First Trust Capital Management L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed July 25, 2025), First Trust Capital Management L.P. reported 90 stock positions worth $1.4 billion. Its top holding was Intra-Cellular Therapies (ITCI) at 6.9% of the portfolio, followed by Kellanova (K, 6.1%) and Beacon Roofing Supply (BECN, 6.0%). Compared with Q4 2024, it opened 27 new positions, sold out of 28, added to 16 and reduced 6. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Smartsheet Class A (SMAR).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001604488
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001604488-25-000158 ↗ filed Jul 25, 2025
Holdings Value
Holdings 90 stocks · $1.4B
| ITCI Intra-Cellular Therapies Inc. | 6.86% | 719,552 | $94.9M | New |
| K Kellanova | 6.07% | 1,018,030 | $84.0M | Add +15.7% |
| BECN Beacon Roofing Supply Inc. | 5.95% | 665,505 | $82.3M | New |
| PYCR Paycor HCM Inc. | 5.61% | 3,455,521 | $77.5M | New |
| JWN Nordstrom Inc. | 4.20% | 2,374,957 | $58.1M | Add +74.8% |
| PDCO Patterson Cos Inc. | 2.67% | 1,183,012 | $37.0M | New |
| ATSG Air Transport Services Group | 2.62% | 1,617,563 | $36.3M | Add +30.3% |
| PLYA Playa Hotels & Resorts NV | 2.48% | 2,578,543 | $34.4M | New |
| ANSC Agriculture & Natural Soluti | 2.40% | 3,117,578 | $33.3M | No change |
| AAM Aa Mission Acquisition Cor-A | 2.22% | 2,944,542 | $30.7M | No change |
| DESP Despegar.com Corp. | 2.22% | 1,632,378 | $30.7M | New |
| NETD Nabors Energy Transition C-A | 2.05% | 2,595,000 | $28.4M | Reduce -5.5% |
| ALF Centurion Acquisition Corp. | 1.93% | 2,587,500 | $26.7M | No change |
| GPAT GP-Act III Acquisition-A | 1.93% | 2,587,500 | $26.7M | No change |
| PSBD Palmer Square Capital BDC Inc. | 1.93% | 2,000,561 | $26.6M | Reduce -0.5% |
| HEES H&E Equipment Services Inc. | 1.92% | 280,674 | $26.6M | New |
| PTVE Pactiv Evergreen Inc. | 1.67% | 1,279,761 | $23.0M | New |
| HAYMAKER ACQUISITION CORP 4 | 1.63% | 2,055,853 | $22.6M | No change |
| ARES ACQUISITION CORP II | 1.56% | 1,940,000 | $21.6M | Reduce -56.0% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 1.55% | 2,097,026 | $21.5M | No change |
| CUB Lionheart Holdings Class A | 1.54% | 2,070,000 | $21.3M | No change |
| TONT Graf Global Corp. Class A | 1.54% | 2,073,916 | $21.3M | No change |
| LPAA Launch One Acquisition Corp. | 1.53% | 2,070,000 | $21.1M | No change |
| DMAA Drugs Made in America Acquis | 1.50% | 2,066,702 | $20.7M | New |
| CMRX Chimerix Inc. | 1.48% | 2,412,657 | $20.5M | New |
| VACH Voyager Acquisition Corp. | 1.39% | 1,886,191 | $19.2M | Add +5.0% |
| LEGT Legato Merger Corp. III | 1.37% | 1,801,191 | $18.9M | No change |
| SIMA Sim Acquisition Corp. I-A | 1.33% | 1,800,000 | $18.4M | No change |
| SASR Sandy Spring Bancorp Inc. | 1.32% | 652,967 | $18.3M | New |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 1.31% | 1,728,952 | $18.2M | Reduce -16.5% |
| VCIC Vine Hill Capital Class A | 1.31% | 1,779,998 | $18.1M | No change |
