K2 Principal Fund, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), K2 Principal Fund, L.P. reported 126 stock positions worth $278.7 million. Its top holding was SPDR Gold Shares (GLD) at 8.9% of the portfolio, followed by Core Scientific (CORZ, 4.3%) and Opendoor Technologies (OPEN, 2.9%). Compared with Q2 2025, it opened 55 new positions, sold out of 42, added to 19 and reduced 28. The biggest buy was SPDR Gold Shares (GLD, shares +615%) and the biggest sale an exit from Mag Silver (MAG).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001461790
- Portfolio Value
- $278.7M (Q3 2025)
- SEC Filing
- 0001461790-25-000054 ↗ filed Nov 13, 2025
Holdings Value
Holdings 126 stocks · $278.7M
| GLD SPDR Gold Shares | 8.88% | 69,646 | $24.8M | Add +614.6% |
| CORZ Core Scientific Inc. | 4.30% | 668,101 | $12.0M | Add +92.8% |
| OPEN Opendoor Technologies Inc. | 2.88% | 1,008,714 | $8.0M | New |
| SPRY Ars Pharmaceuticals Inc. | 2.24% | 621,807 | $6.2M | Add +96.1% |
| SLV iShares Silver Trust | 2.23% | 146,631 | $6.2M | Add +655.8% |
| FSLR First Solar Inc. | 2.20% | 27,750 | $6.1M | Reduce -42.5% |
| XPOF Xponential Fitness Inc. Class A | 2.07% | 740,000 | $5.8M | Add +234.8% |
| IBIT iShares Bitcoin Trust ETF | 1.78% | 76,100 | $4.9M | Reduce -56.3% |
| EVAC Eqv Ventures Acquisition C-A | 1.73% | 483,973 | $4.8M | New |
| TLNCU Talon Capital Corp. | 1.62% | 450,000 | $4.5M | New |
| NLOP Net Lease Office Property | 1.54% | 144,800 | $4.3M | No change |
| SRG Seritage Growth Prop- A | 1.53% | 1,000,000 | $4.3M | Reduce -1.6% |
| DMIIU Drugs Made in America Acquis | 1.52% | 426,507 | $4.2M | New |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 1.50% | 696,786 | $4.2M | New |
| APP AppLovin Corp. Class A | 1.49% | 5,788 | $4.2M | Reduce -6.2% |
| CCII Cohen Circle Acquisit II - A | 1.46% | 400,000 | $4.1M | New |
| UBER Uber Technologies Inc. | 1.42% | 40,430 | $4.0M | Add +22.3% |
| RYAM Rayonier Advanced Materials | 1.41% | 542,720 | $3.9M | New |
| PTON Peloton Interactive Inc. Class A | 1.39% | 429,369 | $3.9M | Reduce -4.1% |
| TIXT Telus International Cda Inc. | 1.30% | 806,090 | $3.6M | Reduce -3.5% |
| AEXA American Exceptionalism Class A | 1.30% | 330,235 | $3.6M | New |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 1.29% | 352,579 | $3.6M | Reduce -22.1% |
| BTI British American Tob-SP ADR | 1.24% | 65,356 | $3.5M | Add +71.1% |
| GOOG Alphabet Inc. Class C | 1.18% | 13,500 | $3.3M | Reduce -10.0% |
| COOP Mr Cooper Group Inc. | 1.13% | 15,000 | $3.2M | New |
| PKST Peakstone Realty Trust | 1.12% | 237,403 | $3.1M | Add +103.4% |
| BEAG Bold Eagle Acquisition Cor-A | 1.12% | 299,415 | $3.1M | Reduce -1.4% |
| BDCIU BTC Development Corp. | 1.09% | 300,000 | $3.0M | New |
| HCMA HCM III Acquisition Cor Class A | 1.09% | 300,000 | $3.0M | New |
| GENI Genius Sports Ltd. | 1.07% | 240,761 | $3.0M | Add +4.5% |
| PAR Par Technology Corp. | 1.07% | 75,132 | $3.0M | New |
| PDS Precision Drilling Corp. | 1.04% | 51,600 | $2.9M | Add +8.7% |
| LATAU Galata Acquisition Corp. II | 1.01% | 282,100 | $2.8M | New |
| JENA Jena Acquisition Corp. II - A | 1.00% | 275,000 | $2.8M | Reduce -15.4% |
| FYBR Frontier Communications Pare | 0.95% | 71,074 | $2.7M | No change |
| TACO Berto Acquisition Corp. | 0.95% | 255,204 | $2.7M | Reduce -16.2% |
