K2 Principal Fund, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), K2 Principal Fund, L.P. reported 161 stock positions worth $265.7 million. Its top holding was British American Tob-SP ADR (BTI) at 3.3% of the portfolio, followed by Xponential Fitness Class A (XPOF, 2.2%) and Dauch (DCH, 2.0%). Compared with Q3 2025, it opened 70 new positions, sold out of 34, added to 30 and reduced 40. The biggest buy was British American Tob-SP ADR (BTI, shares +138%) and the biggest sale an exit from SPDR Gold Shares (GLD).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001461790
Portfolio Value
$265.7M (Q4 2025)
SEC Filing
0001461790-26-000016 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $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 $265.7M Q4 2025 Q1 2026: $328.1M Q1 2026 Q2 2026: $384.8M Q2 2026

Holdings 161 stocks · $265.7M
BTI British American Tob-SP ADR 3.32% 155,735 $8.8M Add +138.3%
XPOF Xponential Fitness Inc. Class A 2.15% 694,974 $5.7M Reduce -6.1%
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 2.00% 829,192 $5.3M Add +19.0%
SUNC Sunococorp LLC 1.95% 105,090 $5.2M New
FSLR First Solar Inc. 1.84% 18,750 $4.9M Reduce -32.4%
B Barrick Mining Corp. 1.66% 101,145 $4.4M Add +26.7%
BIP Brookfield Infrastructure Pa 1.63% 124,900 $4.3M New
NGD New Gold Inc. 1.58% 481,563 $4.2M New
GOOG Alphabet Inc. Class C 1.58% 13,354 $4.2M Reduce -1.1%
ELE Elemental Royalty Corp. 1.55% 177,356 $4.1M New
CCII Cohen Circle Acquisit II - A 1.54% 399,200 $4.1M Reduce -0.2%
GFR Greenfire Resources Ltd. 1.51% 845,285 $4.0M Add +88.8%
NLOP Net Lease Office Property 1.50% 154,500 $4.0M Add +6.7%
CEPT Cantor Equity Partners Class A 1.47% 347,129 $3.9M Add +130.0%
TACO Berto Acquisition Corp. 1.36% 355,204 $3.6M Add +39.2%
RYAM Rayonier Advanced Materials 1.34% 602,624 $3.5M Add +11.0%
ALUB.U Alussa Energy Acquisition Co. 1.33% 350,000 $3.5M New
BEP Brookfield Renewable Partner 1.31% 129,900 $3.5M New
SRG Seritage Growth Prop- A 1.29% 1,056,400 $3.4M Add +5.6%
SOLS Solstice Adv Materials Inc. 1.28% 69,810 $3.4M New
OPEN Opendoor Technologies Inc. 1.23% 559,157 $3.3M Reduce -44.6%
BEAG Bold Eagle Acquisition Cor-A 1.22% 307,018 $3.2M Add +2.5%
CAEP Cantor Equity Partners III-A 1.20% 312,667 $3.2M Add +90.9%
NSC Norfolk Southern Corp. 1.17% 10,800 $3.1M Add +1100.0%
PMTR Perimeter Acquis Corp. I Class A 1.15% 297,237 $3.1M Add +20.2%
ABVX Abivax SA-ADR 1.14% 22,500 $3.0M New
PAR Par Technology Corp. 1.14% 83,580 $3.0M Add +11.2%
TLNC Talon Capital Corp. Class A 1.14% 299,752 $3.0M Reduce -33.4%
CYBR Cyberark Software Ltd./Israel 1.13% 6,748 $3.0M New
PKST Peakstone Realty Trust 1.13% 209,114 $3.0M Reduce -11.9%
AMZN Amazon.com Inc. 1.10% 12,708 $2.9M Add +33.7%
APP AppLovin Corp. Class A 1.07% 4,232 $2.9M Reduce -26.9%
IBIT iShares Bitcoin Trust ETF 1.07% 57,322 $2.8M Reduce -24.7%
IPCX Inflection Point Acquisiti-A 1.06% 276,543 $2.8M Add +11.5%
JENA Jena Acquisition Corp. II - A 1.04% 273,000 $2.8M Reduce -0.7%
FYBR Frontier Communications Pare 1.02% 71,074 $2.7M No change
LION Lionsgate Studios Corp. 1.02% 296,069 $2.7M Reduce -22.3%
CEPF Cantor Equity Partners Class A 1.00% 258,141 $2.7M Add +2.2%
FNV Franco-Nevada Corp. 0.97% 12,500 $2.6M Add +8.7%
HAYMAKER ACQUISITION CORP 4 0.97% 226,442 $2.6M Add +13.3%
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.97% 250,000 $2.6M New
WENN Wen Acquisition Corp. Class A 0.96% 252,663 $2.6M Add +24.7%
SBXE.U Silverbox Corp. V 0.92% 243,400 $2.4M New
RGLD Royal Gold Inc. 0.89% 10,625 $2.4M New
HCMA HCM III Acquisition Cor Class A 0.89% 234,602 $2.4M Reduce -21.8%
