Heights Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Heights Capital Management, Inc. reported 120 stock positions worth $261.6 million. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 24.2% of the portfolio, followed by FG Merger II (3.0%) and Jackson Acquisition Class A (JACS, 2.8%). Compared with Q3 2025, it opened 45 new positions, sold out of 33, added to 1 and reduced 14. The biggest buy was a new position in Churchill Capital Corp. Xi (CCXIU) and the biggest sale an exit from Immunitybio (IBRX).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001081698
- Portfolio Value
- $261.6M (Q4 2025)
- SEC Filing
- 0001081698-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 120 stocks · $261.6M
| FLUT Flutter Entertainment PLC-Di | 24.18% | 294,180 | $63.3M | No change |
| FG MERGER II CORP | 3.03% | 790,000 | $7.9M | No change |
| JACS Jackson Acquisition Co. Class A | 2.79% | 700,000 | $7.3M | No change |
| DMAA Drugs Made in America Acquis | 2.58% | 650,000 | $6.7M | No change |
| DMIIU Drugs Made in America Acquis | 1.99% | 519,400 | $5.2M | No change |
| CCXIU Churchill Capital Corp. Xi | 1.95% | 499,000 | $5.1M | New |
| KCHV Kochav Defense Acquisition-A | 1.94% | 500,000 | $5.1M | No change |
| IRHOU Iron Horse Acquisition II Co. | 1.79% | 470,000 | $4.7M | New |
| EMPD Empery Digital Inc. | 1.75% | 1,000,000 | $4.6M | No change |
| NMP NMP Acquisition Corp. Class A | 1.72% | 450,000 | $4.5M | New |
| GPAT GP-Act III Acquisition-A | 1.70% | 416,096 | $4.5M | Reduce -1.2% |
| ABSI Absci Corp. | 1.42% | 1,065,640 | $3.7M | Reduce -46.7% |
| FERA Fifth Era Acquisition Corp. Class A | 1.37% | 350,000 | $3.6M | No change |
| NYXH Nyxoah SA | 1.37% | 777,188 | $3.6M | New |
| EMIS Emmis Acquisition Corp. Class A | 1.33% | 350,000 | $3.5M | No change |
| TWLVU Twelve Seas Investment Co. II | 1.33% | 350,000 | $3.5M | New |
| FVN Future Vision II Acquisition | 1.31% | 325,000 | $3.4M | No change |
| FSHP Flag Ship Acquisition Corp. | 1.26% | 306,569 | $3.3M | Reduce -0.6% |
| CBIO Crescent Biopharma Inc. | 1.20% | 264,000 | $3.1M | New |
| COPL Copley Acquisition Corp. Class A | 1.18% | 300,000 | $3.1M | No change |
| AIIA.U AI Infrastructure Acquisitio | 1.17% | 300,000 | $3.1M | New |
| VACH Voyager Acquisition Corp. | 1.02% | 250,000 | $2.7M | No change |
| PLMK Plum Acquisition Corp. IV | 1.00% | 250,000 | $2.6M | No change |
| KYTX Kyverna Therapeutics Inc. | 0.98% | 271,822 | $2.6M | New |
| ORIQ Origin Investment Corp. I | 0.97% | 249,900 | $2.5M | New |
| TVAI Thayer Ventures Acquis Class A | 0.97% | 250,000 | $2.5M | No change |
| OBA Oxley Bridge Acquisitio Class A | 0.96% | 250,000 | $2.5M | No change |
| MESHU Meshflow Acquisition Corp. | 0.96% | 250,000 | $2.5M | New |
| SLNH Soluna Holdings Inc. | 0.91% | 2,043,964 | $2.4M | New |
| CHPG Championsgate Acquisitio-A | 0.82% | 212,182 | $2.2M | No change |
| LKSP Lake Superior Acquisiti Class A | 0.80% | 210,000 | $2.1M | New |
| RIBB Ribbon Acquisition Corp. | 0.79% | 200,000 | $2.1M | No change |
| COLA Columbus Acquisition Corp. | 0.79% | 200,000 | $2.1M | No change |
| LCCC Lakeshore Acquisition III Co. | 0.78% | 200,000 | $2.0M | No change |
