K2 Principal Fund, L.P.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), K2 Principal Fund, L.P. reported 188 stock positions worth $328.1 million. Its top holding was Alphabet Class C (GOOG) at 2.9% of the portfolio, followed by Pennymac Financial Services (PFSI, 2.2%) and Dauch (DCH, 2.1%). Compared with Q4 2025, it opened 80 new positions, sold out of 53, added to 36 and reduced 36. The biggest buy was Pennymac Financial Services (PFSI, shares +2598%) and the biggest sale British American Tob-SP ADR (BTI, shares −62%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001461790
Portfolio Value
$328.1M (Q1 2026)
SEC Filing
0001461790-26-000030 ↗ filed May 14, 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 Q4 2025 Q1 2026: $328.1M $328.1M Q1 2026 Q2 2026: $384.8M Q2 2026

Holdings 188 stocks · $328.1M
GOOG Alphabet Inc. Class C 2.90% 33,205 $9.5M Add +148.7%
PFSI Pennymac Financial Services 2.16% 81,002 $7.1M Add +2598.3%
DCH Dauch Corporation 2.14% 1,184,918 $7.0M Add +42.9%
SUNC Sunococorp LLC 1.97% 105,090 $6.5M No change
FSLR First Solar Inc. 1.95% 32,500 $6.4M Add +73.3%
GLD SPDR Gold Shares 1.92% 14,603 $6.3M New
ABVX Abivax SA-ADR 1.82% 53,741 $6.0M Add +138.8%
IBIT iShares Bitcoin Trust ETF 1.57% 133,822 $5.1M Add +133.5%
WLIIU Willow Lane Acquisition Corp. 1.39% 450,000 $4.5M New
SPRY Ars Pharmaceuticals Inc. 1.37% 559,697 $4.5M Add +5387.2%
WLAC Willow Lane Acquisition Class A 1.29% 397,897 $4.2M New
GFR Greenfire Resources Ltd. 1.26% 656,440 $4.1M Reduce -22.3%
BEP Brookfield Renewable Partner 1.25% 125,800 $4.1M Reduce -3.2%
CCII Cohen Circle Acquisit II - A 1.24% 399,200 $4.1M No change
NSC Norfolk Southern Corp. 1.23% 14,091 $4.0M Add +30.5%
LION Lionsgate Studios Corp. 1.23% 419,605 $4.0M Add +41.7%
APP AppLovin Corp. Class A 1.22% 10,068 $4.0M Add +137.9%
VST Vistra Corp. 1.18% 25,850 $3.9M Add +158.5%
GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I 1.15% 370,960 $3.8M Add +112.0%
CLBR Colombier Acq III Class A 1.14% 372,211 $3.7M New
AQN Algonquin Power & Utilities 1.12% 600,000 $3.7M Add +200.0%
XPOF Xponential Fitness Inc. Class A 1.10% 600,000 $3.6M Reduce -13.7%
RYAM Rayonier Advanced Materials 1.08% 320,400 $3.5M Reduce -46.8%
BTI British American Tob-SP ADR 1.06% 59,626 $3.5M Reduce -61.7%
AMZN Amazon.com Inc. 1.02% 16,141 $3.4M Add +27.0%
IPXG Inflection Point Acquisition filed as COLUMBUS CIRCLE CAP CORP II 1.01% 337,415 $3.3M New
SVIA Silvia Inc. filed as PROCAP FINL INC 1.00% 1,552,900 $3.3M New
BEAG Bold Eagle Acquisition Cor-A 0.99% 306,918 $3.2M Reduce -0.0%
PMTR Perimeter Acquis Corp. I Class A 0.93% 297,237 $3.0M No change
CEPT Cantor Equity Partners Class A 0.93% 279,994 $3.0M Reduce -19.3%
OR Or Royalties Inc. 0.93% 80,000 $3.0M New
SRG Seritage Growth Prop- A 0.93% 1,081,400 $3.0M Add +2.4%
IEAG Infinite Eagle Class-A 0.91% 300,000 $3.0M New
ARCI Archimedes Tech Spac Partner 0.90% 299,536 $3.0M New
DBRG Digitalbridge Group Inc. 0.89% 190,000 $2.9M Add +45.0%
JENA Jena Acquisition Corp. II - A 0.85% 273,000 $2.8M No change
ELE Elemental Royalty Corp. 0.85% 106,256 $2.8M Reduce -40.1%
DBCA D. Boral Acquisition I Class A 0.83% 276,220 $2.7M New
RGLD Royal Gold Inc. 0.82% 10,625 $2.7M No change
CEPF Cantor Equity Partners Class A 0.80% 258,341 $2.6M Add +0.1%
TLNC Talon Capital Corp. Class A 0.78% 250,000 $2.5M Reduce -16.6%
TMTSU Spartacus Acqu Corp. II 0.76% 250,000 $2.5M New
SBXE Silverbox Corp. V Class A 0.74% 243,400 $2.4M No change
SEMR Semrush Holdings Inc. Class A 0.73% 200,000 $2.4M New
PZZA Papa John's Intl Inc. 0.72% 73,200 $2.4M New
RDDT Reddit Inc. Class A 0.72% 17,606 $2.4M Add +173.5%
PUMP Propetro Holding Corp. 0.71% 162,208 $2.3M New
CAEP Cantor Equity Partners III-A 0.68% 217,767 $2.2M Reduce -30.4%
MSFT Microsoft Corp. 0.68% 6,000 $2.2M New
CRAQ Cal Redwood Acquisit Class A 0.67% 215,031 $2.2M No change
TACO Berto Acquisition Corp. 0.65% 208,300 $2.1M Reduce -41.4%
FNV Franco-Nevada Corp. 0.65% 8,625 $2.1M Reduce -31.0%
SAAQ Space Asset Acquisition Class A 0.64% 212,161 $2.1M New
OACC Oaktree Acquisition Corp. I-A 0.63% 195,292 $2.1M No change
IPFXU Inflection Point Acquisition 0.62% 200,000 $2.0M New
