Mariner Investment Group LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 5, 2026), Mariner Investment Group LLC reported 42 stock positions worth $194.2 million . Its top holding was iShares Bitcoin Trust ETF (IBIT) at 61.9% of the portfolio, followed by Rithm Capital (RITM, 6.5% ) and SHIFT4 Payments Class A (FOUR, 3.3% ). Compared with Q4 2025, it opened 22 new positions, sold out of 36, added to 7 and reduced 5. The biggest buy was iShares Bitcoin Trust ETF (IBIT, shares +46% ) and the biggest sale an exit from Microsoft (MSFT).
Location NEW YORK, NY
CIK 0001096978
Portfolio Value $194.2M (Q1 2026) Holdings 42 stocks · $194.2M 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 2025 IBIT iShares Bitcoin Trust ETF 3,129,352 $120.2M Add +45.8% RITM Rithm Capital Corp. 1,332,583 $12.6M Add +53.4% FOUR SHIFT4 Payments Inc. Class A 145,000 $6.3M Add +16.0% SHY iShares 1-3 Year Treasury Bo 75,817 $6.3M Add +2776.2% CIM Chimera Investment Corp. 378,899 $4.8M Add +30.6% ETR Entergy Corp. 40,000 $4.5M Reduce -11.1% VCSH Vanguard S/T Corp. Bond ETF 52,321 $4.1M New WMB Williams Cos Inc. 45,000 $3.3M No change RWT Redwood Trust Inc. 550,361 $3.1M Reduce -26.2% CAT Caterpillar Inc. 3,800 $2.7M New AERO Grupo Aeromexico Sab DE CV 169,280 $2.4M No change PMT Pennymac Mortgage Investment 180,000 $2.1M New MFA Mfa Financial Inc. 210,000 $2.0M New MTZ Mastec Inc. 6,000 $1.9M Reduce -58.6% LECO Lincoln Electric Holdings 6,000 $1.5M Reduce -62.5% RRC Range Resources Corp. 30,000 $1.4M Reduce -34.8% EQT Eqt Corp. 20,000 $1.3M No change DX Dynex Capital Inc. 95,000 $1.2M New SOLS Solstice Adv Materials Inc. 15,000 $1.1M New IGV iShares Expanded Tech-Softwa 12,500 $1.0M New IEI iShares 3-7 Year Treasury Bo 7,638 $906K New WMT Walmart Inc. 7,264 $903K New LGN Legence Corp. Class A 15,000 $847K Add +50.0% MCHP Microchip Technology Inc. 13,000 $840K New WIX Wix.com Ltd. 9,000 $811K New MTSI Macom Technology Solutions H 3,000 $666K New LUMN Lumen Technologies Inc. 75,000 $521K No change CCK Crown Holdings Inc. 5,000 $501K No change AES AES Corp. 35,000 $493K New NE Noble Corp. PLC 10,000 $491K No change WOLF Wolfspeed Inc. 25,000 $408K Add +25.0% KRMN Karman Holdings Inc. 5,000 $400K New TWO Two Harbors Investment Corp. 32,776 $374K New MITT TPG Mortgage Investment Trus 48,094 $352K New XPRO Expro Group Holdings NV 20,000 $348K No change PKG Packaging Corp. of America 1,500 $318K New CORZ Core Scientific Inc. 20,000 $299K New PMTS Cpi Card Group Inc. 18,050 $262K New TDS Telephone and Data Systems 5,000 $211K No change IHRT Iheartmedia Inc. Class A 63,178 $184K New WING Wingstop Inc. 1,000 $155K New AOMR Angel Oak Mortgage REIT Inc. 17,754 $146K New
Options reported separately and not counted above: SPY puts ($5.1M), HYG puts ($873K), FSK puts ($833K), SPY calls ($681K), BLDR puts ($650K), PWR calls ($587K), LEN puts ($551K), COHR calls ($536K), WING puts ($499K), DHI puts ($493K), FOUR calls ($488K), TLN calls ($429K), and 41 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $135.6M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 25,000,000 $34.7M Add +66.7% FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 25,100,000 $31.0M Add +66.2% GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 25,000,000 $22.1M New SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 15,000,000 $17.7M Add +200.0% ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 12,500,000 $12.3M Add +25.0% LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,000,000 $7.6M No change LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal 5,000,000 $5.4M No change REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,800,000 $1.8M No change REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 1,645,000 $1.6M No change PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 1,000,000 $1.0M No change WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 271,000 $388K No change 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 $618 No change
