Fort Baker Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Fort Baker Capital Management LP reported 22 stock positions worth $319.9 million. Its top holding was Ares Acquisition Corp. II at 16.6% of the portfolio, followed by Frontier Communications Pare (FYBR, 12.0%) and News Class A (NWSA, 8.7%). Compared with Q4 2024, it opened 12 new positions, sold out of 17, added to 2 and reduced 8. The biggest buy was a new position in Ares Acquisition Corp. II and the biggest sale an exit from Kellanova (K).
- Most Recent 13F
- Q2 2026
- Location
- Larkspur, CA
- CIK
- 0001688382
- Portfolio Value
- $319.9M (Q1 2025)
- SEC Filing
- 0001667731-25-000647 ↗ filed May 15, 2025
Holdings Value
Holdings 22 stocks · $319.9M
| ARES ACQUISITION CORP II | 16.61% | 4,766,401 | $53.1M | New |
| FYBR Frontier Communications Pare | 11.96% | 1,067,352 | $38.3M | Reduce -11.9% |
| NWSA News Corp. Class A | 8.69% | 1,018,513 | $27.8M | New |
| DNB Dun & Bradstreet Holdings Inc. | 8.09% | 2,895,871 | $25.9M | New |
| CCIX Churchill Capital Corp. Ix | 7.80% | 2,311,949 | $24.9M | Reduce -18.0% |
| HAYMAKER ACQUISITION CORP 4 | 7.38% | 2,148,219 | $23.6M | Add +42.1% |
| NESR National Energy Services Reu | 6.18% | 2,687,937 | $19.8M | Reduce -13.0% |
| SPR Spirit Aerosystems Hold Class A | 5.56% | 515,818 | $17.8M | New |
| ESGR Enstar Group Ltd. | 5.01% | 48,249 | $16.0M | Reduce -54.5% |
| BSII Black Spade Acquisition II C | 3.97% | 1,251,999 | $12.7M | Reduce -8.0% |
| NETD Nabors Energy Transition C-A | 2.79% | 814,347 | $8.9M | New |
| RKT Rocket Cos Inc. Class A | 2.62% | 694,138 | $8.4M | New |
| DRDB Roman DBDR Acquisition Corp. | 2.53% | 805,647 | $8.1M | Reduce -19.4% |
| BECN Beacon Roofing Supply Inc. | 1.93% | 50,000 | $6.2M | New |
| LGF.B Lions Gate Entertainment-B | 1.55% | 625,062 | $5.0M | Reduce -6.1% |
| ALDF Aldel Financial II Inc. | 1.42% | 449,087 | $4.5M | Reduce -19.5% |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 1.32% | 374,683 | $4.2M | New |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 1.19% | 28,343 | $3.8M | New |
| GSHRU Gesher Acquisition Corp. II | 1.13% | 361,200 | $3.6M | New |
| AMED Amedisys Inc. | 1.07% | 36,923 | $3.4M | New |
| LION Lionsgate Studios Corp. | 0.72% | 307,973 | $2.3M | Add +17.2% |
| CCIR Cohen Circle Acquisitio Class A | 0.47% | 132,837 | $1.5M | New |
Options reported separately and not counted above: AMED puts ($8.1M), DNB calls ($6.7M), WBA calls ($202K).
Other holdings (31): bonds, preferreds, convertibles and warrants · $149.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 14,249,000 | $13.5M | Reduce -31.8% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 13,435,000 | $12.7M | Reduce -41.5% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 10,696,000 | $11.7M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 8,530,000 | $11.1M | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 10,601,000 | $11.0M | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 9,377,000 | $9.3M | New |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 8,832,000 | $8.6M | Add +48.8% |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 7,332,000 | $7.3M | Reduce -10.6% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 6,802,000 | $6.6M | New |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 6,371,000 | $6.4M | Reduce -50.5% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 6,771,000 | $6.0M | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 5,466,000 | $5.2M | Reduce -26.9% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 5,025,000 | $4.8M | Reduce -29.5% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 5,000,000 | $4.7M | New |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 3,882,000 | $3.6M | Reduce -3.0% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 3,350,000 | $3.5M | Reduce -64.2% |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 4,000,000 | $3.3M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 2,687,000 | $3.0M | Reduce -76.0% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 3,000,000 | $3.0M | No change |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 2,996,000 | $2.8M | Reduce -29.4% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 2,302,000 | $2.3M | Reduce -10.7% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 2,445,000 | $2.3M | New |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 1,657,000 | $1.7M | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 34,065 | $1.7M | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 1,150,000 | $1.1M | New |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | 950,000 | $955K | Reduce -25.8% |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | 1,652,298 | $578K | Reduce -48.7% |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 349,254 | $279K | Reduce -40.9% |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 402,823 | $129K | Reduce -19.4% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 404,605 | $85K | Reduce -33.2% |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | 290,366 | $64K | Reduce -10.0% |
Total filed on the 13F, all lines: $469.2M.
