Mariner Investment Group LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 16, 2025), Mariner Investment Group LLC reported 42 stock positions worth $273.8 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 29.2% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 18.6% ) and Nuveen Floating Rate Income (JFR, 12.3% ). Compared with Q1 2025, it opened 26 new positions, sold out of 7, added to 10 and reduced 5. The biggest buy was a new position in iShares Bitcoin Trust ETF (IBIT) and the biggest sale an exit from Invesco Senior Loan ETF (BKLN).
Location NEW YORK, NY
CIK 0001096978
Portfolio Value $273.8M (Q2 2025) Holdings 42 stocks · $273.8M 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 Q1 2025 SPY SS SPDR S&P 500 ETF Trust-US 129,366 $79.9M Reduce -25.7% IBIT iShares Bitcoin Trust ETF 831,680 $50.9M New JFR Nuveen Floating Rate Income 3,959,544 $33.5M Reduce -17.3% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 332,600 $26.8M Add +106.6% LQD Ishr Ibx Usd Invgd CB ETF-Ui 123,200 $13.5M New VOO Vanguard S&P 500 ETF 23,310 $13.2M New DUK Duke Energy Corp. 50,000 $5.9M New VST Vistra Corp. 25,000 $4.8M Reduce -43.2% GLW Corning Inc. 80,000 $4.2M Add +33.3% ETR Entergy Corp. 50,000 $4.2M Add +150.0% WMB Williams Cos Inc. 55,000 $3.5M Add +83.3% FERG Ferguson Enterprises Inc. 15,000 $3.3M New EQT Eqt Corp. 49,910 $2.9M Add +24.8% AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP 45,005 $2.9M Add +28.6% PWR Quanta Services Inc. 6,000 $2.3M New VLO Valero Energy Corp. 15,000 $2.0M Add +20.0% EIM Eaton Vance Municipal Bond 200,000 $1.9M New TRGP Targa Resources Corp. 10,000 $1.7M New LECO Lincoln Electric Holdings 7,000 $1.5M New RRC Range Resources Corp. 35,000 $1.4M Reduce -58.8% PSX Phillips 66 10,000 $1.2M New RWT Redwood Trust Inc. 200,000 $1.2M Add +33.3% AR Antero Resources Corp. 25,100 $1.0M Add +0.4% EXP Eagle Materials Inc. 5,000 $1.0M New CEG Constellation Energy 3,000 $968K Reduce -81.8% ODFL Old Dominion Freight Line 5,750 $933K New EXE Expand Energy Corp. 7,500 $877K New MTZ Mastec Inc. 5,000 $852K New PEG Public Service Enterprise GP 10,000 $842K New KR Kroger Co. 10,000 $717K No change VMI Valmont Industries 2,000 $653K New RITM Rithm Capital Corp. 50,000 $565K New LUMN Lumen Technologies Inc. 75,000 $329K Add +200.0% UNIT Uniti Group LLC Com SHS 75,000 $324K New CRH CRH PLC 3,000 $275K New MLM Martin Marietta Materials 500 $274K New NE Noble Corp. PLC 10,000 $266K New VMC Vulcan Materials Co. 1,000 $261K New CNM Core & Main Inc. Class A 4,125 $249K New ULCC Frontier Group Holdings Inc. 60,000 $218K New VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 25,000 $207K New DAN Dana Inc. 10,000 $172K New
Options reported separately and not counted above: VST calls ($895K), CEG calls ($878K), RRC calls ($713K), BLDR puts ($503K), DOW puts ($416K), DHI puts ($320K), OKE puts ($254K), APA calls ($165K), EIX puts ($160K), EQT calls ($155K), LEN puts ($133K), TLT calls ($109K), and 6 more.
