Radcliffe Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Radcliffe Capital Management, L.P. reported 186 stock positions worth $706.4 million. Its top holding was Eqv Ventures Acquisition C-A (EVAC) at 1.3% of the portfolio, followed by Meshflow Acquisition (MESHU, 1.1%) and Evolution Global Acquis Class A (EVOX, 1.0%). Compared with Q3 2025, it opened 51 new positions, sold out of 9, added to 82 and reduced 20. The biggest buy was a new position in Meshflow Acquisition (MESHU) and the biggest sale Merlin (MRLN, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- BALA CYNWYD, PA
- CIK
- 0001218275
- Portfolio Value
- $706.4M (Q4 2025)
- SEC Filing
- 0001104659-26-015736 ↗ filed Feb 17, 2026
Holdings Value
Holdings 186 stocks · $706.4M
| EVAC Eqv Ventures Acquisition C-A | 1.29% | 910,862 | $9.1M | Add +5.9% |
| MESHU Meshflow Acquisition Corp. | 1.06% | 749,400 | $7.5M | New |
| EVOX Evolution Global Acquis Class A | 1.01% | 720,988 | $7.1M | New |
| HCMA HCM III Acquisition Cor Class A | 0.99% | 700,000 | $7.0M | Add +21.7% |
| SDHI Siddhi Acquisition Corp. Class A | 0.99% | 683,370 | $7.0M | Add +24.3% |
| KOYN CSLM Digital Asset Acqu - A | 0.99% | 701,739 | $7.0M | Add +51.1% |
| WENN Wen Acquisition Corp. Class A | 0.99% | 691,263 | $7.0M | Add +61.6% |
| JACS Jackson Acquisition Co. Class A | 0.98% | 662,430 | $6.9M | Add +29.3% |
| AACB Artius II Acquisition Inc. Class A | 0.97% | 667,119 | $6.9M | Add +2.6% |
| NPAC New Providence Acquisition-A | 0.97% | 665,376 | $6.8M | Add +19.2% |
| ATII Archimedes Tech Spac Partner | 0.97% | 658,322 | $6.8M | Add +7.7% |
| ALUB.U Alussa Energy Acquisition Co. | 0.97% | 675,000 | $6.8M | New |
| GTEN Gores Holdings X Inc. Class A | 0.95% | 658,063 | $6.7M | No change |
| APXT Apex Treasury Corp. Class A | 0.94% | 675,000 | $6.7M | New |
| SOUL Soulpower Acquisition Co. Class A | 0.94% | 655,635 | $6.7M | Add +19.2% |
| KFII K&F Growth Acquisition Cor-A | 0.93% | 633,889 | $6.6M | Add +24.7% |
| GIW GIGCAPITAL8 Corp. Class A | 0.91% | 650,000 | $6.4M | New |
| TACH Titan Acquisition Corp. Class A | 0.91% | 625,010 | $6.4M | Add +19.1% |
| SBXE.U Silverbox Corp. V | 0.91% | 635,000 | $6.4M | New |
| MBVI M3-Brigade Acquisition Class A | 0.90% | 635,905 | $6.4M | Add +10.6% |
| PACH Pioneer Acquisition I Class A | 0.90% | 629,247 | $6.3M | Add +6.2% |
| CCII Cohen Circle Acquisit II - A | 0.89% | 616,577 | $6.3M | Add +12.1% |
| OBA Oxley Bridge Acquisitio Class A | 0.89% | 625,296 | $6.3M | Add +16.2% |
| OYSE Oyster Enterprises II Acq-A | 0.89% | 623,741 | $6.3M | Add +18.8% |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 0.87% | 595,796 | $6.1M | Add +17.2% |
| GPAT GP-Act III Acquisition-A | 0.87% | 573,222 | $6.1M | Add +0.1% |
| GSRF GSR IV Acquisition Corp. Class A | 0.86% | 609,667 | $6.1M | Add +50.9% |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.86% | 590,384 | $6.1M | Add +2.7% |
| IRHOU Iron Horse Acquisition II Co. | 0.85% | 603,644 | $6.0M | New |
| LPCVU Launchpad Cadenza Acquisitio | 0.85% | 600,000 | $6.0M | New |
| ADACU American Drive Acquisition C | 0.85% | 600,000 | $6.0M | New |
| COPL Copley Acquisition Corp. Class A | 0.83% | 572,786 | $5.9M | Add +9.4% |
| BDCI BTC Development Corp. Class A | 0.82% | 581,316 | $5.8M | Add +281.2% |
| NHIC Newhold Investment Cor III-A | 0.82% | 560,971 | $5.8M | Add +13.7% |
| KCHV Kochav Defense Acquisition-A | 0.81% | 566,200 | $5.7M | Add +7.8% |
| DMII Drugs Made in America Acquis | 0.81% | 575,607 | $5.7M | Add +0.1% |
| NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I | 0.81% | 575,000 | $5.7M | New |
| SIMA Sim Acquisition Corp. I-A | 0.80% | 536,322 | $5.7M | Add +5.2% |
| DMAA Drugs Made in America Acquis | 0.80% | 546,808 | $5.7M | Add +3.5% |
| LWAC Lightwave Acquisition Corp. Class A | 0.80% | 564,160 | $5.7M | Add +18.8% |
| AAM Aa Mission Acquisition Cor-A | 0.80% | 528,530 | $5.6M | Add +2.3% |
| MRLN Merlin Inc. filed as INFLECTION POINT ACQUISITION | 0.79% | 521,028 | $5.6M | Reduce -42.9% |
| AXIN Axiom Intelligence Class A | 0.78% | 549,758 | $5.5M | Add +16.4% |
| CRAQ Cal Redwood Acquisit Class A | 0.78% | 545,628 | $5.5M | Add +16.3% |
| BCAR D. Boral Arc Acquisit Class A | 0.78% | 549,672 | $5.5M | Add +20.7% |
| HCACU Hall Chadwick Acquisition Co. | 0.78% | 550,000 | $5.5M | New |
| GPACU General Purpose Acquisition | 0.78% | 550,000 | $5.5M | New |
| OTGA Otg Acquisition Corp. I Class A | 0.78% | 550,000 | $5.5M | No change |
| CEPF Cantor Equity Partners Class A | 0.78% | 534,810 | $5.5M | Add +6.1% |
| DRDB Roman DBDR Acquisition Corp. | 0.78% | 525,266 | $5.5M | Add +0.1% |
| BIXI Bitcoin Infrastructure Class A | 0.78% | 556,079 | $5.5M | New |
| HAVA Harvard Ave Acquisition Class A | 0.77% | 550,000 | $5.5M | New |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 0.77% | 526,647 | $5.5M | Reduce -7.3% |
| FACT Fact II Acquisition Corp. | 0.77% | 523,289 | $5.4M | Add +4.7% |
| IGAC Invest Green Acquisitio Class A | 0.77% | 550,000 | $5.4M | New |
| BLZR Trailblazer Acquisition Class A | 0.76% | 537,741 | $5.4M | Add +4.9% |
| TLNC Talon Capital Corp. Class A | 0.76% | 530,385 | $5.4M | Add +0.2% |
| BACC Blue Acquisition Corp. Class A | 0.76% | 524,100 | $5.4M | Add +9.4% |
| ALF Centurion Acquisition Corp. | 0.76% | 501,086 | $5.3M | Add +20.2% |
| VACH Voyager Acquisition Corp. | 0.76% | 500,000 | $5.3M | No change |
| HVMC Highview Merger Corp. Class A | 0.75% | 532,201 | $5.3M | No change |
| TVAI Thayer Ventures Acquis Class A | 0.75% | 525,000 | $5.3M | Add +5.0% |
| EGHA Egh Acquisition Co. Class A | 0.75% | 522,737 | $5.3M | Add +9.1% |
| TDAC Translational Development Ac | 0.75% | 505,514 | $5.3M | Add +0.2% |
| ITHAU Ithax Acquisition Corp. III | 0.74% | 525,732 | $5.2M | New |
| SAC.U Safeguard Acquisition Corp. | 0.71% | 500,000 | $5.0M | New |
| CRANU Crane Harbor Acquisition Cor | 0.71% | 500,000 | $5.0M | New |
| POLE Andretti Acquisition Corp. Class A | 0.71% | 478,664 | $5.0M | Add +0.3% |
| PCAP Procap Acquisition Corp. Class A | 0.71% | 493,841 | $5.0M | Add +44.0% |
| EMIS Emmis Acquisition Corp. Class A | 0.70% | 499,126 | $5.0M | Add +5.1% |
| TWLVU Twelve Seas Investment Co. II | 0.70% | 500,000 | $5.0M | New |
| SZZL Sizzle Acquisition Corp. Class A | 0.70% | 489,484 | $5.0M | Add +14.5% |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.69% | 475,000 | $4.9M | No change |
| JENA Jena Acquisition Corp. II - A | 0.69% | 479,790 | $4.9M | Add +15.4% |
| DYOR Insight Digital Partners I-A | 0.69% | 492,281 | $4.9M | New |
| DAAQ Digital Asset Acquisiti Class A | 0.68% | 474,579 | $4.8M | Add +267.4% |
| XRPN Armada Acquisition Class A | 0.68% | 466,789 | $4.8M | Reduce -2.6% |
| TDWD Tailwind 2.0 Acquisitio Class A | 0.67% | 477,680 | $4.7M | New |
| PLMK Plum Acquisition Corp. IV | 0.66% | 449,055 | $4.7M | Add +5.6% |
| BEAG Bold Eagle Acquisition Cor-A | 0.65% | 435,448 | $4.6M | Add +36.1% |
| MACI Melar Acquisition Corp. I-A | 0.64% | 426,939 | $4.5M | No change |
