medical Inc. filed as BLADE AIR MOBILITY INC 500,000 $1.5M New TRIP Tripadvisor Inc. 95,000 $1.4M Reduce -62.0% APPN Appian Corp. Class A 24,000 $819K Reduce -90.4% SOC Sable Offshore Corp. 25,000 $591K New
Options reported separately and not counted above: IWM puts ($373.3M), SPY puts ($175.0M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $212.5M (not counted above) Security Class Shares / Principal Value Change VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 42,000,000 $38.7M New ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 25,000,000 $25.2M No change AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 25,000,000 $23.3M Reduce -7.4% SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 15,000,000 $21.2M Reduce -26.8% WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 55,000,000 $20.9M No change CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 17,800,000 $20.8M Add +18.7% CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 16,500,000 $16.5M New ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 15,500,000 $16.4M New 3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal 15,000,000 $12.5M No change CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 8,500,000 $7.9M Reduce -19.1% JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 7,000,000 $6.6M Reduce -46.1% SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 2,500,000 $2.6M New PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 1,001,670 $25K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 75,000 $6K No change GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 160,000 $5K No change BENFW Beneficient Co. Group -28 *W EXP 06/07/202 100,000 $860 No change
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ FDX FedEx Corp. Sold out 0.00% −3.19 SIX Six Flags Entertainment Corp. Sold out 0.00% −1.98 CPT Camden Property Trust Sold out 0.00% −1.57 J Jacobs Solutions Inc. Reduce -23.6% 2.63% −1.43 CVII Churchill Capital Corp. Vii-A Sold out 0.00% −1.41 ALIT Alight Inc. Class A Reduce -11.5% 5.13% −1.26 LSXMK Liberty Media Corp.-Liber-New Sold out 0.00% −1.07 CLVT Clarivate PLC Sold out 0.00% −0.62 LSXMA Liberty Media Corp. Class A New Sold out 0.00% −0.58 APPN Appian Corp. Class A Reduce -90.4% 0.05% −0.48 ENVA Enova International Inc. Reduce -29.2% 2.79% −0.45 ACIC American Coastal Insurance C Reduce -73.1% 0.11% −0.31 WAY Waystar Holding Corp. Sold out 0.00% −0.30 TRIP Tripadvisor Inc. Reduce -62.0% 0.09% −0.22 B Barrick Gold Corp. Sold out 0.00% −0.15 NG Novagold Resources Inc. Reduce -45.9% 0.15% −0.10 GAUZ Gauzy Ltd. Sold out 0.00% −0.08 AEM Agnico Eagle Mines Ltd. Reduce -20.8% 0.48% −0.06 FIP Ftai Infrastructure Inc. Reduce -1.9% 0.86% −0.03
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ EDR Endeavor Group Hold Class A Add +215.2% 3.75% +2.50 AKAM Akamai Technologies Inc. Add +218.0% 3.39% +2.34 INTC Intel Corp. New 1.68% +1.68 SIRI Sirius XM Holdings Inc. New 1.33% +1.33 BLCO Bausch + Lomb Corp. Add +221.6% 1.48% +1.10 MGRC McGrath Rentcorp New 0.99% +0.99 RCM R1 RCM Inc. Add +51.5% 2.80% +0.99 HES Hess Corp. Add +32.1% 10.12% +0.93 WSC Willscot Holdings Corp. New 0.88% +0.88 SBGI Sinclair Inc. Add +391.9% 1.01% +0.81 HHH Howard Hughes Holdings Inc. Add +178.7% 1.01% +0.67 OXY Occidental Petroleum Corp. Add +392.8% 0.75% +0.54 KBR KBR Inc. Add +22.1% 3.64% +0.40 HUT Hut 8 Corp. New 0.36% +0.36 NN Nextnav Inc. Add +121.1% 0.68% +0.31 NGD New Gold Inc. Add +44.6% 0.52% +0.25 HNRG Hallador Energy Co. Add +55.0% 0.45% +0.19 ULS Ul Solutions Inc. Class A New 0.17% +0.17 SABR Sabre Corp. Add +16.3% 0.53% +0.16 TDS Telephone and Data Systems Add +29.9% 0.54% +0.13 CON Concentra Group Holdings Par New 0.10% +0.10 SRTA Strata Critical Medical Inc. New 0.09% +0.09 SOC Sable Offshore Corp. New 0.04% +0.04
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Add +463.3% 1,690,000 $373.3M SPY SS SPDR S&P 500 ETF Trust-US put New 305,000 $175.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal New 42,000,000 $38.7M AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Reduce -7.4% 25,000,000 $23.3M SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal Reduce -26.8% 15,000,000 $21.2M CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Add +18.7% 17,800,000 $20.8M CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal New 16,500,000 $16.5M ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal New 15,500,000 $16.4M LCI INDUSTRIES (LCII 1.125 05/15/26) NOTE 1.125% 5/1 · principal Sold out 12,713,000 $12.0Mbefore exit M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal Sold out 8,000,000 $11.3Mbefore exit LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal Sold out 11,000,000 $10.6Mbefore exit CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Reduce -19.1% 8,500,000 $7.9M JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal Reduce -46.1% 7,000,000 $6.6M EVERBRIDGE INC (EVBG 0.125 12/15/24) NOTE 0.125%12/1 · principal Sold out 4,000,000 $4.0Mbefore exit SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal New 2,500,000 $2.6M
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