Radcliffe Capital Management, L.P.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Radcliffe Capital Management, L.P. reported 39 stock positions worth $129.6 million. Its top holding was Screaming Eagle Acq Class A (SCRM) at 6.4% of the portfolio, followed by Rigel Resource Acquisit Class A (RRACF, 6.3%) and USA Rare Earth (USAR, 6.0%). Compared with Q4 2023, it opened 1 new position, sold out of 68 and reduced 25. The biggest buy was a new position in Roth CH Acquisition and the biggest sale an exit from Churchill Capital Corp. Vii-A (CVII).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001218275
Portfolio Value
$129.6M (Q1 2024)
SEC Filing
0001104659-24-061658 ↗ filed May 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $129.6M $129.6M Q1 2024 Q2 2024: $9.7M Q2 2024 Q3 2024: $13.1M Q3 2024 Q4 2024: $8.4M Q4 2024 Q1 2025: $5.6M Q1 2025 Q2 2025: $217.8M Q2 2025 Q3 2025: $488.9M Q3 2025 Q4 2025: $706.4M Q4 2025 Q1 2026: $884.6M Q1 2026 Q2 2026: $971.9M Q2 2026

Holdings 39 stocks · $129.6M
SCRM Screaming Eagle Acq Class A 6.44% 779,836 $8.3M Reduce -15.6%
RRACF Rigel Resource Acquisit Class A 6.34% 735,577 $8.2M Reduce -0.5%
USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP 6.03% 746,606 $7.8M Reduce -0.1%
ARES ACQUISITION CORP II 5.30% 649,828 $6.9M Reduce -45.8%
PLAOF Patria Latin American Opport 5.01% 575,650 $6.5M Reduce -19.0%
RENEF Cartesian Growth Corp. II- A 4.92% 573,689 $6.4M Reduce -11.4%
TRTLF Tortoiseecofin Acquisition-A 4.60% 554,020 $6.0M Reduce -10.2%
VMCAF Valuence Merger Corp. I Class A 4.16% 476,230 $5.4M Reduce -4.8%
IVCAF Libity filed as INVESTCORP INDIA ACQUISTN CO 4.06% 469,849 $5.3M Reduce -0.1%
CRTAF Cartica Acquisition Corp. Class A 3.85% 450,591 $5.0M Reduce -9.6%
EVE Eve Mobility Acquisition C-A 3.66% 432,942 $4.7M Reduce -2.2%
RCFAF Perception Capital Corp. IV filed as RCF ACQUISITION CORP 3.59% 416,981 $4.7M Reduce -0.1%
GAQ Generation Asia I Acquisit-A 3.30% 387,661 $4.3M Reduce -0.0%
TRIS Tristar Acquisition I Corp. Class A 2.96% 350,128 $3.8M No change
ALCYF Alchemy Investments Acquisit 2.67% 326,796 $3.5M Reduce -2.4%
ROTH CH ACQUISITION CO 2.27% 263,446 $2.9M New
NETD Nabors Energy Transition C-A 2.25% 281,038 $2.9M Reduce -38.9%
EGRVF Evergreen Corporation Class A 2.24% 256,615 $2.9M No change
BOCN Blue Ocean Acquisition Cor-A 2.22% 260,922 $2.9M No change
HAYMAKER ACQUISITION CORP 4 2.21% 275,010 $2.9M No change
APCA Ap Acquisition Corp. Class A 2.18% 250,859 $2.8M No change
TLGYF TLGY Acquisition Corp. Class A 2.18% 249,952 $2.8M No change
LCW Learn CW Investment Corp. Class A 2.12% 249,985 $2.7M Reduce -0.0%
APXIF Apx Acquisition Corp. I 2.05% 232,419 $2.7M Reduce -18.2%
CDAQF Compass Digital Acquisition 1.95% 236,781 $2.5M No change
ZLSSF Zalatoris II Acquisition Cor 1.88% 225,023 $2.4M No change
CNDA Concord Acquisition Corp. Class A 1.43% 175,871 $1.8M Reduce -76.1%
CSLMF CSLM Acquisition Corp. 1.40% 164,226 $1.8M Reduce -46.1%
PFTA Portage Fintech Acquisitio-A filed as PERCEPTION CAPITAL CORP III 1.20% 144,400 $1.5M Reduce -32.8%
DIST Distoken Acquisition Corp. 1.08% 130,390 $1.4M Reduce -3.0%
SPKLF Spark I Acquisition Corp. 0.97% 122,400 $1.3M No change
BOWN Bowen Acquisition Corp. 0.80% 100,000 $1.0M No change
BFACF Battery Future Acquisition-A 0.73% 86,295 $949K Reduce 0.0%
SEDA SDCL Edge Acquisition Corp. Class A 0.54% 63,930 $699K No change
INVZ Innoviz Technologies Ltd. 0.52% 500,000 $675K No change
ESHA Esh Acquisition Corp. Class A 0.32% 40,000 $414K No change
TGAAF Target Global Acquisition -A 0.27% 31,584 $353K Reduce -2.5%
BITCOIN DEPOT INC 0.18% 122,081 $231K Reduce -17.2%
LATG Chenghe Acquisition I Co. 0.12% 14,360 $161K Reduce -87.0%