| ANSC Agriculture & Natural Soluti | 0.64% | 404,238 | $4.5M | Reduce -0.1% |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.61% | 424,606 | $4.3M | Add +6.2% |
| NTWO Newbury Street II Ac Class A | 0.61% | 414,038 | $4.3M | Add +21.6% |
| LPBB Launch Two Acquisition Class A | 0.60% | 403,258 | $4.2M | Add +100.1% |
| AEXA American Exceptionalism Class A | 0.59% | 366,382 | $4.2M | Reduce -8.4% |
| FTW Eqv Ventures Acquisition C-A | 0.59% | 397,032 | $4.2M | No change |
| FERA Fifth Era Acquisition Corp. Class A | 0.59% | 404,403 | $4.2M | Add +22.8% |
| RAC Rithm Acquisition Corp. Class A | 0.59% | 399,101 | $4.1M | No change |
| BLRKU Bluerock Acquisition Corp. | 0.57% | 400,431 | $4.0M | New |
| SCPQU Social Commerce Partners Cor | 0.57% | 399,861 | $4.0M | New |
| OACC Oaktree Acquisition Corp. I-A | 0.56% | 377,065 | $4.0M | Add +67.1% |
| RAAQ Real Asset Acquisiti Class A | 0.56% | 385,923 | $3.9M | Add +0.3% |
| GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I | 0.55% | 383,498 | $3.9M | Add +8.0% |
| ALDF Aldel Financial II Inc. | 0.55% | 370,459 | $3.9M | Add +11.6% |
| PAII Pyrophyte Acquisition Corp. Class A | 0.55% | 384,841 | $3.9M | Add +19.1% |
| LEGT Legato Merger Corp. III | 0.54% | 349,810 | $3.8M | Reduce -3.5% |
| NMP NMP Acquisition Corp. Class A | 0.53% | 374,900 | $3.8M | No change |
| TVA Texas Ventures Acquisition-A | 0.53% | 352,594 | $3.8M | Reduce -20.3% |
| DNMX Dynamix Corp. III Class A | 0.53% | 375,171 | $3.7M | New |
Other holdings (123): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 149,750,000 | $148.1M | Add +4.9% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 113,786,000 | $113.4M | Add +97.9% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 115,750,000 | $110.0M | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 81,222,000 | $80.2M | Add +19.4% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 77,410,000 | $76.9M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 76,767,000 | $75.8M | Add +2.7% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 75,188,000 | $74.1M | Add +119.5% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 57,420,000 | $57.3M | Add +158.1% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 48,716,000 | $48.6M | New |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 55,900,000 | $48.5M | Add +12.0% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 49,639,000 | $43.2M | Add +16.4% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 38,000,000 | $33.9M | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 33,692,000 | $33.7M | Add +236.9% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 26,000,000 | $23.9M | Add +420.0% |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 21,400,000 | $20.9M | Add +18.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 21,500,000 | $19.3M | Add +186.7% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 17,181,000 | $16.6M | Reduce -6.9% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 18,000,000 | $16.3M | Add +16.1% |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 11,737,000 | $11.7M | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 10,692,000 | $10.6M | No change |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 9,000,000 | $8.6M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 7,964,000 | $7.9M | Add +2.4% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 5,000,000 | $7.4M | No change |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 7,302,000 | $6.9M | No change |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 6,949,000 | $6.9M | New |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 6,000,000 | $6.1M | No change |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 5,000,000 | $5.3M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 5,000,000 | $5.0M | No change |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 5,000,000 | $4.1M | New |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 4,025,000 | $3.7M | Reduce -65.3% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 240,012 | $210K | Reduce -10.3% |
| GIWWR GIGCAPITAL8 Corp.-RTS | RIGHT 09/30/2030 | 550,000 | $182K | New |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | 503,394 | $153K | Add +900.0% |
| EVOXW Evolution Global Acquisition | *W EXP 10/22/203 | 360,493 | $148K | New |
| GSRFR GSR IV Acquisition Corp.-RTS | RIGHT 08/22/2030 | 57,709 | $142K | No change |
| KOYNW CSLM Digital Asset Acquisiti | *W EXP 08/28/203 | 374,886 | $141K | Add +63.7% |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 164,515 | $140K | No change |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 500,000 | $125K | Add +600.0% |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 196,999 | $121K | Reduce -12.4% |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 371,399 | $112K | Add +642.8% |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 135,242 | $111K | Reduce -7.2% |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 551,079 | $110K | Add +900.0% |
| IGACR Invest Green Acquisition-RTS | RIGHT 11/17/2030 | 550,000 | $102K | New |
| TLNCW Talon Capital Corp.-30 | *W EXP 08/27/203 | 176,747 | $97K | Add +0.3% |
| TVAIR Thayer Ventures Acquisition | RIGHT 05/15/2030 | 536,883 | $97K | Add +900.0% |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 191,665 | $96K | No change |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | 544,782 | $93K | Add +1900.0% |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 408,802 | $92K | Add +900.0% |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 178,346 | $92K | Add +4.5% |
| OTGAW Otg Acquisition Corp. I - 30 | *W EXP 09/05/203 | 275,000 | $89K | No change |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 266,665 | $89K | No change |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 123,600 | $89K | Reduce -1.1% |
| SPEGR Silver Pegasus Acquisition C | RIGHT 06/26/2030 | 329,218 | $89K | Add +900.0% |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 250,059 | $83K | Add +900.0% |
| APXTW Apex Treasury Corp. -30 | *W EXP 10/07/203 | 298,983 | $82K | New |
| SDHIR Siddhi Acquisition Corp. | RIGHT 09/15/2029 | 377,295 | $81K | Add +900.0% |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 487,217 | $78K | Add +2.6% |
| NMPAR NMP Acquisition Corp. | RIGHT 06/27/2030 | 375,000 | $75K | Add +400.0% |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 575,000 | $75K | No change |
| NSTR.WS Viking Acquisition Corp. I | *W EXP 11/03/203 | 191,665 | $75K | New |
| GFUZW Spring Valley Acq Co. -30 | *W EXP 09/04/203 | 118,322 | $75K | No change |
| MBVIW M3-Brigade Acquisition Vi Co. | *W EXP 08/18/203 | 191,665 | $74K | No change |
| CRACR Crown Reserve Acquisitio-RTS | RIGHT 10/06/2030 | 350,000 | $72K | New |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | 421,511 | $72K | New |
| APADR A Paradise Acquisition Corp. | RIGHT 07/29/2025 | 300,000 | $71K | Add +700.0% |
| BIXIW Bitcoin Infrastructure Acqui | *W EXP 11/06/203 | 278,039 | $70K | New |
