K2 Principal Fund, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), K2 Principal Fund, L.P. reported 95 stock positions worth $202.7 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 7.1% of the portfolio, followed by iShares Gold Trust (IAU, 6.1%) and Willow Lane Acquisition Class A (WLAC, 4.6%). Compared with Q3 2024, it opened 49 new positions, sold out of 68, added to 21 and reduced 17. The biggest buy was a new position in Willow Lane Acquisition Class A (WLAC) and the biggest sale an exit from Voyager Acquisition (VACHU).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001461790
- Portfolio Value
- $202.7M (Q4 2024)
- SEC Filing
- 0001461790-25-000034 ↗ filed Feb 14, 2025
Holdings Value
Holdings 95 stocks · $202.7M
| IBIT iShares Bitcoin Trust ETF | 7.07% | 270,000 | $14.3M | Add +12.5% |
| IAU iShares Gold Trust | 6.11% | 250,000 | $12.4M | No change |
| WLAC Willow Lane Acquisition Class A | 4.56% | 933,888 | $9.2M | New |
| SEI Solaris Energy Infrastructur | 4.38% | 308,235 | $8.9M | New |
| DYNC Dynamix Corp. | 4.20% | 869,912 | $8.5M | New |
| GOOG Alphabet Inc. Class C | 3.95% | 42,053 | $8.0M | Add +68.2% |
| MLACU Mountain Lake Acquisition Co. | 3.71% | 748,957 | $7.5M | New |
| TDACU Translational Development Ac | 3.34% | 674,997 | $6.8M | New |
| VFC VF Corp. | 3.07% | 290,000 | $6.2M | Add +61.1% |
| TLN Talen Energy Corp. | 2.98% | 29,989 | $6.0M | Add +2.4% |
| ACI Albertsons Cos Inc. Class A | 2.86% | 295,501 | $5.8M | Add +9.2% |
| CCIR Cohen Circle Acquisitio Class A | 2.77% | 562,383 | $5.6M | New |
| HES Hess Corp. | 2.58% | 39,382 | $5.2M | Add +17.5% |
| PAR Par Technology Corp. | 2.56% | 71,441 | $5.2M | Reduce -13.6% |
| BEAG Bold Eagle Acquisition Cor-A | 2.54% | 521,524 | $5.1M | New |
| NLOP Net Lease Office Property | 2.07% | 134,275 | $4.2M | Add +11.4% |
| SRG Seritage Growth Prop- A | 2.03% | 1,000,000 | $4.1M | New |
| HCP Hashicorp Inc. Class A | 2.03% | 120,114 | $4.1M | Add +1.8% |
| DRDBU Roman DBDR Acquisition Corp. | 2.00% | 407,190 | $4.1M | New |
| AMZN Amazon.com Inc. | 1.44% | 13,321 | $2.9M | Reduce -39.8% |
| GLD SPDR Gold Shares | 1.33% | 11,145 | $2.7M | Reduce -16.2% |
| FACT Fact II Acquisition Corp. | 1.26% | 257,500 | $2.5M | New |
| BARNES GROUP INC | 1.24% | 53,330 | $2.5M | New |
| FYBR Frontier Communications Pare | 1.22% | 71,074 | $2.5M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.17% | 21,254 | $2.4M | Add +9.0% |
| PDS Precision Drilling Corp. | 1.13% | 37,446 | $2.3M | New |
| SKGR SK Growth Opportunities Co. Class A | 1.06% | 184,371 | $2.1M | New |
| OACC Oaktree Acquisition Corp. I-A | 0.96% | 195,292 | $1.9M | New |
| NOEMU CO2 Energy Transition Corp. | 0.94% | 190,000 | $1.9M | New |
| PPTA Perpetua Resources Corp. | 0.89% | 170,000 | $1.8M | New |
| CIEN Ciena Corp. | 0.89% | 21,222 | $1.8M | Reduce -17.0% |
| FSLR First Solar Inc. | 0.87% | 10,000 | $1.8M | New |
| MRVL Marvell Technology Inc. | 0.87% | 15,946 | $1.8M | Reduce -25.7% |
| FTW Eqv Ventures Acquisition C-A | 0.86% | 174,421 | $1.7M | Reduce -60.0% |
| GENI Genius Sports Ltd. | 0.85% | 200,000 | $1.7M | New |
| PRO Pros Holdings Inc. | 0.74% | 68,000 | $1.5M | No change |
| TGLS Tecnoglass Holdings Inc. | 0.71% | 18,038 | $1.4M | New |
| TFII Tfi International Inc. | 0.70% | 10,449 | $1.4M | Reduce -47.3% |
| JACS.U Jackson Acquisition Co. II | 0.68% | 136,000 | $1.4M | New |
| MRK Merck & Co. Inc. | 0.64% | 13,032 | $1.3M | New |
| BALY Bally's Corp. | 0.62% | 70,561 | $1.3M | New |
| AVGO Broadcom Inc. | 0.61% | 5,300 | $1.2M | Reduce -34.8% |
| BBU Brookfield Business PT-Unit | 0.61% | 52,385 | $1.2M | Add +5.8% |
| BSII Black Spade Acquisition II C | 0.57% | 116,892 | $1.2M | Reduce -70.1% |
| FTII Futuretech II Acquisiti Class A | 0.57% | 105,296 | $1.2M | Add +110.6% |
| AGS Playags Inc. | 0.57% | 99,918 | $1.2M | Add +42.9% |
| KEYS Keysight Technologies Inc. | 0.55% | 7,000 | $1.1M | New |
