Gritstone Asset Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Gritstone Asset Management LLC reported 40 stock positions worth $93.5 million. Its top holding was Ares Capital (ARCC) at 10.6% of the portfolio, followed by Churchill Capital Corp. Ix (CCIX, 7.4%) and GP-Act III Acquisition-A (GPAT, 4.8%). Compared with Q4 2024, it opened 10 new positions, sold out of 8, added to 2 and reduced 26. The biggest buy was a new position in Rithm Acquisition (RAC.U) and the biggest sale an exit from Ares Acquisition Corp. II.
- Most Recent 13F
- Q2 2026
- Location
- Bethesda, MD
- CIK
- 0001964236
- Portfolio Value
- $93.5M (Q1 2025)
- SEC Filing
- 0001705819-25-000039 ↗ filed May 15, 2025
Holdings Value
Holdings 40 stocks · $93.5M
| ARCC Ares Capital Corp. | 10.58% | 446,566 | $9.9M | Add +0.0% |
| CCIX Churchill Capital Corp. Ix | 7.36% | 638,280 | $6.9M | Reduce -0.3% |
| GPAT GP-Act III Acquisition-A | 4.84% | 439,911 | $4.5M | Reduce -0.3% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 4.45% | 406,203 | $4.2M | Reduce -0.3% |
| FTW Eqv Ventures Acquisition C-A | 4.41% | 407,543 | $4.1M | Reduce -0.3% |
| OACC Oaktree Acquisition Corp. I-A | 4.36% | 398,634 | $4.1M | Reduce -0.3% |
| BEAG Bold Eagle Acquisition Cor-A | 4.33% | 398,662 | $4.0M | Reduce -0.3% |
| ALDF Aldel Financial II Inc. | 4.31% | 399,094 | $4.0M | Reduce -0.3% |
| ALF Centurion Acquisition Corp. | 3.24% | 294,600 | $3.0M | Reduce -0.3% |
| CUB Lionheart Holdings Class A | 3.24% | 294,609 | $3.0M | Reduce -0.3% |
| DYNCU Dynamix Corp. | 2.69% | 250,000 | $2.5M | No change |
| POLE Andretti Acquisition Corp. Class A | 2.62% | 241,691 | $2.4M | Reduce -0.3% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 2.52% | 223,847 | $2.4M | Reduce -0.3% |
| SBXDF Silverbox Corp. IV-A | 2.42% | 222,151 | $2.3M | Reduce -0.2% |
| GSRTU GSR III Acquisition Corp. | 2.19% | 199,330 | $2.0M | Reduce -0.3% |
| VCIC Vine Hill Capital Class A | 2.16% | 199,329 | $2.0M | Reduce -0.3% |
| RAC.U Rithm Acquisition Corp. | 2.16% | 200,000 | $2.0M | New |
| HVIIU Hennessy Capital Investment | 2.15% | 200,000 | $2.0M | New |
| AACBU Artius II Acquisition Inc. | 2.15% | 200,000 | $2.0M | New |
| WLAC Willow Lane Acquisition Class A | 2.14% | 199,327 | $2.0M | Reduce -0.3% |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 2.13% | 199,299 | $2.0M | Add +405.0% |
| BSII Black Spade Acquisition II C | 2.05% | 189,819 | $1.9M | Reduce -0.4% |
| TONT Graf Global Corp. Class A | 1.97% | 179,603 | $1.8M | Reduce -0.8% |
| MLAC Mountain Lake Acquisition-A | 1.82% | 169,310 | $1.7M | Reduce -0.4% |
| LPAA Launch One Acquisition Corp. | 1.80% | 164,820 | $1.7M | Reduce -0.3% |
| KFIIU K&F Growth Acquisition Corp. | 1.62% | 150,000 | $1.5M | New |
| LPBB Launch Two Acquisition Class A | 1.62% | 149,304 | $1.5M | Reduce -0.5% |
| ASPC A Spac III Acquisition Class A | 1.61% | 149,497 | $1.5M | Reduce -0.3% |
| SVCCU Stellar V Capital Corp. | 1.46% | 135,000 | $1.4M | New |
| NHICU Newhold Investment Corp. III | 1.35% | 125,000 | $1.3M | New |
| LOKVU Live Oak Acquisition Corp. V | 1.08% | 100,000 | $1.0M | New |
| ATIIU Archimedes Tech Spac Partner | 1.08% | 100,000 | $1.0M | New |
| FACTU Fact II Acquisition Corp. | 1.08% | 100,000 | $1.0M | No change |
| GSHRU Gesher Acquisition Corp. II | 1.07% | 100,000 | $1.0M | New |
| TDACU Translational Development Ac | 0.92% | 84,516 | $857K | Reduce -0.6% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.81% | 73,650 | $759K | Reduce -0.3% |
| RANG Range Capital Acquisition Co. | 0.80% | 74,715 | $751K | Reduce -0.4% |
| CEP Cantor Equity Partners Inc. | 0.71% | 62,130 | $667K | Reduce -0.3% |
| JACS Jackson Acquisition Co. Class A | 0.43% | 39,846 | $401K | Reduce -0.4% |
| PLMKU Plum Acquisition Corp. IV | 0.27% | 25,000 | $253K | New |
Other holdings (49): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 489,970 | $147K | Reduce -0.3% |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 487,740 | $141K | Reduce -0.3% |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 159,574 | $128K | Reduce -0.3% |