| SZZL Sizzle Acquisition Corp. Class A | 0.78% | 200,000 | $2.0M | No change |
| SOUL Soulpower Acquisition Co. Class A | 0.78% | 200,000 | $2.0M | No change |
| YCY.U Aa Mission Acquisition Corp. | 0.77% | 200,000 | $2.0M | New |
| DNMXU Dynamix Corp. III | 0.77% | 200,000 | $2.0M | New |
| SPEG Silver Pegasus Acquisition-A | 0.77% | 199,100 | $2.0M | New |
| ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP | 0.77% | 199,600 | $2.0M | Reduce -0.2% |
| CRAC Crown Reserve Acquisiti Class A | 0.76% | 200,000 | $2.0M | New |
| AVX Avax One Technology Ltd. | 0.75% | 1,300,000 | $2.0M | New |
| XRPN Armada Acquisition Class A | 0.75% | 191,267 | $2.0M | No change |
| RDAG Republic Digital Acquis Class A | 0.69% | 178,000 | $1.8M | No change |
| UYSC Uy Scuti Acquisition Corp. | 0.69% | 175,000 | $1.8M | No change |
| BSAA Best Spac I Acquisition-A | 0.68% | 175,000 | $1.8M | No change |
| CAPN Cayson Acquisition Corp. | 0.61% | 150,000 | $1.6M | No change |
| NOVA MINERALS LTD-ADR | 0.60% | 255,906 | $1.6M | New |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 0.59% | 150,000 | $1.5M | No change |
| SCIIU SC II Acquisition Corp. | 0.58% | 150,000 | $1.5M | New |
| EVOXU Evolution Global Acquisition | 0.58% | 150,000 | $1.5M | New |
| IGACU Invest Green Acquisition Cor | 0.58% | 150,000 | $1.5M | New |
| HCACU Hall Chadwick Acquisition Co. | 0.57% | 150,000 | $1.5M | New |
| QUMS Quantumsphere Acquisition Co. | 0.57% | 150,000 | $1.5M | No change |
| GIWWU GIGCAPITAL8 Corp. | 0.55% | 141,683 | $1.4M | New |
| HAYMAKER ACQUISITION CORP 4 | 0.53% | 121,772 | $1.4M | Reduce -19.7% |
| GTERA Globa Terra Acquisition Co. Class A | 0.48% | 124,229 | $1.3M | New |
| TACH Titan Acquisition Corp. Class A | 0.47% | 120,000 | $1.2M | No change |
| BLZRU Trailblazer Acquisition Corp. | 0.44% | 113,373 | $1.2M | Reduce -43.2% |
| ITHAU Ithax Acquisition Corp. III | 0.42% | 110,000 | $1.1M | New |
| GSRFU GSR IV Acquisition Corp. | 0.41% | 103,119 | $1.1M | Reduce -17.5% |
| IPEX Inflection Point Acquisition | 0.39% | 100,000 | $1.0M | No change |
| WTG Wintergreen Acquisition Corp. | 0.39% | 100,000 | $1.0M | No change |
| TACO Berto Acquisition Corp. | 0.39% | 100,000 | $1.0M | No change |
| MKLYU McKinley Acquisition Corp. | 0.39% | 100,000 | $1.0M | No change |
| BPACU Blueport Acquisition Ltd. | 0.39% | 100,000 | $1.0M | New |
| INAC Indigo Acquisition Corp. | 0.39% | 100,000 | $1.0M | New |
| FIGX Figx Capital Acquisition C-A | 0.38% | 100,000 | $1.0M | No change |
| PACH Pioneer Acquisition I Class A | 0.38% | 100,000 | $1.0M | No change |
| SSEA Starry Sea Acquisition Corp. | 0.38% | 100,000 | $1.0M | New |
| LAFAU Lafayette Acquisition Corp. | 0.38% | 100,000 | $1.0M | New |
| BLRKU Bluerock Acquisition Corp. | 0.38% | 100,000 | $1.0M | New |
| TDWD Tailwind 2.0 Acquisitio Class A | 0.38% | 100,000 | $986K | New |
| FTW Eqv Ventures Acquisition C-A | 0.38% | 93,574 | $982K | No change |
| SVACU Spring Valley Acquisition Co. | 0.34% | 86,481 | $893K | Reduce -11.7% |
| ALISU Calisa Acquisition Corp. | 0.30% | 75,000 | $784K | New |
| CRANU Crane Harbor Acquisition Cor | 0.29% | 75,000 | $755K | New |
| LFACU Leapfrog Acquisition Corp. | 0.29% | 75,000 | $750K | New |