| ON On Semiconductor | 0.53% | 16,973 | $1.1M | No change |
| PLMJF Plum Acquisition Corp. III | 0.52% | 94,362 | $1.0M | Reduce -14.2% |
| PLAOF Patria Latin American Opport | 0.50% | 86,862 | $1.0M | Reduce -25.6% |
| COLOMBIER ACQUISITION CORP | 0.47% | 80,745 | $949K | Reduce -40.9% |
| SMAR Smartsheet Inc. Class A | 0.44% | 15,746 | $882K | New |
| NXPI NXP Semiconductors NV | 0.41% | 4,020 | $836K | Reduce -49.9% |
| NBIS Nebius Group NV | 0.41% | 30,000 | $831K | New |
| SDIG Stronghold Digital Mining-A | 0.39% | 227,611 | $797K | Add +30.4% |
| KTOS Kratos Defense & Security | 0.39% | 30,000 | $791K | Add +47.9% |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.37% | 76,717 | $756K | New |
| CCIX Churchill Capital Corp. Ix | 0.37% | 73,100 | $753K | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.36% | 20,000 | $731K | New |
| GATO Gatos Silver Inc. | 0.31% | 45,409 | $635K | Reduce -66.4% |
| SOC Sable Offshore Corp. | 0.30% | 26,631 | $610K | Add +208.6% |
| ARES ACQUISITION CORP II | 0.27% | 50,000 | $549K | Reduce -50.8% |
| SILV Silvercrest Metals Inc. | 0.27% | 59,733 | $544K | New |
| DMYY DMY Squared Technology GR-A | 0.26% | 50,000 | $528K | No change |
| ALDF Aldel Financial II Inc. | 0.24% | 49,297 | $489K | New |
| PTON Peloton Interactive Inc. Class A | 0.23% | 54,527 | $474K | New |
| ASTS Ast Spacemobile Inc. | 0.23% | 22,000 | $464K | Add +147.9% |
| PKST Peakstone Realty Trust | 0.21% | 38,809 | $430K | New |
| HLF Herbalife Ltd. | 0.20% | 60,000 | $401K | New |
| NPWR Net Power Inc. | 0.19% | 36,037 | $382K | Add +9.1% |
| USNA Usana Health Sciences Inc. | 0.18% | 10,000 | $359K | New |
| EQX Equinox Gold Corp. | 0.17% | 70,000 | $351K | New |
| ADX Adams Diversified Equity | 0.15% | 15,478 | $313K | New |
| BTMD Biote Corp. Class A | 0.15% | 49,651 | $307K | No change |
| CII BlackRock Enhan LRG Cap Core | 0.15% | 15,029 | $302K | New |
| FACTU Fact II Acquisition Corp. | 0.15% | 30,000 | $297K | New |
| RVT Royce Small-Cap Trust Inc. | 0.15% | 18,723 | $296K | Add +39.7% |
| VBNK Versabank | 0.14% | 20,646 | $286K | Add +30.1% |
| PROF Profound Medical Corp. | 0.13% | 35,782 | $269K | Reduce -28.4% |
| CLNE Clean Energy Fuels Corp. | 0.12% | 100,000 | $251K | New |
| RZLV Rezolve AI PLC | 0.12% | 131,250 | $251K | No change |
| AZPN Aspen Technology Inc. | 0.12% | 1,000 | $250K | New |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.12% | 16,271 | $234K | Add +62.7% |
| BDJ BlackRock Enhanced Eqty DVD | 0.11% | 27,984 | $232K | New |
| SABA Saba Capital Income & Opp II | 0.10% | 23,000 | $208K | Add +15.0% |
| XPL Solitario Resources Corp. | 0.10% | 348,900 | $206K | Reduce -8.6% |
| ECAT BlackRock ESG Cap All TRM TR | 0.09% | 11,382 | $187K | New |
| NPFD Nuveen Var RT Pref & Inc. | 0.09% | 10,000 | $182K | New |
| ASGI Abrdn Global Infrastructure | 0.09% | 10,000 | $175K | New |
| ECF Ellsworth Growth and Income | 0.07% | 15,193 | $147K | New |
| SPE Special Opportunities Fund | 0.07% | 10,000 | $146K | New |
| INFN Infinera Corp. | 0.07% | 20,441 | $134K | New |
| DMA Destra Multi-Alternative | 0.06% | 14,330 | $121K | New |
| PITEF Heramba Electric PLC | 0.04% | 63,631 | $83K | No change |
| HPAI Helport AI Ltd. | 0.04% | 29,152 | $81K | No change |
Options reported separately and not counted above: GLD puts ($41.6M), VOO calls ($24.5M), AMZN calls ($15.4M), VOO puts ($10.0M), RDDT puts ($9.2M), QQQ puts ($7.7M), STLD calls ($6.8M), SEI calls ($6.8M), MTUM puts ($6.2M), CIEN calls ($5.1M), RTX puts ($4.6M), LOW puts ($4.2M), and 61 more.
