Gritstone Asset Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Gritstone Asset Management LLC reported 52 stock positions worth $97.1 million. Its top holding was Ares Capital (ARCC) at 10.1% of the portfolio, followed by Churchill Capital Corp. Ix (CCIX, 5.9%) and Velos Acquisition I (VLOS, 4.7%). Compared with Q1 2025, it opened 24 new positions, sold out of 7, added to 1 and reduced 4. The biggest buy was a new position in Dynamix (DYNC) and the biggest sale an exit from GP-Act III Acquisition-A (GPAT).
- Most Recent 13F
- Q2 2026
- Location
- Bethesda, MD
- CIK
- 0001964236
- Portfolio Value
- $97.1M (Q2 2025)
- SEC Filing
- 0001705819-25-000051 ↗ filed Jul 25, 2025
Holdings Value
Holdings 52 stocks · $97.1M
| ARCC Ares Capital Corp. | 10.10% | 446,655 | $9.8M | Add +0.0% |
| CCIX Churchill Capital Corp. Ix | 5.87% | 541,593 | $5.7M | Reduce -15.2% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 4.72% | 406,203 | $4.6M | No change |
| FTW Eqv Ventures Acquisition C-A | 4.41% | 407,543 | $4.3M | No change |
| ALDF Aldel Financial II Inc. | 4.31% | 399,094 | $4.2M | No change |
| OACC Oaktree Acquisition Corp. I-A | 4.29% | 398,634 | $4.2M | No change |
| BEAG Bold Eagle Acquisition Cor-A | 3.76% | 348,662 | $3.7M | Reduce -12.5% |
| ALF Centurion Acquisition Corp. | 3.19% | 294,600 | $3.1M | No change |
| CUB Lionheart Holdings Class A | 3.19% | 294,609 | $3.1M | No change |
| DYNC Dynamix Corp. | 2.63% | 250,000 | $2.5M | New |
| POLE Andretti Acquisition Corp. Class A | 2.58% | 241,691 | $2.5M | No change |
| SBXDF Silverbox Corp. IV-A | 2.51% | 222,151 | $2.4M | No change |
| VCIC Vine Hill Capital Class A | 2.14% | 199,329 | $2.1M | No change |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 2.12% | 199,299 | $2.1M | No change |
| WLAC Willow Lane Acquisition Class A | 2.10% | 199,327 | $2.0M | No change |
| RAC Rithm Acquisition Corp. Class A | 2.10% | 200,000 | $2.0M | No change |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 2.09% | 200,000 | $2.0M | New |
| AACB Artius II Acquisition Inc. Class A | 2.08% | 200,000 | $2.0M | No change |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 1.99% | 173,847 | $1.9M | Reduce -22.3% |
| TONT Graf Global Corp. Class A | 1.94% | 179,603 | $1.9M | No change |
| MLAC Mountain Lake Acquisition-A | 1.79% | 169,310 | $1.7M | No change |
| LPAA Launch One Acquisition Corp. | 1.77% | 164,820 | $1.7M | No change |
| LPBB Launch Two Acquisition Class A | 1.60% | 149,304 | $1.6M | No change |
| KFII K&F Growth Acquisition Cor-A | 1.57% | 150,000 | $1.5M | New |
| CHAC Crane Harbor Acqu Corp. Class A | 1.56% | 150,000 | $1.5M | New |
| SVCC Stellar V Capital Corp. Class A | 1.42% | 135,000 | $1.4M | No change |
| NHIC Newhold Investment Cor III-A | 1.31% | 125,000 | $1.3M | No change |
| PCAPU Procap Acquisition Corp. | 1.10% | 100,000 | $1.1M | New |
| WENNU Wen Acquisition Corp. | 1.09% | 100,000 | $1.1M | New |
| TACO Berto Acquisition Corp. | 1.07% | 100,000 | $1.0M | New |
| FACT Fact II Acquisition Corp. | 1.06% | 100,000 | $1.0M | No change |
| JENA.U Jena Acquisition Corp. II | 1.06% | 100,000 | $1.0M | New |
| RDAG Republic Digital Acquis Class A | 1.06% | 100,000 | $1.0M | New |
| ATII Archimedes Tech Spac Partner | 1.05% | 100,000 | $1.0M | No change |
| GSHR Gesher Acquisition Corp. II-A | 1.05% | 100,000 | $1.0M | No change |
| TACH Titan Acquisition Corp. Class A | 1.04% | 100,000 | $1.0M | New |
| SZZL Sizzle Acquisition Corp. Class A | 1.04% | 100,000 | $1.0M | New |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 1.03% | 100,000 | $1.0M | New |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.97% | 87,600 | $937K | Reduce -12.4% |
| IPCX Inflection Point Acquisiti-A | 0.94% | 90,000 | $917K | New |
| TDAC Translational Development Ac | 0.89% | 84,516 | $868K | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.81% | 73,650 | $782K | No change |
| OBAWU Oxley Bridge Acquisition Ltd. | 0.77% | 75,000 | $751K | New |
| PACHU Pioneer Acquisition I Corp. | 0.72% | 70,000 | $700K | New |
| MCGAU Yorkville Acquisition Corp. | 0.58% | 50,000 | $563K | New |
| KCHVU Kochav Defense Acquisition C | 0.58% | 55,000 | $560K | New |
| BRR Columbus Circle Capital Co. Class A | 0.55% | 50,000 | $531K | New |
| CCCXU Churchill Capital Corp. X | 0.53% | 50,000 | $515K | New |
| EGHAU Egh Acquisition Corp. | 0.52% | 50,000 | $510K | New |
| OYSEU Oyster Enterprises II Acquis | 0.52% | 50,000 | $506K | New |
| CRAQ Cal Redwood Acquisit Class A | 0.51% | 50,000 | $499K | New |
| GSRT GSR III Acquisition Corp. | 0.31% | 28,031 | $302K | New |
Other holdings (68): bonds, preferreds, convertibles and warrants · $4.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 487,740 | $537K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 203,102 | $355K | No change |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 111,926 | $263K | No change |
