Mariner Investment Group LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Mariner Investment Group LLC reported 35 stock positions worth $257.5 million . Its top holding was iShares Bitcoin Trust ETF (IBIT) at 50.9% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 9.9% ) and Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 8.1% ). Compared with Q2 2025, it opened 11 new positions, sold out of 18, added to 6 and reduced 10. The biggest buy was iShares Bitcoin Trust ETF (IBIT, shares +142% ) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −70% ).
Location NEW YORK, NY
CIK 0001096978
Portfolio Value $257.5M (Q3 2025) Holdings 35 stocks · $257.5M 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 Q2 2025 IBIT iShares Bitcoin Trust ETF 2,015,094 $131.0M Add +142.3% SPY SS SPDR S&P 500 ETF Trust-US 38,422 $25.6M Reduce -70.3% LQD Ishr Ibx Usd Invgd CB ETF-Ui 188,000 $21.0M Add +52.6% JFR Nuveen Floating Rate Income 2,257,194 $18.5M Reduce -43.0% RITM Rithm Capital Corp. 975,000 $11.1M Add +1850.0% BHF Brighthouse Financial Inc. 136,000 $7.2M New DUK Duke Energy Corp. 40,000 $5.0M Reduce -20.0% RWT Redwood Trust Inc. 847,411 $4.9M Add +323.7% ETR Entergy Corp. 45,000 $4.2M Reduce -10.0% LECO Lincoln Electric Holdings 15,000 $3.5M Add +114.3% FOUR SHIFT4 Payments Inc. Class A 45,000 $3.5M New VST Vistra Corp. 15,000 $2.9M Reduce -40.0% CEG Constellation Energy 8,100 $2.7M Add +170.0% WMB Williams Cos Inc. 40,000 $2.5M Reduce -27.3% AMD Advanced Micro Devices 12,500 $2.0M New CIM Chimera Investment Corp. 115,000 $1.5M New EIM Eaton Vance Municipal Bond 116,847 $1.2M Reduce -41.6% AD Array Digital Infrastructure 21,292 $1.1M Reduce -52.7% CC The Chemours Co. 55,000 $871K New UPS United Parcel Service Class B 10,000 $835K New VMI Valmont Industries 2,000 $775K No change WOLF Wolfspeed Inc. 25,000 $715K New KR Kroger Co. 10,000 $674K No change SVXY Proshares Short Vix St Futur 12,500 $637K New RRC Range Resources Corp. 15,000 $565K Reduce -57.1% LUMN Lumen Technologies Inc. 75,000 $459K No change CRH CRH PLC 3,000 $360K No change MTZ Mastec Inc. 1,600 $340K Reduce -68.0% SSTK Shutterstock Inc. 16,114 $336K New MLM Martin Marietta Materials 500 $315K No change VMC Vulcan Materials Co. 1,000 $308K No change NE Noble Corp. PLC 10,000 $283K No change CRWV Coreweave Inc. Class A 2,000 $274K New XPRO Expro Group Holdings NV 20,000 $238K New DAN Dana Inc. 10,000 $200K No change
Options reported separately and not counted above: LYB puts ($863K), GLW calls ($805K), DOW puts ($688K), APA calls ($500K), BLDR puts ($495K), UPS puts ($445K), SPY puts ($385K), VST calls ($364K), CCOI puts ($362K), RRC calls ($334K), FSK puts ($333K), FERG calls ($295K), and 16 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $66.1M (not counted above) Security Class Shares / Principal Value Change NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 10,000,000 $11.8M New JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 10,000,000 $10.8M New FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 10,000,000 $10.2M New ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 5,000,000 $9.2M New SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 5,000,000 $7.6M New FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 5,100,000 $6.1M New ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 5,000,000 $4.6M New REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 3,300,000 $3.3M Add +153.8% REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 1,645,000 $1.5M No change PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 1,000,000 $1.0M 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 $1K No change BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 19,150 $766 No change
