Highbridge Capital Management LLC

Name: HIGHBRIDGE CAPITAL MANAGEMENT LLC 13F holdings, Q1 2025
Creator: HIGHBRIDGE CAPITAL MANAGEMENT LLC
Published: 2025-05-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Highbridge Capital Management LLC reported 59 stock positions worth $620.9 million. Its top holding was iShares Russell 2000 ETF (IWM) at 15.0% of the portfolio, followed by Hess (HES, 13.6%) and Allete (ALE, 8.8%). Compared with Q4 2024, it opened 29 new positions, sold out of 47, added to 9 and reduced 14. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale an exit from Summit Materials Class A (SUM).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0000919185
Portfolio Value: $620.9M (Q1 2025)
SEC Filing: 0000019617-25-000478 ↗ filed May 12, 2025

Holdings Value

Holdings 59 stocks · $620.9M


IWM iShares Russell 2000 ETF	15.04%	468,138	$93.4M	New
HES Hess Corp.	13.56%	527,162	$84.2M	Reduce -9.0%
ALE Allete Inc.	8.84%	835,666	$54.9M	Reduce -0.8%
FYBR Frontier Communications Pare	6.44%	1,114,546	$40.0M	Add +2.8%
AMED Amedisys Inc.	4.90%	328,275	$30.4M	Reduce -13.9%
NBR Nabors Industries Ltd.	4.15%	618,108	$25.8M	New
K Kellanova	4.07%	306,233	$25.3M	Reduce -17.8%
EVRI Everi Holdings Inc.	3.82%	1,735,733	$23.7M	Add +24.7%
FWONA Liberty Media Corp. Class A	3.75%	285,587	$23.3M	Reduce -2.7%
HEI.A Heico Corp. Class A	3.65%	107,412	$22.7M	Reduce -24.3%
ITCI Intra-Cellular Therapies Inc.	3.02%	142,280	$18.8M	New
CENTA Central Garden and Pet Co. Class A	2.52%	477,291	$15.6M	Reduce -30.4%
CKPT Checkpoint Therapeutics Inc.	2.49%	3,831,741	$15.5M	New
TONT Graf Global Corp. Class A	2.48%	1,500,000	$15.4M	No change
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP	2.07%	1,250,000	$12.8M	No change
LBRDK Liberty Broadband-C	1.94%	141,834	$12.1M	Reduce -60.2%
LLYVA Liberty Media Corp.-Liberty-A	1.71%	158,357	$10.6M	Add +3.4%
PPLI People Inc. filed as IAC INC	1.71%	230,621	$10.6M	Reduce -34.4%
CNNE Cannae Holdings Inc.	1.66%	562,213	$10.3M	Reduce -3.3%
SBXDF Silverbox Corp. IV-A	1.64%	1,000,000	$10.2M	Reduce -21.9%
STHO Star Holdings filed as STAR HLDGS	1.58%	1,150,735	$9.8M	Add +32.8%
BATRK Atlanta Braves Holdings in-C	1.48%	230,320	$9.2M	Add +110.5%
LLYVK Liberty Media Corp.-Liberty-C	1.27%	116,151	$7.9M	Reduce -60.9%
RAC.U Rithm Acquisition Corp.	0.81%	500,000	$5.0M	New
ITGR Integer Holdings Corp.	0.78%	41,188	$4.9M	New
GATE Marblegate Acquisition Cor-A	0.71%	225,000	$4.4M	New
SOLARBANK CORPORATION	0.56%	1,430,412	$3.5M	New
DRDB Roman DBDR Acquisition Corp.	0.40%	250,000	$2.5M	No change
SM SM Energy Co.	0.39%	81,750	$2.4M	New
IBAC Ib Acquisition Corp.	0.33%	198,267	$2.0M	Reduce -0.8%
OKUR Onkure Therapeutics Inc. Class A	0.30%	438,797	$1.9M	Add +9.8%
UYSCU Uy Scuti Acquisition Corp.	0.25%	155,000	$1.6M	New
IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP	0.24%	150,000	$1.5M	New
GRRR Gorilla Technology Group Inc.	0.23%	49,042	$1.5M	New
REEAF Ree Automotive Ltd. Class A	0.23%	532,372	$1.4M	New
WDC Western Digital Corp.	0.18%	27,500	$1.1M	New
LPA Logistic Properties of the A	0.16%	112,500	$1.0M	New
BDMD Baird Medical Investment Hol	0.10%	125,000	$651K	Add +11.1%
GOSS Gossamer Bio Inc.	0.09%	497,694	$547K	Reduce -16.7%
LCII Lci Industries	0.08%	5,368	$469K	New
ADSE ADS-Tec Energy PLC	0.07%	30,326	$455K	New
TDS Telephone and Data Systems	0.06%	10,000	$387K	No change
ESPR Esperion Therapeutics Inc.	0.06%	254,265	$366K	No change
ULYX Urgent.ly Inc.	0.05%	69,442	$324K	New
ATIIU Archimedes Tech Spac Partner	0.04%	25,000	$253K	New
HPAI Helport AI Ltd.	0.03%	37,375	$182K	Add +5.7%
ALPHA MODUS HLDGS INC	0.02%	112,500	$145K	Add +50.0%
PITEF Heramba Electric PLC	0.01%	200,000	$48K	New
CLDI Calidi Biotherapeutics Inc.	0.00%	12,501	$7K	No change
SD Sandridge Energy Inc.	0.00%	575	$7K	No change
SATL Satellogic Inc. Class A	0.00%	1,025	$4K	New
MRNO Murano Global Investments PL	0.00%	100	$1K	New
VFS Vinfast Auto Ltd.	0.00%	180	$572	New
LZM Lifezone Metals Ltd.	0.00%	100	$418	New
MLKMF Waldencast PLC-A	0.00%	100	$300	New
SLND Southland Holdings Inc.	0.00%	99	$296	New
STARDUST PWR INC	0.00%	307	$145	New
MDAI Spectral AI Inc.	0.00%	100	$115	New
HYPR Hyperfine Inc.	0.00%	100	$71	New

