Empyrean Capital Partners, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Empyrean Capital Partners, LP reported 57 stock positions worth $1.9 billion. Its top holding was Aercap (AER) at 8.7% of the portfolio, followed by Shell PLC-ADR (SHEL, 8.4%) and Hess (HES, 6.5%). Compared with Q1 2025, it opened 24 new positions, sold out of 10, added to 12 and reduced 8. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Hess (HES, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317195
- Portfolio Value
- $1.9B (Q2 2025)
- SEC Filing
- 0001085146-25-005272 ↗ filed Aug 14, 2025
Holdings Value
Holdings 57 stocks · $1.9B
| AER Aercap Holdings NV | 8.72% | 1,432,000 | $167.5M | Add +3.6% |
| SHEL Shell PLC-ADR | 8.43% | 2,300,000 | $161.9M | No change |
| HES Hess Corp. | 6.53% | 906,000 | $125.5M | Reduce -24.4% |
| LBRDK Liberty Broadband-C | 4.71% | 920,781 | $90.6M | Add +187.2% |
| MPC Marathon Petroleum Corp. | 4.59% | 531,000 | $88.2M | Add +2.0% |
| TXNM TXNM Energy Inc. | 4.23% | 1,442,554 | $81.2M | Add +2.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.01% | 124,848 | $77.1M | New |
| AAMI Acadian Asset Management Inc. | 3.45% | 1,880,634 | $66.3M | No change |
| ENVA Enova International Inc. | 3.29% | 567,538 | $63.3M | Add +10.7% |
| CVS CVS Health Corp. | 3.09% | 862,000 | $59.5M | Reduce -43.7% |
| PCG P G & E Corp. | 2.97% | 4,100,000 | $57.2M | Add +7.9% |
| NMRK Newmark Group Inc. Class A | 2.76% | 4,360,150 | $53.0M | No change |
| CAH Cardinal Health Inc. | 2.72% | 311,300 | $52.3M | Reduce -17.9% |
| SKX Skechers USA Inc. Class A | 2.70% | 821,000 | $51.8M | New |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 2.57% | 23,100,000 | $49.4M | Add +14.9% |
| LBRDA Liberty Broadband-A | 2.55% | 500,000 | $48.9M | New |
| ALIT Alight Inc. Class A | 2.50% | 8,500,000 | $48.1M | Add +13.3% |
| BTI British American Tob-SP ADR | 2.34% | 950,000 | $45.0M | New |
| VTOL Bristow Group Inc. | 2.19% | 1,276,000 | $42.1M | Add +12.9% |
| JHX James Hardie Ord | 1.76% | 1,257,000 | $33.8M | New |
| COF Capital One Financial Corp. | 1.66% | 150,000 | $31.9M | New |
| CCCXU Churchill Capital Corp. X | 1.61% | 3,000,000 | $30.9M | New |
| UNH Unitedhealth Group Inc. | 1.53% | 94,000 | $29.3M | Reduce -21.7% |
| CCIX Churchill Capital Corp. Ix | 1.44% | 2,633,582 | $27.7M | Reduce -9.2% |
| NG Novagold Resources Inc. | 1.39% | 6,539,000 | $26.7M | Add +238.3% |
| NN Nextnav Inc. | 1.33% | 1,685,000 | $25.6M | No change |
| PSX Phillips 66 | 1.10% | 178,000 | $21.2M | New |
| SIRI Sirius XM Holdings Inc. | 1.08% | 905,623 | $20.8M | No change |
| AMBP Ardagh Metal Packaging SA | 0.89% | 4,000,000 | $17.1M | No change |
| PPTA Perpetua Resources Corp. | 0.88% | 1,396,500 | $17.0M | New |
| SBGI Sinclair Inc. | 0.82% | 1,144,493 | $15.8M | No change |
| FIP Ftai Infrastructure Inc. | 0.76% | 2,372,000 | $14.6M | Add +61.2% |
| SABR Sabre Corp. | 0.74% | 4,520,099 | $14.3M | Add +29.1% |
| LLYVK Liberty Media Corp.-Liberty-C | 0.74% | 175,771 | $14.3M | No change |
| NXE Nexgen Energy Ltd. | 0.74% | 2,051,600 | $14.2M | New |
| AEM Agnico Eagle Mines Ltd. | 0.62% | 100,000 | $11.9M | No change |
| TDS Telephone and Data Systems | 0.60% | 325,000 | $11.6M | No change |
| ACIC American Coastal Insurance C | 0.54% | 940,500 | $10.5M | No change |
| BTBT Bit Digital Inc. | 0.48% | 4,250,000 | $9.3M | New |
| ECHO Echostar Corp. Class A | 0.45% | 313,000 | $8.7M | New |
| AGI Alamos Gold Inc. Class A | 0.41% | 300,000 | $8.0M | Reduce -25.0% |
