K2 Principal Fund, L.P.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), K2 Principal Fund, L.P. reported 124 stock positions worth $194.9 million. Its top holding was Ars Pharmaceuticals (SPRY) at 11.6% of the portfolio, followed by iShares Gold Trust (IAU, 5.4%) and iShares Bitcoin Trust ETF (IBIT, 4.2%). Compared with Q4 2023, it opened 84 new positions, sold out of 54, added to 20 and reduced 19. The biggest buy was iShares Gold Trust (IAU, shares +479%) and the biggest sale Mr Cooper (COOP, shares −68%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001461790
Portfolio Value
$194.9M (Q1 2024)
SEC Filing
0001461790-24-000010 ↗ filed May 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $194.9M $194.9M Q1 2024 Q2 2024: $188.6M Q2 2024 Q3 2024: $199.3M Q3 2024 Q4 2024: $202.7M Q4 2024 Q1 2025: $176.1M Q1 2025 Q2 2025: $230.9M Q2 2025 Q3 2025: $278.7M Q3 2025 Q4 2025: $265.7M Q4 2025 Q1 2026: $328.1M Q1 2026 Q2 2026: $384.8M Q2 2026

Holdings 124 stocks · $194.9M
SPRY Ars Pharmaceuticals Inc. 11.63% 2,219,131 $22.7M Reduce -27.3%
IAU iShares Gold Trust 5.39% 250,000 $10.5M Add +478.7%
IBIT iShares Bitcoin Trust ETF 4.15% 200,000 $8.1M New
COOP Mr Cooper Group Inc. 3.62% 90,473 $7.1M Reduce -67.6%
PXD Pioneer Natural Resources Co. 3.25% 24,138 $6.3M Add +81.2%
INTC Intel Corp. 2.49% 110,000 $4.9M Add +266.7%
SRG Seritage Growth Prop- A 2.47% 498,605 $4.8M Reduce -7.8%
ACI Albertsons Cos Inc. Class A 2.45% 222,700 $4.8M Add +17.2%
BITO Proshares Bitcoin ETF-Usd 2.16% 130,128 $4.2M New
TFPM Triple Flag Precious Met 1.82% 181,737 $3.6M Add +33.5%
BBU Brookfield Business PT-Unit 1.77% 156,353 $3.5M Add +58.3%
GRAB Grab Holdings Ltd. Class A 1.62% 1,004,373 $3.2M Reduce -4.7%
HES Hess Corp. 1.58% 20,149 $3.1M Add +11.0%
ERF Enerplus Corp. 1.56% 155,105 $3.0M New
SWN Southwestern Energy Co. 1.47% 378,401 $2.9M New
VST Vistra Corp. 1.44% 40,355 $2.8M New
MGRC McGrath Rentcorp 1.35% 21,311 $2.6M New
NLOP Net Lease Office Property 1.33% 109,205 $2.6M New
CVII Churchill Capital Corp. Vii-A 1.30% 236,940 $2.5M New
TFII Tfi International Inc. 1.28% 15,682 $2.5M New
STLD Steel Dynamics Inc. 1.19% 15,600 $2.3M New
EAGLE BULK SHIPPING INC 1.16% 36,206 $2.3M New
ZEO Zeo Energy Corp. 1.16% 395,293 $2.3M New
FNVTF Finnovate Acquisition Corp. Class A 1.15% 200,000 $2.2M New
GAQ Generation Asia I Acquisit-A 1.13% 200,000 $2.2M New
CMCAF Piermont Valley Acquisition filed as CAPITALWORKS EMNG MKTS ACQST 1.10% 195,320 $2.1M New
MCAA Mountain & Co. I Acquisition 1.06% 180,680 $2.1M Add +82.8%
AIV Apartment Invt & Mgmt Co. Class A 1.06% 253,284 $2.1M Reduce -50.7%
XME SS SPDR S&P Metals Mining 1.06% 34,250 $2.1M New
TGAAF Target Global Acquisition -A 1.01% 177,098 $2.0M New
AVGO Broadcom Inc. 0.99% 1,450 $1.9M New
TXNM TXNM Energy Inc. filed as PNM RES INC 0.97% 50,021 $1.9M Reduce -37.5%
