First Trust Capital Management L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), First Trust Capital Management L.P. reported 121 stock positions worth $1.5 billion. Its top holding was Dun & Bradstreet (DNB) at 6.6% of the portfolio, followed by Springworks Therapeutics (SWTX, 6.2%) and Skechers USA Class A (SKX, 6.1%). Compared with Q1 2025, it opened 57 new positions, sold out of 26, added to 20 and reduced 20. The biggest buy was a new position in Springworks Therapeutics (SWTX) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001604488
Portfolio Value
$1.5B (Q2 2025)
SEC Filing
0001604488-25-000180 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.5B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.4B Q1 2025 Q2 2025: $1.5B $1.5B Q2 2025 Q3 2025: $1.6B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $1.7B Q2 2026

Holdings 121 stocks · $1.5B
DNB Dun & Bradstreet Holdings Inc. 6.56% 10,667,515 $97.0M Add +436.0%
SWTX Springworks Therapeutics Inc. 6.18% 1,943,767 $91.3M New
SKX Skechers USA Inc. Class A 6.05% 1,418,242 $89.5M New
K Kellanova 4.91% 912,530 $72.6M Reduce -10.4%
ESGR Enstar Group Ltd. 4.33% 190,436 $64.1M Add +1025.9%
BPMC Blueprint Medicines Corp. 3.95% 456,068 $58.5M New
AZEK The Azek Co. Inc. 3.79% 1,032,102 $56.1M New
AVDX Avidxchange Holdings Inc. 2.41% 3,643,918 $35.7M New
ANSC Agriculture & Natural Soluti 2.29% 3,117,578 $33.8M No change
AAM Aa Mission Acquisition Cor-A 2.10% 2,984,542 $31.1M Add +1.4%
ARES ACQUISITION CORP II 1.99% 2,604,010 $29.5M Add +34.2%
ALF Centurion Acquisition Corp. 1.95% 2,745,000 $28.9M Add +6.1%
NETD Nabors Energy Transition C-A 1.94% 2,591,412 $28.8M Reduce -0.1%
PSBD Palmer Square Capital BDC Inc. 1.89% 2,000,561 $27.9M No change
MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR 1.58% 2,265,000 $23.4M Add +79.0%
DMAA Drugs Made in America Acquis 1.55% 2,242,500 $22.9M Add +8.5%
HAYMAKER ACQUISITION CORP 4 1.54% 2,055,853 $22.8M No change
CHYM Chime Financial Inc. Class A 1.53% 656,598 $22.7M New
CUB Lionheart Holdings Class A 1.52% 2,145,000 $22.5M Add +3.6%
TONT Graf Global Corp. Class A 1.51% 2,139,248 $22.4M Add +3.1%
GPAT GP-Act III Acquisition-A 1.49% 2,091,077 $22.1M Reduce -19.2%
LPAA Launch One Acquisition Corp. 1.46% 2,070,000 $21.6M No change
LEGT Legato Merger Corp. III 1.30% 1,801,191 $19.2M No change
SIMA Sim Acquisition Corp. I-A 1.27% 1,800,000 $18.8M No change
VCIC Vine Hill Capital Class A 1.27% 1,799,998 $18.7M Add +1.1%
TVA Texas Ventures Acquisition-A 1.16% 1,706,082 $17.2M New
SDHI Siddhi Acquisition Corp. Class A 1.13% 1,658,109 $16.8M New
VACH Voyager Acquisition Corp. 1.09% 1,552,947 $16.1M Reduce -17.7%
RAC Rithm Acquisition Corp. Class A 1.03% 1,501,200 $15.3M New
CHX Championx Corp. 1.03% 612,053 $15.2M Add +229.8%
MACI Melar Acquisition Corp. I-A 0.99% 1,400,000 $14.7M Reduce -11.3%
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.89% 1,171,771 $13.2M Reduce -44.1%
POLE Andretti Acquisition Corp. Class A 0.79% 1,130,809 $11.7M No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.79% 1,051,124 $11.7M Reduce -39.2%
RDFN Redfin Corp. 0.79% 1,041,768 $11.7M Add +303.0%
