Mariner Investment Group LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 25, 2026), Mariner Investment Group LLC reported 56 stock positions worth $1.6 billion . Its top holding was Microsoft (MSFT) at 10.4% of the portfolio, followed by Lam Research (LRCX, 7.9% ) and Alphabet Class C (GOOG, 6.9% ). Compared with Q3 2025, it opened 32 new positions, sold out of 10, added to 9 and reduced 6. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale an exit from Ishr Ibx Usd Invgd CB ETF-Ui (LQD).
Location NEW YORK, NY
CIK 0001096978
Portfolio Value $1.6B (Q4 2025) Holdings 56 stocks · $1.6B 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 Q3 2025 MSFT Microsoft Corp. 344,000 $166.4M New LRCX Lam Research Corp. 736,000 $126.0M New GOOG Alphabet Inc. Class C 350,000 $109.8M New COST Costco Wholesale Corp. 125,000 $107.8M New IBIT iShares Bitcoin Trust ETF 2,146,536 $106.6M Add +6.5% CSCO Cisco Systems Inc. 1,372,000 $105.7M New ASML ASML Holding NV-NY Reg SHS 93,000 $99.5M New TXN Texas Instruments Inc. 559,000 $97.0M New NVDA Nvidia Corp. 497,000 $92.7M New LIN Linde PLC 200,000 $85.3M New INTC Intel Corp. 2,200,000 $81.2M New HON Honeywell International Inc. 392,000 $76.5M New AAPL Apple Inc. 248,000 $67.4M New MA Mastercard Inc. Class A 100,000 $57.1M New CTAS Cintas Corp. 269,000 $50.6M New MCD McDonald's Corp. 163,000 $49.8M New LOW Lowe's Cos Inc. 101,000 $24.4M New IGLB iShares 10+ Year Inv GR Corp. 400,000 $20.2M New RITM Rithm Capital Corp. 868,711 $9.5M Reduce -10.9% FOUR SHIFT4 Payments Inc. Class A 125,000 $7.9M Add +177.8% DUK Duke Energy Corp. 51,250 $6.0M Add +28.1% JFR Nuveen Floating Rate Income 633,488 $5.0M Reduce -71.9% ETR Entergy Corp. 45,000 $4.2M No change RWT Redwood Trust Inc. 745,346 $4.1M Reduce -12.0% LECO Lincoln Electric Holdings 16,000 $3.8M Add +6.7% AERO Grupo Aeromexico Sab DE CV 169,280 $3.7M New CIM Chimera Investment Corp. 290,000 $3.6M Add +152.2% MTZ Mastec Inc. 14,500 $3.2M Add +806.3% WMB Williams Cos Inc. 45,000 $2.7M Add +12.5% TLN Talen Energy Corp. 5,000 $1.9M New FIX Comfort Systems USA Inc. 2,000 $1.9M New RRC Range Resources Corp. 46,000 $1.6M Add +206.7% FERG Ferguson Enterprises Inc. 6,000 $1.3M New AR Antero Resources Corp. 38,500 $1.3M New CMCSA Comcast Corp. Class A 42,500 $1.3M New EQT Eqt Corp. 20,000 $1.1M New DY Dycom Industries Inc. 3,000 $1.0M New KR Kroger Co. 15,000 $937K Add +50.0% VST Vistra Corp. 5,000 $807K Reduce -66.7% VMI Valmont Industries 2,000 $805K No change CC The Chemours Co. 55,000 $648K No change LUMN Lumen Technologies Inc. 75,000 $583K No change CCK Crown Holdings Inc. 5,000 $515K New LGN Legence Corp. Class A 10,000 $430K New WOLF Wolfspeed Inc. 20,000 $348K Reduce -20.0% MLM Martin Marietta Materials 500 $311K No change CRDO Credo Technology Group Holdi 2,000 $288K New VMC Vulcan Materials Co. 1,000 $285K No change NE Noble Corp. PLC 10,000 $282K No change XPRO Expro Group Holdings NV 20,000 $267K No change SHY iShares 1-3 Year Treasury Bo 2,636 $218K New WOR Worthington Enterprises Inc. 4,196 $216K New TDS Telephone and Data Systems 5,000 $205K New HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2,500 $202K New CRWV Coreweave Inc. Class A 2,000 $143K No change EIM Eaton Vance Municipal Bond 12,181 $119K Reduce -89.6%
Options reported separately and not counted above: LYB puts ($1.3M), GLW calls ($738K), VRT calls ($664K), CEG calls ($563K), CCOI puts ($478K), LEN puts ($459K), DOW puts ($412K), OLN puts ($363K), FSK puts ($266K), DHI puts ($258K), BLDR puts ($238K), POST puts ($225K), and 27 more.
