Saba Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Saba Capital Management, L.P. reported 140 stock positions worth $3.6 billion. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 12.5% of the portfolio, followed by BlackRock Tech & Priv Eqty (BTX, 10.5%) and BlackRock HLTH Sci TRM TR II (BMEZ, 8.5%). Compared with Q4 2024, it opened 15 new positions, sold out of 18, added to 48 and reduced 42. The biggest buy was BlackRock ESG Cap All TRM TR (ECAT, shares +0%) and the biggest sale BlackRock Sci & Tech TRM TR (BSTZ, shares −23%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001510281
Portfolio Value
$3.6B (Q1 2025)
SEC Filing
0001062993-25-009540 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $4.5B Q1 2024 Q2 2024: $4.5B Q2 2024 Q3 2024: $4.5B Q3 2024 Q4 2024: $3.9B Q4 2024 Q1 2025: $3.6B $3.6B Q1 2025 Q2 2025: $3.6B Q2 2025 Q3 2025: $3.0B Q3 2025 Q4 2025: $2.9B Q4 2025 Q1 2026: $3.1B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 140 stocks · $3.6B
ECAT BlackRock ESG Cap All TRM TR 12.47% 28,605,041 $451.1M Add +0.2%
BTX BlackRock Tech & Priv Eqty 10.50% 60,675,395 $379.8M Add +0.9%
BMEZ BlackRock HLTH Sci TRM TR II 8.55% 20,750,913 $309.2M No change
PDX PIMCO Dynamic Income Strat 5.12% 7,541,934 $185.1M Add +10.7%
BCAT BlackRock Capital Alloc TR 4.70% 11,809,531 $170.1M Reduce -13.3%
XGDVX Gabelli Dividend & Income TR 4.23% 6,348,579 $153.2M Add +4.1%
ASA ASA Gold and Precious Metals 2.71% 3,253,837 $98.1M No change
NBXG Neuberger Next Generation Co. 2.60% 7,663,379 $93.9M Add +11.8%
NFJ Virtus DVD Intrst & PRM STR 2.56% 7,636,989 $92.6M Reduce -6.5%
BSTZ BlackRock Sci & Tech TRM TR 2.41% 4,905,648 $87.0M Reduce -23.3%
ADX Adams Diversified Equity 2.34% 4,462,956 $84.8M Reduce -17.8%
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS 2.29% 6,235,018 $83.0M Add +8.0%
GAM General American Investors 2.25% 1,616,534 $81.4M Add +10.4%
PEO Adams Natural Resources Fund 1.82% 2,888,993 $65.9M Add +0.0%
XNQPX Nuveen Pa QLTY Muni Inc. 1.57% 5,058,973 $56.8M No change
XBFZX BlackRock Ca Muni Inc. TR 1.44% 4,752,360 $52.2M Reduce -8.6%
XNXJX Nuveen NJ QLTY Muni Inc. 1.23% 3,772,901 $44.4M Reduce -28.4%
HQL Abrdn Life Sciences Investor 1.12% 3,188,405 $40.5M Reduce -7.0%
XMHIX Pioneer Muni High Inc. TR 1.05% 4,131,903 $38.0M Add +0.6%
XEVMX Eaton Vance Cal Muni Bond 1.03% 4,023,724 $37.3M Add +4.8%
AFB Allianceberstein NTL Muni 0.95% 3,149,020 $34.2M No change
CNNE Cannae Holdings Inc. 0.93% 1,834,832 $33.6M Reduce -17.3%
XENWX Eaton Vance New York Municip 0.93% 3,531,342 $33.5M Add +6.6%
XPMAX Pioneer Municipal High Inc. 0.91% 3,922,889 $32.8M Add +4.3%
TYG Tortoise Energy Infrastruct 0.88% 737,461 $31.7M Reduce -29.7%
LEO BNY Mellon Strategic Muni 0.87% 5,114,769 $31.3M Add +3.7%
NMAI Nuveen Multi-Asset Income 0.79% 2,378,113 $28.6M Reduce -33.9%
SABA Saba Capital Income & Opp II 0.71% 2,935,985 $25.5M Reduce -7.0%
MUC BlackRock Munihold Ca QLTY 0.69% 2,340,673 $25.1M Add +1.6%
XMIOX Pioneer Muni High Inc. Opp 0.69% 2,113,637 $24.9M Add +1.6%
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.68% 4,250,548 $24.5M Add +3.0%
WB Weibo Corp.-Spon ADR 0.62% 2,359,357 $22.3M No change
MPA BlackRock Muniyield Pa Qltyv 0.61% 1,972,009 $22.1M Reduce -11.1%
XBOEX BlackRock Enh GLBL DVD TR 0.55% 1,825,927 $19.8M Reduce -15.0%
GRX Gabelli Healthcare & Well 0.55% 1,956,488 $19.7M Add +2.4%
XBNYX BlackRock New York Muni Inc. 0.54% 1,934,784 $19.7M Reduce -11.3%
HQH Abrdn Healthcare Investors 0.54% 1,201,396 $19.5M Reduce -39.1%
MHN BlackRock Muniholding NY QLT 0.53% 1,897,569 $19.3M Reduce -4.7%
NBH Neuberger Municipal Fund Inc. 0.53% 1,833,134 $19.1M Reduce -20.4%
IIF Morgan Stanley India Invest 0.51% 751,061 $18.3M Add +1.3%
ASGI Abrdn Global Infrastructure 0.50% 976,775 $18.0M Reduce -62.0%
