Radcliffe Capital Management, L.P.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Radcliffe Capital Management, L.P. reported 8 stock positions worth $9.7 million. Its top holding was Zalatoris II Acquisition Cor (ZLSSF) at 25.5% of the portfolio, followed by Ares Acquisition Corp. II (22.1%) and Rigel Resource Acquisit Class A (RRACF, 20.2%). Compared with Q1 2024, it sold out of 31 and reduced 6. The biggest sale was an exit from Screaming Eagle Acq Class A (SCRM).
- Most Recent 13F
- Q2 2026
- Location
- BALA CYNWYD, PA
- CIK
- 0001218275
- Portfolio Value
- $9.7M (Q2 2024)
- SEC Filing
- 0001104659-24-089280 ↗ filed Aug 14, 2024
Holdings Value
Holdings 8 stocks · $9.7M
| ZLSSF Zalatoris II Acquisition Cor | 25.51% | 225,023 | $2.5M | No change |
| ARES ACQUISITION CORP II | 22.08% | 200,000 | $2.1M | Reduce -69.2% |
| RRACF Rigel Resource Acquisit Class A | 20.20% | 172,362 | $2.0M | Reduce -76.6% |
| USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP | 16.25% | 148,193 | $1.6M | Reduce -80.2% |
| ALCYF Alchemy Investments Acquisit | 5.27% | 47,486 | $509K | Reduce -85.5% |
| ESHA Esh Acquisition Corp. Class A | 4.31% | 40,000 | $417K | No change |
| HAYMAKER ACQUISITION CORP 4 | 4.11% | 37,821 | $397K | Reduce -86.3% |
| BITCOIN DEPOT INC | 2.27% | 121,981 | $220K | Reduce -0.1% |
Options reported separately and not counted above: TRUMP MEDIA & TECHNOLOGY GRO puts ($5.0M).
Other holdings (31): bonds, preferreds, convertibles and warrants · $499.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 167,735,008 | $141.3M | Add +128.2% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 66,767,000 | $60.3M | Add +63.8% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 48,500,000 | $48.8M | Reduce -10.2% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 49,000,000 | $40.6M | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 36,215,000 | $33.1M | No change |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 36,225,000 | $31.2M | New |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 30,940,000 | $29.7M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 35,000,000 | $27.5M | Add +218.2% |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | 21,324,000 | $21.2M | Add +54.9% |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | 12,326,000 | $12.3M | Reduce -2.9% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 11,000,000 | $9.1M | New |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 7,500,000 | $6.9M | No change |
| BREAD FINANCIAL HLDGS (BFH 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 4,000,000 | $5.3M | New |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 5,500,000 | $5.0M | Reduce -90.2% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,000,000 | $4.8M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 5,000,000 | $4.5M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 4,025,000 | $3.4M | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 2,500,000 | $3.4M | No change |
| TURNING POINT BRANDS INC (TPB 2.5 07/15/24) | NOTE 2.500% 7/1 · principal | 3,117,000 | $3.1M | Add +29.0% |
| BLACKLINE INC (BL 0.125 08/01/24) | NOTE 0.125% 8/0 · principal | 2,613,000 | $2.6M | New |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | 1,732,000 | $1.6M | Add +136.6% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 1,600,000 | $1.5M | No change |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 1,500,000 | $1.3M | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 600,000 | $532K | No change |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 500,000 | $456K | New |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 741,437 | $36K | Reduce -25.9% |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 52,042 | $7K | Reduce -76.7% |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 30,000 | $4K | No change |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | 33,363 | $3K | Reduce -78.3% |
| GBBKR Global Blockchain Acq - RTS | RIGHT 05/09/2027 | 28,402 | $1K | Reduce -86.9% |
| RACYW Relativity Acquisition-CW27 | *W EXP 12/15/202 | 243,574 | $0 | No change |
Total filed on the 13F, all lines: $509.3M.
Portfolio Sells Q1 2024 → Q2 2024
| SCRM Screaming Eagle Acq Class A | Sold out | 0.00% | −6.44 |
| PLAOF Patria Latin American Opport | Sold out | 0.00% | −5.01 |
| RENEF Cartesian Growth Corp. II- A | Sold out | 0.00% | −4.92 |
| TRTLF Tortoiseecofin Acquisition-A | Sold out | 0.00% | −4.60 |
| VMCAF Valuence Merger Corp. I Class A | Sold out | 0.00% | −4.16 |
| IVCAF Libity | Sold out | 0.00% | −4.06 |
| CRTAF Cartica Acquisition Corp. Class A | Sold out | 0.00% | −3.85 |
| EVE Eve Mobility Acquisition C-A | Sold out | 0.00% | −3.66 |
| RCFAF Perception Capital Corp. IV | Sold out | 0.00% | −3.59 |
| GAQ Generation Asia I Acquisit-A | Sold out | 0.00% | −3.30 |
| TRIS Tristar Acquisition I Corp. Class A | Sold out | 0.00% | −2.96 |
| ROTH CH ACQUISITION CO | Sold out | 0.00% | −2.27 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −2.25 |
| EGRVF Evergreen Corporation Class A | Sold out | 0.00% | −2.24 |
| BOCN Blue Ocean Acquisition Cor-A | Sold out | 0.00% | −2.22 |
