First Trust Capital Management L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed July 25, 2025), First Trust Capital Management L.P. reported 91 stock positions worth $1.3 billion. Its top holding was Smartsheet Class A (SMAR) at 10.4% of the portfolio, followed by Retail Opportunity Investmen (ROIC, 7.0%) and Heartland Financial USA (HTLF, 5.5%). Compared with Q3 2024, it opened 22 new positions, sold out of 45, added to 12 and reduced 24. The biggest buy was a new position in Retail Opportunity Investmen (ROIC) and the biggest sale an exit from Avangrid (AGR).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001604488
- Portfolio Value
- $1.3B (Q4 2024)
- SEC Filing
- 0001604488-25-000156 ↗ filed Jul 25, 2025
Holdings Value
Holdings 91 stocks · $1.3B
| SMAR Smartsheet Inc. Class A | 10.38% | 2,425,598 | $135.9M | Add +97.5% |
| ROIC Retail Opportunity Investmen | 7.04% | 5,308,294 | $92.2M | New |
| HTLF Heartland Financial USA Inc. | 5.53% | 1,181,560 | $72.4M | Add +3394.0% |
| K Kellanova | 5.44% | 879,734 | $71.2M | Add +44.7% |
| BARNES GROUP INC | 3.73% | 1,032,513 | $48.8M | New |
| ARES ACQUISITION CORP II | 3.70% | 4,410,056 | $48.4M | Add +0.7% |
| HCP Hashicorp Inc. Class A | 2.84% | 1,087,860 | $37.2M | Reduce -31.2% |
| SUM Summit Materials Inc. Class A | 2.51% | 649,357 | $32.9M | New |
| JWN Nordstrom Inc. | 2.51% | 1,358,827 | $32.8M | New |
| ANSC Agriculture & Natural Soluti | 2.50% | 3,117,578 | $32.7M | No change |
| PSBD Palmer Square Capital BDC Inc. | 2.33% | 2,009,937 | $30.6M | Add +24.1% |
| AAM Aa Mission Acquisition Cor-A | 2.27% | 2,944,542 | $29.7M | No change |
| NETD Nabors Energy Transition C-A | 2.26% | 2,745,000 | $29.6M | No change |
| ATSG Air Transport Services Group | 2.08% | 1,241,429 | $27.3M | New |
| GPAT GP-Act III Acquisition-A | 2.00% | 2,587,500 | $26.2M | No change |
| ALF Centurion Acquisition Corp. | 2.00% | 2,587,500 | $26.1M | No change |
| HAYMAKER ACQUISITION CORP 4 | 1.69% | 2,055,853 | $22.1M | Add +1.3% |
| ENLC Enlink Midstream LLC | 1.67% | 1,547,534 | $21.9M | New |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 1.61% | 2,097,026 | $21.1M | Add +14.9% |
| TONT Graf Global Corp. Class A | 1.60% | 2,073,916 | $20.9M | No change |
| CUB Lionheart Holdings Class A | 1.60% | 2,070,000 | $20.9M | No change |
| LPAA Launch One Acquisition Corp. | 1.59% | 2,070,000 | $20.8M | No change |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 1.58% | 2,069,998 | $20.7M | No change |
| LEGT Legato Merger Corp. III | 1.42% | 1,801,191 | $18.5M | Reduce -0.5% |
| SIMA Sim Acquisition Corp. I-A | 1.38% | 1,800,000 | $18.1M | No change |
| VACH Voyager Acquisition Corp. | 1.37% | 1,796,191 | $18.0M | Add +56.8% |
| VCIC Vine Hill Capital Class A | 1.37% | 1,779,998 | $17.9M | Add +59.6% |
| MACI Melar Acquisition Corp. I-A | 1.21% | 1,578,951 | $15.9M | No change |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.94% | 1,250,000 | $12.3M | New |
| POLE Andretti Acquisition Corp. Class A | 0.86% | 1,130,809 | $11.3M | Add +442.1% |
| PLAOF Patria Latin American Opport | 0.86% | 969,800 | $11.3M | No change |
| TTAN Servicetitan Inc. Class A | 0.86% | 109,490 | $11.3M | New |
| SSB Southstate Bank Corp. | 0.86% | 113,105 | $11.3M | New |
| ISRLF Israel Acquisitions Corp. Class A | 0.82% | 950,101 | $10.8M | No change |