| TAVI Tavia Acquisition Corp. | 0.26% | 65,000 | $679K | No change |
| PGAC Pantages Capital Acquisition | 0.26% | 65,000 | $673K | No change |
| FACT Fact II Acquisition Corp. | 0.24% | 60,000 | $625K | No change |
| CTXR Citius Pharmaceuticals Inc. | 0.24% | 799,934 | $622K | New |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 0.24% | 60,000 | $621K | No change |
| PMTR Perimeter Acquis Corp. I Class A | 0.23% | 58,925 | $606K | No change |
| VCIC Vine Hill Capital Class A | 0.23% | 55,790 | $601K | No change |
| MACI Melar Acquisition Corp. I-A | 0.21% | 52,161 | $554K | Reduce -19.0% |
| CUB Lionheart Holdings Class A | 0.21% | 50,798 | $543K | Reduce -25.2% |
| RANG Range Capital Acquisition Co. | 0.20% | 50,000 | $528K | No change |
| NPAC New Providence Acquisition-A | 0.20% | 50,000 | $513K | No change |
| APACU Stonebridge Acquisition II C | 0.19% | 50,500 | $509K | Add +1.0% |
| PELI Pelican Acquisition Corp. | 0.19% | 50,000 | $509K | No change |
| IPCX Inflection Point Acquisiti-A | 0.19% | 50,000 | $507K | No change |
| HVMCU Highview Merger Corp. | 0.19% | 50,000 | $507K | No change |
| OYSE Oyster Enterprises II Acq-A | 0.19% | 50,000 | $506K | No change |
| KOYNU CSLM Digital Asset Acquisiti | 0.19% | 49,900 | $505K | Reduce -0.2% |
| AXIN Axiom Intelligence Class A | 0.19% | 50,000 | $504K | New |
| DYORU Insight Digital Partners II | 0.19% | 50,000 | $504K | New |
| VACI.U Viking Acquisitions Corp. I | 0.19% | 50,000 | $504K | New |
| LWAC Lightwave Acquisition Corp. Class A | 0.19% | 50,000 | $503K | No change |
| SOCA Solarius Capital Acquis Class A | 0.19% | 50,000 | $503K | No change |
| ADACU American Drive Acquisition C | 0.19% | 50,000 | $500K | New |
| CHAR Charlton Aria Acquisiti Class A | 0.16% | 40,000 | $419K | No change |
| NOEM CO2 Energy Transition Corp. | 0.16% | 40,000 | $412K | No change |
| CHECU Chenghe Acquisition III Co. | 0.15% | 40,000 | $401K | No change |
| BEBE.U Tge Value Creative Solutions | 0.15% | 40,000 | $398K | New |
| BACC Blue Acquisition Corp. Class A | 0.13% | 33,455 | $342K | New |
| NTWO Newbury Street II Ac Class A | 0.12% | 30,510 | $319K | Reduce -15.9% |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.12% | 30,000 | $306K | No change |
| VNME Vendome Acquisition Corp. Class A | 0.12% | 30,340 | $306K | No change |
| POLE Andretti Acquisition Corp. Class A | 0.11% | 26,600 | $280K | No change |
| TVA Texas Ventures Acquisition-A | 0.11% | 25,900 | $276K | No change |
| APXTU Apex Treasury Corp. | 0.10% | 25,000 | $251K | New |
| BCAR D. Boral Arc Acquisit Class A | 0.09% | 24,757 | $248K | Reduce -1.2% |
| TLNCU Talon Capital Corp. | 0.09% | 24,104 | $247K | Reduce -3.2% |
| HSPT Horizon Space Acquisition II | 0.08% | 20,000 | $211K | No change |
| LPCVU Launchpad Cadenza Acquisitio | 0.08% | 20,000 | $200K | New |
| EURK Eureka Acquisition Corp. | 0.06% | 15,400 | $169K | No change |
| LATAU Galata Acquisition Corp. II | 0.06% | 15,000 | $151K | No change |
| HAVAU Harvard Ave Acquisition Corp. | 0.04% | 10,000 | $100K | New |
| ALLURION TECHNOLOGIES INC | 0.03% | 59,880 | $74K | New |
Options reported separately and not counted above: NNE puts ($14.6M).