MLM Martin Marietta Materials 0.94% 3,000 $1.8M New
VMCAF Valuence Merger Corp. I Class A 0.86% 147,549 $1.7M New
FNV Franco-Nevada Corp. 0.85% 13,900 $1.7M Add +82.9%
IVCAF Libity filed as INVESTCORP INDIA ACQUISTN CO 0.79% 138,336 $1.5M Reduce -30.8%
IBACU Ib Acquisition Corp. 0.77% 150,000 $1.5M New
PAR Par Technology Corp. 0.76% 32,764 $1.5M New
AQUC Aquaron Acquisition Corp. 0.73% 132,209 $1.4M New
CURR Currenc Group Inc. filed as INFINT ACQUISITION CORP 0.71% 120,936 $1.4M New
DHI D.R. Horton Inc. 0.71% 8,400 $1.4M Reduce -47.8%
PHM Pultegroup Inc. 0.68% 11,000 $1.3M New
PLTN Plutonian Acquisition Corp. 0.68% 123,655 $1.3M Add +41.1%
CPE Callon Petroleum Co. 0.65% 35,428 $1.3M New
HUDA Hudson Acquisition I Corp. 0.64% 117,027 $1.2M New
IGTA Inception Growth Acquisition 0.59% 106,686 $1.2M New
TMTC TMT Acquisition Corp. Class A 0.59% 108,285 $1.2M New
MRVL Marvell Technology Inc. 0.58% 16,000 $1.1M New
FRLA Fortune Rise Acquisition Cor 0.57% 99,999 $1.1M Add +266.8%
AIEV Thunder Power Holdings Inc. filed as FEUTUNE LIGHT ACQUISITION CO 0.56% 100,624 $1.1M New
NPAB New Providence Acquisition-A 0.55% 99,915 $1.1M New
ETRN Equitrans Midstream Corp. 0.55% 85,566 $1.1M New
DPCS DP Cap Acquisition Corp. Class A 0.54% 96,746 $1.1M New
GODN Golden Star Acquisition Corp. 0.54% 99,545 $1.1M New
RCL Royal Caribbean Cruises Ltd. 0.54% 7,570 $1.1M Reduce -49.5%
VCXB 10X Capital Venture Acquis-A 0.53% 95,380 $1.0M New
CETU Cetus Capital Acquisition Co. 0.52% 95,850 $1.0M New
LEGT.U Legato Merger Corp. III 0.52% 100,000 $1.0M New
JNPR Juniper Networks Inc. 0.50% 26,400 $978K New
GRYPHON DIGITAL MNG INC 0.50% 651,367 $971K New
AIRJ Airjoule Technologies Corp. filed as MONTANA TECHNOLOGIES CORP 0.49% 83,963 $948K New
MKSI MKS Inc. filed as MKS INSTRS INC 0.48% 7,100 $944K New
XFIN Excelfin Acquisition Corp. Class A 0.47% 83,988 $918K Add +63.1%
UHAL.B U-Haul Holding Co.-Non Voting 0.47% 13,733 $916K Add +55.5%
FEXD Fintech Ecosystem Developm-A 0.47% 83,137 $915K New
PRLH Pearl Holdings Acquisition-A 0.45% 81,620 $881K Reduce -18.4%
BWAQ Blue World Acquisition Corp. 0.43% 75,000 $839K New
KGC Kinross Gold Corp. 0.42% 134,559 $825K Add +114.6%
HSPOF Horizon Space Acquisition I 0.42% 75,000 $816K New
AOGO Arogo Capital Acquisition -A 0.40% 73,291 $788K New
PMCB Pharmacyte Biotech Inc. 0.40% 327,503 $776K Add +7.5%
AFAR Aura Fat Projects Acqui Class A 0.39% 68,719 $761K New
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.38% 11,369 $743K New
BLUAF Blueriver Acquisition Corp. Class A 0.37% 65,911 $715K New
LEN Lennar Corp. Class A 0.35% 4,000 $688K Reduce -54.3%
IREN Iren Ltd. filed as IRIS ENERGY LTD 0.35% 125,000 $675K New
QDRO Quadro Acquisition One Corp. 0.32% 57,525 $631K New
M Macy's Inc. 0.32% 31,027 $620K New
