Magnetar Financial LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Magnetar Financial LLC reported 763 stock positions worth $9.5 billion. Its top holding was Coreweave Class A (CRWV) at 51.6% of the portfolio, followed by Chart Industries (GTLS, 1.1%) and Sumisho Air Lease (AL, 1.1%). Compared with Q3 2025, it opened 414 new positions, sold out of 387, added to 101 and reduced 146. The biggest buy was a new position in Comerica (CMA) and the biggest sale Coreweave Class A (CRWV, shares −17%).

Most Recent 13F
Q2 2026
Location
EVANSTON, IL
CIK
0001352851
Portfolio Value
$9.5B (Q4 2025)
SEC Filing
0001104659-26-015538 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $9.5B $9.5B Q4 2025 Q1 2026: $9.2B Q1 2026 Q2 2026: $9.9B Q2 2026

Holdings 763 stocks · $9.5B
CRWV Coreweave Inc. Class A 51.57% 68,191,394 $4.9B Reduce -16.8%
GTLS Chart Industries Inc. 1.09% 501,505 $103.4M Add +31.3%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 1.08% 1,586,800 $101.9M Add +0.5%
TXNM TXNM Energy Inc. 1.06% 1,698,961 $100.0M Add +0.6%
NSC Norfolk Southern Corp. 1.05% 343,984 $99.3M Reduce -4.0%
CMA Comerica Inc. 1.05% 1,139,969 $99.1M New
REVG Rev Group Inc. 1.03% 1,608,032 $97.8M New
WBD Warner Bros Discovery Inc. 0.97% 3,183,153 $91.7M New
KVUE Kenvue Inc. 0.96% 5,263,903 $90.8M New
TECK Teck Resources Ltd.-CLS B 0.95% 1,881,954 $90.1M Add +126.4%
FYBR Frontier Communications Pare 0.94% 2,343,223 $89.2M Add +5.1%
CYBR Cyberark Software Ltd./Israel 0.94% 199,487 $89.0M Reduce -5.6%
TGNA Tegna Inc. 0.89% 4,355,886 $84.5M Add +5.2%
PRA Proassurance Corp. 0.89% 3,484,563 $84.2M Add +15.2%
RNAM Avidity Biosciences Inc. 0.88% 1,158,603 $83.6M New
CFLT Confluent Inc. Class A 0.84% 2,630,482 $79.5M New
EXAS Exact Sciences Corp. 0.76% 708,272 $71.9M New
CSGS CSG Systems Intl Inc. 0.65% 804,349 $61.7M New
STAA Staar Surgical Co. 0.60% 2,472,390 $57.1M Add +105.3%
FOLD Amicus Therapeutics Inc. 0.60% 3,967,915 $56.5M New
HOUS Anywhere Real Estate Inc. 0.59% 3,956,298 $56.0M Add +93.3%
DAY Dayforce Inc. 0.57% 781,152 $54.0M Add +2.9%
CDTX Cidara Therapeutics Inc. 0.54% 232,537 $51.4M New
VECO Veeco Instruments Inc. 0.51% 1,691,446 $48.3M New
WTRG Essential Utilities Inc. 0.49% 1,199,090 $46.0M Add +6508.4%
QRVO Qorvo Inc. 0.48% 542,786 $45.9M Add +12037.4%
AHL Aspen Insurance Holdings Class A 0.48% 1,218,999 $45.2M No change
ATXS Astria Therapeutics Inc. 0.47% 3,431,007 $44.9M New
NGD New Gold Inc. 0.47% 5,064,109 $44.1M New
CTLP Cantaloupe Inc. 0.41% 3,654,521 $38.8M Add +0.3%
LBRDK Liberty Broadband-C 0.38% 737,805 $35.9M Add +0.9%
FTW Eqv Ventures Acquisition C-A 0.37% 3,370,168 $35.4M No change
DBRG Digitalbridge Group Inc. 0.36% 2,203,909 $33.8M New
IMXI International Money Express 0.31% 1,916,571 $29.4M Add +2.4%
CCXIU Churchill Capital Corp. Xi 0.29% 2,700,000 $27.6M New
RPT Rithm Property Trust Inc. 0.29% 1,639,033 $27.2M No change
DMII Drugs Made in America Acquis 0.28% 2,700,000 $26.7M No change
EVAC Eqv Ventures Acquisition C-A 0.26% 2,499,993 $25.1M No change
AXTA Axalta Coating Systems Ltd. 0.25% 738,401 $23.9M Add +293.6%
VACH Voyager Acquisition Corp. 0.24% 2,156,220 $23.0M No change
TACH Titan Acquisition Corp. Class A 0.24% 2,200,000 $22.6M No change
MOFG Midwestone Financial Group I 0.23% 563,016 $21.7M New
LPBB Launch Two Acquisition Class A 0.22% 1,980,000 $20.8M No change
LPAA Launch One Acquisition Corp. 0.22% 1,945,196 $20.6M No change
SIMA Sim Acquisition Corp. I-A 0.22% 1,945,196 $20.6M No change
RAC Rithm Acquisition Corp. Class A 0.22% 1,980,000 $20.6M No change
CUB Lionheart Holdings Class A 0.22% 1,910,254 $20.4M No change