Options reported separately and not counted above: ISHARES TR puts ($199.5M), NIO INC puts ($2.2M), INTRA-CELLULAR THERAPIES INC puts ($1.3M), GORILLA TECHNOLOGY GROUP INC calls ($184K), ARQIT QUANTUM INC calls ($277).

Other holdings (189): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)

Security	Class	Shares / Principal	Value	Change
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	137,500,000	$134.7M	Reduce -2.8%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	90,000,000	$91.2M	Reduce -8.2%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	74,000,000	$85.5M	Reduce -7.5%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	83,000,000	$82.6M	Add +22.1%
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	53,447,000	$67.5M	Add +114.2%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	50,187,000	$60.2M	New
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	45,000,000	$57.4M	Add +12.5%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	47,500,000	$56.5M	New
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	52,500,000	$55.8M	Add +40.0%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	49,794,000	$53.9M	Add +32.8%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	45,000,000	$52.9M	Add +83.7%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	54,246,000	$52.5M	Add +37.2%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	37,753,000	$50.2M	Add +58.5%
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	48,831,000	$48.8M	Reduce -33.9%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	40,000,000	$44.9M	Reduce -33.3%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	38,000,000	$40.7M	Reduce -5.6%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	30,500,000	$40.1M	Add +281.3%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	32,302,000	$39.3M	New
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	39,000,000	$38.4M	New
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	35,000,000	$36.0M	Reduce -23.9%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	38,000,000	$35.4M	Reduce -33.9%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	450,016	$29.8M	Reduce -15.8%
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	38,403,000	$27.7M	Add +23.5%
NIO INC (NIO 3.875 10/15/29)	NOTE 3.875%10/1 · principal	36,000,000	$27.0M	Reduce -9.8%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	530,267	$26.1M	New
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	25,675,000	$26.0M	No change
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	28,817,000	$24.9M	Reduce -10.8%
ACCURAY INC (ARAY 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	26,000,000	$24.4M	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	23,000,000	$22.7M	New
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	15,500,000	$22.6M	Reduce -56.3%
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	21,250,000	$17.8M	New
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26)	NOTE 1.500% 4/1 · principal	17,647,000	$17.3M	No change
GREEN PLAINS INC (GPRE 2.25 03/15/27)	NOTE 2.250% 3/1 · principal	18,500,000	$15.3M	Reduce -48.6%
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25)	NOTE 0.500% 8/1 · principal	15,338,000	$15.0M	No change
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	24,750,000	$14.0M	No change
GUESS INC (GES 3.75 04/15/28)	NOTE 3.750% 4/1 · principal	13,700,000	$12.7M	Reduce -74.6%
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	9,808,000	$12.2M	No change
INOTIV INC (NOTV 3.25 10/15/27)	NOTE 3.250%10/1 · principal	32,500,000	$10.8M	No change
FUBOTV INC (FUBO 3.25 02/15/26)	NOTE 3.250% 2/1 · principal	10,000,000	$9.8M	Reduce -25.9%
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30)	NOTE 7.250% 8/1 · principal	10,700,000	$9.7M	Add +1.9%
THE REALREAL INC (REAL 4 02/15/31)	DEBT 4.000% 2/1 · principal	7,971,000	$7.1M	New
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30)	DEBT 11.500% 1/1 · principal	15,000,000	$7.0M	Reduce -21.1%
LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30)	DEBT 9.000% 1/1 · principal	11,700,000	$6.5M	No change
