First Trust Capital Management L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), First Trust Capital Management L.P. reported 158 stock positions worth $1.7 billion. Its top holding was Cadence Bank (CADE) at 5.5% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 4.4%) and Dayforce (DAY, 4.0%). Compared with Q3 2025, it opened 63 new positions, sold out of 26, added to 14 and reduced 23. The biggest buy was a new position in Cadence Bank (CADE) and the biggest sale an exit from WNS (WNS).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001604488
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001604488-26-000005 ↗ filed Feb 13, 2026
Holdings Value
Holdings 158 stocks · $1.7B
| CADE Cadence Bank | 5.48% | 2,112,573 | $90.5M | New |
| CYBR Cyberark Software Ltd./Israel | 4.44% | 164,574 | $73.4M | Add +37.1% |
| DAY Dayforce Inc. | 4.02% | 958,960 | $66.3M | New |
| CMA Comerica Inc. | 3.98% | 756,333 | $65.7M | New |
| ALEX Alexander & Baldwin Inc. | 3.05% | 2,443,064 | $50.4M | New |
| CDTX Cidara Therapeutics Inc. | 2.74% | 205,233 | $45.3M | New |
| HI Hillenbrand Inc. | 2.58% | 1,342,891 | $42.6M | New |
| SNV Synovus Financial Corp. | 2.54% | 838,645 | $42.0M | New |
| CWAN Clearwater Analytics HDS-A | 2.16% | 1,479,650 | $35.7M | New |
| AAM Aa Mission Acquisition Cor-A | 1.93% | 2,984,992 | $31.8M | Add +0.0% |
| ANSC Agriculture & Natural Soluti | 1.88% | 2,768,028 | $31.0M | Reduce -11.2% |
| ALF Centurion Acquisition Corp. | 1.77% | 2,745,000 | $29.2M | No change |
| EXAS Exact Sciences Corp. | 1.69% | 274,864 | $27.9M | New |
| SEE Sealed Air Corp. | 1.59% | 632,818 | $26.2M | New |
| DMAA Drugs Made in America Acquis | 1.41% | 2,242,500 | $23.3M | No change |
| HOLX Hologic Inc. | 1.40% | 309,557 | $23.1M | New |
| TONT Graf Global Corp. Class A | 1.39% | 2,139,248 | $23.0M | No change |
| CUB Lionheart Holdings Class A | 1.38% | 2,145,000 | $22.8M | No change |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 1.37% | 1,741,286 | $22.7M | New |
| GPAT GP-Act III Acquisition-A | 1.35% | 2,091,077 | $22.4M | No change |
| FYBR Frontier Communications Pare | 1.35% | 584,236 | $22.2M | Add +2322.7% |
| LPAA Launch One Acquisition Corp. | 1.33% | 2,070,000 | $21.9M | No change |
| VACH Voyager Acquisition Corp. | 1.31% | 2,020,947 | $21.6M | Add +30.1% |
| DMII Drugs Made in America Acquis | 1.24% | 2,068,118 | $20.5M | Add +10.0% |
| EA Electronic Arts Inc. | 1.21% | 97,562 | $19.9M | Reduce -61.0% |
| SIMA Sim Acquisition Corp. I-A | 1.15% | 1,800,000 | $19.1M | No change |
| PLYM Plymouth Industrial REIT Inc. | 1.13% | 856,618 | $18.7M | New |
| HTBK Heritage Commerce Corp. | 1.13% | 1,550,000 | $18.6M | New |
| VNME Vendome Acquisition Corp. Class A | 1.12% | 1,850,000 | $18.6M | No change |
| SDHI Siddhi Acquisition Corp. Class A | 1.03% | 1,658,359 | $17.0M | Add +0.0% |
| HAYMAKER ACQUISITION CORP 4 | 1.00% | 1,455,666 | $16.6M | Reduce -0.1% |
| PSBD Palmer Square Capital BDC Inc. | 0.95% | 1,288,337 | $15.7M | Reduce 0.0% |