BTT BlackRock 2030 Muni TRGT TRM 0.47% 802,584 $17.0M Add +48.7%
GF The New Germany Fund Inc. 0.46% 1,706,659 $16.7M Add +8.2%
XTEAX Tortoise Sust&social Imp Ter 0.43% 1,383,564 $15.7M Add +3.1%
DMA Destra Multi-Alternative 0.41% 1,738,401 $14.7M No change
PAGS Pagseguro Digital Ltd. Class A 0.41% 1,921,385 $14.7M Add +2.3%
BCX BlackRock Resources & Commod 0.39% 1,529,095 $14.3M Reduce -45.5%
EVTL Vertical Aerospace Ltd. 0.39% 4,199,443 $14.1M New
XAODX Abrdn Total Dynamic Dividend 0.37% 1,599,240 $13.4M Reduce -59.3%
BMBL Bumble Inc. Class A 0.37% 3,078,609 $13.4M Add +122.2%
JOF Japan Smaller Capitalization 0.37% 1,585,045 $13.3M Add +53.3%
DMB BNY Mellon Muni BND Infra 0.36% 1,243,391 $13.1M Add +1.5%
ECF Ellsworth Growth and Income 0.35% 1,403,987 $12.7M No change
MYN BlackRock Muniyield NY QLTY 0.33% 1,206,114 $12.0M Reduce -23.3%
GLO Clough Global Opportunities 0.32% 2,403,877 $11.8M Add +0.3%
GNT Gamco Natural Resources Gold 0.30% 1,806,177 $11.0M Reduce -1.1%
NML Neuberger Energy Infrastruct 0.29% 1,169,100 $10.5M Reduce -12.5%
TBLD Thornburg Income Builder Opp 0.27% 550,494 $9.9M Reduce -22.0%
BIDU Baidu Inc. - Spon ADR 0.27% 107,068 $9.9M No change
XPCKX PIMCO California Municipa II 0.27% 1,745,827 $9.8M Add +23.2%
STHO Star Holdings filed as STAR HLDGS 0.27% 1,137,060 $9.7M Add +11.2%
EOD Allspring Global Dividend Op 0.27% 1,951,373 $9.7M Add +3.4%
EMO Clearbridge Energy Midstream 0.25% 181,841 $9.0M Reduce -9.2%
RA Brookfield Real Assets Incom 0.24% 654,324 $8.6M Reduce -34.5%
CXE MFS High Income Municipal TR 0.23% 2,248,961 $8.3M Add +0.0%
SOC Sable Offshore Corp. 0.20% 291,402 $7.4M No change
DAL Delta Air Lines Inc. 0.20% 166,878 $7.3M Add +483.5%
CPZ Calamos LNG/SHRT Eqty & DYN 0.19% 444,502 $6.9M Reduce -51.5%
XJEQX Abrdn Japan Equity Fund Inc. 0.18% 1,002,769 $6.5M Add +46.0%
NPCT Nuveen Core Plus Impact 0.18% 607,083 $6.5M Reduce -75.3%
CEV Eaton Vance Ca Muni Inc. TRST 0.18% 638,737 $6.4M No change
HUDSON PAC PPTYS INC 0.16% 1,938,168 $5.7M Add +8.2%
IHD Voya Emrg MRKT Hi DVD Eqty 0.15% 1,029,859 $5.5M Add +12.5%
SNAP Snap Inc. Class A 0.15% 603,682 $5.3M Add +26.3%
LNC Lincoln National Corp. 0.13% 127,625 $4.6M Reduce -49.5%
BCV Bancroft Fund Ltd. 0.13% 259,680 $4.5M Reduce -8.1%
PGZ Principal Real Estate Income 0.12% 424,224 $4.5M Add +5.6%
ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW 0.12% 475,758 $4.3M New
DIAX Nuveen Dow 30 Dynamic Overwr 0.12% 291,102 $4.2M No change
VERX Vertex Inc. Class A 0.11% 118,435 $4.1M Add +53.2%
ERH Allspring Utilities and High 0.11% 374,129 $4.1M No change
FMN Federated Herm Prem Muni Inc. 0.11% 374,908 $4.1M No change
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.11% 154,174 $3.9M Reduce -3.2%
MUR Murphy Oil Corp. 0.10% 132,050 $3.8M New
MFM Aberdeen Municipal Income 0.10% 683,746 $3.6M No change
IREN Iren Ltd. filed as IREN LIMITED 0.10% 582,572 $3.5M New
ABUS Arbutus Biopharma Corp. 0.09% 979,516 $3.4M Add +10.3%
XGLQX Clough Global Equity Fund 0.09% 526,276 $3.3M No change
TROX Tronox Holdings PLC 0.09% 468,994 $3.3M New
WGO Winnebago Industries 0.09% 95,431 $3.3M New
UIS Unisys Corp. 0.09% 709,079 $3.3M Reduce -12.4%
PDD PDD Holdings Inc. 0.09% 27,500 $3.3M Add +10.0%
GLV Clough Global Dividend & Inc. 0.09% 593,789 $3.2M No change
QVCG QVC Group Inc. 0.09% 15,470,513 $3.1M Add +36.0%
CBRE CBRE Group Inc. Class A 0.09% 23,653 $3.1M New
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 0.08% 570,418 $3.0M No change
FGB First Trust Special Financ 0.08% 699,009 $3.0M No change
MUJ BlackRock Munihold NJ QLTY 0.08% 266,678 $3.0M Reduce -19.4%
UBER Uber Technologies Inc. 0.08% 40,638 $3.0M No change
XBGYX BlackRock Enh Intl DVD TR 0.08% 505,845 $2.8M Reduce -78.5%
HOUS Anywhere Real Estate Inc. 0.07% 752,940 $2.5M Add +34.0%
CPRI Capri Holdings Ltd. 0.07% 122,261 $2.4M Add +77.7%