Other holdings (136): bonds, preferreds, convertibles and warrants · $98.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 15,859 | $15.7M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 12,000 | $14.6M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 9,500 | $9.6M | Add +35.7% |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 10,000 | $9.3M | No change |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 9,321 | $9.0M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 6,000 | $8.0M | New |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | 7,799 | $7.7M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 5,000 | $5.9M | New |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 415,495 | $3.4M | Reduce -8.2% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 3,000 | $2.9M | No change |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | 79,438 | $2.4M | New |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | 2,396 | $2.4M | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 692,579 | $1.5M | Add +246.2% |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 1,000 | $991K | New |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 94,900 | $545K | New |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | 569,365 | $342K | Add +209.2% |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | 156,221 | $316K | New |
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | 988,400 | $257K | No change |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | 141,609 | $227K | New |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 542,657 | $195K | Add +0.8% |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | 372,529 | $183K | Reduce -13.4% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 998,900 | $170K | New |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 830,242 | $149K | Add +2.4% |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | 363,277 | $149K | New |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 1,295,598 | $130K | Add +3.2% |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 475,000 | $124K | New |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 527,033 | $116K | New |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 29,807 | $107K | New |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | 262,382 | $105K | New |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | 87,357 | $92K | New |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 300,000 | $90K | New |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | 197,609 | $89K | New |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 544,994 | $87K | New |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 573,515 | $86K | Add +5.4% |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 426,958 | $77K | New |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 519,816 | $73K | Add +2.1% |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 521,200 | $63K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 376,675 | $57K | New |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 454,151 | $54K | Add +26.4% |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 294,946 | $47K | Reduce -0.1% |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 384,644 | $46K | New |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 413,314 | $45K | Add +13.8% |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | 300,000 | $42K | New |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 295,553 | $41K | Add +1.7% |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 256,312 | $41K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 406,721 | $41K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 266,570 | $40K | New |
| SEATW Vivid Seats Inc. -CW26 | *W EXP 10/18/202 | 110,490 | $40K | New |
| VEEAW Plum Acquisition I A -CW28 | *W EXP 09/13/202 | 228,890 | $37K | Reduce -2.7% |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 39,058 | $34K | New |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 141,784 | $31K | Reduce -24.1% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 193,134 | $31K | New |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 266,020 | $27K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 501,040 | $25K | Reduce -0.0% |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 183,091 | $24K | No change |
