Linden Advisors LP

Name: Linden Advisors LP 13F holdings, Q1 2025
Creator: Linden Advisors LP
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Linden Advisors LP reported 53 stock positions worth $457.5 million. Its top holding was Microchip Technology (MCHP) at 8.7% of the portfolio, followed by Eqv Ventures Acquisition C-A (FTW, 7.0%) and Ares Acquisition Corp. II (5.4%). Compared with Q4 2024, it opened 22 new positions, sold out of 7, added to 2 and reduced 2. The biggest buy was a new position in Microchip Technology (MCHP) and the biggest sale an exit from Datadog Class A (DDOG).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001279396
Portfolio Value: $457.5M (Q1 2025)
SEC Filing: 0000950123-25-005542 ↗ filed May 15, 2025

Holdings Value

Holdings 53 stocks · $457.5M


MCHP Microchip Technology Inc.	8.74%	825,500	$40.0M	New
FTW Eqv Ventures Acquisition C-A	7.00%	3,165,000	$32.0M	No change
ARES ACQUISITION CORP II	5.36%	2,200,000	$24.5M	No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP	4.62%	2,000,000	$21.1M	New
SBXDF Silverbox Corp. IV-A	4.45%	2,000,000	$20.4M	No change
TONT Graf Global Corp. Class A	3.36%	1,500,000	$15.4M	No change
KFII K&F Growth Acquisition Cor-A	2.72%	1,250,000	$12.4M	New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII	2.62%	1,213,732	$12.0M	New
CCIR Cohen Circle Acquisitio Class A	2.45%	998,000	$11.2M	New
RAC.U Rithm Acquisition Corp.	2.43%	1,100,000	$11.1M	New
LOKVU Live Oak Acquisition Corp. V	2.42%	1,100,000	$11.1M	New
NETD Nabors Energy Transition C-A	2.39%	1,000,000	$10.9M	No change
DYNC Dynamix Corp.	2.39%	1,100,000	$10.9M	No change
AACBU Artius II Acquisition Inc.	2.21%	1,000,000	$10.1M	New
LPBB Launch Two Acquisition Class A	2.21%	998,000	$10.1M	No change
ATIIU Archimedes Tech Spac Partner	2.21%	1,000,000	$10.1M	New
GSRT GSR III Acquisition Corp.	2.19%	998,000	$10.0M	New
HAYMAKER ACQUISITION CORP 4	2.16%	900,000	$9.9M	No change
ALDF Aldel Financial II Inc.	2.10%	950,000	$9.6M	No change
NTWO Newbury Street II Ac Class A	1.98%	900,000	$9.1M	No change
MLAC Mountain Lake Acquisition-A	1.92%	875,000	$8.8M	No change
BEAG Bold Eagle Acquisition Cor-A	1.77%	800,000	$8.1M	No change
JACS Jackson Acquisition Co. Class A	1.76%	800,000	$8.1M	No change
BSII Black Spade Acquisition II C	1.66%	750,000	$7.6M	No change
MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR	1.64%	750,000	$7.5M	New
PLMK Plum Acquisition Corp. IV	1.54%	700,000	$7.0M	Reduce -68.9%
SVCC Stellar V Capital Corp. Class A	1.53%	700,000	$7.0M	New
NHICU Newhold Investment Corp. III	1.49%	675,000	$6.8M	New
COLOMBIER ACQUISITION CORP	1.37%	590,000	$6.3M	Reduce -9.2%
CEPO Cantor Equity Partners I-A	1.34%	600,000	$6.1M	New
OACC Oaktree Acquisition Corp. I-A	1.34%	600,000	$6.1M	No change
SKGR SK Growth Opportunities Co. Class A	1.33%	500,000	$6.1M	No change
TDAC Translational Development Ac	1.32%	600,000	$6.0M	No change
ANSC Agriculture & Natural Soluti	1.17%	500,000	$5.3M	No change
FERAU Fifth Era Acquisition Corp. I	1.10%	500,000	$5.0M	New
RANG Range Capital Acquisition Co.	1.10%	500,000	$5.0M	No change
GSHRU Gesher Acquisition Corp. II	1.10%	500,000	$5.0M	New
DRDB Roman DBDR Acquisition Corp.	1.10%	500,000	$5.0M	Add +66.7%
LEGT Legato Merger Corp. III	1.03%	450,000	$4.7M	No change
VCIC Vine Hill Capital Class A	1.00%	450,000	$4.6M	New
CCIX Churchill Capital Corp. Ix	0.94%	400,000	$4.3M	No change
WLAC Willow Lane Acquisition Class A	0.93%	425,000	$4.3M	No change
SPKLF Spark I Acquisition Corp.	0.71%	300,000	$3.2M	No change
POLE Andretti Acquisition Corp. Class A	0.67%	300,000	$3.0M	No change
FACT Fact II Acquisition Corp.	0.66%	300,000	$3.0M	No change
IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP	0.65%	300,000	$3.0M	New
TAVI Tavia Acquisition Corp.	0.55%	250,000	$2.5M	Add +2.3%
QSEAU Quartzsea Acquisition Corp.	0.39%	175,000	$1.8M	New
MNSO Miniso Group Holding Ltd.-ADR	0.34%	84,691	$1.6M	New
CRML Critical Metals Corp.	0.17%	625,000	$799K	New
CNCK Coincheck Group NV	0.17%	157,170	$798K	No change
SBSW Sibanye-Stillwater Ltd.-ADR	0.17%	166,609	$763K	New
MAXNQ Maxeon Solar Technologie	0.01%	22,775	$67K	No change

