Empyrean Capital Partners, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Empyrean Capital Partners, LP reported 107 stock positions worth $2.8 billion. Its top holding was Aercap (AER) at 4.9% of the portfolio, followed by British American Tob-SP ADR (BTI, 4.0%) and Shell PLC-ADR (SHEL, 3.8%). Compared with Q4 2025, it opened 38 new positions, sold out of 12, added to 15 and reduced 18. The biggest buy was a new position in Electronic Arts (EA) and the biggest sale an exit from P G & E (PCG).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317195
- Portfolio Value
- $2.8B (Q1 2026)
- SEC Filing
- 0001317195-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 107 stocks · $2.8B
| AER Aercap Holdings NV | 4.88% | 1,000,000 | $137.2M | Reduce -9.1% |
| BTI British American Tob-SP ADR | 4.01% | 1,925,000 | $112.6M | Reduce -12.5% |
| SHEL Shell PLC-ADR | 3.78% | 1,141,700 | $106.2M | Reduce -32.8% |
| MPC Marathon Petroleum Corp. | 3.46% | 398,100 | $97.2M | Reduce -8.8% |
| NSC Norfolk Southern Corp. | 3.24% | 317,100 | $91.0M | Add +55.6% |
| STZ Constellation Brands Inc. Class A | 3.24% | 606,200 | $90.9M | Add +3.3% |
| TXNM TXNM Energy Inc. | 3.00% | 1,442,554 | $84.3M | No change |
| AAMI Acadian Asset Management Inc. | 2.53% | 1,308,190 | $71.2M | Reduce -6.9% |
| WBD Warner Bros Discovery Inc. | 2.52% | 2,583,000 | $70.9M | Add +29.1% |
| VISN Vistance Networks Inc. | 2.42% | 3,732,000 | $67.9M | Add +81.2% |
| NMRK Newmark Group Inc. Class A | 2.33% | 4,360,150 | $65.4M | No change |
| UNP Union Pacific Corp. | 2.06% | 238,300 | $57.8M | Reduce -36.3% |
| AXTA Axalta Coating Systems Ltd. | 2.02% | 2,050,000 | $56.8M | No change |
| VTOL Bristow Group Inc. | 1.95% | 1,170,000 | $54.9M | Reduce -3.7% |
| ENVA Enova International Inc. | 1.90% | 394,064 | $53.5M | Reduce -10.8% |
| CAH Cardinal Health Inc. | 1.86% | 247,800 | $52.4M | No change |
| VSAT Viasat Inc. | 1.85% | 1,138,000 | $52.1M | No change |
| LBRDK Liberty Broadband-C | 1.65% | 920,781 | $46.3M | No change |
| EA Electronic Arts Inc. | 1.65% | 227,000 | $46.3M | New |
| PSX Phillips 66 | 1.53% | 236,200 | $43.0M | Reduce -10.8% |
| BCSS Bain Capital GSS Inv- A | 1.44% | 3,990,000 | $40.3M | No change |
| CMCSA Comcast Corp. Class A | 1.37% | 1,345,000 | $38.6M | Add +54.8% |
| APO Apollo Global Management Inc. | 1.30% | 328,200 | $36.6M | New |
| FOXA Fox Corp. Class A | 1.29% | 622,000 | $36.3M | New |
| CCXIU Churchill Capital Corp. Xi | 1.28% | 3,500,000 | $35.9M | No change |
| PPLI People Inc. filed as IAC INC | 1.17% | 820,000 | $32.8M | Add +21.1% |
| OPTU Optimum Communications Inc. Class A | 1.14% | 24,578,407 | $32.0M | Reduce -1.8% |
| RIG Transocean Ltd. | 1.08% | 4,570,463 | $30.3M | New |
| ASH Ashland Inc. | 1.07% | 542,000 | $30.1M | No change |
| KVUE Kenvue Inc. | 1.06% | 1,732,000 | $29.9M | No change |
| NNI Nelnet Inc. Class A | 1.06% | 231,000 | $29.8M | No change |
| MCW Mister Car Wash Inc. | 1.05% | 4,250,000 | $29.6M | New |
| COF Capital One Financial Corp. | 1.04% | 160,000 | $29.2M | Reduce -64.0% |
| CCIX Churchill Capital Corp. Ix | 1.00% | 2,633,582 | $28.1M | No change |