Other holdings (71): bonds, preferreds, convertibles and warrants · $2.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | 249,397 | $494K | No change |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 700,000 | $175K | No change |
| BCTXZ Briacell Therapeutics - 30 | *W EXP 99/99/999 | 544,698 | $163K | No change |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 60,000 | $96K | No change |
| SVIAW Procap Financial Inc. | *W EXP 12/05/203 | 132,280 | $93K | New |
| NMPAR NMP Acquisition Corp. | RIGHT 06/27/2030 | 449,875 | $90K | New |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 360,909 | $87K | Reduce -23.8% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 95,633 | $78K | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 162,984 | $65K | Reduce -33.0% |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 75,000 | $60K | No change |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 89,000 | $53K | No change |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 350,000 | $53K | No change |
| TVAIR Thayer Ventures Acquisition | RIGHT 05/15/2030 | 250,000 | $53K | No change |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | 279,915 | $50K | Reduce -0.4% |
| APADR A Paradise Acquisition Corp. | RIGHT 07/29/2025 | 199,500 | $50K | New |
| SPEGR Silver Pegasus Acquisition C | RIGHT 06/26/2030 | 199,100 | $48K | Reduce -0.5% |
| UYSCR Uy Scuti Acquisition Corp. | RIGHT 03/03/2030 | 170,892 | $46K | Reduce -0.3% |
| LCCCR Lakeshore Acquisition III Co. | RIGHT 08/01/2026 | 176,304 | $44K | Reduce -11.8% |
| RIBBR Ribbon Acquisition Corp. | RIGHT 12/31/2026 | 186,258 | $41K | Reduce -1.3% |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 150,000 | $39K | No change |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 207,810 | $38K | Reduce -1.7% |
| FVNNR Future Vision II Acquisi-RTS | RIGHT 06/29/2029 | 284,050 | $37K | Reduce -7.6% |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 234,109 | $37K | Reduce -19.1% |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 200,000 | $35K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 125,000 | $34K | No change |
| QUMSR Quantumsphere Acquisition Co. | RIGHT 08/06/2030 | 149,900 | $31K | New |
| GWHWW Ess Tech Inc. -CW27 | *W EXP 10/08/202 | 586,218 | $30K | No change |
| SSEAR Starry Sea Acquisition C-RTS | RIGHT 07/07/2030 | 100,000 | $29K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 125,000 | $28K | New |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 120,092 | $27K | Reduce -2.0% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 14,792 | $26K | No change |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | 175,000 | $26K | New |
| ORIQW Origin Investment Corp. I -30 | *W EXP 06/27/203 | 124,950 | $24K | New |
| BIVIW Biovie Inc. -30 | *W EXP 08/08/203 | 90,000 | $23K | No change |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 37,500 | $22K | No change |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 84,300 | $21K | Reduce -0.8% |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 60,000 | $21K | No change |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 29,462 | $21K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 50,000 | $19K | No change |
