Jones Road Capital Management, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Jones Road Capital Management, L.P. reported 11 stock positions worth $51.1 million. Its top holding was Meta Platforms Class A (META) at 31.9% of the portfolio, followed by Oracle (ORCL, 25.1%) and Ati (ATI, 16.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 8, added to 1 and reduced 8. The biggest buy was Vistance Networks (VISN, shares +1%) and the biggest sale an exit from Invesco Senior Loan ETF (BKLN).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001842361
Portfolio Value
$51.1M (Q2 2025)
SEC Filing
0001842361-25-000006 ↗ filed Aug 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 Q4 2024 Q1 2025: $83.1M Q1 2025 Q2 2025: $51.1M $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 11 stocks · $51.1M
META Meta Platforms Inc. Class A 31.93% 22,100 $16.3M Reduce -19.1%
ORCL Oracle Corp. 25.12% 58,700 $12.8M Reduce -19.1%
ATI Ati Inc. 16.88% 99,877 $8.6M Reduce -9.1%
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 9.92% 612,200 $5.1M Add +0.9%
AVB Avalonbay Communities Inc. 4.38% 11,000 $2.2M Reduce -19.1%
BHR Braemar Hotels & Resorts Inc. 4.30% 895,760 $2.2M Reduce -7.9%
MSFT Microsoft Corp. 3.02% 3,100 $1.5M Reduce -22.5%
BA The Boeing Co. 2.09% 5,100 $1.1M Reduce -19.1%
AAL American Airlines Group Inc. 1.10% 50,000 $561K New
CYH Community Health Systems Inc. 0.77% 115,400 $392K Reduce -59.6%
NFE New Fortress Energy Inc. 0.48% 73,700 $245K New

Options reported separately and not counted above: MSFT calls ($29.8M), ORCL calls ($17.5M), HYG puts ($16.1M), ORCL puts ($15.3M), GOOG calls ($14.2M), SMH calls ($13.9M), ATI puts ($9.5M), ATI calls ($9.5M), LMT calls ($4.6M), TJX puts ($3.1M).

Other holdings (5): bonds, preferreds, convertibles and warrants · $51.6M (not counted above)
SecurityClassShares / PrincipalValueChange
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 17,400,000$19.8MNo change
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 12,000,000$12.1MNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 11,195,000$11.9MReduce -25.4%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 5,000,000$5.0MNo change
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 42,700$2.9MReduce -19.3%

Total filed on the 13F, all lines: $102.7M.

Portfolio Sells Q1 2025 → Q2 2025
BKLN Invesco Senior Loan ETF Sold out 0.00% −12.58
LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −11.47
ADX Adams Diversified Equity Sold out 0.00% −9.57
XGDVX Gabelli Dividend & Income TR Sold out 0.00% −6.85
FCT First Trust SNR FL RT Inc. II Sold out 0.00% −4.86
HPE Hewlett Packard Enterprise Sold out 0.00% −1.11
JFR Nuveen Floating Rate Income Sold out 0.00% −0.66
NPFD Nuveen Var RT Pref & Inc. Sold out 0.00% −0.53
CYH Community Health Systems Inc. Reduce -59.6% 0.77% −0.16
BA The Boeing Co. Reduce -19.1% 2.09% +0.80
AVB Avalonbay Communities Inc. Reduce -19.1% 4.38% +0.87
MSFT Microsoft Corp. Reduce -22.5% 3.02% +1.21
BHR Braemar Hotels & Resorts Inc. Reduce -7.9% 4.30% +1.38
ATI Ati Inc. Reduce -9.1% 16.88% +10.00
ORCL Oracle Corp. Reduce -19.1% 25.12% +12.91
META Meta Platforms Inc. Class A Reduce -19.1% 31.93% +13.00

Portfolio Buys Q1 2025 → Q2 2025
VISN Vistance Networks Inc. Add +0.9% 9.92% +6.05
AAL American Airlines Group Inc. New 1.10% +1.10
NFE New Fortress Energy Inc. New 0.48% +0.48

Options Activity Q1 2025 → Q2 2025
MSFT Microsoft Corp. call New 60,000 $29.8M
ORCL Oracle Corp. call New 80,000 $17.5M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -20.0% 200,000 $16.1M
ORCL Oracle Corp. put New 70,000 $15.3M
GOOG Alphabet Inc. Class C call New 80,000 $14.2M
SMH Vaneck Semiconductor ETF call New 50,000 $13.9M
ATI Ati Inc. put New 110,000 $9.5M
ATI Ati Inc. call New 110,000 $9.5M
LMT Lockheed Martin Corp. call New 10,000 $4.6M
TJX TJX Companies Inc. put New 25,000 $3.1M

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

Notes & Other Activity Q1 2025 → Q2 2025
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -25.4% 11,195,000 $11.9M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -19.3% 42,700 $2.9M
ALURW Allurion Technologies-28 *W EXP 08/01/203 Sold out 44,393 $143Kbefore exit
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal Sold out 100,000 $137Kbefore exit
UNITED HOMES GROUP INC *W EXP 03/30/202 Sold out 2,500 $7Kbefore exit

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