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	4,370,000	$5.0M	Reduce -93.5%
CMPOW Composecure Inc. -CW25	*W EXP 12/27/202 · principal	769,859	$3.1M	Reduce -43.2%
CORZW Core Scientific Inc. - 27	*W EXP 01/23/202 · principal	976,656	$3.0M	Reduce -78.3%
AISPW Airship AI Holdings Inc.-CW28	*W EXP 12/21/202 · principal	2,144,891	$2.4M	Add +95.0%
TILRAY BRANDS INC (TLRY 5.2 06/15/27)	NOTE 5.200% 6/1 · principal	1,550,000	$1.5M	Reduce -84.5%
BEYOND MEAT INC (BYND 0 03/15/27)	NOTE 3/1 · principal	12,000,000	$1.4M	Reduce -75.3%
AMPX.WS Amprius Technologies Inc.	*W EXP 09/14/202 · principal	2,603,266	$1.2M	Add +8.4%
LZM.WS Lifezone Metals Ltd. -28	*W EXP 07/05/202 · principal	1,500,562	$690K	Add +0.0%
MRNOW Murano Global BV-28	*W EXP 03/19/202 · principal	2,946,111	$681K	Reduce -8.4%
FUFUW Bitfufu Inc.-28	*W EXP 03/01/202 · principal	1,526,623	$672K	Add +3.0%
AFRIW Forafric Global PLC -CW27	*W EXP 06/09/202 · principal	948,287	$664K	Reduce -0.9%
FLDDW Fold Holdings Inc. -23	*W EXP 02/14/203 · principal	693,540	$520K	New
SATLW Satellogic Inc.-A -23	*W EXP 01/25/202 · principal	995,585	$478K	Reduce -12.4%
TBMCR Trailblazer Merger Corp.-RTS	RIGHT 04/21/2028	1,630,968	$437K	Add +3.5%
USA RARE EARTH INC	*W EXP 03/13/203 · principal	646,545	$433K	New
ADSEW ADS-Tec Energy PLC-WRNT	*W EXP 99/99/999 · principal	100,000	$347K	Reduce -90.0%
RNWWW Renew Energy Global -CW26	*W EXP 08/21/202 · principal	2,442,362	$336K	Add +1.8%
PSQH.WS Colombier Acq Class A -CW28	*W EXP 07/19/202 · principal	1,383,733	$320K	Reduce -7.9%
VGASW Cenaq Energy Corp. Class A -CW27	*W EXP 02/15/202 · principal	1,684,911	$308K	Reduce -36.0%
MLKWF Waldencast Acq Class A -CW27	*W EXP 07/27/202 · principal	2,268,198	$297K	Reduce -2.0%
IROHR Iron Horse Acquisitions Righ	RIGHT 99/99/9999	980,643	$294K	Reduce -25.1%
EURKR Eureka Acquisition Corp.-RTS	RIGHT 07/03/2026	1,242,647	$286K	Reduce -3.6%
HPAIW Helport AI Ltd. -29	*W EXP 03/31/202 · principal	912,495	$276K	Reduce -0.6%
LOTWW Lotus Technology Inc.-28	*W EXP 02/22/202 · principal	1,799,631	$261K	Reduce -10.2%
ANNAW Aleanna Inc. Class A - 29	*W EXP 12/13/202 · principal	1,038,778	$260K	Add +38.5%
CHARR Charlton Aria Acquisi-Rights	RIGHT 12/31/2026	1,414,526	$255K	No change
BZAIW Burtech Acquisition -CW23	*W EXP 01/13/203 · principal	1,338,787	$254K	New
ZEOWW Esgen Acquisition A -CW23	*W EXP 03/13/202 · principal	2,488,124	$254K	Reduce -0.1%
GLLRF Global Lights Acquisition Co.	RIGHT 99/99/9999	1,152,334	$254K	Reduce -2.5%
BAYAR Bayview Acquisition Corp.	RIGHT 11/17/2028	1,309,468	$246K	Reduce -0.1%
OAKUR Oak Woods Acquisition Cor-RT	RIGHT 03/23/2028	943,423	$245K	Reduce 0.0%
QETAR Quetta Acquisition Corp.-RTS	RIGHT 99/99/9999	149,005	$240K	No change
AFJKR Aimei Health Technology Co. L	RIGHT 11/17/2028	643,758	$232K	Reduce -0.1%
DISTR Distoken Acquisition Corp.	RIGHT 99/99/9999	1,480,883	$218K	Reduce -0.0%
CRMLW Critical Metals Corp.-28	*W EXP 02/27/202 · principal	1,267,364	$214K	Reduce -42.3%
MDAIW Spectral AI -CW27	*W EXP 09/11/202 · principal	789,816	$202K	Add +8.1%
RFAIR RF Acquisition Corp. II	RIGHT 05/01/2026	2,517,172	$201K	No change
NETDW Nabors Energy Transiti-CW	*W EXP 09/01/202 · principal	480,618	$191K	Reduce -35.9%
VFSWW Vinfast Auto Ltd.-28	*W EXP 08/11/202 · principal	542,800	$185K	Add +0.2%
NOEMR CO2 Energy Transition Co.-RTS	RIGHT 10/15/2028	589,696	$177K	No change
BKHAR Black Hawk Acquisition C-RTS	RIGHT 06/20/2025	117,109	$176K	Reduce -6.1%
DYCQR DT Cloud Acquisition Cor-RTS	RIGHT 02/14/2029	707,050	$170K	No change
ANSCW Agriculture & Natural Solu-W	*W EXP 10/01/202 · principal	555,563	$167K	Reduce -23.3%
GCTS.WS Concord Acq Class A -CW28	*W EXP 03/01/202 · principal	2,158,324	$156K	Reduce -11.4%
MSSRF Metal SKY Star Acquisi-Right	RIGHT 12/31/2025	1,961,926	$155K	No change
VLOSW M3-Brigade Acquisition -30	*W EXP 99/99/999 · principal	495,500	$144K	Reduce -20.7%
SVIRF Spring Valley Acquisit-Right	RIGHT 02/25/2026	1,350,059	$140K	No change
AITRR AI Transportation Acquis-RTS	RIGHT 09/01/2028	864,425	$138K	No change
