Fort Baker Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Fort Baker Capital Management LP reported 64 stock positions worth $586.0 million. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 8.6% of the portfolio, followed by Liberty Broadband-C (LBRDK, 6.9%) and Frontier Communications Pare (FYBR, 6.3%). Compared with Q2 2025, it opened 25 new positions, sold out of 19, added to 13 and reduced 2. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Ares Acquisition Corp. II.
- Most Recent 13F
- Q2 2026
- Location
- Larkspur, CA
- CIK
- 0001688382
- Portfolio Value
- $586.0M (Q3 2025)
- SEC Filing
- 0002085853-25-000282 ↗ filed Nov 14, 2025
Holdings Value
Holdings 64 stocks · $586.0M
| CYBR Cyberark Software Ltd./Israel | 8.55% | 103,749 | $50.1M | New |
| LBRDK Liberty Broadband-C | 6.89% | 635,391 | $40.4M | Add +107.2% |
| FYBR Frontier Communications Pare | 6.33% | 993,695 | $37.1M | No change |
| FTW Eqv Ventures Acquisition C-A | 6.32% | 3,570,433 | $37.1M | Add +14.8% |
| TGNA Tegna Inc. | 5.85% | 1,678,588 | $34.3M | New |
| CCIX Churchill Capital Corp. Ix | 5.07% | 2,833,119 | $29.7M | Add +10.6% |
| HAYMAKER ACQUISITION CORP 4 | 4.52% | 2,337,220 | $26.5M | Add +0.4% |
| DAY Dayforce Inc. | 3.82% | 324,588 | $22.4M | New |
| INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X | 3.78% | 1,722,666 | $22.2M | New |
| REDFIN CORP (RDFN 0.5 04/01/27) | 2.87% | 18,071,000 | $16.8M | No change |
| CABLE ONE INC (CABO 0 03/15/26) | 2.34% | 14,035,000 | $13.7M | No change |
| MLNK Meridianlink Inc. | 2.28% | 671,340 | $13.4M | New |
| BCSS.U Bain Capital GSS Investment | 2.24% | 1,302,980 | $13.1M | New |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | 2.16% | 12,974,000 | $12.7M | No change |
| GSHR Gesher Acquisition Corp. II-A | 1.89% | 1,091,570 | $11.1M | Add +4.0% |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 1.75% | 1,008,922 | $10.3M | Add +188.9% |
| ANSC Agriculture & Natural Soluti | 1.74% | 936,916 | $10.2M | New |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | 1.69% | 10,000,000 | $9.9M | Add +42.9% |
| SVACU Spring Valley Acquisition Co. | 1.67% | 950,500 | $9.8M | New |
| ENOVIS CORP (ENOV 3.875 10/15/28) | 1.63% | 9,500,000 | $9.5M | Add +111.1% |
| DRDB Roman DBDR Acquisition Corp. | 1.61% | 913,532 | $9.4M | Add +13.4% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | 1.60% | 9,377,000 | $9.4M | No change |
| GTEN Gores Holdings X Inc. Class A | 1.48% | 850,000 | $8.7M | No change |
| UAA Under Armour Inc. Class A | 1.47% | 1,728,303 | $8.6M | New |
| NESR National Energy Services Reu | 1.43% | 817,752 | $8.4M | Reduce -52.4% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | 1.39% | 8,366,000 | $8.2M | Add +55.9% |
| PMTR Perimeter Acquis Corp. I Class A | 1.39% | 800,000 | $8.1M | No change |
| DOLE Dole PLC | 1.27% | 553,090 | $7.5M | New |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | 1.12% | 8,000,000 | $6.6M | Add +100.0% |
| CONMED CORP (CNMD 2.25 06/15/27) | 1.09% | 6,645,000 | $6.4M | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | 0.84% | 5,000,000 | $4.9M | Add +146.9% |
| ALDF Aldel Financial II Inc. | 0.81% | 454,193 | $4.7M | Add +1.1% |
| COMP Compass Inc. Class A | 0.76% | 557,901 | $4.5M | New |
| UGI CORP (UGI 5 06/01/28) | 0.70% | 3,189,000 | $4.1M | No change |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | 0.59% | 3,500,000 | $3.5M | New |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | 0.59% | 3,691,000 | $3.5M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.53% | 303,781 | $3.1M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | 0.52% | 2,687,000 | $3.1M | No change |
| SOCA Solarius Capital Acquis Class A | 0.51% | 300,000 | $3.0M | New |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | 0.50% | 2,996,000 | $2.9M | No change |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | 0.49% | 2,802,000 | $2.9M | Reduce -58.8% |