| PEN Penumbra Inc. | 0.99% | 85,000 | $27.9M | New |
| WAT Waters Corp. | 0.97% | 92,000 | $27.4M | New |
| B Barrick Mining Corp. | 0.97% | 667,800 | $27.2M | Reduce -18.7% |
| ECHO Echostar Corp. Class A | 0.95% | 228,000 | $26.7M | Add +20.6% |
| KBON Karbon Capital Partners Class A | 0.94% | 2,632,752 | $26.5M | No change |
| SNAP Snap Inc. Class A | 0.90% | 5,500,000 | $25.3M | New |
| LBRDA Liberty Broadband-A | 0.89% | 500,000 | $25.1M | No change |
| FVAV Fortress Value Acquis V Class A | 0.88% | 2,475,000 | $24.8M | New |
| NG Novagold Resources Inc. | 0.86% | 2,700,000 | $24.2M | Reduce -0.2% |
| QRVO Qorvo Inc. | 0.85% | 309,000 | $23.9M | No change |
| PPTA Perpetua Resources Corp. | 0.84% | 840,000 | $23.6M | Reduce -18.4% |
| RAC Rithm Acquisition Corp. Class A | 0.83% | 2,230,000 | $23.2M | Add +60.5% |
| NN Nextnav Inc. | 0.82% | 1,432,000 | $22.9M | Reduce -24.1% |
| IGV iShares Expanded Tech-Softwa | 0.81% | 286,000 | $22.9M | New |
| UNF Unifirst Corp. | 0.73% | 81,000 | $20.4M | New |
| MTAL.U Metals Acquisition Corp. II | 0.71% | 1,980,000 | $20.0M | New |
| KMB Kimberly-Clark Corp. | 0.64% | 187,200 | $18.1M | No change |
| KPET.U Kpet Ultra Paceline Corp. | 0.64% | 1,800,000 | $18.0M | New |
| SBAC SBA Communications Corp. | 0.62% | 102,000 | $17.6M | New |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.61% | 1,034,499 | $17.1M | Add +61.6% |
| AMBP Ardagh Metal Packaging SA | 0.58% | 4,000,000 | $16.2M | No change |
| SIRI Sirius XM Holdings Inc. | 0.57% | 692,775 | $16.0M | No change |
| IEAGU Infinite Eagle Acquisition C | 0.54% | 1,499,000 | $15.2M | New |
| GTEN Gores Holdings X Inc. Class A | 0.54% | 1,475,000 | $15.1M | No change |
| VSNT Versant Media Group Inc. | 0.51% | 384,748 | $14.2M | Add +1007.3% |
| OIMAU Oneim Acquisition Corp. | 0.49% | 1,358,140 | $13.7M | New |
| SBGI Sinclair Inc. | 0.48% | 1,044,493 | $13.5M | No change |
| AEXA American Exceptionalism Class A | 0.47% | 1,230,000 | $13.3M | No change |
| VG Venture Global Inc. Class A | 0.47% | 831,000 | $13.1M | New |
| ACIC American Coastal Insurance C | 0.45% | 1,126,987 | $12.7M | Add +19.8% |
| LLYVK Liberty Live Holdings Class C | 0.45% | 134,300 | $12.6M | No change |
| TDS Telephone and Data Systems | 0.45% | 300,000 | $12.6M | No change |
| CTRI Centuri Holdings Inc. | 0.41% | 397,000 | $11.6M | Reduce -31.3% |
| LBRT Liberty Energy Inc. | 0.41% | 400,000 | $11.5M | Reduce -66.7% |
| DSAC Daedalus Special Acquis Class A | 0.40% | 1,132,000 | $11.2M | No change |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.39% | 293,218 | $10.9M | No change |
| BP BP PLC-Spons ADR | 0.37% | 220,000 | $10.3M | New |
| CLBR.U Colombier Acqstn Corp. III | 0.36% | 1,000,000 | $10.2M | New |
| OXY Occidental Petroleum Corp. | 0.36% | 155,900 | $10.1M | Add +48.6% |
| HCICU Hennessy Capital Investment | 0.36% | 1,000,000 | $10.0M | New |
| RVMD Revolution Medicines Inc. | 0.35% | 102,400 | $10.0M | New |
| INVH Invitation Homes Inc. | 0.34% | 385,000 | $9.6M | New |
| OACC Oaktree Acquisition Corp. I-A | 0.34% | 900,000 | $9.6M | No change |
| VHCPU Vine Hill Capital Investment | 0.34% | 950,000 | $9.5M | No change |