| PLMWF Plum Acquisition Corp. III-CW | *W EXP 03/31/202 | 129,604 | $23K | Reduce -8.0% |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | 9,000 | $22K | New |
| BSLKW Golden Arrow Merger A -CW26 | *W EXP 08/13/202 | 300,000 | $18K | No change |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 348,041 | $17K | Reduce -3.5% |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 261,500 | $16K | No change |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 111,237 | $16K | New |
| OPENDOOR TECHNOLOGIES IN | 0.250 08/15/26 CVT · principal | 17,429 | $15K | Reduce -10.3% |
| ATLANTICA JERSEY LTD (AY 4 07/15/25) | NOTE 4.000% 7/1 · principal | 15,300 | $15K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 54,900 | $15K | New |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 15,679 | $15K | Reduce -2.5% |
| AIR CANADA | 4.00 7/1/2025 · principal | 13,080 | $15K | Add +15.7% |
| DTSQR DT Cloud Star Acquisition Co. | RIGHT 07/09/2029 | 99,000 | $14K | No change |
| VIRGIN GALATIC HOLDINGS | 2.500 02/01/27 CVT · principal | 28,500 | $12K | No change |
| KAR AUCTION | 5.125 6/1/2025 · principal | 12,487 | $12K | No change |
| ENVESTNET INC (ENV 0.75 08/15/25) | 0.75 8/15/2025 · principal | 12,000 | $12K | No change |
| SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) | NOTE 3.500%12/0 · principal | 8,500 | $12K | New |
| VERMILION ENERGY TRUST | 5.625 15/03/2025 144A · principal | 11,559 | $12K | No change |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 224,607 | $11K | No change |
| MARA Holdings Inc | CONV · principal | 12,500 | $11K | New |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 11,500 | $11K | No change |
| CSLWF Consilium Acquisition -27 | *W EXP 99/99/999 | 133,900 | $11K | No change |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 150,000 | $11K | No change |
| WINNEBAGO INDU | 3.25 15/01/2030 · principal | 10,925 | $10K | New |
| MICROSTRATEGY | 0 01/12/2029 · principal | 12,000 | $10K | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 10,000 | $9K | No change |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 10,000 | $9K | No change |
| IIP OPERATING PARTNER | 5.500 05/25/26 '26 · principal | 9,082 | $9K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 125,000 | $9K | No change |
| BLACKBERRY LTD | 3.00 15/02/2029 · principal | 7,000 | $9K | No change |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 9,249 | $9K | New |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 9,500 | $9K | No change |
| PITWF Heramba Electric PLC-28 | *W EXP 07/26/202 | 214,336 | $9K | No change |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 6,000 | $8K | No change |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 92,627 | $8K | No change |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | NOTE 3.250% 6/1 · principal | 7,344 | $8K | No change |
| STRATHCONA RESOU | 6.875 01/08/2026 · principal | 8,000 | $8K | New |
| GFL ENVIRON INC | 3.75 01/08/2025 · principal | 8,000 | $8K | New |
| LIFE TIME INC | 5.75 15/01/2026 · principal | 7,718 | $8K | New |
| SPIRIT AIRLINES INC (SAVE 1 05/15/26) | NOTE 1.000% 5/1 · principal | 19,393 | $8K | No change |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | 178,872 | $7K | New |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | 9,000 | $7K | Add +800.0% |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 100,000 | $7K | Reduce -50.0% |
| SNAP INC (SNAP 0.25 05/01/25) | NOTE 0.250% 5/0 · principal | 7,100 | $7K | No change |
| CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) | NOTE 2.750% 5/0 · principal | 5,750 | $7K | New |
| WISDOMTREE INC | 3.25 15/08/2029 · principal | 6,000 | $7K | No change |
| TERAWULF INC | 2.75 01/02/2030 · principal | 6,500 | $6K | New |
| SABRE GLBL INC (SABHLD 4 04/15/25) | NOTE 4.000% 4/1 · principal | 6,309 | $6K | No change |