| RFAI RF Acquisition Corp. II | 0.80% | 1,029,114 | $10.5M | No change |
| MLACU Mountain Lake Acquisition Co. | 0.77% | 1,000,000 | $10.0M | New |
| SPKLF Spark I Acquisition Corp. | 0.69% | 850,439 | $9.0M | Add +10.0% |
| CCRN Cross Country Healthcare Inc. | 0.67% | 485,623 | $8.8M | New |
| CTV Innovid Corp. | 0.65% | 2,768,412 | $8.6M | New |
| CEP Cantor Equity Partners Inc. | 0.60% | 755,863 | $7.9M | Reduce -0.6% |
| CHEB Chenghe Acquisition II Co. | 0.60% | 774,998 | $7.8M | No change |
| CHAR Charlton Aria Acquisiti Class A | 0.58% | 765,000 | $7.6M | New |
| RANGU Range Capital Acquisition Co. | 0.58% | 750,000 | $7.5M | New |
| BSII Black Spade Acquisition II C | 0.56% | 743,346 | $7.4M | No change |
| DYNC Dynamix Corp. | 0.56% | 749,998 | $7.3M | New |
| AFJK Aimei Health Technology Co. | 0.55% | 680,000 | $7.2M | No change |
| BKHA Black Hawk Acquisition Cor-A | 0.53% | 670,000 | $7.0M | No change |
| BOWN Bowen Acquisition Corp. | 0.52% | 621,000 | $6.8M | No change |
| COLOMBIER ACQUISITION CORP | 0.50% | 554,997 | $6.5M | No change |
| TDACU Translational Development Ac | 0.50% | 650,000 | $6.5M | New |
| DYCQ DT Cloud Acquisition Corp. | 0.49% | 621,000 | $6.5M | No change |
| OAKU Oak Woods Acquisition Corp. Class A | 0.49% | 570,368 | $6.5M | No change |
| FSHP Flag Ship Acquisition Corp. | 0.48% | 612,750 | $6.2M | No change |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.46% | 602,557 | $6.0M | Add +30.3% |
| JVSA Jvspac Acquisition Corp. Class A | 0.45% | 567,500 | $5.9M | No change |
| AITR AI Transportation Acquisitio | 0.44% | 540,000 | $5.8M | No change |
| RENEF Cartesian Growth Corp. II- A | 0.40% | 450,000 | $5.2M | Reduce -77.0% |
| TAVI Tavia Acquisition Corp. | 0.38% | 500,000 | $5.0M | New |
| ALPHATIME ACQUISITION CORP | 0.37% | 426,530 | $4.9M | No change |
| EURK Eureka Acquisition Corp. | 0.35% | 457,915 | $4.6M | No change |
| SVIIF Spring Valley Acquisition-A | 0.34% | 396,431 | $4.5M | Reduce -80.3% |
| LATG Chenghe Acquisition I Co. | 0.33% | 367,260 | $4.3M | No change |
| SKGR SK Growth Opportunities Co. Class A | 0.31% | 350,000 | $4.1M | Reduce -37.2% |
| JACS.U Jackson Acquisition Co. II | 0.29% | 375,000 | $3.8M | New |
| BAYA Bayview Acquisition Corp. Class A | 0.27% | 334,190 | $3.6M | Reduce -40.9% |
| HSPOF Horizon Space Acquisition I | 0.27% | 300,000 | $3.5M | Reduce -43.1% |
| CRTAF Cartica Acquisition Corp. Class A | 0.22% | 243,397 | $2.8M | No change |
| HCVI Hennessy Capital Invest Class A | 0.21% | 258,729 | $2.7M | New |
| EMCGF Embrace Change Acquisition C | 0.18% | 200,000 | $2.3M | No change |
| AMED Amedisys Inc. | 0.14% | 20,278 | $1.8M | Reduce -4.7% |
| EDR Endeavor Group Hold Class A | 0.11% | 46,896 | $1.5M | Reduce -6.7% |
| DFS Discover Financial Services | 0.10% | 7,512 | $1.3M | Reduce -3.2% |
| ANSS Ansys Inc. | 0.08% | 3,196 | $1.1M | Reduce -3.2% |
| JNPR Juniper Networks Inc. | 0.08% | 27,161 | $1.0M | Reduce -6.4% |
| EVRI Everi Holdings Inc. | 0.07% | 72,128 | $974K | New |
| ESGR Enstar Group Ltd. | 0.07% | 2,717 | $875K | New |
| HES Hess Corp. | 0.06% | 6,247 | $831K | Reduce -3.2% |
| CAPN Cayson Acquisition Corp. | 0.06% | 75,000 | $754K | No change |
| FYBR Frontier Communications Pare | 0.05% | 20,460 | $710K | New |
| MGRC McGrath Rentcorp | 0.05% | 6,338 | $709K | Reduce -3.3% |
| CHX Championx Corp. | 0.05% | 24,327 | $661K | Reduce -3.3% |