BCSS Bain Capital GSS Inv- A 0.62% 200,000 $2.0M New
EVAC Eqv Ventures Acquisition C-A 0.62% 200,000 $2.0M No change
HCMA HCM III Acquisition Cor Class A 0.61% 200,000 $2.0M Reduce -14.8%
PTON Peloton Interactive Inc. Class A 0.61% 468,237 $2.0M New
HACQU HCM IV Acquisition Corp. 0.61% 200,000 $2.0M New
SUMAU Suma Acquisition Corp. 0.61% 200,000 $2.0M New
AEXA American Exceptionalism Class A 0.61% 184,665 $2.0M Add +28.8%
BWIV.U Blue Water Acquisition Corp. filed as BLUE WTR ACQUISITION CORP IV 0.60% 200,000 $2.0M New
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.60% 1,500 $2.0M New
QADRU Qdro Acquisition Corp. 0.60% 199,698 $2.0M New
SVAQ Silicon Valley Acquisit Class A 0.60% 200,000 $2.0M No change
QURE Uniqure NV 0.59% 118,600 $1.9M New
APTV Aptiv PLC 0.59% 27,656 $1.9M New
IWM iShares Russell 2000 ETF 0.58% 7,635 $1.9M New
SOLS Solstice Adv Materials Inc. 0.57% 24,650 $1.9M Reduce -64.7%
NLOP Net Lease Office Property 0.56% 160,285 $1.8M Add +3.7%
PCAP Procap Acquisition Corp. Class A 0.56% 179,990 $1.8M Reduce -9.3%
PRCH Porch Group Inc. 0.55% 251,564 $1.8M Add +128.7%
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 0.52% 170,301 $1.7M Add +13.5%
ESI Element Solutions Inc. 0.51% 48,600 $1.7M New
NVT Nvent Electric PLC 0.50% 13,980 $1.7M New
VMET Versamet Royalties Corp. 0.50% 124,800 $1.6M New
GENI Genius Sports Ltd. 0.50% 371,351 $1.6M Add +82.3%
AMTM Amentum Holdings Inc. 0.48% 60,000 $1.6M New
XCBE X3 Acquisition Corp. Ltd. Class A 0.47% 155,633 $1.5M New
LULU Lululemon Athletica Inc. 0.47% 10,000 $1.5M Add +566.7%
VOXR Vox Royalty Corp. 0.46% 286,826 $1.5M Reduce -9.7%
SKYT Skywater Technology Inc. 0.46% 54,653 $1.5M New
ALUB Alussa Energy Acquisit II-A 0.46% 150,000 $1.5M Reduce -57.1%
MZYX.U Mozayyx Acquisition Corp. 0.45% 150,000 $1.5M New
IACOU Idea Acquisition Corp. 0.45% 150,000 $1.5M New
CMCO Columbus McKinnon Corp. 0.45% 101,000 $1.5M Add +151.1%
STGW Stagwell Inc. 0.44% 229,170 $1.4M New
BIP Brookfield Infrastructure Pa 0.42% 38,200 $1.4M Reduce -69.4%
RTAC Renatus Tactical Acquisiti-A 0.41% 129,458 $1.3M No change
AIOT Powerfleet Inc. 0.41% 432,029 $1.3M Add +60.7%
CARS Cars.com Inc. 0.40% 163,259 $1.3M Add +108.8%
GDEN Golden Entertainment Inc. 0.38% 46,937 $1.3M New
RANG Range Capital Acquisition Co. 0.38% 118,150 $1.2M No change
FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD 0.37% 18,484 $1.2M New
CNR Core Natural Resources Inc. 0.36% 11,375 $1.2M New
QRVO Qorvo Inc. 0.34% 14,480 $1.1M New
DNMX Dynamix Corp. III Class A 0.34% 110,866 $1.1M Reduce -7.9%
TLT iShares 20+ Year Treasury BD 0.33% 12,366 $1.1M Add +77.5%
GTEN Gores Holdings X Inc. Class A 0.32% 102,849 $1.1M No change
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.32% 100,000 $1.0M Reduce -43.9%
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.31% 100,000 $1.0M No change
KCHV Kochav Defense Acquisition-A 0.31% 100,000 $1.0M No change
RDAG Republic Digital Acquis Class A 0.31% 100,000 $1.0M Reduce -17.2%
IPCX Inflection Point Acquisiti-A 0.31% 100,000 $1.0M Reduce -63.8%
EA Electronic Arts Inc. 0.31% 5,000 $1.0M New
SPEG Silver Pegasus Acquisition-A 0.31% 100,000 $1.0M No change
WENN Wen Acquisition Corp. Class A 0.31% 100,000 $1.0M Reduce -60.4%
ONCH 1RT Acquisition Corp. Class A 0.31% 100,000 $1.0M No change
CEPV Cantor Equity Partners Class A 0.31% 100,000 $1.0M No change
APXTU Apex Treasury Corp. 0.31% 100,000 $1.0M Reduce -32.5%
FCRS Futurecrest Acquisition Class A 0.31% 100,000 $1.0M No change
HVMC Highview Merger Corp. Class A 0.31% 100,000 $1.0M New
MBVI M3-Brigade Acquisition Class A 0.31% 100,000 $1.0M No change
KCAC.U Kensington Capital Acquisiti 0.31% 100,000 $1.0M New
KRAQU Krakacquisition Corp. 0.31% 100,000 $1.0M New
LEGO.U Legato Merger Corp. IV 0.30% 100,000 $998K New
CAQUU Cambridge Acquisition Corp. 0.30% 100,000 $996K New
SAC Safeguard Acquisition C Class A 0.30% 100,000 $996K No change
TRGSU TRG Latin America Acquisitio 0.30% 100,000 $995K New
CRAN Crane Harbor Acquisitio Class A 0.30% 100,000 $991K New
DSAC Daedalus Special Acquis Class A 0.30% 100,000 $991K Reduce -30.4%
