Fir Tree Capital Management LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Fir Tree Capital Management LP reported 105 stock positions worth $234.3 million. Its top holding was Advance Auto Parts (AAP) at 12.7% of the portfolio, followed by Six Flags Entertainment (SIX, 7.0%) and KBR (KBR, 3.7%). Compared with Q4 2023, it opened 15 new positions, sold out of 52, added to 16 and reduced 61. The biggest buy was a new position in Advance Auto Parts (AAP) and the biggest sale an exit from Cannae (CNNE).

Most Recent 13F
Q2 2025
Location
New York, NY
CIK
0001056491
Portfolio Value
$234.3M (Q1 2024)
SEC Filing
0001172661-24-002392 ↗ filed May 15, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $234.3M $234.3M Q1 2024 Q2 2024: $131.2M Q2 2024 Q3 2024: $130.9M Q3 2024 Q4 2024: $42.6M Q4 2024 Q1 2025: $5.0M Q1 2025 Q2 2025: $0 Q2 2025

Holdings 105 stocks · $234.3M
AAP Advance Auto Parts Inc. 12.71% 350,000 $29.8M New
SIX Six Flags Entertainment Corp. 7.02% 625,000 $16.4M Add +189.8%
KBR KBR Inc. 3.73% 137,176 $8.7M New
ODP The Odp Corp. filed as THE ODP CORP 3.26% 144,000 $7.6M Reduce -64.0%
FRLA Fortune Rise Acquisition Cor 2.36% 497,043 $5.5M Add +135.1%
NATL NCR Atleos Corp. 2.31% 274,456 $5.4M Reduce -39.0%
GODN Golden Star Acquisition Corp. 2.29% 504,222 $5.4M Reduce -12.9%
EVCO Everest Consolidator Acquisi 2.24% 469,317 $5.2M Reduce -56.6%
EVE Eve Mobility Acquisition C-A 2.02% 430,723 $4.7M Reduce -13.9%
NFSCF Enphys Acquisition Corp. 2.00% 433,337 $4.7M No change
MONTEREY CAP ACQUISITION COR 1.86% 391,993 $4.3M Add +64.3%
SVIIF Spring Valley Acquisition-A 1.76% 374,900 $4.1M Reduce -14.1%
TETEF Technology & Telecommunicati 1.69% 338,156 $3.9M Add +1.5%
ZLSSF Zalatoris II Acquisition Cor 1.61% 348,250 $3.8M Reduce -6.3%
WELNF Integrated Wellness Acq - A 1.61% 331,126 $3.8M Add +114.3%
BFACF Battery Future Acquisition-A 1.60% 340,351 $3.7M Reduce -2.8%
MCAA Mountain & Co. I Acquisition 1.43% 291,245 $3.3M Reduce -68.8%
APCA Ap Acquisition Corp. Class A 1.42% 295,467 $3.3M Reduce -51.1%
PLUM ACQUISITION CORP I 1.42% 300,390 $3.3M Add +3.3%
TLGYF TLGY Acquisition Corp. Class A 1.41% 292,813 $3.3M Reduce -0.3%
ASCBF A Spac II Acquisition Corp. 1.40% 276,654 $3.3M Reduce -15.7%
HCVI Hennessy Capital Invest Class A 1.30% 292,845 $3.1M Reduce -20.1%
AACI Armada Acquisition Corp. I 1.27% 268,604 $3.0M Reduce -52.0%
EGRVF Evergreen Corporation Class A 1.21% 250,000 $2.8M New
CLRCF Climaterock Class A 1.19% 247,641 $2.8M Reduce -0.8%
TCOA Zalatoris Acquisition Corp. 1.15% 246,743 $2.7M New
SBXC Silverbox Corp. III-A 1.11% 248,087 $2.6M Reduce -65.0%