Other holdings (254): bonds, preferreds, convertibles and warrants · $14.3B (not counted above)

Security	Class	Shares / Principal	Value	Change
STRATEGY INC (MSTR 0.625 03/15/30)	NOTE 0.625% 3/1 · principal	267,940,000	$545.4M	New
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	380,752,000	$490.5M	Add +3.0%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	393,133,000	$381.1M	New
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	338,936,000	$314.0M	New
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	286,461,000	$303.6M	Add +117.0%
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	254,395,000	$300.1M	Add +7.4%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	316,945,000	$293.0M	Reduce -3.2%
INSMED INC (INSM 0.75 06/01/28)	NOTE 0.750% 6/0 · principal	117,383,000	$278.6M	Add +4.3%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	264,910,000	$274.6M	Add +8.8%
UNITED STATES STEEL CORP (X 5 11/01/26)	NOTE 5.000%11/0 · principal	77,461,000	$245.5M	Reduce -11.4%
MAKEMYTRIP LIMITED (MMYT 0 02/15/28)	NOTE 2/1 · principal	92,761,000	$238.0M	Add +3.9%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	256,762,000	$224.5M	Reduce -10.3%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	242,752,000	$224.4M	Add +6.0%
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27)	NOTE 1.500% 9/0 · principal	215,865,000	$217.2M	Reduce -3.4%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	169,247,000	$201.1M	No change
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	173,652,000	$198.9M	Add +1.5%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	225,686,000	$192.8M	New
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28)	NOTE 1.500% 6/0 · principal	175,874,000	$189.1M	Add +11.3%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	178,846,000	$186.6M	New
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	119,993,000	$166.9M	Add +1189.8%
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	126,884,000	$156.7M	Add +5.8%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	148,122,000	$153.7M	Add +28.2%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	158,899,000	$147.3M	Reduce -0.3%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	157,312,000	$144.2M	No change
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	162,828,000	$143.7M	Add +6.6%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	153,106,000	$142.5M	Add +69.0%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	149,397,000	$139.3M	Add +47.9%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	156,660,000	$138.9M	Add +38.6%
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	149,662,000	$138.1M	Add +1.0%
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	145,356,000	$137.3M	New
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	140,775,000	$132.7M	Add +3.7%
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	115,151,000	$128.9M	Reduce -3.0%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	122,000,000	$128.3M	New
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	89,780,000	$127.0M	New
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	128,112,000	$124.3M	New
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	94,148,000	$123.4M	Add +43.4%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	136,798,000	$123.2M	Add +33.8%
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	144,500,000	$122.9M	Add +2.1%
MARRIOTT VACATION WORLDW (VAC 0 01/15/26)	NOTE 1/1 · principal	127,203,000	$122.0M	Reduce -1.2%
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	112,550,000	$121.4M	Reduce -1.1%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	111,432,000	$120.9M	Add +354.8%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	135,425,000	$119.2M	Add +10.6%
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	48,554,000	$118.4M	Reduce -15.3%
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	43,457,000	$116.8M	Add +55.4%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	96,036,000	$113.2M	Reduce -0.6%
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	104,292,000	$112.8M	Add +57.3%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	109,945,000	$110.0M	New
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	96,220,000	$109.3M	Add +13.2%