| BOWNR Bowen Acquisition Corp.-RTS | RIGHT 99/99/9999 | 29,596 | $6K | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 6,000 | $6K | No change |
| MUVICO LLC | 8.000 04/30/30 CVT · principal | 5,158 | $5K | Add +3.2% |
| MARATHON DIGITAL | 2.125 01/09/2031 · principal | 5,000 | $5K | Reduce -28.6% |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | 5,000 | $5K | No change |
| BITDEER TECHNOLOGIES GRP | 5.250 12/01/29 CVT PUT · principal | 3,000 | $5K | New |
| GOPRO INC (GPRO 1.25 11/15/25) | NOTE 1.250%11/1 · principal | 5,000 | $4K | No change |
| BNIXW Bannix Acquisition Corp.-CW23 | *W EXP 07/31/202 | 148,397 | $4K | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 4,000 | $4K | New |
| LIVENT CORP (LTHM 4.125 07/15/25) | NOTE 4.125% 7/1 · principal | 3,000 | $4K | New |
| COIN 0.250 04/01/30 CVT | 0.25 01/04/2030 · principal | 4,000 | $4K | New |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 32,657 | $4K | No change |
| CHEB.WS Chenghe Acquisition II - 29 | *W EXP 05/30/203 | 105,037 | $4K | No change |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | 3,500 | $4K | Add +40.0% |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 5,095 | $4K | No change |
| LIB TRIP ADV HOL | 0.50 30/06/2051 · principal | 4,000 | $4K | Add +77.8% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,000 | $4K | No change |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | 50,000 | $3K | No change |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 141,606 | $3K | No change |
| I-80 GOLD CORP | 8.00 22-FEB-27 PIK · principal | 4,000 | $3K | New |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 2,888 | $3K | New |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 55,548 | $3K | Reduce -36.8% |
| IRIS ENERGY LTD | 3.25 15/06/2030 · principal | 3,000 | $3K | New |
| WINVW Winvest Acquisition -CW23 | *W EXP 08/09/202 | 257,731 | $3K | No change |
| BYNOW Bynordic Acquisition -CW27 | *W EXP 07/01/202 | 55,050 | $2K | No change |
| GALAXY DIGITAL HOLDIN LP | 3.000 12/15/26 CVT · principal | 2,000 | $2K | New |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | 2,000 | $2K | Reduce -84.9% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 12,500 | $2K | No change |
| MICROSTRATEGY | 0.875 15/03/2031 · principal | 1,000 | $1K | New |
| MODIVCARE | 5.00 01/10/2029 · principal | 2,000 | $1K | No change |
| GALAXY DIGITAL HOLDIN LP | 2.500 12/01/29 CVT · principal | 1,000 | $979 | New |
| CANNABIST CO | 6.00 29/06/2025 · principal | 1,000 | $750 | No change |
| CANNABIST CO | 6.00 29/06/2025 · principal | 1,000 | $750 | No change |
| BAFFINLAND IRON MINES CORP | 8.75 7/15/2026 · principal | 100 | $94 | New |
Total filed on the 13F, all lines: $301.0M.
Portfolio Sells Q3 2024 → Q4 2024
| VACHU Voyager Acquisition Corp. | Sold out | 0.00% | −5.23 |
| HONDU HCM II Acquisition Corp. | Sold out | 0.00% | −3.89 |
| VCICU Vine Hill Cap Invest-Unit | Sold out | 0.00% | −3.64 |
| PMT Pennymac Mortgage Investment | Sold out | 0.00% | −2.93 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −2.74 |
| POLEU Andretti Acquisition Corp. II | Sold out | 0.00% | −2.71 |
| CFFS CF Acquisition Corp. Vii Class A | Sold out | 0.00% | −1.45 |
| BSII Black Spade Acquisition II C | Reduce -70.1% | 0.57% | −1.38 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −1.35 |
| FTW Eqv Ventures Acquisition C-A | Reduce -60.0% | 0.86% | −1.31 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −1.19 |
| INTC Intel Corp. | Sold out | 0.00% | −1.18 |
| MODVQ Modivcare Inc. | Sold out | 0.00% | −1.14 |
| SLV iShares Silver Trust | Sold out | 0.00% | −1.00 |
| VST Vistra Corp. | Sold out | 0.00% | −0.95 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.94 |
| TLGYF TLGY Acquisition Corp. Class A | Sold out | 0.00% | −0.92 |
| BFACF Battery Future Acquisition-A | Sold out | 0.00% | −0.91 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −0.87 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.87 |