Options reported separately and not counted above: TRUMP MEDIA & TECHNOLOGY GRO puts ($7.4M).

Other holdings (34): bonds, preferreds, convertibles and warrants · $389.8M (not counted above)
SecurityClassShares / PrincipalValueChange
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal 73,500,000$61.6MNew
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal 54,000,000$54.7MNo change
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 56,100,000$50.8MNew
ALTERYX INC (AYX 0.5 08/01/24) NOTE 0.500% 8/0 · principal 44,972,000$44.6MNo change
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 49,000,000$41.3MAdd +226.7%
MAGNITE INC (MGNI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 40,767,000$36.1MNo change
OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal 36,215,000$33.2MNo change
JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) NOTE 1.500% 8/1 · principal 13,764,000$13.5MAdd +115.0%
PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) NOTE 6.375% 3/0 · principal 12,696,000$12.6MAdd +4.1%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 11,000,000$8.7MNew
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) NOTE 11/0 · principal 7,500,000$6.7MNo change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 5,000,000$5.3MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 5,000,000$4.7MNo change
VARONIS SYSTEM INC (VRNS 1.25 08/15/25) NOTE 1.250% 8/1 · principal 2,500,000$4.0MNo change
ZSCALER INC. (ZS 0.125 07/01/25) NOTE 0.125% 7/0 · principal 2,500,000$3.4MNo change
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 4,025,000$3.4MNo change
TURNING POINT BRANDS INC (TPB 2.5 07/15/24) NOTE 2.500% 7/1 · principal 2,417,000$2.4MNew
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal 1,600,000$1.5MNo change
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal 732,000$682KNew
UPWORK INC (UPWK 0.25 08/15/26) NOTE 0.250% 8/1 · principal 600,000$523KNew
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 1,000,000$92KNo change
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 223,331$45KReduce -22.2%
RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 150,000$32KReduce -54.0%
ZALATORIS ACQUISITION CORP *W EXP 99/99/999 581,439$29KReduce -1.6%
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 153,361$23KReduce -40.0%
GBBKR Global Blockchain Acq - RTS RIGHT 05/09/2027 216,331$16KReduce -55.5%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 26,300$10KNew
AACIW Armada Acquisition I -CW23 *W EXP 99/99/999 118,262$8KReduce -74.2%
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 200,000$8KReduce -73.6%
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 80,250$6KReduce -30.1%
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 30,000$6KNo change
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 295,400$5KReduce -1.5%
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 553,324$5KReduce -15.1%
RACYW Relativity Acquisition-CW27 *W EXP 12/15/202 243,574$0No change

Total filed on the 13F, all lines: $519.4M.