Portfolio Sells Q4 2024 → Q1 2025
| K Kellanova | Sold out | 0.00% | −10.83 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −7.00 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −5.63 |
| ALE Allete Inc. | Sold out | 0.00% | −4.32 |
| HES Hess Corp. | Sold out | 0.00% | −3.96 |
| FWONA Liberty Media Corp. Class A | Sold out | 0.00% | −3.69 |
| ESGR Enstar Group Ltd. | Reduce -54.5% | 5.01% | −3.52 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | Sold out | 0.00% | −2.93 |
| SKGR SK Growth Opportunities Co. Class A | Sold out | 0.00% | −2.82 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −2.40 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −2.29 |
| OMC Omnicom Group | Sold out | 0.00% | −1.95 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −1.16 |
| OKTA INC (OKTA 0.125 09/01/25) | Sold out | 0.00% | −1.11 |
| EVRI Everi Holdings Inc. | Sold out | 0.00% | −1.08 |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | Sold out | 0.00% | −1.04 |
| EVH Evolent Health Inc. Class A | Sold out | 0.00% | −0.76 |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | Sold out | 0.00% | −0.74 |
| NESR National Energy Services Reu | Reduce -13.0% | 6.18% | −0.73 |
| DRDB Roman DBDR Acquisition Corp. | Reduce -19.4% | 2.53% | +0.03 |
| ALDF Aldel Financial II Inc. | Reduce -19.5% | 1.42% | +0.04 |
| LGF.B Lions Gate Entertainment-B | Reduce -6.1% | 1.55% | +0.29 |
| CCIX Churchill Capital Corp. Ix | Reduce -18.0% | 7.80% | +0.55 |
| BSII Black Spade Acquisition II C | Reduce -8.0% | 3.97% | +0.59 |
| FYBR Frontier Communications Pare | Reduce -11.9% | 11.96% | +1.46 |
Portfolio Buys Q4 2024 → Q1 2025
| ARES ACQUISITION CORP II | New | 16.61% | +16.61 |
| NWSA News Corp. Class A | New | 8.69% | +8.69 |
| DNB Dun & Bradstreet Holdings Inc. | New | 8.09% | +8.09 |
| SPR Spirit Aerosystems Hold Class A | New | 5.56% | +5.56 |
| HAYMAKER ACQUISITION CORP 4 | Add +42.1% | 7.38% | +3.31 |
| NETD Nabors Energy Transition C-A | New | 2.79% | +2.79 |
| RKT Rocket Cos Inc. Class A | New | 2.62% | +2.62 |
| BECN Beacon Roofing Supply Inc. | New | 1.93% | +1.93 |
| BBOT Bridgebio Oncology Therapeut | New | 1.32% | +1.32 |
| HRI Herc Holdings Inc. | New | 1.19% | +1.19 |
| GSHRU Gesher Acquisition Corp. II | New | 1.13% | +1.13 |
| AMED Amedisys Inc. | New | 1.07% | +1.07 |
| CCIR Cohen Circle Acquisitio Class A | New | 0.47% | +0.47 |
| LION Lionsgate Studios Corp. | Add +17.2% | 0.72% | +0.22 |
Options Activity Q4 2024 → Q1 2025
| AMED Amedisys Inc. | put | New | 87,800 | $8.1M |
| DNB Dun & Bradstreet Holdings Inc. | call | New | 752,600 | $6.7M |
| JNPR Juniper Networks Inc. | call | Sold out | 177,200 | $6.6Mbefore exit |
| WBA Walgreens Boots Alliance Inc. | call | New | 18,100 | $202K |
| DESP Despegar.com Corp. | call | Sold out | 6,400 | $123Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Sold out | 20,414,000 | $19.4Mbefore exit |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 20,696,000 | $18.5Mbefore exit |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Reduce -31.8% | 14,249,000 | $13.5M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Reduce -41.5% | 13,435,000 | $12.7M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 8,530,000 | $11.1M |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | New | 10,601,000 | $11.0M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | New | 9,377,000 | $9.3M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 9,000,000 | $8.7Mbefore exit |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | Add +48.8% | 8,832,000 | $8.6M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 5,500,000 | $7.4Mbefore exit |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Reduce -10.6% | 7,332,000 | $7.3M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | New | 6,802,000 | $6.6M |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | Reduce -50.5% | 6,371,000 | $6.4M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Sold out | 7,305,000 | $6.1Mbefore exit |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | New | 6,771,000 | $6.0M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Reduce -26.9% | 5,466,000 | $5.2M |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Reduce -29.5% | 5,025,000 | $4.8M |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Sold out | 5,100,000 | $4.7Mbefore exit |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | New | 5,000,000 | $4.7M |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 4,268,000 | $4.2Mbefore exit |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 4,200,000 | $3.9Mbefore exit |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | Reduce -3.0% | 3,882,000 | $3.6M |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Reduce -64.2% | 3,350,000 | $3.5M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | New | 4,000,000 | $3.3M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Reduce -76.0% | 2,687,000 | $3.0M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Sold out | 2,889,000 | $2.9Mbefore exit |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Reduce -29.4% | 2,996,000 | $2.8M |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | Sold out | 2,546,000 | $2.6Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -10.7% | 2,302,000 | $2.3M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | New | 2,445,000 | $2.3M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 2,177,000 | $2.2Mbefore exit |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | New | 1,657,000 | $1.7M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 34,065 | $1.7M |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | Sold out | 2,163,213 | $1.3Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | New | 1,150,000 | $1.1M |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | Reduce -25.8% | 950,000 | $955K |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Sold out | 666,000 | $616Kbefore exit |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | Reduce -48.7% | 1,652,298 | $578K |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -40.9% | 349,254 | $279K |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | Reduce -19.4% | 402,823 | $129K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Reduce -33.2% | 404,605 | $85K |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | Sold out | 278,949 | $84Kbefore exit |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | Reduce -10.0% | 290,366 | $64K |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | Sold out | 289,473 | $53Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 322,934 | $48Kbefore exit |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | Sold out | 305,145 | $27Kbefore exit |
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | Sold out | 25,975 | $6Kbefore 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 | 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 |