PRO Pros Holdings Inc. 0.31% 16,779 $610K New
BHAC Focus Impact BH3 Acquisiti-A 0.31% 57,719 $606K Reduce -29.9%
RFAC RF Acquisition Corp. Class A 0.29% 52,291 $565K Add +0.8%
HCC Warrior Met Coal Inc. 0.29% 9,300 $565K New
CDNS Cadence Design SYS Inc. 0.29% 1,790 $557K New
UHAL U-Haul Holding Co. 0.28% 8,161 $551K Add +99.4%
INTE Integral Acquisition Corp. Class A 0.28% 50,000 $540K New
DSKE Daseke Inc. 0.25% 59,128 $491K New
CIEN Ciena Corp. 0.25% 9,800 $485K New
DUET Duet Acquisition Corp. Class A 0.23% 41,511 $456K New
CRTAF Cartica Acquisition Corp. Class A 0.23% 40,719 $452K New
EME Emcor Group Inc. 0.23% 1,282 $449K New
BRZE Braze Inc. Class A 0.23% 10,000 $443K New
ARYD Arya Sciences Acquisition-A 0.23% 39,248 $441K New
XPL Solitario Resources Corp. 0.20% 664,764 $399K Reduce -21.8%
ACAC Acri Capital Acquisition Cor 0.20% 35,403 $396K New
SMAR Smartsheet Inc. Class A 0.19% 9,500 $366K New
NVDA Nvidia Corp. 0.19% 400 $361K New
TSM Taiwan Semiconductor-SP ADR 0.18% 2,650 $361K New
BELLEVUE LIFE SCNCS AQSTN CO 0.18% 33,589 $358K New
GLST Global Star Acquisition Class A 0.18% 32,019 $343K Reduce -88.2%
CNNE Cannae Holdings Inc. 0.17% 15,069 $335K New
TRTLF Tortoiseecofin Acquisition-A 0.17% 29,892 $322K New
SOC Sable Offshore Corp. 0.16% 28,489 $312K New
VFC VF Corp. 0.16% 20,000 $307K New
AMD Advanced Micro Devices 0.15% 1,650 $298K New
CORZ Core Scientific Inc. 0.15% 83,400 $295K New
GDST Goldenstone Acquisition Ltd. 0.14% 25,044 $275K New
ITOS Iteos Therapeutics Inc. 0.14% 20,000 $273K New
META Meta Platforms Inc. Class A 0.12% 500 $243K New
SCRM Screaming Eagle Acq Class A 0.12% 22,500 $241K New
VRT Vertiv Holdings Co. Class A 0.12% 2,875 $235K New
GOOG Alphabet Inc. Class C 0.12% 1,500 $228K New
DJT Trump Media & Technology Gro 0.12% 150,000 $225K New
SYM Symbotic Inc. 0.12% 5,000 $225K New
ZLSSF Zalatoris II Acquisition Cor 0.08% 13,849 $150K Reduce -92.2%
NPWR Net Power Inc. 0.08% 13,011 $148K New
HCVI Hennessy Capital Invest Class A 0.07% 12,925 $135K New
BURTECH ACQUISITION CORP 0.06% 10,954 $121K Reduce -95.7%
GFR Greenfire Resources Ltd. 0.06% 20,303 $121K Reduce -52.4%
WELSBACH TECH METALS ACQU CO 0.06% 10,530 $115K Add +0.5%
MRT Marti Technologies Inc. 0.02% 58,362 $48K Add +52.1%
BSLKW Golden Arrow Merger Corp. 0.02% 300,000 $45K Add +335.1%
SLNAF Selina Hospitality PLC 0.01% 132,841 $20K No change
SPWR Sunpower Inc. filed as COMPLETE SOLARIA INC 0.01% 20,390 $12K Reduce -51.0%
OSRHW Bellevue Life Scncs Aqstn Co. 0.00% 147,176 $3K Reduce -25.4%

Options reported separately and not counted above: TLT puts ($22.0M), VOO calls ($9.6M), SRG calls ($9.4M), GLD puts ($9.4M), IAU puts ($8.4M), XLC puts ($8.2M), TLT calls ($7.1M), MLM calls ($6.1M), TROW calls ($6.1M), SMH calls ($5.1M), MDU calls ($5.0M), TXNM calls ($4.5M), and 28 more.