ADAC American Drive Acquisit Class A 0.30% 100,000 $990K No change
VHCP Vine Hill Capital Inves Class A 0.30% 100,000 $990K Reduce -50.0%
AEAQ Activate Energy Acquisitio-A 0.30% 100,000 $989K No change
SVIV Spring Valley Acquisitio-A 0.30% 100,000 $987K New
TWLV Twelve Seas Investment Co. Class A 0.30% 100,000 $987K No change
ZKP Lafayette Digital Acquisitio 0.30% 100,000 $986K New
SPHR Sphere Entertainment Co. 0.29% 8,108 $952K New
GPACU General Purpose Acquisition 0.29% 94,300 $944K Reduce -5.7%
NPAC New Providence Acquisition-A 0.28% 89,644 $920K New
ATII Archimedes Tech Spac Partner 0.28% 87,900 $915K No change
MPX Marine Products Corp. 0.27% 120,216 $874K New
MBC Masterbrand Inc. 0.27% 105,046 $873K Add +677.2%
BACC Blue Acquisition Corp. Class A 0.25% 79,015 $807K New
BTU Peabody Energy Corp. 0.24% 24,311 $801K New
DRVN Driven Brands Holdings Inc. 0.24% 62,368 $786K New
OIM Oneim Acquisition Class-A 0.23% 77,232 $769K New
CEPS Cantor Equity Partners Vi -A 0.23% 75,000 $758K New
KMB Kimberly-Clark Corp. 0.22% 7,412 $715K New
CODI Compass Diversified Holdings 0.22% 90,891 $714K New
TIC Tic Solutions Inc. 0.21% 106,908 $703K Reduce -7.3%
MRK Merck & Co. Inc. 0.21% 5,684 $684K No change
RAAQ Real Asset Acquisiti Class A 0.20% 63,857 $670K Reduce -37.7%
AVGO Broadcom Inc. 0.20% 2,150 $665K New
CLF Cleveland-Cliffs Inc. 0.20% 77,453 $654K Add +87.5%
SXT Sensient Technologies Corp. 0.20% 7,500 $648K New
MEVO M Evo Global Acquisitio Class A filed as M EVO GBL ACQUISITION CORP I 0.19% 64,243 $632K New
MTA Metalla Royalty & Streaming 0.17% 81,760 $542K Add +17.2%
MTAL.U Metals Acquisition Corp. II 0.15% 50,000 $505K New
FFBC First Financial Bancorp filed as 1ST FINL BANCORP 0.15% 18,068 $504K Reduce -32.0%
ARTC Art Technology Acquisit Class A 0.15% 50,000 $490K New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.15% 46,922 $486K Reduce -12.2%
IMSR Terrestrial Energy Inc. 0.15% 80,000 $481K New
HCIC Hennessy Capital Invest-A 0.14% 47,256 $465K New
KEYS Keysight Technologies Inc. 0.14% 1,600 $452K New
LRCX Lam Research Corp. 0.13% 2,000 $427K New
VBNK Versabank 0.13% 29,982 $425K Add +29.5%
AMAT Applied Materials Inc. 0.13% 1,238 $423K New
STKL Sunopta Inc. 0.13% 64,304 $417K New
UTF Cohen & Steers Infrastructur 0.12% 15,043 $389K Add +49.8%
TER Teradyne Inc. 0.12% 1,300 $385K Reduce -64.5%
ADX Adams Diversified Equity 0.11% 17,191 $376K Add +2.0%
AMKR Amkor Technology Inc. 0.11% 8,306 $374K Reduce -7.7%
TSM Taiwan Semiconductor-SP ADR 0.11% 1,100 $372K New
CSGS CSG Systems Intl Inc. 0.09% 3,723 $298K New
BDJ BlackRock Enhanced Eqty DVD 0.09% 32,984 $284K No change
FORR Forrester Research Inc. 0.09% 50,178 $284K New
DMA Destra Multi-Alternative 0.09% 34,709 $281K No change
NOK Nokia Corp.-Spon ADR 0.09% 35,000 $281K New
ECF Ellsworth Growth and Income 0.08% 24,619 $275K No change
RVT Royce Small-Cap Trust Inc. 0.08% 16,503 $274K Reduce -19.5%
KLIC Kulicke & Soffa Industries 0.08% 4,100 $269K Reduce -48.8%
OBDC Blue Owl Capital Corp. 0.08% 22,500 $249K Add +118.5%
TRIP Tripadvisor Inc. 0.07% 23,000 $245K New
EIC Eagle Point Income Co.-USA Inc. 0.07% 23,584 $223K No change
TE T1 Energy Inc. 0.07% 50,000 $220K New
FSSL FS Specialty Lending Fund 0.06% 16,500 $206K New
SZZL Sizzle Acquisition Corp. Class A 0.06% 18,479 $190K No change
SABA Saba Capital Income & Opp II 0.06% 22,700 $189K No change
MCGA Yorkville Acquisition Corp. Class A 0.06% 18,075 $183K Reduce -72.2%
BPRE Bluerock Private Real Estate 0.06% 10,900 $181K New
NWAX New America Acquisition Class A 0.05% 17,180 $172K Add +71.8%
PCF High Income Securities Fund 0.03% 16,617 $92K No change
EVC Entravision Communications-A 0.02% 24,919 $74K New
HFRO Highland Opport & Income 0.02% 10,033 $57K No change
FRMM Forum Markets Inc. 0.01% 11,644 $34K No change
XNROX Neu Re Est Sec Inc. FD Inc.-US 0.01% 10,400 $30K No change

Options reported separately and not counted above: GLD calls ($86.3M), SPY puts ($48.8M), SPY calls ($35.6M), GLD puts ($31.4M), IWM puts ($21.1M), SLV calls ($15.3M), COPX puts ($14.8M), GDXJ puts ($12.9M), FCX puts ($12.1M), HYG puts ($11.9M), RYAM calls ($9.4M), QQQ puts ($9.2M), and 79 more.