| LION Lionsgate Studios Corp. | 0.94% | 380,785 | $2.6M | New |
| B Barrick Mining Corp. | 0.94% | 79,845 | $2.6M | New |
| CEPF Cantor Equity Partners Class A | 0.92% | 252,641 | $2.6M | New |
| FNV Franco-Nevada Corp. | 0.92% | 11,500 | $2.6M | New |
| TLN Talen Energy Corp. | 0.92% | 6,000 | $2.6M | Reduce -57.5% |
| PMTR Perimeter Acquis Corp. I Class A | 0.90% | 247,237 | $2.5M | No change |
| IPCX Inflection Point Acquisiti-A | 0.90% | 248,066 | $2.5M | Add +11.2% |
| WLAC Willow Lane Acquisition Class A | 0.82% | 196,853 | $2.3M | Reduce -52.3% |
| HAYMAKER ACQUISITION CORP 4 | 0.81% | 199,800 | $2.3M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.80% | 217,301 | $2.2M | Reduce -13.5% |
| DAAQ Digital Asset Acquisiti Class A | 0.80% | 218,397 | $2.2M | Reduce -3.8% |
| DCBO Docebo Inc. | 0.78% | 79,910 | $2.2M | Add +691.2% |
| VFC VF Corp. | 0.77% | 149,100 | $2.2M | Add +49.1% |
| CRAQ Cal Redwood Acquisit Class A | 0.77% | 215,031 | $2.2M | No change |
| SAND Sandstorm Gold Ltd. | 0.76% | 170,000 | $2.1M | No change |
| AMZN Amazon.com Inc. | 0.75% | 9,508 | $2.1M | Reduce -10.4% |
| GFR Greenfire Resources Ltd. | 0.74% | 447,600 | $2.1M | No change |
| OACC Oaktree Acquisition Corp. I-A | 0.74% | 195,292 | $2.1M | No change |
| WENN Wen Acquisition Corp. Class A | 0.74% | 202,663 | $2.1M | Reduce -10.4% |
| RDAG Republic Digital Acquis Class A | 0.73% | 200,000 | $2.0M | Reduce -16.2% |
| LPLA LPL Financial Holdings Inc. | 0.73% | 6,115 | $2.0M | New |
| GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I | 0.72% | 200,000 | $2.0M | New |
| BCSS.U Bain Capital GSS Investment | 0.72% | 200,000 | $2.0M | New |
| EMISU Emmis Acquisition Corp. | 0.71% | 197,553 | $2.0M | New |
| CCJ Cameco Corp. | 0.69% | 23,000 | $1.9M | New |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.65% | 178,100 | $1.8M | No change |
| FTW Eqv Ventures Acquisition C-A | 0.64% | 173,140 | $1.8M | Reduce -0.7% |
| CAEP Cantor Equity Partners III-A | 0.61% | 163,822 | $1.7M | Reduce -18.1% |
| NETD Nabors Energy Transition C-A | 0.60% | 150,000 | $1.7M | Reduce -50.0% |
| TER Teradyne Inc. | 0.59% | 12,000 | $1.7M | New |
| CEPT Cantor Equity Partners Class A | 0.57% | 150,938 | $1.6M | Reduce -27.6% |
| CHECU Chenghe Acquisition III Co. | 0.56% | 156,706 | $1.6M | New |
| RTAC Renatus Tactical Acquisiti-A | 0.53% | 134,710 | $1.5M | Reduce -7.3% |
| LWACU Lightwave Acquisition Corp. | 0.52% | 144,300 | $1.5M | Reduce -3.8% |
| VOXR Vox Royalty Corp. | 0.49% | 317,500 | $1.4M | New |
| FND Floor & Decor Holdings Inc. Class A | 0.49% | 18,500 | $1.4M | New |
| AIOT Powerfleet Inc. | 0.47% | 250,000 | $1.3M | Add +4.9% |
| RDDT Reddit Inc. Class A | 0.45% | 5,481 | $1.3M | New |
| CCIX Churchill Capital Corp. Ix | 0.43% | 114,350 | $1.2M | No change |
| ATII Archimedes Tech Spac Partner | 0.42% | 113,670 | $1.2M | Reduce -29.0% |
| OUT Outfront Media Inc. | 0.40% | 60,435 | $1.1M | New |
| DRDB Roman DBDR Acquisition Corp. | 0.40% | 107,090 | $1.1M | No change |
| GTEN Gores Holdings X Inc. Class A | 0.38% | 102,849 | $1.1M | Reduce -73.6% |
| ONCH 1RT Acquisition Corp. Class A | 0.38% | 100,000 | $1.0M | New |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.37% | 201,488 | $1.0M | New |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.36% | 100,000 | $1.0M | New |