ALDF Aldel Financial II Inc. 0.21% 1,899,098 $20.0M No change
ALF Centurion Acquisition Corp. 0.21% 1,856,250 $19.8M No change
MLAC Mountain Lake Acquisition-A 0.21% 1,900,000 $19.8M No change
CCIX Churchill Capital Corp. Ix 0.21% 1,843,554 $19.6M Reduce -1.0%
KCHV Kochav Defense Acquisition-A 0.20% 1,900,000 $19.3M No change
VNME Vendome Acquisition Corp. Class A 0.20% 1,850,000 $18.6M No change
SHCO Soho House & Co. Inc. 0.20% 2,078,038 $18.6M Add +1.1%
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.19% 1,750,000 $18.0M No change
VCIC Vine Hill Capital Class A 0.19% 1,669,999 $18.0M Reduce -3.1%
SDHI Siddhi Acquisition Corp. Class A 0.19% 1,750,000 $18.0M No change
NPAC New Providence Acquisition-A 0.19% 1,749,990 $18.0M No change
SZZL Sizzle Acquisition Corp. Class A 0.19% 1,750,000 $17.8M No change
SOUL Soulpower Acquisition Co. Class A 0.19% 1,750,000 $17.8M No change
TONT Graf Global Corp. Class A 0.18% 1,613,354 $17.4M No change
AMWD American Woodmark Corp. 0.18% 312,728 $16.9M Add +1.0%
TACO Berto Acquisition Corp. 0.18% 1,650,000 $16.7M No change
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.16% 1,500,000 $15.5M No change
PMTR Perimeter Acquis Corp. I Class A 0.16% 1,500,000 $15.4M No change
FERA Fifth Era Acquisition Corp. Class A 0.16% 1,500,000 $15.4M No change
NTWO Newbury Street II Ac Class A 0.16% 1,450,000 $15.2M No change
IRHOU Iron Horse Acquisition II Co. 0.16% 1,500,000 $14.9M New
TVA Texas Ventures Acquisition-A 0.16% 1,400,000 $14.9M No change
CRAC Crown Reserve Acquisiti Class A 0.16% 1,485,000 $14.8M New
POLE Andretti Acquisition Corp. Class A 0.16% 1,400,000 $14.8M No change
RNGTU Range Capital Acquisition Co. 0.15% 1,400,000 $14.3M New
TDAC Translational Development Ac 0.14% 1,300,000 $13.6M No change
SVCC Stellar V Capital Corp. Class A 0.14% 1,300,000 $13.5M No change
ATII Archimedes Tech Spac Partner 0.14% 1,300,000 $13.5M No change
OYSE Oyster Enterprises II Acq-A 0.14% 1,300,000 $13.1M No change
WLAC Willow Lane Acquisition Class A 0.14% 1,034,591 $13.1M Reduce -13.6%
NHIC Newhold Investment Cor III-A 0.14% 1,250,000 $12.9M No change
KFII K&F Growth Acquisition Cor-A 0.14% 1,250,000 $12.9M No change
GSRFU GSR IV Acquisition Corp. 0.14% 1,250,000 $12.9M No change
NWE Northwestern Energy Group Inc. 0.13% 197,657 $12.8M Add +1.1%
ALUB.U Alussa Energy Acquisition Co. 0.13% 1,250,000 $12.6M New
OBA Oxley Bridge Acquisitio Class A 0.13% 1,250,000 $12.6M No change
AEXA American Exceptionalism Class A 0.13% 1,100,000 $12.5M No change
MESHU Meshflow Acquisition Corp. 0.13% 1,250,000 $12.5M New
ITHAU Ithax Acquisition Corp. III 0.13% 1,250,000 $12.4M New
BACC Blue Acquisition Corp. Class A 0.13% 1,198,763 $12.2M Reduce -0.1%
DVAX Dynavax Technologies Corp. 0.13% 778,013 $12.0M New
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.12% 712,262 $11.1M Reduce -51.0%
MBVIU M3-Brigade Acquisition Vi Co. 0.12% 1,100,000 $11.1M No change
FACT Fact II Acquisition Corp. 0.12% 1,061,498 $11.1M No change
SVIA Silvia Inc. filed as PROCAP FINL INC 0.12% 3,125,000 $11.0M New
SVAQU Silicon Valley Acquisition C 0.12% 1,100,000 $10.9M New
GTEN Gores Holdings X Inc. Class A 0.11% 1,022,724 $10.5M No change
DRDB Roman DBDR Acquisition Corp. 0.11% 1,000,000 $10.4M No change
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.11% 1,000,000 $10.3M No change
LWAC Lightwave Acquisition Corp. Class A 0.11% 1,022,800 $10.3M No change
IPCX Inflection Point Acquisiti-A 0.11% 1,000,000 $10.1M No change
RDAG Republic Digital Acquis Class A 0.11% 1,000,000 $10.1M No change
SBXE.U Silverbox Corp. V 0.11% 1,000,000 $10.1M New