RFAI RF Acquisition Corp. II 0.73% 1,029,114 $10.8M No change
TACO Berto Acquisition Corp. 0.70% 999,998 $10.4M New
MLAC Mountain Lake Acquisition-A 0.70% 1,005,000 $10.3M Add +0.5%
NHIC Newhold Investment Cor III-A 0.64% 930,448 $9.5M New
DAAQ Digital Asset Acquisiti Class A 0.63% 884,798 $9.3M New
SPKLF Spark I Acquisition Corp. 0.63% 850,439 $9.2M No change
RAAQ Real Asset Acquisiti Class A 0.62% 908,700 $9.2M New
FL Foot Locker Inc. 0.58% 350,000 $8.6M New
CHAR Charlton Aria Acquisiti Class A 0.58% 828,750 $8.5M Add +8.3%
SOUL Soulpower Acquisition Co. Class A 0.54% 789,570 $7.9M New
DYNC Dynamix Corp. 0.52% 759,998 $7.8M Add +1.3%
RANG Range Capital Acquisition Co. 0.52% 750,000 $7.7M No change
AFJK Aimei Health Technology Co. 0.51% 680,000 $7.6M No change
TACH Titan Acquisition Corp. Class A 0.51% 750,000 $7.6M New
BKHA Black Hawk Acquisition Cor-A 0.48% 670,000 $7.1M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.48% 699,992 $7.0M New
BRR Columbus Circle Capital Co. Class A 0.46% 644,594 $6.8M New
INFA Informatica Inc. Class A 0.46% 281,053 $6.8M New
IPCX Inflection Point Acquisiti-A 0.45% 659,095 $6.7M New
PLMK Plum Acquisition Corp. IV 0.45% 650,000 $6.7M Add +62.5%
TDAC Translational Development Ac 0.45% 649,998 $6.7M No change
AXINU Axiom Intelligence Acquisiti 0.44% 650,000 $6.6M New
FSHP Flag Ship Acquisition Corp. 0.43% 612,750 $6.4M No change
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.43% 610,664 $6.3M Add +1.4%
OAKU Oak Woods Acquisition Corp. Class A 0.42% 526,103 $6.2M No change
AITR AI Transportation Acquisitio 0.40% 540,000 $5.9M No change
JACS Jackson Acquisition Co. Class A 0.40% 567,500 $5.8M Add +51.3%
GTEN Gores Holdings X Inc. Class A 0.38% 545,096 $5.6M New
RTAC Renatus Tactical Acquisiti-A 0.37% 461,081 $5.4M New
TAVI Tavia Acquisition Corp. 0.35% 500,000 $5.1M No change
XRPN Armada Acquisition Class A 0.34% 500,000 $5.0M New
PACHU Pioneer Acquisition I Corp. 0.34% 500,000 $5.0M New
CHPG Championsgate Acquisitio-A 0.34% 496,935 $5.0M New
SBXDF Silverbox Corp. IV-A 0.34% 452,268 $5.0M New
GSHR Gesher Acquisition Corp. II-A 0.33% 482,440 $4.9M Add +93.0%
PCAPU Procap Acquisition Corp. 0.33% 451,698 $4.8M New
DRDB Roman DBDR Acquisition Corp. 0.32% 464,955 $4.8M New
EURK Eureka Acquisition Corp. 0.32% 457,915 $4.8M No change
SVIIF Spring Valley Acquisition-A 0.32% 396,431 $4.7M No change
STR Sitio Royalties Corp. Class A 0.31% 250,000 $4.6M New
FERA Fifth Era Acquisition Corp. Class A 0.31% 450,000 $4.6M New
CHAC Crane Harbor Acqu Corp. Class A 0.31% 450,000 $4.5M New
SZZL Sizzle Acquisition Corp. Class A 0.28% 405,813 $4.1M New
CRAQ Cal Redwood Acquisit Class A 0.27% 400,000 $4.0M New
AACB Artius II Acquisition Inc. Class A 0.26% 380,000 $3.8M New
RDAG Republic Digital Acquis Class A 0.25% 359,998 $3.7M New
HSPOF Horizon Space Acquisition I 0.24% 300,000 $3.6M No change
EBTC Enterprise Bancorp Inc. 0.24% 88,307 $3.5M New
SPTN Spartannash Co. 0.23% 127,900 $3.4M New
WENNU Wen Acquisition Corp. 0.19% 260,158 $2.7M New
BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I 0.17% 250,000 $2.5M New
EMCGF Embrace Change Acquisition C 0.16% 200,000 $2.4M No change
