Fort Baker Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Fort Baker Capital Management LP reported 60 stock positions worth $569.4 million. Its top holding was Ares Acquisition Corp. II at 9.0% of the portfolio, followed by Skechers USA Class A (SKX, 6.6%) and Frontier Communications Pare (FYBR, 6.4%). Compared with Q1 2025, it opened 48 new positions, sold out of 10, added to 4 and reduced 5. The biggest buy was a new position in Skechers USA Class A (SKX) and the biggest sale an exit from Dun & Bradstreet (DNB).
- Most Recent 13F
- Q2 2026
- Location
- Larkspur, CA
- CIK
- 0001688382
- Portfolio Value
- $569.4M (Q2 2025)
- SEC Filing
- 0001667731-25-001127 ↗ filed Aug 14, 2025
Holdings Value
Holdings 60 stocks · $569.4M
| ARES ACQUISITION CORP II | 9.03% | 4,537,487 | $51.4M | Reduce -4.8% |
| SKX Skechers USA Inc. Class A | 6.56% | 591,758 | $37.3M | New |
| FYBR Frontier Communications Pare | 6.35% | 993,695 | $36.2M | Reduce -6.9% |
| FTW Eqv Ventures Acquisition C-A | 5.74% | 3,110,433 | $32.7M | New |
| NWSA News Corp. Class A | 5.61% | 1,075,516 | $32.0M | Add +5.6% |
| LBRDK Liberty Broadband-C | 5.30% | 306,669 | $30.2M | New |
| CCCXU Churchill Capital Corp. X | 4.79% | 2,650,000 | $27.3M | New |
| CCIX Churchill Capital Corp. Ix | 4.73% | 2,562,678 | $27.0M | Add +10.8% |
| HAYMAKER ACQUISITION CORP 4 | 4.54% | 2,328,219 | $25.8M | Add +8.4% |
| REDFIN CORP (RDFN 0.5 04/01/27) | 2.87% | 18,071,000 | $16.3M | New |
| DKS Dick's Sporting Goods Inc. | 2.48% | 71,306 | $14.1M | New |
| CABLE ONE INC (CABO 0 03/15/26) | 2.33% | 14,035,000 | $13.3M | New |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | 2.17% | 12,974,000 | $12.4M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | 2.07% | 10,696,000 | $11.8M | New |
| GSHR Gesher Acquisition Corp. II-A | 1.87% | 1,050,000 | $10.7M | Add +190.7% |
| NESR National Energy Services Reu | 1.82% | 1,717,834 | $10.3M | Reduce -36.1% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | 1.75% | 5,530,000 | $9.9M | New |
| GMS GMS Inc. | 1.69% | 88,249 | $9.6M | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | 1.67% | 9,377,000 | $9.5M | New |
| NETD Nabors Energy Transition C-A | 1.59% | 814,347 | $9.0M | No change |
| GTEN Gores Holdings X Inc. Class A | 1.53% | 850,000 | $8.7M | New |
| JHX James Hardie Ord | 1.53% | 323,046 | $8.7M | New |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | 1.51% | 8,832,000 | $8.6M | New |
| DRDB Roman DBDR Acquisition Corp. | 1.46% | 805,647 | $8.3M | No change |
| PMTR Perimeter Acquis Corp. I Class A | 1.43% | 800,000 | $8.1M | New |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | 1.19% | 7,000,000 | $6.8M | New |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | 1.18% | 6,802,000 | $6.7M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | 1.11% | 6,645,000 | $6.3M | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | 0.89% | 5,366,000 | $5.1M | New |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | 0.83% | 4,581,000 | $4.7M | New |
| ALDF Aldel Financial II Inc. | 0.83% | 449,087 | $4.7M | No change |
| ENOVIS CORP (ENOV 3.875 10/15/28) | 0.79% | 4,500,000 | $4.5M | New |
| UGI CORP (UGI 5 06/01/28) | 0.77% | 3,189,000 | $4.4M | New |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 0.62% | 349,248 | $3.5M | New |
| AMED Amedisys Inc. | 0.62% | 35,857 | $3.5M | Reduce -2.9% |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | 0.60% | 4,000,000 | $3.4M | New |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | 0.59% | 3,691,000 | $3.4M | New |
| PCAPU Procap Acquisition Corp. | 0.57% | 303,781 | $3.3M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | 0.52% | 2,687,000 | $3.0M | New |
| BRR Columbus Circle Capital Co. Class A | 0.51% | 275,853 | $2.9M | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 0.51% | 2,601,000 | $2.9M | New |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | 0.51% | 2,996,000 | $2.9M | New |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | 0.46% | 2,630,000 | $2.6M | New |
| RAC Rithm Acquisition Corp. Class A | 0.45% | 250,405 | $2.6M | New |
| AXINU Axiom Intelligence Acquisiti | 0.44% | 250,000 | $2.5M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | 0.41% | 2,445,000 | $2.3M | New |
| LENDINGTREE INC (TREE 0.5 07/15/25) | 0.37% | 2,094,000 | $2.1M | New |
| VAIL RESORTS INC (MTN 0 01/01/26) | 0.35% | 2,025,000 | $2.0M | New |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) filed as RWT HLDGS INC | 0.34% | 1,923,000 | $1.9M | New |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | 0.33% | 2,500,000 | $1.9M | New |