CFLT Confluent Inc. Class A 0.85% 74,997 $2.3M New
GENI Genius Sports Ltd. 0.84% 203,734 $2.2M Reduce -15.4%
DAAQ Digital Asset Acquisiti Class A 0.83% 218,397 $2.2M No change
CRAQ Cal Redwood Acquisit Class A 0.82% 215,031 $2.2M No change
OACC Oaktree Acquisition Corp. I-A 0.78% 195,292 $2.1M No change
DBRG Digitalbridge Group Inc. 0.76% 131,067 $2.0M New
PCAP Procap Acquisition Corp. Class A 0.76% 198,332 $2.0M Reduce -8.7%
EVAC Eqv Ventures Acquisition C-A 0.75% 200,000 $2.0M Reduce -58.7%
VHCPU Vine Hill Capital Investment 0.75% 200,000 $2.0M New
SVAQU Silicon Valley Acquisition C 0.75% 200,000 $2.0M New
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.69% 178,100 $1.8M No change
GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I 0.67% 175,000 $1.8M Reduce -12.5%
NKE Nike Inc. Class B 0.65% 27,000 $1.7M New
DCBO Docebo Inc. 0.64% 76,910 $1.7M Reduce -3.8%
AEXA American Exceptionalism Class A 0.61% 143,403 $1.6M Reduce -56.6%
VST Vistra Corp. 0.61% 10,000 $1.6M New
VOXR Vox Royalty Corp. 0.57% 317,500 $1.5M No change
APXTU Apex Treasury Corp. 0.56% 148,075 $1.5M New
NVRI Enviri Corp. 0.56% 82,987 $1.5M New
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 0.56% 150,000 $1.5M New
EVOX Evolution Global Acquis Class A 0.56% 150,000 $1.5M New
RDDT Reddit Inc. Class A 0.56% 6,437 $1.5M Add +17.4%
DSACU Daedalus Special Acquisition 0.54% 143,620 $1.4M New
AIOT Powerfleet Inc. 0.54% 268,846 $1.4M Add +7.5%
LWACU Lightwave Acquisition Corp. 0.53% 139,300 $1.4M Reduce -3.5%
RTAC Renatus Tactical Acquisiti-A 0.52% 129,458 $1.4M Reduce -3.9%
FCX Freeport-McMoran Inc. 0.49% 25,800 $1.3M New
ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP 0.47% 125,000 $1.3M New
RANG Range Capital Acquisition Co. 0.46% 118,150 $1.2M New
AQN Algonquin Power & Utilities 0.46% 200,000 $1.2M New
CHAC Crane Harbor Acqu Corp. Class A 0.46% 113,825 $1.2M New
RDAG Republic Digital Acquis Class A 0.46% 120,799 $1.2M Reduce -39.6%
DNMX Dynamix Corp. III Class A 0.45% 120,317 $1.2M New
TIC Tic Solutions Inc. 0.44% 115,289 $1.2M Add +361.2%
CCIX Churchill Capital Corp. Ix 0.44% 108,850 $1.2M Reduce -4.8%
WIX Wix.com Ltd. 0.43% 11,000 $1.1M New
DRDB Roman DBDR Acquisition Corp. 0.42% 107,090 $1.1M No change
CUBE Cubesmart 0.41% 30,100 $1.1M New
GTEN Gores Holdings X Inc. Class A 0.40% 102,849 $1.1M No change
FTW Eqv Ventures Acquisition C-A 0.39% 100,000 $1.0M Reduce -42.2%
RAAQ Real Asset Acquisiti Class A 0.39% 102,434 $1.0M New
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.39% 100,000 $1.0M No change
CEPV Cantor Equity Partners Class A 0.39% 100,000 $1.0M New
ONCH 1RT Acquisition Corp. Class A 0.38% 100,000 $1.0M No change
VEON Veon Ltd. 0.38% 19,300 $1.0M New
KCHV Kochav Defense Acquisition-A 0.38% 100,000 $1.0M No change
FCRS Futurecrest Acquisition Class A 0.38% 100,000 $1.0M New
SAC.U Safeguard Acquisition Corp. 0.38% 100,000 $1.0M New
SPEG Silver Pegasus Acquisition-A 0.38% 100,000 $1.0M No change
PRCH Porch Group Inc. 0.38% 110,000 $1.0M New
GPACU General Purpose Acquisition 0.38% 100,000 $1.0M New
LFACU Leapfrog Acquisition Corp. 0.38% 100,000 $1.0M New
BLRKU Bluerock Acquisition Corp. 0.38% 100,000 $1.0M New
MBVI M3-Brigade Acquisition Class A 0.38% 100,000 $1.0M No change
AEAQU Activate Energy Acquisition 0.38% 100,000 $999K New
LPCVU Launchpad Cadenza Acquisitio 0.38% 100,000 $998K New
RNGT Range Capital Acquisit Class A 0.38% 100,000 $998K New
ADACU American Drive Acquisition C 0.38% 100,000 $997K New
LATA Galata Acqu Corp. II Class A 0.37% 100,000 $996K Reduce -64.5%
TWLVU Twelve Seas Investment Co. II 0.37% 100,000 $995K New