Other holdings (6): bonds, preferreds, convertibles and warrants · $3.0M (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 $1.5M No change REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,300,000 $1.3M New WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal 1,000,000 $258K New BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 23,300 $2K No change CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 30,000 $2K No change BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 19,150 $496 No change
Total filed on the 13F, all lines: $276.8M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BKLN Invesco Senior Loan ETF Sold out 0.00% −25.35 SPY SS SPDR S&P 500 ETF Trust-US Reduce -25.7% 29.20% −9.53 JFR Nuveen Floating Rate Income Reduce -17.3% 12.25% −3.87 TLT iShares 20+ Year Treasury BD Sold out 0.00% −1.48 APA Apa Corp. Sold out 0.00% −1.04 CEG Constellation Energy Reduce -81.8% 0.35% −0.97 RRC Range Resources Corp. Reduce -58.8% 0.52% −0.83 XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.78 FTAI Ftai Aviation Ltd. Sold out 0.00% −0.44 VST Vistra Corp. Reduce -43.2% 1.77% −0.28 FIX Comfort Systems USA Inc. Sold out 0.00% −0.13 RIG Transocean Ltd. Sold out 0.00% −0.13
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ IBIT iShares Bitcoin Trust ETF New 18.59% +18.59 LQD Ishr Ibx Usd Invgd CB ETF-Ui New 4.93% +4.93 VOO Vanguard S&P 500 ETF New 4.84% +4.84 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +106.6% 9.80% +4.75 DUK Duke Energy Corp. New 2.16% +2.16 FERG Ferguson Enterprises Inc. New 1.19% +1.19 ETR Entergy Corp. Add +150.0% 1.52% +0.84 PWR Quanta Services Inc. New 0.83% +0.83 EIM Eaton Vance Municipal Bond New 0.71% +0.71 TRGP Targa Resources Corp. New 0.64% +0.64 WMB Williams Cos Inc. Add +83.3% 1.26% +0.55 LECO Lincoln Electric Holdings New 0.53% +0.53 GLW Corning Inc. Add +33.3% 1.54% +0.45 PSX Phillips 66 New 0.44% +0.44 EXP Eagle Materials Inc. New 0.37% +0.37 ODFL Old Dominion Freight Line New 0.34% +0.34 EXE Expand Energy Corp. New 0.32% +0.32 MTZ Mastec Inc. New 0.31% +0.31 PEG Public Service Enterprise GP New 0.31% +0.31 VMI Valmont Industries New 0.24% +0.24 EQT Eqt Corp. Add +24.8% 1.06% +0.21 RITM Rithm Capital Corp. New 0.21% +0.21 UNIT Uniti Group LLC Com SHS New 0.12% +0.12 CRH CRH PLC New 0.10% +0.10 MLM Martin Marietta Materials New 0.10% +0.10 NE Noble Corp. PLC New 0.10% +0.10 VMC Vulcan Materials Co. New 0.10% +0.10 CNM Core & Main Inc. Class A New 0.09% +0.09 AD Array Digital Infrastructure Add +28.6% 1.05% +0.09 LUMN Lumen Technologies Inc. Add +200.0% 0.12% +0.08 VLO Valero Energy Corp. Add +20.0% 0.74% +0.08 ULCC Frontier Group Holdings Inc. New 0.08% +0.08 VISN Vistance Networks Inc. New 0.08% +0.08 RWT Redwood Trust Inc. Add +33.3% 0.43% +0.07 DAN Dana Inc. New 0.06% +0.06 AR Antero Resources Corp. Add +0.4% 0.37% −0.03
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ VST Vistra Corp. call New 50,000 $895K CEG Constellation Energy call New 45,000 $878K RRC Range Resources Corp. call New 300,000 $713K BLDR Builders Firstsource Inc. put New 150,000 $503K DOW Dow Inc. put New 150,000 $416K DHI D.R. Horton Inc. put New 100,000 $320K OKE Oneok Inc. put New 150,000 $254K ARCC Ares Capital Corp. put Sold out 1,000,000 $175Kbefore exit TXN Texas Instruments Inc. put Sold out 25,000 $171Kbefore exit APA Apa Corp. call New 100,000 $165K EIX Edison International put New 52,500 $160K EQT Eqt Corp. call New 100,000 $155K LEN Lennar Corp. Class A put New 56,100 $133K TLT iShares 20+ Year Treasury BD call New 200,000 $109K XLU St Sr Utl SL SE SPDR ETF-Usd call Sold out 450,000 $90Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Add +75.0% 70,000 $86K LYB Lyondellbasell Indu Class A put New 50,000 $63K XLF SS Financial Select Sector put Sold out 45,000 $50Kbefore exit XLU St Sr Utl SL SE SPDR ETF-Usd put Sold out 450,000 $50Kbefore exit T AT&T Inc. put Sold out 110,000 $42Kbefore exit CNM Core & Main Inc. Class A call New 27,500 $19K DAN Dana Inc. call New 25,000 $8K HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -30.7% 415,900 $6K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal New 1,300,000 $1.3M WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal New 1,000,000 $258K
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