CODI Compass Diversified Holdings 0.07% 128,798 $2.4M Add +64.1%
XLGIX Lazard GLBL TTL RTRN & Inc. 0.07% 155,220 $2.4M Reduce -76.1%
PNI PIMCO NY Muni Inc. II FND 0.07% 337,555 $2.4M Add +36.7%
POLESTAR AUTOMOTIVE HLDG UK 0.07% 2,249,600 $2.4M No change
SWZ Total Return Securities Fund 0.06% 242,139 $2.2M Reduce -25.7%
HEQ John Hancock Divers Inc. Fund 0.06% 212,009 $2.2M No change
GEO The Geo Group Inc. 0.06% 68,914 $2.0M Reduce -9.8%
CORZ Core Scientific Inc. 0.05% 254,714 $1.8M New
VFL Abrdn National Municipal Inc. 0.05% 174,177 $1.8M No change
GSHRU Gesher Acquisition Corp. II 0.05% 175,000 $1.8M New
VPV Invesco Pa Val Muni Inc. 0.05% 166,030 $1.7M Reduce -65.1%
SABR Sabre Corp. 0.04% 489,312 $1.4M Add +28.2%
REAL The Realreal Inc. filed as THE REALREAL INC 0.04% 250,008 $1.3M No change
GM General Motors Co. 0.04% 28,600 $1.3M No change
TWN Taiwan Fund Inc./TH/MD-US Inc. 0.03% 35,254 $1.2M No change
XMVTX BlackRock Munivest Fund II 0.03% 108,020 $1.1M Reduce -40.0%
MXE Mexico Equity and Income FD 0.03% 118,600 $1.0M No change
ARBE Arbe Robotics Ltd. 0.03% 1,000,000 $1.0M Reduce -40.4%
KFIIU K&F Growth Acquisition Corp. 0.03% 100,000 $1.0M New
NHICU Newhold Investment Corp. III 0.03% 100,000 $1.0M New
FWRD Forward Air Corp. 0.03% 48,150 $967K Add +37.8%
GRNT Granite Ridge Resources Inc. 0.02% 115,878 $705K No change
AAL American Airlines Group Inc. 0.02% 66,436 $701K New
EMBC Embecta Corp. 0.02% 52,500 $669K New
EMF Templeton Emerging Markets 0.02% 44,869 $577K No change
HIPO Hippo Holdings Inc. 0.01% 19,528 $499K No change
CAR Avis Budget Group Inc. 0.01% 6,530 $496K Add +0.5%
CMPS Compass Pathways PLC 0.01% 151,033 $432K No change
AR Antero Resources Corp. 0.01% 10,000 $404K No change
RMT Royce Micro-Cap Trust Inc. 0.01% 47,241 $398K No change
CRML Critical Metals Corp. 0.01% 300,000 $315K New
AEF Abrdn Emerging Markets Ex CH 0.01% 56,133 $278K Reduce -27.6%
BHV BlackRock Virginia Muni BND 0.01% 18,407 $196K Reduce -46.4%
XPCQX PIMCO California Muni Inc. FD 0.00% 16,727 $148K Add +0.6%
XIAEX Voya Asia Pac Hi DVD Eq Inc. 0.00% 23,698 $146K No change
ENGENE HOLDINGS INC 0.00% 178,334 $111K No change
STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 0.00% 94,264 $107K No change
PYN PIMCO New York Muni FND III 0.00% 12,600 $71K New

Options reported separately and not counted above: AAL puts ($53.4M), MARA puts ($1.4M).

Other holdings (128): bonds, preferreds, convertibles and warrants · $26.4M (not counted above)
SecurityClassShares / PrincipalValueChange
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 10,000,000$9.8MNo change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 5,000,000$5.3MNo change
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal 8,150,000$2.1MNew
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 2,000,000$1.8MNo change
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 1,000,000$1.0MNo change
AVPTW Avepoint Inc.-CW24 *W EXP 09/18/202 148,668$650KAdd +34.4%
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 198,227$420KReduce -7.0%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 574,398$416KNew
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 32,248$358KReduce -5.8%
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 733,811$334KAdd +3.4%
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 66,257$253KAdd +15.5%
BACQR Inflection Point Acquisition RIGHT 11/04/2026 1,144,838$240KReduce -45.0%
FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 186,852$192KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 414,140$189KReduce -0.5%
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 250,000$174KNo change
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 210,054$168KAdd +178.1%
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 275,647$160KNo change