| SZZL Sizzle Acquisition Corp. Class A | 0.36% | 100,000 | $1.0M | No change |
| KCHV Kochav Defense Acquisition-A | 0.36% | 100,000 | $1.0M | No change |
| SPEG Silver Pegasus Acquisition-A | 0.36% | 100,000 | $997K | New |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.36% | 100,000 | $996K | New |
| TSEM Tower Semiconductor Ltd. | 0.35% | 13,512 | $977K | New |
| MSFT Microsoft Corp. | 0.33% | 1,750 | $906K | New |
| CPRI Capri Holdings Ltd. | 0.30% | 41,357 | $824K | New |
| NVDA Nvidia Corp. | 0.27% | 4,000 | $746K | No change |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.27% | 10,000 | $740K | New |
| PLYM Plymouth Industrial REIT Inc. | 0.26% | 32,000 | $715K | New |
| MCGA Yorkville Acquisition Corp. Class A | 0.25% | 65,000 | $693K | New |
| CRNC Cerence Inc. | 0.24% | 54,119 | $674K | New |
| ROK Rockwell Automation Inc. | 0.22% | 1,750 | $612K | New |
| INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X | 0.22% | 47,330 | $609K | New |
| STLD Steel Dynamics Inc. | 0.20% | 4,000 | $558K | New |
| SCS Steelcase Inc. Class A | 0.19% | 31,322 | $539K | New |
| LEGT Legato Merger Corp. III | 0.19% | 49,748 | $534K | No change |
| VBNK Versabank | 0.19% | 42,502 | $519K | Reduce -12.7% |
| LCID Lucid Group Inc. | 0.18% | 20,658 | $491K | Add +120.7% |
| MRK Merck & Co. Inc. | 0.17% | 5,684 | $477K | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.17% | 1,818 | $472K | New |
| BBU Brookfield Business PT-Unit | 0.14% | 8,700 | $397K | Reduce -61.3% |
| PFSI Pennymac Financial Services | 0.13% | 3,002 | $372K | New |
| ADX Adams Diversified Equity | 0.13% | 16,520 | $368K | Add +2.1% |
| RRX Regal Rexnord Corp. | 0.13% | 2,496 | $358K | New |
| PLUG Plug Power Inc. | 0.13% | 150,000 | $350K | New |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 0.12% | 25,000 | $333K | New |
| VPG Vishay Precision Group | 0.12% | 10,000 | $321K | New |
| RVT Royce Small-Cap Trust Inc. | 0.11% | 19,837 | $320K | Add +1.8% |
| ASGI Abrdn Global Infrastructure | 0.11% | 15,000 | $317K | No change |
| BDJ BlackRock Enhanced Eqty DVD | 0.11% | 32,984 | $300K | No change |
| DMA Destra Multi-Alternative | 0.11% | 34,709 | $300K | Add +40.5% |
| ECF Ellsworth Growth and Income | 0.10% | 23,785 | $276K | No change |
| NSC Norfolk Southern Corp. | 0.10% | 900 | $270K | New |
| CII BlackRock Enhan LRG Cap Core | 0.09% | 10,682 | $246K | No change |
| CLF Cleveland-Cliffs Inc. | 0.09% | 20,000 | $244K | New |
| OXLC Oxford Lane Capital Corp. | 0.08% | 12,868 | $218K | Add +221.7% |
| SABA Saba Capital Income & Opp II | 0.08% | 23,000 | $210K | No change |
| PTA Cohen & Steers Tax-Advantage | 0.07% | 9,804 | $200K | New |
| EIC Eagle Point Income Co.-USA Inc. | 0.06% | 12,573 | $169K | New |
| XTEAX Tortoise Sust&social Imp Ter | 0.05% | 11,119 | $131K | No change |
| PCF High Income Securities Fund | 0.04% | 16,717 | $106K | No change |
| XNROX Neu Re Est Sec Inc. FD Inc.-US filed as NEUBERGER BERMAN REAL ESTATE | 0.01% | 10,400 | $34K | No change |
| GCMG GCM Grosvenor Inc. Class A | 0.01% | 59,780 | $32K | New |
Options reported separately and not counted above: GLD calls ($72.9M), VOO calls ($33.7M), SLV calls ($23.3M), QQQ puts ($21.0M), BTI calls ($14.3M), CRWV puts ($12.2M), W calls ($11.6M), HHH calls ($10.7M), GLD puts ($8.9M), HYG puts ($8.1M), FCX puts ($7.7M), SPHR calls ($7.1M), and 27 more.
