Magnetar Financial LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Magnetar Financial LLC reported 738 stock positions worth $15.5 billion. Its top holding was Coreweave Class A (CRWV) at 72.2% of the portfolio, followed by Norfolk Southern (NSC, 0.7%) and Cyberark Software Ltd./Israel (CYBR, 0.7%). Compared with Q2 2025, it opened 373 new positions, sold out of 401, added to 139 and reduced 142. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale Coreweave Class A (CRWV, shares −14%).

Most Recent 13F
Q2 2026
Location
EVANSTON, IL
CIK
0001352851
Portfolio Value
$15.5B (Q3 2025)
SEC Filing
0001104659-25-111094 ↗ filed Nov 13, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $3.8B Q1 2024 Q2 2024: $4.2B Q2 2024 Q3 2024: $3.9B Q3 2024 Q4 2024: $3.7B Q4 2024 Q1 2025: $7.0B Q1 2025 Q2 2025: $19.8B Q2 2025 Q3 2025: $15.5B $15.5B Q3 2025 Q4 2025: $9.5B Q4 2025 Q1 2026: $9.2B Q1 2026 Q2 2026: $9.9B Q2 2026

Holdings 738 stocks · $15.5B
CRWV Coreweave Inc. Class A 72.15% 81,983,325 $11.2B Reduce -14.4%
NSC Norfolk Southern Corp. 0.69% 358,330 $107.6M New
CYBR Cyberark Software Ltd./Israel 0.66% 211,240 $102.1M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.65% 1,579,485 $100.5M New
MRUS Merus NV 0.63% 1,045,209 $98.4M New
TXNM TXNM Energy Inc. 0.61% 1,689,221 $95.5M Add +2.4%
K Kellanova 0.60% 1,143,169 $93.8M Add +2.4%
AVDX Avidxchange Holdings Inc. 0.54% 8,466,957 $84.2M Add +0.2%
TGNA Tegna Inc. 0.54% 4,140,181 $84.2M Add +6587.9%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.54% 1,098,809 $83.8M New
IPG Interpublic Group of Cos Inc. 0.54% 2,987,340 $83.4M Add +1.4%
FYBR Frontier Communications Pare 0.54% 2,229,089 $83.3M Add +2.3%
COOP Mr Cooper Group Inc. 0.53% 389,877 $82.2M Add +2.3%
GTLS Chart Industries Inc. 0.49% 382,078 $76.5M New
PRA Proassurance Corp. 0.47% 3,026,173 $72.6M Add +2.4%
VRNA Verona Pharma Ltd. 0.43% 628,260 $67.0M New
SCS Steelcase Inc. Class A 0.38% 3,452,916 $59.4M New
DAY Dayforce Inc. 0.34% 759,407 $52.3M New
LBRDK Liberty Broadband-C 0.30% 731,342 $46.5M Add +2.4%
TRML Tourmaline Bio Inc. 0.30% 966,129 $46.2M New
AHL Aspen Insurance Holdings Class A 0.29% 1,218,999 $44.7M New
SPR Spirit Aerosystems Hold Class A 0.27% 1,083,026 $41.8M Add +1.5%
CTLP Cantaloupe Inc. 0.25% 3,642,669 $38.5M Add +11.8%
TECK Teck Resources Ltd.-CLS B 0.23% 831,314 $36.5M Add +756.2%
CCRN Cross Country Healthcare Inc. 0.23% 2,474,331 $35.1M No change
FTW Eqv Ventures Acquisition C-A 0.23% 3,370,168 $35.0M Reduce -1.8%
STAA Staar Surgical Co. 0.21% 1,204,371 $32.4M New
SAND Sandstorm Gold Ltd. 0.18% 2,175,460 $27.2M New
DMIIU Drugs Made in America Acquis 0.17% 2,700,000 $26.9M New
IMXI International Money Express 0.17% 1,871,975 $26.2M Add +3580.7%
EVAC.U Eqv Ventures Acquisition Cor 0.16% 2,500,000 $25.0M New
RITHM PPTY TR INC 0.16% 9,834,208 $24.8M No change
HBI Hanesbrands Inc. 0.15% 3,450,672 $22.7M New
VACH Voyager Acquisition Corp. 0.15% 2,156,220 $22.6M No change
TACH Titan Acquisition Corp. Class A 0.14% 2,200,000 $22.3M No change
HOUS Anywhere Real Estate Inc. 0.14% 2,046,224 $21.7M New
PHLT Performant Healthcare Inc. 0.14% 2,768,559 $21.4M New
LPBB Launch Two Acquisition Class A 0.13% 1,980,000 $20.7M No change
AMWD American Woodmark Corp. 0.13% 309,541 $20.7M New
LPAA Launch One Acquisition Corp. 0.13% 1,945,196 $20.5M No change
SIMA Sim Acquisition Corp. I-A 0.13% 1,945,196 $20.4M No change
RAC Rithm Acquisition Corp. Class A 0.13% 1,980,000 $20.3M No change
CUB Lionheart Holdings Class A 0.13% 1,910,254 $20.1M No change
ALDF Aldel Financial II Inc. 0.13% 1,899,098 $19.8M No change
MLAC Mountain Lake Acquisition-A 0.13% 1,900,000 $19.6M No change