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 352,804$140KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 1,858,357$128KReduce -0.3%
SKGRW SK Growth Opportunities -29 *W EXP 06/28/202 187,585$118KNo change
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 617,000$104KNo change
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 299,239$91KAdd +908.8%
YOTAR Yotta Acquisition Corp. - RTS RIGHT 03/15/2027 497,412$88KNo change
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 72,591$79KReduce -17.7%
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 249,200$77KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 983,603$72KNew
CLRRF Climaterock -RTS RIGHT 10/31/2028 350,000$70KNo change
UWM HOLDINGS CORPORATION *W EXP 01/21/202 391,608$69KReduce -5.4%
EQV VENTURES ACQUISITION *W EXP 07/01/203 172,293$63KReduce -0.1%
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 215,703$63KNew
GBBKR Global Blockchain Acq - RTS RIGHT 05/09/2027 675,000$62KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 726,030$56KNo change
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 472,500$54KAdd +112.4%
MSSRF Metal SKY Star Acquisi-Right RIGHT 12/31/2025 600,000$54KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 363,642$49KNo change
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 273,057$47KReduce -6.6%
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 710,648$44KNo change
YOTAW Yotta Acquisition Corp. -27 *W EXP 03/15/202 800,012$44KNo change
FOXXW 1OXX *W EXP 09/26/202 244,962$43KReduce -2.0%
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 500,000$43KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 174,998$40KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 349,998$40KNo change
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 26,255$39KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 200,000$37KNo change
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 84,913$36KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 193,229$36KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 175,000$36KNew
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 90,625$32KNew
UNITED HOMES GROUP INC *W EXP 03/30/202 55,110$32KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 175,286$31KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 541,499$30KNo change
VSTWF Vast Solar PTY Ltd. -28 *W EXP 07/01/202 704,071$28KNo change
GWHWW Ess Tech Inc. -CW27 *W EXP 10/08/202 303,596$28KNo change
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 997,048$28KNo change
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 230,500$25KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 500,000$24KNo change
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 67,710$24KReduce -0.1%
ARBEW Arbe Robotics Ltd. -CW26 *W EXP 99/99/999 114,180$24KReduce -23.5%
SMNRW Denali Capital Acq-CW27 *W EXP 99/99/999 410,000$21KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 166,894$20KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 500,000$19KNo change
GBBKW Global Blockchain Acq-CW27 *W EXP 05/09/202 675,000$19KNo change
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 79,657$18KReduce -28.9%
HOLLEY INC *W EXP 11/30/202 298,716$18KNo change
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 61,725$18KNew
DISTR Distoken Acquisition Corp. RIGHT 99/99/9999 99,762$18KNo change
ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 262,498$17KNo change
OPTXW Omnilit Acquisition Class A -23 *W EXP 99/99/999 332,000$17KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 99,999$16KNew
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 724,998$16KNo change
GRMLW Anew Medical Inc. *W EXP 06/21/202 694,779$15KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 275,000$15KNew
MDAIW Spectral AI -CW27 *W EXP 09/11/202 59,763$15KNo change