| EVENTBRITE INC (EB 0.75 09/15/26) | 0.30% | 1,882,000 | $1.7M | New |
| MCGAU Yorkville Acquisition Corp. | 0.30% | 150,000 | $1.7M | New |
| DJT Trump Media & Technology Gro | 0.29% | 91,718 | $1.7M | New |
| CCIR Cohen Circle Acquisitio Class A | 0.24% | 124,959 | $1.4M | Reduce -5.9% |
| RTACU Renatus Tactical Acquisition | 0.21% | 94,059 | $1.2M | New |
| EVENTBRITE INC (EB 5 12/01/25) | 0.17% | 950,000 | $940K | New |
| CEPT Cantor Equity Partners Class A | 0.14% | 73,432 | $810K | New |
| SVT Servotronics Inc. | 0.10% | 12,627 | $593K | New |
| FIGXU Figx Capital Acquisition Cor | 0.04% | 25,000 | $250K | New |
| CAEP Cantor Equity Partners III-A | 0.02% | 10,000 | $106K | New |
Options reported separately and not counted above: AMED puts ($8.6M), DNB calls ($1.5M), WBA calls ($208K).
Other holdings (9): bonds, preferreds, convertibles and warrants · $1.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 343,950 | $327K | Reduce -1.5% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 848,926 | $259K | Add +109.8% |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 399,999 | $256K | New |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 150,000 | $249K | New |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | 368,200 | $203K | Reduce -77.7% |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 402,823 | $201K | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 138,799 | $153K | New |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 450,000 | $127K | Add +149.2% |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 212,500 | $125K | New |
Total filed on the 13F, all lines: $571.3M.
Portfolio Sells Q1 2025 → Q2 2025
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −8.09 |
| ARES ACQUISITION CORP II | Reduce -4.8% | 9.03% | −7.58 |
| FYBR Frontier Communications Pare | Reduce -6.9% | 6.35% | −5.61 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −5.56 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −5.01 |
| NESR National Energy Services Reu | Reduce -36.1% | 1.82% | −4.37 |
| BSII Black Spade Acquisition II C | Sold out | 0.00% | −3.97 |
| RKT Rocket Cos Inc. Class A | Sold out | 0.00% | −2.62 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −1.93 |
| LGF.B Lions Gate Entertainment-B | Sold out | 0.00% | −1.55 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −1.32 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −1.19 |
| LION Lionsgate Studios Corp. | Sold out | 0.00% | −0.72 |
| AMED Amedisys Inc. | Reduce -2.9% | 0.62% | −0.45 |
| CCIR Cohen Circle Acquisitio Class A | Reduce -5.9% | 0.24% | −0.22 |
Portfolio Buys Q1 2025 → Q2 2025
| SKX Skechers USA Inc. Class A | New | 6.56% | +6.56 |
| FTW Eqv Ventures Acquisition C-A | New | 5.74% | +5.74 |
| LBRDK Liberty Broadband-C | New | 5.30% | +5.30 |
| CCCXU Churchill Capital Corp. X | New | 4.79% | +4.79 |
| REDFIN CORP (RDFN 0.5 04/01/27) | New | 2.87% | +2.87 |
| DKS Dick's Sporting Goods Inc. | New | 2.48% | +2.48 |
| CABLE ONE INC (CABO 0 03/15/26) | New | 2.33% | +2.33 |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | New | 2.17% | +2.17 |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | New | 2.07% | +2.07 |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | New | 1.75% | +1.75 |
| GMS GMS Inc. | New | 1.69% | +1.69 |
| PENNYMAC CORP (PMT 5.5 03/15/26) | New | 1.67% | +1.67 |
| GTEN Gores Holdings X Inc. Class A | New | 1.53% | +1.53 |
| JHX James Hardie Ord | New | 1.53% | +1.53 |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | New | 1.51% | +1.51 |
| PMTR Perimeter Acquis Corp. I Class A | New | 1.43% | +1.43 |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | New | 1.19% | +1.19 |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | New | 1.18% | +1.18 |
| CONMED CORP (CNMD 2.25 06/15/27) | New | 1.11% | +1.11 |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | New | 0.89% | +0.89 |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | New | 0.83% | +0.83 |
| ENOVIS CORP (ENOV 3.875 10/15/28) | New | 0.79% | +0.79 |
| UGI CORP (UGI 5 06/01/28) | New | 0.77% | +0.77 |
| GSHR Gesher Acquisition Corp. II-A | Add +190.7% | 1.87% | +0.74 |
| ONEN One Nuclear Energy Inc. | New | 0.62% | +0.62 |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | New | 0.60% | +0.60 |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | New | 0.59% | +0.59 |
| PCAPU Procap Acquisition Corp. | New | 0.57% | +0.57 |
| SOUTHERN CO (SO 3.875 12/15/25) | New | 0.52% | +0.52 |
