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

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $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 $706.4M Q4 2025 Q1 2026: $884.6M Q1 2026 Q2 2026: $971.9M Q2 2026

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
RNGT Range Capital Acquisit Class A 0.52% 369,089 $3.7M New
VNME Vendome Acquisition Corp. Class A 0.52% 365,419 $3.7M No change
CUB Lionheart Holdings Class A 0.52% 345,241 $3.7M Add +38.7%
GTERA Globa Terra Acquisition Co. Class A 0.50% 350,000 $3.5M Add +16.7%
TACO Berto Acquisition Corp. 0.50% 347,482 $3.5M Add +0.9%
ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP 0.50% 350,000 $3.5M No change
MKLY McKinley Acquisition Co. Class A 0.49% 350,000 $3.5M No change
YCY Aa Mission Acquisition-A 0.49% 350,000 $3.5M New
CRAC Crown Reserve Acquisiti Class A 0.49% 350,000 $3.5M New
LATA Galata Acqu Corp. II Class A 0.49% 350,000 $3.5M No change
FIGX Figx Capital Acquisition C-A 0.47% 331,994 $3.3M Add +8.2%
CHAC Crane Harbor Acqu Corp. Class A 0.47% 307,926 $3.3M Reduce -41.4%
CAEP Cantor Equity Partners III-A 0.47% 323,608 $3.3M Add +0.1%
SOCA Solarius Capital Acquis Class A 0.47% 328,299 $3.3M Add +9.4%
SPEG Silver Pegasus Acquisition-A 0.45% 318,618 $3.2M No change
VHCPU Vine Hill Capital Investment 0.45% 318,172 $3.2M New
AEAQU Activate Energy Acquisition 0.45% 315,653 $3.2M New
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.43% 286,789 $3.0M Reduce -45.3%
CHEC Chenghe Acquisition II Class A 0.42% 300,000 $3.0M No change
MCGA Yorkville Acquisition Corp. Class A 0.42% 294,690 $3.0M Reduce -1.0%
PMTR Perimeter Acquis Corp. I Class A 0.40% 276,973 $2.8M Add +36.4%
RDAG Republic Digital Acquis Class A 0.38% 266,602 $2.7M Add +85.1%
IPCX Inflection Point Acquisiti-A 0.38% 263,743 $2.7M Reduce -0.2%
BCSS Bain Capital GSS Inv- A 0.38% 264,693 $2.7M Add +47.6%
FCRS Futurecrest Acquisition Class A 0.37% 261,340 $2.6M Add +248.4%
PELI Pelican Acquisition Corp. 0.36% 249,365 $2.5M No change
INAC Indigo Acquisition Corp. 0.36% 250,000 $2.5M No change
SVAQU Silicon Valley Acquisition C 0.35% 250,000 $2.5M New
AIIA AI Infrastructure Ac-A 0.35% 250,000 $2.5M New
CHPG Championsgate Acquisitio-A 0.35% 239,738 $2.4M No change
SBXDF Silverbox Corp. IV-A 0.34% 227,454 $2.4M Add +28.2%
PGAC Pantages Capital Acquisition 0.34% 229,090 $2.4M No change
GSHR Gesher Acquisition Corp. II-A 0.33% 227,045 $2.3M Add +34.6%
CEPV Cantor Equity Partners Class A 0.32% 218,727 $2.2M New
BEBE.U Tge Value Creative Solutions 0.32% 224,414 $2.2M New
SVCC Stellar V Capital Corp. Class A 0.31% 213,002 $2.2M Add +84.7%
LKSP Lake Superior Acquisiti Class A 0.29% 210,000 $2.1M New
MLAC Mountain Lake Acquisition-A 0.28% 193,057 $2.0M No change
LAFA Lafayette Acquisition Corp. 0.28% 200,000 $2.0M New
VCIC Vine Hill Capital Class A 0.27% 175,730 $1.9M Reduce -30.4%
MMTX Miluna Acquisition Class A 0.25% 175,000 $1.7M New
BSAA Best Spac I Acquisition-A 0.24% 170,000 $1.7M No change
FIVN FIVE9 Inc. 0.24% 85,000 $1.7M Add +9.7%
CCIX Churchill Capital Corp. Ix 0.23% 152,581 $1.6M Add +12.2%
BPACU Blueport Acquisition Ltd. 0.23% 159,322 $1.6M New
APAC Stonebridge Acquisition Class A 0.23% 160,000 $1.6M New
LFACU Leapfrog Acquisition Corp. 0.22% 156,403 $1.6M New
DSACU Daedalus Special Acquisition 0.21% 151,268 $1.5M New
QUMS Quantumsphere Acquisition Co. 0.21% 150,000 $1.5M No change
RTAC Renatus Tactical Acquisiti-A 0.21% 139,812 $1.5M Add +23.6%
KBONU Karbon Capital Partners Corp. 0.21% 146,195 $1.5M New
CXW Corecivic Inc. 0.20% 75,000 $1.4M New
ONCH 1RT Acquisition Corp. Class A 0.20% 139,292 $1.4M Add +127.5%
MGNI Magnite Inc. 0.20% 87,400 $1.4M Add +118.5%
TDOC Teladoc Health Inc. 0.20% 201,300 $1.4M Reduce -23.3%
SSEA Starry Sea Acquisition Corp. 0.18% 128,372 $1.3M New
UYSC Uy Scuti Acquisition Corp. 0.18% 125,125 $1.3M No change
ALIS Calisa Acquisition Corp. 0.18% 125,000 $1.2M New
IPEX Inflection Point Acquisition 0.16% 112,061 $1.2M Add +0.0%
TAVI Tavia Acquisition Corp. 0.15% 101,709 $1.1M Add +2.8%
PCRX Pacira Biosciences Inc. 0.15% 39,831 $1.0M Reduce -16.3%
LCCC Lakeshore Acquisition III Co. 0.14% 100,052 $1.0M No change
SCIIU SC II Acquisition Corp. 0.14% 100,000 $1.0M New
WTG Wintergreen Acquisition Corp. 0.14% 99,016 $1.0M No change
WSTN Westin Acquisition Corp. Class A 0.14% 100,000 $989K New
DYNC Dynamix Corp. 0.13% 91,192 $938K Reduce -17.6%
HAYMAKER ACQUISITION CORP 4 0.12% 76,631 $872K No change
DXCM Dexcom Inc. 0.12% 13,000 $863K New
CHAR Charlton Aria Acquisiti Class A 0.11% 75,151 $788K Add +0.1%
TONT Graf Global Corp. Class A 0.10% 68,712 $739K Add +7.9%
VRRM Verra Mobility Corp. 0.10% 30,000 $672K New
LPAA Launch One Acquisition Corp. 0.08% 55,905 $592K No change
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.08% 51,523 $548K No change
SPKLF Spark I Acquisition Corp. 0.06% 39,488 $451K Reduce -18.9%
COLA Columbus Acquisition Corp. 0.06% 42,518 $442K Reduce -26.8%
NWAX.U New America Acquisition I Co. 0.04% 30,000 $312K New