| AVB Avalonbay Communities Inc. | 0.34% | 58,000 | $9.5M | New |
| DK Delek US Holdings Inc. | 0.33% | 208,700 | $9.4M | New |
| ARI Apollo Commercial Real Estat | 0.33% | 883,751 | $9.3M | New |
| CPT Camden Property Trust | 0.33% | 94,000 | $9.2M | New |
| CCI Crown Castle Inc. | 0.31% | 107,000 | $8.7M | New |
| HNRG Hallador Energy Co. | 0.29% | 500,000 | $8.1M | New |
| EQT Eqt Corp. | 0.25% | 110,400 | $7.0M | Add +54.2% |
| CTRA Coterra Energy Inc. | 0.24% | 192,000 | $6.7M | Add +66.4% |
| LLYVA Liberty Live Holdings Class A | 0.24% | 72,250 | $6.6M | No change |
| APA Apa Corp. | 0.21% | 142,000 | $6.0M | New |
| VCIC Vine Hill Capital Class A | 0.21% | 540,817 | $5.8M | Add +103.2% |
| VIR Vir Biotechnology Inc. | 0.17% | 527,800 | $4.7M | New |
| RRC Range Resources Corp. | 0.16% | 101,300 | $4.6M | No change |
| AR Antero Resources Corp. | 0.15% | 101,400 | $4.3M | No change |
| AGI Alamos Gold Inc. Class A | 0.14% | 91,000 | $4.0M | Reduce -55.2% |
| EXE Expand Energy Corp. | 0.13% | 34,500 | $3.8M | No change |
| GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC | 0.13% | 99,999 | $3.7M | No change |
| CRC California Resources Corp. | 0.12% | 48,000 | $3.3M | New |
| CEPS Cantor Equity Partners Vi -A | 0.11% | 309,050 | $3.1M | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.11% | 282,100 | $3.1M | No change |
| CEPF Cantor Equity Partners Class A | 0.11% | 300,000 | $3.1M | No change |
| CAEP Cantor Equity Partners III-A | 0.09% | 250,000 | $2.6M | No change |
| CRK Comstock Resources Inc. | 0.09% | 118,900 | $2.5M | No change |
| SM SM Energy Co. | 0.08% | 74,000 | $2.3M | New |
| YSS York Space Systems Inc. | 0.07% | 95,000 | $2.1M | New |
| ARKO Arko Corp. | 0.06% | 327,155 | $1.8M | New |
| UMAC Unusual Machines Inc. | 0.02% | 50,000 | $620K | New |
| FPS Forgent Power Solutions Class A | 0.02% | 20,000 | $585K | New |
| THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN | 0.01% | 90,000 | $207K | New |
Options reported separately and not counted above: SPY puts ($68.3M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $192.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 52,000,000 | $49.8M | Add +18.2% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 32,450,000 | $29.5M | Add +13.9% |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | NOTE 2.250% 9/0 · principal | 23,500,000 | $29.1M | Add +11.9% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 25,000,000 | $24.5M | No change |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 20,265,000 | $18.2M | Add +24.6% |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | 15,500,000 | $15.8M | New |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 10,500,000 | $10.5M | No change |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 6,250,000 | $6.3M | Add +25.0% |
| ORACLE CORP (ORCL 6.5 01/15/29 D) | 6.5 DEP CUM SR D | 100,000 | $4.5M | New |
| INFQ.WS Churchill Capital Corp. X | *W EXP 02/17/203 | 762,500 | $3.4M | New |
| BCSS.WS Bain Capital GSS Investment | *W EXP 01/01/202 | 798,000 | $495K | New |
