Fort Baker Capital Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Fort Baker Capital Management LP reported 27 stock positions worth $400.2 million. Its top holding was Kellanova (K) at 10.8% of the portfolio, followed by Frontier Communications Pare (FYBR, 10.5%) and Enstar (ESGR, 8.5%). Compared with Q3 2024, it opened 18 new positions, sold out of 10, added to 4 and reduced 4. The biggest buy was a new position in Frontier Communications Pare (FYBR) and the biggest sale an exit from Smartsheet Class A (SMAR).
- Most Recent 13F
- Q2 2026
- Location
- Larkspur, CA
- CIK
- 0001688382
- Portfolio Value
- $400.2M (Q4 2024)
- SEC Filing
- 0001667731-25-000270 ↗ filed Feb 14, 2025
Holdings Value
Holdings 27 stocks · $400.2M
| K Kellanova | 10.83% | 535,479 | $43.4M | Add +178.7% |
| FYBR Frontier Communications Pare | 10.50% | 1,211,428 | $42.0M | New |
| ESGR Enstar Group Ltd. | 8.53% | 106,013 | $34.1M | Add +82.8% |
| CCIX Churchill Capital Corp. Ix | 7.25% | 2,818,107 | $29.0M | Reduce -1.9% |
| LBRDK Liberty Broadband-C | 7.00% | 374,907 | $28.0M | Reduce -28.0% |
| NESR National Energy Services Reu | 6.91% | 3,088,210 | $27.7M | New |
| BERY Berry Global Group Inc. | 5.63% | 348,588 | $22.5M | New |
| ALE Allete Inc. | 4.32% | 266,984 | $17.3M | New |
| HAYMAKER ACQUISITION CORP 4 | 4.07% | 1,511,441 | $16.3M | Add +15.3% |
| HES Hess Corp. | 3.96% | 119,257 | $15.9M | New |
| FWONA Liberty Media Corp. Class A | 3.69% | 175,857 | $14.8M | New |
| BSII Black Spade Acquisition II C | 3.38% | 1,361,275 | $13.5M | Add +28.6% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 2.93% | 11,709,000 | $11.7M | New |
| SKGR SK Growth Opportunities Co. Class A | 2.82% | 970,000 | $11.3M | No change |
| DRDBU Roman DBDR Acquisition Corp. | 2.49% | 1,000,000 | $10.0M | New |
| DESP Despegar.com Corp. | 2.40% | 499,156 | $9.6M | New |
| ZUO Zuora Inc. Class A | 2.29% | 924,162 | $9.2M | New |
| OMC Omnicom Group | 1.95% | 90,000 | $7.8M | New |
| ALDF Aldel Financial II Inc. | 1.38% | 557,900 | $5.5M | New |
| LGF.B Lions Gate Entertainment-B | 1.26% | 665,496 | $5.0M | Reduce -69.2% |
| CDMO Avid Bioservices Inc. | 1.16% | 375,146 | $4.6M | New |
| OKTA INC (OKTA 0.125 09/01/25) | 1.11% | 4,598,000 | $4.4M | New |
| EVRI Everi Holdings Inc. | 1.08% | 320,131 | $4.3M | New |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | 1.04% | 4,000,000 | $4.2M | New |
| EVH Evolent Health Inc. Class A | 0.76% | 269,168 | $3.0M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | 0.74% | 3,190,000 | $3.0M | New |
| LION Lionsgate Studios Corp. | 0.50% | 262,801 | $2.0M | Reduce -22.5% |
Options reported separately and not counted above: JNPR calls ($6.6M), DESP calls ($123K).