Total filed on the 13F, all lines: $323.6M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Reduce -70.3% 9.94% −19.25 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −9.80 JFR Nuveen Floating Rate Income Reduce -43.0% 7.17% −5.08 VOO Vanguard S&P 500 ETF Sold out 0.00% −4.84 GLW Corning Inc. Sold out 0.00% −1.54 FERG Ferguson Enterprises Inc. Sold out 0.00% −1.19 EQT Eqt Corp. Sold out 0.00% −1.06 PWR Quanta Services Inc. Sold out 0.00% −0.83 VLO Valero Energy Corp. Sold out 0.00% −0.74 AD Array Digital Infrastructure Reduce -52.7% 0.41% −0.64 TRGP Targa Resources Corp. Sold out 0.00% −0.64 VST Vistra Corp. Reduce -40.0% 1.14% −0.63 PSX Phillips 66 Sold out 0.00% −0.44 AR Antero Resources Corp. Sold out 0.00% −0.37 EXP Eagle Materials Inc. Sold out 0.00% −0.37 ODFL Old Dominion Freight Line Sold out 0.00% −0.34 EXE Expand Energy Corp. Sold out 0.00% −0.32 PEG Public Service Enterprise GP Sold out 0.00% −0.31 RRC Range Resources Corp. Reduce -57.1% 0.22% −0.30 WMB Williams Cos Inc. Reduce -27.3% 0.98% −0.28 EIM Eaton Vance Municipal Bond Reduce -41.6% 0.45% −0.26 DUK Duke Energy Corp. Reduce -20.0% 1.92% −0.23 MTZ Mastec Inc. Reduce -68.0% 0.13% −0.18 UNIT Uniti Group LLC Com SHS Sold out 0.00% −0.12 CNM Core & Main Inc. Class A Sold out 0.00% −0.09 ULCC Frontier Group Holdings Inc. Sold out 0.00% −0.08 VISN Vistance Networks Inc. Sold out 0.00% −0.08 ETR Entergy Corp. Reduce -10.0% 1.63% +0.11
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ IBIT iShares Bitcoin Trust ETF Add +142.3% 50.87% +32.27 RITM Rithm Capital Corp. Add +1850.0% 4.31% +4.11 LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +52.6% 8.14% +3.21 BHF Brighthouse Financial Inc. New 2.80% +2.80 RWT Redwood Trust Inc. Add +323.7% 1.91% +1.47 FOUR SHIFT4 Payments Inc. Class A New 1.35% +1.35 LECO Lincoln Electric Holdings Add +114.3% 1.37% +0.84 AMD Advanced Micro Devices New 0.79% +0.79 CEG Constellation Energy Add +170.0% 1.04% +0.68 CIM Chimera Investment Corp. New 0.59% +0.59 CC The Chemours Co. New 0.34% +0.34 UPS United Parcel Service Class B New 0.32% +0.32 WOLF Wolfspeed Inc. New 0.28% +0.28 SVXY Proshares Short Vix St Futur New 0.25% +0.25 SSTK Shutterstock Inc. New 0.13% +0.13 CRWV Coreweave Inc. Class A New 0.11% +0.11 XPRO Expro Group Holdings NV New 0.09% +0.09
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CEG Constellation Energy call Sold out 45,000 $878Kbefore exit LYB Lyondellbasell Indu Class A put Add +300.0% 200,000 $863K GLW Corning Inc. call New 200,000 $805K DOW Dow Inc. put Add +189.0% 433,500 $688K BLDR Builders Firstsource Inc. put Reduce -33.3% 100,000 $495K UPS United Parcel Service Class B put New 100,000 $445K SPY SS SPDR S&P 500 ETF Trust-US put Add +378.6% 335,000 $385K CCOI Cogent Communications Holdin put New 105,000 $362K RRC Range Resources Corp. call Reduce -5.0% 285,000 $334K FSK FS KKR Capital Corp. put New 200,000 $333K DHI D.R. Horton Inc. put Sold out 100,000 $320Kbefore exit FERG Ferguson Enterprises Inc. call New 70,000 $295K OKE Oneok Inc. put Reduce -66.7% 50,000 $175K CMCSA Comcast Corp. Class A put New 120,000 $161K OLN Olin Corp. put New 100,000 $161K EQT Eqt Corp. call Sold out 100,000 $155Kbefore exit LEN Lennar Corp. Class A put Sold out 56,100 $133Kbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +21.8% 506,400 $124K TLT iShares 20+ Year Treasury BD call Sold out 200,000 $109Kbefore exit EQNR Equinor ASA-Spon ADR call New 100,000 $98K IGV iShares Expanded Tech-Softwa put New 50,000 $98K TAC Transalta Corp. call New 100,000 $60K POST Post Holdings Inc. put New 50,000 $55K DOCS Doximity Inc. Class A put New 40,100 $47K WMB Williams Cos Inc. call New 50,000 $44K CC The Chemours Co. call New 50,000 $40K AR Antero Resources Corp. call New 50,000 $38K XLF SS Financial Select Sector put New 200,000 $31K DUK Duke Energy Corp. call New 25,000 $20K CNM Core & Main Inc. Class A call Sold out 27,500 $19Kbefore exit DAN Dana Inc. call Sold out 25,000 $8Kbefore exit EIX Edison International put Reduce -57.1% 22,500 $5K
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 Security Class Change vs Q2 2025 Shares / Principal Value ▼ NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal New 10,000,000 $11.8M JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal New 10,000,000 $10.8M FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal New 10,000,000 $10.2M ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 5,000,000 $9.2M SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal New 5,000,000 $7.6M FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal New 5,100,000 $6.1M ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal New 5,000,000 $4.6M REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Add +153.8% 3,300,000 $3.3M PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal New 1,000,000 $1.0M WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal Sold out 1,000,000 $258Kbefore exit
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