| BRR Columbus Circle Capital Co. Class A | 0.48% | 275,853 | $2.8M | No change |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | 0.45% | 2,630,000 | $2.6M | No change |
| RAC Rithm Acquisition Corp. Class A | 0.44% | 250,405 | $2.6M | No change |
| AXINU Axiom Intelligence Acquisiti | 0.43% | 250,000 | $2.5M | No change |
| OTGAU Otg Acquisition Corp. I | 0.43% | 250,000 | $2.5M | New |
| DLO Dlocal Ltd. | 0.43% | 175,000 | $2.5M | New |
| RAPP Rapport Therapeutics Inc. | 0.41% | 81,644 | $2.4M | New |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | 0.37% | 2,500,000 | $2.2M | No change |
| CCII Cohen Circle Acquisit II - A | 0.35% | 200,000 | $2.0M | New |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) filed as RWT HLDGS INC | 0.34% | 1,923,000 | $2.0M | No change |
| RDW Redwire Corp. | 0.32% | 210,000 | $1.9M | New |
| EVENTBRITE INC (EB 0.75 09/15/26) | 0.31% | 1,882,000 | $1.8M | No change |
| RIG Transocean Ltd. | 0.27% | 500,000 | $1.6M | New |
| SMLR Semler Scientific Inc. | 0.25% | 48,309 | $1.4M | New |
| EVENTBRITE INC (EB 5 12/01/25) | 0.16% | 950,000 | $964K | No change |
| CEPT Cantor Equity Partners Class A | 0.13% | 73,432 | $772K | No change |
| EVAC Eqv Ventures Acquisition C-A | 0.08% | 50,000 | $498K | New |
| FCRS.U Futurecrest Acquisition Corp. | 0.05% | 25,000 | $265K | New |
| BLZRU Trailblazer Acquisition Corp. | 0.04% | 25,000 | $256K | New |
| CEPF Cantor Equity Partners Class A | 0.04% | 25,000 | $255K | New |
| FIGX Figx Capital Acquisition C-A | 0.04% | 25,000 | $250K | No change |
| CAEP Cantor Equity Partners III-A | 0.02% | 10,000 | $103K | No change |
| HCMA HCM III Acquisition Cor Class A | 0.02% | 10,000 | $101K | New |
Options reported separately and not counted above: TGNA calls ($11.0M), VRNT calls ($8.1M), DAY calls ($4.9M).
Other holdings (23): bonds, preferreds, convertibles and warrants · $21.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 1,495,598 | $17.4M | New |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | 437,942 | $1.6M | Reduce -33.9% |
| AMPX.WS Amprius Technologies Inc. | *W EXP 09/14/202 | 138,221 | $506K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 848,590 | $379K | Reduce -0.0% |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 399,999 | $240K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 278,430 | $217K | Reduce -19.1% |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 402,823 | $207K | No change |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 150,000 | $180K | No change |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 302,393 | $175K | New |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 212,500 | $161K | No change |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 450,000 | $148K | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 138,799 | $148K | New |
| PEW.WS Grabagun Digital Holdings Inc. | *W EXP 99/99/999 | 70,992 | $89K | New |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 53,670 | $86K | New |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 97,644 | $71K | New |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 101,260 | $66K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 85,179 | $64K | New |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | 50,000 | $60K | No change |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | 47,029 | $56K | New |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 50,000 | $40K | New |
| SOCAW Solarius Capital Acqui -30 | *W EXP 07/10/203 | 149,998 | $37K | New |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 16,666 | $4K | New |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 12,500 | $3K | No change |
Total filed on the 13F, all lines: $607.9M.