Other holdings (173): bonds, preferreds, convertibles and warrants · $166.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 7,500 | $24.0M | New |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 7,000 | $16.9M | No change |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 15,000 | $14.8M | New |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 10,000 | $13.9M | No change |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 13,859 | $13.7M | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 10,000 | $10.4M | No change |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 7,000 | $8.8M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 5,000 | $8.1M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 7,473 | $7.2M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 6,000 | $7.1M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 5,000 | $5.7M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 4,000 | $5.5M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 5,000 | $5.0M | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 3,000 | $4.2M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 3,000 | $3.3M | No change |
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | 1,145,422 | $2.1M | Add +15.7% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,000 | $1.9M | No change |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 158,192 | $1.8M | Add +47.7% |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | 395,441 | $1.6M | New |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 184,274 | $1.4M | Add +28.3% |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 374,374 | $1.0M | Reduce -40.6% |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 1,350,000 | $608K | New |
| PL.WS Planet Labs PBC -CW26 | *W EXP 12/06/202 | 100,000 | $357K | New |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 252,130 | $270K | New |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 528,157 | $264K | Reduce -0.5% |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 48,080 | $260K | Reduce -64.0% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 368,500 | $251K | Add +47.4% |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 304,700 | $213K | New |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 473,166 | $208K | Add +112.0% |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 159,239 | $207K | Reduce -54.3% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 125,000 | $200K | Reduce -35.3% |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | 55,000 | $195K | Reduce -26.7% |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 380,780 | $190K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 606,131 | $164K | Reduce -44.2% |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 260,220 | $156K | Reduce -1.4% |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 298,680 | $152K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 395,072 | $146K | Reduce -1.7% |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 690,879 | $138K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 500,907 | $135K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 377,983 | $132K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 683,091 | $130K | Add +273.1% |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 200,000 | $112K | Reduce -12.7% |
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | 73,619 | $111K | No change |
| PEW.WS Grabagun Digital Holdings Inc. | *W EXP 99/99/999 | 87,606 | $110K | New |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 320,150 | $109K | No change |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 375,583 | $105K | Reduce -0.4% |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 152,268 | $102K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 267,954 | $99K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 259,895 | $91K | No change |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 358,596 | $90K | Reduce -0.2% |
| TDACW Translational Dev -A -CW26 | *W EXP 12/18/202 | 295,689 | $86K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 295,053 | $83K | Reduce -2.9% |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 121,067 | $79K | No change |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 100,956 | $77K | No change |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 123,618 | $74K | No change |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | 326,246 | $72K | No change |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | 59,413 | $71K | Add +58.7% |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 116,000 | $71K | No change |
| NOEMW CO2 Energy Transition -28 | *W EXP 08/17/202 | 408,991 | $70K | Reduce -2.7% |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 414,711 | $66K | Reduce -18.5% |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 210,413 | $65K | Reduce -13.8% |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 1,277,536 | $64K | No change |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | 312,735 | $63K | Reduce -3.8% |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 113,158 | $62K | No change |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | 271,677 | $60K | New |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 169,960 | $58K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 364,949 | $55K | Reduce -0.5% |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 162,657 | $54K | No change |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 103,595 | $53K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 125,000 | $53K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 77,017 | $50K | Reduce -8.0% |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 94,300 | $49K | Reduce -5.7% |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 204,746 | $47K | Reduce -50.7% |
| GFUZW Spring Valley Acq Co. -30 | *W EXP 09/04/203 | 66,666 | $47K | New |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | 38,333 | $46K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 198,260 | $46K | Reduce -0.3% |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 189,383 | $45K | New |
| NOEMR CO2 Energy Transition Co.-RTS | RIGHT 10/15/2028 | 178,954 | $43K | Reduce -5.8% |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 118,865 | $43K | Reduce -25.4% |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 136,650 | $41K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 252,143 | $38K | Add +79.9% |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | 175,280 | $37K | Reduce -64.7% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 46,181 | $35K | No change |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | 191,752 | $35K | Reduce -34.3% |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 136,000 | $34K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 121,798 | $32K | No change |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 69,790 | $31K | Reduce -0.7% |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 39,058 | $29K | No change |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 153,273 | $28K | No change |