Other holdings (73): bonds, preferreds, convertibles and warrants · $150.6M (not counted above)
SecurityClassShares / PrincipalValueChange
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 14,000$17.2MNo change
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal 15,859$15.1MNo change
MICROSTRATEGY INC (MSTR 0 02/15/27) NOTE 2/1 · principal 10,200$14.0MAdd +410.0%
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 11,500$10.8MNo change
BOX INC (BOX 0 01/15/26) NOTE 1/1 · principal 8,500$10.3MNo change
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 11,000$9.3MNo change
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 10,000$8.8MNo change
SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal 16,393$7.9MAdd +152.6%
EVERBRIDGE INC (EVBG 0.125 12/15/24) NOTE 0.125%12/1 · principal 7,700$7.5MAdd +35.1%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 7,000$7.4MNew
RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal 7,799$7.4MNo change
REDWOOD TRUST INC (RWT 5.625 07/15/24) NOTE 5.625% 7/1 · principal 6,572$6.6MNo change
NUVASIVE INC (GMED 0.375 03/15/25) NOTE 0.375% 3/1 · principal 6,000$5.7MNo change
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 6,000$5.4MNo change
WAYFAIR INC (W 1 08/15/26) NOTE 1.000% 8/1 · principal 5,000$4.6MNo change
CORE SCIENTIFIC INC (CORZ 12 01/23/29) NOTE 10.000% 1/2 · principal 5,000$4.5MNew
NICE LTD (NICEIT 0 09/15/25) NOTE 9/1 · principal 4,271$4.5MNew
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 3,000$2.3MNew
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 202,032$131KReduce -20.0%
CVIIW Churchill Capital Vii -CW28 *W EXP 02/29/202 377,515$121KReduce -48.3%
HUBCZ Hub Cyber Security -CW23 *W EXP 08/22/202 2,153,811$108KNo change
SABLE OFFSHORE CORP *W EXP 02/14/202 37,152$96KNew
TRTWF Tortoiseecofin Acquisit-CW *W EXP 07/22/202 926,758$93KAdd +0.1%
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 667,985$80KNew
EVCOW Everest Consolidator Acquisi *W EXP 99/99/999 606,392$79KReduce -24.2%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 184,091$70KNew
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 293,883$53KAdd +11.4%
LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 105,926$51KNew
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 360,841$40KAdd +38.3%
RMGWF RMG Acquisition Class A -CW27 *W EXP 99/99/999 540,682$32KNo change
PROJECT ENERGY REIMAGINED AC *W EXP 99/99/999 206,110$31KReduce -19.5%
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 191,922$27KAdd +35.2%
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 198,410$24KNew
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 97,291$23KNew
INTEW Integral Acquisition -CW28 *W EXP 05/31/202 223,048$22KNew
IVCWF Investcorp Europe Acquis -27 *W EXP 12/15/202 509,071$20KReduce -0.2%
ATLANTICA JERSEY LTD (AY 4 07/15/25) NOTE 4.000% 7/1 · principal 17,300$17KReduce -10.4%
MARA HOLDINGS INC (MARA 1 12/01/26) NOTE 1.000%12/0 · principal 18,250$16KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 154,481$14KNew
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 75,557$14KNo change
NOVVR Nova Vision Acquisition-RTS RIGHT 99/99/9999 79,252$13KNo change
ENVESTNET INC (ENV 0.75 08/15/25) 0.75 8/15/2025 · principal 12,500$12KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 246,657$12KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 58,930$12KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 501,190$10KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 223,317$9KNo change
AACIW Armada Acquisition I -CW23 *W EXP 99/99/999 107,659$9KNo change
HUBCW Hub Cyber Security Ltd.-28 *W EXP 02/27/202 404,542$8KNo change
WAYFAIR INC (W 1.125 11/01/24) NOTE 1.125%11/0 · principal 8,000$8KNo change
MCAAW Mountain & Co. I Acq -CW23 *W EXP 09/30/202 108,900$8KNo change
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 7,344$7KAdd +15.8%
ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 92,627$7KNo change
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 360,690$7KNo change
CSLWF Consilium Acquisition -27 *W EXP 99/99/999 57,800$6KNew
QUADRO ACQUISITION ONE CORP *W EXP 06/30/202 150,101$6KNew
KYCHW Keyarch Acquisition Corp. -28 *W EXP 99/99/999 100,000$5KNo change
TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal 5,000$5KNew
WINVR Winvest Acquisition Corp.-RTS RIGHT 99/99/9999 118,087$5KReduce -43.7%
NOVVW Nova Vision Acquisit -CW28 *W EXP 12/31/202 152,000$5KNo change
BNIXW Bannix Acquisition Corp.-CW23 *W EXP 07/31/202 148,497$4KReduce -24.0%
ATMVR Alphavest Acquisition Co.-RT RIGHT 01/22/2026 49,484$4KReduce -2.9%
BOWNR Bowen Acquisition Corp.-RTS RIGHT 99/99/9999 29,596$3KNo change
WISDOMTREE INC (WT 5.75 08/15/28) NOTE 5.750% 8/1 · principal 2,700$3KNew
MCACW Monterey Capital Acqui -CW27 *W EXP 01/01/202 149,396$3KNo change
WINVW Winvest Acquisition -CW23 *W EXP 08/09/202 281,091$3KReduce -50.3%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 3,500$3KAdd +40.0%
FEXDW Fintech Ecosystem Dev -CW28 *W EXP 04/01/202 275,000$3KNo change
NFSWF Enphys Acquisition -CW24 *W EXP 99/99/999 53,582$3KReduce -5.1%
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 62,681$3KReduce -33.1%
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 12,500$3KNew
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 2,500$2KNo change
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal 1,725$2KNew
ATMCW Alphatime Acquisition Cor-28 *W EXP 03/01/202 141,606$1KNo change

Total filed on the 13F, all lines: $345.5M.

