Mariner Investment Group LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Mariner Investment Group LLC reported 30 stock positions worth $498.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 89.4% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 2.1%) and FedEx (FDX, 1.6%). Compared with Q3 2024, it opened 22 new positions, sold out of 10, added to 6 and reduced 2. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +73%) and the biggest sale Invesco Senior Loan ETF (BKLN, shares −75%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001096978
Portfolio Value
$498.2M (Q4 2024)
SEC Filing
0001085146-25-000405 ↗ filed Jan 22, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $319.3M Q1 2024 Q2 2024: $462.3M Q2 2024 Q3 2024: $364.4M Q3 2024 Q4 2024: $498.2M $498.2M Q4 2024 Q1 2025: $251.6M Q1 2025 Q2 2025: $273.8M Q2 2025 Q3 2025: $257.5M Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $194.2M Q1 2026 Q2 2026: $268.0M Q2 2026

Holdings 30 stocks · $498.2M
SPY SS SPDR S&P 500 ETF Trust-US 89.36% 759,678 $445.2M Add +72.7%
BKLN Invesco Senior Loan ETF 2.12% 500,884 $10.6M Reduce -74.7%
FDX FedEx Corp. 1.55% 27,500 $7.7M New
TLT iShares 20+ Year Treasury BD 1.19% 68,000 $5.9M New
GLW Corning Inc. 0.52% 55,000 $2.6M Add +175.0%
EXP Eagle Materials Inc. 0.52% 10,500 $2.6M Add +950.0%
AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP 0.39% 31,000 $1.9M New
DY Dycom Industries Inc. 0.38% 11,000 $1.9M Add +327.7%
RRC Range Resources Corp. 0.33% 45,000 $1.6M Add +28.6%
VLO Valero Energy Corp. 0.31% 12,500 $1.5M New
RIOT Riot Platforms Inc. 0.31% 150,000 $1.5M New
IREN Iren Ltd. filed as IREN LIMITED 0.30% 150,000 $1.5M New
KR Kroger Co. 0.25% 20,000 $1.2M New
ETR Entergy Corp. 0.23% 15,000 $1.1M New
CEG Constellation Energy 0.22% 5,000 $1.1M New
AR Antero Resources Corp. 0.21% 30,000 $1.1M Add +100.0%
CMI Cummins Inc. 0.21% 3,000 $1.0M New
DOW Dow Inc. 0.21% 25,500 $1.0M New
EXE Expand Energy Corp. 0.20% 10,000 $996K New
CNQ Canadian Natural Resources 0.19% 30,000 $926K New
WMT Walmart Inc. 0.18% 10,000 $904K New
LYB Lyondellbasell Indu Class A 0.17% 11,500 $854K New
SRE Sempra 0.12% 7,000 $614K New
LUMN Lumen Technologies Inc. 0.11% 100,000 $531K New
XMYDX BlackRock Muniyield Fund 0.11% 50,734 $527K New
EQT Eqt Corp. 0.09% 10,000 $461K Reduce -66.7%
MYI BlackRock Muniyield QLTY III 0.09% 40,818 $451K New
OLN Olin Corp. 0.07% 10,500 $355K New
CIFR Cipher Digital Inc. 0.05% 50,000 $232K New
RIG Transocean Ltd. 0.02% 25,000 $94K New

Options reported separately and not counted above: SPY puts ($763K), RIOT calls ($97K), HYG puts ($87K), GLW puts ($80K), IREN calls ($75K), FDX calls ($60K), CCL calls ($8K), XLF puts ($7K), SPY calls ($2K), BKLN puts ($341).

Other holdings (6): bonds, preferreds, convertibles and warrants · $5.2M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 2,003,500$2.1MNew
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) NOTE 0.250% 6/1 · principal 2,000,000$1.8MNo change
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 1,645,000$1.3MNew
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 23,300$2KNo change
BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 19,150$1KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 30,000$513No change

Total filed on the 13F, all lines: $503.4M.

