Saba Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Saba Capital Management, L.P. reported 199 stock positions worth $2.9 billion. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 13.8% of the portfolio, followed by ASA Gold and Precious Metals (ASA, 10.9%) and Gabelli Dividend & Income TR (XGDVX, 5.4%). Compared with Q3 2025, it opened 59 new positions, sold out of 37, added to 55 and reduced 49. The biggest buy was ASA Gold and Precious Metals (ASA, shares +16%) and the biggest sale PIMCO Dynamic Income Strat (PDX, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001510281
- Portfolio Value
- $2.9B (Q4 2025)
- SEC Filing
- 0001062993-26-000994 ↗ filed Feb 17, 2026
Holdings Value
Holdings 199 stocks · $2.9B
| ECAT BlackRock ESG Cap All TRM TR | 13.78% | 26,336,257 | $405.1M | Reduce -5.3% |
| ASA ASA Gold and Precious Metals | 10.94% | 5,391,713 | $321.7M | Add +15.8% |
| XGDVX Gabelli Dividend & Income TR | 5.43% | 5,751,258 | $159.7M | Reduce -5.9% |
| PDX PIMCO Dynamic Income Strat | 4.34% | 6,796,130 | $127.6M | Reduce -9.3% |
| GAM General American Investors | 4.17% | 2,085,885 | $122.5M | Add +2.2% |
| NFJ Virtus DVD Intrst & PRM STR | 3.79% | 8,640,031 | $111.4M | Add +15.1% |
| NBXG Neuberger Next Generation Co. | 3.78% | 7,695,235 | $111.1M | Reduce -0.3% |
| BSTZ BlackRock Sci & Tech TRM TR | 3.51% | 4,557,491 | $103.0M | Add +23.4% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 2.62% | 5,593,758 | $77.0M | Reduce -10.6% |
| PEO Adams Natural Resources Fund | 2.00% | 2,698,250 | $58.7M | Add +0.4% |
| BPRE Bluerock Private Real Estate | 1.57% | 3,074,615 | $46.1M | New |
| LEO BNY Mellon Strategic Muni | 1.31% | 6,076,820 | $38.6M | Add +6.6% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.21% | 2,998,620 | $35.7M | Reduce -36.5% |
| HQL Abrdn Life Sciences Investor | 1.21% | 2,117,174 | $35.5M | Reduce -18.1% |
| MXF Mexico Fund Inc. | 1.16% | 1,691,300 | $34.1M | Add +32.4% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.09% | 5,179,441 | $32.0M | Add +0.5% |
| XBOEX BlackRock Enh GLBL DVD TR | 1.02% | 2,555,063 | $29.9M | Add +6.7% |
| AFB Allianceberstein NTL Muni | 1.02% | 2,760,256 | $29.9M | Reduce -10.4% |
| HFRO Highland Opport & Income | 0.95% | 4,674,016 | $28.0M | Add +25.3% |
| RMT Royce Micro-Cap Trust Inc. | 0.93% | 2,614,909 | $27.3M | Add +85.7% |
| CNNE Cannae Holdings Inc. | 0.92% | 1,714,994 | $27.0M | Add +23.3% |
| GF The New Germany Fund Inc. | 0.86% | 2,210,555 | $25.2M | Add +13.1% |
| IIF Morgan Stanley India Invest | 0.84% | 988,924 | $24.7M | Reduce -2.8% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.83% | 1,599,746 | $24.4M | Add +54.6% |
| RVT Royce Small-Cap Trust Inc. | 0.79% | 1,437,153 | $23.1M | Add +2.4% |
| TY Tri-Continental Corp. | 0.78% | 701,601 | $22.9M | Add +8.3% |
| EVTL Vertical Aerospace Ltd. | 0.72% | 3,949,044 | $21.0M | Reduce -3.6% |
| WB Weibo Corp.-Spon ADR | 0.70% | 2,015,063 | $20.6M | No change |
| GRX Gabelli Healthcare & Well | 0.69% | 2,118,201 | $20.4M | Add +3.3% |
| DMA Destra Multi-Alternative | 0.68% | 2,220,648 | $19.9M | Reduce -0.7% |
| ECF Ellsworth Growth and Income | 0.66% | 1,680,620 | $19.5M | Add +2.8% |
| BMBL Bumble Inc. Class A | 0.65% | 5,337,549 | $19.1M | Add +52.6% |
| JOF Japan Smaller Capitalization | 0.62% | 1,632,530 | $18.1M | Reduce -28.3% |
| SABA Saba Capital Income & Opp II | 0.61% | 2,190,968 | $18.1M | Reduce -16.7% |
| GLO Clough Global Opportunities | 0.59% | 3,045,940 | $17.2M | Add +14.1% |
| DMB BNY Mellon Muni BND Infra | 0.58% | 1,565,016 | $17.2M | Add +25.3% |
| RDAG Republic Digital Acquis Class A | 0.57% | 1,645,960 | $16.7M | Reduce -0.2% |
| WENN Wen Acquisition Corp. Class A | 0.54% | 1,563,222 | $15.8M | No change |
| XBFZX BlackRock Ca Muni Inc. TR | 0.47% | 1,299,311 | $14.0M | Reduce -53.1% |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | 0.45% | 1,816,687 | $13.2M | No change |