Portfolio Sells Q4 2023 → Q1 2024
COOP Mr Cooper Group Inc. Reduce -67.6% 3.62% −7.84
TLT iShares 20+ Year Treasury BD Sold out 0.00% −2.34
IVCBF Invest Acquisition Corp. Sold out 0.00% −2.28
TRP TC Energy Corp. Sold out 0.00% −1.97
RGLD Royal Gold Inc. Sold out 0.00% −1.95
DMYY DMY Squared Technology GR-A Sold out 0.00% −1.74
DSAQ Direct Selling Acquisition-A Sold out 0.00% −1.71
GHIX Gores Holding Ix Inc. Class A Sold out 0.00% −1.65
BURTECH ACQUISITION CORP Reduce -95.7% 0.06% −1.64
TRIS Tristar Acquisition I Corp. Class A Sold out 0.00% −1.64
GLST Global Star Acquisition Class A Reduce -88.2% 0.18% −1.64
SLV iShares Silver Trust Sold out 0.00% −1.59
AIV Apartment Invt & Mgmt Co. Class A Reduce -50.7% 1.06% −1.47
RRACF Rigel Resource Acquisit Class A Sold out 0.00% −1.31
CLBR.U Colombier Acquis Corp. II Sold out 0.00% −1.25
TOL Toll Brothers Inc. Sold out 0.00% −1.20
TXNM TXNM Energy Inc. Reduce -37.5% 0.97% −1.13
ZLSSF Zalatoris II Acquisition Cor Reduce -92.2% 0.08% −1.12
PFSI Pennymac Financial Services Sold out 0.00% −1.08
CZR Caesars Entertainment Inc. Sold out 0.00% −1.03
LATG Chenghe Acquisition I Co. Sold out 0.00% −1.00
ALPHAVEST ACQUISITION CORP Sold out 0.00% −1.00
ANSCU Agriculture & Natural Soluti Sold out 0.00% −0.97
EMCGF Embrace Change Acquisition C Sold out 0.00% −0.93
CNH CNH Industrial NV Sold out 0.00% −0.88
DHI D.R. Horton Inc. Reduce -47.8% 0.71% −0.83
EVCO Everest Consolidator Acquisi Sold out 0.00% −0.82
CSTAF Constellation Acquisition-A Sold out 0.00% −0.81
ISRLF Israel Acquisitions Corp. Class A Sold out 0.00% −0.79
CPRI Capri Holdings Ltd. Sold out 0.00% −0.79
CONCORD ACQUISITION CORP III Sold out 0.00% −0.79
SPKLF Spark I Acquisition Corp. Sold out 0.00% −0.75
ARES ACQUISITION CORP II Sold out 0.00% −0.74
MPC Marathon Petroleum Corp. Sold out 0.00% −0.73
SRG Seritage Growth Prop- A Reduce -7.8% 2.47% −0.71
BCSA Blockchain Coinvestors Class A Sold out 0.00% −0.71
KRNL Kernel Group Holdings Inc. Class A Sold out 0.00% −0.71
GLLI Globalink Investment Inc. Sold out 0.00% −0.70
CHAA Catcha Investment Corp. Class A Sold out 0.00% −0.70
RCL Royal Caribbean Cruises Ltd. Reduce -49.5% 0.54% −0.68
HAPN Happen Inc. Sold out 0.00% −0.64
GRAB Grab Holdings Ltd. Class A Reduce -4.7% 1.62% −0.62
OTEX Open Text Corp. Sold out 0.00% −0.59
IVCAF Libity Reduce -30.8% 0.79% −0.59
LEN Lennar Corp. Class A Reduce -54.3% 0.35% −0.47
ASCA A Spac I Acquisition Corp. Class A Sold out 0.00% −0.39
OPA Magnum Opus Acquisition LT-A Sold out 0.00% −0.38
PGSS Pegasus Digital Mobility A-A Sold out 0.00% −0.37
FCX Freeport-McMoran Inc. Sold out 0.00% −0.31
JWSMF Jaws Mustang Acquisition C-A Sold out 0.00% −0.29