| SRDX Surmodics Inc. | 0.05% | 16,405 | $650K | Reduce -6.7% |
| QETA Quetta Acquisition Corp. | 0.05% | 60,000 | $633K | No change |
| IBTX Independent Bank Group Inc. | 0.04% | 9,414 | $571K | Reduce -3.3% |
| FPE FT-Preferred Secur & Inc. ETF | 0.03% | 20,444 | $362K | Reduce -8.0% |
| CFFS CF Acquisition Corp. Vii Class A | 0.02% | 24,640 | $278K | No change |
| ET Energy Transfer LP | 0.02% | 12,747 | $250K | Reduce -17.7% |
| MPLX MPLX LP | 0.02% | 4,681 | $224K | Reduce -20.5% |
| EPD Enterprise Products Partners | 0.02% | 6,869 | $215K | Reduce -8.5% |
| WES Western Midstream Partners L | 0.02% | 5,586 | $215K | Reduce -23.4% |
| PAA Plains All Amer Pipeline LP | 0.01% | 11,398 | $195K | Reduce -19.9% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $116K (not counted above)
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q3 2024 → Q4 2024
| AGR Avangrid Inc. | Sold out | 0.00% | −6.71 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −5.80 |
| SQSP Squarespace Inc. Class A | Sold out | 0.00% | −4.91 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −4.90 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −2.55 |
| RCM R1 RCM Inc. | Sold out | 0.00% | −2.41 |
| ENV Envestnet Inc. | Sold out | 0.00% | −2.38 |
| PRFT Perficient Inc. | Sold out | 0.00% | −2.11 |
| PETQ Petiq Inc. | Sold out | 0.00% | −1.95 |
| CHUY Chuy's Holdings Inc. | Sold out | 0.00% | −1.44 |
| SVIIF Spring Valley Acquisition-A | Reduce -80.3% | 0.34% | −1.17 |
| RENEF Cartesian Growth Corp. II- A | Reduce -77.0% | 0.40% | −1.10 |
| USAR USA Rare Earth Inc. | Sold out | 0.00% | −1.04 |
| KVACF Keen Vision Acquisition Corp. | Sold out | 0.00% | −1.03 |
| MCAA Mountain & Co. I Acquisition | Sold out | 0.00% | −0.97 |
| HCP Hashicorp Inc. Class A | Reduce -31.2% | 2.84% | −0.73 |
| ALCYF Alchemy Investments Acquisit | Sold out | 0.00% | −0.61 |
| BURTECH ACQUISITION CORP | Sold out | 0.00% | −0.58 |
| ZLSSF Zalatoris II Acquisition Cor | Sold out | 0.00% | −0.48 |
| APXIF Apx Acquisition Corp. I | Sold out | 0.00% | −0.43 |
| ALPHAVEST ACQUISITION CORP | Sold out | 0.00% | −0.41 |
| IVCBF Invest Acquisition Corp. | Sold out | 0.00% | −0.40 |
| GLACF Global Lights Acquisition Co. | Sold out | 0.00% | −0.38 |
| ITI Iteris Inc. | Sold out | 0.00% | −0.38 |
| LCW Learn CW Investment Corp. Class A | Sold out | 0.00% | −0.37 |
| WELNF Integrated Wellness Acq - A | Sold out | 0.00% | −0.34 |
| EGRVF Evergreen Corporation Class A | Sold out | 0.00% | −0.33 |
| MITA Coliseum Acquisition Corp. Class A | Sold out | 0.00% | −0.32 |
| BOCN Blue Ocean Acquisition Cor-A | Sold out | 0.00% | −0.26 |
| TLGYF TLGY Acquisition Corp. Class A | Sold out | 0.00% | −0.26 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.25 |
| BFACF Battery Future Acquisition-A | Sold out | 0.00% | −0.24 |
| INST Instructure Holdings Inc. | Sold out | 0.00% | −0.23 |
| GAQ Generation Asia I Acquisit-A | Sold out | 0.00% | −0.20 |
| ESHA Esh Acquisition Corp. Class A | Sold out | 0.00% | −0.20 |
| RCFAF Perception Capital Corp. IV | Sold out | 0.00% | −0.16 |
| TMTC TMT Acquisition Corp. Class A | Sold out | 0.00% | −0.13 |
| HSPOF Horizon Space Acquisition I | Reduce -43.1% | 0.27% | −0.13 |
| TWKS Thoughtworks Holding Inc. | Sold out | 0.00% | −0.12 |
| BAYA Bayview Acquisition Corp. Class A | Reduce -40.9% | 0.27% | −0.12 |