JENA.U Jena Acquisition Corp. II 0.15% 221,610 $2.3M New
MCGAU Yorkville Acquisition Corp. 0.15% 200,000 $2.3M New
AMED Amedisys Inc. 0.15% 22,753 $2.2M Reduce -2.1%
CEPT Cantor Equity Partners Class A 0.15% 200,000 $2.2M New
CCCXU Churchill Capital Corp. X 0.15% 210,000 $2.2M New
BACCU Blue Acquisition Corp. 0.14% 212,216 $2.1M New
OYSEU Oyster Enterprises II Acquis 0.10% 150,000 $1.5M New
FIGXU Figx Capital Acquisition Cor 0.10% 150,000 $1.5M New
BAYA Bayview Acquisition Corp. Class A 0.10% 128,340 $1.4M Reduce -61.6%
FARO Faro Technologies Inc. 0.09% 31,448 $1.4M New
ANSS Ansys Inc. 0.09% 3,746 $1.3M Reduce -2.9%
JNPR Juniper Networks Inc. 0.09% 31,836 $1.3M Reduce -2.9%
EVRI Everi Holdings Inc. 0.08% 85,008 $1.2M Reduce -2.9%

Show all 121 holdings

Portfolio Sells Q1 2025 → Q2 2025
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −6.86
BECN Beacon Roofing Supply Inc. Sold out 0.00% −5.95
PYCR Paycor HCM Inc. Sold out 0.00% −5.61
JWN Nordstrom Inc. Sold out 0.00% −4.20
PDCO Patterson Cos Inc. Sold out 0.00% −2.67
ATSG Air Transport Services Group Sold out 0.00% −2.62
PLYA Playa Hotels & Resorts NV Sold out 0.00% −2.48
DESP Despegar.com Corp. Sold out 0.00% −2.22
HEES H&E Equipment Services Inc. Sold out 0.00% −1.92
PTVE Pactiv Evergreen Inc. Sold out 0.00% −1.67
CMRX Chimerix Inc. Sold out 0.00% −1.48
SASR Sandy Spring Bancorp Inc. Sold out 0.00% −1.32
LGTY Logility Supply Chain Soluti Sold out 0.00% −1.24
K Kellanova Reduce -10.4% 4.91% −1.16
ACCD Accolade Inc. Sold out 0.00% −1.14
PLAOF Patria Latin American Opport Sold out 0.00% −0.83
WBA Walgreens Boots Alliance Inc. Reduce -93.1% 0.06% −0.81
TTAN Servicetitan Inc. Class A Sold out 0.00% −0.75
VLOS Velos Acquisition I Corp. Reduce -44.1% 0.89% −0.66
CEP Cantor Equity Partners Inc. Sold out 0.00% −0.59
CHEB Chenghe Acquisition II Co. Sold out 0.00% −0.57
TGI Triumph Group Inc. Reduce -88.6% 0.07% −0.55
BSII Black Spade Acquisition II C Sold out 0.00% −0.54
IMSR Terrestrial Energy Inc. Reduce -39.2% 0.79% −0.53
SWI Solarwinds Corp. Sold out 0.00% −0.52
JVSA Jvspac Acquisition Corp. Class A Sold out 0.00% −0.44
GPAT GP-Act III Acquisition-A Reduce -19.2% 1.49% −0.43
COLOMBIER ACQUISITION CORP Sold out 0.00% −0.43
TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.41
VACH Voyager Acquisition Corp. Reduce -17.7% 1.09% −0.30
MACI Melar Acquisition Corp. I-A Reduce -11.3% 0.99% −0.17
BAYA Bayview Acquisition Corp. Class A Reduce -61.6% 0.10% −0.17
DFS Discover Financial Services Sold out 0.00% −0.11
NETD Nabors Energy Transition C-A Reduce -0.1% 1.94% −0.11
FNA Paragon 28 Inc. Sold out 0.00% −0.09
AMPS Altus Power Inc. Sold out 0.00% −0.06
HES Hess Corp. Reduce -2.9% 0.07% −0.02
FYBR Frontier Communications Pare Reduce -2.9% 0.06% −0.01
SRDX Surmodics Inc. Reduce -2.9% 0.04% −0.01
RDUS Radius Recycling Inc. Class A Reduce -2.9% 0.07% −0.00
EVRI Everi Holdings Inc. Reduce -2.9% 0.08% −0.00
AMED Amedisys Inc. Reduce -2.1% 0.15% −0.00
PRA Proassurance Corp. Reduce -2.9% 0.03% −0.00
PAA Plains All Amer Pipeline LP Reduce -6.1% 0.01% −0.00
JNPR Juniper Networks Inc. Reduce -2.9% 0.09% +0.00
