Jones Road Capital Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Jones Road Capital Management, L.P. reported 21 stock positions worth $108.4 million. Its top holding was Meta Platforms Class A (META) at 18.8% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 10.6%) and Hewlett Packard Enterprise (HPE, 10.0%). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 3 and reduced 5. The biggest buy was a new position in Hewlett Packard Enterprise (HPE) and the biggest sale Meta Platforms Class A (META, shares −7%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001842361
Portfolio Value
$108.4M (Q4 2024)
SEC Filing
0001842361-25-000002 ↗ filed Feb 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $96.5M Q1 2024 Q2 2024: $94.2M Q2 2024 Q3 2024: $98.6M Q3 2024 Q4 2024: $108.4M $108.4M Q4 2024 Q1 2025: $83.1M Q1 2025 Q2 2025: $51.1M Q2 2025 Q3 2025: $45.7M Q3 2025 Q4 2025: $34.0M Q4 2025 Q1 2026: $23.4M Q1 2026 Q2 2026: $9.3M Q2 2026

Holdings 21 stocks · $108.4M
META Meta Platforms Inc. Class A 18.78% 34,780 $20.4M Reduce -7.5%
BKLN Invesco Senior Loan ETF 10.63% 547,152 $11.5M Add +22.4%
HPE Hewlett Packard Enterprise 10.04% 510,000 $10.9M New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 9.38% 95,173 $10.2M No change
ORCL Oracle Corp. 8.59% 55,890 $9.3M Reduce -7.6%
ATI Ati Inc. 7.88% 155,345 $8.6M Add +19.2%
ADX Adams Diversified Equity 6.89% 370,120 $7.5M Reduce -1.3%
GLW Corning Inc. 6.56% 149,737 $7.1M No change
XGDVX Gabelli Dividend & Income TR 4.45% 200,000 $4.8M New
FCT First Trust SNR FL RT Inc. II 4.11% 430,933 $4.5M No change
BHR Braemar Hotels & Resorts Inc. 3.22% 1,163,744 $3.5M Reduce -5.3%
AVB Avalonbay Communities Inc. 2.45% 12,061 $2.7M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.80% 375,000 $2.0M Add +25.0%
BAX Baxter International Inc. 1.64% 61,109 $1.8M No change
BSL Blackstone SNR Fltng RT 1.07% 80,903 $1.2M Reduce -37.5%
BA The Boeing Co. 0.98% 6,000 $1.1M New
CYH Community Health Systems Inc. 0.45% 164,732 $493K No change
BGB Blackstone Strategic Credit 0.45% 39,751 $486K No change
NPFD Nuveen Var RT Pref & Inc. 0.33% 19,639 $358K No change
JFR Nuveen Floating Rate Income 0.18% 21,804 $194K No change
ROIV Roivant Sciences Ltd. 0.11% 10,000 $118K New

Options reported separately and not counted above: MU calls ($16.8M), ORCL calls ($16.7M), ETN calls ($13.3M), SPR calls ($6.8M), HPE puts ($3.4M), PCG calls ($2.0M), MP calls ($1.6M).

Other holdings (8): bonds, preferreds, convertibles and warrants · $36.9M (not counted above)
SecurityClassShares / PrincipalValueChange
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 15,000,000$15.4MAdd +25.0%
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 12,000,000$12.1MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 5,000,000$5.4MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 38,200$2.3MNew
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal 1,000,000$920KNo change
ALURW Allurion Technologies-28 *W EXP 08/01/203 44,393$477KNo change
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal 100,000$136KNew
UNITED HOMES GROUP INC *W EXP 03/30/202 2,500$11KNo change

Total filed on the 13F, all lines: $145.3M.

Portfolio Sells Q3 2024 → Q4 2024
META Meta Platforms Inc. Class A Reduce -7.5% 18.78% −3.05
MGM MGM Resorts International Sold out 0.00% −2.76
ORCL Oracle Corp. Reduce -7.6% 8.59% −1.87
ACI Albertsons Cos Inc. Class A Sold out 0.00% −1.32
ADX Adams Diversified Equity Reduce -1.3% 6.89% −1.31
BSL Blackstone SNR Fltng RT Reduce -37.5% 1.07% −0.78
BHR Braemar Hotels & Resorts Inc. Reduce -5.3% 3.22% −0.63

Portfolio Buys Q3 2024 → Q4 2024
HPE Hewlett Packard Enterprise New 10.04% +10.04
XGDVX Gabelli Dividend & Income TR New 4.45% +4.45
BKLN Invesco Senior Loan ETF Add +22.4% 10.63% +1.10
BA The Boeing Co. New 0.98% +0.98
ROIV Roivant Sciences Ltd. New 0.11% +0.11
VISN Vistance Networks Inc. Add +25.0% 1.80% −0.06
ATI Ati Inc. Add +19.2% 7.88% −0.96

Options Activity Q3 2024 → Q4 2024
MSFT Microsoft Corp. call Sold out 200,000 $86.1Mbefore exit
GEV GE Vernova Inc. put Sold out 100,000 $25.5Mbefore exit
PDD PDD Holdings Inc. call Sold out 125,000 $16.9Mbefore exit
MU Micron Technology Inc. call New 200,000 $16.8M
ETN Eaton Corp. PLC call New 40,000 $13.3M
NEE Nextera Energy Inc. call Sold out 150,000 $12.7Mbefore exit
FE Firstenergy Corp. call Sold out 200,000 $8.9Mbefore exit
HPE Hewlett Packard Enterprise call Sold out 350,000 $7.2Mbefore exit
GLW Corning Inc. put Sold out 150,000 $6.8Mbefore exit
ASHR Xtrackers Harvest Csi 300 CH call Sold out 200,000 $5.7Mbefore exit
HPE Hewlett Packard Enterprise put New 160,000 $3.4M
PCG P G & E Corp. call New 100,000 $2.0M

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

Notes & Other Activity Q3 2024 → Q4 2024
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Add +25.0% 15,000,000 $15.4M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 5,000,000 $5.4M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 38,200 $2.3M
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal New 100,000 $136K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$9.3MMETA, CRS, FE, ATI, ORCL
Q1 2026 9$23.4MCRS, META, ORCL, ATI, AVB
Q4 2025 9$34.0MMETA, ORCL, CRS, ATI, AVB
Q3 2025 11$45.7MMETA, ORCL, ATI, VISN, AVB
Q2 2025 11$51.1MMETA, ORCL, ATI, VISN, AVB
Q1 2025 17$83.1MMETA, BKLN, ORCL, LQD, ADX
Q4 2024 21$108.4MMETA, BKLN, HPE, LQD, ORCL
Q3 2024 19$98.6MMETA, LQD, ORCL, BKLN, ATI
Q2 2024 20$94.2MMETA, LQD, BKLN, THC, ORCL
Q1 2024 21$96.5MMETA, LQD, BKLN, SPR, ORCL