CARS Cars.com Inc. 0.36% 78,176 $954K New
THS Treehouse Foods Inc. 0.36% 40,300 $951K New
ATII Archimedes Tech Spac Partner 0.34% 87,900 $911K Reduce -22.7%
PLUG Plug Power Inc. 0.33% 450,000 $887K Add +200.0%
TSEM Tower Semiconductor Ltd. 0.33% 7,411 $870K Reduce -45.1%
CHEC Chenghe Acquisition II Class A 0.30% 80,760 $805K Reduce -48.5%
KVUE Kenvue Inc. 0.30% 46,193 $797K New
NVDA Nvidia Corp. 0.28% 4,000 $746K No change
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.27% 46,340 $723K Reduce -2.1%
TER Teradyne Inc. 0.27% 3,664 $709K Reduce -69.5%
CMCO Columbus McKinnon Corp. 0.26% 40,225 $694K New
ITB iShares U.S. Home Constructi 0.25% 7,000 $674K New
FFBC First Financial Bancorp 0.25% 26,576 $665K New
MCGA Yorkville Acquisition Corp. Class A 0.25% 65,000 $658K No change
SLV iShares Silver Trust 0.25% 10,200 $657K Reduce -93.0%
TLT iShares 20+ Year Treasury BD 0.23% 6,966 $607K New
MRK Merck & Co. Inc. 0.23% 5,684 $598K No change
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.21% 53,442 $553K Reduce -84.8%
CLF Cleveland-Cliffs Inc. 0.21% 41,300 $548K Add +106.5%
MTA Metalla Royalty & Streaming 0.20% 69,760 $543K New
PLYM Plymouth Industrial REIT Inc. 0.20% 24,204 $530K Reduce -24.4%
CLNE Clean Energy Fuels Corp. 0.20% 250,000 $525K New
ITHAU Ithax Acquisition Corp. III 0.19% 50,000 $499K New
CAMT Camtek Ltd. 0.16% 4,000 $425K New
VPG Vishay Precision Group 0.16% 10,900 $420K Add +9.0%
ROK Rockwell Automation Inc. 0.15% 1,039 $404K Reduce -40.6%
PFSI Pennymac Financial Services 0.15% 3,002 $396K No change
ADX Adams Diversified Equity 0.15% 16,851 $393K Add +2.0%
ACRE Ares Commercial Real Estate 0.14% 77,377 $370K New
KLIC Kulicke & Soffa Industries 0.14% 8,000 $364K New
AMKR Amkor Technology Inc. 0.13% 9,000 $355K New
TSSI TSS Inc. 0.13% 50,000 $354K New
VBNK Versabank 0.13% 23,158 $347K Reduce -45.5%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.13% 5,102 $342K New
RVT Royce Small-Cap Trust Inc. 0.12% 20,503 $330K Add +3.4%
BDJ BlackRock Enhanced Eqty DVD 0.12% 32,984 $313K No change
LULU Lululemon Athletica Inc. 0.12% 1,500 $312K New
DMA Destra Multi-Alternative 0.12% 34,709 $311K No change
ECF Ellsworth Growth and Income 0.11% 24,619 $286K Add +3.5%
EIC Eagle Point Income Co.-USA Inc. 0.10% 23,584 $269K Add +87.6%
CII BlackRock Enhan LRG Cap Core 0.09% 10,682 $250K No change
UTF Cohen & Steers Infrastructur 0.09% 10,043 $242K New
ASGI Abrdn Global Infrastructure 0.08% 9,425 $211K Reduce -37.2%
STLD Steel Dynamics Inc. 0.08% 1,200 $203K Reduce -70.0%
SCPQU Social Commerce Partners Cor 0.08% 20,000 $200K New
SZZL Sizzle Acquisition Corp. Class A 0.07% 18,479 $188K Reduce -81.5%
SABA Saba Capital Income & Opp II 0.07% 22,700 $187K Reduce -1.3%
MBC Masterbrand Inc. 0.06% 13,516 $149K New
OBDC Blue Owl Capital Corp. 0.05% 10,300 $128K New
SPRY Ars Pharmaceuticals Inc. 0.04% 10,200 $119K Reduce -98.4%
NWAX.U New America Acquisition I Co. 0.04% 10,000 $104K New
PCF High Income Securities Fund 0.04% 16,617 $102K Reduce -0.6%
DVS Dolly Varden Silver Ltd. 0.02% 14,089 $62K New
HFRO Highland Opport & Income 0.02% 10,033 $60K New
FRMM Forum Markets Inc. filed as ETHZILLA CORPORATION 0.02% 11,644 $57K New
XNROX Neu Re Est Sec Inc. FD Inc.-US filed as NEUBERGER REAL ESTATE 0.01% 10,400 $32K No change

Options reported separately and not counted above: GLD calls ($42.5M), SPY calls ($39.7M), GDX puts ($19.7M), FCX puts ($17.8M), SLV calls ($16.7M), PAR calls ($15.2M), QQQ puts ($12.3M), GDXJ puts ($9.3M), GME calls ($7.6M), META puts ($6.6M), BTI calls ($6.2M), GME puts ($5.5M), and 42 more.