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999 · principal	200,000	$138K	Reduce -20.0%
BUJAR Bukit Jalil Global Acquisiti	RIGHT 12/30/2024	511,327	$133K	Reduce -0.7%
LVWR.WS Livewire Group Inc.-27	*W EXP 09/26/202 · principal	6,042,622	$128K	Reduce -6.2%
HYAC.WS Haymaker Acquisition Corp.-28	*W EXP 05/31/202 · principal	593,196	$124K	Reduce -23.5%
JVSAR Jvspac Acquisition Corp.-RTS	RIGHT 11/26/2026	487,300	$122K	No change
PERFF Perfect Corp.	*W EXP 10/28/202 · principal	2,316,628	$117K	Reduce -13.9%
DMAAR Drugs Made in America Ac-RTS	RIGHT 12/09/2029	850,000	$111K	New
LANWF Lanvin Group Holdings Ltd.-27	*W EXP 01/14/202 · principal	5,558,807	$110K	Reduce -12.4%
SBXWF Silverbox Corp. IV-A- 29	*W EXP 08/19/202 · principal	306,800	$107K	Reduce -24.5%
ASBPW Aspire Biopharma Holdin-CW27	*W EXP 02/14/203 · principal	1,493,763	$101K	New
VSTWF Vast Solar PTY Ltd. -28	*W EXP 07/01/202 · principal	3,304,285	$101K	Reduce -2.7%
RIBBR Ribbon Acquisition Corp.	RIGHT 12/31/2026	400,000	$100K	New
SLND.WS Legato Merger Corp. II -CW23	*W EXP 02/14/202 · principal	608,593	$98K	Add +0.3%
ALFUW Centurion Acquisition - 29	*W EXP 05/31/203 · principal	557,591	$97K	Reduce -6.0%
VCICW Vine Hill Capital Class A-2	*W EXP 07/01/203 · principal	360,397	$97K	Reduce -32.5%
GPATW GP-Act III Acq Class A -CW27	*W EXP 05/13/202 · principal	498,398	$93K	Reduce -33.5%
CRGOW Freightos Ltd.-CW28	*W EXP 99/99/999 · principal	486,345	$88K	Reduce -51.9%
VACHW Voyager Acquisition Corp. -CW	*W EXP 05/16/203 · principal	545,424	$86K	Reduce -18.0%
FOXXW 1OXX	*W EXP 09/26/202 · principal	488,656	$86K	Reduce -23.6%
TONT.WS Graf Global Corp.- 29	*W EXP 05/31/203 · principal	470,239	$85K	Reduce -37.3%
DYNCW Dynamix Corp. - 29	*W EXP 10/25/202 · principal	300,000	$84K	No change
CAPNR Cayson Acquisition Corp.	RIGHT 99/99/9999	539,168	$84K	Reduce -0.7%
ALCWF Alchemy Investments Acqui-28	*W EXP 11/30/202 · principal	749,999	$83K	Reduce 0.0%
YHNAR YHN Acquisition I Ltd.	RIGHT 08/15/2029	622,402	$81K	Reduce -3.3%
YOTAR Yotta Acquisition Corp. - RTS	RIGHT 03/15/2027	502,193	$81K	No change
TVGNW Semper Paratus Acqu -CW26	*W EXP 02/14/202 · principal	1,496,386	$81K	Reduce -41.7%
SPKWF Spark I Acquisition Corp.-28	*W EXP 10/01/203 · principal	569,349	$80K	Reduce -10.6%
REEWF Cartesian Growth Corp. II -28	*W EXP 07/12/202 · principal	1,119,220	$79K	Reduce -25.4%
BAERW Wildfire New Pubco Inc.-27	*W EXP 01/24/202 · principal	1,443,995	$77K	Reduce -55.6%
NOEMW CO2 Energy Transition -28	*W EXP 08/17/202 · principal	590,000	$74K	New
FSHPR Flag Ship Acquisition Corp.	RIGHT 03/31/2026	457,948	$73K	No change
LPAAW Launch One Acquisition - 29	*W EXP 06/01/203 · principal	500,000	$73K	Reduce -6.1%
TAVIR Tavia Acquisition Corp.	RIGHT 11/26/2029	480,789	$72K	Add +6.0%
CUBWW Lionheart Holdings - WT	*W EXP 06/07/203 · principal	599,065	$72K	Reduce -30.3%
DTSQR DT Cloud Star Acquisition Co.	RIGHT 07/09/2029	450,000	$71K	No change
ATMVR Alphavest Acquisition Co.-RT	RIGHT 01/22/2026	317,710	$70K	Reduce -0.3%
HSPTR Horizon Space Acquisition II	RIGHT 03/30/2026	530,000	$69K	No change
SIMAW Sim Acquisition Corp. - 29	*W EXP 06/01/203 · principal	524,069	$68K	Reduce -14.1%
ESHAR Esh Acquisition Corp. - Right	RIGHT 06/13/2028	776,705	$66K	Add +10.4%
GBBKR Global Blockchain Acq - RTS	RIGHT 05/09/2027	779,395	$64K	No change
CPTWF Captivision Inc.-28	*W EXP 11/15/202 · principal	3,199,326	$64K	Reduce -8.6%
IPEXR Inflection Point Acquisition	RIGHT 99/99/9999	250,000	$60K	New
EQV VENTURES ACQUISITION	*W EXP 07/01/203 · principal	181,781	$60K	Reduce -41.4%
SHMDW Schmid Group NV -28	*W EXP 04/30/202 · principal	159,176	$59K	Reduce -17.3%
LEGT.WS Legato Merger Corp. III-29	*W EXP 05/08/203 · principal	298,350	$58K	Reduce -60.2%
SDSTW Global Partner Acq A -CW27	*W EXP 06/21/202 · principal	851,556	$57K	Reduce -23.9%
FVNNR Future Vision II Acquisi-RTS	RIGHT 06/29/2029	346,000	$55K	No change
AMBWQ Ambipar Emergency Respons-28	*W EXP 03/03/202 · principal	267,175	$53K	Reduce -0.5%
MACIW Melar Acquisition Corp. I -29	*W EXP 06/01/203 · principal	379,250	$51K	Reduce -48.9%
