Jones Road Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Jones Road Capital Management, L.P. reported 11 stock positions worth $45.7 million. Its top holding was Meta Platforms Class A (META) at 31.3% of the portfolio, followed by Oracle (ORCL, 26.4%) and Ati (ATI, 14.7%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 8. The biggest buy was American Airlines (AAL, shares +32%) and the biggest sale an exit from Braemar Hotels & Resorts (BHR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001842361
Portfolio Value
$45.7M (Q3 2025)
SEC Filing
0001842361-25-000007 ↗ filed Nov 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 Q2 2025 Q3 2025: $45.7M $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 · $45.7M
META Meta Platforms Inc. Class A 31.33% 19,500 $14.3M Reduce -11.8%
ORCL Oracle Corp. 26.39% 42,900 $12.1M Reduce -26.9%
ATI Ati Inc. 14.71% 82,700 $6.7M Reduce -17.2%
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 14.69% 433,900 $6.7M Reduce -29.1%
AVB Avalonbay Communities Inc. 4.10% 9,700 $1.9M Reduce -11.8%
MSFT Microsoft Corp. 3.29% 2,900 $1.5M Reduce -6.5%
BA The Boeing Co. 2.12% 4,500 $971K Reduce -11.8%
AAL American Airlines Group Inc. 1.63% 66,200 $744K Add +32.4%
CYH Community Health Systems Inc. 0.72% 102,400 $329K Reduce -11.3%
NFE New Fortress Energy Inc. 0.53% 109,700 $242K Add +48.9%
DUK Duke Energy Corp. 0.49% 1,800 $223K New

Options reported separately and not counted above: MSFT calls ($62.2M), FXI calls ($6.2M), ORCL puts ($6.0M).

Other holdings (5): bonds, preferreds, convertibles and warrants · $48.9M (not counted above)
SecurityClassShares / PrincipalValueChange
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 14,919,000$17.7MReduce -14.3%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 7,732,000$14.2MNew
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 9,879,000$10.6MReduce -11.8%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 3,730,000$3.8MReduce -25.4%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 37,700$2.6MReduce -11.7%

Total filed on the 13F, all lines: $94.6M.

Portfolio Sells Q2 2025 → Q3 2025
BHR Braemar Hotels & Resorts Inc. Sold out 0.00% −4.30
ATI Ati Inc. Reduce -17.2% 14.71% −2.17
META Meta Platforms Inc. Class A Reduce -11.8% 31.33% −0.61
AVB Avalonbay Communities Inc. Reduce -11.8% 4.10% −0.28
CYH Community Health Systems Inc. Reduce -11.3% 0.72% −0.05
BA The Boeing Co. Reduce -11.8% 2.12% +0.03
MSFT Microsoft Corp. Reduce -6.5% 3.29% +0.27
ORCL Oracle Corp. Reduce -26.9% 26.39% +1.27
VISN Vistance Networks Inc. Reduce -29.1% 14.69% +4.77

Portfolio Buys Q2 2025 → Q3 2025
AAL American Airlines Group Inc. Add +32.4% 1.63% +0.53
DUK Duke Energy Corp. New 0.49% +0.49
NFE New Fortress Energy Inc. Add +48.9% 0.53% +0.05

Options Activity Q2 2025 → Q3 2025
MSFT Microsoft Corp. call Add +100.0% 120,000 $62.2M
ORCL Oracle Corp. call Sold out 80,000 $17.5Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 200,000 $16.1Mbefore exit
GOOG Alphabet Inc. Class C call Sold out 80,000 $14.2Mbefore exit
SMH Vaneck Semiconductor ETF call Sold out 50,000 $13.9Mbefore exit
ATI Ati Inc. call Sold out 110,000 $9.5Mbefore exit
ATI Ati Inc. put Sold out 110,000 $9.5Mbefore exit
FXI iShares China Large-Cap ETF call New 150,000 $6.2M
ORCL Oracle Corp. put Reduce -69.3% 21,500 $6.0M
LMT Lockheed Martin Corp. call Sold out 10,000 $4.6Mbefore exit
TJX TJX Companies Inc. put Sold out 25,000 $3.1Mbefore exit

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

Notes & Other Activity Q2 2025 → Q3 2025
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Reduce -14.3% 14,919,000 $17.7M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 7,732,000 $14.2M
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal Sold out 12,000,000 $12.1Mbefore exit
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -11.8% 9,879,000 $10.6M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -25.4% 3,730,000 $3.8M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -11.7% 37,700 $2.6M

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