| PAGS Pagseguro Digital Ltd. Class A | 0.42% | 1,293,415 | $12.5M | No change |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.41% | 226,694 | $12.1M | No change |
| SABR Sabre Corp. | 0.41% | 8,879,182 | $12.1M | Add +46.8% |
| NML Neuberger Energy Infrastruct | 0.41% | 1,416,482 | $12.0M | Add +205.3% |
| SNAP Snap Inc. Class A | 0.39% | 1,421,784 | $11.5M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.39% | 24,449 | $11.5M | Add +108.3% |
| XCAFX Morgan Stanley China A Share | 0.37% | 634,953 | $11.0M | Add +130.9% |
| IHD Voya Emrg MRKT Hi DVD Eqty | 0.37% | 1,748,915 | $11.0M | No change |
| PMTR Perimeter Acquis Corp. I Class A | 0.37% | 1,055,870 | $10.9M | No change |
| XPCQX PIMCO California Muni Inc. FD | 0.34% | 1,136,571 | $9.9M | Add +5.3% |
| HCMA HCM III Acquisition Cor Class A | 0.32% | 949,650 | $9.5M | No change |
| MESHU Meshflow Acquisition Corp. | 0.32% | 949,600 | $9.5M | New |
| GLL Proshares Ultrashort Gold | 0.32% | 362,475 | $9.5M | New |
| HCACU Hall Chadwick Acquisition Co. | 0.30% | 870,315 | $8.7M | New |
| DAAQ Digital Asset Acquisiti Class A | 0.29% | 850,000 | $8.6M | No change |
| TSLA Tesla Inc. | 0.28% | 18,161 | $8.2M | Add +188.4% |
| RAAQ Real Asset Acquisiti Class A | 0.28% | 797,246 | $8.1M | No change |
| BCV Bancroft Fund Ltd. | 0.27% | 361,294 | $8.0M | Add +14.9% |
| ONCH 1RT Acquisition Corp. Class A | 0.27% | 774,932 | $7.9M | No change |
| BLZR Trailblazer Acquisition Class A | 0.27% | 786,316 | $7.9M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.26% | 52,786 | $7.7M | New |
| STHO Star Holdings filed as STAR HLDGS | 0.26% | 939,974 | $7.7M | Reduce -7.2% |
| XGLQX Clough Global Equity Fund | 0.26% | 1,005,110 | $7.7M | Add +87.8% |
| RFMZ Rivernorth Flex Muni II | 0.26% | 605,495 | $7.7M | Add +2772.8% |
| EVAC Eqv Ventures Acquisition C-A | 0.26% | 759,738 | $7.6M | No change |
| AAPL Apple Inc. | 0.25% | 27,345 | $7.4M | New |
| XNIEX Virtus Equity & Convertible | 0.25% | 298,200 | $7.4M | New |
| RNGT Range Capital Acquisit Class A | 0.25% | 725,000 | $7.2M | New |
| NVDA Nvidia Corp. | 0.24% | 38,079 | $7.1M | Reduce -16.4% |
| BNC Cea Industries Inc. | 0.24% | 1,105,291 | $7.1M | Add +61.8% |
| BIDU Baidu Inc. - Spon ADR | 0.24% | 53,823 | $7.0M | Reduce -22.1% |
| CCII Cohen Circle Acquisit II - A | 0.24% | 684,000 | $7.0M | No change |
| AEAQU Activate Energy Acquisition | 0.24% | 699,609 | $7.0M | New |
| BA The Boeing Co. | 0.22% | 30,392 | $6.6M | Reduce -12.6% |
| PCAP Procap Acquisition Corp. Class A | 0.22% | 645,996 | $6.5M | Reduce -27.9% |
| TDF Templeton Dragon Fund Inc. | 0.21% | 539,260 | $6.1M | No change |
| HPP Hudson Pacific Properties Inc. | 0.20% | 555,409 | $6.0M | Add +107.0% |
| APXT Apex Treasury Corp. Class A | 0.20% | 600,000 | $5.9M | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.19% | 160,000 | $5.6M | No change |
| BCSS Bain Capital GSS Inv- A | 0.18% | 535,580 | $5.4M | Reduce -33.0% |
| SW Smurfit Westrock PLC | 0.18% | 137,389 | $5.3M | New |
| VERX Vertex Inc. Class A | 0.18% | 263,474 | $5.3M | Add +29.5% |
| BDCI BTC Development Corp. Class A | 0.18% | 525,000 | $5.3M | No change |
| GLV Clough Global Dividend & Inc. | 0.18% | 870,736 | $5.2M | Add +38.6% |
| PLAY Dave & Buster's Entertainmen | 0.18% | 320,309 | $5.2M | Add +236.1% |
| CEPV Cantor Equity Partners Class A | 0.17% | 500,000 | $5.1M | New |
| CAEP Cantor Equity Partners III-A | 0.17% | 500,000 | $5.1M | No change |
| QCOM Qualcomm Inc. | 0.17% | 28,464 | $4.9M | Reduce -27.0% |
| SHOP Shopify Inc. Class A | 0.15% | 28,279 | $4.6M | Reduce -12.2% |
| DJT Trump Media & Technology Gro | 0.15% | 343,802 | $4.6M | Reduce -11.6% |
| CXE MFS High Income Municipal TR | 0.15% | 1,203,922 | $4.5M | Reduce -45.7% |
| EVOX Evolution Global Acquis Class A | 0.15% | 450,000 | $4.4M | New |
| CORZ Core Scientific Inc. | 0.15% | 300,000 | $4.4M | Add +71.4% |