| HCVIW Hennessy Capital Inv A -CW27 | *W EXP 99/99/999 | 675,512 | $101K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 398,664 | $92K | Add +430.6% |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 111,926 | $77K | Reduce -0.3% |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 694,243 | $76K | Reduce -0.1% |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 171,534 | $68K | Reduce -0.3% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 199,547 | $60K | New |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 79,726 | $60K | Reduce -0.3% |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 203,102 | $59K | Reduce -0.3% |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 233,975 | $45K | Reduce -0.3% |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 135,849 | $45K | Reduce -0.3% |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 219,958 | $41K | Reduce -0.3% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 199,298 | $36K | Add +405.0% |
| AFJKR Aimei Health Technology Co. L | RIGHT 11/17/2028 | 99,500 | $36K | No change |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | 112,696 | $34K | Reduce -0.3% |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 169,310 | $31K | Reduce -0.4% |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 74,051 | $26K | Reduce -0.2% |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 128,179 | $24K | Reduce -0.3% |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | 184,625 | $23K | Reduce -0.3% |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 99,663 | $23K | New |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 147,300 | $22K | Reduce -0.3% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 104,913 | $22K | Reduce -0.3% |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 120,847 | $22K | Add +429.6% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 99,665 | $21K | Reduce -0.3% |
| QETAR Quetta Acquisition Corp.-RTS | RIGHT 99/99/9999 | 12,652 | $21K | Reduce -0.3% |
| ASPCR A Spac III Acquisition Corp. | RIGHT 01/02/2026 | 149,497 | $21K | New |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 147,305 | $21K | Reduce -0.3% |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 199,199 | $19K | Reduce -0.4% |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 89,806 | $16K | Reduce -0.8% |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 74,652 | $16K | Add +281.9% |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 98,050 | $15K | Reduce -0.3% |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 98,710 | $15K | Reduce -0.2% |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | 63,274 | $14K | Reduce -0.4% |
| IVAWF Investcorp India Acquisi -27 | *W EXP 06/01/202 | 641,786 | $13K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 74,715 | $13K | Reduce -0.4% |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 82,411 | $12K | Reduce -0.3% |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | 49,466 | $12K | Reduce -1.8% |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 95,619 | $11K | Reduce -0.3% |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 39,846 | $10K | Reduce -0.4% |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 76,468 | $10K | Reduce -0.3% |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | 34,477 | $10K | Reduce -0.3% |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | 39,203 | $9K | Reduce -0.3% |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 98,032 | $8K | Reduce -0.3% |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 45,578 | $6K | Reduce -0.9% |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 112,697 | $4K | Reduce -0.3% |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | 23,510 | $2K | Reduce -1.1% |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 49,027 | $2K | Reduce -0.3% |
Total filed on the 13F, all lines: $95.3M.