| KBONW Karbon Capital Partners Corp. | *W EXP 12/11/203 | 658,188 | $263K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 440,000 | $198K | No change |
| DSACW Daedalus Spec Acq -30 | *W EXP 11/24/203 | 283,000 | $116K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 75,000 | $5K | No change |
| BENFW Beneficient Co. Group -28 | *W EXP 06/07/202 | 100,000 | $1K | No change |
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q4 2025 → Q1 2026
| PCG P G & E Corp. | Sold out | 0.00% | −3.54 |
| CVS CVS Health Corp. | Sold out | 0.00% | −3.43 |
| COF Capital One Financial Corp. | Reduce -64.0% | 1.04% | −2.98 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.38 |
| UNP Union Pacific Corp. | Reduce -36.3% | 2.06% | −1.17 |
| THS Treehouse Foods Inc. | Sold out | 0.00% | −1.16 |
| AER Aercap Holdings NV | Reduce -9.1% | 4.88% | −1.02 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.90 |
| SHEL Shell PLC-ADR | Reduce -32.8% | 3.78% | −0.88 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.88 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.84 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.75 |
| ENVA Enova International Inc. | Reduce -10.8% | 1.90% | −0.68 |
| BTI British American Tob-SP ADR | Reduce -12.5% | 4.01% | −0.64 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.54 |
| LBRT Liberty Energy Inc. | Reduce -66.7% | 0.41% | −0.42 |
| OPTU Optimum Communications Inc. Class A | Reduce -1.8% | 1.14% | −0.40 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −0.38 |
| B Barrick Mining Corp. | Reduce -18.7% | 0.97% | −0.36 |
| NN Nextnav Inc. | Reduce -24.1% | 0.82% | −0.35 |
| LAD Lithia Motors Inc. | Sold out | 0.00% | −0.19 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.18 |
| AGI Alamos Gold Inc. Class A | Reduce -55.2% | 0.14% | −0.15 |
| CTRI Centuri Holdings Inc. | Reduce -31.3% | 0.41% | −0.13 |
| PPTA Perpetua Resources Corp. | Reduce -18.4% | 0.84% | −0.09 |
| NG Novagold Resources Inc. | Reduce -0.2% | 0.86% | −0.08 |
| AAMI Acadian Asset Management Inc. | Reduce -6.9% | 2.53% | +0.07 |
| PSX Phillips 66 | Reduce -10.8% | 1.53% | +0.26 |
| VTOL Bristow Group Inc. | Reduce -3.7% | 1.95% | +0.29 |
| MPC Marathon Petroleum Corp. | Reduce -8.8% | 3.46% | +0.81 |
Portfolio Buys Q4 2025 → Q1 2026
| EA Electronic Arts Inc. | New | 1.65% | +1.65 |
| APO Apollo Global Management Inc. | New | 1.30% | +1.30 |
| FOXA Fox Corp. Class A | New | 1.29% | +1.29 |
| RIG Transocean Ltd. | New | 1.08% | +1.08 |
| MCW Mister Car Wash Inc. | New | 1.05% | +1.05 |
| NSC Norfolk Southern Corp. | Add +55.6% | 3.24% | +1.04 |
| VISN Vistance Networks Inc. | Add +81.2% | 2.42% | +1.02 |
| PEN Penumbra Inc. | New | 0.99% | +0.99 |
| WAT Waters Corp. | New | 0.97% | +0.97 |
| SNAP Snap Inc. Class A | New | 0.90% | +0.90 |
| FVAV Fortress Value Acquis V Class A | New | 0.88% | +0.88 |
| IGV iShares Expanded Tech-Softwa | New | 0.81% | +0.81 |
| UNF Unifirst Corp. | New | 0.73% | +0.73 |
| MTAL.U Metals Acquisition Corp. II | New | 0.71% | +0.71 |
| KPET.U Kpet Ultra Paceline Corp. | New | 0.64% | +0.64 |
| SBAC SBA Communications Corp. | New | 0.62% | +0.62 |
| IEAGU Infinite Eagle Acquisition C | New | 0.54% | +0.54 |