| GTERR Globa Terra Acquisition-RTS | RIGHT 06/17/2030 | 124,129 | $16K | New |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | 100,000 | $16K | New |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 50,000 | $14K | New |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | 50,000 | $13K | New |
| GTERW Globa Terra Acquisition - 30 | *W EXP 06/17/203 | 93,171 | $12K | New |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | 12,950 | $12K | No change |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 161,165 | $11K | Reduce -10.5% |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 50,000 | $11K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 30,000 | $11K | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 73,747 | $10K | Reduce -77.0% |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 29,655 | $9K | Reduce -40.7% |
| NOEMR CO2 Energy Transition Co.-RTS | RIGHT 10/15/2028 | 39,996 | $8K | No change |
| SOCAW Solarius Capital Acqui -30 | *W EXP 07/10/203 | 25,000 | $7K | New |
| AIMDW Ainos Inc. - 27 | *W EXP 07/29/202 | 55,837 | $7K | Reduce -32.3% |
| NOEMW CO2 Energy Transition -28 | *W EXP 08/17/202 | 40,000 | $7K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 13,385 | $6K | Reduce -57.8% |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 22,500 | $6K | No change |
| DTSTW Data Storage Corp. -CW26 | *W EXP 05/18/202 | 29,000 | $6K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 22,500 | $6K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 25,000 | $5K | New |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 28,903 | $5K | Reduce -85.4% |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | 12,378 | $4K | New |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | 27,836 | $4K | Reduce -67.8% |
| IVDAW Iveda Solutions Inc. -CW27 | *W EXP 04/01/202 | 35,193 | $4K | Reduce -34.8% |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | 15,170 | $4K | New |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | 17,643 | $3K | Reduce -45.1% |
| LMND.WS Lemonade Inc.-28 | *W EXP 02/09/202 | 88,946 | $2K | No change |
| ASPCR A Spac III Acquisition Corp. | RIGHT 01/02/2026 | 10,219 | $2K | Reduce -79.2% |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 27,181 | $1K | Reduce -81.8% |
| TNONW Tenon Medical Inc.-28 | *W EXP 06/16/202 | 140,236 | $1K | Reduce -83.4% |
| VSSYW Versus Systems -CW26 | *W EXP 11/22/202 | 39,356 | $889 | Reduce -60.6% |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 37,490 | $780 | Reduce -5.7% |
Total filed on the 13F, all lines: $264.2M.
Portfolio Sells Q3 2025 → Q4 2025
| IBRX Immunitybio Inc. | Sold out | 0.00% | −5.36 |
| NNE Nano Nuclear Energy Inc. | Sold out | 0.00% | −4.68 |
| DFDV Defi Development Corp. | Sold out | 0.00% | −2.98 |
| VLOS Velos Acquisition I Corp. | Sold out | 0.00% | −1.75 |
| CABA Cabaletta Bio Inc. | Sold out | 0.00% | −1.62 |
| NMPAU NMP Acquisition Corp. | Sold out | 0.00% | −1.51 |
| AGRIFORCE GROWING SYSTEMS LT | Sold out | 0.00% | −1.40 |
| BMEA Biomea Fusion Inc. | Sold out | 0.00% | −0.96 |
| MBOT Microbot Medical Inc. | Sold out | 0.00% | −0.89 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.89 |
| EVEX Eve Holding Inc. | Sold out | 0.00% | −0.88 |
| WELLGISTICS HEALTH INC | Sold out | 0.00% | −0.86 |
| ORIQU Origin Investment Corp. I | Sold out | 0.00% | −0.84 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.75 |