ALF Centurion Acquisition Corp. 0.13% 1,856,250 $19.6M No change
CCIX Churchill Capital Corp. Ix 0.13% 1,862,982 $19.5M Reduce -6.0%
KCHV Kochav Defense Acquisition-A 0.12% 1,900,000 $19.1M No change
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.12% 1,452,152 $18.7M New
VNMEU Vendome Acquisition Corp. I 0.12% 1,850,000 $18.5M New
VCIC Vine Hill Capital Class A 0.12% 1,723,500 $18.5M Reduce -4.3%
SOUL Soulpower Acquisition Co. Class A 0.12% 1,750,000 $18.4M No change
SHCO Soho House & Co. Inc. 0.12% 2,056,358 $18.2M New
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.11% 1,750,000 $17.8M No change
NPAC New Providence Acquisition-A 0.11% 1,749,990 $17.8M No change
SDHI Siddhi Acquisition Corp. Class A 0.11% 1,750,000 $17.8M No change
SZZL Sizzle Acquisition Corp. Class A 0.11% 1,750,000 $17.7M No change
TACO Berto Acquisition Corp. 0.11% 1,650,000 $17.2M No change
TONT Graf Global Corp. Class A 0.11% 1,613,354 $17.0M No change
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.10% 1,469,016 $15.5M Reduce -30.6%
PMTR Perimeter Acquis Corp. I Class A 0.10% 1,500,000 $15.4M No change
FERA Fifth Era Acquisition Corp. Class A 0.10% 1,500,000 $15.3M No change
NTWO Newbury Street II Ac Class A 0.10% 1,450,000 $15.0M No change
TVA Texas Ventures Acquisition-A 0.10% 1,400,000 $15.0M New
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.10% 1,500,000 $15.0M No change
POLE Andretti Acquisition Corp. Class A 0.09% 1,400,000 $14.7M No change
WLAC Willow Lane Acquisition Class A 0.09% 1,196,895 $13.9M Reduce -4.3%
TDAC Translational Development Ac 0.09% 1,300,000 $13.5M No change
SVCC Stellar V Capital Corp. Class A 0.09% 1,300,000 $13.4M No change
ATII Archimedes Tech Spac Partner 0.09% 1,300,000 $13.3M No change
OYSE Oyster Enterprises II Acq-A 0.08% 1,300,000 $13.0M No change
KFII K&F Growth Acquisition Cor-A 0.08% 1,250,000 $12.8M No change
NHIC Newhold Investment Cor III-A 0.08% 1,250,000 $12.7M No change
GSRFU GSR IV Acquisition Corp. 0.08% 1,250,000 $12.7M New
OBAWU Oxley Bridge Acquisition Ltd. 0.08% 1,250,000 $12.6M No change
AEXA American Exceptionalism Class A 0.08% 1,100,000 $12.0M New
BACC Blue Acquisition Corp. Class A 0.08% 1,200,000 $12.0M No change
NWE Northwestern Energy Group Inc. 0.07% 195,522 $11.5M Add +2066.9%
ZIMV Zimvie Inc. 0.07% 603,489 $11.4M New
INFA Informatica Inc. Class A 0.07% 456,793 $11.3M No change
MBVIU M3-Brigade Acquisition Vi Co. 0.07% 1,100,000 $11.1M New
FACT Fact II Acquisition Corp. 0.07% 1,061,498 $10.9M No change
GTEN Gores Holdings X Inc. Class A 0.07% 1,022,724 $10.5M No change
HCMAU HCM III Acquisition Corp. 0.07% 1,000,000 $10.3M New
DRDB Roman DBDR Acquisition Corp. 0.07% 1,000,000 $10.3M No change
LWACU Lightwave Acquisition Corp. 0.07% 1,022,800 $10.3M No change
BLZRU Trailblazer Acquisition Corp. 0.07% 1,000,000 $10.3M New
RDAG Republic Digital Acquis Class A 0.07% 1,000,000 $10.2M No change
IPCX Inflection Point Acquisiti-A 0.06% 1,000,000 $10.1M No change
PACHU Pioneer Acquisition I Corp. 0.06% 1,000,000 $10.1M No change
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.06% 1,000,000 $10.0M No change
WOW Wideopenwest Inc. 0.06% 1,864,114 $9.6M New
HVMCU Highview Merger Corp. 0.06% 929,293 $9.4M New
PCAP Procap Acquisition Corp. Class A 0.06% 896,892 $9.2M New
GSHR Gesher Acquisition Corp. II-A 0.06% 900,000 $9.2M No change
MRC MRC Global Inc. 0.06% 633,764 $9.1M Add +240.5%
JENA Jena Acquisition Corp. II - A 0.06% 900,000 $9.1M No change
CHAC Crane Harbor Acqu Corp. Class A 0.06% 900,000 $9.1M No change
ICE Intercontinental Exchange Inc. 0.06% 53,653 $9.0M Add +726.7%
CMCSA Comcast Corp. Class A 0.06% 286,629 $9.0M Reduce -0.2%