ALPHAVEST ACQUISITION CORP 1.03% 219,633 $2.4M Reduce -15.5%
STONEBRIDGE ACQUISITION CORP 1.03% 209,911 $2.4M No change
BUJA Bukit Jalil Global Acquisiti 1.02% 228,559 $2.4M Reduce -8.3%
EMCGF Embrace Change Acquisition C 1.01% 213,296 $2.4M Add +259.1%
ASBP Aspire-Lakewood Holdings Inc. filed as POWERUP ACQUISITION CORP 1.00% 212,815 $2.3M Add +17.6%
BELLEVUE LIFE SCNCS AQSTN CO 0.98% 214,860 $2.3M Add +58.5%
GLOBAL PARTNER ACQISTN CORP 0.94% 197,883 $2.2M Reduce -48.0%
AFAR Aura Fat Projects Acqui Class A 0.89% 186,987 $2.1M Reduce -11.8%
GDST Goldenstone Acquisition Ltd. 0.89% 188,707 $2.1M No change
DYCQU DT Cloud Acquisition Corp. 0.88% 202,408 $2.1M New
ANSC Agriculture & Natural Soluti 0.87% 200,000 $2.0M Reduce -50.0%
PFTA Portage Fintech Acquisitio-A filed as PERCEPTION CAPITAL CORP III 0.82% 178,915 $1.9M Reduce -10.0%
ROCL Roth CH Acquisition V Co. 0.81% 174,931 $1.9M Add +16.6%
MSSAF Metal SKY Star Acquisition C 0.81% 171,744 $1.9M New
FLD Fold Holdings Inc. filed as FTAC EMERALD ACQUISITION COR 0.80% 177,970 $1.9M Reduce -82.1%
AOGO Arogo Capital Acquisition -A 0.80% 173,574 $1.9M Add +8.0%
OCAX Oca Acquisition Corp. Class A 0.77% 166,744 $1.8M New
WELSBACH TECH METALS ACQU CO 0.76% 163,684 $1.8M Reduce -14.5%
AFJK Aimei Health Technology Co. 0.72% 165,000 $1.7M Reduce -23.3%
SLAMF Slam Corp. Class A 0.67% 140,546 $1.6M Reduce -2.8%
NPAB New Providence Acquisition-A 0.63% 135,999 $1.5M Reduce -75.8%
LATG Chenghe Acquisition I Co. 0.62% 129,923 $1.5M Reduce -20.3%
PLMJF Plum Acquisition Corp. III 0.62% 135,700 $1.4M New
APXIF Apx Acquisition Corp. I 0.57% 117,400 $1.3M No change
CHAA Catcha Investment Corp. Class A 0.57% 117,677 $1.3M Reduce -42.5%
CVII Churchill Capital Corp. Vii-A 0.56% 123,675 $1.3M Reduce -13.5%
HSPOF Horizon Space Acquisition I 0.56% 120,966 $1.3M No change
QDRO Quadro Acquisition One Corp. 0.54% 115,555 $1.3M Reduce -6.6%
ACAC Acri Capital Acquisition Cor 0.54% 112,090 $1.3M Add +188.6%
ATLANTIC COASTAL AQSTN CORP 0.54% 117,100 $1.3M Reduce -53.3%
ACBA Ace Global Business Acquisit 0.52% 101,409 $1.2M Reduce -51.2%
KVACF Keen Vision Acquisition Corp. 0.49% 109,655 $1.1M Reduce -11.9%
LEGT Legato Merger Corp. III 0.45% 104,942 $1.1M New
MARX Mars Acquisition Corp. 0.45% 98,730 $1.1M Add +57.1%
IGTA Inception Growth Acquisition 0.44% 95,877 $1.0M Add +0.1%
COLOMBIER ACQUISITION CORP 0.44% 100,000 $1.0M No change
SPKLF Spark I Acquisition Corp. 0.44% 100,000 $1.0M No change
TMTC TMT Acquisition Corp. Class A 0.39% 84,343 $902K Add +3.0%
USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP 0.37% 83,540 $875K Reduce -85.3%