PAGERDUTY INC. (PD 1.5 10/15/28 *)	NOTE 1.500%10/1 · principal	106,786,000	$106.1M	No change
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	90,027,000	$105.9M	New
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	122,832,000	$104.4M	Add +0.0%
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	126,100,000	$102.6M	Add +5.0%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	97,978,000	$100.5M	Add +33.8%
CAMTEK LTD/ISRAEL (CAMT 0 12/01/26)	NOTE 12/0 · principal	82,907,000	$100.4M	Add +0.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	108,153,000	$99.2M	Add +52.8%
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29)	NOTE 2.875% 6/0 · principal	93,575,000	$98.5M	No change
CANADIAN SOLAR INC (CSIQ 2.5 10/01/25)	NOTE 2.500%10/0 · principal	101,231,000	$97.6M	No change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	99,401,000	$96.4M	No change
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	94,068,000	$93.8M	Add +51.6%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	97,327,000	$91.3M	Add +4.3%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	96,025,000	$89.5M	Add +67.8%
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	93,991,000	$89.2M	No change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	83,430,000	$88.5M	Reduce -0.6%
CALLAWAY GOLF CO (CALY 2.75 05/01/26)	NOTE 2.750% 5/0 · principal	89,203,000	$87.0M	Add +32.7%
JAMF HOLDING CORP (JAMF 0.125 09/01/26)	NOTE 0.125% 9/0 · principal	91,540,000	$86.0M	No change
LIVANOVA PLC (LIVN 2.5 03/15/29)	NOTE 2.500% 3/1 · principal	90,045,000	$86.0M	New
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	82,070,000	$84.8M	New
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	92,674,000	$82.5M	Add +86.8%
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	115,415,000	$82.3M	New
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	57,940,000	$82.0M	Add +22.1%
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	85,644,000	$81.5M	No change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	67,000,000	$80.8M	No change
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	88,461,000	$77.6M	New
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	85,302,000	$77.2M	Add +47.6%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	66,930,000	$76.5M	Add +18.7%
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28)	NOTE 3.750% 5/1 · principal	44,431,000	$76.4M	Add +8.6%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	83,750,000	$74.8M	Add +737.5%
WEIBO CORP (WB 1.375 12/01/30)	NOTE 1.375%12/0 · principal	66,926,000	$73.4M	Add +9.8%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	71,283,000	$73.3M	Reduce -48.8%
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	74,006,000	$73.0M	Add +190.7%
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	69,871,000	$70.0M	Add +2270.1%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	70,141,000	$68.7M	Reduce -8.6%
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	67,896,000	$65.6M	No change
EVENTBRITE INC (EB 0.75 09/15/26)	NOTE 0.750% 9/1 · principal	71,331,000	$65.1M	No change
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	67,287,000	$64.4M	Add +11.2%
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	64,522,000	$63.8M	New
HEALTH CATALYST INC (HCAT 2.5 04/15/25)	NOTE 2.500% 4/1 · principal	63,360,000	$63.0M	No change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26)	NOTE 1.500% 9/1 · principal	52,479,000	$62.3M	Add +5.0%
VERINT SYSTEMS INC (VRNT 0.25 04/15/26)	NOTE 0.250% 4/1 · principal	64,991,000	$61.9M	Reduce -7.1%
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	67,440,000	$59.5M	Add +3753.7%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	53,817,000	$59.0M	Add +2.9%
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	61,626,000	$59.0M	Reduce -8.2%
UPSTART HOLDINGS INC (UPST 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	63,063,000	$58.9M	Add +4.1%
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29)	NOTE 4.000% 3/1 · principal	62,490,000	$56.9M	Add +13.6%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	55,696,000	$54.6M	Reduce -34.4%
DYNAVAX TECHNOLOGIES CORP	DEBT 2.000% 3/1 · principal	54,648,000	$54.0M	New