| DNB Dun & Bradstreet Holdings Inc. | 1.29% | 1,990,362 | $17.8M | New |
| LGTY Logility Supply Chain Soluti | 1.24% | 1,204,265 | $17.2M | New |
| MACI Melar Acquisition Corp. I-A | 1.17% | 1,578,951 | $16.2M | No change |
| ACCD Accolade Inc. | 1.14% | 2,257,932 | $15.8M | New |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.92% | 1,265,000 | $12.7M | Add +1.2% |
| WBA Walgreens Boots Alliance Inc. | 0.87% | 1,076,307 | $12.0M | New |
| PLAOF Patria Latin American Opport | 0.83% | 969,800 | $11.5M | No change |
| POLE Andretti Acquisition Corp. Class A | 0.83% | 1,130,809 | $11.5M | No change |
| RFAI RF Acquisition Corp. II | 0.77% | 1,029,114 | $10.7M | No change |
| TTAN Servicetitan Inc. Class A | 0.75% | 109,490 | $10.4M | No change |
| MLAC Mountain Lake Acquisition-A | 0.73% | 1,000,000 | $10.1M | No change |
| SPKLF Spark I Acquisition Corp. | 0.66% | 850,439 | $9.2M | No change |
| TGI Triumph Group Inc. | 0.62% | 339,639 | $8.6M | New |
| CEP Cantor Equity Partners Inc. | 0.59% | 755,863 | $8.1M | No change |
| CHEB Chenghe Acquisition II Co. | 0.57% | 774,998 | $8.0M | No change |
| CHAR Charlton Aria Acquisiti Class A | 0.56% | 765,000 | $7.7M | No change |
| RANG Range Capital Acquisition Co. | 0.54% | 750,000 | $7.5M | No change |
| BSII Black Spade Acquisition II C | 0.54% | 743,346 | $7.5M | No change |
| AFJK Aimei Health Technology Co. | 0.54% | 680,000 | $7.5M | No change |
| DYNC Dynamix Corp. | 0.54% | 749,998 | $7.5M | No change |
| SWI Solarwinds Corp. | 0.52% | 389,078 | $7.2M | New |
| BKHA Black Hawk Acquisition Cor-A | 0.51% | 670,000 | $7.1M | No change |
| TDAC Translational Development Ac | 0.47% | 649,998 | $6.6M | No change |
| FSHP Flag Ship Acquisition Corp. | 0.46% | 612,750 | $6.3M | No change |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.44% | 602,557 | $6.1M | No change |
| JVSA Jvspac Acquisition Corp. Class A | 0.44% | 567,500 | $6.1M | No change |
| OAKU Oak Woods Acquisition Corp. Class A | 0.44% | 526,103 | $6.1M | Reduce -7.8% |
| AITR AI Transportation Acquisitio | 0.43% | 540,000 | $5.9M | No change |
| COLOMBIER ACQUISITION CORP | 0.43% | 554,997 | $5.9M | No change |
| TSVT 2SEVENTY Bio Inc. | 0.41% | 1,143,962 | $5.7M | New |
| ESGR Enstar Group Ltd. | 0.41% | 16,914 | $5.6M | Add +522.5% |
| CHX Championx Corp. | 0.40% | 185,577 | $5.5M | Add +662.8% |
| TAVI Tavia Acquisition Corp. | 0.36% | 500,000 | $5.0M | No change |
| EURK Eureka Acquisition Corp. | 0.34% | 457,915 | $4.7M | No change |
| SVIIF Spring Valley Acquisition-A | 0.33% | 396,431 | $4.6M | No change |
| PLMK Plum Acquisition Corp. IV | 0.29% | 400,000 | $4.0M | New |
| JACS Jackson Acquisition Co. Class A | 0.27% | 375,000 | $3.8M | No change |
| BAYA Bayview Acquisition Corp. Class A | 0.26% | 334,190 | $3.6M | No change |
| HSPOF Horizon Space Acquisition I | 0.26% | 300,000 | $3.6M | No change |
| GSHRU Gesher Acquisition Corp. II | 0.18% | 250,000 | $2.5M | New |
| EMCGF Embrace Change Acquisition C | 0.17% | 200,000 | $2.4M | No change |