| BW Babcock & Wilcox Enterpr | 0.15% | 681,105 | $4.3M | New |
| UIS Unisys Corp. | 0.15% | 1,551,487 | $4.3M | Add +65.8% |
| CEPF Cantor Equity Partners Class A | 0.14% | 406,500 | $4.2M | No change |
| EMBC Embecta Corp. | 0.14% | 348,609 | $4.1M | Add +19.3% |
| PDD PDD Holdings Inc. | 0.14% | 36,318 | $4.1M | Add +64.0% |
| FMN Federated Herm Prem Muni Inc. | 0.14% | 365,326 | $4.1M | Reduce -2.6% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.14% | 438,995 | $4.0M | Add +2821.6% |
| IRHOU Iron Horse Acquisition II Co. | 0.14% | 400,000 | $4.0M | New |
| CMG Chipotle Mexican Grill Inc. | 0.13% | 105,550 | $3.9M | New |
| DYOR Insight Digital Partners I-A | 0.13% | 393,365 | $3.9M | New |
| LFACU Leapfrog Acquisition Corp. | 0.13% | 383,798 | $3.8M | New |
| SWZ Total Return Securities Fund | 0.13% | 605,224 | $3.8M | Add +100.0% |
| WIW Western Asst Infl-LNK Opp | 0.12% | 424,577 | $3.6M | Add +324.6% |
| TACO Berto Acquisition Corp. | 0.12% | 350,000 | $3.5M | Reduce -50.0% |
| CEPT Cantor Equity Partners Class A | 0.11% | 300,000 | $3.4M | No change |
| WGO Winnebago Industries | 0.11% | 81,884 | $3.3M | Reduce -19.6% |
| TDS Telephone and Data Systems | 0.11% | 80,000 | $3.3M | No change |
| AES AES Corp. | 0.11% | 224,982 | $3.2M | Reduce -27.8% |
| FCRS Futurecrest Acquisition Class A | 0.11% | 315,065 | $3.2M | Add +26.1% |
| HEQ John Hancock Divers Inc. Fund | 0.10% | 281,328 | $3.0M | Add +11.0% |
| CRANU Crane Harbor Acquisition Cor | 0.10% | 297,854 | $3.0M | New |
| UBOT DD Ra Int & Auto Ib 2X ETF-U | 0.10% | 111,280 | $2.8M | Add +52.3% |
| ORCL Oracle Corp. | 0.10% | 14,500 | $2.8M | New |
| ETOR Etoro Group Ltd. Class A | 0.09% | 79,339 | $2.8M | Add +152.3% |
| OLN Olin Corp. | 0.09% | 133,223 | $2.8M | Add +19.5% |
| UBER Uber Technologies Inc. | 0.09% | 33,138 | $2.7M | Reduce -42.0% |
| CPRI Capri Holdings Ltd. | 0.09% | 110,773 | $2.7M | No change |
| GEO The Geo Group Inc. | 0.09% | 167,007 | $2.7M | Add +34.8% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.09% | 70,000 | $2.6M | Add +16.7% |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 0.09% | 140,229 | $2.5M | Reduce -28.9% |
| GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I | 0.09% | 250,000 | $2.5M | No change |
| KF Korea Fund Inc. | 0.09% | 69,617 | $2.5M | Add +117.9% |
| OTGA Otg Acquisition Corp. I Class A | 0.09% | 250,000 | $2.5M | No change |
| PURR Hyperliquid Strategies | 0.08% | 700,665 | $2.5M | New |
| ITHAU Ithax Acquisition Corp. III | 0.08% | 250,000 | $2.5M | New |
| COF Capital One Financial Corp. | 0.08% | 9,993 | $2.4M | New |
| CBRE CBRE Group Inc. Class A | 0.08% | 15,000 | $2.4M | No change |
| NWL Newell Brands Inc. | 0.08% | 632,462 | $2.4M | New |
| NCV Virtus Convertible & Income | 0.08% | 152,874 | $2.3M | Add +374.1% |
| AMD Advanced Micro Devices | 0.08% | 10,779 | $2.3M | Reduce -79.3% |
| BIXIU Bitcoin Infrastructure Acqui | 0.08% | 230,702 | $2.3M | New |
| KRSP Rice Acquisition Corp. 3-A | 0.08% | 221,437 | $2.3M | New |
| PSNY Polestar Automotive Class A ADS | 0.08% | 106,457 | $2.3M | No change |
| FRMM Forum Markets Inc. filed as ETHZILLA CORPORATION | 0.08% | 460,709 | $2.3M | Add +264.2% |
| AIIA AI Infrastructure Ac-A | 0.08% | 227,000 | $2.3M | New |
| OPTU Optimum Communications Inc. Class A | 0.08% | 1,356,888 | $2.2M | Add +1026.5% |
| BEBE.U Tge Value Creative Solutions | 0.08% | 225,000 | $2.2M | New |
| CHW Calamos Global Dynamic Incom | 0.08% | 299,358 | $2.2M | Reduce -18.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.07% | 62,249 | $2.1M | New |
| META Meta Platforms Inc. Class A | 0.07% | 3,090 | $2.0M | New |
| GM General Motors Co. | 0.07% | 24,867 | $2.0M | Reduce -13.1% |
| LPCVU Launchpad Cadenza Acquisitio | 0.07% | 200,000 | $2.0M | New |
| ADACU American Drive Acquisition C | 0.07% | 200,000 | $2.0M | New |
| CODI Compass Diversified Holdings | 0.07% | 409,259 | $2.0M | Add +36.0% |