NOEM CO2 Energy Transition Corp. 0.04% 30,291 $312K No change
CAPN Cayson Acquisition Corp. 0.04% 26,875 $286K Reduce -0.1%
QSEA Quartzsea Acquisition Corp. 0.04% 26,553 $272K No change
RANG Range Capital Acquisition Co. 0.04% 24,735 $258K Reduce -3.8%
CCXIU Churchill Capital Corp. Xi 0.03% 22,500 $230K New
CEPT Cantor Equity Partners Class A 0.03% 19,229 $217K Reduce -56.7%
HSPT Horizon Space Acquisition II 0.02% 15,017 $159K No change
CEPO Cantor Equity Partners I-A 0.02% 12,976 $135K No change
ORIQ Origin Investment Corp. I 0.01% 10,232 $104K New
HPAI Helport AI Ltd. 0.01% 10,514 $44K No change
Other holdings (123): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
SecurityClassShares / PrincipalValueChange
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal 149,750,000$148.1MAdd +4.9%
MARRIOTT VACATION WORLDW (VAC 0 01/15/26) NOTE 1/1 · principal 113,786,000$113.4MAdd +97.9%
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 115,750,000$110.0MNo change
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 81,222,000$80.2MAdd +19.4%
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal 77,410,000$76.9MNew
MAGNITE INC (MGNI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 76,767,000$75.8MAdd +2.7%
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 75,188,000$74.1MAdd +119.5%
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 57,420,000$57.3MAdd +158.1%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal 48,716,000$48.6MNew
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 55,900,000$48.5MAdd +12.0%
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 49,639,000$43.2MAdd +16.4%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 38,000,000$33.9MNo change
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 33,692,000$33.7MAdd +236.9%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 26,000,000$23.9MAdd +420.0%
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) NOTE 5.875%10/0 · principal 21,400,000$20.9MAdd +18.9%
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 21,500,000$19.3MAdd +186.7%
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 17,181,000$16.6MReduce -6.9%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 18,000,000$16.3MAdd +16.1%
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 11,737,000$11.7MNo change
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 10,692,000$10.6MNo change
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 9,000,000$8.6MNew
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 7,964,000$7.9MAdd +2.4%
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 5,000,000$7.4MNo change
BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 7,302,000$6.9MNo change
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 6,949,000$6.9MNew
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 6,000,000$6.1MNo change
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 5,000,000$5.3MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 5,000,000$5.0MNo change
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 5,000,000$4.1MNew
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 4,025,000$3.7MReduce -65.3%
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 240,012$210KReduce -10.3%
GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 550,000$182KNew
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 503,394$153KAdd +900.0%
EVOXW Evolution Global Acquisition *W EXP 10/22/203 360,493$148KNew
GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 57,709$142KNo change
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 374,886$141KAdd +63.7%
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 164,515$140KNo change
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 500,000$125KAdd +600.0%
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 196,999$121KReduce -12.4%
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 371,399$112KAdd +642.8%
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 135,242$111KReduce -7.2%
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 551,079$110KAdd +900.0%
IGACR Invest Green Acquisition-RTS RIGHT 11/17/2030 550,000$102KNew
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 176,747$97KAdd +0.3%
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 536,883$97KAdd +900.0%
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 191,665$96KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 544,782$93KAdd +1900.0%
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 408,802$92KAdd +900.0%
BLZRW Trailblazer Acqui Corp. -30 *W EXP 09/30/203 178,346$92KAdd +4.5%
OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 275,000$89KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 266,665$89KNo change
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 123,600$89KReduce -1.1%
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 329,218$89KAdd +900.0%
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 250,059$83KAdd +900.0%