Portfolio Buys Q4 2023 → Q1 2024
IAU iShares Gold Trust Add +478.7% 5.39% +4.33
IBIT iShares Bitcoin Trust ETF New 4.15% +4.15
BITO Proshares Bitcoin ETF-Usd New 2.16% +2.16
ERF Enerplus Corp. New 1.56% +1.56
INTC Intel Corp. Add +266.7% 2.49% +1.54
SWN Southwestern Energy Co. New 1.47% +1.47
VST Vistra Corp. New 1.44% +1.44
PXD Pioneer Natural Resources Co. Add +81.2% 3.25% +1.36
MGRC McGrath Rentcorp New 1.35% +1.35
NLOP Net Lease Office Property New 1.33% +1.33
CVII Churchill Capital Corp. Vii-A New 1.30% +1.30
TFII Tfi International Inc. New 1.28% +1.28
STLD Steel Dynamics Inc. New 1.19% +1.19
EAGLE BULK SHIPPING INC New 1.16% +1.16
ZEO Zeo Energy Corp. New 1.16% +1.16
FNVTF Finnovate Acquisition Corp. Class A New 1.15% +1.15
GAQ Generation Asia I Acquisit-A New 1.13% +1.13
CMCAF Piermont Valley Acquisition New 1.10% +1.10
XME SS SPDR S&P Metals Mining New 1.06% +1.06
TGAAF Target Global Acquisition -A New 1.01% +1.01
AVGO Broadcom Inc. New 0.99% +0.99
MLM Martin Marietta Materials New 0.94% +0.94
VMCAF Valuence Merger Corp. I Class A New 0.86% +0.86
IBACU Ib Acquisition Corp. New 0.77% +0.77
PAR Par Technology Corp. New 0.76% +0.76
AQUC Aquaron Acquisition Corp. New 0.73% +0.73
CURR Currenc Group Inc. New 0.71% +0.71
PHM Pultegroup Inc. New 0.68% +0.68
CPE Callon Petroleum Co. New 0.65% +0.65
HUDA Hudson Acquisition I Corp. New 0.64% +0.64
IGTA Inception Growth Acquisition New 0.59% +0.59
TMTC TMT Acquisition Corp. Class A New 0.59% +0.59
MRVL Marvell Technology Inc. New 0.58% +0.58
AIEV Thunder Power Holdings Inc. New 0.56% +0.56
NPAB New Providence Acquisition-A New 0.55% +0.55
ETRN Equitrans Midstream Corp. New 0.55% +0.55
DPCS DP Cap Acquisition Corp. Class A New 0.54% +0.54
GODN Golden Star Acquisition Corp. New 0.54% +0.54
VCXB 10X Capital Venture Acquis-A New 0.53% +0.53
CETU Cetus Capital Acquisition Co. New 0.52% +0.52
LEGT.U Legato Merger Corp. III New 0.52% +0.52
JNPR Juniper Networks Inc. New 0.50% +0.50
GRYPHON DIGITAL MNG INC New 0.50% +0.50
BBU Brookfield Business PT-Unit Add +58.3% 1.77% +0.49
AIRJ Airjoule Technologies Corp. New 0.49% +0.49
MKSI MKS Inc. New 0.48% +0.48
FEXD Fintech Ecosystem Developm-A New 0.47% +0.47
BWAQ Blue World Acquisition Corp. New 0.43% +0.43
HSPOF Horizon Space Acquisition I New 0.42% +0.42
AOGO Arogo Capital Acquisition -A New 0.40% +0.40

Options Activity Q4 2023 → Q1 2024
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 200,000 $95.1Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 150,000 $71.3Mbefore exit
TLT iShares 20+ Year Treasury BD put New 232,000 $22.0M
IAU iShares Gold Trust call Sold out 325,000 $12.7Mbefore exit