| AEXA American Exceptionalism Class A | 0.07% | 169,900 | $1.9M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.07% | 24,140 | $1.9M | New |
| ASPI Asp Isotopes Inc. | 0.06% | 356,377 | $1.9M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.06% | 15,719 | $1.7M | New |
| KYN Kayne Anderson Energy Infra | 0.06% | 139,244 | $1.7M | No change |
| ABUS Arbutus Biopharma Corp. | 0.06% | 347,885 | $1.7M | Reduce -48.8% |
| BAX Baxter International Inc. | 0.06% | 86,573 | $1.7M | New |
| TONX Ton Strategy Co. | 0.06% | 827,995 | $1.6M | Add +69.6% |
| SYF Synchrony Financial | 0.06% | 19,601 | $1.6M | New |
| FUN Six Flags Entertainment Corp. | 0.05% | 100,020 | $1.5M | New |
| ALUB.U Alussa Energy Acquisition Co. | 0.05% | 147,288 | $1.5M | New |
| MXE Mexico Equity and Income FD | 0.05% | 118,600 | $1.5M | No change |
| MFM Aberdeen Municipal Income | 0.05% | 265,800 | $1.4M | Reduce -71.1% |
| NAKA Nakamoto Inc. filed as KINDLY MD INC | 0.05% | 3,984,539 | $1.4M | New |
| CCXIU Churchill Capital Corp. Xi | 0.05% | 132,442 | $1.4M | New |
| CPB The Campbell's Company | 0.05% | 48,034 | $1.3M | New |
| CYH Community Health Systems Inc. | 0.04% | 400,808 | $1.3M | Reduce -55.5% |
| IGACU Invest Green Acquisition Cor | 0.04% | 122,645 | $1.2M | New |
| NBH Neuberger Municipal Fund Inc. | 0.04% | 110,116 | $1.1M | Reduce -89.1% |
| HOUS Anywhere Real Estate Inc. | 0.04% | 75,000 | $1.1M | Reduce -75.8% |
| CMPS Compass Pathways PLC | 0.04% | 151,033 | $1.0M | No change |
| BLRKU Bluerock Acquisition Corp. | 0.03% | 100,000 | $1.0M | New |
| TWLVU Twelve Seas Investment Co. II | 0.03% | 100,000 | $995K | New |
| NMAI Nuveen Multi-Asset Income | 0.03% | 75,279 | $982K | Reduce -89.8% |
| EMPD Empery Digital Inc. | 0.03% | 211,346 | $965K | No change |
| RTAC Renatus Tactical Acquisiti-A | 0.03% | 88,344 | $943K | No change |
| VOYG Voyager Technologies Inc. Class A | 0.03% | 35,984 | $941K | Reduce -48.4% |
| DPG Duff & Phelps Utility & Inc. | 0.03% | 71,298 | $906K | New |
| VFL Abrdn National Municipal Inc. | 0.03% | 85,645 | $880K | Reduce -34.4% |
| KW Kennedy-Wilson Holdings Inc. | 0.03% | 86,057 | $832K | New |
| CAG Conagra Brands Inc. | 0.03% | 46,568 | $806K | New |
| AIRS Airsculpt Technologies Inc. | 0.02% | 313,043 | $620K | New |
| TROX Tronox Holdings PLC | 0.02% | 142,067 | $592K | Reduce -41.9% |
| ARBE Arbe Robotics Ltd. | 0.02% | 500,000 | $590K | Reduce -50.0% |
| SVIA Silvia Inc. filed as PROCAP FINL INC | 0.02% | 158,033 | $558K | New |
| GRNT Granite Ridge Resources Inc. | 0.02% | 115,878 | $545K | No change |
| SVAQU Silicon Valley Acquisition C | 0.02% | 50,000 | $497K | New |
| AXP American Express Co. | 0.02% | 1,252 | $463K | New |
| RITM Rithm Capital Corp. | 0.01% | 40,000 | $436K | No change |
| SKYA Skyai Inc. filed as SHARPS TECHNOLOGY INC | 0.01% | 202,752 | $412K | New |
| ENGENE HOLDINGS INC | 0.01% | 137,358 | $391K | Reduce -23.0% |
| PYPL PayPal Holdings Inc. | 0.01% | 6,415 | $375K | Reduce -79.2% |
| AR Antero Resources Corp. | 0.01% | 9,400 | $324K | Reduce -6.0% |
| ABNB Airbnb Inc. Class A | 0.01% | 2,365 | $321K | Reduce -91.0% |
| BBWI Bath & Body Works Inc. | 0.01% | 12,758 | $256K | New |
| AMAT Applied Materials Inc. | 0.01% | 794 | $204K | Reduce -96.5% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.01% | 14,229 | $151K | New |
| FUSE Fusemachines Inc. | 0.00% | 67,711 | $112K | New |
| CRML Critical Metals Corp. | 0.00% | 10,000 | $69K | New |
| BITF Bitfarms Ltd./Canada | 0.00% | 19,100 | $45K | New |
| ALPS Alps Group Inc. | 0.00% | 19,473 | $17K | New |
| DISTOKEN ACQUISITION CORP | 0.00% | 99,762 | $12K | No change |
Options reported separately and not counted above: TSLA puts ($50.9M), CRWD puts ($41.3M), QCOM puts ($38.4M), NVDA puts ($38.4M), AMD puts ($33.8M), BA puts ($29.6M), AAPL puts ($28.4M), MSTR puts ($25.8M), BABA puts ($24.3M), SHOP puts ($21.8M), PDD puts ($9.7M), COF puts ($9.6M), and 8 more.