Other holdings (195): bonds, preferreds, convertibles and warrants · $165.0M (not counted above)
SecurityClassShares / PrincipalValueChange
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 14,000$39.8MAdd +366.7%
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) NOTE 1/1 · principal 15,000$15.0MNo change
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 10,000$11.3MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 8,000$10.4MNew
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 9,000$9.2MAdd +28.6%
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal 7,859$7.8MReduce -43.3%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,000$7.3MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 7,000$7.1MNew
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 6,000$6.8MNo change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 4,000$6.6MNo change
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 5,000$6.0MNo change
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 5,000$5.9MNew
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 5,000$4.9MNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 3,000$3.8MNo change
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) NOTE 0.750% 1/1 · principal 3,000$3.4MNew
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 3,000$2.9MNew
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 1,183,387$2.3MAdd +3.3%
PL.WS Planet Labs PBC -CW26 *W EXP 12/06/202 220,515$1.9MAdd +120.5%
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 158,192$1.3MNo change
IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,350,000$1.2MNo change
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 281,950$1.2MAdd +53.0%
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 273,501$968KReduce -30.8%
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 81,153$364KReduce -78.3%
NNAVW Nextnav Inc. *W EXP 99/99/999 48,080$344KNo change
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 173,851$266KReduce -31.1%
BACQR Inflection Point Acquisition RIGHT 11/04/2026 348,231$258KReduce -5.5%
EQV VENTURES ACQUISITION *W EXP 07/01/203 488,712$235KReduce -7.5%
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 139,087$216KAdd +1012.7%
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 300,985$211KReduce -1.2%
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 473,166$180KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 215,769$173KAdd +2.5%
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 409,167$168KAdd +8.3%
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 650,000$163KNew
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 288,369$159KReduce -3.5%
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 478,518$153KReduce -4.5%
ATIIW Archimedes Tech-30 *W EXP 10/15/202 239,895$132KReduce -7.7%
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 132,200$131KAdd +5.8%
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 336,901$125KAdd +121.3%
EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 326,474$124KNew
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 394,597$110KReduce -34.9%
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 328,278$105KAdd +0.6%
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 288,286$101KReduce -2.3%
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 31,140$100KNew
OPENW Opendoor Technologies Inc.-26 *W EXP 11/20/202 111,406$100KAdd +231.7%
JOBY.WS Joby Aviation Inc. -CW25 *W EXP 08/10/202 25,000$99KNew
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 115,912$99KNew
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 100,956$94KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 110,294$94KNew
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 50,100$93KNew
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 257,677$93KReduce -5.2%
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 395,072$87KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 267,954$86KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 116,818$83KReduce -5.5%
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 10,567$81KReduce -80.8%
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 260,220$81KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 116,000$80KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 245,150$78KReduce -23.4%
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 245,689$76KReduce -16.9%
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 690,879$76KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 162,657$73KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 121,067$70KNo change
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 116,666$69KReduce -22.1%
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 189,383$66KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 376,348$64KReduce -8.0%
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 159,845$64KReduce -20.1%
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 312,735$63KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 103,595$62KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 358,596$61KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 380,780$57KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 169,960$56KNo change
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 683,091$55KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 118,865$53KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 204,746$51KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 1,277,536$51KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 198,253$50KReduce 0.0%
PEW.WS Grabagun Digital Holdings Inc. *W EXP 99/99/999 129,857$49KAdd +48.2%
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 59,413$48KNo change
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 73,619$48KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 136,650$42KNo change
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 66,666$41KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 122,200$39KNew
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 112,006$37KNo change
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 191,752$36KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 223,957$36KAdd +46.1%
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 147,507$35KReduce -59.6%
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 86,112$35KAdd +23.4%
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 113,158$35KNo change
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 250,000$35KReduce -41.4%
DNMXW Dynamix Corp. III *W EXP 10/10/203 96,249$35KNew
JACKSON ACQUISITION CO II RIGHT 99/99/9999 136,000$34KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 236,041$33KReduce -43.1%
EVOXW Evolution Global Acquisition *W EXP 10/22/203 75,000$33KNew
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 121,798$33KNo change
GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 100,000$31KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 106,950$29KNew
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 131,207$29KReduce -26.7%
