Empyrean Capital Partners, LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Empyrean Capital Partners, LP reported 52 stock positions worth $1.8 billion . Its top holding was Hess (HES) at 9.0% of the portfolio, followed by Aercap (AER, 8.6% ) and Shell PLC-ADR (SHEL, 8.1% ). Compared with Q3 2024, it opened 14 new positions, sold out of 13, added to 8 and reduced 10. The biggest buy was a new position in Discover Financial Services (DFS) and the biggest sale an exit from R1 RCM (RCM).
Location LOS ANGELES, CA
CIK 0001317195
Portfolio Value $1.8B (Q4 2024) Holdings 52 stocks · $1.8B 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 Q3 2024 HES Hess Corp. 1,199,000 $159.5M No change AER Aercap Holdings NV 1,600,000 $153.1M No change SHEL Shell PLC-ADR 2,300,000 $144.1M Add +9.5% PCG P G & E Corp. 5,897,000 $119.0M Add +43.8% DFS Discover Financial Services 583,000 $101.0M New D Dominion Energy Inc. 1,572,000 $84.7M No change TXNM TXNM Energy Inc. 1,404,554 $69.1M No change EDR Endeavor Group Hold Class A 2,110,000 $66.0M No change APG Api Group Corp. 1,800,000 $64.7M No change ALIT Alight Inc. Class A 9,000,000 $62.3M Reduce -19.3% NMRK Newmark Group Inc. Class A 4,360,150 $55.9M No change AKAM Akamai Technologies Inc. 540,598 $51.7M No change AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC 1,880,634 $49.5M No change AES AES Corp. 3,755,000 $48.3M New ENVA Enova International Inc. 462,800 $44.4M Reduce -13.5% OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 17,700,000 $42.7M Add +785.0% CVS CVS Health Corp. 890,000 $40.0M New KBR KBR Inc. 639,582 $37.1M Reduce -28.9% VTOL Bristow Group Inc. 1,080,000 $37.0M Reduce -3.6% CCIX Churchill Capital Corp. Ix 2,900,000 $29.9M New LBRDK Liberty Broadband-C 320,561 $24.0M New NN Nextnav Inc. 1,385,000 $21.6M Reduce -5.2% SIRI Sirius XM Holdings Inc. 905,623 $20.6M No change SBGI Sinclair Inc. 1,144,493 $18.5M Add +8.0% MGRC McGrath Rentcorp 152,000 $17.0M No change BLCO Bausch + Lomb Corp. 931,000 $16.8M Reduce -24.8% HHH Howard Hughes Holdings Inc. 209,000 $16.1M No change HNRG Hallador Energy Co. 1,325,000 $15.2M Add +71.0% WSC Willscot Holdings Corp. 375,000 $12.5M No change AMBP Ardagh Metal Packaging SA 4,000,000 $12.0M No change LLYVK Liberty Media Corp.-Liberty-C 175,771 $12.0M No change SNREY Sunrise Communicat Class A 270,000 $11.6M New ACIC American Coastal Insurance C 840,500 $11.3M Add +444.0% TDS Telephone and Data Systems 325,000 $11.1M Reduce -13.3% FIP Ftai Infrastructure Inc. 1,471,790 $10.7M No change TH Target Hospitality Corp. 1,012,000 $9.8M New SABR Sabre Corp. 2,500,000 $9.1M Add +7.5% FLR Fluor Corp. 185,000 $9.1M New ASTL Algoma Steel Group Inc. 922,000 $9.0M New MAGN Magnera Corp. 469,730 $8.5M New AEM Agnico Eagle Mines Ltd. 100,000 $7.8M Add +5.3% AGI Alamos Gold Inc. Class A 400,000 $7.4M Reduce -28.3% NGD New Gold Inc. 2,610,000 $6.5M Reduce -10.6% LLYVA Liberty Media Corp.-Liberty-A 94,563 $6.3M No change ULCC Frontier Group Holdings Inc. 700,000 $5.0M New HUT Hut 8 Corp. 200,000 $4.1M Reduce -57.2% GRAL Grail Inc. 176,000 $3.1M No change NG Novagold Resources Inc. 570,000 $1.9M No change TRIP Tripadvisor Inc. 95,000 $1.4M No change EVGO Evgo Inc. 150,000 $608K New LIONS GATE ENTMNT CORP 50,000 $427K New LGF.B Lions Gate Entertainment-B 50,000 $378K New
Options reported separately and not counted above: IWM calls ($176.8M), IBIT calls ($27.1M).