| NGD New Gold Inc. | 0.40% | 1,539,428 | $7.6M | Reduce -41.0% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.39% | 94,563 | $7.5M | No change |
| HNRG Hallador Energy Co. | 0.39% | 471,168 | $7.5M | Reduce -64.4% |
| BP BP PLC-Spons ADR | 0.38% | 245,000 | $7.3M | New |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.34% | 557,042 | $6.5M | New |
| MAGN Magnera Corp. | 0.30% | 469,730 | $5.7M | No change |
| EQT Eqt Corp. | 0.22% | 71,600 | $4.2M | New |
| RRC Range Resources Corp. | 0.21% | 101,300 | $4.1M | New |
| AR Antero Resources Corp. | 0.21% | 101,400 | $4.1M | New |
| EXE Expand Energy Corp. | 0.21% | 34,500 | $4.0M | New |
| ULCC Frontier Group Holdings Inc. | 0.21% | 1,100,000 | $4.0M | New |
| CRK Comstock Resources Inc. | 0.17% | 118,900 | $3.3M | New |
| ASTL Algoma Steel Group Inc. | 0.16% | 452,148 | $3.1M | New |
| BACCU Blue Acquisition Corp. | 0.16% | 300,000 | $3.0M | New |
| CTRA Coterra Energy Inc. | 0.15% | 115,400 | $2.9M | New |
| CAEP Cantor Equity Partners III-A | 0.14% | 250,000 | $2.6M | New |
Options reported separately and not counted above: HYG puts ($443.6M), IWM puts ($377.6M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $237.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 42,000,000 | $44.8M | New |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 40,000,000 | $38.2M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 42,000,000 | $37.6M | Add +5.0% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 27,500,000 | $25.4M | Add +10.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 18,500,000 | $22.2M | Reduce -3.7% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 20,500,000 | $20.3M | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 15,000,000 | $13.0M | Reduce -11.8% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 8,000,000 | $12.5M | Reduce -56.3% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 7,500,000 | $9.0M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,000,000 | $5.7M | Reduce -40.0% |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $3.8M | New |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 4,000,000 | $3.6M | New |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 4,250,000 | $1.1M | Reduce -59.5% |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 440,000 | $418K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 75,000 | $3K | No change |
| BENFW Beneficient Co. Group -28 | *W EXP 06/07/202 | 100,000 | $690 | No change |
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q1 2025 → Q2 2025
| HES Hess Corp. | Reduce -24.4% | 6.53% | −4.75 |
| APG Api Group Corp. | Sold out | 0.00% | −3.79 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −3.63 |
| CVS CVS Health Corp. | Reduce -43.7% | 3.09% | −3.02 |
| UNH Unitedhealth Group Inc. | Reduce -21.7% | 1.53% | −2.18 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.77 |
| DFS Discover Financial Services | Sold out | 0.00% | −1.69 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.95 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| HNRG Hallador Energy Co. | Reduce -64.4% | 0.39% | −0.57 |
| CCIX Churchill Capital Corp. Ix | Reduce -9.2% | 1.44% | −0.40 |
| CAH Cardinal Health Inc. | Reduce -17.9% | 2.72% | −0.36 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.32 |
| BUR Burford Capital Ltd. | Sold out | 0.00% | −0.26 |
| FG F&G Annuities & Life Inc. | Sold out | 0.00% | −0.22 |
| AGI Alamos Gold Inc. Class A | Reduce -25.0% | 0.41% | −0.22 |