Portfolio Sells Q4 2023 → Q1 2024
CVII Churchill Capital Corp. Vii-A Sold out 0.00% −2.67
NFSCF Enphys Acquisition Corp. Sold out 0.00% −2.55
HCVI Hennessy Capital Invest Class A Sold out 0.00% −2.38
POWER & DIGITAL INFRASTRUCTU Sold out 0.00% −2.29
ANDRETTI ACQUISITION CORP Sold out 0.00% −2.19
PHYTF Pyrophyte Acquisition Corp. Class A Sold out 0.00% −2.03
FLD Fold Holdings Inc. Sold out 0.00% −1.94
SVIIF Spring Valley Acquisition-A Sold out 0.00% −1.71
IVCBF Invest Acquisition Corp. Sold out 0.00% −1.65
MCAA Mountain & Co. I Acquisition Sold out 0.00% −1.61
PEGR Project Energy Reimagined Ac Sold out 0.00% −1.51
SOUTHPORT ACQUISITION CORP Sold out 0.00% −1.44
NPAB New Providence Acquisition-A Sold out 0.00% −1.41
ROSS Ross Acquisition Corp. II -A Sold out 0.00% −1.34
DPCS DP Cap Acquisition Corp. Class A Sold out 0.00% −1.24
CBRRF Chain Bridge I-A Sold out 0.00% −1.24
CMCAF Piermont Valley Acquisition Sold out 0.00% −1.23
CPTK Crown Proptech Acquisition-A Sold out 0.00% −1.21
KRNL Kernel Group Holdings Inc. Class A Sold out 0.00% −1.17
ACAH Atlantic Coastal Acquisiti-A Sold out 0.00% −1.14
CHEA Chenghe Acquisition Co. Class A Sold out 0.00% −1.02
OPA Magnum Opus Acquisition LT-A Sold out 0.00% −1.02
EMCGF Embrace Change Acquisition C Sold out 0.00% −0.94
KVACF Keen Vision Acquisition Corp. Sold out 0.00% −0.92
PLMJF Plum Acquisition Corp. III Sold out 0.00% −0.92
SBC SBC Medical Group Holdings I Sold out 0.00% −0.92
MSSAF Metal SKY Star Acquisition C Sold out 0.00% −0.86
PGSS Pegasus Digital Mobility A-A Sold out 0.00% −0.86
LCAA L Catterton Asia Acq Class A Sold out 0.00% −0.86
FNVTF Finnovate Acquisition Corp. Class A Sold out 0.00% −0.85
CNDA Concord Acquisition Corp. Class A Reduce -76.1% 1.43% −0.75
TENX KEANE ACQUISITION Sold out 0.00% −0.71
ISRLF Israel Acquisitions Corp. Class A Sold out 0.00% −0.69
ARYD Arya Sciences Acquisition-A Sold out 0.00% −0.69
AIMTF Aimfinity Investment-Subunit Sold out 0.00% −0.68
GLST Global Star Acquisition Class A Sold out 0.00% −0.68
CURR Currenc Group Inc. Sold out 0.00% −0.66
CLRCF Climaterock Class A Sold out 0.00% −0.65
CORNER GROWTH ACQUISITION -A Sold out 0.00% −0.64
AACI Armada Acquisition Corp. I Sold out 0.00% −0.61
EVCO Everest Consolidator Acquisi Sold out 0.00% −0.61
TCOA Zalatoris Acquisition Corp. Sold out 0.00% −0.60
DSAQ Direct Selling Acquisition-A Sold out 0.00% −0.60
HSPOF Horizon Space Acquisition I Sold out 0.00% −0.59
BWAQ Blue World Acquisition Corp. Sold out 0.00% −0.54
CONCORD ACQUISITION CORP III Sold out 0.00% −0.51
WELNF Integrated Wellness Acq - A Sold out 0.00% −0.45
GDST Goldenstone Acquisition Ltd. Sold out 0.00% −0.44
GODN Golden Star Acquisition Corp. Sold out 0.00% −0.42
ALSAF Alpha Star Acquisition Corp. Sold out 0.00% −0.38