Show all 763 holdings

Options reported separately and not counted above: ISHARES TR puts ($25.5M).

Other holdings (132): bonds, preferreds, convertibles and warrants · $711.5M (not counted above)
SecurityClassShares / PrincipalValueChange
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 62,425,000$76.8MAdd +5.0%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 43,236,000$67.2MReduce -34.1%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 58,749,000$58.7MAdd +8.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 685,000$54.8MAdd +28.0%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 907,250$45.8MAdd +19.8%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 39,700,000$42.6MNo change
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 51,000,000$40.2MNew
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 37,521,000$38.6MReduce -28.5%
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 500,000$33.2MAdd +100.0%
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 14,442,000$33.1MNo change
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 36,500,000$32.6MNo change
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 31,030,000$30.8MReduce -10.1%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 250,000$18.9MNo change
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 16,457,000$18.4MReduce -38.5%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 350,000$18.1MNo change
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 190,823$16.7MNo change
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 250,000$14.7MAdd +150.0%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 13,503,000$13.0MReduce -70.3%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 11,673,000$11.9MNo change
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 100,000$5.5MNew
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 500,000$3.9MNo change
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 3,000,000$3.5MNo change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 3,062,000$3.1MReduce -79.6%
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 599,539$2.5MReduce -4.1%
IMSRW HCM II Acquisition Corp. - 29 *W EXP 10/28/203 904,994$1.9MNew
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B 218,512$1.2MNo change
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 580,000$1.0MReduce -4.5%
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 1,037,247$908KReduce -0.7%
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 875,000$862KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 900,000$720KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 700,000$630KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 750,000$578KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 1,500,000$495KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 925,000$472KReduce -2.8%
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 1,900,000$456KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 1,900,000$456KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 737,000$433KReduce -1.7%
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 660,000$424KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 500,000$400KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 949,549$389KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 1,100,000$385KNo change
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 2,700,000$378KNo change
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 1,750,000$376KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 806,677$365KNo change
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 1,000,000$360KNo change
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 800,000$360KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 650,000$357KNo change
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 1,185,000$356KReduce -1.3%
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 1,750,000$332KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 990,000$312KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 825,000$305KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 500,000$300KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 341,200$299KNo change
CRACR Crown Reserve Acquisitio-RTS RIGHT 10/06/2030 1,485,000$297KNew
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 928,125$297KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 583,330$295KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 833,331$292KNew
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 500,000$290KNo change
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 175,000$280KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 1,750,000$280KNo change
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 328,045$279KReduce -26.3%
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 625,000$263KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 1,300,000$260KNo change
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 925,000$254KNew
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 1,078,110$248KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 972,598$243KNo change
BACQR Inflection Point Acquisition RIGHT 11/04/2026 300,000$221KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 730,033$219KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 972,598$209KNo change
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 255,681$208KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 650,000$202KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 1,250,000$200KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 250,000$200KNo change
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 799,984$200KNew
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 600,000$198KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 700,000$196KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 700,000$195KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 725,000$192KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 375,000$187KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 530,749$186KNo change
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 450,000$185KNo change
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 650,000$183KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 955,127$176KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 800,000$168KNo change
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 268,080$167KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 900,000$167KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 637,500$164KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 600,000$162KNo change
BLZRW Trailblazer Acqui Corp. -30 *W EXP 09/30/203 333,329$160KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 375,000$158KNo change
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 600,000$144KNo change
SVIAW Procap Financial Inc. *W EXP 12/05/203 205,000$144KNew
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 400,000$140KNew
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 625,000$138KNew
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 400,000$128KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 150,000$122KNo change
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 464,644$121KNo change
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 500,000$120KNew
APXTW Apex Treasury Corp. -30 *W EXP 10/07/203 425,000$119KNew
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 375,000$116KNo change
BDCIW BTC Development Corp. - 30 *W EXP 09/11/203 187,500$108KNo change
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 298,964$105KNo change
DNMXW Dynamix Corp. III *W EXP 10/10/203 300,000$104KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 511,400$97KNew
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 237,500$86KNew
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 300,000$81KNo change
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 187,915$75KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 350,000$74KNo change
DYORW Insight Digital Partners II *W EXP 10/28/203 200,000$71KNew
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 250,000$68KNo change
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 250,000$66KNew
CRACW Crown Reserve Acquisition Co. *W EXP 10/06/203 742,500$63KNew
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 273,700$62KNo change
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 90,000$59KNo change
SOCAW Solarius Capital Acqui -30 *W EXP 07/10/203 200,500$56KNew
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 75,000$53KNew
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 187,027$52KReduce -0.0%
AI INFRASTRUCTURE ACQUISITIO RIGHT 99/99/9999 175,000$46KNew
PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 194,996$45KNo change
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 200,000$42KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 66,664$33KNo change
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 300,000$33KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 225,000$33KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 185,625$26KNo change
NAMMW Namib Minerals *W EXP 06/05/203 266,667$20KNo change
CHECW Chenghe Acquisition III Co. *W EXP 09/09/203 100,000$19KNo change
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 75,000$17KNo change
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 25,000$15KNew
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 100,000$13KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 75,000$13KNo change
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 99,000$12KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 75,000$9KNo change

Total filed on the 13F, all lines: $10.2B.