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 67,110$29KNew
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 77,017$28KNo change
OPENZ Opendoor Technologies Inc.-26 *W EXP 11/20/202 69,434$28KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 39,058$28KNo change
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 102,500$25KAdd +2.5%
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 75,000$24KNew
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 100,000$24KNo change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 8,500$23KNo change
AAUC 8 3/4 09/07/28 8.750 09/07/28 '27 CVT · principal 15,650$23KNo change
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 46,181$23KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 125,000$21KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 500,340$20KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 38,333$19KNo change
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal 7,000$19KNew
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 25,000$18KNew
FIRST MAJESTIC SILVER 0.125 01/15/31 CVT · principal 14,500$16KNew
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 15,679$16KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 118,722$15KNo change
MODIVCARE 5.00 01/10/2029 · principal 2,000$15KNo change
AST SPACEMOBILE INC 2.375 10/15/32 CVT · principal 11,500$15KAdd +283.3%
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 16,750$15KAdd +179.2%
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 100,000$15KReduce -49.4%
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 25,000$15KNo change
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 14,000$14KNo change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 13,824$14KAdd +38.2%
VIRGIN GALATIC HOLDINGS 2.500 02/01/27 CVT · principal 16,500$14KReduce -46.8%
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) NOTE 0.250%10/0 · principal 12,000$13KNew
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 24,700$13KNew
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 15,000$12KNew
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 33,333$12KNo change
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 12,500$12KAdd +212.5%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal 5,750$12KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 62,780$12KNo change
GAMESTOP CORP 04/01/30 CVT PUT · principal 12,000$12KAdd +71.4%
LUCID GROUP INC (LCID 1.25 12/15/26) 1.250 12/15/26 CVT · principal 12,500$12KAdd +25.0%
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 14,091$11KNew
AMER HOTEL INC PROP REIT 6 12/31/2026 · principal 11,779$11KAdd +4.0%
APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal 9,000$10KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 204,578$10KNo change
OPENL Opendoor Technologies Inc.-26 *W EXP 11/20/202 19,134$10KNew
ATMCW Alphatime Acquisition Cor-28 *W EXP 03/01/202 141,606$10KNo change
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 12,500$10KNew
XPLR INFRASTRUCTURE LP 2.500 06/15/26 CVT · principal 10,000$10KNo change
SNAP INC (SNAP 0.75 08/01/26) NOTE 0.750% 8/0 · principal 10,000$10KNo change
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 10,000$10KNo change
VIZSLA SILVER CORP 5.000 01/15/31 CVT · principal 7,210$9KNew
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 40,217$9KNew
BLACKBERRY LTD (BBCN 3 02/15/29) NOTE 3.000% 2/1 · principal 7,000$9KNo change
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 57,800$9KNew
MUVICO LLC 8.000 04/30/30 CVT · principal 11,909$9KAdd +4.0%
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 7,344$8KNo change
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 8,500$8KNew
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) NOTE 2.250% 7/0 · principal 6,750$8KNew
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal 9,000$8KNew
OPENDOOR TECHNOLOGIES IN 0.250 08/15/26 CVT · principal 7,550$7KNo change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 7,473$7KNo change
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 6,000$7KNo change
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 233,305$7KNo change
GALAXY DIGITAL HOLDIN LP 2.500 12/01/29 CVT · principal 5,500$7KNo change
MICROSTRATEGY 0 01/03/2030 · principal 8,000$7KAdd +60.0%
CORE SCIENTIFIC INC NEW 06/15/31 CVT PUT · principal 6,400$7KNew
ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 26,807$7KNo change
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal 5,000$6KNew
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 6,000$6KNo change
GOLAR LNG LTD 2.750 12/15/30 CVT · principal 6,000$6KNew
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 4,000$6KNo change
MARA HOLDINGS INC (MARA 1 12/01/26) NOTE 1.000%12/0 · principal 6,000$6KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 10,260$5KNew
BLACKSKY TECHNOLOGY INC 8.250 08/01/33 CVT PUT · principal 5,000$5KNo change
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal 5,000$5KNew
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal 4,000$5KNew
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal 5,100$5KNo change
IIP OPERATING PARTNER 5.500 05/25/26 '26 · principal 5,082$5KReduce -44.0%
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal 5,000$5KNew
MA-COM TECH 0 15/12/2029 · principal 4,000$5KNo change
VIRGIN GALATIC HOLDINGS 9.800 12/31/28 '26 · principal 5,993$5KNew
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 5,095$5KNo change
BITDEER TECHNOLOGIES GRP 5.250 12/01/29 CVT PUT · principal 4,000$5KAdd +33.3%
ARRAY TECHNOLOGIES INC 2.875 07/01/31 CVT · principal 3,000$4KNew
ENDEAVOUR SILVER 0.250 01/15/31 CVT · principal 4,000$4KNew
SILVIA INC (SVIA 0 12/05/28) 0 12/05/28 · principal 5,000$4KNew
I-80 GOLD CORP 8.00 22-FEB-27 PIK · principal 4,000$4KNo change
EXACT SCIENCES CORP (EXAS 2 03/01/30) DEBT 2.000% 3/0 · principal 3,000$4KNew
PROS HOLDINGS INC (PRO 2.25 09/15/27) NOTE 2.250% 9/1 · principal 4,000$4KNo change
UPWORK INC (UPWK 0.25 08/15/26) NOTE 0.250% 8/1 · principal 4,000$4KNo change
DENISON MINES CORP 4.250 09/15/31 CVT · principal 3,000$4KNew
LCI INDUSTRIES 3.000 03/01/30 CVT · principal 3,000$4KNo change
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 3,000$3KNo change
MP MATERIALS CORP 0.250 04/01/26 CVT · principal 2,500$3KNew
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 3,315$3KNew
INVESQUE INC 9.750 12/30/27 · principal 2,529$3KAdd +0.1%
GALAXY DIGITAL HOLDIN LP 3.000 12/15/26 CVT · principal 2,000$2KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 69,690$2KReduce -72.4%
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 2,000$2KNo change
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 13,374$2KNo change
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 1,499$1KReduce -83.8%
CANNABIST CO HLDGS INC 9.250 12/31/28 · principal 2,000$1KNo change
CHAMPION IRON CANADA INC 7.875 07/15/32 '28 · principal 1,000$1KNo change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 1,000$905New

Total filed on the 13F, all lines: $430.7M.