| FOLD Amicus Therapeutics Inc. | 0.94% | 1,088,721 | $15.5M | New |
| MACI Melar Acquisition Corp. I-A | 0.90% | 1,400,000 | $14.9M | No change |
| LEGT Legato Merger Corp. III | 0.87% | 1,325,312 | $14.4M | Reduce -26.4% |
| CFLT Confluent Inc. Class A | 0.85% | 462,084 | $14.0M | New |
| FRGE Forge Global Holdings Inc. | 0.83% | 307,802 | $13.7M | New |
| CHYM Chime Financial Inc. Class A | 0.82% | 536,989 | $13.5M | Reduce -18.3% |
| TVA Texas Ventures Acquisition-A | 0.82% | 1,264,881 | $13.5M | Reduce -9.6% |
| RAC Rithm Acquisition Corp. Class A | 0.76% | 1,201,650 | $12.5M | Add +0.0% |
| CAEP Cantor Equity Partners III-A | 0.75% | 1,213,649 | $12.4M | Add +1113.7% |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.69% | 1,100,000 | $11.3M | New |
| ATXS Astria Therapeutics Inc. | 0.66% | 831,357 | $10.9M | New |
| DENN Denny's Corp. | 0.64% | 1,701,392 | $10.6M | New |
| SOUL Soulpower Acquisition Co. Class A | 0.64% | 1,039,570 | $10.6M | Add +31.7% |
| CEPF Cantor Equity Partners Class A | 0.62% | 1,000,000 | $10.3M | No change |
| MLAC Mountain Lake Acquisition-A | 0.62% | 980,393 | $10.2M | Reduce -2.5% |
| NHIC Newhold Investment Cor III-A | 0.58% | 930,448 | $9.6M | No change |
| GSRF GSR IV Acquisition Corp. Class A | 0.57% | 945,910 | $9.4M | No change |
| RAAQ Real Asset Acquisiti Class A | 0.56% | 908,700 | $9.3M | No change |
| DAAQ Digital Asset Acquisiti Class A | 0.54% | 884,398 | $9.0M | No change |
| CHAR Charlton Aria Acquisiti Class A | 0.52% | 828,750 | $8.7M | No change |
| APXT Apex Treasury Corp. Class A | 0.51% | 850,000 | $8.4M | New |
| TACO Berto Acquisition Corp. | 0.48% | 774,998 | $7.9M | Reduce -22.5% |
| RANG Range Capital Acquisition Co. | 0.47% | 750,000 | $7.8M | No change |
| VCIC Vine Hill Capital Class A | 0.47% | 725,310 | $7.8M | Reduce -53.7% |
| AFJK Aimei Health Technology Co. | 0.47% | 680,000 | $7.7M | No change |
| TACH Titan Acquisition Corp. Class A | 0.47% | 750,000 | $7.7M | No change |
| BDCI BTC Development Corp. Class A | 0.45% | 750,000 | $7.5M | No change |
| MESHU Meshflow Acquisition Corp. | 0.45% | 750,000 | $7.5M | New |
| BLFY Blue Foundry Bancorp | 0.45% | 602,268 | $7.5M | New |
| SEMR Semrush Holdings Inc. Class A | 0.45% | 625,206 | $7.4M | New |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.43% | 699,992 | $7.2M | No change |
| TDAC Translational Development Ac | 0.41% | 649,998 | $6.8M | No change |
| PLMK Plum Acquisition Corp. IV | 0.41% | 650,000 | $6.8M | No change |
| SCIIU SC II Acquisition Corp. | 0.41% | 675,000 | $6.8M | New |
| AXIN Axiom Intelligence Class A | 0.40% | 650,000 | $6.5M | No change |
| NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I | 0.39% | 649,998 | $6.4M | New |
| EVAC Eqv Ventures Acquisition C-A | 0.38% | 627,045 | $6.3M | No change |
| POLE Andretti Acquisition Corp. Class A | 0.38% | 590,809 | $6.2M | Reduce -47.8% |
| CEPV Cantor Equity Partners Class A | 0.38% | 605,189 | $6.2M | New |