Portfolio Sells Q4 2024 → Q1 2025
| ARES ACQUISITION CORP II | Sold out | 0.00% | −6.81 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −3.89 |
| BACQU Bleichroeder Acquisition Cor | Sold out | 0.00% | −1.73 |
| CCIRU Cohen Circle Acquisition Cor | Sold out | 0.00% | −1.62 |
| COLOMBIER ACQUISITION CORP | Sold out | 0.00% | −1.26 |
| MACI Melar Acquisition Corp. I-A | Sold out | 0.00% | −0.99 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −0.35 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −0.28 |
| ASPC A Spac III Acquisition Class A | Reduce -0.3% | 1.61% | −0.01 |
| ALDF Aldel Financial II Inc. | Reduce -0.3% | 4.31% | −0.01 |
| MLAC Mountain Lake Acquisition-A | Reduce -0.4% | 1.82% | −0.01 |
| WLAC Willow Lane Acquisition Class A | Reduce -0.3% | 2.14% | −0.01 |
| RANG Range Capital Acquisition Co. | Reduce -0.4% | 0.80% | −0.01 |
| JACS Jackson Acquisition Co. Class A | Reduce -0.4% | 0.43% | −0.00 |
| LPBB Launch Two Acquisition Class A | Reduce -0.5% | 1.62% | +0.00 |
| TDACU Translational Development Ac | Reduce -0.6% | 0.92% | +0.00 |
| FRNM Freenome Inc. | Reduce -0.3% | 0.81% | +0.00 |
| SBXDF Silverbox Corp. IV-A | Reduce -0.2% | 2.42% | +0.00 |
| VCIC Vine Hill Capital Class A | Reduce -0.3% | 2.16% | +0.00 |
| POLE Andretti Acquisition Corp. Class A | Reduce -0.3% | 2.62% | +0.01 |
| TONT Graf Global Corp. Class A | Reduce -0.8% | 1.97% | +0.01 |
| BEAG Bold Eagle Acquisition Cor-A | Reduce -0.3% | 4.33% | +0.01 |
| LPAA Launch One Acquisition Corp. | Reduce -0.3% | 1.80% | +0.01 |
| CEP Cantor Equity Partners Inc. | Reduce -0.3% | 0.71% | +0.02 |
| BSII Black Spade Acquisition II C | Reduce -0.4% | 2.05% | +0.02 |
| FTW Eqv Ventures Acquisition C-A | Reduce -0.3% | 4.41% | +0.03 |
| CUB Lionheart Holdings Class A | Reduce -0.3% | 3.24% | +0.03 |
| GSRTU GSR III Acquisition Corp. | Reduce -0.3% | 2.19% | +0.03 |
| ALF Centurion Acquisition Corp. | Reduce -0.3% | 3.24% | +0.04 |
| GPAT GP-Act III Acquisition-A | Reduce -0.3% | 4.84% | +0.04 |
| VLOS Velos Acquisition I Corp. | Reduce -0.3% | 4.45% | +0.05 |
| OACC Oaktree Acquisition Corp. I-A | Reduce -0.3% | 4.36% | +0.08 |
| IMSR Terrestrial Energy Inc. | Reduce -0.3% | 2.52% | +0.10 |
| CCIX Churchill Capital Corp. Ix | Reduce -0.3% | 7.36% | +0.28 |
Portfolio Buys Q4 2024 → Q1 2025
| RAC.U Rithm Acquisition Corp. | New | 2.16% | +2.16 |
| AACBU Artius II Acquisition Inc. | New | 2.15% | +2.15 |
| HVIIU Hennessy Capital Investment | New | 2.15% | +2.15 |
| MRLN Merlin Inc. | Add +405.0% | 2.13% | +1.72 |
| KFIIU K&F Growth Acquisition Corp. | New | 1.62% | +1.62 |
| SVCCU Stellar V Capital Corp. | New | 1.46% | +1.46 |
| NHICU Newhold Investment Corp. III | New | 1.35% | +1.35 |
| LOKVU Live Oak Acquisition Corp. V | New | 1.08% | +1.08 |
| ATIIU Archimedes Tech Spac Partner | New | 1.08% | +1.08 |
| GSHRU Gesher Acquisition Corp. II | New | 1.07% | +1.07 |
| PLMKU Plum Acquisition Corp. IV | New | 0.27% | +0.27 |
| ARCC Ares Capital Corp. | Add +0.0% | 10.58% | +0.09 |
Notes & Other Activity Q4 2024 → Q1 2025
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | Sold out | 803,321 | $165Kbefore exit |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | Reduce -0.3% | 489,970 | $147K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Reduce -0.3% | 487,740 | $141K |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -0.3% | 159,574 | $128K |