Show all 738 holdings

Options reported separately and not counted above: HYG puts ($15.8M), IWM puts ($9.7M).

Other holdings (113): bonds, preferreds, convertibles and warrants · $929.2M (not counted above)
SecurityClassShares / PrincipalValueChange
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 65,636,000$120.8MAdd +28.4%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 59,425,000$75.6MAdd +15.6%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 54,249,000$58.3MAdd +13.4%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 52,465,000$53.2MReduce -13.9%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 535,000$50.8MAdd +970.0%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 45,500,000$45.4MAdd +193.6%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 48,746,000$44.4MAdd +30.9%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 39,700,000$43.5MAdd +217.6%
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 39,395,000$42.3MAdd +133.2%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 757,250$37.8MAdd +64.6%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 36,500,000$37.4MNo change
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 34,530,000$33.8MAdd +15.1%
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 14,442,000$29.5MReduce -43.8%
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal 26,138,000$27.0MNew
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 190,823$25.9MNo change
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 26,775,000$24.7MAdd +38.9%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 21,000,000$22.6MAdd +110.0%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 250,000$17.6MNo change
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 350,000$17.5MNo change
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 250,000$17.0MNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 11,673,000$14.7MReduce -60.1%
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 11,937,000$14.6MAdd +4.4%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 15,000,000$14.4MReduce -40.0%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 13,500,000$13.7MReduce -55.9%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 100,000$7.0MNo change
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 3,000,000$5.7MNew
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 674,999$4.1MReduce -31.1%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 100,000$3.8MReduce -68.2%
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 500,000$1.8MNo change
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 625,000$1.8MNo change
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 199,200$1.7MReduce -30.2%
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 1,045,000$1.4MReduce -5.5%
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 607,600$972KReduce -32.5%
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B 218,512$866KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 700,000$770KNew
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 825,000$577KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 949,549$518KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 951,773$476KReduce -16.8%
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 750,000$446KNo change
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 1,000,000$440KNo change
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 875,000$424KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 660,000$420KNo change
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 1,900,000$418KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 1,500,000$398KNo change
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 1,750,000$385KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 1,900,000$380KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 972,598$370KNo change
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 175,000$368KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 990,000$360KNo change
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 445,000$356KReduce -11.4%
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 1,750,000$333KNew
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 1,100,000$331KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 500,000$325KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 341,200$324KReduce -16.2%
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 800,000$319KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 928,125$302KNo change
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 75,000$300KNew
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 1,750,000$298KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 900,000$288KNo change
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 255,000$283KReduce -32.0%
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 806,677$266KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 955,127$264KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 500,000$257KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 375,000$255KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 583,330$251KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 650,000$241KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 972,598$233KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 650,000$231KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 625,000$225KNo change
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 255,681$222KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 1,300,000$221KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 375,000$216KNo change
BACQR Inflection Point Acquisition RIGHT 11/04/2026 300,000$204KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 700,000$203KNo change
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 298,964$200KNo change
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 650,000$189KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 1,078,110$183KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 725,000$181KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 1,200,000$180KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 900,000$180KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 150,000$180KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 1,250,000$175KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 375,000$169KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 730,033$168KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 600,000$156KNo change
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 450,000$155KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 250,000$150KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 530,749$149KNo change
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 600,000$144KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 637,500$140KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 700,000$140KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 800,000$128KNo change
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 600,000$126KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 500,000$125KNo change
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 400,000$108KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 750,000$105KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 66,664$83KNo change
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 187,050$82KReduce -3.3%
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 250,000$73KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 350,000$63KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 273,700$55KNo change
PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 194,996$50KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 185,625$42KNo change
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 200,000$42KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 225,000$39KNew
NAMMW Namib Minerals *W EXP 06/05/203 266,667$38KNew
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 100,000$15KNew
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 75,000$13KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 75,000$11KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 75,000$11KNew
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 69,200$9KReduce -1.1%
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 99,000$8KNo change
BARK.WS Original Bark Co./the -CW25 *W EXP 05/01/202 228,861$5KNo change