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 99,998$15KNo change
ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 1,123,291$14KNo change
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 73,108$14KNo change
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 19,519$14KReduce -48.8%
TBLAW Taboola.com Ltd. -CW27 *W EXP 99/99/999 72,280$13KNo change
HCVIW Hennessy Capital Inv A -CW27 *W EXP 99/99/999 83,480$13KNo change
CPTWF Captivision Inc.-28 *W EXP 11/15/202 649,998$12KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 132,013$12KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 243,249$11KNo change
DHAIW Aurora Technology Acquis -28 *W EXP 04/20/202 945,000$11KNo change
LDTDF Prospector Leddartech Alm-28 *W EXP 12/21/202 176,796$11KNo change
GGROW Gogoro Inc. -CW27 *W EXP 04/04/202 400,330$10KNo change
OSRHW Bellevue Life Sciences-WRNT *W EXP 02/09/202 250,000$10KNew
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 120,000$9KNo change
ORGNW Origin Materials -CW26 *W EXP 06/25/202 155,950$8KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 265,947$8KNo change
MSSWF Metal SKY Star Acq -CW27 *W EXP 03/31/202 600,000$7KNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 10,535$7KNew
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 765,000$7KNo change
CDIOW Cardio Diagnostics-CW26 *W EXP 10/25/202 199,839$7KNo change
OABIW Omniab Inc. - CW26 *W EXP 99/99/999 20,000$6KNo change
HOVRW Pono Capital Three Inc.-A-28 *W EXP 02/14/202 199,659$6KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 211,075$6KNo change
STRATA CRITICAL MEDICAL INC *W EXP 05/07/202 27,728$6KReduce -7.4%
CGBWF Crown LNG Holdings Ltd.-28 *W EXP 07/09/202 150,000$6KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 88,329$5KNo change
PBMWW Psyence Biomedical Ltd. *W EXP 01/22/202 297,847$5KNo change
CLRWF Climaterock Class A -27 *W EXP 99/99/999 174,998$4KNo change
BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 212,302$4KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 97,299$4KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 295,913$4KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 10,200$4KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 21,410$4KNew
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 531,114$3KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 21,669$3KNew
ALURW Allurion Technologies-28 *W EXP 08/01/203 122,683$3KNo change
LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 26,945$3KNo change
CRPWF Carbon Revolution PLC *W EXP 99/99/999 81,901$3KNo change
PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 124,100$3KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 43,358$3KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 170,222$2KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 65,000$2KNo change
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 99,762$2KNo change
HUBCW Hub Cyber Security Ltd.-28 *W EXP 02/27/202 179,799$2KNo change
PERFF Perfect Corp. *W EXP 10/28/202 41,822$2KNo change
ADVWW Advantage Solutions in-CW25 *W EXP 10/28/202 151,879$2KNo change
BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 41,097$2KNo change
BFLYW Butterfly Network Inc. -CW25 *W EXP 02/12/202 16,866$1KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 18,752$1KNo change
LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 49,203$1KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 11,937$835No change
ZAPWF Zapp Electric Vehicles -28 *W EXP 99/99/999 95,903$753No change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 22,099$723No change
XAGEW Alpha Healthcare Acquis-CW27 *W EXP 07/12/202 19,604$706No change
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 19,443$467No change

Total filed on the 13F, all lines: $3.6B.