ANSS Ansys Inc. Reduce -2.9% 0.09% +0.00

Portfolio Buys Q1 2025 → Q2 2025
SWTX Springworks Therapeutics Inc. New 6.18% +6.18
SKX Skechers USA Inc. Class A New 6.05% +6.05
DNB Dun & Bradstreet Holdings Inc. Add +436.0% 6.56% +5.27
BPMC Blueprint Medicines Corp. New 3.95% +3.95
ESGR Enstar Group Ltd. Add +1025.9% 4.33% +3.92
AZEK The Azek Co. Inc. New 3.79% +3.79
AVDX Avidxchange Holdings Inc. New 2.41% +2.41
CHYM Chime Financial Inc. Class A New 1.53% +1.53
TVA Texas Ventures Acquisition-A New 1.16% +1.16
SDHI Siddhi Acquisition Corp. Class A New 1.13% +1.13
RAC Rithm Acquisition Corp. Class A New 1.03% +1.03
TACO Berto Acquisition Corp. New 0.70% +0.70
MRLN Merlin Inc. Add +79.0% 1.58% +0.66
NHIC Newhold Investment Cor III-A New 0.64% +0.64
CHX Championx Corp. Add +229.8% 1.03% +0.63
DAAQ Digital Asset Acquisiti Class A New 0.63% +0.63
RAAQ Real Asset Acquisiti Class A New 0.62% +0.62
RDFN Redfin Corp. Add +303.0% 0.79% +0.62
FL Foot Locker Inc. New 0.58% +0.58
SOUL Soulpower Acquisition Co. Class A New 0.54% +0.54
TACH Titan Acquisition Corp. Class A New 0.51% +0.51
CCAQ Collective Acquisition Corp. New 0.48% +0.48
BRR Columbus Circle Capital Co. Class A New 0.46% +0.46
INFA Informatica Inc. Class A New 0.46% +0.46
IPCX Inflection Point Acquisiti-A New 0.45% +0.45
AXINU Axiom Intelligence Acquisiti New 0.44% +0.44
ARES ACQUISITION CORP II Add +34.2% 1.99% +0.43
GTEN Gores Holdings X Inc. Class A New 0.38% +0.38
RTAC Renatus Tactical Acquisiti-A New 0.37% +0.37
XRPN Armada Acquisition Class A New 0.34% +0.34
PACHU Pioneer Acquisition I Corp. New 0.34% +0.34
CHPG Championsgate Acquisitio-A New 0.34% +0.34
SBXDF Silverbox Corp. IV-A New 0.34% +0.34
PCAPU Procap Acquisition Corp. New 0.33% +0.33
DRDB Roman DBDR Acquisition Corp. New 0.32% +0.32
STR Sitio Royalties Corp. Class A New 0.31% +0.31
FERA Fifth Era Acquisition Corp. Class A New 0.31% +0.31
CHAC Crane Harbor Acqu Corp. Class A New 0.31% +0.31
SZZL Sizzle Acquisition Corp. Class A New 0.28% +0.28
CRAQ Cal Redwood Acquisit Class A New 0.27% +0.27
AACB Artius II Acquisition Inc. Class A New 0.26% +0.26
RDAG Republic Digital Acquis Class A New 0.25% +0.25
EBTC Enterprise Bancorp Inc. New 0.24% +0.24
SPTN Spartannash Co. New 0.23% +0.23
WENNU Wen Acquisition Corp. New 0.19% +0.19
BLUWU Blue Water Acquisition III New 0.17% +0.17
PLMK Plum Acquisition Corp. IV Add +62.5% 0.45% +0.16
JENA.U Jena Acquisition Corp. II New 0.15% +0.15
MCGAU Yorkville Acquisition Corp. New 0.15% +0.15
GSHR Gesher Acquisition Corp. II-A Add +93.0% 0.33% +0.15

Notes & Other Activity Q1 2025 → Q2 2025
FSHPR Flag Ship Acquisition Corp. RIGHT 03/31/2026 Sold out 506,475 $63Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 161$1.7BTMHC, GTLS, NUVL, NSA, APGE
Q1 2026 180$1.9BGTLS, HOLX, SEE, MASI, EA
Q4 2025 158$1.7BCADE, CYBR, DAY, CMA, ALEX
Q3 2025 121$1.6BWNS, VRNA, VBTX, COOP, CYBR
Q2 2025 121$1.5BDNB, SWTX, SKX, K, ESGR
Q1 2025Amended 90$1.4BITCI, K, BECN, PYCR, JWN
Q4 2024Amended 91$1.3BSMAR, ROIC, HTLF, K, BARNES GROUP INC
Q3 2024 114$1.5BAGR, MRO, SQSP, SRCL, SMAR
Q2 2024 104$1.1BWIRE, PWSC, HCP, EDR, ETRN
Q1 2024 115$1.2BAEL, TCN, PXD, M D C HLDGS INC, SCRM