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	54,834,000	$51.1M	No change
BLACKBERRY LTD (BBCN 3 02/15/29)	NOTE 3.000% 2/1 · principal	38,971,000	$48.9M	New
NOVOCURE LTD (NVCR 0 11/01/25)	NOTE 11/0 · principal	49,961,000	$48.3M	No change
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	55,638,000	$48.0M	Add +27.5%
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	48,309,000	$47.0M	New
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	48,749,000	$46.6M	No change
PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28)	NOTE 3.250% 4/0 · principal	17,140,000	$41.8M	No change
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	29,374,000	$40.9M	Add +6606.4%
VAREX IMAGING CORPORATIO (VREX 4 06/01/25)	NOTE 4.000% 6/0 · principal	40,532,000	$40.6M	No change
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	56,500,000	$39.4M	Add +7.6%
LIVEPERSON INC (LPSN 0 12/15/26)	NOTE 12/1 · principal	104,858,000	$39.2M	Add +21.7%
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	44,576,000	$38.6M	Reduce -25.2%
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	39,595,000	$38.5M	No change
EZCORP INC (EZPW 2.375 05/01/25)	NOTE 2.375% 5/0 · principal	38,324,000	$38.4M	No change
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	45,261,000	$38.1M	New
KOSMOS ENERGY LTD (KOS 3.125 03/15/30)	NOTE 3.125% 3/1 · principal	47,416,000	$36.4M	New
ZIFF DAVIS INC (ZD 3.625 03/01/28)	DEBT 3.625% 3/0 · principal	38,486,000	$35.9M	Add +35.1%
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	37,357,000	$35.8M	No change
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	37,185,000	$35.0M	Add +17.4%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	41,155,000	$33.3M	Add +115.3%
CERENCE INC (CRNC 3 06/01/25)	NOTE 3.000% 6/0 · principal	33,542,000	$33.1M	Add +57.9%
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	35,244,000	$33.0M	No change
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	24,277,000	$30.8M	Reduce -41.8%
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	31,745,000	$29.4M	Reduce -65.0%
APELLIS PHARMACEUTICALS (APLS 3.5 09/15/26)	NOTE 3.500% 9/1 · principal	27,838,000	$28.7M	No change
NEOGENOMICS INC (NEO 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	28,111,000	$27.9M	No change
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	28,000,000	$27.2M	New
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27)	NOTE 1.500%10/1 · principal	24,720,000	$26.6M	Reduce -56.0%
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25)	NOTE 0.750% 8/0 · principal	25,916,000	$25.5M	No change
OIL STATES INTL INC (OIS 4.75 04/01/26)	NOTE 4.750% 4/0 · principal	25,296,000	$24.7M	Add +0.4%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	25,840,000	$21.9M	Reduce -90.1%
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	24,250,000	$18.9M	Add +273.1%
PAGERDUTY INC. (PD 1.25 07/01/25)	NOTE 1.250% 7/0 · principal	19,010,000	$18.7M	No change
MAGNITE INC (MGNI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	19,250,000	$18.4M	Add +1.3%
INFINERA CORP (INFN 3.75 08/01/28)	NOTE 3.750% 8/0 · principal	13,235,000	$16.9M	No change
TANDEM DIABETES CARE INC (TNDM 1.5 05/01/25)	NOTE 1.500% 5/0 · principal	16,184,000	$16.1M	Reduce -1.2%
CORZW Core Scientific Inc. - 27	*W EXP 01/23/202	5,092,222	$15.4M	Add +50.5%
MESA LABORATORIES INC (MLAB 1.375 08/15/25)	NOTE 1.375% 8/1 · principal	12,929,000	$12.7M	No change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	12,078,000	$11.7M	Reduce -48.8%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	15,500,000	$11.4M	New
INOTIV INC (NOTV 3.25 10/15/27)	NOTE 3.250%10/1 · principal	31,725,000	$10.5M	Reduce -22.1%
RAPID7 INC (RPD 2.25 05/01/25)	NOTE 2.250% 5/0 · principal	10,240,000	$10.2M	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	8,768,000	$8.6M	Add +395.9%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	7,500,000	$8.4M	New
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	8,100,000	$7.9M	New
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	7,347,000	$7.8M	Reduce -80.9%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	6,204,000	$7.6M	Reduce -72.6%
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25)	NOTE 4.500% 8/1 · principal	4,000,000	$7.0M	New