Portfolio Sells Q4 2024 → Q1 2025
BSTZ BlackRock Sci & Tech TRM TR Reduce -23.3% 2.41% −0.95
ASGI Abrdn Global Infrastructure Reduce -62.0% 0.50% −0.65
VMO Invesco Municipal Opport Sold out 0.00% −0.54
BCAT BlackRock Capital Alloc TR Reduce -13.3% 4.70% −0.52
NPCT Nuveen Core Plus Impact Reduce -75.3% 0.18% −0.48
XAODX Abrdn Total Dynamic Dividend Reduce -59.3% 0.37% −0.47
ADX Adams Diversified Equity Reduce -17.8% 2.34% −0.43
XNXJX Nuveen NJ QLTY Muni Inc. Reduce -28.4% 1.23% −0.40
NEW AMERICA HIGH INCOME FUND Sold out 0.00% −0.39
NMAI Nuveen Multi-Asset Income Reduce -33.9% 0.79% −0.31
MRLN Merlin Inc. Sold out 0.00% −0.31
HQH Abrdn Healthcare Investors Reduce -39.1% 0.54% −0.26
XBGYX BlackRock Enh Intl DVD TR Reduce -78.5% 0.08% −0.24
TYG Tortoise Energy Infrastruct Reduce -29.7% 0.88% −0.24
BCX BlackRock Resources & Commod Reduce -45.5% 0.39% −0.21
XLGIX Lazard GLBL TTL RTRN & Inc. Reduce -76.1% 0.07% −0.20
CNNE Cannae Holdings Inc. Reduce -17.3% 0.93% −0.19
MIY BlackRock Muniyield Mi QLTY Sold out 0.00% −0.15
CPZ Calamos LNG/SHRT Eqty & DYN Reduce -51.5% 0.19% −0.15
EDD Morgan Stanley Emrg MRK Dom Sold out 0.00% −0.15
RA Brookfield Real Assets Incom Reduce -34.5% 0.24% −0.10
ZTR Virtus Total Return Fund Inc. Sold out 0.00% −0.09
VPV Invesco Pa Val Muni Inc. Reduce -65.1% 0.05% −0.08
NBH Neuberger Municipal Fund Inc. Reduce -20.4% 0.53% −0.08
LNC Lincoln National Corp. Reduce -49.5% 0.13% −0.08
MYN BlackRock Muniyield NY QLTY Reduce -23.3% 0.33% −0.07
MMU Western Asset Managed Munici Sold out 0.00% −0.07
BRW Saba Capital Income & Opport Sold out 0.00% −0.06
VTN Invesco TR for Invest GRD NY Sold out 0.00% −0.05
ARBE Arbe Robotics Ltd. Reduce -40.4% 0.03% −0.05
NFJ Virtus DVD Intrst & PRM STR Reduce -6.5% 2.56% −0.05
MD Pediatrix Medical Group Inc. Sold out 0.00% −0.05
KYN Kayne Anderson Energy Infra Sold out 0.00% −0.04
MPA BlackRock Muniyield Pa Qltyv Reduce -11.1% 0.61% −0.04
XAGDX Abrdn GLBL DYNM Divid Sold out 0.00% −0.04
UIS Unisys Corp. Reduce -12.4% 0.09% −0.04
XBOEX BlackRock Enh GLBL DVD TR Reduce -15.0% 0.55% −0.04
XBFZX BlackRock Ca Muni Inc. TR Reduce -8.6% 1.44% −0.03
WRLD World Acceptance Corp. Sold out 0.00% −0.03
HQL Abrdn Life Sciences Investor Reduce -7.0% 1.12% −0.02
XBNYX BlackRock New York Muni Inc. Reduce -11.3% 0.54% −0.02
SABA Saba Capital Income & Opp II Reduce -7.0% 0.71% −0.02
TBLD Thornburg Income Builder Opp Reduce -22.0% 0.27% −0.02
XMVTX BlackRock Munivest Fund II Reduce -40.0% 0.03% −0.02
BGR BlackRock Enrgy & Res TR Sold out 0.00% −0.02
MUJ BlackRock Munihold NJ QLTY Reduce -19.4% 0.08% −0.01
NML Neuberger Energy Infrastruct Reduce -12.5% 0.29% −0.01
TPZ Tort Electf Infra ETF-Usd Inc. Sold out 0.00% −0.01
BHV BlackRock Virginia Muni BND Reduce -46.4% 0.01% −0.00
XPNFX PIMCO New York Muni Inc. FD Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
ECAT BlackRock ESG Cap All TRM TR Add +0.2% 12.47% +0.61
PDX PIMCO Dynamic Income Strat Add +10.7% 5.12% +0.61
MEGI Nylim CBRE GB Infra Mtrnd TF Add +8.0% 2.29% +0.51
XGDVX Gabelli Dividend & Income TR Add +4.1% 4.23% +0.51
EVTL Vertical Aerospace Ltd. New 0.39% +0.39
NBXG Neuberger Next Generation Co. Add +11.8% 2.60% +0.38
GAM General American Investors Add +10.4% 2.25% +0.36
PEO Adams Natural Resources Fund Add +0.0% 1.82% +0.23
BTT BlackRock 2030 Muni TRGT TRM Add +48.7% 0.47% +0.19
JOF Japan Smaller Capitalization Add +53.3% 0.37% +0.17
DAL Delta Air Lines Inc. Add +483.5% 0.20% +0.16