| BRR Columbus Circle Capital Co. Class A | New | 0.51% | +0.51 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | New | 0.51% | +0.51 |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | New | 0.51% | +0.51 |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | New | 0.46% | +0.46 |
| RAC Rithm Acquisition Corp. Class A | New | 0.45% | +0.45 |
| AXINU Axiom Intelligence Acquisiti | New | 0.44% | +0.44 |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | New | 0.41% | +0.41 |
| LENDINGTREE INC (TREE 0.5 07/15/25) | New | 0.37% | +0.37 |
| VAIL RESORTS INC (MTN 0 01/01/26) | New | 0.35% | +0.35 |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | New | 0.34% | +0.34 |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | New | 0.33% | +0.33 |
| EVENTBRITE INC (EB 0.75 09/15/26) | New | 0.30% | +0.30 |
| MCGAU Yorkville Acquisition Corp. | New | 0.30% | +0.30 |
| DJT Trump Media & Technology Gro | New | 0.29% | +0.29 |
| RTACU Renatus Tactical Acquisition | New | 0.21% | +0.21 |
| EVENTBRITE INC (EB 5 12/01/25) | New | 0.17% | +0.17 |
| CEPT Cantor Equity Partners Class A | New | 0.14% | +0.14 |
| SVT Servotronics Inc. | New | 0.10% | +0.10 |
| FIGXU Figx Capital Acquisition Cor | New | 0.04% | +0.04 |
| CAEP Cantor Equity Partners III-A | New | 0.02% | +0.02 |
| HAYMAKER ACQUISITION CORP 4 | Add +8.4% | 4.54% | −2.84 |
Options Activity Q1 2025 → Q2 2025
| DNB Dun & Bradstreet Holdings Inc. | call | Reduce -78.6% | 161,000 | $1.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Sold out | 14,249,000 | $13.5Mbefore exit |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 13,435,000 | $12.7Mbefore exit |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Sold out | 10,696,000 | $11.7Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Sold out | 8,530,000 | $11.1Mbefore exit |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | Sold out | 10,601,000 | $11.0Mbefore exit |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Sold out | 9,377,000 | $9.3Mbefore exit |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | Sold out | 8,832,000 | $8.6Mbefore exit |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Sold out | 7,332,000 | $7.3Mbefore exit |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Sold out | 6,802,000 | $6.6Mbefore exit |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | Sold out | 6,371,000 | $6.4Mbefore exit |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | Sold out | 6,771,000 | $6.0Mbefore exit |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Sold out | 5,466,000 | $5.2Mbefore exit |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Sold out | 5,025,000 | $4.8Mbefore exit |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 5,000,000 | $4.7Mbefore exit |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | Sold out | 3,882,000 | $3.6Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Sold out | 3,350,000 | $3.5Mbefore exit |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | Sold out | 4,000,000 | $3.3Mbefore exit |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 2,687,000 | $3.0Mbefore exit |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | Sold out | 3,000,000 | $3.0Mbefore exit |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Sold out | 2,996,000 | $2.8Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 2,302,000 | $2.3Mbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Sold out | 2,445,000 | $2.3Mbefore exit |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Sold out | 1,657,000 | $1.7Mbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Sold out | 34,065 | $1.7Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 1,150,000 | $1.1Mbefore exit |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | Sold out | 950,000 | $955Kbefore exit |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -1.5% | 343,950 | $327K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Add +109.8% | 848,926 | $259K |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | New | 399,999 | $256K |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | New | 150,000 | $249K |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | Reduce -77.7% | 368,200 | $203K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | New | 138,799 | $153K |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | Add +149.2% | 450,000 | $127K |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | New | 212,500 | $125K |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | Sold out | 290,366 | $64Kbefore 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 |