| TGAAF Target Global Acquisition -A | Sold out | 0.00% | −0.86 |
| PHYTF Pyrophyte Acquisition Corp. Class A | Sold out | 0.00% | −0.82 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.79 |
| TETEF Technology & Telecommunicati | Sold out | 0.00% | −0.76 |
| GATO Gatos Silver Inc. | Reduce -66.4% | 0.31% | −0.71 |
| MKSI MKS Inc. | Sold out | 0.00% | −0.70 |
| TFII Tfi International Inc. | Reduce -47.3% | 0.70% | −0.66 |
| CTLT Catalent Inc. | Sold out | 0.00% | −0.66 |
| AMZN Amazon.com Inc. | Reduce -39.8% | 1.44% | −0.63 |
| QETA Quetta Acquisition Corp. | Sold out | 0.00% | −0.58 |
| GLLI Globalink Investment Inc. | Sold out | 0.00% | −0.57 |
| NXPI NXP Semiconductors NV | Reduce -49.9% | 0.41% | −0.55 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.55 |
| GODN Golden Star Acquisition Corp. | Sold out | 0.00% | −0.55 |
| STLD Steel Dynamics Inc. | Sold out | 0.00% | −0.53 |
| BOCN Blue Ocean Acquisition Cor-A | Sold out | 0.00% | −0.51 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.50 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −0.43 |
| WELNF Integrated Wellness Acq - A | Sold out | 0.00% | −0.43 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.42 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.41 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.39 |
| AY Atlantica Sustainable Infras | Sold out | 0.00% | −0.38 |
| GROY Gold Royalty Corp. | Sold out | 0.00% | −0.37 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.32 |
| DYCQ DT Cloud Acquisition Corp. | Sold out | 0.00% | −0.32 |
| GLD SPDR Gold Shares | Reduce -16.2% | 1.33% | −0.29 |
| ARES ACQUISITION CORP II | Reduce -50.8% | 0.27% | −0.28 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −0.27 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.25 |
Portfolio Buys Q3 2024 → Q4 2024
| WLAC Willow Lane Acquisition Class A | New | 4.56% | +4.56 |
| SEI Solaris Energy Infrastructur | New | 4.38% | +4.38 |
| DYNC Dynamix Corp. | New | 4.20% | +4.20 |
| MLACU Mountain Lake Acquisition Co. | New | 3.71% | +3.71 |
| TDACU Translational Development Ac | New | 3.34% | +3.34 |
| CCIR Cohen Circle Acquisitio Class A | New | 2.77% | +2.77 |
| IBIT iShares Bitcoin Trust ETF | Add +12.5% | 7.07% | +2.72 |
| BEAG Bold Eagle Acquisition Cor-A | New | 2.54% | +2.54 |
| SRG Seritage Growth Prop- A | New | 2.03% | +2.03 |
| DRDBU Roman DBDR Acquisition Corp. | New | 2.00% | +2.00 |
| GOOG Alphabet Inc. Class C | Add +68.2% | 3.95% | +1.85 |
| VFC VF Corp. | Add +61.1% | 3.07% | +1.27 |
| FACT Fact II Acquisition Corp. | New | 1.26% | +1.26 |
| BARNES GROUP INC | New | 1.24% | +1.24 |
| FYBR Frontier Communications Pare | New | 1.22% | +1.22 |
| PDS Precision Drilling Corp. | New | 1.13% | +1.13 |
| SKGR SK Growth Opportunities Co. Class A | New | 1.06% | +1.06 |
| OACC Oaktree Acquisition Corp. I-A | New | 0.96% | +0.96 |
| NOEMU CO2 Energy Transition Corp. | New | 0.94% | +0.94 |
| PPTA Perpetua Resources Corp. | New | 0.89% | +0.89 |
| FSLR First Solar Inc. | New | 0.87% | +0.87 |
| GENI Genius Sports Ltd. | New | 0.85% | +0.85 |
| TGLS Tecnoglass Holdings Inc. | New | 0.71% | +0.71 |
| JACS.U Jackson Acquisition Co. II | New | 0.68% | +0.68 |
| MRK Merck & Co. Inc. | New | 0.64% | +0.64 |
| BALY Bally's Corp. | New | 0.62% | +0.62 |
| KEYS Keysight Technologies Inc. | New | 0.55% | +0.55 |
| SMAR Smartsheet Inc. Class A | New | 0.44% | +0.44 |
| NBIS Nebius Group NV | New | 0.41% | +0.41 |
| MRLN Merlin Inc. | New | 0.37% | +0.37 |
| CCIX Churchill Capital Corp. Ix | New | 0.37% | +0.37 |
| TLN Talen Energy Corp. | Add +2.4% | 2.98% | +0.36 |
| NXT Nextpower Inc. | New | 0.36% | +0.36 |
| ACI Albertsons Cos Inc. Class A | Add +9.2% | 2.86% | +0.36 |
| HES Hess Corp. | Add +17.5% | 2.58% | +0.30 |
| FTII Futuretech II Acquisiti Class A | Add +110.6% | 0.57% | +0.30 |
| SILV Silvercrest Metals Inc. | New | 0.27% | +0.27 |
| ALDF Aldel Financial II Inc. | New | 0.24% | +0.24 |