| HVMCW Highview Merger Corp. - 30 | *W EXP 07/24/203 | 266,099 | $69K | No change |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | 265,616 | $69K | Add +900.0% |
| BCARW D Boral Arc Acquisition - 30 | *W EXP 07/23/203 | 177,673 | $65K | No change |
| HAVAR Harvard Ave Acquisition | RIGHT 99/99/9999 | 550,000 | $63K | New |
| PELIR Pelican Acquisition Corp.-RTS | RIGHT 05/02/2030 | 251,272 | $63K | New |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 325,790 | $62K | Add +900.0% |
| ALISR Calisa Acquisition Corp. | RIGHT 09/11/2030 | 125,000 | $61K | New |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | 250,000 | $60K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 249,999 | $59K | No change |
| RNGTW Range Capital Acquisition Co. | *W EXP 09/29/203 | 180,299 | $58K | New |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 250,000 | $58K | No change |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 210,324 | $57K | No change |
| DYORW Insight Digital Partners II | *W EXP 10/28/203 | 160,149 | $57K | New |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 325,100 | $56K | No change |
| DNMXW Dynamix Corp. III | *W EXP 10/10/203 | 161,897 | $56K | New |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 360,850 | $55K | Add +1400.0% |
| AI INFRASTRUCTURE ACQUISITIO | RIGHT 99/99/9999 | 200,000 | $53K | New |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 339,951 | $53K | Add +900.0% |
| VNMEW Vendome Acquisition Corp. I | *W EXP 07/03/202 | 187,500 | $51K | No change |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 289,416 | $49K | Add +700.0% |
| LATAW Galata Acquisition Corp. - 30 | *W EXP 09/12/203 | 116,666 | $44K | No change |
| MKLYR McKinley Acquisition Corp. | RIGHT 07/25/2030 | 350,000 | $44K | No change |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 56,300 | $43K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 100,000 | $41K | Add +900.0% |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 153,145 | $41K | No change |
| YCY.WS Aa Mission Acquisition -31 | *W EXP 07/23/203 | 174,999 | $39K | New |
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | 181,900 | $38K | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 114,949 | $38K | Add +900.0% |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 113,810 | $38K | No change |
| SOCAW Solarius Capital Acqui -30 | *W EXP 07/10/203 | 125,100 | $38K | No change |
| GTERR Globa Terra Acquisition-RTS | RIGHT 06/17/2030 | 250,000 | $37K | Add +900.0% |
| INACR Indigo Acquisition Corp. | RIGHT 04/02/2027 | 250,000 | $36K | Add +900.0% |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 157,739 | $36K | No change |
| QUMSR Quantumsphere Acquisition Co. | RIGHT 08/06/2030 | 150,000 | $33K | New |
| BCSS.WS Bain Capital GSS Investment | *W EXP 01/01/202 | 47,003 | $32K | Add +31.1% |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | 77,981 | $31K | No change |
| LAFAR Lafayette Acquisition Corp. | RIGHT 10/24/2030 | 200,000 | $31K | New |
| SSEAR Starry Sea Acquisition C-RTS | RIGHT 07/07/2030 | 128,372 | $29K | No change |
| CHECW Chenghe Acquisition III Co. | *W EXP 09/09/203 | 149,999 | $29K | No change |
| GTERW Globa Terra Acquisition - 30 | *W EXP 06/17/203 | 187,500 | $27K | No change |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | 170,000 | $26K | Add +900.0% |
| APACR Stonebridge Acquisition II C | RIGHT 09/09/2030 | 160,000 | $23K | No change |