JACKSON ACQUISITION CO II	RIGHT 99/99/9999	200,000	$50K	No change
AAM.WS Aa Mission Acquisition -30	*W EXP 08/01/203 · principal	750,000	$50K	No change
COLAR Columbus Acquisition Corp.	RIGHT 99/99/9999	300,000	$48K	New
ASPCR A Spac III Acquisition Corp.	RIGHT 01/02/2026	335,000	$46K	New
BUJAW Bukit Jalil Global Acquis-28	*W EXP 12/30/202 · principal	743,946	$45K	Reduce -0.8%
KDKRW Ares Acquisition Corp. II-28	*W EXP 99/99/999 · principal	149,900	$43K	Reduce -80.0%
CNCKW Coincheck Group NV	*W EXP 12/11/202 · principal	61,989	$43K	Reduce -13.8%
ESLAW Tradeup Acquisition Corp.-CW	*W EXP 09/29/202 · principal	338,194	$41K	Reduce -18.8%
DRDBW Roman DBDR Acquisition -30	*W EXP 10/31/203 · principal	125,000	$39K	New
FLYX.WS Eg Acquisition Corp.-A -CW28	*W EXP 99/99/999 · principal	390,418	$39K	Reduce -5.7%
EMCRF Embrace Change Acq-Rights	RIGHT 10/25/2026	205,089	$39K	No change
RDZNW Vahanna Tech Edge -CW24	*W EXP 11/30/202 · principal	680,953	$38K	Reduce -36.1%
IBACR Ib Acquisition Corp.-RTS	RIGHT 09/28/2026	615,749	$37K	No change
EONR.WS HNR Acquisition Corp. -CW23	*W EXP 11/15/202 · principal	610,358	$37K	Reduce -45.3%
OAKUW Oak Woods Acquisition -28	*W EXP 99/99/999 · principal	873,357	$36K	Reduce -0.9%
FORLW Four Leaf Acquisition Cor-28	*W EXP 03/15/202 · principal	703,494	$35K	Reduce -6.2%
BOWNR Bowen Acquisition Corp.-RTS	RIGHT 99/99/9999	127,909	$33K	Reduce -63.4%
RANGR Range Capital Acquisition Co.	RIGHT 99/99/9999	186,099	$32K	Reduce -17.3%
OSRHW Bellevue Life Sciences-WRNT	*W EXP 02/09/202 · principal	774,767	$31K	New
KVAWF Keen Vision Acquisition C-28	*W EXP 03/15/202 · principal	907,900	$29K	No change
OPTXW Omnilit Acquisition Class A -23	*W EXP 99/99/999 · principal	572,395	$29K	Reduce -42.2%
FASWF Stonebridge Acquisition-CW23	*W EXP 04/02/202 · principal	949,230	$28K	Reduce -0.7%
PLMKW Plum Acquisition Corp. IV-30	*W EXP 08/19/202 · principal	149,519	$26K	New
BEAGR Bold Eagle Acquisition Corp.	RIGHT 10/11/2029	100,577	$25K	Reduce -49.7%
KFIIR K&F Growth Acquisition Corp.	RIGHT 08/29/2031	200,000	$24K	New
HSPRF Horizon Space Acquisition-RT	RIGHT 12/27/2024	160,000	$24K	No change
BSLKW Golden Arrow Merger A -CW26	*W EXP 08/13/202 · principal	779,091	$23K	Reduce -40.7%
HDRNW GIGCAPITAL7 Corp.-A - 29	*W EXP 08/29/202 · principal	250,000	$21K	Reduce -46.2%
DISTW Distoken Acquisition Corp.-28	*W EXP 11/30/202 · principal	750,000	$20K	No change
AERTW Aeries Technology Inc. -CW23	*W EXP 11/06/202 · principal	605,435	$18K	Reduce -1.4%
POLEW Andretti Acquisition Corp.-29	*W EXP 06/01/203 · principal	99,992	$18K	Reduce -63.8%
ABPWW Atlantic Coast Acq -CW23	*W EXP 11/12/202 · principal	575,168	$17K	Reduce -0.9%
UCFIW Iron Horse Acquisition Co.-29	*W EXP 09/30/203 · principal	585,208	$16K	Reduce -15.4%
ATMCW Alphatime Acquisition Cor-28	*W EXP 03/01/202 · principal	750,000	$16K	No change
DSYWW Big Tree Cloud Holdings -29	*W EXP 05/31/202 · principal	575,185	$13K	Reduce -29.3%
GRMLW Anew Medical Inc.	*W EXP 06/21/202 · principal	587,272	$12K	Reduce -29.5%
HSPWF Horizon Space Acquisition-28	*W EXP 12/27/202 · principal	640,101	$12K	Reduce -14.7%
NVNWF Nvni Group Ltd.-28	*W EXP 11/01/202 · principal	400,000	$11K	Reduce -54.3%
TDACW Translational Dev -A -CW26	*W EXP 12/18/202 · principal	68,296	$11K	New
ANGHW Anghami Inc. -CW27	*W EXP 02/03/202 · principal	771,853	$10K	Reduce -44.6%
SSTPW SYSTEM1 Inc.-CW	*W EXP 01/27/202 · principal	690,410	$10K	Reduce -6.3%
PITWF Heramba Electric PLC-28	*W EXP 07/26/202 · principal	737,089	$7K	No change
BSIIW Black Spade Acquisition -30	*W EXP 02/15/202 · principal	34,862	$7K	Add +34762.0%
GBBKW Global Blockchain Acq-CW27	*W EXP 05/09/202 · principal	185,631	$6K	Reduce -55.7%
BNAIW Brand Engagement Netwo -CW27	*W EXP 03/14/202 · principal	316,297	$6K	Reduce -46.5%
SVIWF Spring Valley Acquisition-Aw	*W EXP 02/25/202 · principal	2,665	$373	Reduce -99.5%
MKDWW MKD Tech Inc. -29	*W EXP 06/10/202 · principal	17,731	$255	Reduce -97.4%
OACCW Oaktree Acquisition III -31	*W EXP 09/01/203 · principal	100	$75	No change
CCIXW Churchill Capital Corp. I-29	*W EXP 03/31/203 · principal	100	$62	No change