VOO Vanguard S&P 500 ETF call Reduce -20.0% 20,000 $9.6M
XLU St Sr Utl SL SE SPDR ETF-Usd call Sold out 150,000 $9.5Mbefore exit
SRG Seritage Growth Prop- A call Add +13.8% 974,100 $9.4M
GLD SPDR Gold Shares put New 45,500 $9.4M
IAU iShares Gold Trust put Reduce -20.0% 200,000 $8.4M
XLC SS Comm Select Sector SPDR put New 100,000 $8.2M
IWM iShares Russell 2000 ETF put Sold out 38,000 $7.6Mbefore exit
LEN Lennar Corp. Class A call Sold out 50,500 $7.5Mbefore exit
TLT iShares 20+ Year Treasury BD call Add +15.4% 75,000 $7.1M
MT Arcelormittal-NY Registered call Sold out 245,000 $7.0Mbefore exit
USO United States Oil Fund LP call Sold out 100,000 $6.7Mbefore exit
MLM Martin Marietta Materials call New 10,000 $6.1M
TROW T Rowe Price Group Inc. call New 50,000 $6.1M
TOL Toll Brothers Inc. call Sold out 54,500 $5.6Mbefore exit
DHI D.R. Horton Inc. call Sold out 34,500 $5.2Mbefore exit
SMH Vaneck Semiconductor ETF call New 22,500 $5.1M
MDU Mdu Resources Group Inc. call New 200,000 $5.0M
TXNM TXNM Energy Inc. call New 119,500 $4.5M
UNG US Natural Gas Fund LP call New 300,000 $4.4M
SLV iShares Silver Trust put Sold out 200,000 $4.4Mbefore exit
TROW T Rowe Price Group Inc. put New 35,000 $4.3M
MSTR Strategy Inc. put Sold out 6,600 $4.2Mbefore exit
FNV Franco-Nevada Corp. call Reduce -69.2% 32,300 $3.8M
W Wayfair Inc. Class A call Sold out 61,500 $3.8Mbefore exit
SANM Sanmina Corp. call New 60,000 $3.7M
FCX Freeport-McMoran Inc. call Reduce -69.4% 75,000 $3.5M
VST Vistra Corp. call New 50,000 $3.5M
STLD Steel Dynamics Inc. call Sold out 28,000 $3.3Mbefore exit
GLD SPDR Gold Shares call New 15,000 $3.1M
XME SS SPDR S&P Metals Mining put New 50,000 $3.0M
GDXJ Vaneck Junior Gold Miners put Add +50.0% 75,000 $2.9M
MSOS Advisorshares Pure US Cann call New 275,000 $2.8M
DELL Dell Technologies -C put New 22,500 $2.6M
RGLD Royal Gold Inc. call Reduce -33.3% 20,000 $2.4M
DJT Trump Media & Technology Gro put New 37,600 $2.3M
BB Blackberry Ltd. put Sold out 650,000 $2.3Mbefore exit
FNV Franco-Nevada Corp. put Sold out 20,000 $2.2Mbefore exit
INTC Intel Corp. call Reduce -80.8% 50,000 $2.2M
KGC Kinross Gold Corp. call Reduce -51.7% 350,000 $2.1M
W Wayfair Inc. Class A put Sold out 33,000 $2.0Mbefore exit
SPRY Ars Pharmaceuticals Inc. call Reduce -73.4% 171,200 $1.7M
SNOW Snowflake Inc. put New 10,000 $1.6M
XME SS SPDR S&P Metals Mining call Reduce -75.9% 25,000 $1.5M
MPC Marathon Petroleum Corp. call Sold out 10,000 $1.5Mbefore exit
RCL Royal Caribbean Cruises Ltd. put Sold out 11,000 $1.4Mbefore exit
PLTR Palantir Technologies Inc. Class A call Sold out 82,000 $1.4Mbefore exit

Showing the first 50 of 79.

