Empyrean Capital Partners, LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Empyrean Capital Partners, LP reported 43 stock positions worth $1.7 billion . Its top holding was Hess (HES) at 11.3% of the portfolio, followed by Shell PLC-ADR (SHEL, 9.9% ) and Aercap (AER, 8.3% ). Compared with Q4 2024, it opened 10 new positions, sold out of 19, added to 8 and reduced 5. The biggest buy was a new position in Marathon Petroleum (MPC) and the biggest sale an exit from Dominion Energy (D).
Location LOS ANGELES, CA
CIK 0001317195
Portfolio Value $1.7B (Q1 2025) Holdings 43 stocks · $1.7B 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 2024 HES Hess Corp. 1,199,000 $191.5M No change SHEL Shell PLC-ADR 2,300,000 $168.5M No change AER Aercap Holdings NV 1,382,000 $141.2M Reduce -13.6% CVS CVS Health Corp. 1,531,000 $103.7M Add +72.0% MPC Marathon Petroleum Corp. 520,500 $75.8M New TXNM TXNM Energy Inc. 1,404,554 $75.1M No change PCG P G & E Corp. 3,800,000 $65.3M Reduce -35.6% APG Api Group Corp. 1,800,000 $64.4M No change UNH Unitedhealth Group Inc. 120,000 $62.9M New FTAI Ftai Aviation Ltd. 554,320 $61.5M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 20,100,000 $53.5M Add +13.6% NMRK Newmark Group Inc. Class A 4,360,150 $53.1M No change CAH Cardinal Health Inc. 379,000 $52.2M New ENVA Enova International Inc. 512,800 $49.5M Add +10.8% AAMI Acadian Asset Management Inc. 1,880,634 $48.6M No change ALIT Alight Inc. Class A 7,500,000 $44.5M Reduce -16.7% VTOL Bristow Group Inc. 1,130,000 $35.7M Add +4.6% CCIX Churchill Capital Corp. Ix 2,900,000 $31.3M No change ITCI Intra-Cellular Therapies Inc. 228,000 $30.1M New DFS Discover Financial Services 168,000 $28.7M Reduce -71.2% LBRDK Liberty Broadband-C 320,561 $27.3M No change NN Nextnav Inc. 1,685,000 $20.5M Add +21.7% SIRI Sirius XM Holdings Inc. 905,623 $20.4M No change SBGI Sinclair Inc. 1,144,493 $18.2M No change HNRG Hallador Energy Co. 1,325,000 $16.3M No change AKAM Akamai Technologies Inc. 200,000 $16.1M Reduce -63.0% TDS Telephone and Data Systems 325,000 $12.6M No change AMBP Ardagh Metal Packaging SA 4,000,000 $12.1M No change LLYVK Liberty Media Corp.-Liberty-C 175,771 $12.0M No change ACIC American Coastal Insurance C 940,500 $10.9M Add +11.9% AEM Agnico Eagle Mines Ltd. 100,000 $10.8M No change SWTX Springworks Therapeutics Inc. 245,000 $10.8M New AGI Alamos Gold Inc. Class A 400,000 $10.7M No change SABR Sabre Corp. 3,500,000 $9.8M Add +40.0% NGD New Gold Inc. 2,610,000 $9.7M No change MAGN Magnera Corp. 469,730 $8.5M No change FIP Ftai Infrastructure Inc. 1,471,790 $6.7M No change LLYVA Liberty Media Corp.-Liberty-A 94,563 $6.4M No change NG Novagold Resources Inc. 1,933,066 $5.6M Add +239.1% VAL Valaris Ltd. 140,000 $5.5M New BUR Burford Capital Ltd. 340,000 $4.5M New FG F&G Annuities & Life Inc. 102,000 $3.7M New SARO Standardaero Inc. 35,000 $932K New
Options reported separately and not counted above: HYG puts ($457.6M), IWM puts ($366.1M), SPY puts ($123.1M).