Portfolio Buys Q4 2023 → Q1 2024
ROTH CH ACQUISITION CO New 2.27% +2.27

Options Activity Q4 2023 → Q1 2024
TRUMP MEDIA & TECHNOLOGY GRO put New 120,100 $7.4M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
DOCUSIGN INC (DOCU 0 01/15/24) NOTE 1/1 · principal Sold out 62,955,000 $62.8Mbefore exit
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal New 73,500,000 $61.6M
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal New 56,100,000 $50.8M
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal Add +226.7% 49,000,000 $41.3M
HERBALIFE LTD (HLF 2.625 03/15/24) NOTE 2.625% 3/1 · principal Sold out 33,855,000 $33.4Mbefore exit
ALTERYX INC (AYX 1 08/01/26) NOTE 1.000% 8/0 · principal Sold out 33,620,000 $32.7Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 26,571,000 $23.4Mbefore exit
WESTERN DIGITAL CORP (WDC 1.5 02/01/24) NOTE 1.500% 2/0 · principal Sold out 16,631,000 $16.6Mbefore exit
JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) NOTE 1.500% 8/1 · principal Add +115.0% 13,764,000 $13.5M
PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) NOTE 6.375% 3/0 · principal Add +4.1% 12,696,000 $12.6M
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal New 11,000,000 $8.7M
TURNING POINT BRANDS INC (TPB 2.5 07/15/24) NOTE 2.500% 7/1 · principal New 2,417,000 $2.4M
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal New 732,000 $682K
UPWORK INC (UPWK 0.25 08/15/26) NOTE 0.250% 8/1 · principal New 600,000 $523K
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Reduce -22.2% 223,331 $45K
NFSWF Enphys Acquisition -CW24 *W EXP 99/99/999 Sold out 858,615 $41Kbefore exit
RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 Reduce -54.0% 150,000 $32K
ZALATORIS ACQUISITION CORP *W EXP 99/99/999 Reduce -1.6% 581,439 $29K
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Reduce -40.0% 153,361 $23K
BHACW Crixus BH3 Acquisition -CW26 *W EXP 99/99/999 Sold out 267,519 $20Kbefore exit
GBBKR Global Blockchain Acq - RTS RIGHT 05/09/2027 Reduce -55.5% 216,331 $16K
AEON BIOPHARMA INC *W EXP 07/21/202 Sold out 139,840 $12Kbefore exit
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 Sold out 323,243 $12Kbefore exit
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 New 26,300 $10K
AACIW Armada Acquisition I -CW23 *W EXP 99/99/999 Reduce -74.2% 118,262 $8K
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 Reduce -73.6% 200,000 $8K
TRIS.WS Tristar Acq I Class A -CW28 *W EXP 99/99/999 Sold out 303,159 $8Kbefore exit
HHLA.WS Hh&l Acquisition -A -CW26 *W EXP 02/04/202 Sold out 367,426 $7Kbefore exit
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 Sold out 61,200 $7Kbefore exit
PROJECT ENERGY REIMAGINED AC *W EXP 99/99/999 Sold out 345,200 $7Kbefore exit
KYCHR Keyarch Acquisition Corp.-RT RIGHT 01/24/2027 Sold out 141,249 $7Kbefore exit
GBBKW Global Blockchain Acq-CW27 *W EXP 05/09/202 Sold out 449,241 $6Kbefore exit
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 Reduce -30.1% 80,250 $6K
PORTW Southport Acquisition -CW23 *W EXP 99/99/999 Sold out 202,999 $6Kbefore exit
HUDAR Hudson Acquisition I Corp.-RT RIGHT 99/99/9999 Sold out 31,781 $5Kbefore exit
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 Reduce -1.5% 295,400 $5K
QUADRO ACQUISITION ONE CORP *W EXP 06/30/202 Sold out 241,093 $5Kbefore exit
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 Sold out 146,200 $5Kbefore exit
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 Reduce -15.1% 553,324 $5K
GDSTW Goldenstone Acquisitio -CW23 *W EXP 07/15/202 Sold out 195,500 $4Kbefore exit
LGVCW Lamf Global Ventures -CW23 *W EXP 99/99/999 Sold out 184,973 $4Kbefore exit
HCMAW HCM Acquisition Corp.-A -CW27 *W EXP 01/20/202 Sold out 200,000 $4Kbefore exit
GAQWF Generation Asia I Acq -CW23 *W EXP 99/99/999 Sold out 150,000 $4Kbefore exit
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 Sold out 149,380 $4Kbefore exit
BITE.WS Bite Acquisition Corp. -CW27 *W EXP 02/12/203 Sold out 146,343 $4Kbefore exit
VMCWF Valuence Merger Corp. -CW27 *W EXP 99/99/999 Sold out 100,000 $4Kbefore exit
RFACW RF Acquisition Corp.-CW27 *W EXP 05/01/202 Sold out 225,128 $4Kbefore exit
VHAQR Viveon Health Acquisit-RTS RIGHT 12/31/2025 Sold out 61,156 $3Kbefore exit
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 Sold out 200,000 $3Kbefore exit
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 Sold out 149,683 $3Kbefore exit

Showing the first 50 of 85.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 251$971.9MAAC.U, GUACU, DBCA, EVAC, MTNE.U
Q1 2026 231$884.6MDBCA, EVAC, MESH, WENN, ALOV
Q4 2025 186$706.4MEVAC, MESHU, EVOX, HCMA, SDHI
Q3 2025 146$488.9MMRLN, EVAC, GTEN, AACB, ATII
Q2 2025 92$217.8MGTEN, COPL, ONEN, OYSEU, JACS
Q1 2025 6$5.6MARES ACQUISITION CORP II, GSRT, MGNI, HAYMAKER ACQUISITION CORP 4, BITCOIN DEPOT INC
Q4 2024 8$8.4MARES ACQUISITION CORP II, RRACF, GSRT, TDACU, BITCOIN DEPOT INC
Q3 2024 10$13.1MAAM, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF
Q2 2024 8$9.7MZLSSF, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF
Q1 2024 39$129.6MSCRM, RRACF, USAR, ARES ACQUISITION CORP II, PLAOF