Other holdings (17): bonds, preferreds, convertibles and warrants · $204.2M (not counted above) Security Class Shares / Principal Value Change PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 39,595,000 $38.8M New VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 31,000,000 $27.8M Reduce -26.2% CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 20,300,000 $26.1M Add +14.0% ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 27,500,000 $25.9M Add +10.0% ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 18,000,000 $19.6M Add +16.1% AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 17,000,000 $15.8M New CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 13,000,000 $12.1M New WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 27,220,000 $11.3M Reduce -50.5% 3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal 11,000,000 $9.8M Reduce -26.7% SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 7,500,000 $8.1M Add +200.0% CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 5,750,000 $5.8M Reduce -65.2% CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 2,000,000 $1.9M New PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 20,000 $996K New CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 440,000 $191K New GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 160,000 $5K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 75,000 $4K No change BENFW Beneficient Co. Group -28 *W EXP 06/07/202 100,000 $770 No change
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ RCM R1 RCM Inc. Sold out 0.00% −2.80 J Jacobs Solutions Inc. Sold out 0.00% −2.63 INTC Intel Corp. Sold out 0.00% −1.68 ALIT Alight Inc. Class A Reduce -19.3% 3.50% −1.63 KBR KBR Inc. Reduce -28.9% 2.08% −1.56 JNPR Juniper Networks Inc. Sold out 0.00% −1.29 CCIXU Churchill Capital Corp. Ix Sold out 0.00% −1.10 OXY Occidental Petroleum Corp. Sold out 0.00% −0.75 BLCO Bausch + Lomb Corp. Reduce -24.8% 0.94% −0.54 VTOL Bristow Group Inc. Reduce -3.6% 2.08% −0.34 ENVA Enova International Inc. Reduce -13.5% 2.49% −0.29 AGI Alamos Gold Inc. Class A Reduce -28.3% 0.41% −0.28 ULS Ul Solutions Inc. Class A Sold out 0.00% −0.17 NGD New Gold Inc. Reduce -10.6% 0.36% −0.16 GBTG Global Business Travel Group Sold out 0.00% −0.15 GOLD Gold.com Inc. Sold out 0.00% −0.14 HUT Hut 8 Corp. Reduce -57.2% 0.23% −0.13 CON Concentra Group Holdings Par Sold out 0.00% −0.10 SRTA Strata Critical Medical Inc. Sold out 0.00% −0.09 APPN Appian Corp. Class A Sold out 0.00% −0.05 SOC Sable Offshore Corp. Sold out 0.00% −0.04 TDS Telephone and Data Systems Reduce -13.3% 0.62% +0.08 NN Nextnav Inc. Reduce -5.2% 1.21% +0.53
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ DFS Discover Financial Services New 5.67% +5.67 AES AES Corp. New 2.71% +2.71 CVS CVS Health Corp. New 2.24% +2.24 OPTU Optimum Communications Inc. Class A Add +785.0% 2.39% +2.09 CCIX Churchill Capital Corp. Ix New 1.68% +1.68 PCG P G & E Corp. Add +43.8% 6.68% +1.64 LBRDK Liberty Broadband-C New 1.35% +1.35 SNREY Sunrise Communicat Class A New 0.65% +0.65 TH Target Hospitality Corp. New 0.55% +0.55 ACIC American Coastal Insurance C Add +444.0% 0.64% +0.53 FLR Fluor Corp. New 0.51% +0.51 ASTL Algoma Steel Group Inc. New 0.51% +0.51 MAGN Magnera Corp. New 0.48% +0.48 HNRG Hallador Energy Co. Add +71.0% 0.85% +0.40 ULCC Frontier Group Holdings Inc. New 0.28% +0.28 EVGO Evgo Inc. New 0.03% +0.03 SBGI Sinclair Inc. Add +8.0% 1.04% +0.03 LIONS GATE ENTMNT CORP New 0.02% +0.02 LGF.B Lions Gate Entertainment-B New 0.02% +0.02 SABR Sabre Corp. Add +7.5% 0.51% −0.02 AEM Agnico Eagle Mines Ltd. Add +5.3% 0.44% −0.04 SHEL Shell PLC-ADR Add +9.5% 8.09% −0.52
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 1,690,000 $373.3Mbefore exit IWM iShares Russell 2000 ETF call New 800,000 $176.8M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 305,000 $175.0Mbefore exit IBIT iShares Bitcoin Trust ETF call New 510,000 $27.1M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal New 39,595,000 $38.8M VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal Reduce -26.2% 31,000,000 $27.8M CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Add +14.0% 20,300,000 $26.1M ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Add +10.0% 27,500,000 $25.9M AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Sold out 25,000,000 $23.3Mbefore exit SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal Sold out 15,000,000 $21.2Mbefore exit ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Add +16.1% 18,000,000 $19.6M AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal New 17,000,000 $15.8M CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal New 13,000,000 $12.1M WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Reduce -50.5% 27,220,000 $11.3M 3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal Reduce -26.7% 11,000,000 $9.8M SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Add +200.0% 7,500,000 $8.1M CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Sold out 8,500,000 $7.9Mbefore exit JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal Sold out 7,000,000 $6.6Mbefore exit CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal Reduce -65.2% 5,750,000 $5.8M CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal New 2,000,000 $1.9M PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 20,000 $996K CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 New 440,000 $191K PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 Sold out 1,001,670 $25Kbefore exit
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