PAR TECHNOLOGY CORP (PAR 2.875 04/15/26)	NOTE 2.875% 4/1 · principal	4,450,000	$6.6M	No change
8X8 INC (EGHT 4 02/01/28)	NOTE 4.000% 2/0 · principal	7,733,000	$6.5M	No change
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	6,320,000	$6.2M	Reduce -47.3%
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	4,950,000	$4.9M	Reduce -66.9%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	3,750,000	$4.8M	No change
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	5,000,000	$4.4M	No change
OMNICELL INC (OMCL 0.25 09/15/25)	NOTE 0.250% 9/1 · principal	4,366,000	$4.3M	Reduce -64.7%
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	4,269,000	$3.4M	Add +2284.9%
EVENTBRITE INC (EB 5 12/01/25)	NOTE 5.000%12/0 · principal	3,000,000	$3.0M	No change
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	35,000	$2.3M	Add +250.0%
USA RARE EARTH INC	*W EXP 03/13/203	2,472,590	$1.7M	New
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	27,850	$1.4M	New
AXON ENTERPRISE INC (AXON 0.5 12/15/27)	NOTE 0.500%12/1 · principal	505,000	$1.2M	No change
NETDW Nabors Energy Transiti-CW	*W EXP 09/01/202	2,250,000	$855K	Add +350.0%
CCIRW Cohen Circle Acquisition-29	*W EXP 01/31/202	482,666	$835K	Add +221.8%
FLDDW Fold Holdings Inc. -23	*W EXP 02/14/203	1,000,000	$725K	New
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	597,000	$613K	No change
BACQR Inflection Point Acquisition	RIGHT 11/04/2026	2,275,000	$478K	New
EQV VENTURES ACQUISITION	*W EXP 07/01/203	1,055,000	$406K	No change
ALVOW Alvotech SA -27	*W EXP 99/99/999	252,884	$391K	Reduce -3.3%
PGACR Pantages Capital Acquis-RT	RIGHT 11/15/2029	1,500,000	$353K	New
KDKRW Ares Acquisition Corp. II-28	*W EXP 99/99/999	1,172,199	$346K	Add +17.2%
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999	500,000	$343K	New
JACKSON ACQUISITION CO II	RIGHT 99/99/9999	1,300,000	$325K	Add +62.5%
CNCKW Coincheck Group NV	*W EXP 12/11/202	456,286	$296K	Add +2.6%
PENGUIN SOLUTIONS CAYMEN (PENG 2.25 02/15/26)	NOTE 2.250% 2/1 · principal	250,000	$269K	No change
KFIIR K&F Growth Acquisition Corp.	RIGHT 08/29/2031	1,850,000	$250K	New
SBXWF Silverbox Corp. IV-A- 29	*W EXP 08/19/202	666,667	$239K	No change
HVIIR Hennessy Capital Investment	RIGHT 01/17/2030	1,213,732	$237K	New
RANGR Range Capital Acquisition Co.	RIGHT 99/99/9999	1,037,022	$231K	Add +107.4%
GSRTR GSR III Acquisition Corp.	RIGHT 99/99/9999	142,571	$211K	No change
BEAGR Bold Eagle Acquisition Corp.	RIGHT 10/11/2029	800,000	$202K	New
TONT.WS Graf Global Corp.- 29	*W EXP 05/31/203	750,000	$200K	No change
MRNOW Murano Global BV-28	*W EXP 03/19/202	749,999	$198K	No change
AISPW Airship AI Holdings Inc.-CW28	*W EXP 12/21/202	162,704	$177K	Reduce -78.2%
ANSCW Agriculture & Natural Solu-W	*W EXP 10/01/202	499,999	$161K	No change
DYNCW Dynamix Corp. - 29	*W EXP 10/25/202	550,001	$158K	No change
MLACR Mountain Lake Acquisition Co.	RIGHT 11/15/2028	875,000	$153K	No change
ALDFW Aldel Financial II Inc. - 29	*W EXP 09/26/203	475,000	$153K	New
Colombier Acquisition - 29	*W EXP 11/24/202	196,665	$151K	Reduce -9.2%
CRMLW Critical Metals Corp.-28	*W EXP 02/27/202	877,989	$149K	Add +192.7%
CCIXW Churchill Capital Corp. I-29	*W EXP 03/31/203	200,000	$140K	Add +100.0%
SVCCW Stellar V Capital Corp.-Class-29	*W EXP 10/15/202	350,000	$128K	New
LPBBW Launch Two Acquisition -29	*W EXP 10/09/202	499,000	$112K	New
TALKW Hudson Executive Inv -CW25	*W EXP 06/21/202	1,071,902	$93K	No change
NTWOW Newbury Street II Acq - 29	*W EXP 06/01/203	450,000	$92K	New
CRGOW Freightos Ltd.-CW28	*W EXP 99/99/999	487,500	$88K	No change
CDROW Codere Online Luxembou -CW	*W EXP 11/23/202	144,407	$87K	No change
OACCW Oaktree Acquisition III -31	*W EXP 09/01/203	120,000	$86K	New
HYAC.WS Haymaker Acquisition Corp.-28	*W EXP 05/31/202	450,001	$86K	No change
BSIIW Black Spade Acquisition -30	*W EXP 02/15/202	301,207	$79K	No change
VCICW Vine Hill Capital Class A-2	*W EXP 07/01/203	224,999	$79K	New
TDACW Translational Dev -A -CW26	*W EXP 12/18/202	299,999	$77K	New
GPATW GP-Act III Acq Class A -CW27	*W EXP 05/13/202	360,400	$76K	No change
DMYYW DMY Squared Technology GR-27	*W EXP 99/99/999	93,669	$73K	New
IPEXR Inflection Point Acquisition	RIGHT 99/99/9999	300,000	$72K	New