Other holdings (208): bonds, preferreds, convertibles and warrants · $162.9M (not counted above)
SecurityClassShares / PrincipalValueChange
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) NOTE 0.250%10/0 · principal 12,000$15.0MNo change
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 15,000$12.6MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 12,000$11.4MAdd +71.4%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 11,000$10.2MAdd +22.2%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 8,000$9.7MNo change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 4,000$9.6MNo change
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 10,000$9.2MAdd +100.0%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 8,000$9.1MNew
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 9,000$8.7MAdd +200.0%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,000$7.6MNo change
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 6,000$7.3MNo change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 7,473$7.3MNo change
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 6,140$7.1MAdd +22.8%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 5,000$6.5MNo change
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal 6,000$6.0MNew
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) NOTE 0.750% 1/1 · principal 3,000$3.5MNo change
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal 3,000$2.9MNew
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal 3,000$2.9MReduce -40.0%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000$2.7MAdd +200.0%
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 1,183,387$2.0MNo change
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 158,192$1.4MNo change
IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,350,000$1.4MNo change
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 267,927$978KReduce -2.0%
PL.WS Planet Labs PBC -CW26 *W EXP 12/06/202 44,114$726KReduce -80.0%
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 231,072$682KAdd +66.1%
NNAVW Nextnav Inc. *W EXP 99/99/999 48,080$304KNo change
INFQ.WS Churchill Capital Corp. X *W EXP 02/17/203 67,729$300KNew
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 439,449$286KAdd +46.0%
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 909,477$191KAdd +90.1%
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 473,166$166KNo change
ARCIW Archimedes Tech Spac Partner *W EXP 01/23/203 281,777$152KNew
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 134,299$140KAdd +101.5%
FTW.WS Presidio Pubco Inc. *W EXP 03/04/203 162,326$131KNew
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 90,700$130KReduce -31.4%
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 345,252$128KAdd +190.5%
ATIIW Archimedes Tech-30 *W EXP 10/15/202 239,895$122KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 362,268$109KAdd +383.0%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 583,091$105KReduce -14.6%
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 207,873$104KReduce -49.2%
ARTCW Art Technology Acquisition C *W EXP 12/19/203 332,259$96KNew
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 482,165$92KAdd +1852.1%
IEAGR Infinite Eagle Acquis-Rights RIGHT 01/13/2031 500,400$90KNew
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 199,400$90KReduce -69.3%
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 158,674$89KAdd +57.2%
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 401,693$88KAdd +22.4%
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 309,177$87KReduce -21.6%
OPENW Opendoor Technologies Inc.-26 *W EXP 11/20/202 142,462$85KAdd +27.9%
EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 326,474$82KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 301,172$81KReduce -23.8%
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 116,818$81KNo change
XCBEW X3 Acquisition Corp. Ltd. *W EXP 12/19/203 332,649$80KNew
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 183,386$73KReduce -36.4%
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 155,535$73KReduce -44.8%
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 279,501$70KReduce -17.0%
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 116,000$65KNo change
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 115,912$65KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 424,279$64KAdd +89.5%
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 690,879$62KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 159,845$61KNo change
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 116,666$58KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 211,072$57KAdd +11.4%
DBCAW D. Boral Acquisition I Corp. *W EXP 01/30/203 189,922$57KNew
SAAQW Space Asset Acquisition Corp. *W EXP 03/31/203 87,387$57KNew
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 208,269$54KReduce -27.8%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 121,067$53KNo change
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 73,619$52KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 1,277,536$51KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 312,735$50KNo change
OIMAW Oneim Acquisition - 30 *W EXP 01/07/203 72,427$47KNew
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 41,764$45KReduce -76.0%