Portfolio Sells Q3 2025 → Q4 2025
CRWV Coreweave Inc. Class A Reduce -16.8% 51.57% −20.58
MRUS Merus NV Sold out 0.00% −0.63
K Kellanova Sold out 0.00% −0.60
AVDX Avidxchange Holdings Inc. Sold out 0.00% −0.54
WNS WNS Holdings Ltd. Sold out 0.00% −0.54
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.54
COOP Mr Cooper Group Inc. Sold out 0.00% −0.53
VRNA Verona Pharma Ltd. Sold out 0.00% −0.43
SCS Steelcase Inc. Class A Sold out 0.00% −0.38
TRML Tourmaline Bio Inc. Sold out 0.00% −0.30
SPR Spirit Aerosystems Hold Class A Sold out 0.00% −0.27
CCRN Cross Country Healthcare Inc. Reduce -79.5% 0.04% −0.18
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.18
HBI Hanesbrands Inc. Sold out 0.00% −0.15
PHLT Performant Healthcare Inc. Sold out 0.00% −0.14
ZIMV Zimvie Inc. Sold out 0.00% −0.07
INFA Informatica Inc. Class A Sold out 0.00% −0.07
VLOS Velos Acquisition I Corp. Reduce -81.7% 0.03% −0.07
WOW Wideopenwest Inc. Sold out 0.00% −0.06
MRC MRC Global Inc. Sold out 0.00% −0.06
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.06
HON Honeywell International Inc. Sold out 0.00% −0.05
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.05
SVACU Spring Valley Acquisition Co. Sold out 0.00% −0.05
META Meta Platforms Inc. Class A Sold out 0.00% −0.05
OC Owens Corning Sold out 0.00% −0.05
AWI Armstrong World Industries Sold out 0.00% −0.05
TRI Thomson Reuters Corp. Sold out 0.00% −0.05
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.05
GILD Gilead Sciences Inc. Sold out 0.00% −0.05
ESLT Elbit Systems Ltd. Reduce -96.7% 0.00% −0.05
PCTY Paylocity Holding Corp. Sold out 0.00% −0.05
SFM Sprouts Farmers Market Inc. Reduce -93.6% 0.00% −0.05
BROS Dutch Bros Inc. Class A Sold out 0.00% −0.05
MLNK Meridianlink Inc. Sold out 0.00% −0.05
INVH Invitation Homes Inc. Sold out 0.00% −0.05
CPT Camden Property Trust Sold out 0.00% −0.05
CRDO Credo Technology Group Holdi Sold out 0.00% −0.04
DB Deutsche Bank AG-Registered Sold out 0.00% −0.04
AVGO Broadcom Inc. Sold out 0.00% −0.04
ALC Alcon Inc. Reduce -96.6% 0.00% −0.04
SXT Sensient Technologies Corp. Sold out 0.00% −0.04
SPGI S&P Global Inc. Sold out 0.00% −0.04
CARR Carrier Global Corp. Sold out 0.00% −0.04
MORN Morningstar Inc. Sold out 0.00% −0.04
CPAY Corpay Inc. Reduce -97.0% 0.00% −0.04
FBIN Fortune Brands Innovations I Reduce -96.5% 0.00% −0.04
BR Broadridge Financial Solutio Reduce -94.8% 0.00% −0.04
TW Tradeweb Markets Inc. Class A Sold out 0.00% −0.04