| SPEGR Silver Pegasus Acquisition C | RIGHT 06/26/2030 | 100,000 | $25K | New |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 112,006 | $25K | No change |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 19,370 | $23K | Reduce -87.1% |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 25,000 | $22K | New |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 100,000 | $22K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 500,340 | $20K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 125,000 | $20K | No change |
| AAUC 8 3/4 09/07/28 | 8.750 09/07/28 '27 CVT · principal | 15,650 | $18K | New |
| APPLIED DIGITAL CORP | 2.750 06/01/30 CVT · principal | 7,000 | $18K | New |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | 129,911 | $17K | Reduce -32.5% |
| SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) | NOTE 3.500%12/0 · principal | 8,500 | $16K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 118,722 | $15K | No change |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 14,500 | $15K | No change |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 15,679 | $15K | No change |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 14,000 | $14K | No change |
| MICROSTRATEGY | 0 01/12/2029 · principal | 15,000 | $13K | New |
| VIRGIN GALATIC HOLDINGS | 2.500 02/01/27 CVT · principal | 31,000 | $13K | New |
| VEEAW Plum Acquisition I A -CW28 | *W EXP 09/13/202 | 182,090 | $13K | Reduce -20.4% |
| MARA Holdings Inc | CONV · principal | 12,500 | $13K | New |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 204,578 | $12K | Reduce -8.9% |
| MODIVCARE | 5.00 01/10/2029 · principal | 2,000 | $12K | New |
| AMER HOTEL INC PROP REIT | 6 12/31/2026 · principal | 11,323 | $11K | New |
| MUVICO LLC | 8.000 04/30/30 CVT · principal | 11,451 | $10K | New |
| BLACKBERRY LTD (BBCN 3 02/15/29) | NOTE 3.000% 2/1 · principal | 7,000 | $10K | No change |
| STRATHCONA RESOU | 6.875 01/08/2026 · principal | 10,000 | $10K | New |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 141,606 | $10K | No change |
| XPLR INFRASTRUCTURE LP | 2.500 06/15/26 CVT · principal | 10,000 | $10K | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 10,000 | $10K | No change |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 10,000 | $10K | No change |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 10,000 | $10K | No change |
| GREENFIRE RESOUR | 12.00 01/10/2028 · principal | 8,941 | $10K | New |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | NOTE 3.250% 6/1 · principal | 7,344 | $9K | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 10,000 | $9K | No change |
| CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) | NOTE 2.750% 5/0 · principal | 5,750 | $9K | No change |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | 233,305 | $9K | No change |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | 10,000 | $9K | New |
| GALAXY DIGITAL HOLDIN LP | 2.500 12/01/29 CVT · principal | 5,500 | $9K | New |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 9,249 | $9K | No change |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 · principal | 9,000 | $9K | No change |
| IIP OPERATING PARTNER | 5.500 05/25/26 '26 · principal | 9,082 | $9K | New |
| MARA HOLDINGS | 0 01/06/2031 · principal | 9,000 | $9K | New |
| SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) | NOTE 4.750% 5/0 · principal | 4,750 | $9K | No change |
| B2GOLD CORP | 2.75 01/02/2030 · principal | 5,000 | $8K | New |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 62,780 | $8K | No change |
| CLSK 0 06/15/30 | 06/15/30 CVT PUT · principal | 6,500 | $8K | New |
| GAMESTOP CORP | 04/01/30 CVT PUT · principal | 7,000 | $8K | New |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | 6,000 | $8K | New |
| OPENDOOR TECHNOLOGIES IN | 0.250 08/15/26 CVT · principal | 7,550 | $8K | New |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 7,250 | $7K | New |
| TERAWULF INC | 2.75 01/02/2030 · principal | 4,000 | $6K | New |
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | 3,000 | $6K | New |
| GOPRO INC (GPRO 1.25 11/15/25) | NOTE 1.250%11/1 · principal | 6,000 | $6K | Add +20.0% |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 6,000 | $6K | No change |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | 6,000 | $6K | No change |
| BLACKSKY TECHNOLOGY INC | 8.250 08/01/33 CVT PUT · principal | 5,000 | $6K | New |
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | 4,000 | $5K | No change |
| MICROSTRATEGY | 0 01/03/2030 · principal | 5,000 | $5K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 12,500 | $5K | No change |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 6,000 | $5K | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 5,100 | $5K | New |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 5,095 | $5K | No change |
| RIOT 3/4 01/15/30 | 0.75 15/01/2030 · principal | 3,000 | $5K | New |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 26,807 | $5K | No change |
| GETTY IMAGES INC | 9.75 01/03/2027 · principal | 4,600 | $4K | New |
| BITDEER TECHNOLOGIES GRP | 5.250 12/01/29 CVT PUT · principal | 3,000 | $4K | New |
| MA-COM TECH | 0 15/12/2029 · principal | 4,000 | $4K | New |
| I-80 GOLD CORP | 8.00 22-FEB-27 PIK · principal | 4,000 | $4K | New |
| PROS HOLDINGS INC (PRO 2.25 09/15/27) | NOTE 2.250% 9/1 · principal | 4,000 | $4K | No change |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,000 | $4K | No change |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 4,000 | $4K | No change |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 3,750 | $4K | New |
| SHELF DRILL HOLD LTD | 9.625 04/15/29 '25 · principal | 3,000 | $3K | New |
| AST SPACEMOBILE INC | 2.375 10/15/32 CVT · principal | 3,000 | $3K | New |
| LCI INDUSTRIES | 3.000 03/01/30 CVT · principal | 3,000 | $3K | New |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 3,000 | $3K | No change |
| INVESQUE INC | 9.750 12/30/27 · principal | 2,527 | $3K | New |
| GALAXY DIGITAL HOLDIN LP | 3.000 12/15/26 CVT · principal | 2,000 | $3K | New |
| XPLR INFRASTRUCTURE LP (XIFR 0 11/15/25) | 0 15/11/2025 · principal | 2,500 | $2K | New |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 55,548 | $2K | No change |
| IREN LTD | 3.500 12/15/29 CVT · principal | 6,000 | $2K | New |
| NATIONSTAR MTG HLDS LLC (COOP 6.5 08/01/29 144A) | 6.500 08/01/29 '26 · principal | 2,000 | $2K | New |
| CANNABIST CO HLDGS INC | 9.250 12/31/28 · principal | 2,000 | $1K | New |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | 13,374 | $1K | Reduce -73.3% |
| CHAMPION IRON CANADA INC | 7.875 07/15/32 '28 · principal | 1,000 | $1K | New |
Total filed on the 13F, all lines: $445.3M.