Portfolio Sells Q3 2025 → Q4 2025
GLD SPDR Gold Shares Sold out 0.00% −8.88
CORZ Core Scientific Inc. Sold out 0.00% −4.30
SPRY Ars Pharmaceuticals Inc. Reduce -98.4% 0.04% −2.20
SLV iShares Silver Trust Reduce -93.0% 0.25% −1.98
OPEN Opendoor Technologies Inc. Reduce -44.6% 1.23% −1.66
DMIIU Drugs Made in America Acquis Sold out 0.00% −1.52
UBER Uber Technologies Inc. Sold out 0.00% −1.42
PTON Peloton Interactive Inc. Class A Sold out 0.00% −1.39
TIXT Telus International Cda Inc. Sold out 0.00% −1.30
COOP Mr Cooper Group Inc. Sold out 0.00% −1.13
BDCIU BTC Development Corp. Sold out 0.00% −1.09
ONEN One Nuclear Energy Inc. Reduce -84.8% 0.21% −1.08
PDS Precision Drilling Corp. Sold out 0.00% −1.04
EVAC Eqv Ventures Acquisition C-A Reduce -58.7% 0.75% −0.97
TLN Talen Energy Corp. Sold out 0.00% −0.92
WLAC Willow Lane Acquisition Class A Sold out 0.00% −0.82
VFC VF Corp. Sold out 0.00% −0.77
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.76
LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.73
BCSS.U Bain Capital GSS Investment Sold out 0.00% −0.72
IBIT iShares Bitcoin Trust ETF Reduce -24.7% 1.07% −0.70
CCJ Cameco Corp. Sold out 0.00% −0.69
AEXA American Exceptionalism Class A Reduce -56.6% 0.61% −0.68
LATA Galata Acqu Corp. II Class A Reduce -64.5% 0.37% −0.64
NETD Nabors Energy Transition C-A Sold out 0.00% −0.60
FND Floor & Decor Holdings Inc. Class A Sold out 0.00% −0.49
TLNC Talon Capital Corp. Class A Reduce -33.4% 1.14% −0.48
APP AppLovin Corp. Class A Reduce -26.9% 1.07% −0.42
OUT Outfront Media Inc. Sold out 0.00% −0.40
EMX Emx Royalty Corp. Sold out 0.00% −0.37
FSLR First Solar Inc. Reduce -32.4% 1.84% −0.35
TER Teradyne Inc. Reduce -69.5% 0.27% −0.33
MSFT Microsoft Corp. Sold out 0.00% −0.33
CPRI Capri Holdings Ltd. Sold out 0.00% −0.30
SZZL Sizzle Acquisition Corp. Class A Reduce -81.5% 0.07% −0.29
RDAG Republic Digital Acquis Class A Reduce -39.6% 0.46% −0.27
NXT Nextpower Inc. Sold out 0.00% −0.27
CHEC Chenghe Acquisition II Class A Reduce -48.5% 0.30% −0.26
FTW Eqv Ventures Acquisition C-A Reduce -42.2% 0.39% −0.25
CRNC Cerence Inc. Sold out 0.00% −0.24
GENI Genius Sports Ltd. Reduce -15.4% 0.84% −0.22
HCMA HCM III Acquisition Cor Class A Reduce -21.8% 0.89% −0.20
SCS Steelcase Inc. Class A Sold out 0.00% −0.19
LEGT Legato Merger Corp. III Sold out 0.00% −0.19
LCID Lucid Group Inc. Sold out 0.00% −0.18
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.17
BBU Brookfield Business PT-Unit Sold out 0.00% −0.14
DCBO Docebo Inc. Reduce -3.8% 0.64% −0.14
RRX Regal Rexnord Corp. Sold out 0.00% −0.13
STLD Steel Dynamics Inc. Reduce -70.0% 0.08% −0.12

Portfolio Buys Q3 2025 → Q4 2025
BTI British American Tob-SP ADR Add +138.3% 3.32% +2.07
SUNC Sunococorp LLC New 1.95% +1.95
BIP Brookfield Infrastructure Pa New 1.63% +1.63
NGD New Gold Inc. New 1.58% +1.58
ELE Elemental Royalty Corp. New 1.55% +1.55
ALUB.U Alussa Energy Acquisition Co. New 1.33% +1.33
BEP Brookfield Renewable Partner New 1.31% +1.31
SOLS Solstice Adv Materials Inc. New 1.28% +1.28
ABVX Abivax SA-ADR New 1.14% +1.14
CYBR Cyberark Software Ltd./Israel New 1.13% +1.13
NSC Norfolk Southern Corp. Add +1100.0% 1.17% +1.08
FAC Factorial Energy Inc. New 0.97% +0.97
SBXE.U Silverbox Corp. V New 0.92% +0.92
CEPT Cantor Equity Partners Class A Add +130.0% 1.47% +0.90
RGLD Royal Gold Inc. New 0.89% +0.89
CFLT Confluent Inc. Class A New 0.85% +0.85
GFR Greenfire Resources Ltd. Add +88.8% 1.51% +0.77
DBRG Digitalbridge Group Inc. New 0.76% +0.76
VHCPU Vine Hill Capital Investment New 0.75% +0.75
SVAQU Silicon Valley Acquisition C New 0.75% +0.75
B Barrick Mining Corp. Add +26.7% 1.66% +0.72
NKE Nike Inc. Class B New 0.65% +0.65
VST Vistra Corp. New 0.61% +0.61
CAEP Cantor Equity Partners III-A Add +90.9% 1.20% +0.59
APXTU Apex Treasury Corp. New 0.56% +0.56
NVRI Enviri Corp. New 0.56% +0.56
NSTR Northstar Earth & Space Ente New 0.56% +0.56
EVOX Evolution Global Acquis Class A New 0.56% +0.56
DSACU Daedalus Special Acquisition New 0.54% +0.54