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 272,891$44KAdd +1.8%
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 73,465$43KReduce -71.5%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 380,780$42KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 69,325$42KReduce -37.1%
BBCQW Bleichroeder Acquisition Cor *W EXP 12/23/203 41,666$40KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 156,950$38KAdd +46.8%
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 169,960$37KNo change
ALUB.WS Alussa Energy Acquisition-30 *W EXP 99/99/999 116,666$37KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 122,200$37KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 113,158$36KNo change
CLBR.WS Colombier Acquisition - 31 *W EXP 12/31/203 50,400$34KNew
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 11,420$33KReduce -85.9%
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 121,750$32KReduce -10.9%
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 112,006$30KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 113,489$30KReduce -23.1%
SVAQW Silicon Valley Acquisition C *W EXP 12/08/203 103,300$29KAdd +3.3%
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 160,220$29KReduce -38.4%
DNMXW Dynamix Corp. III *W EXP 10/10/203 96,249$28KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 59,413$27KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 220,986$27KReduce -38.4%
EVOXW Evolution Global Acquisition *W EXP 10/22/203 75,000$26KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 209,348$25KReduce -14.6%
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 196,459$24KReduce -20.0%
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 195,777$23KReduce -17.1%
VHCPW Vine Hill Capital Investment *W EXP 11/25/203 66,666$23KNo change
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 102,500$23KNo change
IPXGW Columbus Circle Capital Corp. *W EXP 02/11/203 71,979$22KNew
GPACW General Purpose Acquisition *W EXP 12/03/203 100,000$22KAdd +100.0%
SBXE.WS Silverbox Corp. V *W EXP 09/16/203 81,133$22KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 103,595$22KNo change
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 77,017$22KNo change
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 100,000$21KNo change
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 138,991$21KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 39,058$21KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 156,229$20KReduce -4.0%
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 250,000$20KNo change
JOBY.WS Joby Aviation Inc. -CW25 *W EXP 08/10/202 25,000$20KNo change
SVIVW Spring Valley Acquisition Co. *W EXP 01/22/203 25,000$18KNew
SAC.WS Safeguard Acquisition Corp. *W EXP 99/99/999 50,000$18KNo change
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 75,000$17KNew
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 121,798$17KNo change
CRANR Crane Harbor Acquisition-RTS RIGHT 12/09/2030 100,000$17KNew
AST SPACEMOBILE INC 2.375 10/15/32 CVT · principal 10,500$16KReduce -8.7%
PAR TECHNOLOGY CORP 4.000 03/15/31 CVT · principal 14,500$15KNew
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 25,000$15KNo change
GAMESTOP CORP 04/01/30 CVT PUT · principal 14,000$14KAdd +16.7%
MEVOW M Evo Global Acq -31 *W EXP 02/18/203 43,432$14KNew
GOLAR LNG LTD 2.750 12/15/30 CVT · principal 12,000$14KAdd +100.0%
HCICR Hennessy Capital Investm-RTS RIGHT 02/02/2031 77,786$14KNew
TWLVR Twelve Seas Investment Co. II RIGHT 11/21/2030 100,000$14KNo change
T1 ENERGY INC *W EXP 07/09/202 63,600$14KNew
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 14,000$14KNo change
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) NOTE 2.875% 6/0 · principal 9,960$14KNew
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 13,824$14KNo change
Cloudflare Inc Convertible Bond · principal 12,000$14KNew
JACKSON ACQUISITION CO II RIGHT 99/99/9999 136,000$14KNo change
AEAQW Activate Energy Acquisition *W EXP 11/10/203 50,000$14KNo change
DSACW Daedalus Spec Acq -30 *W EXP 11/24/203 32,380$13KReduce -9.8%
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 38,333$13KNo change
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 91,752$13KReduce -52.1%
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 46,181$12KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 155,312$12KReduce -58.7%
KENNEDY-WILSON INC (KW 4.75 02/01/30) 4.750 02/01/30 '26 · principal 12,201$12KNew
WIX LTD 09/15/30 CVT · principal 14,500$12KNew
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 13,750$12KReduce -17.9%
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 70,220$12KReduce -46.5%
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 118,722$12KNo change
LUCID GROUP INC (LCID 1.25 12/15/26) 1.250 12/15/26 CVT · principal 12,500$12KNo change
LATAW Galata Acquisition Corp. - 30 *W EXP 09/12/203 48,933$12KNew
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 233,305$12KNo change
I-80 GOLD CORP 3.750 04/15/31 CVT · principal 10,000$11KNew
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 12,500$11KNo change
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 33,941$11KReduce -60.6%
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 25,000$11KNo change
