Oaktree Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Howard Marks's Oaktree Capital Management reported 50 stock positions worth $4.5 billion. Its top holding was Expand Energy (EXE) at 12.3% of the portfolio, followed by Torm PLC-A (TRMD, 11.7%) and Anglogold Ashanti (AU, 7.3%). Compared with Q3 2025, it opened 4 new positions, sold out of 8, added to 6 and reduced 23. The biggest buy was a new position in Grupo Aeromexico Sab DE CV (AERO) and the biggest sale Torm PLC-A (TRMD, shares −35%).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $4.5B (Q4 2025)
- SEC Filing
- 0000949509-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 50 stocks · $4.5B
| EXE Expand Energy Corp. | 12.35% | 5,062,363 | $558.7M | No change |
| TRMD Torm PLC-A | 11.65% | 26,425,059 | $527.3M | Reduce -34.9% |
| AU Anglogold Ashanti PLC | 7.25% | 3,847,991 | $328.2M | Reduce -8.1% |
| GTX Garrett Motion Inc. | 6.58% | 17,094,816 | $298.0M | Reduce -46.4% |
| INDV Indivior Ltd. | 5.64% | 7,108,644 | $255.1M | Reduce -97.2% |
| VNOM Viper Energy Inc. Class A | 5.37% | 6,285,062 | $242.8M | No change |
| TDS Telephone and Data Systems | 3.34% | 3,688,386 | $151.2M | No change |
| B Barrick Mining Corp. | 2.86% | 2,975,118 | $129.6M | Reduce -9.9% |
| TLN Talen Energy Corp. | 2.74% | 331,117 | $124.1M | Add +13.7% |
| CORZ Core Scientific Inc. | 2.69% | 8,350,708 | $121.6M | Add +30.5% |
| NOK Nokia Corp.-Spon ADR | 2.68% | 18,752,229 | $121.3M | No change |
| FTAI Ftai Aviation Ltd. | 2.25% | 517,328 | $101.8M | Reduce -11.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.19% | 13,822,747 | $99.0M | Add +9.1% |
| LBTYA Liberty Global Ltd. Class A | 2.11% | 8,551,191 | $95.3M | No change |
| CBL CBL & Associates Properties | 2.06% | 2,517,576 | $93.2M | Reduce -16.2% |
| AERO Grupo Aeromexico Sab DE CV | 1.83% | 3,776,986 | $82.9M | New |
| TAC Transalta Corp. | 1.80% | 6,415,253 | $81.2M | No change |
| STKL Sunopta Inc. | 1.74% | 20,726,126 | $78.9M | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.66% | 4,479,175 | $75.0M | Reduce -0.9% |
| FCX Freeport-McMoran Inc. | 1.56% | 1,390,053 | $70.6M | Reduce -7.6% |
| KRC Kilroy Realty Corp. | 1.53% | 1,850,011 | $69.1M | No change |
| CX Cemex Sab-Spons ADR Part Cer | 1.46% | 5,749,324 | $66.1M | Reduce -45.0% |
| RWAY Runway Growth Finance Corp. | 1.39% | 7,029,667 | $62.8M | Reduce -15.1% |
| BLCO Bausch + Lomb Corp. | 1.28% | 3,382,739 | $57.8M | Add +4.2% |
| GRAB Grab Holdings Ltd. Class A | 1.24% | 11,207,699 | $55.9M | Reduce -7.3% |
| XP XP Inc. Class A | 1.20% | 3,320,159 | $54.4M | Add +63.3% |
| LILAK Liberty Latin Americ Class C | 0.95% | 5,748,780 | $42.9M | Reduce -13.8% |
| ECVT Ecovyst Inc. | 0.91% | 4,254,503 | $41.4M | Add +48.8% |
| AD Array Digital Infrastructure | 0.86% | 724,444 | $38.8M | No change |
| VIST Vista Energy Sab DE CV | 0.84% | 782,250 | $38.1M | Reduce -57.5% |
| YMM Full Truck Alliance -SPN ADR | 0.83% | 3,519,764 | $37.8M | Reduce -7.3% |
| SBLK Star Bulk Carriers Corp. | 0.83% | 1,962,892 | $37.7M | No change |
| CRC California Resources Corp. | 0.69% | 694,502 | $31.1M | No change |
| BZ Kanzhun Ltd. - ADR | 0.69% | 1,523,231 | $31.0M | Reduce -7.3% |
| TEO Telecom Argentina SA-SP ADR | 0.60% | 2,347,508 | $27.3M | Reduce -10.7% |
| VALE Vale SA-SP ADR | 0.58% | 2,023,706 | $26.4M | Reduce -0.5% |
| TX Ternium SA-Sponsored ADR | 0.56% | 658,565 | $25.2M | Reduce -26.6% |
| KRSP Rice Acquisition Corp. 3-A | 0.54% | 2,400,000 | $24.7M | New |
| OCSL Oaktree Specialty Lending Co. | 0.52% | 1,852,456 | $23.6M | No change |
| INFY Infosys Ltd.-SP ADR | 0.43% | 1,094,752 | $19.5M | New |
| ONIT Onity Group Inc. | 0.40% | 390,835 | $17.9M | New |
| SMRT Smartrent Inc. | 0.34% | 7,505,294 | $15.2M | No change |
| OPTU Optimum Communications Inc. Class A | 0.27% | 7,500,000 | $12.4M | No change |
| BHC Bausch Health Cos Inc. | 0.20% | 1,270,000 | $8.8M | No change |
| MX Magnachip Semiconductor Corp. | 0.16% | 2,849,858 | $7.3M | No change |
| LILA Liberty Latin Americ Class A | 0.14% | 839,020 | $6.2M | Reduce -0.9% |
| HDB HDFC Bank Ltd.-ADR | 0.11% | 130,441 | $4.8M | Reduce -13.7% |
| BATL Battalion Oil Corp. | 0.08% | 3,009,912 | $3.4M | Reduce -0.1% |
| ALVO Alvotech SA | 0.04% | 533,656 | $2.0M | Reduce -65.9% |
| BTAIQ Bioxcel Therapeutics Inc. | 0.01% | 241,188 | $386K | No change |
Options reported separately and not counted above: SMH puts ($311.5M), SPY puts ($262.5M), TLN calls ($112.5M), ORCL puts ($97.5M), MAR puts ($46.5M), CORZ calls ($29.1M).