DCH Dauch Corporation Add +19.0% 2.00% +0.50
FCX Freeport-McMoran Inc. New 0.49% +0.49
ENHA Enhanced Group Inc. New 0.47% +0.47
RANG Range Capital Acquisition Co. New 0.46% +0.46
AQN Algonquin Power & Utilities New 0.46% +0.46
CHAC Crane Harbor Acqu Corp. Class A New 0.46% +0.46
DNMX Dynamix Corp. III Class A New 0.45% +0.45
WIX Wix.com Ltd. New 0.43% +0.43
CUBE Cubesmart New 0.41% +0.41
TACO Berto Acquisition Corp. Add +39.2% 1.36% +0.40
RAAQ Real Asset Acquisiti Class A New 0.39% +0.39
CEPV Cantor Equity Partners Class A New 0.39% +0.39
VEON Veon Ltd. New 0.38% +0.38
FCRS Futurecrest Acquisition Class A New 0.38% +0.38
SAC.U Safeguard Acquisition Corp. New 0.38% +0.38
PRCH Porch Group Inc. New 0.38% +0.38
GPACU General Purpose Acquisition New 0.38% +0.38
LFACU Leapfrog Acquisition Corp. New 0.38% +0.38
BLRKU Bluerock Acquisition Corp. New 0.38% +0.38
AEAQU Activate Energy Acquisition New 0.38% +0.38
LPCVU Launchpad Cadenza Acquisitio New 0.38% +0.38

Options Activity Q3 2025 → Q4 2025
GLD SPDR Gold Shares call Reduce -47.7% 107,200 $42.5M
SPY SS SPDR S&P 500 ETF Trust-US call New 58,200 $39.7M
GDX Vaneck Gold Miners ETF put New 230,000 $19.7M
FCX Freeport-McMoran Inc. put Add +78.6% 350,000 $17.8M
SLV iShares Silver Trust call Reduce -52.7% 260,000 $16.7M
PAR Par Technology Corp. call Add +793.6% 420,000 $15.2M
QQQ Invesco QQQ Trust Series 1 put Reduce -42.9% 20,000 $12.3M
CRWV Coreweave Inc. Class A put Sold out 89,500 $12.2Mbefore exit
W Wayfair Inc. Class A call Sold out 129,500 $11.6Mbefore exit
GDXJ Vaneck Junior Gold Miners put Add +134.3% 82,000 $9.3M
GLD SPDR Gold Shares put Sold out 25,000 $8.9Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 100,000 $8.1Mbefore exit
GME Gamestop Corp. Class A call New 376,500 $7.6M
SPHR Sphere Entertainment Co. call Sold out 114,700 $7.1Mbefore exit
META Meta Platforms Inc. Class A put New 10,000 $6.6M
BTI British American Tob-SP ADR call Reduce -59.3% 110,000 $6.2M
GME Gamestop Corp. Class A put New 275,000 $5.5M
PLTR Palantir Technologies Inc. Class A put New 30,000 $5.3M
SUN Sunoco LP put New 90,000 $4.7M
MARA Mara Holdings Inc. call Sold out 250,000 $4.6Mbefore exit
VOO Vanguard S&P 500 ETF call Reduce -88.5% 6,300 $4.0M
PAR Par Technology Corp. put New 100,000 $3.6M
IJR iShares Core S&P Small-Cap E put New 30,000 $3.6M
COPX Global X Copper Miners ETF put New 50,000 $3.6M
RYAM Rayonier Advanced Materials call Add +2030.0% 596,400 $3.5M
SEI Solaris Energy Infrastructur call Sold out 85,000 $3.4Mbefore exit
RKT Rocket Cos Inc. Class A put Sold out 165,000 $3.2Mbefore exit
CLF Cleveland-Cliffs Inc. put New 234,400 $3.1M
OPEN Opendoor Technologies Inc. put Reduce -9.1% 500,000 $2.9M
SOLS Solstice Adv Materials Inc. put New 60,000 $2.9M
OMC Omnicom Group call Sold out 35,000 $2.9Mbefore exit
IBIT iShares Bitcoin Trust ETF put New 55,000 $2.7M
GDXJ Vaneck Junior Gold Miners call Reduce -45.0% 22,000 $2.5M
HOOD Robinhood Markets Inc. Class A put New 20,000 $2.3M
SPRY Ars Pharmaceuticals Inc. call Add +186.6% 181,100 $2.1M
XME SS SPDR S&P Metals Mining put New 20,000 $2.1M
MARA Mara Holdings Inc. put New 225,000 $2.0M
IBIT iShares Bitcoin Trust ETF call New 40,000 $2.0M
SOLS Solstice Adv Materials Inc. call New 40,000 $1.9M
ITB iShares U.S. Home Constructi call Reduce -50.0% 20,000 $1.9M
CORZ Core Scientific Inc. call Sold out 100,000 $1.8Mbefore exit
CSIQ Canadian Solar Inc. put New 75,000 $1.8M
INTC Intel Corp. call Sold out 50,000 $1.7Mbefore exit
SYF Synchrony Financial put New 20,000 $1.7M
BKR Baker Hughes Co. call Sold out 33,000 $1.6Mbefore exit
INVH Invitation Homes Inc. put Sold out 50,000 $1.5Mbefore exit
ABVX Abivax SA-ADR call New 10,000 $1.3M
P Everpure Inc. Class A put New 20,000 $1.3M
WGMI CS BTC Min Dig PWR ETF call Sold out 30,000 $1.3Mbefore exit
NKE Nike Inc. Class B put New 20,000 $1.3M

Showing the first 50 of 76.

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

Notes & Other Activity Q3 2025 → Q4 2025
