Mariner Investment Group LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Mariner Investment Group LLC reported 23 stock positions worth $251.6 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 38.7% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 25.4% ) and Nuveen Floating Rate Income (JFR, 16.1% ). Compared with Q4 2024, it opened 9 new positions, sold out of 16, added to 8 and reduced 5. The biggest buy was Invesco Senior Loan ETF (BKLN, shares +515% ) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −77% ).
Location NEW YORK, NY
CIK 0001096978
Portfolio Value $251.6M (Q1 2025) Holdings 23 stocks · $251.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 SPY SS SPDR S&P 500 ETF Trust-US 174,192 $97.4M Reduce -77.1% BKLN Invesco Senior Loan ETF 3,081,946 $63.8M Add +515.3% JFR Nuveen Floating Rate Income 4,790,000 $40.6M New HYG Ishr Ibx Usd Hiyld CB ETF-Ui 161,000 $12.7M New VST Vistra Corp. 44,000 $5.2M New TLT iShares 20+ Year Treasury BD 41,000 $3.7M Reduce -39.7% RRC Range Resources Corp. 85,000 $3.4M Add +88.9% CEG Constellation Energy 16,500 $3.3M Add +230.0% GLW Corning Inc. 60,000 $2.7M Add +9.1% APA Apa Corp. 125,000 $2.6M New AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP 35,005 $2.4M Add +12.9% EQT Eqt Corp. 40,000 $2.1M Add +300.0% XLU St Sr Utl SL SE SPDR ETF-Usd 25,000 $2.0M New WMB Williams Cos Inc. 30,000 $1.8M New ETR Entergy Corp. 20,000 $1.7M Add +33.3% VLO Valero Energy Corp. 12,500 $1.7M No change FTAI Ftai Aviation Ltd. 10,000 $1.1M New AR Antero Resources Corp. 25,000 $1.0M Reduce -16.7% RWT Redwood Trust Inc. 150,000 $911K New KR Kroger Co. 10,000 $677K Reduce -50.0% FIX Comfort Systems USA Inc. 1,000 $322K New RIG Transocean Ltd. 100,000 $317K Add +300.0% LUMN Lumen Technologies Inc. 25,000 $98K Reduce -75.0%
Options reported separately and not counted above: SPY puts ($332K), ARCC puts ($175K), TXN puts ($171K), HYG puts ($125K), XLU calls ($90K), NVDA puts ($75K), XLF puts ($50K), XLU puts ($50K), T puts ($42K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.4M (not counted above) Security Class Shares / Principal Value Change REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 1,645,000 $1.4M No change BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 23,300 $3K No change CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 30,000 $1K No change BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 19,150 $575 No change
Total filed on the 13F, all lines: $253.1M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Reduce -77.1% 38.72% −50.64 FDX FedEx Corp. Sold out 0.00% −1.55 EXP Eagle Materials Inc. Sold out 0.00% −0.52 DY Dycom Industries Inc. Sold out 0.00% −0.38 RIOT Riot Platforms Inc. Sold out 0.00% −0.31 IREN Iren Ltd. Sold out 0.00% −0.30 CMI Cummins Inc. Sold out 0.00% −0.21 DOW Dow Inc. Sold out 0.00% −0.21 EXE Expand Energy Corp. Sold out 0.00% −0.20 CNQ Canadian Natural Resources Sold out 0.00% −0.19 WMT Walmart Inc. Sold out 0.00% −0.18 LYB Lyondellbasell Indu Class A Sold out 0.00% −0.17 SRE Sempra Sold out 0.00% −0.12 XMYDX BlackRock Muniyield Fund Sold out 0.00% −0.11 MYI BlackRock Muniyield QLTY III Sold out 0.00% −0.09 OLN Olin Corp. Sold out 0.00% −0.07 LUMN Lumen Technologies Inc. Reduce -75.0% 0.04% −0.07 CIFR Cipher Digital Inc. Sold out 0.00% −0.05 KR Kroger Co. Reduce -50.0% 0.27% +0.02 AR Antero Resources Corp. Reduce -16.7% 0.40% +0.19 TLT iShares 20+ Year Treasury BD Reduce -39.7% 1.48% +0.29
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ BKLN Invesco Senior Loan ETF Add +515.3% 25.35% +23.23 JFR Nuveen Floating Rate Income New 16.12% +16.12 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 5.05% +5.05 VST Vistra Corp. New 2.05% +2.05 CEG Constellation Energy Add +230.0% 1.32% +1.10 APA Apa Corp. New 1.04% +1.04 RRC Range Resources Corp. Add +88.9% 1.35% +1.02 XLU St Sr Utl SL SE SPDR ETF-Usd New 0.78% +0.78 EQT Eqt Corp. Add +300.0% 0.85% +0.76 WMB Williams Cos Inc. New 0.71% +0.71 AD Array Digital Infrastructure Add +12.9% 0.96% +0.57 GLW Corning Inc. Add +9.1% 1.09% +0.57 ETR Entergy Corp. Add +33.3% 0.68% +0.45 FTAI Ftai Aviation Ltd. New 0.44% +0.44 RWT Redwood Trust Inc. New 0.36% +0.36 FIX Comfort Systems USA Inc. New 0.13% +0.13 RIG Transocean Ltd. Add +300.0% 0.13% +0.11
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -97.8% 40,000 $332K ARCC Ares Capital Corp. put New 1,000,000 $175K TXN Texas Instruments Inc. put New 25,000 $171K HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +215.8% 600,000 $125K RIOT Riot Platforms Inc. call Sold out 100,000 $97Kbefore exit XLU St Sr Utl SL SE SPDR ETF-Usd call New 450,000 $90K GLW Corning Inc. put Sold out 100,000 $80Kbefore exit NVDA Nvidia Corp. put New 100,000 $75K IREN Iren Ltd. call Sold out 100,000 $75Kbefore exit FDX FedEx Corp. call Sold out 100,000 $60Kbefore exit XLF SS Financial Select Sector put Reduce -18.2% 45,000 $50K XLU St Sr Utl SL SE SPDR ETF-Usd put New 450,000 $50K T AT&T Inc. put New 110,000 $42K CCL Carnival Corp. call Sold out 250,000 $8Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US call Sold out 70,000 $2Kbefore exit BKLN Invesco Senior Loan ETF put Sold out 3,100 $341before exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 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 60 $268.0M IBIT, SPY, RITM, SHY, CIM Q1 2026 42 $194.2M IBIT, RITM, FOUR, SHY, CIM Q4 2025 56 $1.6B MSFT, LRCX, GOOG, COST, IBIT Q3 2025 35 $257.5M IBIT, SPY, LQD, JFR, RITM Q2 2025 42 $273.8M SPY, IBIT, JFR, HYG, LQD Q1 2025 23 $251.6M SPY, BKLN, JFR, HYG, VST Q4 2024 30 $498.2M SPY, BKLN, FDX, TLT, GLW Q3 2024 18 $364.4M SPY, BKLN, JAAA, SRLN, HYG Q2 2024 12 $462.3M SPY, BKLN, SRLN, CCL, VST Q1 2024 12 $319.3M SPY, BKLN, SRLN, LQD, JBLU