Total filed on the 13F, all lines: $329.9M.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ MSFT Microsoft Corp. Sold out 0.00% −10.42 LRCX Lam Research Corp. Sold out 0.00% −7.89 GOOG Alphabet Inc. Class C Sold out 0.00% −6.88 COST Costco Wholesale Corp. Sold out 0.00% −6.75 CSCO Cisco Systems Inc. Sold out 0.00% −6.62 ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −6.23 TXN Texas Instruments Inc. Sold out 0.00% −6.08 NVDA Nvidia Corp. Sold out 0.00% −5.81 LIN Linde PLC Sold out 0.00% −5.34 INTC Intel Corp. Sold out 0.00% −5.09 HON Honeywell International Inc. Sold out 0.00% −4.79 AAPL Apple Inc. Sold out 0.00% −4.22 MA Mastercard Inc. Class A Sold out 0.00% −3.58 CTAS Cintas Corp. Sold out 0.00% −3.17 MCD McDonald's Corp. Sold out 0.00% −3.12 LOW Lowe's Cos Inc. Sold out 0.00% −1.53 IGLB iShares 10+ Year Inv GR Corp. Sold out 0.00% −1.26 DUK Duke Energy Corp. Sold out 0.00% −0.38 JFR Nuveen Floating Rate Income Sold out 0.00% −0.31 TLN Talen Energy Corp. Sold out 0.00% −0.12 FIX Comfort Systems USA Inc. Sold out 0.00% −0.12 FERG Ferguson Enterprises Inc. Sold out 0.00% −0.08 AR Antero Resources Corp. Sold out 0.00% −0.08 CMCSA Comcast Corp. Class A Sold out 0.00% −0.08 DY Dycom Industries Inc. Sold out 0.00% −0.06 KR Kroger Co. Sold out 0.00% −0.06 VST Vistra Corp. Sold out 0.00% −0.05 VMI Valmont Industries Sold out 0.00% −0.05 CC The Chemours Co. Sold out 0.00% −0.04 MLM Martin Marietta Materials Sold out 0.00% −0.02 CRDO Credo Technology Group Holdi Sold out 0.00% −0.02 VMC Vulcan Materials Co. Sold out 0.00% −0.02 WOR Worthington Enterprises Inc. Sold out 0.00% −0.01 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.01 CRWV Coreweave Inc. Class A Sold out 0.00% −0.01 EIM Eaton Vance Municipal Bond Sold out 0.00% −0.01 LECO Lincoln Electric Holdings Reduce -62.5% 0.77% +0.53 RRC Range Resources Corp. Reduce -34.8% 0.70% +0.60 MTZ Mastec Inc. Reduce -58.6% 0.99% +0.80 RWT Redwood Trust Inc. Reduce -26.2% 1.59% +1.33 ETR Entergy Corp. Reduce -11.1% 2.31% +2.05
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ IBIT iShares Bitcoin Trust ETF Add +45.8% 61.90% +55.22 RITM Rithm Capital Corp. Add +53.4% 6.50% +5.91 SHY iShares 1-3 Year Treasury Bo Add +2776.2% 3.22% +3.21 FOUR SHIFT4 Payments Inc. Class A Add +16.0% 3.26% +2.77 CIM Chimera Investment Corp. Add +30.6% 2.45% +2.22 VCSH Vanguard S/T Corp. Bond ETF New 2.14% +2.14 CAT Caterpillar Inc. New 1.39% +1.39 PMT Pennymac Mortgage Investment New 1.08% +1.08 MFA Mfa Financial Inc. New 1.04% +1.04 DX Dynex Capital Inc. New 0.62% +0.62 SOLS Solstice Adv Materials Inc. New 0.59% +0.59 IGV iShares Expanded Tech-Softwa New 0.52% +0.52 IEI iShares 3-7 Year Treasury Bo New 0.47% +0.47 WMT Walmart Inc. New 0.46% +0.46 MCHP Microchip Technology Inc. New 0.43% +0.43 WIX Wix.com Ltd. New 0.42% +0.42 LGN Legence Corp. Class A Add +50.0% 0.44% +0.41 MTSI Macom Technology Solutions H New 0.34% +0.34 AES AES Corp. New 0.25% +0.25 KRMN Karman Holdings Inc. New 0.21% +0.21 TWO Two Harbors Investment Corp. New 0.19% +0.19 WOLF Wolfspeed Inc. Add +25.0% 0.21% +0.19 MITT TPG Mortgage Investment Trus New 0.18% +0.18 PKG Packaging Corp. of America New 0.16% +0.16 CORZ Core Scientific Inc. New 0.15% +0.15 PMTS Cpi Card Group Inc. New 0.13% +0.13 IHRT Iheartmedia Inc. Class A New 0.10% +0.10 WING Wingstop Inc. New 0.08% +0.08 AOMR Angel Oak Mortgage REIT Inc. New 0.08% +0.08