Portfolio Sells Q2 2025 → Q3 2025
| MAG Mag Silver Corp. | Sold out | 0.00% | −2.95 |
| IBIT iShares Bitcoin Trust ETF | Reduce -56.3% | 1.78% | −2.84 |
| HES Hess Corp. | Sold out | 0.00% | −1.97 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −1.95 |
| COLOMBIER ACQUISITION CORP | Sold out | 0.00% | −1.90 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −1.73 |
| RAC Rithm Acquisition Corp. Class A | Sold out | 0.00% | −1.53 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −1.38 |
| GTEN Gores Holdings X Inc. Class A | Reduce -73.6% | 0.38% | −1.35 |
| FLR Fluor Corp. | Sold out | 0.00% | −1.29 |
| ALF Centurion Acquisition Corp. | Sold out | 0.00% | −1.29 |
| FSLR First Solar Inc. | Reduce -42.5% | 2.20% | −1.27 |
| SBXDF Silverbox Corp. IV-A | Sold out | 0.00% | −1.18 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −1.12 |
| BACCU Blue Acquisition Corp. | Sold out | 0.00% | −1.09 |
| TACH Titan Acquisition Corp. Class A | Sold out | 0.00% | −1.07 |
| WLAC Willow Lane Acquisition Class A | Reduce -52.3% | 0.82% | −1.01 |
| SIMA Sim Acquisition Corp. I-A | Sold out | 0.00% | −0.93 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.92 |
| TLN Talen Energy Corp. | Reduce -57.5% | 0.92% | −0.86 |
| NETD Nabors Energy Transition C-A | Reduce -50.0% | 0.60% | −0.84 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.82 |
| AXINU Axiom Intelligence Acquisiti | Sold out | 0.00% | −0.77 |
| ONEN One Nuclear Energy Inc. | Reduce -22.1% | 1.29% | −0.70 |
| FERA Fifth Era Acquisition Corp. Class A | Sold out | 0.00% | −0.66 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.64 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.64 |
| FLYYQ Spirit Aviation Holdings Inc. | Sold out | 0.00% | −0.62 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.58 |
| AGS Playags Inc. | Sold out | 0.00% | −0.54 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.53 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.52 |
| AACB Artius II Acquisition Inc. Class A | Sold out | 0.00% | −0.49 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −0.46 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.46 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.45 |
| JENA Jena Acquisition Corp. II - A | Reduce -15.4% | 1.00% | −0.45 |
| JBS JBS NV-A | Sold out | 0.00% | −0.44 |
| OYSEU Oyster Enterprises II Acquis | Sold out | 0.00% | −0.44 |
| CEPT Cantor Equity Partners Class A | Reduce -27.6% | 0.57% | −0.43 |
| TACO Berto Acquisition Corp. | Reduce -16.2% | 0.95% | −0.42 |
| CUB Lionheart Holdings Class A | Sold out | 0.00% | −0.38 |
| PCAP Procap Acquisition Corp. Class A | Reduce -13.5% | 0.80% | −0.37 |
| RDAG Republic Digital Acquis Class A | Reduce -16.2% | 0.73% | −0.33 |
| CAEP Cantor Equity Partners III-A | Reduce -18.1% | 0.61% | −0.31 |
| WENN Wen Acquisition Corp. Class A | Reduce -10.4% | 0.74% | −0.30 |
| ATII Archimedes Tech Spac Partner | Reduce -29.0% | 0.42% | −0.29 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.29 |
| CHPG Championsgate Acquisitio-A | Sold out | 0.00% | −0.27 |
| BEAG Bold Eagle Acquisition Cor-A | Reduce -1.4% | 1.12% | −0.26 |
Portfolio Buys Q2 2025 → Q3 2025
| GLD SPDR Gold Shares | Add +614.6% | 8.88% | +7.60 |
| OPEN Opendoor Technologies Inc. | New | 2.88% | +2.88 |
| SLV iShares Silver Trust | Add +655.8% | 2.23% | +1.95 |
| CORZ Core Scientific Inc. | Add +92.8% | 4.30% | +1.74 |
| EVAC Eqv Ventures Acquisition C-A | New | 1.73% | +1.73 |
| TLNCU Talon Capital Corp. | New | 1.62% | +1.62 |
| DMIIU Drugs Made in America Acquis | New | 1.52% | +1.52 |
| DCH Dauch Corporation | New | 1.50% | +1.50 |
| CCII Cohen Circle Acquisit II - A | New | 1.46% | +1.46 |
| RYAM Rayonier Advanced Materials | New | 1.41% | +1.41 |
| XPOF Xponential Fitness Inc. Class A | Add +234.8% | 2.07% | +1.35 |
| AEXA American Exceptionalism Class A | New | 1.30% | +1.30 |
| COOP Mr Cooper Group Inc. | New | 1.13% | +1.13 |
| BDCIU BTC Development Corp. | New | 1.09% | +1.09 |
| HCMA HCM III Acquisition Cor Class A | New | 1.09% | +1.09 |
| PAR Par Technology Corp. | New | 1.07% | +1.07 |
| LATAU Galata Acquisition Corp. II | New | 1.01% | +1.01 |
| LION Lionsgate Studios Corp. | New | 0.94% | +0.94 |
| B Barrick Mining Corp. | New | 0.94% | +0.94 |
| CEPF Cantor Equity Partners Class A | New | 0.92% | +0.92 |
| FNV Franco-Nevada Corp. | New | 0.92% | +0.92 |
| LPLA LPL Financial Holdings Inc. | New | 0.73% | +0.73 |
| GFUZ General Fusion Group Ltd. | New | 0.72% | +0.72 |
| BCSS.U Bain Capital GSS Investment | New | 0.72% | +0.72 |
| EMISU Emmis Acquisition Corp. | New | 0.71% | +0.71 |
| CCJ Cameco Corp. | New | 0.69% | +0.69 |
