Radcliffe Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Radcliffe Capital Management, L.P. reported 6 stock positions worth $5.6 million. Its top holding was Ares Acquisition Corp. II at 39.5% of the portfolio, followed by GSR III Acquisition (GSRT, 30.8%) and Magnite (MGNI, 10.1%). Compared with Q4 2024, it opened 1 new position, sold out of 3 and reduced 1. The biggest buy was a new position in Magnite (MGNI) and the biggest sale an exit from Rigel Resource Acquisit Class A (RRACF).
- Most Recent 13F
- Q2 2026
- Location
- BALA CYNWYD, PA
- CIK
- 0001218275
- Portfolio Value
- $5.6M (Q1 2025)
- SEC Filing
- 0001104659-25-048896 ↗ filed May 15, 2025
Holdings Value
Holdings 6 stocks · $5.6M
| ARES ACQUISITION CORP II | 39.47% | 200,000 | $2.2M | No change |
| GSRT GSR III Acquisition Corp. | 30.81% | 173,900 | $1.7M | No change |
| MGNI Magnite Inc. | 10.10% | 50,000 | $571K | New |
| HAYMAKER ACQUISITION CORP 4 | 7.36% | 37,821 | $416K | No change |
| BITCOIN DEPOT INC | 7.07% | 264,620 | $400K | Reduce -7.4% |
| VCIC Vine Hill Capital Class A | 5.19% | 28,896 | $293K | No change |
Other holdings (36): bonds, preferreds, convertibles and warrants · $965.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 176,235,000 | $163.9M | Reduce 0.0% |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | 93,004,000 | $92.1M | No change |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 91,000,000 | $83.4M | No change |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 75,369,000 | $73.4M | Add +2914.8% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 67,047,000 | $67.8M | Add +24.8% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 69,767,000 | $66.3M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 69,800,000 | $66.1M | Add +856.2% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 35,677,000 | $34.5M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 40,139,000 | $34.0M | Add +14.2% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 38,000,000 | $32.2M | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 31,730,000 | $30.2M | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 29,650,000 | $23.8M | Add +21.5% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 25,822,000 | $23.7M | No change |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 22,329,000 | $22.1M | Add +15.5% |
| REPAY HOLDINGS (RPAY 0 02/01/26 *) | NOTE 2/0 · principal | 22,026,000 | $21.0M | Add +9.7% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 18,262,000 | $17.3M | Add +1726.2% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 18,461,000 | $17.1M | Reduce -66.2% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 15,600,000 | $14.5M | No change |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 12,988,000 | $12.8M | Add +18.2% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 11,600,000 | $10.2M | Add +14.8% |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 7,000,000 | $7.8M | New |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 6,868,000 | $6.8M | Add +14.5% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 7,000,000 | $6.7M | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 5,000,000 | $6.6M | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 5,500,000 | $5.3M | No change |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 2,500,000 | $5.1M | New |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 5,000,000 | $4.9M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,000,000 | $4.9M | No change |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 3,520,000 | $3.4M | New |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 3,000,000 | $2.8M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 2,500,000 | $2.4M | No change |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 2,302,000 | $2.1M | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 52,042 | $15K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 87,238 | $6K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 14,448 | $5K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 30,000 | $5K | No change |
Total filed on the 13F, all lines: $970.9M.
Portfolio Sells Q4 2024 → Q1 2025
| RRACF Rigel Resource Acquisit Class A | Sold out | 0.00% | −23.67 |
| TDACU Translational Development Ac | Sold out | 0.00% | −14.27 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −1.60 |
| BITCOIN DEPOT INC | Reduce -7.4% | 7.07% | +1.56 |
Portfolio Buys Q4 2024 → Q1 2025
| MGNI Magnite Inc. | New | 10.10% | +10.10 |
Notes & Other Activity Q4 2024 → Q1 2025
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Reduce 0.0% | 176,235,000 | $163.9M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Add +2914.8% | 75,369,000 | $73.4M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Add +24.8% | 67,047,000 | $67.8M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +856.2% | 69,800,000 | $66.1M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +14.2% | 40,139,000 | $34.0M |
| EXACT SCIENCES CORP (EXAS 1 01/15/25) | NOTE 1.000% 1/1 · principal | Sold out | 31,770,000 | $31.7Mbefore exit |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +21.5% | 29,650,000 | $23.8M |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | Add +15.5% | 22,329,000 | $22.1M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 20,940,000 | $21.2Mbefore exit |
| REPAY HOLDINGS (RPAY 0 02/01/26 *) | NOTE 2/0 · principal | Add +9.7% | 22,026,000 | $21.0M |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | Sold out | 19,662,000 | $19.5Mbefore exit |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +1726.2% | 18,262,000 | $17.3M |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Reduce -66.2% | 18,461,000 | $17.1M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Add +18.2% | 12,988,000 | $12.8M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Add +14.8% | 11,600,000 | $10.2M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | New | 7,000,000 | $7.8M |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Add +14.5% | 6,868,000 | $6.8M |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | Sold out | 5,963,000 | $5.9Mbefore exit |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | New | 2,500,000 | $5.1M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Sold out | 5,000,000 | $4.5Mbefore exit |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | New | 3,520,000 | $3.4M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 3,000,000 | $2.8M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Sold out | 2,500,000 | $2.3Mbefore exit |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Sold out | 1,600,000 | $1.5Mbefore exit |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 500,000 | $481Kbefore exit |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | Sold out | 32,962 | $16Kbefore 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 | 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 |