Empyrean Capital Partners, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Empyrean Capital Partners, LP reported 73 stock positions worth $2.2 billion. Its top holding was Aercap (AER) at 8.1% of the portfolio, followed by Shell PLC-ADR (SHEL, 8.0%) and British American Tob-SP ADR (BTI, 5.2%). Compared with Q2 2025, it opened 24 new positions, sold out of 10, added to 14 and reduced 12. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from Hess (HES).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001317195
Portfolio Value
$2.2B (Q3 2025)
SEC Filing
0001317195-25-000009 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $1.5B Q1 2024 Q2 2024: $1.5B Q2 2024 Q3 2024: $1.6B Q3 2024 Q4 2024: $1.8B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.9B Q2 2025 Q3 2025: $2.2B $2.2B Q3 2025 Q4 2025: $2.7B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $2.6B Q2 2026

Holdings 73 stocks · $2.2B
AER Aercap Holdings NV 8.13% 1,500,000 $181.5M Add +4.8%
SHEL Shell PLC-ADR 8.01% 2,500,000 $178.8M Add +8.7%
BTI British American Tob-SP ADR 5.23% 2,200,000 $116.8M Add +131.6%
MPC Marathon Petroleum Corp. 4.85% 562,500 $108.4M Add +5.9%
PCG P G & E Corp. 3.98% 5,900,000 $89.0M Add +43.9%
TXNM TXNM Energy Inc. 3.65% 1,442,554 $81.6M No change
NMRK Newmark Group Inc. Class A 3.64% 4,360,150 $81.3M No change
CVS CVS Health Corp. 3.52% 1,042,500 $78.6M Add +20.9%
UNP Union Pacific Corp. 3.51% 332,000 $78.5M New
AAMI Acadian Asset Management Inc. 3.32% 1,541,108 $74.2M Reduce -18.1%
COF Capital One Financial Corp. 2.93% 308,000 $65.5M Add +105.3%
STZ Constellation Brands Inc. Class A 2.72% 451,000 $60.7M New
LBRDK Liberty Broadband-C 2.62% 920,781 $58.5M No change
CAH Cardinal Health Inc. 2.51% 357,400 $56.1M Add +14.8%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2.49% 23,100,000 $55.7M No change
ENVA Enova International Inc. 2.28% 441,564 $50.8M Reduce -22.2%
VTOL Bristow Group Inc. 2.06% 1,276,000 $46.0M No change
ECHO Echostar Corp. Class A 1.95% 570,000 $43.5M Add +82.1%
NG Novagold Resources Inc. 1.93% 4,893,566 $43.1M Reduce -25.2%
NSC Norfolk Southern Corp. 1.84% 136,500 $41.0M New
BCSS.U Bain Capital GSS Investment 1.80% 3,990,000 $40.3M New
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 1.52% 2,640,000 $34.0M New
VSAT Viasat Inc. 1.49% 1,138,000 $33.3M New
LBRDA Liberty Broadband-A 1.42% 500,000 $31.7M No change
PPTA Perpetua Resources Corp. 1.37% 1,517,953 $30.7M Add +8.7%
PSX Phillips 66 1.32% 216,800 $29.5M Add +21.8%
NNI Nelnet Inc. Class A 1.30% 231,000 $29.0M New
CCIX Churchill Capital Corp. Ix 1.24% 2,633,582 $27.6M No change
NN Nextnav Inc. 1.21% 1,886,000 $27.0M Add +11.9%
TECK Teck Resources Ltd.-CLS B 0.98% 500,000 $21.9M New
SIRI Sirius XM Holdings Inc. 0.94% 905,623 $21.1M No change
SBGI Sinclair Inc. 0.77% 1,144,493 $17.3M No change
LLYVK Liberty Media Corp.-Liberty-C 0.76% 175,771 $17.0M No change
ALIT Alight Inc. Class A 0.72% 4,930,000 $16.1M Reduce -42.0%
AMBP Ardagh Metal Packaging SA 0.71% 4,000,000 $16.0M No change
GTEN Gores Holdings X Inc. Class A 0.67% 1,475,000 $15.1M New
AEM Agnico Eagle Mines Ltd. 0.66% 86,800 $14.6M Reduce -13.2%
AGI Alamos Gold Inc. Class A 0.61% 391,300 $13.6M Add +30.4%
AEXA American Exceptionalism Class A 0.60% 1,230,000 $13.4M New
TDS Telephone and Data Systems 0.53% 300,000 $11.8M Reduce -7.7%
SDRL Seadrill Limited 0.51% 374,420 $11.3M New
ACIC American Coastal Insurance C 0.48% 940,500 $10.7M No change
EVAC.U Eqv Ventures Acquisition Cor 0.45% 1,000,000 $10.0M New
NGD New Gold Inc. 0.42% 1,309,428 $9.4M Reduce -14.9%
VAL Valaris Ltd. 0.42% 191,700 $9.3M New
OXY Occidental Petroleum Corp. 0.40% 191,000 $9.0M New
LLYVA Liberty Media Corp.-Liberty-A 0.40% 94,563 $8.9M No change
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 0.39% 732,042 $8.6M Add +31.4%
BP BP PLC-Spons ADR 0.38% 245,000 $8.4M No change
OACC Oaktree Acquisition Corp. I-A 0.35% 750,000 $7.9M New
SOCAU Solarius Capital Acquisition 0.33% 700,000 $7.4M New
RAC Rithm Acquisition Corp. Class A 0.33% 716,485 $7.3M New
HNRG Hallador Energy Co. 0.31% 354,476 $6.9M Reduce -24.8%
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.31% 184,156 $6.9M No change
NXE Nexgen Energy Ltd. 0.30% 751,000 $6.7M Reduce -63.4%
MAGN Magnera Corp. 0.23% 436,260 $5.1M Reduce -7.1%
AKAM Akamai Technologies Inc. 0.20% 58,000 $4.4M New
EQT Eqt Corp. 0.17% 71,600 $3.9M No change
NE Noble Corp. PLC 0.17% 137,000 $3.9M New
RRC Range Resources Corp. 0.17% 101,300 $3.8M No change
GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC 0.17% 99,999 $3.8M No change
EXE Expand Energy Corp. 0.16% 34,500 $3.7M No change
AR Antero Resources Corp. 0.15% 101,400 $3.4M No change
ULCC Frontier Group Holdings Inc. 0.14% 723,439 $3.2M Reduce -34.2%
CEPF Cantor Equity Partners Class A 0.14% 300,000 $3.1M New
AMN Amn Healthcare Services Inc. 0.13% 150,000 $2.9M New
CTRA Coterra Energy Inc. 0.12% 115,400 $2.7M No change
CAEP Cantor Equity Partners III-A 0.12% 250,000 $2.6M No change
CRK Comstock Resources Inc. 0.11% 118,900 $2.4M No change
FCRS.U Futurecrest Acquisition Corp. 0.08% 175,000 $1.9M New
BDCIU BTC Development Corp. 0.07% 150,000 $1.5M New
TONX Ton Strategy Co. 0.06% 192,621 $1.4M New
SABR Sabre Corp. 0.03% 400,000 $732K Reduce -91.2%
Other holdings (13): bonds, preferreds, convertibles and warrants · $257.6M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 44,000,000$45.8MAdd +4.8%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 42,000,000$38.0MNo change
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) NOTE 2.250% 9/0 · principal 23,000,000$32.3MNew
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 32,500,000$31.8MReduce -18.8%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 22,500,000$31.2MAdd +21.6%
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 25,000,000$27.4MAdd +21.9%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 24,000,000$22.2MReduce -12.7%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 15,000,000$13.6MNo change
PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) NOTE 2.000% 8/1 · principal 10,500,000$12.5MNew
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 2,500,000$2.4MReduce -58.3%
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 440,000$343KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 75,000$3KNo change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 100,000$1KNo change