| IBAC Ib Acquisition Corp. | Sold out | 0.00% | −0.73 |
| ABSI Absci Corp. | Reduce -46.7% | 1.42% | −0.60 |
| OTLY Oatly Group AB | Sold out | 0.00% | −0.49 |
| UPXI Upexi Inc. | Sold out | 0.00% | −0.48 |
| ADCT Adc Therapeutics SA | Sold out | 0.00% | −0.43 |
| GTERU Globa Terra Acquisition Corp. | Sold out | 0.00% | −0.42 |
| INACU Indigo Acquisition Corp. | Sold out | 0.00% | −0.34 |
| DTSQ DT Cloud Star Acquisition Co. | Sold out | 0.00% | −0.33 |
| DYCQ DT Cloud Acquisition Corp. | Sold out | 0.00% | −0.31 |
| BLZRU Trailblazer Acquisition Corp. | Reduce -43.2% | 0.44% | −0.24 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.21 |
| ASPC A Spac III Acquisition Class A | Sold out | 0.00% | −0.21 |
| NA Nano Labs Ltd. Class A | Sold out | 0.00% | −0.20 |
| CHAC Crane Harbor Acqu Corp. Class A | Sold out | 0.00% | −0.17 |
| RDAC Rising Dragon Acquisition Co. | Sold out | 0.00% | −0.13 |
| HCMAU HCM III Acquisition Corp. | Sold out | 0.00% | −0.13 |
| ANSC Agriculture & Natural Soluti | Sold out | 0.00% | −0.05 |
| IMRX Immuneering Corp. Class A | Sold out | 0.00% | −0.05 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -19.7% | 0.53% | −0.04 |
| CCIIU Cohen Circle Acquisition Cor | Sold out | 0.00% | −0.04 |
| CUB Lionheart Holdings Class A | Reduce -25.2% | 0.21% | −0.03 |
| CLGN Collplant Biotechnologies LT | Sold out | 0.00% | −0.02 |
| PEPG Pepgen Inc. | Sold out | 0.00% | −0.02 |
| GSRFU GSR IV Acquisition Corp. | Reduce -17.5% | 0.41% | −0.01 |
| MACI Melar Acquisition Corp. I-A | Reduce -19.0% | 0.21% | −0.01 |
| NTWO Newbury Street II Ac Class A | Reduce -15.9% | 0.12% | −0.00 |
| SVACU Spring Valley Acquisition Co. | Reduce -11.7% | 0.34% | +0.00 |
| TLNCU Talon Capital Corp. | Reduce -3.2% | 0.09% | +0.01 |
| BCAR D. Boral Arc Acquisit Class A | Reduce -1.2% | 0.09% | +0.01 |
| KOYNU CSLM Digital Asset Acquisiti | Reduce -0.2% | 0.19% | +0.03 |
| ENHA Enhanced Group Inc. | Reduce -0.2% | 0.77% | +0.10 |
| FSHP Flag Ship Acquisition Corp. | Reduce -0.6% | 1.26% | +0.18 |
| GPAT GP-Act III Acquisition-A | Reduce -1.2% | 1.70% | +0.22 |
Portfolio Buys Q3 2025 → Q4 2025
| CCXIU Churchill Capital Corp. Xi | New | 1.95% | +1.95 |
| IRHOU Iron Horse Acquisition II Co. | New | 1.79% | +1.79 |
| NMP NMP Acquisition Corp. Class A | New | 1.72% | +1.72 |
| NYXH Nyxoah SA | New | 1.37% | +1.37 |
| TWLVU Twelve Seas Investment Co. II | New | 1.33% | +1.33 |
| CBIO Crescent Biopharma Inc. | New | 1.20% | +1.20 |
| AIIA.U AI Infrastructure Acquisitio | New | 1.17% | +1.17 |
| KYTX Kyverna Therapeutics Inc. | New | 0.98% | +0.98 |
| ORIQ Origin Investment Corp. I | New | 0.97% | +0.97 |
| MESHU Meshflow Acquisition Corp. | New | 0.96% | +0.96 |
| SLNH Soluna Holdings Inc. | New | 0.91% | +0.91 |
| LKSP Lake Superior Acquisiti Class A | New | 0.80% | +0.80 |
| YCY.U Aa Mission Acquisition Corp. | New | 0.77% | +0.77 |
| DNMXU Dynamix Corp. III | New | 0.77% | +0.77 |
| SPEG Silver Pegasus Acquisition-A | New | 0.77% | +0.77 |
| CRAC Crown Reserve Acquisiti Class A | New | 0.76% | +0.76 |
| AVX Avax One Technology Ltd. | New | 0.75% | +0.75 |
| NOVA MINERALS LTD-ADR | New | 0.60% | +0.60 |
| SCIIU SC II Acquisition Corp. | New | 0.58% | +0.58 |
| EVOXU Evolution Global Acquisition | New | 0.58% | +0.58 |