| MRLN Merlin Inc. filed as INFLECTION POINT ACQUISITION | 0.37% | 573,278 | $6.1M | Reduce -72.6% |
| CRANU Crane Harbor Acquisition Cor | 0.37% | 600,000 | $6.0M | New |
| IRHOU Iron Horse Acquisition II Co. | 0.36% | 600,000 | $6.0M | New |
| WENN Wen Acquisition Corp. Class A | 0.36% | 589,658 | $6.0M | Add +126.7% |
| DYOR Insight Digital Partners I-A | 0.36% | 600,000 | $5.9M | New |
| JACS Jackson Acquisition Co. Class A | 0.36% | 567,500 | $5.9M | No change |
| GTEN Gores Holdings X Inc. Class A | 0.34% | 543,596 | $5.6M | No change |
| RFAI RF Acquisition Corp. II | 0.33% | 514,506 | $5.5M | Reduce -50.0% |
| CHPG Championsgate Acquisitio-A | 0.32% | 514,174 | $5.2M | Add +3.5% |
| TAVI Tavia Acquisition Corp. | 0.32% | 500,000 | $5.2M | No change |
| IPCX Inflection Point Acquisiti-A | 0.31% | 500,000 | $5.1M | New |
| PACH Pioneer Acquisition I Class A | 0.30% | 500,000 | $5.0M | No change |
| HCACU Hall Chadwick Acquisition Co. | 0.30% | 500,000 | $5.0M | New |
| GSHR Gesher Acquisition Corp. II-A | 0.30% | 482,440 | $5.0M | No change |
| DNMX Dynamix Corp. III Class A | 0.30% | 500,000 | $4.9M | New |
| IGAC Invest Green Acquisitio Class A | 0.30% | 500,000 | $4.9M | New |
| DRDB Roman DBDR Acquisition Corp. | 0.29% | 464,955 | $4.8M | No change |
| GTERA Globa Terra Acquisition Co. Class A | 0.29% | 473,583 | $4.8M | No change |
| SBXDF Silverbox Corp. IV-A | 0.29% | 445,168 | $4.7M | No change |
| XRPN Armada Acquisition Class A | 0.28% | 458,864 | $4.7M | Reduce -8.2% |
| FERA Fifth Era Acquisition Corp. Class A | 0.28% | 450,000 | $4.6M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.28% | 451,695 | $4.6M | No change |
| EVOX Evolution Global Acquis Class A | 0.27% | 460,000 | $4.5M | New |
| CEPO Cantor Equity Partners I-A | 0.26% | 409,698 | $4.3M | New |
| SZZL Sizzle Acquisition Corp. Class A | 0.25% | 405,813 | $4.1M | No change |
| CRAQ Cal Redwood Acquisit Class A | 0.25% | 400,000 | $4.1M | No change |
| FCRS Futurecrest Acquisition Class A | 0.24% | 400,000 | $4.0M | No change |
| VHCPU Vine Hill Capital Investment | 0.24% | 400,000 | $4.0M | New |
| MBVI M3-Brigade Acquisition Class A | 0.24% | 399,999 | $4.0M | No change |
Other holdings (4): bonds, preferreds, convertibles and warrants · $491K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 2,068,118 | $290K | Add +10.0% |
| IGACR Invest Green Acquisition-RTS | RIGHT 11/17/2030 | 500,000 | $95K | New |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | 400,000 | $66K | New |
| LAFAR Lafayette Acquisition Corp. | RIGHT 10/24/2030 | 300,000 | $41K | New |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q3 2025 → Q4 2025
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −6.69 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −6.26 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −5.55 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −4.70 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −2.93 |