Total filed on the 13F, all lines: $2.3B.

Portfolio Sells Q4 2024 → Q1 2025


SUM Summit Materials Inc. Class A	Sold out	0.00%	−5.46
HCP Hashicorp Inc. Class A	Sold out	0.00%	−4.89
MACI Melar Acquisition Corp. I-A	Sold out	0.00%	−2.14
LBRDK Liberty Broadband-C	Reduce -60.2%	1.94%	−1.87
LLYVK Liberty Media Corp.-Liberty-C	Reduce -60.9%	1.27%	−1.62
VCIC Vine Hill Capital Class A	Sold out	0.00%	−1.54
AAM Aa Mission Acquisition Cor-A	Sold out	0.00%	−1.30
TLRY Tilray Brands Inc.	Sold out	0.00%	−1.30
VACH Voyager Acquisition Corp.	Sold out	0.00%	−1.08
DYNC Dynamix Corp.	Sold out	0.00%	−0.84
CPRI Capri Holdings Ltd.	Sold out	0.00%	−0.75
CENTA Central Garden and Pet Co. Class A	Reduce -30.4%	2.52%	−0.73
SIMA Sim Acquisition Corp. I-A	Sold out	0.00%	−0.72
IMSR Terrestrial Energy Inc.	Sold out	0.00%	−0.72
HDRN Hadron Energy Inc.	Sold out	0.00%	−0.67
DTSQ DT Cloud Star Acquisition Co.	Sold out	0.00%	−0.65
OACC Oaktree Acquisition Corp. I-A	Sold out	0.00%	−0.64
PSTX Poseida Therapeutics Inc.	Sold out	0.00%	−0.55
CUB Lionheart Holdings Class A	Sold out	0.00%	−0.51
ASPCU A Spac III Acquisition Corp.	Sold out	0.00%	−0.48
PPLI People Inc.	Reduce -34.4%	1.71%	−0.47
CHEB Chenghe Acquisition II Co.	Sold out	0.00%	−0.43
APLD Applied Digital Corp.	Sold out	0.00%	−0.36
CHAR Charlton Aria Acquisiti Class A	Sold out	0.00%	−0.36
TAVI Tavia Acquisition Corp.	Sold out	0.00%	−0.36
FACT Fact II Acquisition Corp.	Sold out	0.00%	−0.35
CEP Cantor Equity Partners Inc.	Sold out	0.00%	−0.34
RANGU Range Capital Acquisition Co.	Sold out	0.00%	−0.32
RFAI RF Acquisition Corp. II	Sold out	0.00%	−0.29
CAPN Cayson Acquisition Corp.	Sold out	0.00%	−0.29
JACS.U Jackson Acquisition Co. II	Sold out	0.00%	−0.29
LPAA Launch One Acquisition Corp.	Sold out	0.00%	−0.29
BEAG Bold Eagle Acquisition Cor-A	Sold out	0.00%	−0.28
K Kellanova	Reduce -17.8%	4.07%	−0.25
EURK Eureka Acquisition Corp.	Sold out	0.00%	−0.24
FRNM Freenome Inc.	Sold out	0.00%	−0.22
IREN Iren Ltd.	Sold out	0.00%	−0.22
TDACU Translational Development Ac	Sold out	0.00%	−0.22
FVN Future Vision II Acquisition	Sold out	0.00%	−0.22
POLE Andretti Acquisition Corp. Class A	Sold out	0.00%	−0.21
BCAB Bioatla Inc.	Sold out	0.00%	−0.21
SBXDF Silverbox Corp. IV-A	Reduce -21.9%	1.64%	−0.21
RIVN Rivian Automotive Inc. Class A	Sold out	0.00%	−0.15
BSII Black Spade Acquisition II C	Sold out	0.00%	−0.14
HEI.A Heico Corp. Class A	Reduce -24.3%	3.65%	−0.13
SCWO 374WATER Inc.	Sold out	0.00%	−0.11
INO Inovio Pharmaceuticals Inc.	Sold out	0.00%	−0.08
CLSK Cleanspark Inc.	Sold out	0.00%	−0.07
AMED Amedisys Inc.	Reduce -13.9%	4.90%	−0.06
RZLV Rezolve AI PLC	Sold out	0.00%	−0.04