GF The New Germany Fund Inc. Add +8.2% 0.46% +0.15
XEVMX Eaton Vance Cal Muni Bond Add +4.8% 1.03% +0.14
XENWX Eaton Vance New York Municip Add +6.6% 0.93% +0.13
ACH Accendra Health Inc. New 0.12% +0.12
LEO BNY Mellon Strategic Muni Add +3.7% 0.87% +0.11
PAGS Pagseguro Digital Ltd. Class A Add +2.3% 0.41% +0.11
MUR Murphy Oil Corp. New 0.10% +0.10
XPMAX Pioneer Municipal High Inc. Add +4.3% 0.91% +0.10
IREN Iren Ltd. New 0.10% +0.10
TROX Tronox Holdings PLC New 0.09% +0.09
WGO Winnebago Industries New 0.09% +0.09
XMHIX Pioneer Muni High Inc. TR Add +0.6% 1.05% +0.09
CBRE CBRE Group Inc. Class A New 0.09% +0.09
BMBL Bumble Inc. Class A Add +122.2% 0.37% +0.08
XJEQX Abrdn Japan Equity Fund Inc. Add +46.0% 0.18% +0.08
GRX Gabelli Healthcare & Well Add +2.4% 0.55% +0.08
MUC BlackRock Munihold Ca QLTY Add +1.6% 0.69% +0.07
DSM BNYM Strat Muni BND Add +3.0% 0.68% +0.07
XPCKX PIMCO California Municipa II Add +23.2% 0.27% +0.07
XMIOX Pioneer Muni High Inc. Opp Add +1.6% 0.69% +0.06
CORZ Core Scientific Inc. New 0.05% +0.05
GSHRU Gesher Acquisition Corp. II New 0.05% +0.05
DMB BNY Mellon Muni BND Infra Add +1.5% 0.36% +0.04
IHD Voya Emrg MRKT Hi DVD Eqty Add +12.5% 0.15% +0.04
IIF Morgan Stanley India Invest Add +1.3% 0.51% +0.03
CPRI Capri Holdings Ltd. Add +77.7% 0.07% +0.03
EOD Allspring Global Dividend Op Add +3.4% 0.27% +0.03
PDD PDD Holdings Inc. Add +10.0% 0.09% +0.03
KFIIU K&F Growth Acquisition Corp. New 0.03% +0.03
NHICU Newhold Investment Corp. III New 0.03% +0.03
XTEAX Tortoise Sust&social Imp Ter Add +3.1% 0.43% +0.03
PGZ Principal Real Estate Income Add +5.6% 0.12% +0.02
HOUS Anywhere Real Estate Inc. Add +34.0% 0.07% +0.02
PNI PIMCO NY Muni Inc. II FND Add +36.7% 0.07% +0.02
ABUS Arbutus Biopharma Corp. Add +10.3% 0.09% +0.02
HUDSON PAC PPTYS INC Add +8.2% 0.16% +0.02
CODI Compass Diversified Holdings Add +64.1% 0.07% +0.02
CXE MFS High Income Municipal TR Add +0.0% 0.23% +0.02
AAL American Airlines Group Inc. New 0.02% +0.02

Options Activity Q4 2024 → Q1 2025
JWN Nordstrom Inc. put Sold out 2,649,900 $64.0Mbefore exit
AAL American Airlines Group Inc. put Reduce -54.8% 5,062,500 $53.4M
X United States Steel Corp. put Sold out 552,400 $18.8Mbefore exit
M Macy's Inc. put Sold out 773,200 $13.1Mbefore exit
MARA Mara Holdings Inc. put New 125,000 $1.4M
BYND Beyond Meat Inc. put Sold out 10,000 $38Kbefore exit

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

Notes & Other Activity Q4 2024 → Q1 2025
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal New 8,150,000 $2.1M
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal Sold out 1,000,000 $1.0Mbefore exit
AVPTW Avepoint Inc.-CW24 *W EXP 09/18/202 Add +34.4% 148,668 $650K
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 Reduce -7.0% 198,227 $420K
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 New 574,398 $416K
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 Reduce -5.8% 32,248 $358K
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Add +3.4% 733,811 $334K
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Add +15.5% 66,257 $253K
CRTWF Cartica Acquisition A -28 *W EXP 04/30/202 Sold out 924,997 $250Kbefore exit
BACQR Inflection Point Acquisition RIGHT 11/04/2026 Reduce -45.0% 1,144,838 $240K
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 Reduce -0.5% 414,140 $189K
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal Sold out 250,000 $188Kbefore exit
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 Add +178.1% 210,054 $168K