Other holdings (131): bonds, preferreds, convertibles and warrants · $41.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 10,000,000 | $10.0M | No change |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 6,000,000 | $6.7M | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 5,000,000 | $5.2M | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 5,000,000 | $5.0M | New |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 5,000,000 | $4.1M | New |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | 32,248 | $1.1M | No change |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 949,999 | $551K | No change |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 554,845 | $427K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 539,815 | $409K | Reduce -25.0% |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 226,640 | $408K | Reduce -10.2% |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 186,852 | $377K | No change |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | 874,225 | $332K | Reduce -11.7% |
| RAAQW REAL ASSET AQC Corp -30 | *W EXP 04/24/203 | 687,813 | $327K | No change |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 981,614 | $305K | No change |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 733,811 | $301K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 275,647 | $247K | No change |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 153,564 | $235K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 484,298 | $204K | No change |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 471,140 | $198K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 512,200 | $194K | No change |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 333,333 | $167K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 406,561 | $164K | No change |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 183,597 | $163K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 164,350 | $162K | No change |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 10/28/203 | 75,681 | $160K | New |
| RNGTW Range Capital Acquisition Co. | *W EXP 09/29/203 | 487,499 | $156K | New |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 1,357,795 | $151K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 541,499 | $149K | No change |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 199,998 | $138K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 149,170 | $137K | No change |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 262,103 | $135K | No change |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 187,499 | $135K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 333,332 | $124K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 235,038 | $120K | No change |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 336,579 | $113K | No change |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 174,262 | $106K | No change |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 132,581 | $106K | New |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 144,086 | $106K | Reduce -6.5% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 180,984 | $95K | Reduce -12.1% |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 568,730 | $93K | No change |
| EVOXW Evolution Global Acquisition | *W EXP 10/22/203 | 225,000 | $92K | New |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 414,140 | $92K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 350,017 | $84K | New |
| APXTW Apex Treasury Corp. -30 | *W EXP 10/07/203 | 299,999 | $83K | New |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 249,200 | $83K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 237,350 | $83K | No change |
| OPTXW Omnilit Acquisition Class A -23 | *W EXP 99/99/999 | 332,000 | $79K | No change |
| BDCIW BTC Development Corp. - 30 | *W EXP 09/11/203 | 131,249 | $75K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 438,551 | $70K | No change |
| DYORW Insight Digital Partners II | *W EXP 10/28/203 | 196,682 | $70K | New |
| HOVRW Pono Capital Three Inc.-A-28 | *W EXP 02/14/202 | 199,659 | $63K | No change |
| FLYX.WS Eg Acquisition Corp.-A -CW28 | *W EXP 99/99/999 | 230,500 | $62K | No change |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 78,765 | $61K | Add +26.1% |
| DNMXW Dynamix Corp. III | *W EXP 10/10/203 | 174,999 | $60K | New |
| AI INFRASTRUCTURE ACQUISITIO | RIGHT 99/99/9999 | 227,000 | $60K | New |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 710,648 | $59K | No change |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 726,048 | $58K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 193,229 | $52K | No change |
| GFUZW Spring Valley Acq Co. -30 | *W EXP 09/04/203 | 83,332 | $52K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 175,000 | $49K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 95,631 | $48K | No change |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | 56,866 | $48K | No change |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 200,000 | $46K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 197,486 | $45K | No change |
| HOLLEY INC | *W EXP 11/30/202 | 298,716 | $44K | No change |
| SCAGW Scage Future -30 | *W EXP 05/15/203 | 660,109 | $41K | No change |
| OTGAW Otg Acquisition Corp. I - 30 | *W EXP 09/05/203 | 125,000 | $40K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 42,591 | $38K | No change |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | 524,998 | $37K | New |