FAF First American Financial Sold out 0.00% −0.04

Portfolio Buys Q3 2025 → Q4 2025
CMA Comerica Inc. New 1.05% +1.05
REVG Rev Group Inc. New 1.03% +1.03
WBD Warner Bros Discovery Inc. New 0.97% +0.97
KVUE Kenvue Inc. New 0.96% +0.96
RNAM Avidity Biosciences Inc. New 0.88% +0.88
CFLT Confluent Inc. Class A New 0.84% +0.84
EXAS Exact Sciences Corp. New 0.76% +0.76
TECK Teck Resources Ltd.-CLS B Add +126.4% 0.95% +0.72
CSGS CSG Systems Intl Inc. New 0.65% +0.65
GTLS Chart Industries Inc. Add +31.3% 1.09% +0.60
FOLD Amicus Therapeutics Inc. New 0.60% +0.60
CDTX Cidara Therapeutics Inc. New 0.54% +0.54
VECO Veeco Instruments Inc. New 0.51% +0.51
QRVO Qorvo Inc. Add +12037.4% 0.48% +0.48
WTRG Essential Utilities Inc. Add +6508.4% 0.49% +0.48
ATXS Astria Therapeutics Inc. New 0.47% +0.47
NGD New Gold Inc. New 0.47% +0.47
HOUS Anywhere Real Estate Inc. Add +93.3% 0.59% +0.45
TXNM TXNM Energy Inc. Add +0.6% 1.06% +0.44
AL Sumisho Air Lease Corp. Add +0.5% 1.08% +0.43
PRA Proassurance Corp. Add +15.2% 0.89% +0.42
FYBR Frontier Communications Pare Add +5.1% 0.94% +0.41
STAA Staar Surgical Co. Add +105.3% 0.60% +0.39
DBRG Digitalbridge Group Inc. New 0.36% +0.36
TGNA Tegna Inc. Add +5.2% 0.89% +0.35
CCXIU Churchill Capital Corp. Xi New 0.29% +0.29
DAY Dayforce Inc. Add +2.9% 0.57% +0.23
MOFG Midwestone Financial Group I New 0.23% +0.23
AXTA Axalta Coating Systems Ltd. Add +293.6% 0.25% +0.22
CTLP Cantaloupe Inc. Add +0.3% 0.41% +0.16
IRHOU Iron Horse Acquisition II Co. New 0.16% +0.16
CRAC Crown Reserve Acquisiti Class A New 0.16% +0.16
RNGTU Range Capital Acquisition Co. New 0.15% +0.15
IMXI International Money Express Add +2.4% 0.31% +0.14
ALUB.U Alussa Energy Acquisition Co. New 0.13% +0.13
MESHU Meshflow Acquisition Corp. New 0.13% +0.13
ITHAU Ithax Acquisition Corp. III New 0.13% +0.13
DVAX Dynavax Technologies Corp. New 0.13% +0.13
SVIA Silvia Inc. New 0.12% +0.12
SVAQU Silicon Valley Acquisition C New 0.12% +0.12
SBXE.U Silverbox Corp. V New 0.11% +0.11
KBONU Karbon Capital Partners Corp. New 0.11% +0.11
IGACU Invest Green Acquisition Cor New 0.11% +0.11
ADACU American Drive Acquisition C New 0.11% +0.11
LPCVU Launchpad Cadenza Acquisitio New 0.11% +0.11
BIXIU Bitcoin Infrastructure Acqui New 0.11% +0.11
GPACU General Purpose Acquisition New 0.10% +0.10
CRANU Crane Harbor Acquisition Cor New 0.10% +0.10
APXT Apex Treasury Corp. Class A New 0.09% +0.09
SCPQU Social Commerce Partners Cor New 0.09% +0.09