| NGD New Gold Inc. | Reduce -41.0% | 0.40% | −0.17 |
| SARO Standardaero Inc. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 4.01% | +4.01 |
| LBRDK Liberty Broadband-C | Add +187.2% | 4.71% | +3.11 |
| SKX Skechers USA Inc. Class A | New | 2.70% | +2.70 |
| LBRDA Liberty Broadband-A | New | 2.55% | +2.55 |
| BTI British American Tob-SP ADR | New | 2.34% | +2.34 |
| JHX James Hardie Ord | New | 1.76% | +1.76 |
| COF Capital One Financial Corp. | New | 1.66% | +1.66 |
| CCCXU Churchill Capital Corp. X | New | 1.61% | +1.61 |
| PSX Phillips 66 | New | 1.10% | +1.10 |
| NG Novagold Resources Inc. | Add +238.3% | 1.39% | +1.06 |
| PPTA Perpetua Resources Corp. | New | 0.88% | +0.88 |
| NXE Nexgen Energy Ltd. | New | 0.74% | +0.74 |
| BTBT Bit Digital Inc. | New | 0.48% | +0.48 |
| ECHO Echostar Corp. Class A | New | 0.45% | +0.45 |
| AER Aercap Holdings NV | Add +3.6% | 8.72% | +0.40 |
| BP BP PLC-Spons ADR | New | 0.38% | +0.38 |
| ENVA Enova International Inc. | Add +10.7% | 3.29% | +0.38 |
| FIP Ftai Infrastructure Inc. | Add +61.2% | 0.76% | +0.37 |
| SNCY Sun Country Airlines Holding | New | 0.34% | +0.34 |
| EQT Eqt Corp. | New | 0.22% | +0.22 |
| RRC Range Resources Corp. | New | 0.21% | +0.21 |
| AR Antero Resources Corp. | New | 0.21% | +0.21 |
| EXE Expand Energy Corp. | New | 0.21% | +0.21 |
| ULCC Frontier Group Holdings Inc. | New | 0.21% | +0.21 |
| CRK Comstock Resources Inc. | New | 0.17% | +0.17 |
| SABR Sabre Corp. | Add +29.1% | 0.74% | +0.16 |
| ASTL Algoma Steel Group Inc. | New | 0.16% | +0.16 |
| BACCU Blue Acquisition Corp. | New | 0.16% | +0.16 |
| CTRA Coterra Energy Inc. | New | 0.15% | +0.15 |
| CAEP Cantor Equity Partners III-A | New | 0.14% | +0.14 |
| MPC Marathon Petroleum Corp. | Add +2.0% | 4.59% | +0.12 |
| VTOL Bristow Group Inc. | Add +12.9% | 2.19% | +0.09 |
| ALIT Alight Inc. Class A | Add +13.3% | 2.50% | −0.12 |
| TXNM TXNM Energy Inc. | Add +2.7% | 4.23% | −0.20 |
| OPTU Optimum Communications Inc. Class A | Add +14.9% | 2.57% | −0.58 |
| PCG P G & E Corp. | Add +7.9% | 2.97% | −0.87 |
Options Activity Q1 2025 → Q2 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -5.2% | 5,500,000 | $443.6M |
| IWM iShares Russell 2000 ETF | put | Reduce -4.6% | 1,750,000 | $377.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 220,000 | $123.1Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | New | 42,000,000 | $44.8M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +5.0% | 42,000,000 | $37.6M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +10.0% | 27,500,000 | $25.4M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -3.7% | 18,500,000 | $22.2M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 20,500,000 | $20.3M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -11.8% | 15,000,000 | $13.0M |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | Reduce -56.3% | 8,000,000 | $12.5M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 7,500,000 | $9.0M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Reduce -40.0% | 6,000,000 | $5.7M |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | New | 4,000,000 | $3.8M |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | New | 4,000,000 | $3.6M |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | Sold out | 2,000,000 | $1.9Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Reduce -59.5% | 4,250,000 | $1.1M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Sold out | 20,000 | $895Kbefore 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 |