Portfolio Buys Q4 2024 → Q1 2025


IWM iShares Russell 2000 ETF	New	15.04%	+15.04
NBR Nabors Industries Ltd.	New	4.15%	+4.15
ITCI Intra-Cellular Therapies Inc.	New	3.02%	+3.02
CKPT Checkpoint Therapeutics Inc.	New	2.49%	+2.49
EVRI Everi Holdings Inc.	Add +24.7%	3.82%	+1.13
FYBR Frontier Communications Pare	Add +2.8%	6.44%	+1.04
BATRK Atlanta Braves Holdings in-C	Add +110.5%	1.48%	+0.88
RAC.U Rithm Acquisition Corp.	New	0.81%	+0.81
ITGR Integer Holdings Corp.	New	0.78%	+0.78
GATE Marblegate Acquisition Cor-A	New	0.71%	+0.71
SOLARBANK CORPORATION	New	0.56%	+0.56
SM SM Energy Co.	New	0.39%	+0.39
STHO Star Holdings	Add +32.8%	1.58%	+0.37
LLYVA Liberty Media Corp.-Liberty-A	Add +3.4%	1.71%	+0.25
UYSCU Uy Scuti Acquisition Corp.	New	0.25%	+0.25
IPEX Inflection Point Acquisition	New	0.24%	+0.24
GRRR Gorilla Technology Group Inc.	New	0.23%	+0.23
REEAF Ree Automotive Ltd. Class A	New	0.23%	+0.23
WDC Western Digital Corp.	New	0.18%	+0.18
LPA Logistic Properties of the A	New	0.16%	+0.16
LCII Lci Industries	New	0.08%	+0.08
ADSE ADS-Tec Energy PLC	New	0.07%	+0.07
ULYX Urgent.ly Inc.	New	0.05%	+0.05
ATIIU Archimedes Tech Spac Partner	New	0.04%	+0.04
PITEF Heramba Electric PLC	New	0.01%	+0.01
SATL Satellogic Inc. Class A	New	0.00%	+0.00
MRNO Murano Global Investments PL	New	0.00%	+0.00
LZM Lifezone Metals Ltd.	New	0.00%	+0.00
VFS Vinfast Auto Ltd.	New	0.00%	+0.00
HYPR Hyperfine Inc.	New	0.00%	0.00
SLND Southland Holdings Inc.	New	0.00%	0.00
MDAI Spectral AI Inc.	New	0.00%	0.00
STARDUST PWR INC	New	0.00%	0.00
HPAI Helport AI Ltd.	Add +5.7%	0.03%	0.00
MLKMF Waldencast PLC-A	New	0.00%	0.00
ALPHA MODUS HLDGS INC	Add +50.0%	0.02%	−0.01
BDMD Baird Medical Investment Hol	Add +11.1%	0.10%	−0.02
OKUR Onkure Therapeutics Inc. Class A	Add +9.8%	0.30%	−0.19