| BDCIW BTC Development Corp. - 30 | *W EXP 09/11/203 | 38,124 | $22K | No change |
| MMTXW Miluna Acquisition Corp. | *W EXP 09/29/203 | 175,000 | $20K | New |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 25,000 | $19K | Add +33.3% |
| LCCCR Lakeshore Acquisition III Co. | RIGHT 08/01/2026 | 81,843 | $19K | Add +500.0% |
| WSTNR Westin Acquisition Corp.-RTS | RIGHT 09/17/2030 | 100,000 | $19K | New |
| WTGUR Wintergreen Acquisition-RT | RIGHT 99/99/9999 | 130,016 | $18K | Add +700.0% |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | 34,430 | $17K | Reduce -31.0% |
| CRACW Crown Reserve Acquisition Co. | *W EXP 10/06/203 | 175,000 | $15K | New |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 30,432 | $11K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 26,343 | $11K | No change |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 14,830 | $10K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 38,199 | $7K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 30,000 | $7K | No change |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 13,499 | $4K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 13,070 | $3K | No change |
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q3 2025 → Q4 2025
| MRLN Merlin Inc. | Reduce -42.9% | 0.79% | −1.15 |
| INFQ Infleqtion Inc. | Sold out | 0.00% | −0.75 |
| HDRN Hadron Energy Inc. | Reduce -45.3% | 0.43% | −0.70 |
| CHAC Crane Harbor Acqu Corp. Class A | Reduce -41.4% | 0.47% | −0.62 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.57 |
| TVA Texas Ventures Acquisition-A | Reduce -20.3% | 0.53% | −0.44 |
| ONEN One Nuclear Energy Inc. | Reduce -7.3% | 0.77% | −0.41 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.37 |
| XRPN Armada Acquisition Class A | Reduce -2.6% | 0.68% | −0.35 |
| AEXA American Exceptionalism Class A | Reduce -8.4% | 0.59% | −0.30 |
| VCIC Vine Hill Capital Class A | Reduce -30.4% | 0.27% | −0.29 |
| ANSC Agriculture & Natural Soluti | Reduce -0.1% | 0.64% | −0.26 |
| LEGT Legato Merger Corp. III | Reduce -3.5% | 0.54% | −0.26 |
| MCGA Yorkville Acquisition Corp. Class A | Reduce -1.0% | 0.42% | −0.23 |
| TDOC Teladoc Health Inc. | Reduce -23.3% | 0.20% | −0.22 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.17 |
| IPCX Inflection Point Acquisiti-A | Reduce -0.2% | 0.38% | −0.17 |
| JAAA Janus Henderson Aaa Clo ETF | Sold out | 0.00% | −0.15 |
| WLAC Willow Lane Acquisition Class A | Sold out | 0.00% | −0.11 |
| PCRX Pacira Biosciences Inc. | Reduce -16.3% | 0.15% | −0.10 |
| DYNC Dynamix Corp. | Reduce -17.6% | 0.13% | −0.10 |
| ASPC A Spac III Acquisition Class A | Sold out | 0.00% | −0.07 |
| RFAI RF Acquisition Corp. II | Sold out | 0.00% | −0.07 |
| CEPT Cantor Equity Partners Class A | Reduce -56.7% | 0.03% | −0.06 |
| COLA Columbus Acquisition Corp. | Reduce -26.8% | 0.06% | −0.06 |
| SPKLF Spark I Acquisition Corp. | Reduce -18.9% | 0.06% | −0.05 |
| FRNM Freenome Inc. | Sold out | 0.00% | −0.03 |
| RANG Range Capital Acquisition Co. | Reduce -3.8% | 0.04% | −0.02 |
| CAPN Cayson Acquisition Corp. | Reduce -0.1% | 0.04% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| MESHU Meshflow Acquisition Corp. | New | 1.06% | +1.06 |
| EVOX Evolution Global Acquis Class A | New | 1.01% | +1.01 |
| ALUB.U Alussa Energy Acquisition Co. | New | 0.97% | +0.97 |
| APXT Apex Treasury Corp. Class A | New | 0.94% | +0.94 |
| GIW GIGCAPITAL8 Corp. Class A | New | 0.91% | +0.91 |
| SBXE.U Silverbox Corp. V | New | 0.91% | +0.91 |