Other holdings (116): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RIOT PLATFORMS INC (RIOT 0.75 01/15/30) | NOTE 0.750% 1/1 · principal | 81,960,000 | $92.9M | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 90,530,000 | $89.0M | Add +32.6% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 18,000,000 | $60.2M | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 58,874,000 | $58.1M | Add +0.2% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 50,633,000 | $50.2M | Add +28.7% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 50,165,000 | $44.9M | Add +27.6% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 42,118,000 | $40.5M | Add +113.6% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 43,578,000 | $40.4M | Add +144.5% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 40,324,000 | $38.7M | Reduce -0.5% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 40,370,000 | $38.5M | Add +12.7% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 39,706,000 | $38.4M | Add +51.7% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 38,855,000 | $37.8M | Add +4.9% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 38,479,000 | $36.7M | Reduce -5.3% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 38,178,000 | $33.4M | Add +33.4% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 33,101,000 | $32.2M | Add +33.6% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 33,284,000 | $30.3M | Add +34.8% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 30,786,000 | $29.6M | Add +20.8% |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 28,311,000 | $27.8M | Add +67.5% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 30,353,000 | $27.4M | Add +290.0% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 27,198,000 | $27.3M | Add +9.9% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 27,496,000 | $26.1M | Add +69.5% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 27,995,000 | $25.8M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 25,225,000 | $23.1M | New |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 23,225,000 | $22.5M | Add +34.4% |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 21,560,000 | $21.5M | Reduce -26.8% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 20,243,000 | $19.9M | Add +102.2% |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 24,063,000 | $19.6M | Add +87.5% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 19,233,000 | $19.3M | Reduce -19.3% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 19,351,000 | $19.2M | Add +106.3% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 20,220,000 | $19.1M | Add +312.0% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 19,576,000 | $18.3M | Add +50.9% |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | 17,250,000 | $18.3M | New |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 15,285,000 | $17.7M | Add +1.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 15,672,000 | $17.2M | Reduce -0.4% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 15,763,000 | $17.1M | Reduce -11.3% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 15,289,000 | $16.6M | Add +28.4% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 15,199,000 | $16.3M | Reduce -12.4% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 15,030,000 | $14.9M | Add +62.6% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 10,600,000 | $14.1M | Reduce -36.5% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 11,957,000 | $14.0M | Reduce -3.7% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 11,525,000 | $13.2M | Add +83.7% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 13,422,000 | $12.2M | Reduce -12.5% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 13,650,000 | $11.9M | Add +58.2% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 11,999,000 | $11.9M | Add +72.9% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 11,841,000 | $11.1M | Add +45.8% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 10,935,000 | $11.0M | Add +102.1% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 10,911,000 | $10.8M | Reduce -16.4% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 10,510,000 | $10.8M | Reduce -19.2% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 9,830,000 | $10.8M | Add +11.4% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 9,371,000 | $10.7M | Reduce -10.5% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 10,305,000 | $10.2M | Add +55.3% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 9,670,000 | $10.2M | New |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 10,091,000 | $9.9M | Add +58.3% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 9,927,000 | $9.8M | Add +55.0% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 9,596,000 | $9.6M | Add +115.8% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 95,294 | $9.5M | No change |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | 7,650,000 | $9.0M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 8,700,000 | $8.8M | New |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 9,076,000 | $8.8M | Add +142.0% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 7,300,000 | $8.6M | Add +69.8% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 6,255,000 | $8.0M | Reduce -62.6% |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 7,499,000 | $7.5M | New |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 7,456,000 | $7.4M | Add +33.5% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 7,677,000 | $7.4M | New |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 7,199,000 | $7.0M | Reduce -37.1% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 7,038,000 | $6.9M | Add +51.5% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 6,730,000 | $6.3M | Add +256.8% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 7,098,000 | $6.3M | Add +80.6% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 6,507,000 | $6.2M | Reduce -10.3% |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 6,605,000 | $6.0M | Add +62.6% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 5,935,000 | $5.5M | Add +76.1% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 5,686,000 | $5.4M | Reduce -51.5% |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | 5,374,000 | $5.3M | New |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 5,436,000 | $5.3M | New |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 5,225,000 | $5.0M | Add +21.8% |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 4,952,000 | $4.9M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 4,557,000 | $4.9M | No change |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 5,763,000 | $4.7M | New |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 3,767,000 | $3.7M | Add +82.6% |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 3,496,000 | $3.4M | Add +158.8% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 3,426,000 | $3.4M | New |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 3,298,000 | $3.3M | Reduce -11.4% |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 3,306,000 | $3.1M | Reduce -1.5% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $3.0M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 2,900,000 | $3.0M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 2,550,000 | $2.9M | Reduce -76.3% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 2,650,000 | $2.9M | Add +103.8% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,950,000 | $2.3M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 2,000,000 | $2.3M | New |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | 1,850,000 | $2.2M | New |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 2,175,000 | $2.2M | New |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 1,960,000 | $1.9M | New |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 1,874,000 | $1.9M | Reduce -21.3% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 1,819,000 | $1.8M | Reduce -70.1% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 1,880,000 | $1.8M | Reduce -7.4% |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 1,816,000 | $1.8M | New |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 1,292,000 | $1.6M | Reduce -82.9% |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 700,000 | $1.5M | New |
| FASTLY INC (FSLY 7.75 06/01/28) | NOTE 7.750% 6/0 · principal | 1,353,000 | $1.5M | New |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,651,000 | $1.5M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,300,000 | $1.5M | New |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 1,189,000 | $1.5M | Reduce -71.8% |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 1,242,000 | $1.3M | Reduce -56.4% |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | 1,300,000 | $1.3M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,100,000 | $1.3M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 1,160,000 | $1.2M | Reduce -91.0% |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 927,000 | $1.0M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,000,000 | $1.0M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 700,000 | $994K | Reduce -30.0% |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 984,000 | $975K | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 902,000 | $939K | New |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 863,000 | $850K | Reduce -36.3% |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 754,000 | $739K | New |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 555,000 | $600K | Reduce -88.1% |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 559,000 | $553K | Reduce -58.7% |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 399,999 | $320K | New |
Total filed on the 13F, all lines: $6.2B.