| APCA Ap Acquisition Corp. Class A | Sold out | 0.00% | −2.18 |
| TLGYF TLGY Acquisition Corp. Class A | Sold out | 0.00% | −2.18 |
| LCW Learn CW Investment Corp. Class A | Sold out | 0.00% | −2.12 |
| APXIF Apx Acquisition Corp. I | Sold out | 0.00% | −2.05 |
| CDAQF Compass Digital Acquisition | Sold out | 0.00% | −1.95 |
| CNDA Concord Acquisition Corp. Class A | Sold out | 0.00% | −1.43 |
| CSLMF CSLM Acquisition Corp. | Sold out | 0.00% | −1.40 |
| PFTA Portage Fintech Acquisitio-A | Sold out | 0.00% | −1.20 |
| DIST Distoken Acquisition Corp. | Sold out | 0.00% | −1.08 |
| SPKLF Spark I Acquisition Corp. | Sold out | 0.00% | −0.97 |
| BOWN Bowen Acquisition Corp. | Sold out | 0.00% | −0.80 |
| BFACF Battery Future Acquisition-A | Sold out | 0.00% | −0.73 |
| SEDA SDCL Edge Acquisition Corp. Class A | Sold out | 0.00% | −0.54 |
| INVZ Innoviz Technologies Ltd. | Sold out | 0.00% | −0.52 |
| TGAAF Target Global Acquisition -A | Sold out | 0.00% | −0.27 |
| LATG Chenghe Acquisition I Co. | Sold out | 0.00% | −0.12 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -86.3% | 4.11% | +1.90 |
| BITCOIN DEPOT INC | Reduce -0.1% | 2.27% | +2.09 |
| ALCYF Alchemy Investments Acquisit | Reduce -85.5% | 5.27% | +2.60 |
| USAR USA Rare Earth Inc. | Reduce -80.2% | 16.25% | +10.22 |
| RRACF Rigel Resource Acquisit Class A | Reduce -76.6% | 20.20% | +13.86 |
| ARES ACQUISITION CORP II | Reduce -69.2% | 22.08% | +16.78 |
Portfolio Buys Q1 2024 → Q2 2024
| None this quarter. | |||
Options Activity Q1 2024 → Q2 2024
| TRUMP MEDIA & TECHNOLOGY GRO | put | Add +28.0% | 153,700 | $5.0M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Add +128.2% | 167,735,008 | $141.3M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +63.8% | 66,767,000 | $60.3M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Reduce -10.2% | 48,500,000 | $48.8M |
| ALTERYX INC (AYX 0.5 08/01/24) | NOTE 0.500% 8/0 · principal | Sold out | 44,972,000 | $44.6Mbefore exit |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | New | 36,225,000 | $31.2M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | New | 30,940,000 | $29.7M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +218.2% | 35,000,000 | $27.5M |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | Add +54.9% | 21,324,000 | $21.2M |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | Reduce -2.9% | 12,326,000 | $12.3M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | New | 11,000,000 | $9.1M |
| BREAD FINANCIAL HLDGS (BFH 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | New | 4,000,000 | $5.3M |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | Reduce -90.2% | 5,500,000 | $5.0M |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | Sold out | 2,500,000 | $4.0Mbefore exit |
| TURNING POINT BRANDS INC (TPB 2.5 07/15/24) | NOTE 2.500% 7/1 · principal | Add +29.0% | 3,117,000 | $3.1M |
| BLACKLINE INC (BL 0.125 08/01/24) | NOTE 0.125% 8/0 · principal | New | 2,613,000 | $2.6M |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | Add +136.6% | 1,732,000 | $1.6M |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | New | 1,500,000 | $1.3M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 500,000 | $456K |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | Reduce -25.9% | 741,437 | $36K |
| RRAWF Rigel Resource Acquisi -CW23 | *W EXP 99/99/999 | Sold out | 150,000 | $32Kbefore exit |
| ZALATORIS ACQUISITION CORP | *W EXP 99/99/999 | Sold out | 581,439 | $29Kbefore exit |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | Sold out | 26,300 | $10Kbefore exit |
| AACIW Armada Acquisition I -CW23 | *W EXP 99/99/999 | Sold out | 118,262 | $8Kbefore exit |
| IXQWF Ix Acquisition Corp. -CW26 | *W EXP 07/31/202 | Sold out | 200,000 | $8Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Reduce -76.7% | 52,042 | $7K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Sold out | 80,250 | $6Kbefore exit |
| GATEW Marblegate Acquisition -CW22 | *W EXP 08/31/202 | Sold out | 295,400 | $5Kbefore exit |
| PRENW Prenetics Global Ltd. -CW26 | *W EXP 05/18/202 | Sold out | 553,324 | $5Kbefore exit |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | Reduce -78.3% | 33,363 | $3K |
| GBBKR Global Blockchain Acq - RTS | RIGHT 05/09/2027 | Reduce -86.9% | 28,402 | $1K |
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 | 251 | $971.9M | AAC.U, GUACU, DBCA, EVAC, MTNE.U |
| Q1 2026 | 231 | $884.6M | DBCA, EVAC, MESH, WENN, ALOV |
| Q4 2025 | 186 | $706.4M | EVAC, MESHU, EVOX, HCMA, SDHI |
| Q3 2025 | 146 | $488.9M | MRLN, EVAC, GTEN, AACB, ATII |
| Q2 2025 | 92 | $217.8M | GTEN, COPL, ONEN, OYSEU, JACS |
| Q1 2025 | 6 | $5.6M | ARES ACQUISITION CORP II, GSRT, MGNI, HAYMAKER ACQUISITION CORP 4, BITCOIN DEPOT INC |
| Q4 2024 | 8 | $8.4M | ARES ACQUISITION CORP II, RRACF, GSRT, TDACU, BITCOIN DEPOT INC |
| Q3 2024 | 10 | $13.1M | AAM, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF |
| Q2 2024 | 8 | $9.7M | ZLSSF, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF |
| Q1 2024 | 39 | $129.6M | SCRM, RRACF, USAR, ARES ACQUISITION CORP II, PLAOF |