LFACW Leapfrog Acquisition Corp. *W EXP 11/10/203 50,000$11KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 71,918$10KReduce -64.9%
ADACW American Dr Acq A -30 *W EXP 02/06/203 33,333$10KNo change
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 33,333$10KNo change
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
ETSY INC 1.000 06/15/30 CVT · principal 10,000$10KNew
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 8,000$9KAdd +100.0%
RUBRIK INC 06/15/30 CVT · principal 11,000$9KNew
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 7,000$9KAdd +16.7%
DENISON MINES CORP 4.250 09/15/31 CVT · principal 6,000$9KAdd +100.0%
BLACKSKY TECHNOLOGY INC 8.250 08/01/33 CVT PUT · principal 7,507$9KAdd +50.1%
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 14,091$9KNo change
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 76,105$9KReduce -23.9%
BLRKW Bluerock Acquisition Corp. *W EXP 12/12/203 33,333$8KNo change
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal 9,000$8KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 62,780$8KNo change
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal 7,000$8KAdd +75.0%
BLACKBERRY LTD (BBCN 3 02/15/29) NOTE 3.000% 2/1 · principal 7,000$8KNo change
COREWEAVE INC (CRWV 1.75 12/01/31) 1.750 12/01/31 CVT · principal 8,000$8KNew
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 40,217$8KNo change
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 8,500$8KNo change
IIP OPERATING PARTNER 5.500 05/25/26 '26 · principal 7,582$8KAdd +49.2%
OPENDOOR TECHNOLOGIES IN 0.250 08/15/26 CVT · principal 7,550$7KNo change
MUVICO LLC 8.000 04/30/30 CVT · principal 11,909$7KNo change
CLEAR CHANNEL OUTDOOR HO (CCO 7.5 06/01/29 144A) 7.500 06/01/29 '26 · principal 7,275$7KNew
VIZSLA SILVER CORP 5.000 01/15/31 CVT · principal 7,210$7KNo change
BITDEER TECHNOLOGIES GRP 5.250 12/01/29 CVT PUT · principal 7,000$7KAdd +75.0%
STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal 8,000$7KNew
LPCVW Launchpad Cadenza Acquisitio *W EXP 12/15/203 33,333$7KNo change
GALAXY DIGITAL HOLDIN LP 2.500 12/01/29 CVT · principal 5,500$6KNo change
PEBBLEBROOK HOTEL TRUST 1.625 01/15/30 CVT · principal 6,000$6KNew
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 204,578$6KNo change
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 6,315$6KAdd +90.5%
MARA HOLDINGS INC (MARA 1 12/01/26) NOTE 1.000%12/0 · principal 6,000$6KNo change
ZKPW Lafayette Digital Acqu - 31 *W EXP 12/23/203 25,000$6KNew
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 4,000$5KNew
FIRST MAJESTIC SILVER 0.125 01/15/31 CVT · principal 4,000$5KReduce -72.4%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 5,095$5KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 10,260$5KNo change
ITHAW Ithax Acquisition Corp. III *W EXP 11/17/203 25,000$5KNo change
PLUG 6 3/4 12/01/33 6.750 12/01/33 CVT PUT · principal 3,875$4KNew
BLOOM ENERGY CORP (BE 0 11/15/30) BLOOM ENERGY CORP 0.000% 11/15/30 CVT · principal 4,000$4KNew
EXACT SCIENCES CORP (EXAS 2 03/01/30) DEBT 2.000% 3/0 · principal 3,000$4KNo change
UPWORK INC (UPWK 0.25 08/15/26) NOTE 0.250% 8/1 · principal 4,000$4KNo change
ARRAY TECHNOLOGIES INC 2.875 07/01/31 CVT · principal 3,000$4KNo change
LCI INDUSTRIES 3.000 03/01/30 CVT · principal 3,000$4KNo change
KENNEDY-WILSON INC (KW 5 03/01/31) 5.000 03/01/31 '26 · principal 3,515$4KNew
INTUITIVE MACHINES INC 2.500 10/01/30 CVT · principal 2,000$4KNew
ENERGY FUELS INC 0.750 11/01/31 CVT · principal 3,000$4KNew
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 3,000$3KNo change
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal 2,500$3KReduce -50.0%
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 2,500$2KReduce -80.0%
ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 22,379$2KReduce -16.5%
GALAXY DIGITAL HOLDIN LP 3.000 12/15/26 CVT · principal 2,000$2KNo change

Largest 200 of 208 shown.

Total filed on the 13F, all lines: $490.9M.

Portfolio Sells Q4 2025 → Q1 2026
BTI British American Tob-SP ADR Reduce -61.7% 1.06% −2.26
B Barrick Mining Corp. Sold out 0.00% −1.66
NGD New Gold Inc. Sold out 0.00% −1.58
OPEN Opendoor Technologies Inc. Sold out 0.00% −1.23
BIP Brookfield Infrastructure Pa Reduce -69.4% 0.42% −1.21
PAR Par Technology Corp. Sold out 0.00% −1.14
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −1.13
PKST Peakstone Realty Trust Sold out 0.00% −1.13
XPOF Xponential Fitness Inc. Class A Reduce -13.7% 1.10% −1.05
FYBR Frontier Communications Pare Sold out 0.00% −1.02
HAYMAKER ACQUISITION CORP 4 Sold out 0.00% −0.97
FAC Factorial Energy Inc. Sold out 0.00% −0.97
ALUB Alussa Energy Acquisit II-A Reduce -57.1% 0.46% −0.87
CFLT Confluent Inc. Class A Sold out 0.00% −0.85
DAAQ Digital Asset Acquisiti Class A Sold out 0.00% −0.83
IPCX Inflection Point Acquisiti-A Reduce -63.8% 0.31% −0.74
TACO Berto Acquisition Corp. Reduce -41.4% 0.65% −0.70
SOLS Solstice Adv Materials Inc. Reduce -64.7% 0.57% −0.70
ELE Elemental Royalty Corp. Reduce -40.1% 0.85% −0.70
WENN Wen Acquisition Corp. Class A Reduce -60.4% 0.31% −0.65
NKE Nike Inc. Class B Sold out 0.00% −0.65
DCBO Docebo Inc. Sold out 0.00% −0.64
NVRI Enviri Corp. Sold out 0.00% −0.56
EVOX Evolution Global Acquis Class A Sold out 0.00% −0.56
CEPT Cantor Equity Partners Class A Reduce -19.3% 0.93% −0.54