Other holdings (13): bonds, preferreds, convertibles and warrants · $171.7M (not counted above) Security Class Shares / Principal Value Change PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 40,000,000 $39.6M Add +1.0% VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 40,000,000 $35.4M Add +29.0% CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 18,300,000 $25.4M Reduce -9.8% ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 25,000,000 $21.5M Reduce -9.1% ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 19,212,000 $19.8M Add +6.7% AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 17,000,000 $15.1M No change CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 10,000,000 $9.4M Reduce -23.1% WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 10,500,000 $2.4M Reduce -61.4% CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 2,000,000 $1.9M No change PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 20,000 $895K No change CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 440,000 $352K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 75,000 $2K No change BENFW Beneficient Co. Group -28 *W EXP 06/07/202 100,000 $730 No change
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ D Dominion Energy Inc. Sold out 0.00% −4.75 DFS Discover Financial Services Reduce -71.2% 1.69% −3.98 EDR Endeavor Group Hold Class A Sold out 0.00% −3.71 PCG P G & E Corp. Reduce -35.6% 3.85% −2.83 AES AES Corp. Sold out 0.00% −2.71 KBR KBR Inc. Sold out 0.00% −2.08 AKAM Akamai Technologies Inc. Reduce -63.0% 0.95% −1.95 MGRC McGrath Rentcorp Sold out 0.00% −0.95 BLCO Bausch + Lomb Corp. Sold out 0.00% −0.94 HHH Howard Hughes Holdings Inc. Sold out 0.00% −0.90 ALIT Alight Inc. Class A Reduce -16.7% 2.62% −0.88 WSC Willscot Holdings Corp. Sold out 0.00% −0.70 SNREY Sunrise Communicat Class A Sold out 0.00% −0.65 TH Target Hospitality Corp. Sold out 0.00% −0.55 FLR Fluor Corp. Sold out 0.00% −0.51 ASTL Algoma Steel Group Inc. Sold out 0.00% −0.51 ULCC Frontier Group Holdings Inc. Sold out 0.00% −0.28 AER Aercap Holdings NV Reduce -13.6% 8.32% −0.28 HUT Hut 8 Corp. Sold out 0.00% −0.23 GRAL Grail Inc. Sold out 0.00% −0.18 TRIP Tripadvisor Inc. Sold out 0.00% −0.08 EVGO Evgo Inc. Sold out 0.00% −0.03 LIONS GATE ENTMNT CORP Sold out 0.00% −0.02 LGF.B Lions Gate Entertainment-B Sold out 0.00% −0.02
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ MPC Marathon Petroleum Corp. New 4.47% +4.47 CVS CVS Health Corp. Add +72.0% 6.11% +3.87 UNH Unitedhealth Group Inc. New 3.70% +3.70 FTAI Ftai Aviation Ltd. New 3.63% +3.63 CAH Cardinal Health Inc. New 3.08% +3.08 ITCI Intra-Cellular Therapies Inc. New 1.77% +1.77 OPTU Optimum Communications Inc. Class A Add +13.6% 3.15% +0.76 SWTX Springworks Therapeutics Inc. New 0.64% +0.64 ENVA Enova International Inc. Add +10.8% 2.92% +0.43 VAL Valaris Ltd. New 0.32% +0.32 BUR Burford Capital Ltd. New 0.26% +0.26 NG Novagold Resources Inc. Add +239.1% 0.33% +0.23 FG F&G Annuities & Life Inc. New 0.22% +0.22 SABR Sabre Corp. Add +40.0% 0.58% +0.07 SARO Standardaero Inc. New 0.05% +0.05 VTOL Bristow Group Inc. Add +4.6% 2.10% +0.02 ACIC American Coastal Insurance C Add +11.9% 0.64% +0.01 NN Nextnav Inc. Add +21.7% 1.21% −0.00
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 5,800,000 $457.6M IWM iShares Russell 2000 ETF put New 1,835,000 $366.1M IWM iShares Russell 2000 ETF call Sold out 800,000 $176.8Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 220,000 $123.1M IBIT iShares Bitcoin Trust ETF call Sold out 510,000 $27.1Mbefore exit
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 Security Class Change vs Q4 2024 Shares / Principal Value ▼ PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal Add +1.0% 40,000,000 $39.6M VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal Add +29.0% 40,000,000 $35.4M CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Reduce -9.8% 18,300,000 $25.4M ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Reduce -9.1% 25,000,000 $21.5M ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Add +6.7% 19,212,000 $19.8M 3D SYSTEMS CORP (DDD 0 11/15/26) NOTE 11/1 · principal Sold out 11,000,000 $9.8Mbefore exit CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Reduce -23.1% 10,000,000 $9.4M SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Sold out 7,500,000 $8.1Mbefore exit CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal Sold out 5,750,000 $5.8Mbefore exit WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Reduce -61.4% 10,500,000 $2.4M GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 Sold out 160,000 $5Kbefore 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