Other holdings (37): bonds, preferreds, convertibles and warrants · $214.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 22,961,000 | $21.3M | Reduce -24.1% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 20,891,000 | $19.7M | Reduce -25.1% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 20,414,000 | $19.4M | Reduce -25.2% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 20,696,000 | $18.5M | Reduce -17.2% |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 12,871,000 | $12.9M | Reduce -38.3% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 11,187,000 | $11.8M | Reduce -53.2% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 10,696,000 | $11.1M | Reduce -26.2% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 9,350,000 | $10.3M | Reduce -55.3% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 9,000,000 | $8.7M | New |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 8,200,000 | $8.1M | Reduce -23.4% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 5,500,000 | $7.4M | Reduce -26.7% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 7,473,000 | $7.0M | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 7,129,000 | $6.8M | No change |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 7,305,000 | $6.1M | Add +6.0% |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 5,935,000 | $5.6M | Add +48.4% |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 5,100,000 | $4.7M | Add +410.0% |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 4,268,000 | $4.2M | No change |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 4,244,000 | $4.0M | Reduce -16.5% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 4,200,000 | $3.9M | Reduce -66.9% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 4,000,000 | $3.5M | New |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 2,578,000 | $3.1M | Reduce -50.4% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 3,000,000 | $3.0M | New |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 2,889,000 | $2.9M | New |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 2,546,000 | $2.6M | Reduce -73.3% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 2,177,000 | $2.2M | Reduce -81.5% |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | 2,163,213 | $1.3M | Add +3.5% |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | 1,281,000 | $1.3M | Reduce -14.6% |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | 3,221,420 | $1.3M | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 666,000 | $616K | Reduce -60.0% |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 590,775 | $257K | Reduce -17.8% |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | 322,644 | $145K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 605,807 | $92K | Reduce -10.7% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 278,949 | $84K | New |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | 289,473 | $53K | New |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 322,934 | $48K | No change |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 305,145 | $27K | No change |
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | 25,975 | $6K | Reduce -91.1% |
Total filed on the 13F, all lines: $614.2M.
Portfolio Sells Q3 2024 → Q4 2024
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −14.63 |
| LBRDK Liberty Broadband-C | Reduce -28.0% | 7.00% | −10.26 |
| LGF.B Lions Gate Entertainment-B | Reduce -69.2% | 1.26% | −5.15 |
| CCIX Churchill Capital Corp. Ix | Reduce -1.9% | 7.25% | −5.09 |
| ANSS Ansys Inc. | Sold out | 0.00% | −5.00 |
| VSTO Vista Outdoor Inc. | Sold out | 0.00% | −3.11 |
| LLYVK Liberty Media Corp.-Liberty-C | Sold out | 0.00% | −2.36 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −2.32 |
| AXONICS INC | Sold out | 0.00% | −1.72 |
| ENV Envestnet Inc. | Sold out | 0.00% | −1.68 |
| ESHA Esh Acquisition Corp. Class A | Sold out | 0.00% | −1.39 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.79 |
| LION Lionsgate Studios Corp. | Reduce -22.5% | 0.50% | −0.54 |
| EQC Equity Commonwealth | Sold out | 0.00% | −0.09 |
Portfolio Buys Q3 2024 → Q4 2024
| FYBR Frontier Communications Pare | New | 10.50% | +10.50 |
| NESR National Energy Services Reu | New | 6.91% | +6.91 |
| BERY Berry Global Group Inc. | New | 5.63% | +5.63 |
| ALE Allete Inc. | New | 4.32% | +4.32 |
| K Kellanova | Add +178.7% | 10.83% | +4.18 |
| HES Hess Corp. | New | 3.96% | +3.96 |
| FWONA Liberty Media Corp. Class A | New | 3.69% | +3.69 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | New | 2.93% | +2.93 |
| DRDBU Roman DBDR Acquisition Corp. | New | 2.49% | +2.49 |
| DESP Despegar.com Corp. | New | 2.40% | +2.40 |
| ZUO Zuora Inc. Class A | New | 2.29% | +2.29 |
| OMC Omnicom Group | New | 1.95% | +1.95 |
| ALDF Aldel Financial II Inc. | New | 1.38% | +1.38 |
| CDMO Avid Bioservices Inc. | New | 1.16% | +1.16 |
| OKTA INC (OKTA 0.125 09/01/25) | New | 1.11% | +1.11 |
| EVRI Everi Holdings Inc. | New | 1.08% | +1.08 |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | New | 1.04% | +1.04 |
| EVH Evolent Health Inc. Class A | New | 0.76% | +0.76 |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | New | 0.74% | +0.74 |
| ESGR Enstar Group Ltd. | Add +82.8% | 8.53% | +0.54 |