Options Activity Q3 2025 → Q4 2025
ISHARES TR put New 235,000 $25.5M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 195,000 $15.8Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 40,000 $9.7Mbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Add +5.0% 62,425,000 $76.8M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -34.1% 43,236,000 $67.2M
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Add +8.3% 58,749,000 $58.7M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF Add +28.0% 685,000 $54.8M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +19.8% 907,250 $45.8M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 48,746,000 $44.4Mbefore exit
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Sold out 39,395,000 $42.3Mbefore exit
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal New 51,000,000 $40.2M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -28.5% 37,521,000 $38.6M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +100.0% 500,000 $33.2M
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Reduce -10.1% 31,030,000 $30.8M
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal Sold out 26,138,000 $27.0Mbefore exit
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal Sold out 21,000,000 $22.6Mbefore exit
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -38.5% 16,457,000 $18.4M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Add +150.0% 250,000 $14.7M
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal Sold out 11,937,000 $14.6Mbefore exit
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Sold out 13,500,000 $13.7Mbefore exit
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal Reduce -70.3% 13,503,000 $13.0M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Sold out 100,000 $7.0Mbefore exit
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 New 100,000 $5.5M
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Sold out 674,999 $4.1Mbefore exit
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Reduce -79.6% 3,062,000 $3.1M
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 Reduce -4.1% 599,539 $2.5M
IMSRW HCM II Acquisition Corp. - 29 *W EXP 10/28/203 New 904,994 $1.9M
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 Sold out 199,200 $1.7Mbefore exit
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 Reduce -4.5% 580,000 $1.0M
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Reduce -0.7% 1,037,247 $908K
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -2.8% 925,000 $472K
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 Reduce -1.7% 737,000 $433K
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 Reduce -1.3% 1,185,000 $356K
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 Sold out 75,000 $300Kbefore exit
CRACR Crown Reserve Acquisitio-RTS RIGHT 10/06/2030 New 1,485,000 $297K
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 New 833,331 $292K
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 Sold out 255,000 $283Kbefore exit
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 Reduce -26.3% 328,045 $279K
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 New 925,000 $254K
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 New 799,984 $200K
SVIAW Procap Financial Inc. *W EXP 12/05/203 New 205,000 $144K
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 New 400,000 $140K
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 New 625,000 $138K
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 New 500,000 $120K
APXTW Apex Treasury Corp. -30 *W EXP 10/07/203 New 425,000 $119K
DNMXW Dynamix Corp. III *W EXP 10/10/203 New 300,000 $104K
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 New 511,400 $97K
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 New 237,500 $86K
DYORW Insight Digital Partners II *W EXP 10/28/203 New 200,000 $71K
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 New 250,000 $66K
CRACW Crown Reserve Acquisition Co. *W EXP 10/06/203 New 742,500 $63K
SOCAW Solarius Capital Acqui -30 *W EXP 07/10/203 New 200,500 $56K
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 New 75,000 $53K

Showing the first 50 of 55.

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