| FOXXW 1OXX | *W EXP 09/26/202 | 244,962 | $30K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 99,999 | $30K | No change |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 726,030 | $28K | No change |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | 59,763 | $27K | No change |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 31,616 | $27K | No change |
| GRABW Grab Holdings Ltd.-CW 26 | *W EXP 99/99/999 | 84,913 | $26K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 111,217 | $24K | No change |
| VSEEW Digital Health Acquist-CW23 | *W EXP 99/99/999 | 243,249 | $22K | No change |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 500,000 | $22K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 49,998 | $21K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 71,410 | $21K | No change |
| ASBPW Aspire Biopharma Holdin-CW27 | *W EXP 02/14/203 | 983,603 | $19K | No change |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 67,710 | $19K | No change |
| CYCUW Cycurion Inc.-CW27 | *W EXP 02/13/203 | 500,000 | $17K | No change |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 997,048 | $16K | No change |
| GWHWW Ess Tech Inc. -CW27 | *W EXP 10/08/202 | 303,596 | $16K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 100,000 | $15K | No change |
| UNITED HOMES GROUP INC | *W EXP 03/30/202 | 45,810 | $15K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 25,000 | $15K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 211,075 | $14K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 265,947 | $12K | No change |
| OSRHW Bellevue Life Sciences-WRNT | *W EXP 02/09/202 | 250,000 | $12K | No change |
| ZOOZW Zooz Strategy Ltd.-29 | *W EXP 04/02/202 | 262,498 | $10K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 212,302 | $10K | No change |
| LIMNW Liminatus Pharma Inc. Class A-28 | *W EXP 04/30/203 | 233,761 | $9K | No change |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | 114,180 | $9K | No change |
| KIDZW Classover Holdings Inc. - 30 | *W EXP 04/03/203 | 699,290 | $8K | No change |
| CPTWF Captivision Inc.-28 | *W EXP 11/15/202 | 649,998 | $8K | No change |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 166,894 | $8K | No change |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 273,057 | $8K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 132,013 | $7K | No change |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 275,000 | $7K | No change |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 83,480 | $6K | No change |
| VGASW Cenaq Energy Corp. Class A -CW27 | *W EXP 02/15/202 | 73,108 | $6K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 14,427 | $5K | No change |
| CDIOW Cardio Diagnostics-CW26 | *W EXP 10/25/202 | 199,839 | $5K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 21,669 | $5K | No change |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | 297,847 | $5K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 174,998 | $5K | No change |
| CDTTW Murphy Canyon Acq-CW27 | *W EXP 09/22/202 | 765,000 | $4K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 18,752 | $4K | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 99,998 | $4K | No change |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 49,203 | $4K | No change |
| GGROW Gogoro Inc. -CW27 | *W EXP 04/04/202 | 400,330 | $4K | No change |
| TBLAW Taboola.com Ltd. -CW27 | *W EXP 99/99/999 | 72,280 | $3K | No change |
| HUBCW Hub Cyber Security Ltd.-28 | *W EXP 02/27/202 | 179,799 | $3K | No change |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | 27,728 | $3K | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 19,443 | $3K | No change |
| OABIW Omniab Inc. - CW26 | *W EXP 99/99/999 | 19,900 | $2K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 43,358 | $2K | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 122,683 | $2K | No change |
| PARAW 7GC & Co. Holdings Class A -CW26 | *W EXP 12/14/202 | 124,100 | $2K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 26,945 | $2K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 170,222 | $2K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 41,822 | $1K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 10,200 | $842 | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 81,901 | $786 | No change |
| BSLKW Golden Arrow Merger A -CW26 | *W EXP 08/13/202 | 41,097 | $682 | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 155,950 | $608 | No change |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 22,099 | $451 | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 16,866 | $322 | No change |
| SLXNW Biomotion Sciences-CW29 | *W EXP 08/15/202 | 11,937 | $318 | No change |
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q3 2025 → Q4 2025
| PDX PIMCO Dynamic Income Strat | Reduce -9.3% | 4.34% | −1.90 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -5.3% | 13.78% | −1.47 |
| XEVMX Eaton Vance Cal Muni Bond | Sold out | 0.00% | −1.44 |
| XENWX Eaton Vance New York Municip | Sold out | 0.00% | −1.29 |
| ADX Adams Diversified Equity | Sold out | 0.00% | −1.00 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -36.5% | 1.21% | −0.68 |
| XTEAX Tortoise Sust&social Imp Ter | Sold out | 0.00% | −0.61 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -53.1% | 0.47% | −0.54 |
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −0.53 |