Largest 200 of 254 shown.

Total filed on the 13F, all lines: $14.7B.

Portfolio Sells Q4 2024 → Q1 2025


DDOG Datadog Inc. Class A	Sold out	0.00%	−6.13
CCIRU Cohen Circle Acquisition Cor	Sold out	0.00%	−3.33
BORR Borr Drilling Ltd.	Sold out	0.00%	−2.08
BACQU Bleichroeder Acquisition Cor	Sold out	0.00%	−1.66
VCICU Vine Hill Cap Invest-Unit	Sold out	0.00%	−1.50
COLOMBIER ACQUISITION CORP	Reduce -9.2%	1.37%	−1.15
ULS Ul Solutions Inc. Class A	Sold out	0.00%	−0.10
LEAFLY HOLDINGS INC	Sold out	0.00%	−0.00
PLMK Plum Acquisition Corp. IV	Reduce -68.9%	1.54%	+1.45

Portfolio Buys Q4 2024 → Q1 2025


MCHP Microchip Technology Inc.	New	8.74%	+8.74
IMSR Terrestrial Energy Inc.	New	4.62%	+4.62
KFII K&F Growth Acquisition Cor-A	New	2.72%	+2.72
ONEN One Nuclear Energy Inc.	New	2.62%	+2.62
CCIR Cohen Circle Acquisitio Class A	New	2.45%	+2.45
RAC.U Rithm Acquisition Corp.	New	2.43%	+2.43
LOKVU Live Oak Acquisition Corp. V	New	2.42%	+2.42
AACBU Artius II Acquisition Inc.	New	2.21%	+2.21
ATIIU Archimedes Tech Spac Partner	New	2.21%	+2.21
GSRT GSR III Acquisition Corp.	New	2.19%	+2.19
MRLN Merlin Inc.	New	1.64%	+1.64
SVCC Stellar V Capital Corp. Class A	New	1.53%	+1.53
NHICU Newhold Investment Corp. III	New	1.49%	+1.49
CEPO Cantor Equity Partners I-A	New	1.34%	+1.34
FERAU Fifth Era Acquisition Corp. I	New	1.10%	+1.10
GSHRU Gesher Acquisition Corp. II	New	1.10%	+1.10
VCIC Vine Hill Capital Class A	New	1.00%	+1.00
IPEX Inflection Point Acquisition	New	0.65%	+0.65
QSEAU Quartzsea Acquisition Corp.	New	0.39%	+0.39
MNSO Miniso Group Holding Ltd.-ADR	New	0.34%	+0.34
CRML Critical Metals Corp.	New	0.17%	+0.17
SBSW Sibanye-Stillwater Ltd.-ADR	New	0.17%	+0.17
DRDB Roman DBDR Acquisition Corp.	Add +66.7%	1.10%	+0.11
TAVI Tavia Acquisition Corp.	Add +2.3%	0.55%	−0.28