| PTON Peloton Interactive Inc. Class A | New | 0.23% | +0.23 |
| DIS The Walt Disney Co. | Add +9.0% | 1.17% | +0.23 |
| NLOP Net Lease Office Property | Add +11.4% | 2.07% | +0.22 |
| PKST Peakstone Realty Trust | New | 0.21% | +0.21 |
| SOC Sable Offshore Corp. | Add +208.6% | 0.30% | +0.20 |
| HLF Herbalife Ltd. | New | 0.20% | +0.20 |
| USNA Usana Health Sciences Inc. | New | 0.18% | +0.18 |
| EQX Equinox Gold Corp. | New | 0.17% | +0.17 |
| AGS Playags Inc. | Add +42.9% | 0.57% | +0.17 |
| ADX Adams Diversified Equity | New | 0.15% | +0.15 |
| KTOS Kratos Defense & Security | Add +47.9% | 0.39% | +0.15 |
| CII BlackRock Enhan LRG Cap Core | New | 0.15% | +0.15 |
Options Activity Q3 2024 → Q4 2024
| GLD SPDR Gold Shares | put | Add +67.0% | 172,000 | $41.6M |
| VOO Vanguard S&P 500 ETF | call | Add +911.1% | 45,500 | $24.5M |
| AMZN Amazon.com Inc. | call | New | 70,000 | $15.4M |
| VOO Vanguard S&P 500 ETF | put | Add +825.0% | 18,500 | $10.0M |
| RDDT Reddit Inc. Class A | put | New | 56,000 | $9.2M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +50.0% | 15,000 | $7.7M |
| STLD Steel Dynamics Inc. | call | Add +1100.0% | 60,000 | $6.8M |
| SEI Solaris Energy Infrastructur | call | New | 235,800 | $6.8M |
| MTUM iShares MSCI USA Momentum Fa | put | New | 30,000 | $6.2M |
| KREF KKR Real Estate Finance Trus | call | Sold out | 500,000 | $6.2Mbefore exit |
| CIEN Ciena Corp. | call | New | 60,000 | $5.1M |
| RTX RTX Corp. | put | New | 40,000 | $4.6M |
| LOW Lowe's Cos Inc. | put | New | 17,000 | $4.2M |
| AEM Agnico Eagle Mines Ltd. | call | Sold out | 43,900 | $3.5Mbefore exit |
| TSM Taiwan Semiconductor-SP ADR | call | New | 16,000 | $3.2M |
| SPHR Sphere Entertainment Co. | call | Add +400.0% | 75,000 | $3.0M |
| X United States Steel Corp. | call | Add +66.7% | 87,500 | $3.0M |
| CHRW C.H. Robinson Worldwide Inc. | call | New | 27,500 | $2.8M |
| PAR Par Technology Corp. | put | New | 35,000 | $2.5M |
| FCX Freeport-McMoran Inc. | put | New | 65,000 | $2.5M |
| LMT Lockheed Martin Corp. | put | New | 5,000 | $2.4M |
| NVDA Nvidia Corp. | put | Sold out | 20,000 | $2.4Mbefore exit |
| KD Kyndryl Holdings Inc. | call | New | 70,000 | $2.4M |
| RGLD Royal Gold Inc. | call | New | 17,700 | $2.3M |
| PLTR Palantir Technologies Inc. Class A | put | New | 30,000 | $2.3M |
| XLE SS Energy Select Sector | call | Sold out | 25,000 | $2.2Mbefore exit |
| BTU Peabody Energy Corp. | call | Sold out | 82,500 | $2.2Mbefore exit |
| SLV iShares Silver Trust | call | Sold out | 75,000 | $2.1Mbefore exit |
| FNV Franco-Nevada Corp. | call | New | 18,000 | $2.1M |
| GOOG Alphabet Inc. Class C | call | New | 10,000 | $1.9M |
| TPICQ Tpi Composites Inc. | call | New | 1,000,000 | $1.9M |
| UBER Uber Technologies Inc. | call | New | 31,000 | $1.9M |
| INSP Inspire Medical Systems Inc. | call | Reduce -54.5% | 10,000 | $1.9M |
| XBI SS SPDR S&P Biotech ETF | put | New | 20,000 | $1.8M |
| DOCU Docusign Inc. | put | New | 20,000 | $1.8M |
| CCJ Cameco Corp. | call | Add +144.1% | 34,900 | $1.8M |
| ODFL Old Dominion Freight Line | call | Add +566.7% | 10,000 | $1.8M |
| CNI Canadian Natl Railway Co. | call | Sold out | 15,000 | $1.8Mbefore exit |
| DJT Trump Media & Technology Gro | put | New | 50,000 | $1.7M |
| PEP Pepsico Inc. | put | New | 10,000 | $1.5M |
| BMRN Biomarin Pharmaceutical Inc. | call | New | 23,000 | $1.5M |
| ITOS Iteos Therapeutics Inc. | call | Reduce -54.3% | 184,500 | $1.4M |
| TAC Transalta Corp. | put | New | 100,000 | $1.4M |
| ACI Albertsons Cos Inc. Class A | call | New | 70,000 | $1.4M |
| NEM Newmont Corp. | call | Sold out | 25,000 | $1.3Mbefore exit |
| GD General Dynamics Corp. | put | New | 5,000 | $1.3M |
| JETS US Global Jets ETF | put | New | 50,000 | $1.3M |
| TDG Transdigm Group Inc. | put | New | 1,000 | $1.3M |
| ADM Archer-Daniels-Midland Co. | put | New | 25,000 | $1.3M |
| DASH DoorDash Inc. Class A | put | New | 7,000 | $1.2M |
Showing the first 50 of 92.