| IRHOU Iron Horse Acquisition II Co. | New | 0.85% | +0.85 |
| LPCVU Launchpad Cadenza Acquisitio | New | 0.85% | +0.85 |
| ADACU American Drive Acquisition C | New | 0.85% | +0.85 |
| NSTR Northstar Earth & Space Ente | New | 0.81% | +0.81 |
| HCACU Hall Chadwick Acquisition Co. | New | 0.78% | +0.78 |
| GPACU General Purpose Acquisition | New | 0.78% | +0.78 |
| BIXI Bitcoin Infrastructure Class A | New | 0.78% | +0.78 |
| HAVA Harvard Ave Acquisition Class A | New | 0.77% | +0.77 |
| IGAC Invest Green Acquisitio Class A | New | 0.77% | +0.77 |
| ITHAU Ithax Acquisition Corp. III | New | 0.74% | +0.74 |
| SAC.U Safeguard Acquisition Corp. | New | 0.71% | +0.71 |
| CRANU Crane Harbor Acquisition Cor | New | 0.71% | +0.71 |
| TWLVU Twelve Seas Investment Co. II | New | 0.70% | +0.70 |
| DYOR Insight Digital Partners I-A | New | 0.69% | +0.69 |
| TDWD Tailwind 2.0 Acquisitio Class A | New | 0.67% | +0.67 |
| BLRKU Bluerock Acquisition Corp. | New | 0.57% | +0.57 |
| SCPQU Social Commerce Partners Cor | New | 0.57% | +0.57 |
| DNMX Dynamix Corp. III Class A | New | 0.53% | +0.53 |
| RNGT Range Capital Acquisit Class A | New | 0.52% | +0.52 |
| BDCI BTC Development Corp. Class A | Add +281.2% | 0.82% | +0.51 |
| YCY Aa Mission Acquisition-A | New | 0.49% | +0.49 |
| CRAC Crown Reserve Acquisiti Class A | New | 0.49% | +0.49 |
| VHCPU Vine Hill Capital Investment | New | 0.45% | +0.45 |
| AEAQU Activate Energy Acquisition | New | 0.45% | +0.45 |
| DAAQ Digital Asset Acquisiti Class A | Add +267.4% | 0.68% | +0.41 |
| SVAQU Silicon Valley Acquisition C | New | 0.35% | +0.35 |
| AIIA AI Infrastructure Ac-A | New | 0.35% | +0.35 |
| CEPV Cantor Equity Partners Class A | New | 0.32% | +0.32 |
| BEBE.U Tge Value Creative Solutions | New | 0.32% | +0.32 |
| LKSP Lake Superior Acquisiti Class A | New | 0.29% | +0.29 |
| LAFA Lafayette Acquisition Corp. | New | 0.28% | +0.28 |
| MMTX Miluna Acquisition Class A | New | 0.25% | +0.25 |
| BPACU Blueport Acquisition Ltd. | New | 0.23% | +0.23 |
| APAC Stonebridge Acquisition Class A | New | 0.23% | +0.23 |
| LFACU Leapfrog Acquisition Corp. | New | 0.22% | +0.22 |
| DSACU Daedalus Special Acquisition | New | 0.21% | +0.21 |
| FCRS Futurecrest Acquisition Class A | Add +248.4% | 0.37% | +0.21 |
| KBONU Karbon Capital Partners Corp. | New | 0.21% | +0.21 |
| CXW Corecivic Inc. | New | 0.20% | +0.20 |
| SSEA Starry Sea Acquisition Corp. | New | 0.18% | +0.18 |
| ALIS Calisa Acquisition Corp. | New | 0.18% | +0.18 |
| LPBB Launch Two Acquisition Class A | Add +100.1% | 0.60% | +0.17 |
| SCIIU SC II Acquisition Corp. | New | 0.14% | +0.14 |
| WSTN Westin Acquisition Corp. Class A | New | 0.14% | +0.14 |
Notes & Other Activity Q3 2025 → Q4 2025
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +4.9% | 149,750,000 | $148.1M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 119,027,000 | $118.1Mbefore exit |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Sold out | 114,047,000 | $114.0Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Add +97.9% | 113,786,000 | $113.4M |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 103,677,000 | $103.2Mbefore exit |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Add +19.4% | 81,222,000 | $80.2M |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | New | 77,410,000 | $76.9M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +2.7% | 76,767,000 | $75.8M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +119.5% | 75,188,000 | $74.1M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +158.1% | 