Jones Road Capital Management, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Jones Road Capital Management, L.P. reported 17 stock positions worth $83.1 million . Its top holding was Meta Platforms Class A (META) at 18.9% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 12.6% ) and Oracle (ORCL, 12.2% ). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 9 and reduced 7. The biggest buy was Oracle (ORCL, shares +30% ) and the biggest sale Hewlett Packard Enterprise (HPE, shares −88% ).
Location NEW YORK, NY
CIK 0001842361
Portfolio Value $83.1M (Q1 2025) Holdings 17 stocks · $83.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 META Meta Platforms Inc. Class A 27,300 $15.7M Reduce -21.5% BKLN Invesco Senior Loan ETF 505,000 $10.5M Reduce -7.7% ORCL Oracle Corp. 72,600 $10.2M Add +29.9% LQD Ishr Ibx Usd Invgd CB ETF-Ui 87,700 $9.5M Reduce -7.8% ADX Adams Diversified Equity 419,000 $8.0M Add +13.2% ATI Ati Inc. 109,877 $5.7M Reduce -29.3% XGDVX Gabelli Dividend & Income TR 236,000 $5.7M Add +18.0% FCT First Trust SNR FL RT Inc. II 398,000 $4.0M Reduce -7.6% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 607,000 $3.2M Add +61.9% AVB Avalonbay Communities Inc. 13,600 $2.9M Add +12.8% BHR Braemar Hotels & Resorts Inc. 973,000 $2.4M Reduce -16.4% MSFT Microsoft Corp. 4,000 $1.5M New BA The Boeing Co. 6,300 $1.1M Add +5.0% HPE Hewlett Packard Enterprise 60,000 $926K Reduce -88.2% CYH Community Health Systems Inc. 286,000 $772K Add +73.6% JFR Nuveen Floating Rate Income 65,227 $552K Add +199.2% NPFD Nuveen Var RT Pref & Inc. 23,600 $443K Add +20.2%
Options reported separately and not counted above: HYG puts ($19.7M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $57.3M (not counted above) Security Class Shares / Principal Value Change NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 17,400,000 $20.1M New DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 15,000,000 $16.3M No change FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 12,000,000 $12.2M No change PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 5,000,000 $5.3M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 52,900 $3.2M Add +38.5% ALURW Allurion Technologies-28 *W EXP 08/01/203 44,393 $143K No change SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal 100,000 $137K No change UNITED HOMES GROUP INC *W EXP 03/30/202 2,500 $7K No change
Total filed on the 13F, all lines: $140.4M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ HPE Hewlett Packard Enterprise Reduce -88.2% 1.11% −8.93 GLW Corning Inc. Sold out 0.00% −6.56 BAX Baxter International Inc. Sold out 0.00% −1.64 BSL Blackstone SNR Fltng RT Sold out 0.00% −1.07 ATI Ati Inc. Reduce -29.3% 6.88% −1.01 BGB Blackstone Strategic Credit Sold out 0.00% −0.45 BHR Braemar Hotels & Resorts Inc. Reduce -16.4% 2.92% −0.30 ROIV Roivant Sciences Ltd. Sold out 0.00% −0.11 META Meta Platforms Inc. Class A Reduce -21.5% 18.93% +0.15 FCT First Trust SNR FL RT Inc. II Reduce -7.6% 4.86% +0.74 BKLN Invesco Senior Loan ETF Reduce -7.7% 12.58% +1.95 LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -7.8% 11.47% +2.09
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ ORCL Oracle Corp. Add +29.9% 12.21% +3.63 ADX Adams Diversified Equity Add +13.2% 9.57% +2.68 XGDVX Gabelli Dividend & Income TR Add +18.0% 6.85% +2.40 VISN Vistance Networks Inc. Add +61.9% 3.88% +2.08 MSFT Microsoft Corp. New 1.81% +1.81 AVB Avalonbay Communities Inc. Add +12.8% 3.51% +1.07 JFR Nuveen Floating Rate Income Add +199.2% 0.66% +0.49 CYH Community Health Systems Inc. Add +73.6% 0.93% +0.47 BA The Boeing Co. Add +5.0% 1.29% +0.31 NPFD Nuveen Var RT Pref & Inc. Add +20.2% 0.53% +0.20
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 250,000 $19.7M MU Micron Technology Inc. call Sold out 200,000 $16.8Mbefore exit ORCL Oracle Corp. call Sold out 100,000 $16.7Mbefore exit ETN Eaton Corp. PLC call Sold out 40,000 $13.3Mbefore exit SPR Spirit Aerosystems Hold Class A call Sold out 200,000 $6.8Mbefore exit HPE Hewlett Packard Enterprise put Sold out 160,000 $3.4Mbefore exit PCG P G & E Corp. call Sold out 100,000 $2.0Mbefore exit MP MP Materials Corp. call Sold out 100,000 $1.6Mbefore 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 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 14 $9.3M META, CRS, FE, ATI, ORCL Q1 2026 9 $23.4M CRS, META, ORCL, ATI, AVB Q4 2025 9 $34.0M META, ORCL, CRS, ATI, AVB Q3 2025 11 $45.7M META, ORCL, ATI, VISN, AVB Q2 2025 11 $51.1M META, ORCL, ATI, VISN, AVB Q1 2025 17 $83.1M META, BKLN, ORCL, LQD, ADX Q4 2024 21 $108.4M META, BKLN, HPE, LQD, ORCL Q3 2024 19 $98.6M META, LQD, ORCL, BKLN, ATI Q2 2024 20 $94.2M META, LQD, BKLN, THC, ORCL Q1 2024 21 $96.5M META, LQD, BKLN, SPR, ORCL