| DCBO Docebo Inc. | Add +691.2% | 0.78% | +0.66 |
| TER Teradyne Inc. | New | 0.59% | +0.59 |
| CHECU Chenghe Acquisition III Co. | New | 0.56% | +0.56 |
| VOXR Vox Royalty Corp. | New | 0.49% | +0.49 |
| FND Floor & Decor Holdings Inc. Class A | New | 0.49% | +0.49 |
| BTI British American Tob-SP ADR | Add +71.1% | 1.24% | +0.46 |
| RDDT Reddit Inc. Class A | New | 0.45% | +0.45 |
| PKST Peakstone Realty Trust | Add +103.4% | 1.12% | +0.45 |
| OUT Outfront Media Inc. | New | 0.40% | +0.40 |
| ONCH 1RT Acquisition Corp. Class A | New | 0.38% | +0.38 |
| EMX Emx Royalty Corp. | New | 0.37% | +0.37 |
| MBVIU M3-Brigade Acquisition Vi Co. | New | 0.36% | +0.36 |
| SPEG Silver Pegasus Acquisition-A | New | 0.36% | +0.36 |
| BLUW Blue Water Acquisition C-A | New | 0.36% | +0.36 |
| TSEM Tower Semiconductor Ltd. | New | 0.35% | +0.35 |
| MSFT Microsoft Corp. | New | 0.33% | +0.33 |
| CPRI Capri Holdings Ltd. | New | 0.30% | +0.30 |
| NXT Nextpower Inc. | New | 0.27% | +0.27 |
| VFC VF Corp. | Add +49.1% | 0.77% | +0.26 |
| PLYM Plymouth Industrial REIT Inc. | New | 0.26% | +0.26 |
| MCGA Yorkville Acquisition Corp. Class A | New | 0.25% | +0.25 |
| CRNC Cerence Inc. | New | 0.24% | +0.24 |
| ROK Rockwell Automation Inc. | New | 0.22% | +0.22 |
| INFQ Infleqtion Inc. | New | 0.22% | +0.22 |
Options Activity Q2 2025 → Q3 2025
| GLD SPDR Gold Shares | call | Add +95.2% | 205,000 | $72.9M |
| VOO Vanguard S&P 500 ETF | call | Add +2100.0% | 55,000 | $33.7M |
| SLV iShares Silver Trust | call | Add +67.7% | 550,000 | $23.3M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 35,000 | $21.0M |
| IBIT iShares Bitcoin Trust ETF | put | Sold out | 250,000 | $15.3Mbefore exit |
| BTI British American Tob-SP ADR | call | Reduce -30.8% | 270,000 | $14.3M |
| CRWV Coreweave Inc. Class A | put | Add +795.0% | 89,500 | $12.2M |
| W Wayfair Inc. Class A | call | Add +979.2% | 129,500 | $11.6M |
| HHH Howard Hughes Holdings Inc. | call | Add +150.0% | 130,000 | $10.7M |
| GLD SPDR Gold Shares | put | Reduce -13.8% | 25,000 | $8.9M |
| IBIT iShares Bitcoin Trust ETF | call | Sold out | 142,500 | $8.7Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -50.0% | 100,000 | $8.1M |
| FCX Freeport-McMoran Inc. | put | New | 196,000 | $7.7M |
| SPHR Sphere Entertainment Co. | call | New | 114,700 | $7.1M |
| VTWO Vanguard Russell 2000 ETF | put | Sold out | 62,500 | $5.5Mbefore exit |
| LYV Live Nation Entertainment Inc. | call | Sold out | 34,000 | $5.1Mbefore exit |
| MARA Mara Holdings Inc. | call | New | 250,000 | $4.6M |
| OPEN Opendoor Technologies Inc. | put | New | 550,000 | $4.4M |
| ITB iShares U.S. Home Constructi | call | New | 40,000 | $4.3M |
| GDXJ Vaneck Junior Gold Miners | call | New | 40,000 | $4.0M |
| TLT iShares 20+ Year Treasury BD | call | Sold out | 40,000 | $3.5Mbefore exit |
| GDXJ Vaneck Junior Gold Miners | put | New | 35,000 | $3.5M |
| SEI Solaris Energy Infrastructur | call | New | 85,000 | $3.4M |
| RKT Rocket Cos Inc. Class A | put | New | 165,000 | $3.2M |
| CORZ Core Scientific Inc. | put | Sold out | 175,000 | $3.0Mbefore exit |
| OMC Omnicom Group | call | Reduce -41.8% | 35,000 | $2.9M |
| VOO Vanguard S&P 500 ETF | put | Sold out | 5,000 | $2.8Mbefore exit |
| GLXY Galaxy Digital Inc. Class A | put | Sold out | 75,000 | $2.2Mbefore exit |
| IJR iShares Core S&P Small-Cap E | put | Sold out | 20,000 | $2.2Mbefore exit |
| SLV iShares Silver Trust | put | New | 50,000 | $2.1M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 25,000 | $2.0Mbefore exit |
| IMO Imperial Oil Ltd. | call | Sold out | 25,000 | $2.0Mbefore exit |
| PAR Par Technology Corp. | call | New | 47,000 | $1.9M |
| CORZ Core Scientific Inc. | call | Reduce -50.0% | 100,000 | $1.8M |
| INTC Intel Corp. | call | New | 50,000 | $1.7M |
| BTU Peabody Energy Corp. | call | Sold out | 125,000 | $1.7Mbefore exit |
| BKR Baker Hughes Co. | call | Add +120.0% | 33,000 | $1.6M |
| ENPH Enphase Energy Inc. | put | Sold out | 40,000 | $1.6Mbefore exit |
| INVH Invitation Homes Inc. | put | Reduce -50.0% | 50,000 | $1.5M |
| DBX Dropbox Inc. Class A | put | Sold out | 50,000 | $1.4Mbefore exit |
| OC Owens Corning | call | Sold out | 10,000 | $1.4Mbefore exit |
| WGMI CS BTC Min Dig PWR ETF | call | New | 30,000 | $1.3M |
| INSP Inspire Medical Systems Inc. | call | Sold out | 9,100 | $1.2Mbefore exit |
| ASTS Ast Spacemobile Inc. | call | Sold out | 25,000 | $1.2Mbefore exit |
| HLT Hilton Worldwide Holdings Inc. | call | Sold out | 4,000 | $1.1Mbefore exit |
| RKT Rocket Cos Inc. Class A | call | Sold out | 75,000 | $1.1Mbefore exit |