Options Activity Q4 2024 → Q1 2025


ISHARES TR	put	New	1,000,000	$199.5M
AMERICAN AIRLINES GROUP INC	put	Sold out	3,493,900	$60.9Mbefore exit
NIO INC	put	New	575,000	$2.2M
INTRA-CELLULAR THERAPIES INC	put	New	9,700	$1.3M
INDIE SEMICONDUCTOR INC	put	Sold out	100,000	$405Kbefore exit
GORILLA TECHNOLOGY GROUP INC	call	New	6,200	$184K
DRAGONFLY ENERGY HOLDINGS CO	call	Sold out	2,880	$8Kbefore exit
VERTICAL AEROSPACE LTD	call	Sold out	10	$126before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Reduce -2.8%	137,500,000	$134.7M
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	Reduce -8.2%	90,000,000	$91.2M
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	Reduce -7.5%	74,000,000	$85.5M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	Add +22.1%	83,000,000	$82.6M
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	Add +114.2%	53,447,000	$67.5M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	New	50,187,000	$60.2M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +12.5%	45,000,000	$57.4M
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	New	47,500,000	$56.5M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Add +40.0%	52,500,000	$55.8M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +32.8%	49,794,000	$53.9M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Sold out	39,500,000	$53.4Mbefore exit
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	Add +83.7%	45,000,000	$52.9M
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	Add +37.2%	54,246,000	$52.5M
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	Add +58.5%	37,753,000	$50.2M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	Reduce -33.9%	48,831,000	$48.8M
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	Sold out	45,450,000	$46.7Mbefore exit
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	Reduce -33.3%	40,000,000	$44.9M
OXY.WS Occidental Petroleum-CW27	*W EXP 08/03/202 · principal	Sold out	1,558,530	$42.9Mbefore exit
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	Reduce -5.6%	38,000,000	$40.7M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	Add +281.3%	30,500,000	$40.1M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	New	32,302,000	$39.3M
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	New	39,000,000	$38.4M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -23.9%	35,000,000	$36.0M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Reduce -33.9%	38,000,000	$35.4M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Sold out	34,500,000	$35.3Mbefore exit
CHEGG INC (CHGG 0.125 03/15/25)	NOTE 0.125% 3/1 · principal	Sold out	36,100,000	$35.0Mbefore exit
LCI INDUSTRIES (LCII 1.125 05/15/26)	NOTE 1.125% 5/1 · principal	Sold out	35,000,000	$34.5Mbefore exit
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	Reduce -15.8%	450,016	$29.8M
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	Add +23.5%	38,403,000	$27.7M
NIO INC (NIO 3.875 10/15/29)	NOTE 3.875%10/1 · principal	Reduce -9.8%	36,000,000	$27.0M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	New	530,267	$26.1M
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	Reduce -10.8%	28,817,000	$24.9M
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	Sold out	470,041	$23.4Mbefore exit
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	New	23,000,000	$22.7M
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	Reduce -56.3%	15,500,000	$22.6M
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	Sold out	8,700,000	$17.8Mbefore exit
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	New	21,250,000	$17.8M
GRND.WS Grindr Inc. -26	*W EXP 11/18/202 · principal	Sold out	2,619,423	$17.7Mbefore exit
PEABODY ENERGY CORP (BTU 3.25 03/01/28)	NOTE 3.250% 3/0 · principal	Sold out	12,300,000	$16.4Mbefore exit
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	Sold out	16,000,000	$15.6Mbefore exit
GREEN PLAINS INC (GPRE 2.25 03/15/27)	NOTE 2.250% 3/1 · principal	Reduce -48.6%	18,500,000	$15.3M
NIO INC (NIO 0.5 02/01/27)	NOTE 0.500% 2/0 · principal	Sold out	15,000,000	$14.5Mbefore exit
CUTERA INC (CUTR 2.25 03/15/26)	NOTE 2.250% 3/1 · principal	Sold out	32,685,000	$13.4Mbefore exit
GUESS INC (GES 3.75 04/15/28)	NOTE 3.750% 4/1 · principal	Reduce -74.6%	13,700,000	$12.7M
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	Sold out	250,100	$11.4Mbefore exit
FUBOTV INC (FUBO 3.25 02/15/26)	NOTE 3.250% 2/1 · principal	Reduce -25.9%	10,000,000	$9.8M
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30)	NOTE 7.250% 8/1 · principal	Add +1.9%	10,700,000	$9.7M
MIDDLEBY CORP (MIDD 1 09/01/25)	NOTE 1.000% 9/0 · principal	Sold out	7,500,000	$8.7Mbefore exit
THE REALREAL INC (REAL 4 02/15/31)	DEBT 4.000% 2/1 · principal	New	7,971,000	$7.1M
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30)	DEBT 11.500% 1/1 · principal	Reduce -21.1%	15,000,000	$7.0M

Showing the first 50 of 211.

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	219	$1.5B	EA, SBET, LLYVK, KVUE, WBD
Q1 2026	169	$1.0B	EA, HOLX, WIX, CWAN, NVRI
Q4 2025	106	$1.3B	EA, ELME, CYBR, FOX, FYBR
Q3 2025	77	$698.0M	HYG, VRNA, FYBR, TXNM, FOX
Q2 2025	77	$642.4M	HES, ALE, HEI.A, FYBR, FWONA
Q1 2025	59	$620.9M	IWM, HES, ALE, FYBR, AMED
Q4 2024	79	$697.9M	HES, ALE, SUM, FYBR, AMED
Q3 2024	57	$574.7M	LBRDK, HES, HEI.A, LLYVK, AMED
Q2 2024	48	$378.9M	LBRDK, HES, LLYVK, AMED, NVEI
Q1 2024	33	$333.9M	LBRDK, PXD, LLYVK, HES, NEE