| IVCP Swiftmerge Acquisition Cor-A | Sold out | 0.00% | −0.11 |
| SKGR SK Growth Opportunities Co. Class A | Reduce -37.2% | 0.31% | −0.11 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.09 |
| AXONICS INC | Sold out | 0.00% | −0.08 |
| CCIX Churchill Capital Corp. Ix | Sold out | 0.00% | −0.08 |
| CSLMF CSLM Acquisition Corp. | Sold out | 0.00% | −0.08 |
| CTLT Catalent Inc. | Sold out | 0.00% | −0.07 |
| VZIO Vizio Holding Corp. Class A | Sold out | 0.00% | −0.06 |
| MSSAF Metal SKY Star Acquisition C | Sold out | 0.00% | −0.05 |
| PWSC Powerschool Holdings Inc. Class A | Sold out | 0.00% | −0.04 |
Portfolio Buys Q3 2024 → Q4 2024
| ROIC Retail Opportunity Investmen | New | 7.04% | +7.04 |
| SMAR Smartsheet Inc. Class A | Add +97.5% | 10.38% | +5.84 |
| HTLF Heartland Financial USA Inc. | Add +3394.0% | 5.53% | +5.40 |
| BARNES GROUP INC | New | 3.73% | +3.73 |
| SUM Summit Materials Inc. Class A | New | 2.51% | +2.51 |
| JWN Nordstrom Inc. | New | 2.51% | +2.51 |
| K Kellanova | Add +44.7% | 5.44% | +2.16 |
| ATSG Air Transport Services Group | New | 2.08% | +2.08 |
| ENLC Enlink Midstream LLC | New | 1.67% | +1.67 |
| MRLN Merlin Inc. | New | 0.94% | +0.94 |
| TTAN Servicetitan Inc. Class A | New | 0.86% | +0.86 |
| SSB Southstate Bank Corp. | New | 0.86% | +0.86 |
| MLACU Mountain Lake Acquisition Co. | New | 0.77% | +0.77 |
| POLE Andretti Acquisition Corp. Class A | Add +442.1% | 0.86% | +0.72 |
| CCRN Cross Country Healthcare Inc. | New | 0.67% | +0.67 |
| CTV Innovid Corp. | New | 0.65% | +0.65 |
| VCIC Vine Hill Capital Class A | Add +59.6% | 1.37% | +0.62 |
| VACH Voyager Acquisition Corp. | Add +56.8% | 1.37% | +0.61 |
| CHAR Charlton Aria Acquisiti Class A | New | 0.58% | +0.58 |
| RANGU Range Capital Acquisition Co. | New | 0.58% | +0.58 |
| PSBD Palmer Square Capital BDC Inc. | Add +24.1% | 2.33% | +0.57 |
| DYNC Dynamix Corp. | New | 0.56% | +0.56 |
| ARES ACQUISITION CORP II | Add +0.7% | 3.70% | +0.53 |
| TDACU Translational Development Ac | New | 0.50% | +0.50 |
| VLOS Velos Acquisition I Corp. | Add +14.9% | 1.61% | +0.39 |
| TAVI Tavia Acquisition Corp. | New | 0.38% | +0.38 |
| JACS.U Jackson Acquisition Co. II | New | 0.29% | +0.29 |
| HAYMAKER ACQUISITION CORP 4 | Add +1.3% | 1.69% | +0.25 |
| HCVI Hennessy Capital Invest Class A | New | 0.21% | +0.21 |
| HDRN Hadron Energy Inc. | Add +30.3% | 0.46% | +0.15 |
| SPKLF Spark I Acquisition Corp. | Add +10.0% | 0.69% | +0.15 |
| EVRI Everi Holdings Inc. | New | 0.07% | +0.07 |
| ESGR Enstar Group Ltd. | New | 0.07% | +0.07 |
| FYBR Frontier Communications Pare | New | 0.05% | +0.05 |
Notes & Other Activity Q3 2024 → Q4 2024
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | New | 500,000 | $60K |
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 | 161 | $1.7B | TMHC, GTLS, NUVL, NSA, APGE |
| Q1 2026 | 180 | $1.9B | GTLS, HOLX, SEE, MASI, EA |
| Q4 2025 | 158 | $1.7B | CADE, CYBR, DAY, CMA, ALEX |
| Q3 2025 | 121 | $1.6B | WNS, VRNA, VBTX, COOP, CYBR |
| Q2 2025 | 121 | $1.5B | DNB, SWTX, SKX, K, ESGR |
| Q1 2025Amended | 90 | $1.4B | ITCI, K, BECN, PYCR, JWN |
| Q4 2024Amended | 91 | $1.3B | SMAR, ROIC, HTLF, K, BARNES GROUP INC |
| Q3 2024 | 114 | $1.5B | AGR, MRO, SQSP, SRCL, SMAR |
| Q2 2024 | 104 | $1.1B | WIRE, PWSC, HCP, EDR, ETRN |
| Q1 2024 | 115 | $1.2B | AEL, TCN, PXD, M D C HLDGS INC, SCRM |