| K Kellanova | Sold out | 0.00% | −2.51 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −2.15 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −2.15 |
| EA Electronic Arts Inc. | Reduce -61.0% | 1.21% | −2.04 |
| MRUS Merus NV | Sold out | 0.00% | −1.49 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −1.37 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −1.32 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −1.13 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −1.13 |
| MRLN Merlin Inc. | Reduce -72.6% | 0.37% | −1.03 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.94 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.94 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.78 |
| VCIC Vine Hill Capital Class A | Reduce -53.7% | 0.47% | −0.61 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.43 |
| OAKU Oak Woods Acquisition Corp. Class A | Sold out | 0.00% | −0.41 |
| POLE Andretti Acquisition Corp. Class A | Reduce -47.8% | 0.38% | −0.39 |
| RFAI RF Acquisition Corp. II | Reduce -50.0% | 0.33% | −0.38 |
| VLOS Velos Acquisition I Corp. | Sold out | 0.00% | −0.38 |
| LEGT Legato Merger Corp. III | Reduce -26.4% | 0.87% | −0.37 |
| ANSC Agriculture & Natural Soluti | Reduce -11.2% | 1.88% | −0.32 |
| HSPOF Horizon Space Acquisition I | Sold out | 0.00% | −0.24 |
| TACO Berto Acquisition Corp. | Reduce -22.5% | 0.48% | −0.19 |
| CHAC Crane Harbor Acqu Corp. Class A | Reduce -61.8% | 0.11% | −0.18 |
| EMCGF Embrace Change Acquisition C | Sold out | 0.00% | −0.16 |
| TVA Texas Ventures Acquisition-A | Reduce -9.6% | 0.82% | −0.15 |
| INFQ Infleqtion Inc. | Sold out | 0.00% | −0.15 |
| HDRN Hadron Energy Inc. | Reduce -38.0% | 0.20% | −0.14 |
| BAYA Bayview Acquisition Corp. Class A | Sold out | 0.00% | −0.10 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.08 |
| PSBD Palmer Square Capital BDC Inc. | Reduce 0.0% | 0.95% | −0.07 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -0.1% | 1.00% | −0.06 |
| XRPN Armada Acquisition Class A | Reduce -8.2% | 0.28% | −0.05 |
| MLAC Mountain Lake Acquisition-A | Reduce -2.5% | 0.62% | −0.05 |
| DYNC Dynamix Corp. | Reduce -26.9% | 0.08% | −0.04 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −0.04 |
| CHYM Chime Financial Inc. Class A | Reduce -18.3% | 0.82% | −0.04 |
| GES Guess? Inc. | Reduce -37.2% | 0.04% | −0.03 |
| RTAC Renatus Tactical Acquisiti-A | Reduce -3.8% | 0.22% | −0.03 |
| VRNT Verint Systems Inc. | Sold out | 0.00% | −0.02 |
| CEPT Cantor Equity Partners Class A | Reduce -12.8% | 0.12% | −0.02 |
| WES Western Midstream Partners L | Reduce -8.2% | 0.01% | −0.00 |
| EPD Enterprise Products Partners | Reduce -5.8% | 0.01% | −0.00 |
| PAA Plains All Amer Pipeline LP | Reduce -4.3% | 0.01% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| CADE Cadence Bank | New | 5.48% | +5.48 |
| DAY Dayforce Inc. | New | 4.02% | +4.02 |
| CMA Comerica Inc. | New | 3.98% | +3.98 |
| ALEX Alexander & Baldwin Inc. | New | 3.05% | +3.05 |
| CDTX Cidara Therapeutics Inc. | New | 2.74% | +2.74 |
| HI Hillenbrand Inc. | New | 2.58% | +2.58 |