Total filed on the 13F, all lines: $16.5B.

Portfolio Sells Q2 2025 → Q3 2025
CRWV Coreweave Inc. Class A Reduce -14.4% 72.15% −6.67
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.49
SWTX Springworks Therapeutics Inc. Sold out 0.00% −0.49
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.47
SKX Skechers USA Inc. Class A Sold out 0.00% −0.45
ANSS Ansys Inc. Sold out 0.00% −0.45
JNPR Juniper Networks Inc. Sold out 0.00% −0.42
AZEK The Azek Co. Inc. Sold out 0.00% −0.41
CHX Championx Corp. Sold out 0.00% −0.35
FARO Faro Technologies Inc. Sold out 0.00% −0.33
AMED Amedisys Inc. Sold out 0.00% −0.32
ETWO E2OPEN Parent Holdings Inc. Sold out 0.00% −0.31
RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.25
RDFN Redfin Corp. Sold out 0.00% −0.24
SPTN Spartannash Co. Sold out 0.00% −0.14
TVACU Texas Ventures Acquisition I Sold out 0.00% −0.07
IMSR Terrestrial Energy Inc. Reduce -89.8% 0.01% −0.07
BRDG Bridge Investment Grp HDS-A Sold out 0.00% −0.06
INTU Intuit Inc. Sold out 0.00% −0.05
ROST Ross Stores Inc. Sold out 0.00% −0.05
PCAPU Procap Acquisition Corp. Reduce -100.0% 0.00% −0.05
IT Gartner Inc. Sold out 0.00% −0.05
CRH CRH PLC Sold out 0.00% −0.05
LMT Lockheed Martin Corp. Sold out 0.00% −0.05
CNC Centene Corp. Sold out 0.00% −0.05
GDDY GoDaddy Inc. Class A Reduce -86.5% 0.01% −0.05
IEX Idex Corp. Sold out 0.00% −0.05
CCIR Cohen Circle Acquisitio Class A Sold out 0.00% −0.05
PSA Public Storage Sold out 0.00% −0.05
MDT Medtronic PLC Sold out 0.00% −0.05
EXEL Exelixis Inc. Sold out 0.00% −0.05
RY Royal Bank of Canada Sold out 0.00% −0.04
DUOL Duolingo Sold out 0.00% −0.04
GPN Global Payments Inc. Sold out 0.00% −0.04
MRVL Marvell Technology Inc. Sold out 0.00% −0.04
CME Cme Group Inc. Sold out 0.00% −0.04
GD General Dynamics Corp. Sold out 0.00% −0.04
JCI Johnson Controls Internation Sold out 0.00% −0.04
DD Dupont DE Nemours Inc. Sold out 0.00% −0.04
CDW CDW Corp. Reduce -96.0% 0.00% −0.04
WCN Waste Connections Inc. Sold out 0.00% −0.04
AN Autonation Inc. Sold out 0.00% −0.04
TPR Tapestry Inc. Sold out 0.00% −0.04
AME Ametek Inc. Sold out 0.00% −0.04
ALL Allstate Corp. Sold out 0.00% −0.04
MELI MercadoLibre Inc. Reduce -96.4% 0.00% −0.04
KBR KBR Inc. Reduce -92.9% 0.00% −0.04
NUE Nucor Corp. Sold out 0.00% −0.04
HLI Houlihan Lokey Inc. Sold out 0.00% −0.04
CHWY Chewy Inc. Class A Sold out 0.00% −0.04