IXAQF Ix Acquisition Corp. Class A 0.36% 75,558 $846K Add +464.1%
CETU Cetus Capital Acquisition Co. 0.35% 78,268 $830K Reduce -50.6%
RFAC RF Acquisition Corp. Class A 0.35% 74,995 $812K New
ISRLF Israel Acquisitions Corp. Class A 0.34% 74,088 $808K Reduce -50.2%
RCFAF Perception Capital Corp. IV filed as RCF ACQUISITION CORP 0.34% 72,000 $804K No change
ALSAF Alpha Star Acquisition Corp. 0.34% 69,737 $790K Reduce -76.8%
KYCH Keyarch Acquisition Corp. 0.33% 70,600 $770K Reduce -40.3%
BKHAU Black Hawk Acquisition Corp. 0.33% 75,000 $762K New
ARES ACQUISITION CORP II 0.32% 71,357 $754K Reduce -81.3%
JVSA Jvspac Acquisition Corp. Class A 0.30% 70,000 $704K New
NETD Nabors Energy Transition C-A 0.28% 62,633 $651K Reduce -90.7%
RRACF Rigel Resource Acquisit Class A 0.28% 57,819 $646K Reduce -71.5%
ALCYF Alchemy Investments Acquisit 0.25% 55,148 $584K Reduce -80.7%
BLUAF Blueriver Acquisition Corp. Class A 0.25% 52,908 $575K Reduce -73.4%
IVCBF Invest Acquisition Corp. 0.24% 50,271 $567K Reduce -24.1%
REDWOODS ACQUISITION CORP 0.23% 50,303 $532K New
ALPHATIME ACQUISITION CORP 0.22% 47,943 $525K Reduce -59.7%
MAQC Maquia Capital Acquisition-A 0.22% 47,272 $524K Reduce -80.4%
GLACF Global Lights Acquisition Co. 0.22% 50,000 $509K No change
BAYA Bayview Acquisition Corp. Class A 0.22% 50,000 $505K No change
KACLF Kairous Acquisition Corp. Ltd. 0.21% 42,706 $502K Reduce -8.8%
UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP 0.21% 50,000 $499K No change
SKGR SK Growth Opportunities Co. Class A 0.21% 43,961 $486K Reduce -25.4%
QETA Quetta Acquisition Corp. 0.20% 45,000 $459K No change
BITE Bite Acquisition Corp. 0.19% 42,435 $455K Reduce -16.4%
CDAQF Compass Digital Acquisition 0.19% 40,900 $438K Reduce -59.1%
BWAQ Blue World Acquisition Corp. 0.18% 38,131 $426K Reduce -73.0%
M Macy's Inc. 0.17% 19,336 $387K Reduce -97.4%
IVCAF Libity filed as INVESTCORP INDIA ACQUISTN CO 0.15% 31,300 $351K New
XFIN Excelfin Acquisition Corp. Class A 0.13% 27,800 $304K New
GLLI Globalink Investment Inc. 0.13% 27,506 $301K Reduce -31.0%
DIST Distoken Acquisition Corp. 0.13% 27,740 $298K Reduce -14.3%
ARYD Arya Sciences Acquisition-A 0.12% 24,949 $281K Reduce -31.6%
AITR AI Transportation Acquisitio 0.09% 20,000 $206K No change
RENEF Cartesian Growth Corp. II- A 0.09% 17,995 $200K Reduce -16.9%
BOWN Bowen Acquisition Corp. 0.08% 17,503 $183K Reduce -78.5%
FORL Four Leaf Acquisition Cor-A 0.07% 15,904 $171K Reduce -83.8%
OAKU Oak Woods Acquisition Corp. Class A 0.06% 13,905 $149K Reduce -83.5%
ESHA Esh Acquisition Corp. Class A 0.05% 11,178 $116K Reduce -91.1%