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
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +35.7% | 9,500 | $9.6M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 6,000 | $8.0M |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | Sold out | 7,000 | $6.9Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | New | 5,000 | $5.9M |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Reduce -8.2% | 415,495 | $3.4M |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | New | 79,438 | $2.4M |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | Add +246.2% | 692,579 | $1.5M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | New | 1,000 | $991K |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | New | 94,900 | $545K |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | Add +209.2% | 569,365 | $342K |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | New | 156,221 | $316K |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | New | 141,609 | $227K |
| SMR.WS Nuscale Power Co. -CW27 | *W EXP 05/02/202 | Sold out | 63,045 | $200Kbefore exit |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Add +0.8% | 542,657 | $195K |
| CORZZ Core Scientific Inc. - 29 | *W EXP 01/23/202 | Sold out | 15,951 | $188Kbefore exit |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | Reduce -13.4% | 372,529 | $183K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | New | 998,900 | $170K |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Add +2.4% | 830,242 | $149K |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | New | 363,277 | $149K |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | Add +3.2% | 1,295,598 | $130K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | New | 475,000 | $124K |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | New | 527,033 | $116K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | New | 29,807 | $107K |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | New | 262,382 | $105K |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | New | 87,357 | $92K |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | New | 300,000 | $90K |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | New | 197,609 | $89K |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | New | 544,994 | $87K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Add +5.4% | 573,515 | $86K |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | New | 426,958 | $77K |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | Add +2.1% | 519,816 | $73K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | New | 376,675 | $57K |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | Add +26.4% | 454,151 | $54K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Reduce -0.1% | 294,946 | $47K |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | New | 384,644 | $46K |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | Add +13.8% | 413,314 | $45K |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | New | 300,000 | $42K |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | Add +1.7% | 295,553 | $41K |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | New | 266,570 | $40K |
| SEATW Vivid Seats Inc. -CW26 | *W EXP 10/18/202 | New | 110,490 | $40K |
| VEEAW Plum Acquisition I A -CW28 | *W EXP 09/13/202 | Reduce -2.7% | 228,890 | $37K |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | New | 39,058 | $34K |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | Reduce -24.1% | 141,784 | $31K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | New | 193,134 | $31K |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | Reduce -0.0% | 501,040 | $25K |
| PLMWF Plum Acquisition Corp. III-CW | *W EXP 03/31/202 | Reduce -8.0% | 129,604 | $23K |
| BHACW Crixus BH3 Acquisition -CW26 | *W EXP 99/99/999 | Sold out | 580,967 | $23Kbefore exit |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | New | 9,000 | $22K |
| RZLVW Rezolve AI PLC -CW27 | *W EXP 08/15/202 | Sold out | 103,775 | $19Kbefore exit |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Reduce -3.5% | 348,041 | $17K |
Showing the first 50 of 103.
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 | 189 | $384.8M | PFSI, GLD, GOOG, SUNC, DCH |
| Q1 2026 | 188 | $328.1M | GOOG, PFSI, DCH, SUNC, FSLR |
| Q4 2025 | 161 | $265.7M | BTI, XPOF, DCH, SUNC, FSLR |
| Q3 2025 | 126 | $278.7M | GLD, CORZ, OPEN, SPRY, SLV |
| Q2 2025 | 115 | $230.9M | IBIT, FSLR, MAG, CORZ, SPRY |
| Q1 2025 | 97 | $176.1M | GLD, IBIT, ONEN, SPRY, SEI |
| Q4 2024 | 95 | $202.7M | IBIT, IAU, WLAC, SEI, DYNC |
| Q3 2024 | 114 | $199.3M | IAU, VACHU, IBIT, HONDU, VCICU |
| Q2 2024 | 111 | $188.6M | SPRY, IAU, IBIT, ALFUU, CUBWU |
| Q1 2024 | 124 | $194.9M | SPRY, IAU, IBIT, COOP, PXD |