Portfolio Sells Q3 2025 → Q4 2025
| TRMD Torm PLC-A | Reduce -34.9% | 11.65% | −6.01 |
| GTX Garrett Motion Inc. | Reduce -46.4% | 6.58% | −2.61 |
| ECHO Echostar Corp. Class A | Sold out | 0.00% | −0.97 |
| NBR Nabors Industries Ltd. | Sold out | 0.00% | −0.64 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.53 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -45.0% | 1.46% | −0.53 |
| VIST Vista Energy Sab DE CV | Reduce -57.5% | 0.84% | −0.50 |
| JBS JBS NV-A | Sold out | 0.00% | −0.50 |
| RWAY Runway Growth Finance Corp. | Reduce -15.1% | 1.39% | −0.39 |
| GRAB Grab Holdings Ltd. Class A | Reduce -7.3% | 1.24% | −0.31 |
| LILAK Liberty Latin Americ Class C | Reduce -13.8% | 0.95% | −0.24 |
| ALVO Alvotech SA | Reduce -65.9% | 0.04% | −0.23 |
| YMM Full Truck Alliance -SPN ADR | Reduce -7.3% | 0.83% | −0.21 |
| ACR Acres Commercial Realty Corp. | Sold out | 0.00% | −0.18 |
| BZ Kanzhun Ltd. - ADR | Reduce -7.3% | 0.69% | −0.13 |
| LGN Legence Corp. Class A | Sold out | 0.00% | −0.11 |
| TX Ternium SA-Sponsored ADR | Reduce -26.6% | 0.56% | −0.10 |
| TGS Transportador Gas-ADR SP B | Sold out | 0.00% | −0.03 |
| LILA Liberty Latin Americ Class A | Reduce -0.9% | 0.14% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -13.7% | 0.11% | −0.00 |
| TPICQ Tpi Composites Inc. | Sold out | 0.00% | −0.00 |
| BATL Battalion Oil Corp. | Reduce -0.1% | 0.08% | −0.00 |
| CBL CBL & Associates Properties | Reduce -16.2% | 2.06% | +0.11 |
| VALE Vale SA-SP ADR | Reduce -0.5% | 0.58% | +0.12 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -0.9% | 1.66% | +0.13 |
| FTAI Ftai Aviation Ltd. | Reduce -11.6% | 2.25% | +0.18 |
| TEO Telecom Argentina SA-SP ADR | Reduce -10.7% | 0.60% | +0.20 |
| FCX Freeport-McMoran Inc. | Reduce -7.6% | 1.56% | +0.31 |
| B Barrick Mining Corp. | Reduce -9.9% | 2.86% | +0.57 |
| AU Anglogold Ashanti PLC | Reduce -8.1% | 7.25% | +1.02 |
| INDV Indivior Ltd. | Reduce -97.2% | 5.64% | +5.41 |
Portfolio Buys Q3 2025 → Q4 2025
| AERO Grupo Aeromexico Sab DE CV | New | 1.83% | +1.83 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.54% | +0.54 |
| INFY Infosys Ltd.-SP ADR | New | 0.43% | +0.43 |
| ONIT Onity Group Inc. | New | 0.40% | +0.40 |
| XP XP Inc. Class A | Add +63.3% | 1.20% | +0.39 |
| ECVT Ecovyst Inc. | Add +48.8% | 0.91% | +0.38 |
| CORZ Core Scientific Inc. | Add +30.5% | 2.69% | +0.26 |
| BLCO Bausch + Lomb Corp. | Add +4.2% | 1.28% | +0.24 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +9.1% | 2.19% | +0.22 |
| TLN Talen Energy Corp. | Add +13.7% | 2.74% | +0.12 |
Options Activity Q3 2025 → Q4 2025
| SMH Vaneck Semiconductor ETF | put | New | 865,000 | $311.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +16.7% | 385,000 | $262.5M |
| TLN Talen Energy Corp. | call | Add +361.5% | 300,000 | $112.5M |
| IWM iShares Russell 2000 ETF | put | Sold out | 220,000 | $53.2Mbefore exit |
| CORZ Core Scientific Inc. | call | New | 2,000,000 | $29.1M |
| WING Wingstop Inc. | put | Sold out | 50,000 | $12.6Mbefore 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
| RIOT PLATFORMS INC (RIOT 0.75 01/15/30) | NOTE 0.750% 1/1 · principal | New | 81,960,000 | $92.9M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +32.6% | 90,530,000 | $89.0M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 18,000,000 | $60.2M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +0.2% | 58,874,000 | $58.1M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +28.7% | 50,633,000 | $50.2M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +27.6% | 50,165,000 | $44.9M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +113.6% | 42,118,000 | $40.5M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +144.5% | 43,578,000 | $40.4M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Reduce -0.5% | 40,324,000 | $38.7M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +12.7% | 40,370,000 | $38.5M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +51.7% | 