Total filed on the 13F, all lines: $2.5B.

Portfolio Sells Q2 2025 → Q3 2025
HES Hess Corp. Sold out 0.00% −6.53
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −4.01
SKX Skechers USA Inc. Class A Sold out 0.00% −2.70
ALIT Alight Inc. Class A Reduce -42.0% 0.72% −1.78
JHX James Hardie Ord Sold out 0.00% −1.76
CCCXU Churchill Capital Corp. X Sold out 0.00% −1.61
UNH Unitedhealth Group Inc. Sold out 0.00% −1.53
ENVA Enova International Inc. Reduce -22.2% 2.28% −1.02
FIP Ftai Infrastructure Inc. Sold out 0.00% −0.76
SABR Sabre Corp. Reduce -91.2% 0.03% −0.71
BTBT Bit Digital Inc. Sold out 0.00% −0.48
NXE Nexgen Energy Ltd. Reduce -63.4% 0.30% −0.44
ASTL Algoma Steel Group Inc. Sold out 0.00% −0.16
BACCU Blue Acquisition Corp. Sold out 0.00% −0.16
AAMI Acadian Asset Management Inc. Reduce -18.1% 3.32% −0.13
HNRG Hallador Energy Co. Reduce -24.8% 0.31% −0.08
TDS Telephone and Data Systems Reduce -7.7% 0.53% −0.07
MAGN Magnera Corp. Reduce -7.1% 0.23% −0.07
ULCC Frontier Group Holdings Inc. Reduce -34.2% 0.14% −0.06
NGD New Gold Inc. Reduce -14.9% 0.42% +0.02
AEM Agnico Eagle Mines Ltd. Reduce -13.2% 0.66% +0.04
NG Novagold Resources Inc. Reduce -25.2% 1.93% +0.54