| IGACU Invest Green Acquisition Cor | New | 0.58% | +0.58 |
| HCACU Hall Chadwick Acquisition Co. | New | 0.57% | +0.57 |
| GIWWU GIGCAPITAL8 Corp. | New | 0.55% | +0.55 |
| GTERA Globa Terra Acquisition Co. Class A | New | 0.48% | +0.48 |
| ITHAU Ithax Acquisition Corp. III | New | 0.42% | +0.42 |
| BPACU Blueport Acquisition Ltd. | New | 0.39% | +0.39 |
| INAC Indigo Acquisition Corp. | New | 0.39% | +0.39 |
| SSEA Starry Sea Acquisition Corp. | New | 0.38% | +0.38 |
| LAFAU Lafayette Acquisition Corp. | New | 0.38% | +0.38 |
| BLRKU Bluerock Acquisition Corp. | New | 0.38% | +0.38 |
| TDWD Tailwind 2.0 Acquisitio Class A | New | 0.38% | +0.38 |
| ALISU Calisa Acquisition Corp. | New | 0.30% | +0.30 |
| CRANU Crane Harbor Acquisition Cor | New | 0.29% | +0.29 |
| LFACU Leapfrog Acquisition Corp. | New | 0.29% | +0.29 |
| CTXR Citius Pharmaceuticals Inc. | New | 0.24% | +0.24 |
| AXIN Axiom Intelligence Class A | New | 0.19% | +0.19 |
| DYORU Insight Digital Partners II | New | 0.19% | +0.19 |
| VACI.U Viking Acquisitions Corp. I | New | 0.19% | +0.19 |
| ADACU American Drive Acquisition C | New | 0.19% | +0.19 |
| BEBE.U Tge Value Creative Solutions | New | 0.15% | +0.15 |
| BACC Blue Acquisition Corp. Class A | New | 0.13% | +0.13 |
| APXTU Apex Treasury Corp. | New | 0.10% | +0.10 |
| LPCVU Launchpad Cadenza Acquisitio | New | 0.08% | +0.08 |
| HAVAU Harvard Ave Acquisition Corp. | New | 0.04% | +0.04 |
| APACU Stonebridge Acquisition II C | Add +1.0% | 0.19% | +0.03 |
| ALLURION TECHNOLOGIES INC | New | 0.03% | +0.03 |
Options Activity Q3 2025 → Q4 2025
| NNE Nano Nuclear Energy Inc. | put | Reduce -34.5% | 608,500 | $14.6M |
| DFDV Defi Development Corp. | put | Sold out | 36,800 | $563Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| OATLY GROUP AB (OTLY 9.25 09/14/28) | NOTE 9.250% 9/1 · principal | Sold out | 12,052,970 | $10.7Mbefore exit |
| FGMCR FG Merger II Corp. | RIGHT 02/11/2030 | Sold out | 440,191 | $185Kbefore exit |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | Sold out | 132,280 | $147Kbefore exit |
| SVIAW Procap Financial Inc. | *W EXP 12/05/203 | New | 132,280 | $93K |
| NMPAR NMP Acquisition Corp. | RIGHT 06/27/2030 | New | 449,875 | $90K |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | Reduce -23.8% | 360,909 | $87K |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | Reduce -33.0% | 162,984 | $65K |
| FSHPR Flag Ship Acquisition Corp. | RIGHT 03/31/2026 | Reduce -0.4% | 279,915 | $50K |
| APADR A Paradise Acquisition Corp. | RIGHT 07/29/2025 | New | 199,500 | $50K |
| SPEGR Silver Pegasus Acquisition C | RIGHT 06/26/2030 | Reduce -0.5% | 199,100 | $48K |
| UYSCR Uy Scuti Acquisition Corp. | RIGHT 03/03/2030 | Reduce -0.3% | 170,892 | $46K |
| LCCCR Lakeshore Acquisition III Co. | RIGHT 08/01/2026 | Reduce -11.8% | 176,304 | $44K |
| RIBBR Ribbon Acquisition Corp. | RIGHT 12/31/2026 | Reduce -1.3% | 186,258 | $41K |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | Reduce -1.7% | 207,810 | $38K |
| FVNNR Future Vision II Acquisi-RTS | RIGHT 06/29/2029 | Reduce -7.6% | 284,050 | $37K |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | Reduce -19.1% | 234,109 | $37K |
| QUMSR Quantumsphere Acquisition Co. | RIGHT 08/06/2030 | New | 149,900 | $31K |