Portfolio Sells Q2 2025 → Q3 2025
| ARES ACQUISITION CORP II | Sold out | 0.00% | −9.03 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −6.56 |
| NWSA News Corp. Class A | Sold out | 0.00% | −5.61 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −2.48 |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | Sold out | 0.00% | −2.07 |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | Sold out | 0.00% | −1.75 |
| GMS GMS Inc. | Sold out | 0.00% | −1.69 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −1.59 |
| JHX James Hardie Ord | Sold out | 0.00% | −1.53 |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | Sold out | 0.00% | −1.51 |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | Sold out | 0.00% | −0.83 |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | Reduce -58.8% | 0.49% | −0.69 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.62 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | Sold out | 0.00% | −0.51 |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | Sold out | 0.00% | −0.41 |
| NESR National Energy Services Reu | Reduce -52.4% | 1.43% | −0.38 |
| LENDINGTREE INC (TREE 0.5 07/15/25) | Sold out | 0.00% | −0.37 |
| DJT Trump Media & Technology Gro | Sold out | 0.00% | −0.29 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −0.24 |
| RTACU Renatus Tactical Acquisition | Sold out | 0.00% | −0.21 |
| SVT Servotronics Inc. | Sold out | 0.00% | −0.10 |
Portfolio Buys Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | New | 8.55% | +8.55 |
| TGNA Tegna Inc. | New | 5.85% | +5.85 |
| DAY Dayforce Inc. | New | 3.82% | +3.82 |
| INFQ Infleqtion Inc. | New | 3.78% | +3.78 |
| MLNK Meridianlink Inc. | New | 2.28% | +2.28 |
| BCSS.U Bain Capital GSS Investment | New | 2.24% | +2.24 |
| ANSC Agriculture & Natural Soluti | New | 1.74% | +1.74 |
| SVACU Spring Valley Acquisition Co. | New | 1.67% | +1.67 |
| LBRDK Liberty Broadband-C | Add +107.2% | 6.89% | +1.59 |
| UAA Under Armour Inc. Class A | New | 1.47% | +1.47 |
| DOLE Dole PLC | New | 1.27% | +1.27 |
| ONEN One Nuclear Energy Inc. | Add +188.9% | 1.75% | +1.13 |
| ENOVIS CORP (ENOV 3.875 10/15/28) | Add +111.1% | 1.63% | +0.84 |
| COMP Compass Inc. Class A | New | 0.76% | +0.76 |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | New | 0.59% | +0.59 |
| FTW Eqv Ventures Acquisition C-A | Add +14.8% | 6.32% | +0.58 |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | Add +100.0% | 1.12% | +0.52 |
| SOCA Solarius Capital Acquis Class A | New | 0.51% | +0.51 |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | Add +55.9% | 1.39% | +0.50 |
| VAIL RESORTS INC (MTN 0 01/01/26) | Add +146.9% | 0.84% | +0.49 |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | Add +42.9% | 1.69% | +0.49 |
| OTGAU Otg Acquisition Corp. I | New | 0.43% | +0.43 |
| DLO Dlocal Ltd. | New | 0.43% | +0.43 |
| RAPP Rapport Therapeutics Inc. | New | 0.41% | +0.41 |
| CCII Cohen Circle Acquisit II - A | New | 0.35% | +0.35 |
| CCIX Churchill Capital Corp. Ix | Add +10.6% | 5.07% | +0.33 |
| RDW Redwire Corp. | New | 0.32% | +0.32 |
| RIG Transocean Ltd. | New | 0.27% | +0.27 |
| SMLR Semler Scientific Inc. | New | 0.25% | +0.25 |
| DRDB Roman DBDR Acquisition Corp. | Add +13.4% | 1.61% | +0.15 |
| EVAC Eqv Ventures Acquisition C-A | New | 0.08% | +0.08 |
| FCRS.U Futurecrest Acquisition Corp. | New | 0.05% | +0.05 |
| BLZRU Trailblazer Acquisition Corp. | New | 0.04% | +0.04 |
| CEPF Cantor Equity Partners Class A | New | 0.04% | +0.04 |
| GSHR Gesher Acquisition Corp. II-A | Add +4.0% | 1.89% | +0.02 |
| HCMA HCM III Acquisition Cor Class A | New | 0.02% | +0.02 |
| HAYMAKER ACQUISITION CORP 4 | Add +0.4% | 4.52% | −0.02 |
| ALDF Aldel Financial II Inc. | Add +1.1% | 0.81% | −0.02 |
Options Activity Q2 2025 → Q3 2025
| TGNA Tegna Inc. | call | New | 542,000 | $11.0M |
| AMED Amedisys Inc. | put | Sold out | 87,800 | $8.6Mbefore exit |
| VRNT Verint Systems Inc. | call | New | 400,000 | $8.1M |
| DAY Dayforce Inc. | call | New | 71,800 | $4.9M |
| DNB Dun & Bradstreet Holdings Inc. | call | Sold out | 161,000 | $1.5Mbefore exit |
| WBA Walgreens Boots Alliance Inc. | call | Sold out | 18,100 | $208Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | New | 1,495,598 | $17.4M |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | Reduce -33.9% | 437,942 | $1.6M |
| AMPX.WS Amprius Technologies Inc. | *W EXP 09/14/202 | New | 138,221 | $506K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Reduce -0.0% | 848,590 | $379K |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -19.1% | 278,430 | $217K |
| NESRW National Energy Service-CW23 | *W EXP 06/06/202 | Sold out | 368,200 | $203Kbefore exit |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | New | 302,393 | $175K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 138,799 | $153Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | New | 138,799 | $148K |
| PEW.WS Grabagun Digital Holdings Inc. | *W EXP 99/99/999 | New | 70,992 | $89K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | New | 53,670 | $86K |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | New | 97,644 | $71K |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | New | 85,179 | $64K |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | New | 47,029 | $56K |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | New | 50,000 | $40K |
| SOCAW Solarius Capital Acqui -30 | *W EXP 07/10/203 | New | 149,998 | $37K |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | New | 16,666 | $4K |
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 |