| RDFN Redfin Corp. | 0.17% | 258,502 | $2.4M | New |
| AMED Amedisys Inc. | 0.16% | 23,248 | $2.2M | Add +14.7% |
| DFS Discover Financial Services | 0.11% | 9,066 | $1.5M | Add +20.7% |
| FNA Paragon 28 Inc. | 0.09% | 97,345 | $1.3M | New |
| ANSS Ansys Inc. | 0.09% | 3,856 | $1.2M | Add +20.6% |
| HES Hess Corp. | 0.09% | 7,537 | $1.2M | Add +20.6% |
| EVRI Everi Holdings Inc. | 0.09% | 87,584 | $1.2M | Add +21.4% |
| JNPR Juniper Networks Inc. | 0.09% | 32,771 | $1.2M | Add +20.6% |
| KVACF Keen Vision Acquisition Corp. | 0.08% | 103,667 | $1.2M | New |
| RDUS Radius Recycling Inc. Class A | 0.07% | 35,081 | $1.0M | New |
| FYBR Frontier Communications Pare | 0.06% | 24,846 | $891K | Add +21.4% |
| AMPS Altus Power Inc. | 0.06% | 171,499 | $849K | New |
| CAPN Cayson Acquisition Corp. | 0.06% | 75,000 | $765K | No change |
| NTWO Newbury Street II Ac Class A | 0.05% | 67,600 | $680K | New |
| SRDX Surmodics Inc. | 0.04% | 19,921 | $608K | Add +21.4% |
| PRA Proassurance Corp. | 0.04% | 21,932 | $512K | New |
| PAA Plains All Amer Pipeline LP | 0.02% | 12,803 | $256K | Add +12.3% |
| ET Energy Transfer LP | 0.02% | 12,027 | $224K | Reduce -5.7% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $63K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | 506,475 | $63K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2024 → Q1 2025
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −10.38 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −7.04 |
| HTLF Heartland Financial USA Inc. | Sold out | 0.00% | −5.53 |
| BARNES GROUP INC | Sold out | 0.00% | −3.73 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −2.84 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −2.51 |
| ARES ACQUISITION CORP II | Reduce -56.0% | 1.56% | −2.13 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −1.67 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.86 |
| ISRLF Israel Acquisitions Corp. Class A | Sold out | 0.00% | −0.82 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −0.67 |
| CTV Innovid Corp. | Sold out | 0.00% | −0.65 |
| BOWN Bowen Acquisition Corp. | Sold out | 0.00% | −0.52 |
| DYCQ DT Cloud Acquisition Corp. | Sold out | 0.00% | −0.49 |
| PSBD Palmer Square Capital BDC Inc. | Reduce -0.5% | 1.93% | −0.41 |
| RENEF Cartesian Growth Corp. II- A | Sold out | 0.00% | −0.40 |
| ALPHATIME ACQUISITION CORP | Sold out | 0.00% | −0.37 |
| LATG Chenghe Acquisition I Co. | Sold out | 0.00% | −0.33 |
| SKGR SK Growth Opportunities Co. Class A | Sold out | 0.00% | −0.31 |
| IMSR Terrestrial Energy Inc. | Reduce -16.5% | 1.31% | −0.27 |
| CRTAF Cartica Acquisition Corp. Class A | Sold out | 0.00% | −0.22 |
| NETD Nabors Energy Transition C-A | Reduce -5.5% | 2.05% | −0.21 |
| HCVI Hennessy Capital Invest Class A | Sold out | 0.00% | −0.21 |
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −0.11 |
| OAKU Oak Woods Acquisition Corp. Class A | Reduce -7.8% | 0.44% | −0.05 |
| MGRC McGrath Rentcorp | Sold out | 0.00% | −0.05 |