Portfolio Sells Q3 2024 → Q4 2024
BKLN Invesco Senior Loan ETF Reduce -74.7% 2.12% −9.28
JAAA Janus Henderson Aaa Clo ETF Sold out 0.00% −6.28
SRLN SS Blackstone Sr Loan ETF Sold out 0.00% −4.69
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −3.87
SVXY Proshares Short Vix St Futur Sold out 0.00% −2.52
CCL Carnival Corp. Sold out 0.00% −0.35
EQT Eqt Corp. Reduce -66.7% 0.09% −0.21
ULCC Frontier Group Holdings Inc. Sold out 0.00% −0.12
EAF Graftech International Ltd. Sold out 0.00% −0.11
VST Vistra Corp. Sold out 0.00% −0.08
CRK Comstock Resources Inc. Sold out 0.00% −0.08
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.05

Portfolio Buys Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US Add +72.7% 89.36% +20.08
FDX FedEx Corp. New 1.55% +1.55
TLT iShares 20+ Year Treasury BD New 1.19% +1.19
EXP Eagle Materials Inc. Add +950.0% 0.52% +0.44
AD Array Digital Infrastructure New 0.39% +0.39
VLO Valero Energy Corp. New 0.31% +0.31
RIOT Riot Platforms Inc. New 0.31% +0.31
IREN Iren Ltd. New 0.30% +0.30
GLW Corning Inc. Add +175.0% 0.52% +0.28
KR Kroger Co. New 0.25% +0.25
DY Dycom Industries Inc. Add +327.7% 0.38% +0.25
ETR Entergy Corp. New 0.23% +0.23
CEG Constellation Energy New 0.22% +0.22
CMI Cummins Inc. New 0.21% +0.21
DOW Dow Inc. New 0.21% +0.21
EXE Expand Energy Corp. New 0.20% +0.20
CNQ Canadian Natural Resources New 0.19% +0.19
WMT Walmart Inc. New 0.18% +0.18
LYB Lyondellbasell Indu Class A New 0.17% +0.17
SRE Sempra New 0.12% +0.12
LUMN Lumen Technologies Inc. New 0.11% +0.11
XMYDX BlackRock Muniyield Fund New 0.11% +0.11
AR Antero Resources Corp. Add +100.0% 0.21% +0.09
MYI BlackRock Muniyield QLTY III New 0.09% +0.09
OLN Olin Corp. New 0.07% +0.07
CIFR Cipher Digital Inc. New 0.05% +0.05
RRC Range Resources Corp. Add +28.6% 0.33% +0.03
RIG Transocean Ltd. New 0.02% +0.02

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +4715.8% 1,830,000 $763K
LQD Ishr Ibx Usd Invgd CB ETF-Ui call Sold out 200,000 $491Kbefore exit
RIOT Riot Platforms Inc. call New 100,000 $97K
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -55.5% 190,000 $87K
GLW Corning Inc. put New 100,000 $80K
IREN Iren Ltd. call New 100,000 $75K
FDX FedEx Corp. call New 100,000 $60K
LQD Ishr Ibx Usd Invgd CB ETF-Ui put Sold out 200,000 $53Kbefore exit
APO Apollo Global Management Inc. put Sold out 23,000 $9Kbefore exit
CCL Carnival Corp. call Reduce -12.3% 250,000 $8K
XLF SS Financial Select Sector put New 55,000 $7K
SPY SS SPDR S&P 500 ETF Trust-US call New 70,000 $2K
BKLN Invesco Senior Loan ETF put Reduce -3.1% 3,100 $341

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

Notes & Other Activity Q3 2024 → Q4 2024
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Sold out 5,000,000 $4.0Mbefore exit
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal New 2,003,500 $2.1M
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal New 1,645,000 $1.3M
ATEKW Athena Technology Acq -CW23 *W EXP 10/17/202 Sold out 10,000 $214before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 60$268.0MIBIT, SPY, RITM, SHY, CIM
Q1 2026 42$194.2MIBIT, RITM, FOUR, SHY, CIM
Q4 2025 56$1.6BMSFT, LRCX, GOOG, COST, IBIT
Q3 2025 35$257.5MIBIT, SPY, LQD, JFR, RITM
Q2 2025 42$273.8MSPY, IBIT, JFR, HYG, LQD
Q1 2025 23$251.6MSPY, BKLN, JFR, HYG, VST
Q4 2024 30$498.2MSPY, BKLN, FDX, TLT, GLW
Q3 2024 18$364.4MSPY, BKLN, JAAA, SRLN, HYG
Q2 2024 12$462.3MSPY, BKLN, SRLN, CCL, VST
Q1 2024 12$319.3MSPY, BKLN, SRLN, LQD, JBLU