LWACU Lightwave Acquisition Corp. Sold out 0.00% −0.53
CAEP Cantor Equity Partners III-A Reduce -30.4% 0.68% −0.52
FCX Freeport-McMoran Inc. Sold out 0.00% −0.49
ENHA Enhanced Group Inc. Sold out 0.00% −0.47
CHAC Crane Harbor Acqu Corp. Class A Sold out 0.00% −0.46
VHCP Vine Hill Capital Inves Class A Reduce -50.0% 0.30% −0.45
CCIX Churchill Capital Corp. Ix Sold out 0.00% −0.44
WIX Wix.com Ltd. Sold out 0.00% −0.43
DRDB Roman DBDR Acquisition Corp. Sold out 0.00% −0.42
CUBE Cubesmart Sold out 0.00% −0.41
FTW Eqv Ventures Acquisition C-A Sold out 0.00% −0.39
VEON Veon Ltd. Sold out 0.00% −0.38
LFACU Leapfrog Acquisition Corp. Sold out 0.00% −0.38
BLRKU Bluerock Acquisition Corp. Sold out 0.00% −0.38
LPCVU Launchpad Cadenza Acquisitio Sold out 0.00% −0.38
RNGT Range Capital Acquisit Class A Sold out 0.00% −0.38
LATA Galata Acqu Corp. II Class A Sold out 0.00% −0.37
TMS Teamshares Inc. Reduce -43.9% 0.32% −0.37
TLNC Talon Capital Corp. Class A Reduce -16.6% 0.78% −0.36
THS Treehouse Foods Inc. Sold out 0.00% −0.36
PLUG Plug Power Inc. Sold out 0.00% −0.33
TSEM Tower Semiconductor Ltd. Sold out 0.00% −0.33
FNV Franco-Nevada Corp. Reduce -31.0% 0.65% −0.33
CHEC Chenghe Acquisition II Class A Sold out 0.00% −0.30
KVUE Kenvue Inc. Sold out 0.00% −0.30

Portfolio Buys Q4 2025 → Q1 2026
PFSI Pennymac Financial Services Add +2598.3% 2.16% +2.01
GLD SPDR Gold Shares New 1.92% +1.92
WLIIU Willow Lane Acquisition Corp. New 1.39% +1.39
GOOG Alphabet Inc. Class C Add +148.7% 2.90% +1.33
SPRY Ars Pharmaceuticals Inc. Add +5387.2% 1.37% +1.33
WLAC Willow Lane Acquisition Class A New 1.29% +1.29
CLBR Colombier Acq III Class A New 1.14% +1.14
IPXG Inflection Point Acquisition New 1.01% +1.01
SVIA Silvia Inc. New 1.00% +1.00
OR Or Royalties Inc. New 0.93% +0.93
IEAG Infinite Eagle Class-A New 0.91% +0.91
ARCI Archimedes Tech Spac Partner New 0.90% +0.90
DBCA D. Boral Acquisition I Class A New 0.83% +0.83
TMTSU Spartacus Acqu Corp. II New 0.76% +0.76
SEMR Semrush Holdings Inc. Class A New 0.73% +0.73
PZZA Papa John's Intl Inc. New 0.72% +0.72
PUMP Propetro Holding Corp. New 0.71% +0.71
ABVX Abivax SA-ADR Add +138.8% 1.82% +0.68
MSFT Microsoft Corp. New 0.68% +0.68
AQN Algonquin Power & Utilities Add +200.0% 1.12% +0.66
SAAQ Space Asset Acquisition Class A New 0.64% +0.64
IPFXU Inflection Point Acquisition New 0.62% +0.62
BCSS Bain Capital GSS Inv- A New 0.62% +0.62
PTON Peloton Interactive Inc. Class A New 0.61% +0.61
HACQU HCM IV Acquisition Corp. New 0.61% +0.61
SUMAU Suma Acquisition Corp. New 0.61% +0.61
BWIV.U Blue Water Acquisition Corp. New 0.60% +0.60
ASML ASML Holding NV-NY Reg SHS New 0.60% +0.60
QADRU Qdro Acquisition Corp. New 0.60% +0.60
QURE Uniqure NV New 0.59% +0.59
APTV Aptiv PLC New 0.59% +0.59
VST Vistra Corp. Add +158.5% 1.18% +0.58
IWM iShares Russell 2000 ETF New 0.58% +0.58
ESI Element Solutions Inc. New 0.51% +0.51
NVT Nvent Electric PLC New 0.50% +0.50
VMET Versamet Royalties Corp. New 0.50% +0.50
IBIT iShares Bitcoin Trust ETF Add +133.5% 1.57% +0.50
GFUZ General Fusion Group Ltd. Add +112.0% 1.15% +0.48
AMTM Amentum Holdings Inc. New 0.48% +0.48
XCBE X3 Acquisition Corp. Ltd. Class A New 0.47% +0.47
SKYT Skywater Technology Inc. New 0.46% +0.46
MZYX.U Mozayyx Acquisition Corp. New 0.45% +0.45
IACOU Idea Acquisition Corp. New 0.45% +0.45
STGW Stagwell Inc. New 0.44% +0.44
GDEN Golden Entertainment Inc. New 0.38% +0.38
FLEX Flex Ltd. New 0.37% +0.37
CNR Core Natural Resources Inc. New 0.36% +0.36
LULU Lululemon Athletica Inc. Add +566.7% 0.47% +0.35
QRVO Qorvo Inc. New 0.34% +0.34
EA Electronic Arts Inc. New 0.31% +0.31

Options Activity Q4 2025 → Q1 2026
GLD SPDR Gold Shares call Add +87.1% 200,600 $86.3M
SPY SS SPDR S&P 500 ETF Trust-US put New 75,000 $48.8M
SPY SS SPDR S&P 500 ETF Trust-US call Reduce -6.0% 54,700 $35.6M
GLD SPDR Gold Shares put New 73,000 $31.4M
IWM iShares Russell 2000 ETF put New 85,000 $21.1M
SLV iShares Silver Trust call Reduce -13.7% 224,400 $15.3M
COPX Global X Copper Miners ETF put Add +288.0% 194,000 $14.8M
GDXJ Vaneck Junior Gold Miners put Add +31.1% 107,500 $12.9M
FCX Freeport-McMoran Inc. put Reduce -41.1% 206,000 $12.1M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 150,000 $11.9M
RYAM Rayonier Advanced Materials call Add +41.7% 845,000 $9.4M
QQQ Invesco QQQ Trust Series 1 put Reduce -20.0% 16,000 $9.2M
XLP SS Consumer Staples Sel Sect put New 100,000 $8.2M
GDXJ Vaneck Junior Gold Miners call Add +195.4% 65,000 $7.8M
SHOP Shopify Inc. Class A put New 58,000 $6.9M
EEM iShares MSCI Emerging Market put New 120,000 $6.8M
META Meta Platforms Inc. Class A put Sold out 10,000 $6.6Mbefore exit
GDX Vaneck Gold Miners ETF put Reduce -72.8% 62,500 $5.7M
PLTR Palantir Technologies Inc. Class A put Sold out 30,000 $5.3Mbefore exit
UBER Uber Technologies Inc. put New 72,000 $5.2M
SEI Solaris Energy Infrastructur call New 90,000 $5.1M
ARKK ARK Innovation ETF call New 70,000 $4.7M
ARKK ARK Innovation ETF put New 68,000 $4.6M
SOLS Solstice Adv Materials Inc. call Add +50.0% 60,000 $4.6M
GME Gamestop Corp. Class A call Reduce -52.0% 180,700 $4.2M
SLV iShares Silver Trust put Add +1100.0% 60,000 $4.1M
BMO Bank of Montreal put New 20,000 $3.8M
UBER Uber Technologies Inc. call New 45,500 $3.3M
PAR Par Technology Corp. call Reduce -42.9% 240,000 $3.2M
AXP American Express Co. put New 10,000 $3.0M