| SNV Synovus Financial Corp. | New | 2.54% | +2.54 |
| CWAN Clearwater Analytics HDS-A | New | 2.16% | +2.16 |
| EXAS Exact Sciences Corp. | New | 1.69% | +1.69 |
| SEE Sealed Air Corp. | New | 1.59% | +1.59 |
| HOLX Hologic Inc. | New | 1.40% | +1.40 |
| JAMF Jamf Holding Corp. | New | 1.37% | +1.37 |
| FYBR Frontier Communications Pare | Add +2322.7% | 1.35% | +1.29 |
| PLYM Plymouth Industrial REIT Inc. | New | 1.13% | +1.13 |
| HTBK Heritage Commerce Corp. | New | 1.13% | +1.13 |
| FOLD Amicus Therapeutics Inc. | New | 0.94% | +0.94 |
| CFLT Confluent Inc. Class A | New | 0.85% | +0.85 |
| FRGE Forge Global Holdings Inc. | New | 0.83% | +0.83 |
| CYBR Cyberark Software Ltd./Israel | Add +37.1% | 4.44% | +0.71 |
| TMS Teamshares Inc. | New | 0.69% | +0.69 |
| CAEP Cantor Equity Partners III-A | Add +1113.7% | 0.75% | +0.68 |
| ATXS Astria Therapeutics Inc. | New | 0.66% | +0.66 |
| DENN Denny's Corp. | New | 0.64% | +0.64 |
| APXT Apex Treasury Corp. Class A | New | 0.51% | +0.51 |
| MESHU Meshflow Acquisition Corp. | New | 0.45% | +0.45 |
| BLFY Blue Foundry Bancorp | New | 0.45% | +0.45 |
| SEMR Semrush Holdings Inc. Class A | New | 0.45% | +0.45 |
| SCIIU SC II Acquisition Corp. | New | 0.41% | +0.41 |
| NSTR Northstar Earth & Space Ente | New | 0.39% | +0.39 |
| CEPV Cantor Equity Partners Class A | New | 0.38% | +0.38 |
| CRANU Crane Harbor Acquisition Cor | New | 0.37% | +0.37 |
| IRHOU Iron Horse Acquisition II Co. | New | 0.36% | +0.36 |
| DYOR Insight Digital Partners I-A | New | 0.36% | +0.36 |
| IPCX Inflection Point Acquisiti-A | New | 0.31% | +0.31 |
| HCACU Hall Chadwick Acquisition Co. | New | 0.30% | +0.30 |
| DNMX Dynamix Corp. III Class A | New | 0.30% | +0.30 |
| IGAC Invest Green Acquisitio Class A | New | 0.30% | +0.30 |
| EVOX Evolution Global Acquis Class A | New | 0.27% | +0.27 |
| CEPO Cantor Equity Partners I-A | New | 0.26% | +0.26 |
| VACH Voyager Acquisition Corp. | Add +30.1% | 1.31% | +0.25 |
| VHCPU Vine Hill Capital Investment | New | 0.24% | +0.24 |
| BEBE.U Tge Value Creative Solutions | New | 0.24% | +0.24 |
| TDWD Tailwind 2.0 Acquisitio Class A | New | 0.24% | +0.24 |
| ADACU American Drive Acquisition C | New | 0.23% | +0.23 |
| SVAQU Silicon Valley Acquisition C | New | 0.21% | +0.21 |
| WENN Wen Acquisition Corp. Class A | Add +126.7% | 0.36% | +0.19 |
| SAC.U Safeguard Acquisition Corp. | New | 0.18% | +0.18 |
| ITHAU Ithax Acquisition Corp. III | New | 0.18% | +0.18 |
| LAFA Lafayette Acquisition Corp. | New | 0.18% | +0.18 |
| RNAM Avidity Biosciences Inc. | New | 0.17% | +0.17 |
Notes & Other Activity Q3 2025 → Q4 2025
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | Add +10.0% | 2,068,118 | $290K |
| IGACR Invest Green Acquisition-RTS | RIGHT 11/17/2030 | New | 500,000 | $95K |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | New | 400,000 | $66K |
| LAFAR Lafayette Acquisition Corp. | RIGHT 10/24/2030 | New | 300,000 | $41K |
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 |