| NHC National Healthcare Corp. | put | Sold out | 9,500 | $1.0Mbefore exit |
| FSLR First Solar Inc. | call | Sold out | 5,000 | $828Kbefore exit |
| FND Floor & Decor Holdings Inc. Class A | call | New | 10,000 | $737K |
| IREN Iren Ltd. | call | Sold out | 50,000 | $729Kbefore exit |
Showing the first 50 of 69.
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
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 7,500 | $24.0M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | New | 15,000 | $14.8M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 14,137 | $14.1Mbefore exit |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 9,321 | $9.2Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 6,000 | $7.1M |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | New | 5,000 | $5.0M |
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | Add +15.7% | 1,145,422 | $2.1M |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Add +47.7% | 158,192 | $1.8M |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | New | 395,441 | $1.6M |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | Add +28.3% | 184,274 | $1.4M |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | Reduce -40.6% | 374,374 | $1.0M |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | Sold out | 32,071 | $1.0Mbefore exit |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | Sold out | 168,211 | $631Kbefore exit |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Sold out | 349,119 | $611Kbefore exit |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | New | 1,350,000 | $608K |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | Sold out | 217,107 | $521Kbefore exit |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Sold out | 177,489 | $417Kbefore exit |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | Sold out | 183,586 | $367Kbefore exit |
| PL.WS Planet Labs PBC -CW26 | *W EXP 12/06/202 | New | 100,000 | $357K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 308,753 | $340Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | New | 252,130 | $270K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Reduce -0.5% | 528,157 | $264K |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | Reduce -64.0% | 48,080 | $260K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Add +47.4% | 368,500 | $251K |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | New | 304,700 | $213K |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | Add +112.0% | 473,166 | $208K |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Reduce -54.3% | 159,239 | $207K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | Reduce -35.3% | 125,000 | $200K |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | Reduce -26.7% | 55,000 | $195K |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | Reduce -44.2% | 606,131 | $164K |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | Reduce -1.4% | 260,220 | $156K |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | Reduce -1.7% | 395,072 | $146K |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | Add +273.1% | 683,091 | $130K |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | Sold out | 249,454 | $125Kbefore exit |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | Sold out | 296,022 | $115Kbefore exit |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | Reduce -12.7% | 200,000 | $112K |
| PEW.WS Grabagun Digital Holdings Inc. | *W EXP 99/99/999 | New | 87,606 | $110K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Reduce -0.4% | 375,583 | $105K |
| USA RARE EARTH INC | *W EXP 03/13/203 | Sold out | 44,142 | $105Kbefore exit |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | Reduce -0.2% | 358,596 | $90K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | Reduce -2.9% | 295,053 | $83K |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | Sold out | 306,680 | $77Kbefore exit |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | Add +58.7% | 59,413 | $71K |
| NOEMW CO2 Energy Transition -28 | *W EXP 08/17/202 | Reduce -2.7% | 408,991 | $70K |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | Reduce -18.5% | 414,711 | $66K |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | Reduce -13.8% | 210,413 | $65K |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | Reduce -3.8% | 312,735 | $63K |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | New | 271,677 | $60K |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Reduce -0.5% | 364,949 | $55K |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | Sold out | 79,780 | $51Kbefore exit |
Showing the first 50 of 123.
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 |