VOO Vanguard S&P 500 ETF call Reduce -20.6% 5,000 $3.0M
BTI British American Tob-SP ADR call Reduce -54.5% 50,000 $2.9M
OPEN Opendoor Technologies Inc. put Sold out 500,000 $2.9Mbefore exit
SOLS Solstice Adv Materials Inc. put Sold out 60,000 $2.9Mbefore exit
QQQ Invesco QQQ Trust Series 1 call New 5,000 $2.9M
GENI Genius Sports Ltd. call New 650,000 $2.9M
IT Gartner Inc. call New 18,000 $2.9M
IGV iShares Expanded Tech-Softwa put New 35,000 $2.8M
PAR Par Technology Corp. put Add +110.0% 210,000 $2.8M
IBIT iShares Bitcoin Trust ETF put Sold out 55,000 $2.7Mbefore exit
GLNG Golar LNG Ltd. call New 50,000 $2.7M
ECVT Ecovyst Inc. call New 200,000 $2.6M
DCH Dauch Corporation call New 433,400 $2.6M
QURE Uniqure NV call New 145,000 $2.4M
GDX Vaneck Gold Miners ETF call Add +400.0% 25,000 $2.3M
HOOD Robinhood Markets Inc. Class A put Sold out 20,000 $2.3Mbefore exit
XME SS SPDR S&P Metals Mining put Sold out 20,000 $2.1Mbefore exit
ADP Automatic Data Processing put New 10,000 $2.0M
MARA Mara Holdings Inc. put Sold out 225,000 $2.0Mbefore exit
IBIT iShares Bitcoin Trust ETF call Sold out 40,000 $2.0Mbefore exit

Showing the first 50 of 111.

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

Notes & Other Activity Q4 2025 → Q1 2026
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Sold out 14,000 $39.8Mbefore exit
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) NOTE 1/1 · principal Sold out 15,000 $15.0Mbefore exit
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal Add +71.4% 12,000 $11.4M
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal Sold out 10,000 $11.3Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Add +22.2% 11,000 $10.2M
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal Add +100.0% 10,000 $9.2M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal New 8,000 $9.1M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal Add +200.0% 9,000 $8.7M
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal Sold out 7,859 $7.8Mbefore exit
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal Add +22.8% 6,140 $7.1M
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal New 6,000 $6.0M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Sold out 3,000 $3.8Mbefore exit
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal New 3,000 $2.9M
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal Reduce -40.0% 3,000 $2.9M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Add +200.0% 3,000 $2.7M
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 Reduce -2.0% 267,927 $978K
PL.WS Planet Labs PBC -CW26 *W EXP 12/06/202 Reduce -80.0% 44,114 $726K
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Add +66.1% 231,072 $682K
INFQ.WS Churchill Capital Corp. X *W EXP 02/17/203 New 67,729 $300K
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 Add +46.0% 439,449 $286K
BACQR Inflection Point Acquisition RIGHT 11/04/2026 Sold out 348,231 $258Kbefore exit
EQV VENTURES ACQUISITION *W EXP 07/01/203 Sold out 488,712 $235Kbefore exit
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Add +90.1% 909,477 $191K
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 Sold out 215,769 $173Kbefore exit
ARCIW Archimedes Tech Spac Partner *W EXP 01/23/203 New 281,777 $152K
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 Add +101.5% 134,299 $140K
FTW.WS Presidio Pubco Inc. *W EXP 03/04/203 New 162,326 $131K
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 Reduce -31.4% 90,700 $130K
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 Add +190.5% 345,252 $128K
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 Add +383.0% 362,268 $109K
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 Reduce -14.6% 583,091 $105K
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 Reduce -49.2% 207,873 $104K
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 Sold out 31,140 $100Kbefore exit
ARTCW Art Technology Acquisition C *W EXP 12/19/203 New 332,259 $96K
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 Sold out 50,100 $93Kbefore exit
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 Add +1852.1% 482,165 $92K
IEAGR Infinite Eagle Acquis-Rights RIGHT 01/13/2031 New 500,400 $90K
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 Reduce -69.3% 199,400 $90K
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 Add +57.2% 158,674 $89K
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 Add +22.4% 401,693 $88K
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 Reduce -21.6% 309,177 $87K
OPENW Opendoor Technologies Inc.-26 *W EXP 11/20/202 Add +27.9% 142,462 $85K
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 Sold out 10,567 $81Kbefore exit
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 Reduce -23.8% 301,172 $81K
XCBEW X3 Acquisition Corp. Ltd. *W EXP 12/19/203 New 332,649 $80K
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 Reduce -36.4% 183,386 $73K
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Reduce -44.8% 155,535 $73K
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 Reduce -17.0% 279,501 $70K
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 Add +89.5% 424,279 $64K
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 Add +11.4% 211,072 $57K

Showing the first 50 of 163.

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