Portfolio Buys Q2 2025 → Q3 2025
UNP Union Pacific Corp. New 3.51% +3.51
BTI British American Tob-SP ADR Add +131.6% 5.23% +2.89
STZ Constellation Brands Inc. Class A New 2.72% +2.72
NSC Norfolk Southern Corp. New 1.84% +1.84
BCSS.U Bain Capital GSS Investment New 1.80% +1.80
INFQ Infleqtion Inc. New 1.52% +1.52
ECHO Echostar Corp. Class A Add +82.1% 1.95% +1.50
VSAT Viasat Inc. New 1.49% +1.49
NNI Nelnet Inc. Class A New 1.30% +1.30
COF Capital One Financial Corp. Add +105.3% 2.93% +1.27
PCG P G & E Corp. Add +43.9% 3.98% +1.01
TECK Teck Resources Ltd.-CLS B New 0.98% +0.98
GTEN Gores Holdings X Inc. Class A New 0.67% +0.67
AEXA American Exceptionalism Class A New 0.60% +0.60
SDRL Seadrill Limited New 0.51% +0.51
PPTA Perpetua Resources Corp. Add +8.7% 1.37% +0.49
EVAC.U Eqv Ventures Acquisition Cor New 0.45% +0.45
CVS CVS Health Corp. Add +20.9% 3.52% +0.42
VAL Valaris Ltd. New 0.42% +0.42
OXY Occidental Petroleum Corp. New 0.40% +0.40
OACC Oaktree Acquisition Corp. I-A New 0.35% +0.35
SOCAU Solarius Capital Acquisition New 0.33% +0.33
RAC Rithm Acquisition Corp. Class A New 0.33% +0.33
MPC Marathon Petroleum Corp. Add +5.9% 4.85% +0.26
PSX Phillips 66 Add +21.8% 1.32% +0.22
AKAM Akamai Technologies Inc. New 0.20% +0.20
AGI Alamos Gold Inc. Class A Add +30.4% 0.61% +0.20
NE Noble Corp. PLC New 0.17% +0.17
CEPF Cantor Equity Partners Class A New 0.14% +0.14
AMN Amn Healthcare Services Inc. New 0.13% +0.13
FCRS.U Futurecrest Acquisition Corp. New 0.08% +0.08
BDCIU BTC Development Corp. New 0.07% +0.07
TONX Ton Strategy Co. New 0.06% +0.06
SNCY Sun Country Airlines Holding Add +31.4% 0.39% +0.05
NN Nextnav Inc. Add +11.9% 1.21% −0.13
CAH Cardinal Health Inc. Add +14.8% 2.51% −0.21
SHEL Shell PLC-ADR Add +8.7% 8.01% −0.42
AER Aercap Holdings NV Add +4.8% 8.13% −0.59

Options Activity Q2 2025 → Q3 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 5,500,000 $443.6Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 1,750,000 $377.6Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal Add +4.8% 44,000,000 $45.8M
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) NOTE 2.250% 9/0 · principal New 23,000,000 $32.3M
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal Reduce -18.8% 32,500,000 $31.8M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Add +21.6% 22,500,000 $31.2M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Add +21.9% 25,000,000 $27.4M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Reduce -12.7% 24,000,000 $22.2M
PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) NOTE 2.000% 8/1 · principal New 10,500,000 $12.5M
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Sold out 8,000,000 $12.5Mbefore exit
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal Sold out 7,500,000 $9.0Mbefore exit
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal Sold out 4,000,000 $3.8Mbefore exit
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Sold out 4,000,000 $3.6Mbefore exit
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Reduce -58.3% 2,500,000 $2.4M
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Sold out 4,250,000 $1.1Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 94$2.6BVSAT, AER, BTI, MPC, ENVA
Q1 2026 107$2.8BAER, BTI, SHEL, MPC, NSC
Q4 2025 80$2.7BAER, SHEL, BTI, COF, PCG
Q3 2025 73$2.2BAER, SHEL, BTI, MPC, PCG
Q2 2025 57$1.9BAER, SHEL, HES, LBRDK, MPC
Q1 2025 43$1.7BHES, SHEL, AER, CVS, MPC
Q4 2024 52$1.8BHES, AER, SHEL, PCG, DFS
Q3 2024 51$1.6BHES, AER, SHEL, D, ALIT
Q2 2024 52$1.5BSHEL, AER, HES, ALIT, D
Q1 2024 43$1.5BPXD, AER, ALIT, HES, MPC