Portfolio Buys Q2 2025 → Q3 2025
NSC Norfolk Southern Corp. New 0.69% +0.69
CYBR Cyberark Software Ltd./Israel New 0.66% +0.66
AL Sumisho Air Lease Corp. New 0.65% +0.65
MRUS Merus NV New 0.63% +0.63
WNS WNS Holdings Ltd. New 0.54% +0.54
TGNA Tegna Inc. Add +6587.9% 0.54% +0.54
GTLS Chart Industries Inc. New 0.49% +0.49
VRNA Verona Pharma Ltd. New 0.43% +0.43
SCS Steelcase Inc. Class A New 0.38% +0.38
DAY Dayforce Inc. New 0.34% +0.34
TRML Tourmaline Bio Inc. New 0.30% +0.30
AHL Aspen Insurance Holdings Class A New 0.29% +0.29
COOP Mr Cooper Group Inc. Add +2.3% 0.53% +0.24
TECK Teck Resources Ltd.-CLS B Add +756.2% 0.23% +0.21
STAA Staar Surgical Co. New 0.21% +0.21
SAND Sandstorm Gold Ltd. New 0.18% +0.18
DMIIU Drugs Made in America Acquis New 0.17% +0.17
IPG Interpublic Group of Cos Inc. Add +1.4% 0.54% +0.17
IMXI International Money Express Add +3580.7% 0.17% +0.17
EVAC.U Eqv Ventures Acquisition Cor New 0.16% +0.16
K Kellanova Add +2.4% 0.60% +0.15
HBI Hanesbrands Inc. New 0.15% +0.15
TXNM TXNM Energy Inc. Add +2.4% 0.61% +0.14
HOUS Anywhere Real Estate Inc. New 0.14% +0.14
PHLT Performant Healthcare Inc. New 0.14% +0.14
FYBR Frontier Communications Pare Add +2.3% 0.54% +0.14
AMWD American Woodmark Corp. New 0.13% +0.13
PRA Proassurance Corp. Add +2.4% 0.47% +0.13
AVDX Avidxchange Holdings Inc. Add +0.2% 0.54% +0.12
INFQ Infleqtion Inc. New 0.12% +0.12
VNMEU Vendome Acquisition Corp. I New 0.12% +0.12
SHCO Soho House & Co. Inc. New 0.12% +0.12
TVA Texas Ventures Acquisition-A New 0.10% +0.10
GSRFU GSR IV Acquisition Corp. New 0.08% +0.08
AEXA American Exceptionalism Class A New 0.08% +0.08
ZIMV Zimvie Inc. New 0.07% +0.07
MBVIU M3-Brigade Acquisition Vi Co. New 0.07% +0.07
NWE Northwestern Energy Group Inc. Add +2066.9% 0.07% +0.07
CTLP Cantaloupe Inc. Add +11.8% 0.25% +0.07
HCMAU HCM III Acquisition Corp. New 0.07% +0.07
BLZRU Trailblazer Acquisition Corp. New 0.07% +0.07
SPR Spirit Aerosystems Hold Class A Add +1.5% 0.27% +0.06
WOW Wideopenwest Inc. New 0.06% +0.06
HVMCU Highview Merger Corp. New 0.06% +0.06
PCAP Procap Acquisition Corp. Class A New 0.06% +0.06
KDP Keurig Dr Pepper Inc. New 0.05% +0.05
SVACU Spring Valley Acquisition Co. New 0.05% +0.05
META Meta Platforms Inc. Class A New 0.05% +0.05
ICE Intercontinental Exchange Inc. Add +726.7% 0.06% +0.05
KOYNU CSLM Digital Asset Acquisiti New 0.05% +0.05