CSLRF Consilium Acquisition -Right RIGHT 99/99/9999 Sold out 949,800 $142Kbefore exit
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Reduce -0.3% 1,858,357 $128K
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 Add +908.8% 299,239 $91K
BRACR Broad Capital Acquis-Right RIGHT 01/10/2027 Sold out 800,000 $88Kbefore exit
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 Reduce -17.7% 72,591 $79K
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 New 983,603 $72K
QBTS.WS D-Wave Quantum Inc. -27 *W EXP 08/05/202 Sold out 17,930 $71Kbefore exit
UWM HOLDINGS CORPORATION *W EXP 01/21/202 Reduce -5.4% 391,608 $69K
MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 Sold out 175,000 $65Kbefore exit
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -0.1% 172,293 $63K
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 New 215,703 $63K
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 Add +112.4% 472,500 $54K
WTMAR Welsbach Tech Metals Acq -RT RIGHT 12/22/2026 Sold out 600,000 $53Kbefore exit
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Sold out 100,000 $50Kbefore exit
CSLWF Consilium Acquisition -27 *W EXP 99/99/999 Sold out 524,998 $50Kbefore exit
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 Reduce -6.6% 273,057 $47K
FOXXW 1OXX *W EXP 09/26/202 Reduce -2.0% 244,962 $43K
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 05/23/202 Sold out 983,603 $41Kbefore exit
RFACR RF Acquisition Corp.- Rights RIGHT 05/01/2028 Sold out 275,000 $40Kbefore exit
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 New 175,000 $36K
BLACR Bellevue Life Sciences-RTS RIGHT 02/09/2028 Sold out 250,000 $34Kbefore exit
VMCWF Valuence Merger Corp. -CW27 *W EXP 99/99/999 Sold out 926,848 $33Kbefore exit
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 New 90,625 $32K
PPYAW Papaya Growth Opportuni-CW23 *W EXP 12/31/202 Sold out 1,142,325 $30Kbefore exit
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 Reduce -0.1% 67,710 $24K
ARBEW Arbe Robotics Ltd. -CW26 *W EXP 99/99/999 Reduce -23.5% 114,180 $24K
EGUVF Evergreen Corporation -CW27 *W EXP 02/08/202 Sold out 905,624 $21Kbefore exit
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Reduce -28.9% 79,657 $18K
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 New 61,725 $18K
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 New 99,999 $16K
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 New 275,000 $15K
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 Reduce -48.8% 19,519 $14K
RFACW RF Acquisition Corp.-CW27 *W EXP 05/01/202 Sold out 275,000 $12Kbefore exit
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 Sold out 650,003 $12Kbefore exit
TETWF Technology & Telecommuni -27 *W EXP 04/15/202 Sold out 650,000 $11Kbefore exit
OSRHW Bellevue Life Sciences-WRNT *W EXP 02/09/202 New 250,000 $10K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 New 10,535 $7K

Showing the first 50 of 57.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 226$3.2BASA, ECAT, BSTZ, NFJ, XGDVX
Q1 2026 223$3.1BASA, ECAT, PDX, XGDVX, NFJ
Q4 2025 199$2.9BECAT, ASA, XGDVX, PDX, GAM
Q3 2025 177$3.0BECAT, ASA, PDX, XGDVX, GAM
Q2 2025 178$3.6BECAT, BTX, PDX, XGDVX, BCAT
Q1 2025 140$3.6BECAT, BTX, BMEZ, PDX, BCAT
Q4 2024 143$3.9BECAT, BTX, BMEZ, BCAT, PDX
Q3 2024 167$4.5BECAT, BTX, BMEZ, BCAT, PDX
Q2 2024 185$4.5BECAT, BTX, BMEZ, BCAT, ADX
Q1 2024 184$4.5BECAT, BTX, BMEZ, BCAT, ADX