| XBNYX BlackRock New York Muni Inc. | Sold out | 0.00% | −0.46 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Reduce -10.6% | 2.62% | −0.45 |
| BCX BlackRock Resources & Commod | Sold out | 0.00% | −0.43 |
| NBH Neuberger Municipal Fund Inc. | Reduce -89.1% | 0.04% | −0.31 |
| NMAI Nuveen Multi-Asset Income | Reduce -89.8% | 0.03% | −0.29 |
| GNT Gamco Natural Resources Gold | Sold out | 0.00% | −0.25 |
| MUC BlackRock Munihold Ca QLTY | Sold out | 0.00% | −0.22 |
| AMD Advanced Micro Devices | Reduce -79.3% | 0.08% | −0.20 |
| NBXG Neuberger Next Generation Co. | Reduce -0.3% | 3.78% | −0.19 |
| EOD Allspring Global Dividend Op | Sold out | 0.00% | −0.19 |
| JOF Japan Smaller Capitalization | Reduce -28.3% | 0.62% | −0.19 |
| SABA Saba Capital Income & Opp II | Reduce -16.7% | 0.61% | −0.19 |
| LNC Lincoln National Corp. | Sold out | 0.00% | −0.18 |
| MUR Murphy Oil Corp. | Sold out | 0.00% | −0.15 |
| AMAT Applied Materials Inc. | Reduce -96.5% | 0.01% | −0.15 |
| XJEQX Abrdn Japan Equity Fund Inc. | Sold out | 0.00% | −0.15 |
| HQL Abrdn Life Sciences Investor | Reduce -18.1% | 1.21% | −0.13 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Sold out | 0.00% | −0.13 |
| CXE MFS High Income Municipal TR | Reduce -45.7% | 0.15% | −0.12 |
| TACO Berto Acquisition Corp. | Reduce -50.0% | 0.12% | −0.12 |
| CEV Eaton Vance Ca Muni Inc. TRST | Sold out | 0.00% | −0.12 |
| REAL The Realreal Inc. | Sold out | 0.00% | −0.12 |
| MFM Aberdeen Municipal Income | Reduce -71.1% | 0.05% | −0.12 |
| XGDVX Gabelli Dividend & Income TR | Reduce -5.9% | 5.43% | −0.11 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.11 |
| XPHDX Pioneer Floating Rate Fund | Sold out | 0.00% | −0.11 |
| AFB Allianceberstein NTL Muni | Reduce -10.4% | 1.02% | −0.10 |
| ABNB Airbnb Inc. Class A | Reduce -91.0% | 0.01% | −0.10 |
| UBER Uber Technologies Inc. | Reduce -42.0% | 0.09% | −0.10 |
| BCSS Bain Capital GSS Inv- A | Reduce -33.0% | 0.18% | −0.09 |
| PCAP Procap Acquisition Corp. Class A | Reduce -27.9% | 0.22% | −0.09 |
| CHECU Chenghe Acquisition III Co. | Sold out | 0.00% | −0.08 |
| MBVIU M3-Brigade Acquisition Vi Co. | Sold out | 0.00% | −0.08 |
| HOUS Anywhere Real Estate Inc. | Reduce -75.8% | 0.04% | −0.07 |
| TLNCU Talon Capital Corp. | Sold out | 0.00% | −0.07 |
| DMIIU Drugs Made in America Acquis | Sold out | 0.00% | −0.07 |
| BIDU Baidu Inc. - Spon ADR | Reduce -22.1% | 0.24% | −0.07 |
| DJT Trump Media & Technology Gro | Reduce -11.6% | 0.15% | −0.06 |
| PYPL PayPal Holdings Inc. | Reduce -79.2% | 0.01% | −0.06 |
| IIF Morgan Stanley India Invest | Reduce -2.8% | 0.84% | −0.06 |
| CYH Community Health Systems Inc. | Reduce -55.5% | 0.04% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| ASA ASA Gold and Precious Metals | Add +15.8% | 10.94% | +3.81 |
| BPRE Bluerock Private Real Estate | New | 1.57% | +1.57 |
| BSTZ BlackRock Sci & Tech TRM TR | Add +23.4% | 3.51% | +0.77 |
| NFJ Virtus DVD Intrst & PRM STR | Add +15.1% | 3.79% | +0.52 |
| RMT Royce Micro-Cap Trust Inc. | Add +85.7% | 0.93% | +0.44 |
| MESHU Meshflow Acquisition Corp. | New | 0.32% | +0.32 |
| GLL Proshares Ultrashort Gold | New | 0.32% | +0.32 |
| MXF Mexico Fund Inc. | Add +32.4% | 1.16% | +0.32 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Add +54.6% | 0.83% | +0.32 |
| HCACU Hall Chadwick Acquisition Co. | New | 0.30% | +0.30 |
| NML Neuberger Energy Infrastruct | Add +205.3% | 0.41% | +0.27 |
| BABA Alibaba Group Holding-SP ADR | New | 0.26% | +0.26 |
| AAPL Apple Inc. | New | 0.25% | +0.25 |
| XNIEX Virtus Equity & Convertible | New | 0.25% | +0.25 |
| RFMZ Rivernorth Flex Muni II | Add +2772.8% | 0.26% | +0.25 |
| RNGT Range Capital Acquisit Class A | New | 0.25% | +0.25 |
| AEAQU Activate Energy Acquisition | New | 0.24% | +0.24 |
| XCAFX Morgan Stanley China A Share | Add +130.9% | 0.37% | +0.22 |
| APXT Apex Treasury Corp. Class A | New | 0.20% | +0.20 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +108.3% | 0.39% | +0.20 |
| TSLA Tesla Inc. | Add +188.4% | 0.28% | +0.18 |
| SW Smurfit Westrock PLC | New | 0.18% | +0.18 |
| CEPV Cantor Equity Partners Class A | New | 0.17% | +0.17 |
| HFRO Highland Opport & Income | Add +25.3% | 0.95% | +0.16 |
| EVOX Evolution Global Acquis Class A | New | 0.15% | +0.15 |
| BW Babcock & Wilcox Enterpr | New | 0.15% | +0.15 |
| DMB BNY Mellon Muni BND Infra | Add +25.3% | 0.58% | +0.14 |
| IRHOU Iron Horse Acquisition II Co. | New | 0.14% | +0.14 |
| ETW Eaton Vance T/M GLBL Buy-WR | Add +2821.6% | 0.14% | +0.13 |
| CMG Chipotle Mexican Grill Inc. | New | 0.13% | +0.13 |
| DYOR Insight Digital Partners I-A | New | 0.13% | +0.13 |
| LFACU Leapfrog Acquisition Corp. | New | 0.13% | +0.13 |
| XGLQX Clough Global Equity Fund | Add +87.8% | 0.26% | +0.13 |
| LEO BNY Mellon Strategic Muni | Add +6.6% | 1.31% | +0.12 |
| PLAY Dave & Buster's Entertainmen | Add +236.1% | 0.18% | +0.12 |
| GF The New Germany Fund Inc. | Add +13.1% | 0.86% | +0.10 |
| CRANU Crane Harbor Acquisition Cor | New | 0.10% | +0.10 |
| ORCL Oracle Corp. | New | 0.10% | +0.10 |
| WIW Western Asst Infl-LNK Opp | Add +324.6% | 0.12% | +0.09 |
| XBOEX BlackRock Enh GLBL DVD TR | Add +6.7% | 1.02% | +0.09 |
| PURR Hyperliquid Strategies | New | 0.08% | +0.08 |
| ITHAU Ithax Acquisition Corp. III | New | 0.08% | +0.08 |
| COF Capital One Financial Corp. | New | 0.08% | +0.08 |
| NWL Newell Brands Inc. | New | 0.08% | +0.08 |