| GSRTR GSR III Acquisition Corp. | RIGHT 99/99/9999 | 28,475 | $194K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 694,243 | $154K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 159,574 | $152K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 398,664 | $125K | No change |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 199,547 | $104K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 135,849 | $100K | No change |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 464,500 | $91K | New |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 74,051 | $89K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 455,000 | $86K | New |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 171,534 | $83K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 489,970 | $73K | No change |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 79,726 | $70K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 199,298 | $70K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 219,958 | $68K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 200,000 | $66K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 233,975 | $63K | No change |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | 112,696 | $56K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 74,999 | $52K | Add +50.0% |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 147,305 | $50K | No change |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 125,000 | $49K | No change |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 200,000 | $48K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 147,300 | $44K | No change |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 24,999 | $41K | New |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 150,000 | $41K | New |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 50,000 | $40K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 104,913 | $38K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 128,179 | $37K | No change |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 50,000 | $36K | New |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 99,663 | $36K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 90,000 | $36K | New |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 74,652 | $34K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 66,666 | $33K | No change |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 199,199 | $30K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 98,710 | $30K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 169,310 | $29K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 89,806 | $26K | No change |
| ASPCR A Spac III Acquisition Corp. | RIGHT 01/02/2026 | 149,497 | $25K | No change |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 120,847 | $24K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 99,665 | $24K | No change |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | 184,625 | $24K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 150,000 | $24K | No change |
| AFJKR Aimei Health Technology Co. L | RIGHT 11/17/2028 | 99,500 | $24K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 82,411 | $22K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 76,468 | $21K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 62,500 | $20K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 50,000 | $20K | No change |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 100,000 | $20K | New |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 98,050 | $19K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 74,715 | $19K | No change |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 49,999 | $19K | New |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 67,500 | $18K | New |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 50,000 | $15K | New |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 50,000 | $14K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 45,578 | $14K | No change |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 50,000 | $14K | New |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | 50,000 | $14K | New |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 39,846 | $11K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 95,619 | $11K | No change |
| TDACW Translational Dev -A -CW26 | *W EXP 12/18/202 | 42,258 | $11K | No change |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | 49,466 | $8K | No change |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 98,032 | $7K | No change |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 112,697 | $7K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 12,500 | $3K | New |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 49,027 | $3K | No change |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | 23,510 | $2K | No change |
Total filed on the 13F, all lines: $101.1M.