Options reported separately and not counted above: RSP calls ($126.5M), LQD calls ($46.9M), VSAT calls ($1.2M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $5.1M (not counted above)
SecurityClassShares / PrincipalValueChange
OATLY GROUP AB DEBT 9.250% 9/1 · principal 4,736,083$3.5MNew
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal 2,220,000$1.6MNew

Total filed on the 13F, all lines: $239.4M.

Portfolio Sells Q4 2023 → Q1 2024
CNNE Cannae Holdings Inc. Sold out 0.00% −3.60
M Macy's Inc. Reduce -97.4% 0.17% −3.15
POWER & DIGITAL INFRASTRUCTU Sold out 0.00% −2.45
GHIX Gores Holding Ix Inc. Class A Sold out 0.00% −2.13
ACAH Atlantic Coastal Acquisiti-A Sold out 0.00% −1.86
PEGR Project Energy Reimagined Ac Sold out 0.00% −1.76
ODP The Odp Corp. Reduce -64.0% 3.26% −1.68
FLD Fold Holdings Inc. Reduce -82.1% 0.80% −1.51
BURTECH ACQUISITION CORP Sold out 0.00% −1.40
NETD Nabors Energy Transition C-A Reduce -90.7% 0.28% −1.27
ARIZ Arisz Acquisition Corp. Sold out 0.00% −1.18
KRNL Kernel Group Holdings Inc. Class A Sold out 0.00% −1.08
FOCUS IMPACT ACQUISITION COR Sold out 0.00% −1.06
HHLA Hh&l Acquisition Co. Class A Sold out 0.00% −1.01
OPA Magnum Opus Acquisition LT-A Sold out 0.00% −1.00
VAQC Vector Acquisition Corp. II-A Sold out 0.00% −0.98
IRRX Integrated Rail and Class A Sold out 0.00% −0.96
CFFS CF Acquisition Corp. Vii Class A Sold out 0.00% −0.95
LGVC Lamf Global Ventures Corp. I Sold out 0.00% −0.95
USAR USA Rare Earth Inc. Reduce -85.3% 0.37% −0.92
CPTK Crown Proptech Acquisition-A Sold out 0.00% −0.90
LIBY Liberty Resources Acqui Class A Sold out 0.00% −0.89
MCAA Mountain & Co. I Acquisition Reduce -68.8% 1.43% −0.89
DPCS DP Cap Acquisition Corp. Class A Sold out 0.00% −0.88
CBRRF Chain Bridge I-A Sold out 0.00% −0.86
CRTAF Cartica Acquisition Corp. Class A Sold out 0.00% −0.84
ANDRETTI ACQUISITION CORP Sold out 0.00% −0.83
AER Aercap Holdings NV Sold out 0.00% −0.71
CSTAF Constellation Acquisition-A Sold out 0.00% −0.70
NPAB New Providence Acquisition-A Reduce -75.8% 0.63% −0.69
BNIX Bannix Acquisition Corp. Sold out 0.00% −0.67
GIGCAPITAL 5 INC Sold out 0.00% −0.66
FTII Futuretech II Acquisiti Class A Sold out 0.00% −0.66
PONO CAP THREE INC Sold out 0.00% −0.64
SCRM Screaming Eagle Acq Class A Sold out 0.00% −0.60
BRAC Broad Capital Acquisition Co. Sold out 0.00% −0.56
ARES ACQUISITION CORP II Reduce -81.3% 0.32% −0.55
BNAI Brand Engagement Network Inc. Sold out 0.00% −0.55
GMFI Aetherium Acquisition Corp. Class A Sold out 0.00% −0.51
SBXC Silverbox Corp. III-A Reduce -65.0% 1.11% −0.50
ARROWROOT ACQUISITION CORP Sold out 0.00% −0.49
SACQF Spree Acquisition Corp. 1 Ltd. Sold out 0.00% −0.48
ALSET CAPITAL ACQUISITION CO Sold out 0.00% −0.44
SWSS Clean Energy Special Situati Sold out 0.00% −0.43
ALCYF Alchemy Investments Acquisit Reduce -80.7% 0.25% −0.42
ALSAF Alpha Star Acquisition Corp. Reduce -76.8% 0.34% −0.41
MAQC Maquia Capital Acquisition-A Reduce -80.4% 0.22% −0.38
EVCO Everest Consolidator Acquisi Reduce -56.6% 2.24% −0.36
BLEUACACIA LTD Sold out 0.00% −0.35
TWLV Twelve Seas Invtmnt Co. II -A Sold out 0.00% −0.35