57,420,000 | $57.3M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | New | 48,716,000 | $48.6M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +12.0% | 55,900,000 | $48.5M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +16.4% | 49,639,000 | $43.2M |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Add +236.9% | 33,692,000 | $33.7M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +420.0% | 26,000,000 | $23.9M |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | Add +18.9% | 21,400,000 | $20.9M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +186.7% | 21,500,000 | $19.3M |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Reduce -6.9% | 17,181,000 | $16.6M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +16.1% | 18,000,000 | $16.3M |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Sold out | 11,123,000 | $10.8Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | New | 9,000,000 | $8.6M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +2.4% | 7,964,000 | $7.9M |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | New | 6,949,000 | $6.9M |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | Sold out | 2,500,000 | $5.6Mbefore exit |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 5,480,000 | $5.4Mbefore exit |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 5,000,000 | $4.1M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Reduce -65.3% | 4,025,000 | $3.7M |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | Reduce -10.3% | 240,012 | $210K |
| GIWWR GIGCAPITAL8 Corp.-RTS | RIGHT 09/30/2030 | New | 550,000 | $182K |
| CRAQR Cal Redwood Acquisition Corp. | RIGHT 05/15/2030 | Add +900.0% | 503,394 | $153K |
| EVOXW Evolution Global Acquisition | *W EXP 10/22/203 | New | 360,493 | $148K |
| KOYNW CSLM Digital Asset Acquisiti | *W EXP 08/28/203 | Add +63.7% | 374,886 | $141K |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | Add +600.0% | 500,000 | $125K |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | Reduce -12.4% | 196,999 | $121K |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | Add +642.8% | 371,399 | $112K |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | Reduce -7.2% | 135,242 | $111K |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | Add +900.0% | 551,079 | $110K |
| IGACR Invest Green Acquisition-RTS | RIGHT 11/17/2030 | New | 550,000 | $102K |
| TLNCW Talon Capital Corp.-30 | *W EXP 08/27/203 | Add +0.3% | 176,747 | $97K |
| TVAIR Thayer Ventures Acquisition | RIGHT 05/15/2030 | Add +900.0% | 536,883 | $97K |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | Sold out | 85,900 | $97Kbefore exit |
| JENA ACQUISITION CORP II-RTS | RIGHT 03/31/2030 | Add +1900.0% | 544,782 | $93K |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | Add +900.0% | 408,802 | $92K |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | Add +4.5% | 178,346 | $92K |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | Reduce -1.1% | 123,600 | $89K |
| SPEGR Silver Pegasus Acquisition C | RIGHT 06/26/2030 | Add +900.0% | 329,218 | $89K |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | Add +900.0% | 250,059 | $83K |
| APXTW Apex Treasury Corp. -30 | *W EXP 10/07/203 | New | 298,983 | $82K |
| SDHIR Siddhi Acquisition Corp. | RIGHT 09/15/2029 | Add +900.0% | 377,295 | $81K |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | Add +2.6% | 487,217 | $78K |
Showing the first 50 of 88.
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 |