39,706,000 | $38.4M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +4.9% | 38,855,000 | $37.8M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -5.3% | 38,479,000 | $36.7M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +33.4% | 38,178,000 | $33.4M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Add +33.6% | 33,101,000 | $32.2M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 34,930,000 | $30.8Mbefore exit |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +34.8% | 33,284,000 | $30.3M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Add +20.8% | 30,786,000 | $29.6M |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | Add +67.5% | 28,311,000 | $27.8M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +290.0% | 30,353,000 | $27.4M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +9.9% | 27,198,000 | $27.3M |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | Add +69.5% | 27,496,000 | $26.1M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | New | 27,995,000 | $25.8M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | New | 25,225,000 | $23.1M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Add +34.4% | 23,225,000 | $22.5M |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Reduce -26.8% | 21,560,000 | $21.5M |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | Add +102.2% | 20,243,000 | $19.9M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Sold out | 18,133,000 | $19.7Mbefore exit |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | Add +87.5% | 24,063,000 | $19.6M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Reduce -19.3% | 19,233,000 | $19.3M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +106.3% | 19,351,000 | $19.2M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | Add +312.0% | 20,220,000 | $19.1M |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | Add +50.9% | 19,576,000 | $18.3M |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | New | 17,250,000 | $18.3M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Add +1.3% | 15,285,000 | $17.7M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -0.4% | 15,672,000 | $17.2M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | Reduce -11.3% | 15,763,000 | $17.1M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +28.4% | 15,289,000 | $16.6M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Reduce -12.4% | 15,199,000 | $16.3M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Add +62.6% | 15,030,000 | $14.9M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Sold out | 14,544,000 | $14.3Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | Reduce -36.5% | 10,600,000 | $14.1M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Reduce -3.7% | 11,957,000 | $14.0M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Add +83.7% | 11,525,000 | $13.2M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Sold out | 12,695,000 | $13.1Mbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 12,963,000 | $12.9Mbefore exit |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Reduce -12.5% | 13,422,000 | $12.2M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Sold out | 9,240,000 | $12.1Mbefore exit |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +58.2% | 13,650,000 | $11.9M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Add +72.9% | 11,999,000 | $11.9M |
Showing the first 50 of 132.
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 | 49 | $3.8B | TRMD, EXE, GTX, AU, INDV |
| Q1 2026Amended | 50 | $4.3B | TRMD, EXE, AU, GTX, INDV |
| Q4 2025 | 50 | $4.5B | EXE, TRMD, AU, GTX, INDV |
| Q3 2025 | 54 | $4.7B | TRMD, EXE, GTX, AU, VNOM |
| Q2 2025 | 50 | $3.9B | TRMD, EXE, GTX, STR, AU |
| Q1 2025 | 51 | $4.0B | TRMD, EXE, GTX, STR, AU |
| Q4 2024 | 54 | $4.5B | TRMD, EXE, GTX, STR, INFN |
| Q3 2024 | 57 | $5.3B | TRMD, EXE, GTX, STR, INFN |
| Q2 2024 | 50 | $5.2B | TRMD, EXE, GTX, STR, SBLK |
| Q1 2024 | 56 | $5.7B | TRMD, EXE, GTX, STR, RWAY |