Other holdings (15): bonds, preferreds, convertibles and warrants · $108.1M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 15,000,000 $23.3M Add +200.0% FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 20,000,000 $20.8M Add +100.0% FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 15,100,000 $17.2M Add +196.1% NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 10,000,000 $12.4M No change ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 10,000,000 $9.5M Add +100.0% SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 5,000,000 $7.4M No change LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,000,000 $7.3M New LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal 5,000,000 $5.3M New REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,800,000 $1.8M Reduce -45.5% 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 $1.1M No change WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 271,000 $403K New BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 23,300 $1K 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 $317 No change
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −8.14 JFR Nuveen Floating Rate Income Reduce -71.9% 0.31% −6.86 RITM Rithm Capital Corp. Reduce -10.9% 0.59% −3.72 BHF Brighthouse Financial Inc. Sold out 0.00% −2.80 RWT Redwood Trust Inc. Reduce -12.0% 0.26% −1.65 VST Vistra Corp. Reduce -66.7% 0.05% −1.09 CEG Constellation Energy Sold out 0.00% −1.04 AMD Advanced Micro Devices Sold out 0.00% −0.79 EIM Eaton Vance Municipal Bond Reduce -89.6% 0.01% −0.44 AD Array Digital Infrastructure Sold out 0.00% −0.41 UPS United Parcel Service Class B Sold out 0.00% −0.32 WOLF Wolfspeed Inc. Reduce -20.0% 0.02% −0.26 SVXY Proshares Short Vix St Futur Sold out 0.00% −0.25 CRH CRH PLC Sold out 0.00% −0.14 SSTK Shutterstock Inc. Sold out 0.00% −0.13 DAN Dana Inc. Sold out 0.00% −0.08
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MSFT Microsoft Corp. New 10.42% +10.42 LRCX Lam Research Corp. New 7.89% +7.89 GOOG Alphabet Inc. Class C New 6.88% +6.88 COST Costco Wholesale Corp. New 6.75% +6.75 CSCO Cisco Systems Inc. New 6.62% +6.62 ASML ASML Holding NV-NY Reg SHS New 6.23% +6.23 TXN Texas Instruments Inc. New 6.08% +6.08 NVDA Nvidia Corp. New 5.81% +5.81 LIN Linde PLC New 5.34% +5.34 INTC Intel Corp. New 5.09% +5.09 HON Honeywell International Inc. New 4.79% +4.79 AAPL Apple Inc. New 4.22% +4.22 MA Mastercard Inc. Class A New 3.58% +3.58 CTAS Cintas Corp. New 3.17% +3.17 MCD McDonald's Corp. New 3.12% +3.12 LOW Lowe's Cos Inc. New 1.53% +1.53 IGLB iShares 10+ Year Inv GR Corp. New 1.26% +1.26 AERO Grupo Aeromexico Sab DE CV New 0.23% +0.23 TLN Talen Energy Corp. New 0.12% +0.12 FIX Comfort Systems USA Inc. New 0.12% +0.12 FERG Ferguson Enterprises Inc. New 0.08% +0.08 AR Antero Resources Corp. New 0.08% +0.08 CMCSA Comcast Corp. Class A New 0.08% +0.08 EQT Eqt Corp. New 0.07% +0.07 MTZ Mastec Inc. Add +806.3% 0.20% +0.07 DY Dycom Industries Inc. New 0.06% +0.06 CCK Crown Holdings Inc. New 0.03% +0.03 LGN Legence Corp. Class A New 0.03% +0.03 CRDO Credo Technology Group Holdi New 0.02% +0.02 SHY iShares 1-3 Year Treasury Bo New 0.01% +0.01 WOR Worthington Enterprises Inc. New 0.01% +0.01 TDS Telephone and Data Systems New 0.01% +0.01 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 0.01% +0.01 RRC Range Resources Corp. Add +206.7% 0.10% −0.12 KR Kroger Co. Add +50.0% 0.06% −0.20 CIM Chimera Investment Corp. Add +152.2% 0.23% −0.36 WMB Williams Cos Inc. Add +12.5% 0.17% −0.81 FOUR SHIFT4 Payments Inc. Class A Add +177.8% 0.49% −0.86 LECO Lincoln Electric Holdings Add +6.7% 0.24% −1.13 DUK Duke Energy Corp. Add +28.1% 0.38% −1.55 IBIT iShares Bitcoin Trust ETF Add +6.5% 6.68% −44.19