APXTW Apex Treasury Corp. -30 *W EXP 10/07/203 298,983$82KNew
SDHIR Siddhi Acquisition Corp. RIGHT 09/15/2029 377,295$81KAdd +900.0%
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 487,217$78KAdd +2.6%
NMPAR NMP Acquisition Corp. RIGHT 06/27/2030 375,000$75KAdd +400.0%
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 575,000$75KNo change
NSTR.WS Viking Acquisition Corp. I *W EXP 11/03/203 191,665$75KNew
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 118,322$75KNo change
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 191,665$74KNo change
CRACR Crown Reserve Acquisitio-RTS RIGHT 10/06/2030 350,000$72KNew
TDWDR Tailwind 2.0 Acquisition-RTS RIGHT 11/07/2030 421,511$72KNew
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 300,000$71KAdd +700.0%
BIXIW Bitcoin Infrastructure Acqui *W EXP 11/06/203 278,039$70KNew
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 266,099$69KNo change
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 265,616$69KAdd +900.0%
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 177,673$65KNo change
HAVAR Harvard Ave Acquisition RIGHT 99/99/9999 550,000$63KNew
PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 251,272$63KNew
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 325,790$62KAdd +900.0%
ALISR Calisa Acquisition Corp. RIGHT 09/11/2030 125,000$61KNew
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 250,000$60KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 249,999$59KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 180,299$58KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 250,000$58KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 210,324$57KNo change
DYORW Insight Digital Partners II *W EXP 10/28/203 160,149$57KNew
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 325,100$56KNo change
DNMXW Dynamix Corp. III *W EXP 10/10/203 161,897$56KNew
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 360,850$55KAdd +1400.0%
AI INFRASTRUCTURE ACQUISITIO RIGHT 99/99/9999 200,000$53KNew
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 339,951$53KAdd +900.0%
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 187,500$51KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 289,416$49KAdd +700.0%
LATAW Galata Acquisition Corp. - 30 *W EXP 09/12/203 116,666$44KNo change
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 350,000$44KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 56,300$43KNo change
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 100,000$41KAdd +900.0%
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 153,145$41KNo change
YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 174,999$39KNew
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 181,900$38KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 114,949$38KAdd +900.0%
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 113,810$38KNo change
SOCAW Solarius Capital Acqui -30 *W EXP 07/10/203 125,100$38KNo change
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 250,000$37KAdd +900.0%
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 250,000$36KAdd +900.0%
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 157,739$36KNo change
QUMSR Quantumsphere Acquisition Co. RIGHT 08/06/2030 150,000$33KNew
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 47,003$32KAdd +31.1%
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 77,981$31KNo change
LAFAR Lafayette Acquisition Corp. RIGHT 10/24/2030 200,000$31KNew
SSEAR Starry Sea Acquisition C-RTS RIGHT 07/07/2030 128,372$29KNo change
CHECW Chenghe Acquisition III Co. *W EXP 09/09/203 149,999$29KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 187,500$27KNo change
BSAAR Best Spac I Acquisition - RT RIGHT 05/27/2030 170,000$26KAdd +900.0%
APACR Stonebridge Acquisition II C RIGHT 09/09/2030 160,000$23KNo change
BDCIW BTC Development Corp. - 30 *W EXP 09/11/203 38,124$22KNo change
MMTXW Miluna Acquisition Corp. *W EXP 09/29/203 175,000$20KNew
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 25,000$19KAdd +33.3%
LCCCR Lakeshore Acquisition III Co. RIGHT 08/01/2026 81,843$19KAdd +500.0%
WSTNR Westin Acquisition Corp.-RTS RIGHT 09/17/2030 100,000$19KNew
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 130,016$18KAdd +700.0%
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 34,430$17KReduce -31.0%
CRACW Crown Reserve Acquisition Co. *W EXP 10/06/203 175,000$15KNew
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 30,432$11KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 26,343$11KNo change
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 14,830$10KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 38,199$7KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 30,000$7KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 13,499$4KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 13,070$3KNo 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

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