Portfolio Buys Q4 2023 → Q1 2024
AAP Advance Auto Parts Inc. New 12.71% +12.71
SIX Six Flags Entertainment Corp. Add +189.8% 7.02% +5.83
KBR KBR Inc. New 3.73% +3.73
FRLA Fortune Rise Acquisition Cor Add +135.1% 2.36% +1.85
MONTEREY CAP ACQUISITION COR Add +64.3% 1.86% +1.29
WELNF Integrated Wellness Acq - A Add +114.3% 1.61% +1.23
EGRVF Evergreen Corporation Class A New 1.21% +1.21
TCOA Zalatoris Acquisition Corp. New 1.15% +1.15
DYCQU DT Cloud Acquisition Corp. New 0.88% +0.88
EMCGF Embrace Change Acquisition C Add +259.1% 1.01% +0.87
TETEF Technology & Telecommunicati Add +1.5% 1.69% +0.85
MSSAF Metal SKY Star Acquisition C New 0.81% +0.81
OCAX Oca Acquisition Corp. Class A New 0.77% +0.77
PLUM ACQUISITION CORP I Add +3.3% 1.42% +0.72
BELLEVUE LIFE SCNCS AQSTN CO Add +58.5% 0.98% +0.67
PLMJF Plum Acquisition Corp. III New 0.62% +0.62
ASBP Aspire-Lakewood Holdings Inc. Add +17.6% 1.00% +0.57
ROCL Roth CH Acquisition V Co. Add +16.6% 0.81% +0.46
LEGT Legato Merger Corp. III New 0.45% +0.45
ACAC Acri Capital Acquisition Cor Add +188.6% 0.54% +0.44
AOGO Arogo Capital Acquisition -A Add +8.0% 0.80% +0.42
RFAC RF Acquisition Corp. Class A New 0.35% +0.35
IXAQF Ix Acquisition Corp. Class A Add +464.1% 0.36% +0.33
BKHAU Black Hawk Acquisition Corp. New 0.33% +0.33
MARX Mars Acquisition Corp. Add +57.1% 0.45% +0.30
JVSA Jvspac Acquisition Corp. Class A New 0.30% +0.30
REDWOODS ACQUISITION CORP New 0.23% +0.23
IGTA Inception Growth Acquisition Add +0.1% 0.44% +0.22
TMTC TMT Acquisition Corp. Class A Add +3.0% 0.39% +0.20
IVCAF Libity New 0.15% +0.15
XFIN Excelfin Acquisition Corp. Class A New 0.13% +0.13

Options Activity Q4 2023 → Q1 2024
RSP Invesco S&P 500 Equal Weight call Add +77.2% 746,700 $126.5M
LQD Ishr Ibx Usd Invgd CB ETF-Ui call Reduce -2.7% 430,600 $46.9M
RSP Invesco S&P 500 Equal Weight put Sold out 200,000 $31.6Mbefore exit
VSAT Viasat Inc. call Reduce -34.4% 69,000 $1.2M

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

Notes & Other Activity Q4 2023 → Q1 2024
OATLY GROUP AB DEBT 9.250% 9/1 · principal New 4,736,083 $3.5M
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal New 2,220,000 $1.6M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 0$0
Q1 2025 1$5.0MSPY
Q4 2024 48$42.6MAFJK, KVACF, RDAC, DYCQ, AITR
Q3 2024 74$130.9MAR, LBTYA, BUJA, KVACF, EGRVF
Q2 2024 81$131.2MAAP, AR, MONTEREY CAP ACQUISITION COR, BUJA, EGRVF
Q1 2024 105$234.3MAAP, SIX, KBR, ODP, FRLA