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

Notes & Other Activity Q4 2023 → Q1 2024
MICROSTRATEGY INC (MSTR 0 02/15/27) NOTE 2/1 · principal Add +410.0% 10,200 $14.0M
ZSCALER INC. (ZS 0.125 07/01/25) NOTE 0.125% 7/0 · principal Sold out 8,000 $12.1Mbefore exit
MICROSTRATEGY INC (MSTR 0.75 12/15/25) NOTE 0.750%12/1 · principal Sold out 7,000 $11.6Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 13,000 $11.5Mbefore exit
ALTERYX INC (AYX 0.5 08/01/24) NOTE 0.500% 8/0 · principal Sold out 10,815 $10.5Mbefore exit
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal Sold out 11,300 $10.1Mbefore exit
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal Sold out 11,375 $10.1Mbefore exit
SPLUNK INC (SPLK 1.125 06/15/27) NOTE 1.125% 6/1 · principal Sold out 9,415 $9.1Mbefore exit
SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal Add +152.6% 16,393 $7.9M
EVERBRIDGE INC (EVBG 0.125 12/15/24) NOTE 0.125%12/1 · principal Add +35.1% 7,700 $7.5M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal New 7,000 $7.4M
ALTERYX INC (AYX 1 08/01/26) NOTE 1.000% 8/0 · principal Sold out 7,000 $6.8Mbefore exit
CORE SCIENTIFIC INC (CORZ 12 01/23/29) NOTE 10.000% 1/2 · principal New 5,000 $4.5M
NICE LTD (NICEIT 0 09/15/25) NOTE 9/1 · principal New 4,271 $4.5M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal New 3,000 $2.3M
SPLUNK INC (SPLK 1.125 09/15/25) NOTE 1.125% 9/1 · principal Sold out 1,900 $2.1Mbefore exit
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Reduce -20.0% 202,032 $131K
CVIIW Churchill Capital Vii -CW28 *W EXP 02/29/202 Reduce -48.3% 377,515 $121K
SABLE OFFSHORE CORP *W EXP 02/14/202 New 37,152 $96K
TRTWF Tortoiseecofin Acquisit-CW *W EXP 07/22/202 Add +0.1% 926,758 $93K
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 New 667,985 $80K
EVCOW Everest Consolidator Acquisi *W EXP 99/99/999 Reduce -24.2% 606,392 $79K
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 New 184,091 $70K
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Add +11.4% 293,883 $53K
LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 New 105,926 $51K
DMAQR Deep Medicine Acquition-RTS RIGHT 10/22/2026 Sold out 134,514 $40Kbefore exit
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 Add +38.3% 360,841 $40K
PROJECT ENERGY REIMAGINED AC *W EXP 99/99/999 Reduce -19.5% 206,110 $31K
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Add +35.2% 191,922 $27K
ARIZR Arisz Acquisition Corp.-RTS RIGHT 99/99/9999 Sold out 120,564 $25Kbefore exit
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 New 198,410 $24K
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 New 97,291 $23K
VSTWF Vast Solar PTY Ltd. -28 *W EXP 07/01/202 Sold out 225,577 $23Kbefore exit
INTEW Integral Acquisition -CW28 *W EXP 05/31/202 New 223,048 $22K
ESGEN ACQUISITION A -CW23 *W EXP 10/18/202 Sold out 516,577 $21Kbefore exit
IVCWF Investcorp Europe Acquis -27 *W EXP 12/15/202 Reduce -0.2% 509,071 $20K
ATLANTICA JERSEY LTD (AY 4 07/15/25) NOTE 4.000% 7/1 · principal Reduce -10.4% 17,300 $17K
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 New 154,481 $14K
ROCLW Roth CH Acquisition V -CW23 *W EXP 12/10/202 Sold out 210,154 $8Kbefore exit
MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 Sold out 109,163 $8Kbefore exit
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal Add +15.8% 7,344 $7K
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 Sold out 118,653 $7Kbefore exit
CSLWF Consilium Acquisition -27 *W EXP 99/99/999 New 57,800 $6K
QUADRO ACQUISITION ONE CORP *W EXP 06/30/202 New 150,101 $6K
NABORS INDUSTRIES INC (NBR 0.75 01/15/24) NOTE 0.750% 1/1 · principal Sold out 5,619 $6Kbefore exit
ENCPW Energem Corp. Class A -CW23 *W EXP 11/15/202 Sold out 527,749 $5Kbefore exit
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Sold out 5,000 $5Kbefore exit
TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal New 5,000 $5K
WINVR Winvest Acquisition Corp.-RTS RIGHT 99/99/9999 Reduce -43.7% 118,087 $5K
BNIXW Bannix Acquisition Corp.-CW23 *W EXP 07/31/202 Reduce -24.0% 148,497 $4K

Showing the first 50 of 69.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 189$384.8MPFSI, GLD, GOOG, SUNC, DCH
Q1 2026 188$328.1MGOOG, PFSI, DCH, SUNC, FSLR
Q4 2025 161$265.7MBTI, XPOF, DCH, SUNC, FSLR
Q3 2025 126$278.7MGLD, CORZ, OPEN, SPRY, SLV
Q2 2025 115$230.9MIBIT, FSLR, MAG, CORZ, SPRY
Q1 2025 97$176.1MGLD, IBIT, ONEN, SPRY, SEI
Q4 2024 95$202.7MIBIT, IAU, WLAC, SEI, DYNC
Q3 2024 114$199.3MIAU, VACHU, IBIT, HONDU, VCICU
Q2 2024 111$188.6MSPRY, IAU, IBIT, ALFUU, CUBWU
Q1 2024 124$194.9MSPRY, IAU, IBIT, COOP, PXD