Portfolio Sells Q1 2025 → Q2 2025
| GPAT GP-Act III Acquisition-A | Sold out | 0.00% | −4.84 |
| BSII Black Spade Acquisition II C | Sold out | 0.00% | −2.05 |
| ASPC A Spac III Acquisition Class A | Sold out | 0.00% | −1.61 |
| CCIX Churchill Capital Corp. Ix | Reduce -15.2% | 5.87% | −1.50 |
| RANG Range Capital Acquisition Co. | Sold out | 0.00% | −0.80 |
| CEP Cantor Equity Partners Inc. | Sold out | 0.00% | −0.71 |
| BEAG Bold Eagle Acquisition Cor-A | Reduce -12.5% | 3.76% | −0.57 |
| IMSR Terrestrial Energy Inc. | Reduce -22.3% | 1.99% | −0.53 |
| JACS Jackson Acquisition Co. Class A | Sold out | 0.00% | −0.43 |
| PLMKU Plum Acquisition Corp. IV | Sold out | 0.00% | −0.27 |
| TMS Teamshares Inc. | Reduce -12.4% | 0.97% | −0.11 |
Portfolio Buys Q1 2025 → Q2 2025
| DYNC Dynamix Corp. | New | 2.63% | +2.63 |
| ONEN One Nuclear Energy Inc. | New | 2.09% | +2.09 |
| KFII K&F Growth Acquisition Cor-A | New | 1.57% | +1.57 |
| CHAC Crane Harbor Acqu Corp. Class A | New | 1.56% | +1.56 |
| PCAPU Procap Acquisition Corp. | New | 1.10% | +1.10 |
| WENNU Wen Acquisition Corp. | New | 1.09% | +1.09 |
| TACO Berto Acquisition Corp. | New | 1.07% | +1.07 |
| JENA.U Jena Acquisition Corp. II | New | 1.06% | +1.06 |
| RDAG Republic Digital Acquis Class A | New | 1.06% | +1.06 |
| TACH Titan Acquisition Corp. Class A | New | 1.04% | +1.04 |
| SZZL Sizzle Acquisition Corp. Class A | New | 1.04% | +1.04 |
| FAC Factorial Energy Inc. | New | 1.03% | +1.03 |
| IPCX Inflection Point Acquisiti-A | New | 0.94% | +0.94 |
| TDAC Translational Development Ac | New | 0.89% | +0.89 |
| OBAWU Oxley Bridge Acquisition Ltd. | New | 0.77% | +0.77 |
| PACHU Pioneer Acquisition I Corp. | New | 0.72% | +0.72 |
| MCGAU Yorkville Acquisition Corp. | New | 0.58% | +0.58 |
| KCHVU Kochav Defense Acquisition C | New | 0.58% | +0.58 |
| BRR Columbus Circle Capital Co. Class A | New | 0.55% | +0.55 |
| CCCXU Churchill Capital Corp. X | New | 0.53% | +0.53 |
| EGHAU Egh Acquisition Corp. | New | 0.52% | +0.52 |
| OYSEU Oyster Enterprises II Acquis | New | 0.52% | +0.52 |
| CRAQ Cal Redwood Acquisit Class A | New | 0.51% | +0.51 |
| GSRT GSR III Acquisition Corp. | New | 0.31% | +0.31 |
| ARCC Ares Capital Corp. | Add +0.0% | 10.10% | −0.48 |
Notes & Other Activity Q1 2025 → Q2 2025
| HCVIW Hennessy Capital Inv A -CW27 | *W EXP 99/99/999 | Sold out | 675,512 | $101Kbefore exit |
| NAMMW Namib Minerals | *W EXP 06/05/203 | New | 464,500 | $91K |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | New | 455,000 | $86K |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | Add +50.0% | 74,999 | $52K |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | New | 24,999 | $41K |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | New | 150,000 | $41K |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | New | 50,000 | $40K |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | New | 50,000 | $36K |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | New | 90,000 | $36K |
| QETAR Quetta Acquisition Corp.-RTS | RIGHT 99/99/9999 | Sold out | 12,652 | $21Kbefore exit |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | New | 100,000 | $20K |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | New | 49,999 | $19K |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | New | 67,500 | $18K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | New | 50,000 | $15K |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | Sold out | 63,274 | $14Kbefore exit |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | New | 50,000 | $14K |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | New | 50,000 | $14K |
| IVAWF Investcorp India Acquisi -27 | *W EXP 06/01/202 | Sold out | 641,786 | $13Kbefore exit |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | Sold out | 34,477 | $10Kbefore exit |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | Sold out | 39,203 | $9Kbefore exit |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | New | 12,500 | $3K |
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 |