| QETA Quetta Acquisition Corp. | Sold out | 0.00% | −0.05 |
| IBTX Independent Bank Group Inc. | Sold out | 0.00% | −0.04 |
| FPE FT-Preferred Secur & Inc. ETF | Sold out | 0.00% | −0.03 |
| CFFS CF Acquisition Corp. Vii Class A | Sold out | 0.00% | −0.02 |
| MPLX MPLX LP | Sold out | 0.00% | −0.02 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.02 |
| WES Western Midstream Partners L | Sold out | 0.00% | −0.02 |
| ET Energy Transfer LP | Reduce -5.7% | 0.02% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | New | 6.86% | +6.86 |
| BECN Beacon Roofing Supply Inc. | New | 5.95% | +5.95 |
| PYCR Paycor HCM Inc. | New | 5.61% | +5.61 |
| PDCO Patterson Cos Inc. | New | 2.67% | +2.67 |
| PLYA Playa Hotels & Resorts NV | New | 2.48% | +2.48 |
| DESP Despegar.com Corp. | New | 2.22% | +2.22 |
| HEES H&E Equipment Services Inc. | New | 1.92% | +1.92 |
| JWN Nordstrom Inc. | Add +74.8% | 4.20% | +1.69 |
| PTVE Pactiv Evergreen Inc. | New | 1.67% | +1.67 |
| DMAA Drugs Made in America Acquis | New | 1.50% | +1.50 |
| CMRX Chimerix Inc. | New | 1.48% | +1.48 |
| SASR Sandy Spring Bancorp Inc. | New | 1.32% | +1.32 |
| DNB Dun & Bradstreet Holdings Inc. | New | 1.29% | +1.29 |
| LGTY Logility Supply Chain Soluti | New | 1.24% | +1.24 |
| ACCD Accolade Inc. | New | 1.14% | +1.14 |
| WBA Walgreens Boots Alliance Inc. | New | 0.87% | +0.87 |
| K Kellanova | Add +15.7% | 6.07% | +0.63 |
| TGI Triumph Group Inc. | New | 0.62% | +0.62 |
| ATSG Air Transport Services Group | Add +30.3% | 2.62% | +0.54 |
| SWI Solarwinds Corp. | New | 0.52% | +0.52 |
| TSVT 2SEVENTY Bio Inc. | New | 0.41% | +0.41 |
| CHX Championx Corp. | Add +662.8% | 0.40% | +0.35 |
| ESGR Enstar Group Ltd. | Add +522.5% | 0.41% | +0.34 |
| PLMK Plum Acquisition Corp. IV | New | 0.29% | +0.29 |
| GSHRU Gesher Acquisition Corp. II | New | 0.18% | +0.18 |
| RDFN Redfin Corp. | New | 0.17% | +0.17 |
| FNA Paragon 28 Inc. | New | 0.09% | +0.09 |
| KVACF Keen Vision Acquisition Corp. | New | 0.08% | +0.08 |
| RDUS Radius Recycling Inc. Class A | New | 0.07% | +0.07 |
| AMPS Altus Power Inc. | New | 0.06% | +0.06 |
| NTWO Newbury Street II Ac Class A | New | 0.05% | +0.05 |
| PRA Proassurance Corp. | New | 0.04% | +0.04 |
| HES Hess Corp. | Add +20.6% | 0.09% | +0.02 |
| AMED Amedisys Inc. | Add +14.7% | 0.16% | +0.02 |
| VACH Voyager Acquisition Corp. | Add +5.0% | 1.39% | +0.01 |
| DFS Discover Financial Services | Add +20.7% | 0.11% | +0.01 |
| EVRI Everi Holdings Inc. | Add +21.4% | 0.09% | +0.01 |
| FYBR Frontier Communications Pare | Add +21.4% | 0.06% | +0.01 |
| JNPR Juniper Networks Inc. | Add +20.6% | 0.09% | +0.01 |
| ANSS Ansys Inc. | Add +20.6% | 0.09% | +0.01 |
| PAA Plains All Amer Pipeline LP | Add +12.3% | 0.02% | +0.00 |
| SRDX Surmodics Inc. | Add +21.4% | 0.04% | −0.01 |
| MRLN Merlin Inc. | Add +1.2% | 0.92% | −0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | Sold out | 500,000 | $60Kbefore 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 | 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 |