| OIMAU Oneim Acquisition Corp. | New | 0.49% | +0.49 |
| VG Venture Global Inc. Class A | New | 0.47% | +0.47 |
| VSNT Versant Media Group Inc. | Add +1007.3% | 0.51% | +0.46 |
| CMCSA Comcast Corp. Class A | Add +54.8% | 1.37% | +0.41 |
| WBD Warner Bros Discovery Inc. | Add +29.1% | 2.52% | +0.37 |
| BP BP PLC-Spons ADR | New | 0.37% | +0.37 |
| CLBR.U Colombier Acqstn Corp. III | New | 0.36% | +0.36 |
| HCICU Hennessy Capital Investment | New | 0.36% | +0.36 |
| RVMD Revolution Medicines Inc. | New | 0.35% | +0.35 |
| INVH Invitation Homes Inc. | New | 0.34% | +0.34 |
| AVB Avalonbay Communities Inc. | New | 0.34% | +0.34 |
| DK Delek US Holdings Inc. | New | 0.33% | +0.33 |
| ARI Apollo Commercial Real Estat | New | 0.33% | +0.33 |
| CPT Camden Property Trust | New | 0.33% | +0.33 |
| CCI Crown Castle Inc. | New | 0.31% | +0.31 |
| HNRG Hallador Energy Co. | New | 0.29% | +0.29 |
| RAC Rithm Acquisition Corp. Class A | Add +60.5% | 0.83% | +0.29 |
| SNCY Sun Country Airlines Holding | Add +61.6% | 0.61% | +0.26 |
| STZ Constellation Brands Inc. Class A | Add +3.3% | 3.24% | +0.22 |
| APA Apa Corp. | New | 0.21% | +0.21 |
| OXY Occidental Petroleum Corp. | Add +48.6% | 0.36% | +0.20 |
| ECHO Echostar Corp. Class A | Add +20.6% | 0.95% | +0.18 |
| PPLI People Inc. | Add +21.1% | 1.17% | +0.18 |
| VIR Vir Biotechnology Inc. | New | 0.17% | +0.17 |
| CTRA Coterra Energy Inc. | Add +66.4% | 0.24% | +0.13 |
| CRC California Resources Corp. | New | 0.12% | +0.12 |
| CEPS Cantor Equity Partners Vi -A | New | 0.11% | +0.11 |
| EQT Eqt Corp. | Add +54.2% | 0.25% | +0.11 |
| VCIC Vine Hill Capital Class A | Add +103.2% | 0.21% | +0.10 |
| SM SM Energy Co. | New | 0.08% | +0.08 |
| YSS York Space Systems Inc. | New | 0.07% | +0.07 |
| ARKO Arko Corp. | New | 0.06% | +0.06 |
| UMAC Unusual Machines Inc. | New | 0.02% | +0.02 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 105,000 | $68.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +18.2% | 52,000,000 | $49.8M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Sold out | 23,800,000 | $30.4Mbefore exit |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Add +13.9% | 32,450,000 | $29.5M |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | NOTE 2.250% 9/0 · principal | Add +11.9% | 23,500,000 | $29.1M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +24.6% | 20,265,000 | $18.2M |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | New | 15,500,000 | $15.8M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +25.0% | 6,250,000 | $6.3M |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | Sold out | 762,500 | $5.9Mbefore exit |
| ORACLE CORP (ORCL 6.5 01/15/29 D) | 6.5 DEP CUM SR D | New | 100,000 | $4.5M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 4,000,000 | $3.9Mbefore exit |
| INFQ.WS Churchill Capital Corp. X | *W EXP 02/17/203 | New | 762,500 | $3.4M |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | Sold out | 1,500,000 | $1.6Mbefore exit |
| BCSS.WS Bain Capital GSS Investment | *W EXP 01/01/202 | New | 798,000 | $495K |
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 |