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Add +366.7% 14,000 $39.8M
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal Sold out 7,500 $24.0Mbefore exit
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Sold out 7,000 $16.9Mbefore exit
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal Sold out 10,000 $10.4Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal New 8,000 $10.4M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Add +28.6% 9,000 $9.2M
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal Reduce -43.3% 7,859 $7.8M
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal New 7,000 $7.1M
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal New 5,000 $5.9M
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) NOTE 0.750% 1/1 · principal New 3,000 $3.4M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal New 3,000 $2.9M
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 Add +3.3% 1,183,387 $2.3M
PL.WS Planet Labs PBC -CW26 *W EXP 12/06/202 Add +120.5% 220,515 $1.9M
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Add +53.0% 281,950 $1.2M
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 Reduce -30.8% 273,501 $968K
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 Reduce -78.3% 81,153 $364K
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 Reduce -31.1% 173,851 $266K
BACQR Inflection Point Acquisition RIGHT 11/04/2026 Reduce -5.5% 348,231 $258K
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -7.5% 488,712 $235K
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Add +1012.7% 139,087 $216K
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 Reduce -1.2% 300,985 $211K
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 Sold out 159,239 $207Kbefore exit
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 Sold out 125,000 $200Kbefore exit
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 Add +2.5% 215,769 $173K
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 Add +8.3% 409,167 $168K
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 New 650,000 $163K
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 Reduce -3.5% 288,369 $159K
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Reduce -4.5% 478,518 $153K
ATIIW Archimedes Tech-30 *W EXP 10/15/202 Reduce -7.7% 239,895 $132K
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 Add +5.8% 132,200 $131K
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 Add +121.3% 336,901 $125K
EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 New 326,474 $124K
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 Reduce -34.9% 394,597 $110K
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Sold out 375,583 $105Kbefore exit
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 Add +0.6% 328,278 $105K
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 Reduce -2.3% 288,286 $101K
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 New 31,140 $100K
OPENW Opendoor Technologies Inc.-26 *W EXP 11/20/202 Add +231.7% 111,406 $100K
JOBY.WS Joby Aviation Inc. -CW25 *W EXP 08/10/202 New 25,000 $99K
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 New 115,912 $99K
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 New 110,294 $94K
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 New 50,100 $93K
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 Reduce -5.2% 257,677 $93K
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 Reduce -5.5% 116,818 $83K
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 Reduce -80.8% 10,567 $81K
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 Reduce -23.4% 245,150 $78K
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 Reduce -16.9% 245,689 $76K
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 Reduce -22.1% 116,666 $69K
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 Reduce -8.0% 376,348 $64K
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 Reduce -20.1% 159,845 $64K

Showing the first 50 of 142.

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