| PLMWF Plum Acquisition Corp. III-CW | *W EXP 03/31/202 | Sold out | 658,333 | $119Kbefore exit |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | Add +430.6% | 398,664 | $92K |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Reduce -0.3% | 111,926 | $77K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Reduce -0.1% | 694,243 | $76K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Reduce -0.3% | 171,534 | $68K |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | New | 199,547 | $60K |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | Reduce -0.3% | 79,726 | $60K |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Reduce -0.3% | 203,102 | $59K |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | Reduce -0.3% | 233,975 | $45K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Reduce -0.3% | 135,849 | $45K |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | Reduce -0.3% | 219,958 | $41K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Add +405.0% | 199,298 | $36K |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | Reduce -0.3% | 112,696 | $34K |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Reduce -0.4% | 169,310 | $31K |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | Reduce -0.2% | 74,051 | $26K |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | Reduce -0.3% | 128,179 | $24K |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | Reduce -0.3% | 184,625 | $23K |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | New | 99,663 | $23K |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | Reduce -0.3% | 147,300 | $22K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Reduce -0.3% | 104,913 | $22K |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | Add +429.6% | 120,847 | $22K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | Reduce -0.3% | 99,665 | $21K |
| QETAR Quetta Acquisition Corp.-RTS | RIGHT 99/99/9999 | Reduce -0.3% | 12,652 | $21K |
| ASPCR A Spac III Acquisition Corp. | RIGHT 01/02/2026 | New | 149,497 | $21K |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | Reduce -0.3% | 147,305 | $21K |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | Reduce -0.4% | 199,199 | $19K |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | Reduce -0.8% | 89,806 | $16K |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | Add +281.9% | 74,652 | $16K |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | Reduce -0.3% | 98,050 | $15K |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | Reduce -0.2% | 98,710 | $15K |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | Reduce -0.4% | 63,274 | $14K |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | Reduce -0.4% | 74,715 | $13K |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | Reduce -0.3% | 82,411 | $12K |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | Reduce -1.8% | 49,466 | $12K |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | Reduce -0.3% | 95,619 | $11K |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | Reduce -0.4% | 39,846 | $10K |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | Reduce -0.3% | 76,468 | $10K |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | Reduce -0.3% | 34,477 | $10K |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | Reduce -0.3% | 39,203 | $9K |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | Reduce -0.3% | 98,032 | $8K |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | Reduce -0.9% | 45,578 | $6K |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | Sold out | 10,960 | $5Kbefore exit |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | Reduce -0.3% | 112,697 | $4K |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | Reduce -1.1% | 23,510 | $2K |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | Reduce -0.3% | 49,027 | $2K |
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 | 87 | $101.6M | ARCC, OACC, ALDF, AAC.U, BEAG |
| Q1 2026 | 78 | $91.9M | OACC, ALDF, BEAG, CUB, ALF |
| Q4 2025 | 75 | $102.1M | ARCC, FTW, OACC, ALDF, BEAG |
| Q3 2025 | 58 | $94.8M | ARCC, CCIX, FTW, OACC, ALDF |
| Q2 2025 | 52 | $97.1M | ARCC, CCIX, VLOS, FTW, ALDF |
| Q1 2025 | 40 | $93.5M | ARCC, CCIX, GPAT, VLOS, FTW |
| Q4 2024 | 41 | $93.1M | ARCC, CCIX, ARES ACQUISITION CORP II, GPAT, VLOS |