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +906.7% 755,000 $5.1M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +41.8% 2,121,300 $873K FSK FS KKR Capital Corp. put Add +64.7% 700,000 $833K SPY SS SPDR S&P 500 ETF Trust-US call Add +1160.0% 630,000 $681K VRT Vertiv Holdings Co. Class A call Sold out 75,000 $664Kbefore exit BLDR Builders Firstsource Inc. put Add +15.0% 115,000 $650K PWR Quanta Services Inc. call New 30,000 $587K LEN Lennar Corp. Class A put Add +111.1% 123,500 $551K COHR Coherent Corp. call New 42,500 $536K WING Wingstop Inc. put New 32,500 $499K DHI D.R. Horton Inc. put Add +74.0% 107,000 $493K FOUR SHIFT4 Payments Inc. Class A call New 180,000 $488K TLN Talen Energy Corp. call New 60,000 $429K BXSL Blackstone Secured Lending F put Add +160.0% 325,000 $384K APH Amphenol Corp. Class A put New 50,000 $315K EWY iShares MSCI South Korea ETF put New 50,000 $263K GLW Corning Inc. call Reduce -85.0% 30,000 $209K AVGO Broadcom Inc. call Sold out 10,000 $181Kbefore exit OLN Olin Corp. put Add +18.0% 236,000 $170K FOUR SHIFT4 Payments Inc. Class A put New 145,000 $167K PHM Pultegroup Inc. put New 33,500 $164K WMB Williams Cos Inc. call Reduce -66.7% 50,000 $155K Q Qnity Electronics Inc. call New 50,000 $141K GBDC Golub Capital BDC Inc. put New 200,000 $130K DE Deere & Co. put New 10,000 $129K OKE Oneok Inc. put Sold out 100,000 $128Kbefore exit HAL Halliburton Co. put Sold out 100,000 $126Kbefore exit CARR Carrier Global Corp. put Add +50.0% 75,000 $124K LYB Lyondellbasell Indu Class A put Reduce -52.0% 240,000 $110K JETS US Global Jets ETF call New 200,000 $104K BKLN Invesco Senior Loan ETF put New 1,000,000 $100K KHC The Kraft Heinz Co. put New 200,000 $91K RRC Range Resources Corp. call Sold out 130,000 $91Kbefore exit IWM iShares Russell 2000 ETF put Sold out 206,500 $90Kbefore exit ENTG Entegris Inc. call New 25,000 $90K DOW Dow Inc. put Reduce -62.7% 205,000 $70K QQQ Invesco QQQ Trust Series 1 call Sold out 50,000 $67Kbefore exit FMC FMC Corp. put Sold out 50,000 $66Kbefore exit DVN Devon Energy Corp. put New 300,000 $58K VST Vistra Corp. call Reduce -28.6% 25,000 $49K CAT Caterpillar Inc. call Reduce -87.5% 5,000 $48K CMCSA Comcast Corp. Class A put Sold out 120,000 $41Kbefore exit UAL United Airlines Holdings Inc. put Reduce -66.7% 25,000 $41K IGV iShares Expanded Tech-Softwa put Sold out 50,000 $38Kbefore exit FITB Fifth Third Bancorp put New 25,000 $36K OCSL Oaktree Specialty Lending Co. put New 200,000 $35K JEF Jefferies Financial Group Inc. put New 25,000 $34K COP Conocophillips put Add +100.0% 100,000 $30K PAAS Pan American Silver Corp. call New 25,000 $29K APA Apa Corp. put New 200,000 $27K
Showing the first 50 of 62.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +66.7% 25,000,000 $34.7M FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Add +66.2% 25,100,000 $31.0M GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal New 25,000,000 $22.1M FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Sold out 20,000,000 $20.8Mbefore exit SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal Add +200.0% 15,000,000 $17.7M NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Sold out 10,000,000 $12.4Mbefore exit ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Add +25.0% 12,500,000 $12.3M BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 Sold out 19,150 $317before exit SPY SS SPDR S&P 500 ETF Trust-US TR UNIT Sold out 0 $0before 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