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ LYB Lyondellbasell Indu Class A put Add +150.0% 500,000 $1.3M VRT Vertiv Holdings Co. Class A call New 75,000 $664K CEG Constellation Energy call New 30,000 $563K APA Apa Corp. call Sold out 100,000 $500Kbefore exit LEN Lennar Corp. Class A put New 58,500 $459K UPS United Parcel Service Class B put Sold out 100,000 $445Kbefore exit DOW Dow Inc. put Add +26.9% 550,000 $412K OLN Olin Corp. put Add +100.0% 200,000 $363K FERG Ferguson Enterprises Inc. call Sold out 70,000 $295Kbefore exit FSK FS KKR Capital Corp. put Add +112.5% 425,000 $266K DHI D.R. Horton Inc. put New 61,500 $258K POST Post Holdings Inc. put Add +50.0% 75,000 $225K CAT Caterpillar Inc. call New 40,000 $210K VST Vistra Corp. call Reduce -30.0% 35,000 $197K HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +195.4% 1,496,000 $193K AVGO Broadcom Inc. call New 10,000 $181K COP Conocophillips put New 50,000 $175K OKE Oneok Inc. put Add +100.0% 100,000 $128K HAL Halliburton Co. put New 100,000 $126K CARR Carrier Global Corp. put New 50,000 $125K WMB Williams Cos Inc. call Add +200.0% 150,000 $125K IP International Paper Co. put New 100,000 $118K EQNR Equinor ASA-Spon ADR call Sold out 100,000 $98Kbefore exit RRC Range Resources Corp. call Reduce -54.4% 130,000 $91K IWM iShares Russell 2000 ETF put New 206,500 $90K QQQ Invesco QQQ Trust Series 1 call New 50,000 $67K FMC FMC Corp. put New 50,000 $66K UAL United Airlines Holdings Inc. put New 75,000 $64K TAC Transalta Corp. call Sold out 100,000 $60Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -77.6% 75,000 $54K BXSL Blackstone Secured Lending F put New 125,000 $44K SW Smurfit Westrock PLC put New 50,000 $40K SPY SS SPDR S&P 500 ETF Trust-US call New 50,000 $39K AR Antero Resources Corp. call Sold out 50,000 $38Kbefore exit XLF SS Financial Select Sector put Sold out 200,000 $31Kbefore exit DAL Delta Air Lines Inc. put New 50,000 $30K HWM Howmet Aerospace Inc. put New 25,000 $19K EIX Edison International put Sold out 22,500 $5Kbefore exit DOCS Doximity Inc. Class A put Reduce -0.3% 40,000 $5K CRWV Coreweave Inc. Class A call New 25,000 $4K NVDA Nvidia Corp. put Sold out 100,000 $3Kbefore 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 Security Class Change vs Q3 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +200.0% 15,000,000 $23.3M FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Add +100.0% 20,000,000 $20.8M FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Add +196.1% 15,100,000 $17.2M JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Sold out 10,000,000 $10.8Mbefore exit ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Add +100.0% 10,000,000 $9.5M LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal New 5,000,000 $7.3M LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal New 5,000,000 $5.3M REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Reduce -45.5% 1,800,000 $1.8M WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal New 271,000 $403K SPY SS SPDR S&P 500 ETF Trust-US TR UNIT Reduce -100.0% 0 $0
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