Options Activity Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF put New 40,000 $9.7M

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

Notes & Other Activity Q2 2025 → Q3 2025
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +28.4% 65,636,000 $120.8M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Add +15.6% 59,425,000 $75.6M
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Add +13.4% 54,249,000 $58.3M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -13.9% 52,465,000 $53.2M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF Add +970.0% 535,000 $50.8M
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal Add +193.6% 45,500,000 $45.4M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Add +30.9% 48,746,000 $44.4M
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Add +217.6% 39,700,000 $43.5M
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Add +133.2% 39,395,000 $42.3M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +64.6% 757,250 $37.8M
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Add +15.1% 34,530,000 $33.8M
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Reduce -43.8% 14,442,000 $29.5M
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal New 26,138,000 $27.0M
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Sold out 25,100,000 $24.8Mbefore exit
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +38.9% 26,775,000 $24.7M
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal Add +110.0% 21,000,000 $22.6M
SHOPIFY INC (SHOPCN 0.125 11/01/25) NOTE 0.125%11/0 · principal Sold out 20,000,000 $20.4Mbefore exit
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Sold out 310,000 $18.9Mbefore exit
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Sold out 9,978,000 $17.7Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Reduce -60.1% 11,673,000 $14.7M
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal Add +4.4% 11,937,000 $14.6M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Reduce -40.0% 15,000,000 $14.4M
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Reduce -55.9% 13,500,000 $13.7M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Sold out 10,000,000 $11.4Mbefore exit
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal Sold out 6,880,000 $10.2Mbefore exit
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal Sold out 7,000,000 $9.1Mbefore exit
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal New 3,000,000 $5.7M
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Reduce -31.1% 674,999 $4.1M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -68.2% 100,000 $3.8M
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 Reduce -30.2% 199,200 $1.7M
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Reduce -5.5% 1,045,000 $1.4M
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 Sold out 559,005 $1.1Mbefore exit
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 Reduce -32.5% 607,600 $972K
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 New 700,000 $770K
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -16.8% 951,773 $476K
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 Reduce -11.4% 445,000 $356K
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 New 1,750,000 $333K
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 Reduce -16.2% 341,200 $324K
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 New 75,000 $300K
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 Reduce -32.0% 255,000 $283K
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 Reduce -3.3% 187,050 $82K
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 New 225,000 $39K
NAMMW Namib Minerals *W EXP 06/05/203 New 266,667 $38K
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 New 100,000 $15K
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 New 75,000 $11K
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 Reduce -1.1% 69,200 $9K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 894$9.9BCRWV, WBS, KVUE, GTLS, NSC
Q1 2026 942$9.2BCRWV, AL, GTLS, TXNM, PEN
Q4 2025 763$9.5BCRWV, GTLS, AL, TXNM, NSC
Q3 2025 738$15.5BCRWV, NSC, CYBR, AL, MRUS
Q2 2025 769$19.8BCRWV, DNB, SWTX, BPMC, TXNM
Q1 2025 684$7.0BCRWV, K, BECN, DFS, VRN
Q4 2024 554$3.7BSNY, ELAN, JNPR, DFS, BDX
Q3 2024 468$3.9BELAN, GMED, SNY, JNPR, SRCL
Q2 2024 448$4.2BZBH, NVS, BDX, SNY, ELAN
Q1 2024 312$3.8BNVS, MDT, ZBH, SWN, PXD