| COLAR Columbus Acquisition Corp. | RIGHT 99/99/9999 | Sold out | 167,733 | $30Kbefore exit |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | Sold out | 46,173 | $28Kbefore exit |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | New | 125,000 | $28K |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | Reduce -2.0% | 120,092 | $27K |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | New | 175,000 | $26K |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | Sold out | 95,375 | $25Kbefore exit |
| ORIQW Origin Investment Corp. I -30 | *W EXP 06/27/203 | New | 124,950 | $24K |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | Reduce -0.8% | 84,300 | $21K |
| AMPGW Amplitech Group Inc.-CW26 | *W EXP 02/26/202 | Sold out | 45,462 | $18Kbefore exit |
| GTERR Globa Terra Acquisition-RTS | RIGHT 06/17/2030 | New | 124,129 | $16K |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | New | 100,000 | $16K |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | Sold out | 72,300 | $14Kbefore exit |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | New | 50,000 | $14K |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | New | 50,000 | $13K |
| GTERW Globa Terra Acquisition - 30 | *W EXP 06/17/203 | New | 93,171 | $12K |
| PGACR Pantages Capital Acquis-RT | RIGHT 11/15/2029 | Sold out | 58,400 | $12Kbefore exit |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | Reduce -10.5% | 161,165 | $11K |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | Reduce -77.0% | 73,747 | $10K |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | Reduce -40.7% | 29,655 | $9K |
| SOCAW Solarius Capital Acqui -30 | *W EXP 07/10/203 | New | 25,000 | $7K |
| AIMDW Ainos Inc. - 27 | *W EXP 07/29/202 | Reduce -32.3% | 55,837 | $7K |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | Reduce -57.8% | 13,385 | $6K |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | New | 25,000 | $5K |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | Sold out | 27,483 | $5Kbefore exit |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | Reduce -85.4% | 28,903 | $5K |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | New | 12,378 | $4K |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | Reduce -67.8% | 27,836 | $4K |
| IVDAW Iveda Solutions Inc. -CW27 | *W EXP 04/01/202 | Reduce -34.8% | 35,193 | $4K |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | New | 15,170 | $4K |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | Reduce -45.1% | 17,643 | $3K |
| LEXXW Lexaria Bioscience -CW25 | *W EXP 01/14/202 | Sold out | 41,251 | $3Kbefore exit |
| DTSQR DT Cloud Star Acquisition Co. | RIGHT 07/09/2029 | Sold out | 16,293 | $3Kbefore exit |
| EURKR Eureka Acquisition Corp.-RTS | RIGHT 07/03/2026 | Sold out | 13,516 | $3Kbefore exit |
Showing the first 50 of 60.
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 | 197 | $425.0M | FLUT, AMC, MGTX, TSHA, OTAI.U |
| Q1 2026 | 165 | $354.0M | SLDP, FLUT, IONQ, CMPS, LAES |
| Q4 2025 | 120 | $261.6M | FLUT, FG MERGER II CORP, JACS, DMAA, DMIIU |
| Q3 2025Amended | 112 | $301.2M | FLUT, IBRX, NNE, DFDV, FG MERGER II CORP |
| Q2 2025 | 92 | $309.2M | FLUT, ACHR, NA, NNE, AMSC |
| Q1 2025 | 67 | $195.3M | FLUT, PLUG, FGMCU, JACS.U, HUMA |
| Q4 2024 | 66 | $186.0M | FLUT, NNE, ONDS, LB, JACS.U |
| Q3 2024 | 55 | $125.9M | FLUT, SOC, GPAT, FVNNU, FSHP |