| BSII Black Spade Acquisition II C | Add +28.6% | 3.38% | −1.15 |
| HAYMAKER ACQUISITION CORP 4 | Add +15.3% | 4.07% | −1.92 |
Options Activity Q3 2024 → Q4 2024
| DESP Despegar.com Corp. | call | New | 6,400 | $123K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Reduce -24.1% | 22,961,000 | $21.3M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Reduce -25.1% | 20,891,000 | $19.7M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 20,700,000 | $19.5Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Reduce -25.2% | 20,414,000 | $19.4M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Reduce -17.2% | 20,696,000 | $18.5M |
| PENNYMAC CORP (PMT 5.5 11/01/24) | NOTE 5.500%11/0 · principal | Sold out | 17,974,000 | $18.4Mbefore exit |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | Sold out | 15,000,000 | $15.8Mbefore exit |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | Reduce -38.3% | 12,871,000 | $12.9M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Reduce -53.2% | 11,187,000 | $11.8M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -26.2% | 10,696,000 | $11.1M |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Reduce -55.3% | 9,350,000 | $10.3M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | New | 9,000,000 | $8.7M |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Reduce -23.4% | 8,200,000 | $8.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Reduce -26.7% | 5,500,000 | $7.4M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Sold out | 6,332,000 | $6.5Mbefore exit |
| ATLANTICA JERSEY LTD (AY 4 07/15/25) | NOTE 4.000% 7/1 · principal | Sold out | 6,375,000 | $6.4Mbefore exit |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Add +6.0% | 7,305,000 | $6.1M |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | Add +48.4% | 5,935,000 | $5.6M |
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | Sold out | 5,348,000 | $5.3Mbefore exit |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Sold out | 5,000,000 | $4.8Mbefore exit |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Add +410.0% | 5,100,000 | $4.7M |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Reduce -16.5% | 4,244,000 | $4.0M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -66.9% | 4,200,000 | $3.9M |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | New | 4,000,000 | $3.5M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -50.4% | 2,578,000 | $3.1M |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | New | 3,000,000 | $3.0M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Sold out | 3,190,000 | $2.9Mbefore exit |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | New | 2,889,000 | $2.9M |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | Reduce -73.3% | 2,546,000 | $2.6M |
| CERENCE INC (CRNC 3 06/01/25) | NOTE 3.000% 6/0 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -81.5% | 2,177,000 | $2.2M |
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | Sold out | 790,094 | $1.8Mbefore exit |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | Sold out | 1,344,000 | $1.3Mbefore exit |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | Add +3.5% | 2,163,213 | $1.3M |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | Reduce -14.6% | 1,281,000 | $1.3M |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | New | 3,221,420 | $1.3M |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Sold out | 273,702 | $1.0Mbefore exit |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Reduce -60.0% | 666,000 | $616K |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | Sold out | 507,520 | $447Kbefore exit |
| LSEAW Landsea Homes Corp.-CW23 | *W EXP 01/08/202 | Sold out | 974,221 | $285Kbefore exit |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -17.8% | 590,775 | $257K |
| SEAPORT ENTERTAINMENT GR-RTS | RIGHT 10/10/2024 | Sold out | 54,216 | $160Kbefore exit |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | Sold out | 91,549 | $158Kbefore exit |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | New | 322,644 | $145K |
| LVRWF Lavoro Ltd.-27 | *W EXP 02/27/202 | Sold out | 414,661 | $126Kbefore exit |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | Sold out | 416,854 | $115Kbefore exit |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Reduce -10.7% | 605,807 | $92K |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | New | 278,949 | $84K |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | New | 289,473 | $53K |
| ADVWW Advantage Solutions in-CW25 | *W EXP 10/28/202 | Sold out | 798,506 | $25Kbefore exit |
Showing the first 50 of 58.
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 | 60 | $1.0B | WBD, NSC, EA, AES, LBRDK |
| Q1 2026 | 60 | $952.7M | WBD, EA, AES, MASI, NSC |
| Q4 2025 | 63 | $727.2M | FYBR, CYBR, WBD, FTW, CWAN |
| Q3 2025 | 64 | $586.0M | CYBR, LBRDK, FYBR, FTW, TGNA |
| Q2 2025 | 60 | $569.4M | ARES ACQUISITION CORP II, SKX, FYBR, FTW, NWSA |
| Q1 2025 | 22 | $319.9M | ARES ACQUISITION CORP II, FYBR, NWSA, DNB, CCIX |
| Q4 2024 | 27 | $400.2M | K, FYBR, ESGR, CCIX, LBRDK |
| Q3 2024 | 19 | $233.3M | LBRDK, SMAR, CCIX, ESGR, K |
| Q2 2024 | 19 | $381.1M | HIBB, LGF.B, SBOW, X, LBRDK |
| Q1 2024 | 14 | $235.8M | LGF.B, X, NWSA, CPRI, LBRDK |