Notes & Other Activity Q4 2024 → Q1 2025


MICROSTRATEGY INC (MSTR 0 02/15/27)	NOTE 2/1 · principal	Sold out	323,112,000	$668.7Mbefore exit
STRATEGY INC (MSTR 0.625 03/15/30)	NOTE 0.625% 3/1 · principal	New	267,940,000	$545.4M
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Add +3.0%	380,752,000	$490.5M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	New	393,133,000	$381.1M
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	New	338,936,000	$314.0M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Add +117.0%	286,461,000	$303.6M
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	Add +7.4%	254,395,000	$300.1M
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	Reduce -3.2%	316,945,000	$293.0M
INSMED INC (INSM 0.75 06/01/28)	NOTE 0.750% 6/0 · principal	Add +4.3%	117,383,000	$278.6M
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	Add +8.8%	264,910,000	$274.6M
UNITED STATES STEEL CORP (X 5 11/01/26)	NOTE 5.000%11/0 · principal	Reduce -11.4%	77,461,000	$245.5M
MAKEMYTRIP LIMITED (MMYT 0 02/15/28)	NOTE 2/1 · principal	Add +3.9%	92,761,000	$238.0M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Reduce -10.3%	256,762,000	$224.5M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	Add +6.0%	242,752,000	$224.4M
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27)	NOTE 1.500% 9/0 · principal	Reduce -3.4%	215,865,000	$217.2M
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	Add +1.5%	173,652,000	$198.9M
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	New	225,686,000	$192.8M
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28)	NOTE 1.500% 6/0 · principal	Add +11.3%	175,874,000	$189.1M
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	New	178,846,000	$186.6M
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	Add +1189.8%	119,993,000	$166.9M
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	Add +5.8%	126,884,000	$156.7M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Add +28.2%	148,122,000	$153.7M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -0.3%	158,899,000	$147.3M
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	Add +6.6%	162,828,000	$143.7M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Add +69.0%	153,106,000	$142.5M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Add +47.9%	149,397,000	$139.3M
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	Add +38.6%	156,660,000	$138.9M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	Add +1.0%	149,662,000	$138.1M
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	New	145,356,000	$137.3M
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	Add +3.7%	140,775,000	$132.7M
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	Reduce -3.0%	115,151,000	$128.9M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	New	122,000,000	$128.3M
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	New	89,780,000	$127.0M
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	New	128,112,000	$124.3M
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	Add +43.4%	94,148,000	$123.4M
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	Add +33.8%	136,798,000	$123.2M
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Add +2.1%	144,500,000	$122.9M
MARRIOTT VACATION WORLDW (VAC 0 01/15/26)	NOTE 1/1 · principal	Reduce -1.2%	127,203,000	$122.0M
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	Reduce -1.1%	112,550,000	$121.4M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Add +354.8%	111,432,000	$120.9M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	Add +10.6%	135,425,000	$119.2M
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	Reduce -15.3%	48,554,000	$118.4M
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	Add +55.4%	43,457,000	$116.8M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	Reduce -0.6%	96,036,000	$113.2M
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	Add +57.3%	104,292,000	$112.8M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	New	109,945,000	$110.0M
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	Add +13.2%	96,220,000	$109.3M
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	New	90,027,000	$105.9M
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	Add +0.0%	122,832,000	$104.4M
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	Add +5.0%	126,100,000	$102.6M

Showing the first 50 of 184.

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	245	$2.3B	GOOG, GOOGL, HOOD, SBXDF, CUB
Q1 2026	211	$1.7B	SBXDF, IPCX, CRGY, TVAI, ZKP
Q4 2025	159	$1.3B	ZTS, FTW, SBXDF, IPCX, TVAI
Q3 2025	126	$1.1B	FTW, NVMI, SBXDF, IPCX, BXP
Q2 2025	106	$952.4M	NET, FTW, ARES ACQUISITION CORP II, WEC, CYBR
Q1 2025	53	$457.5M	MCHP, FTW, ARES ACQUISITION CORP II, IMSR, SBXDF
Q4 2024	38	$303.2M	FTW, ARES ACQUISITION CORP II, SBXDF, DDOG, TONT
Q3 2024	23	$174.0M	FTW.U, ARES ACQUISITION CORP II, SBXUF, TONT.U, USAR
Q2 2024	19	$106.3M	ARES ACQUISITION CORP II, TONT.U, USAR, NETD, HAYMAKER ACQUISITION CORP 4
Q1 2024	25	$116.4M	ARES ACQUISITION CORP II, PLAOF, SCRM, USAR, NETD