| BIXIU Bitcoin Infrastructure Acqui | New | 0.08% | +0.08 |
| GLO Clough Global Opportunities | Add +14.1% | 0.59% | +0.08 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.08% | +0.08 |
| AIIA AI Infrastructure Ac-A | New | 0.08% | +0.08 |
| BEBE.U Tge Value Creative Solutions | New | 0.08% | +0.08 |
| GRX Gabelli Healthcare & Well | Add +3.3% | 0.69% | +0.07 |
Options Activity Q3 2025 → Q4 2025
| WDC Western Digital Corp. | put | Sold out | 559,000 | $67.1Mbefore exit |
| MSFT Microsoft Corp. | put | Sold out | 105,800 | $54.8Mbefore exit |
| TSLA Tesla Inc. | put | Add +117.9% | 113,100 | $50.9M |
| CRWD CrowdStrike Holdings Inc. Class A | put | Add +79.3% | 88,200 | $41.3M |
| QCOM Qualcomm Inc. | put | Add +1.6% | 224,600 | $38.4M |
| NVDA Nvidia Corp. | put | Reduce -45.4% | 205,900 | $38.4M |
| UBER Uber Technologies Inc. | put | Sold out | 383,100 | $37.5Mbefore exit |
| AMD Advanced Micro Devices | put | Reduce -67.3% | 157,900 | $33.8M |
| XOM Exxon Mobil Corp. | put | Sold out | 295,300 | $33.3Mbefore exit |
| BA The Boeing Co. | put | Reduce -65.0% | 136,500 | $29.6M |
| AAPL Apple Inc. | put | New | 104,300 | $28.4M |
| MSTR Strategy Inc. | put | New | 170,000 | $25.8M |
| BABA Alibaba Group Holding-SP ADR | put | New | 165,900 | $24.3M |
| SHOP Shopify Inc. Class A | put | Add +12.0% | 135,200 | $21.8M |
| BAC Bank of America Corp. | put | Sold out | 209,900 | $10.8Mbefore exit |
| COF Capital One Financial Corp. | put | New | 39,600 | $9.6M |
| MOS The Mosaic Co. | put | Sold out | 192,600 | $6.7Mbefore exit |
| SYF Synchrony Financial | put | New | 76,000 | $6.3M |
| F Ford Motor Co. | put | Sold out | 292,800 | $3.5Mbefore exit |
| RIVN Rivian Automotive Inc. Class A | put | New | 150,200 | $3.0M |
| AMAT Applied Materials Inc. | put | Reduce -94.8% | 11,200 | $2.9M |
| CF CF Industries Holdings Inc. | put | Sold out | 26,800 | $2.4Mbefore exit |
| UBS UBS Group AG-Reg | put | Sold out | 53,700 | $2.2Mbefore exit |
| AXP American Express Co. | put | New | 5,200 | $1.9M |
| PYPL PayPal Holdings Inc. | put | Reduce -84.3% | 14,100 | $823K |
| EOSE Eos Energy Enterprises Inc. | put | Sold out | 35,000 | $399Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | New | 6,000,000 | $6.7M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 5,000,000 | $5.0M |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 5,000,000 | $4.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 2,500,000 | $2.6Mbefore exit |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Sold out | 2,000,000 | $1.8Mbefore exit |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | Sold out | 317,899 | $668Kbefore exit |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Sold out | 37,753 | $482Kbefore exit |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Sold out | 349,998 | $464Kbefore exit |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Reduce -25.0% | 539,815 | $409K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | Reduce -10.2% | 226,640 | $408K |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | Reduce -11.7% | 874,225 | $332K |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Sold out | 48,932 | $295Kbefore exit |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Sold out | 500,000 | $255Kbefore exit |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 10/28/203 | New | 75,681 | $160K |
| RNGTW Range Capital Acquisition Co. | *W EXP 09/29/203 | New | 487,499 | $156K |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | New | 132,581 | $106K |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | Reduce -6.5% | 144,086 | $106K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Reduce -12.1% | 180,984 | $95K |
| EVOXW Evolution Global Acquisition | *W EXP 10/22/203 | New | 225,000 | $92K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Sold out | 472,500 | $87Kbefore exit |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | New | 350,017 | $84K |
| APXTW Apex Treasury Corp. -30 | *W EXP 10/07/203 | New | 299,999 | $83K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Sold out | 352,804 | $82Kbefore exit |
| DYORW Insight Digital Partners II | *W EXP 10/28/203 | New | 196,682 | $70K |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | Add +26.1% | 78,765 | $61K |
| DNMXW Dynamix Corp. III | *W EXP 10/10/203 | New | 174,999 | $60K |
| AI INFRASTRUCTURE ACQUISITIO | RIGHT 99/99/9999 | New | 227,000 | $60K |
| UWM HOLDINGS CORPORATION | *W EXP 01/21/202 | Sold out | 380,604 | $53Kbefore exit |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | New | 524,998 | $37K |
| DHAIW Aurora Technology Acquis -28 | *W EXP 04/20/202 | Sold out | 945,000 | $10Kbefore exit |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | Sold out | 531,114 | $6Kbefore exit |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | Sold out | 295,913 | $4Kbefore exit |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | Sold out | 65,000 | $3Kbefore exit |
| ADVWW Advantage Solutions in-CW25 | *W EXP 10/28/202 | Sold out | 151,879 | $1Kbefore 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 | 226 | $3.2B | ASA, ECAT, BSTZ, NFJ, XGDVX |
| Q1 2026 | 223 | $3.1B | ASA, ECAT, PDX, XGDVX, NFJ |
| Q4 2025 | 199 | $2.9B | ECAT, ASA, XGDVX, PDX, GAM |
| Q3 2025 | 177 | $3.0B | ECAT, ASA, PDX, XGDVX, GAM |
| Q2 2025 | 178 | $3.6B | ECAT, BTX, PDX, XGDVX, BCAT |
| Q1 2025 | 140 | $3.6B | ECAT, BTX, BMEZ, PDX, BCAT |
| Q4 2024 | 143 | $3.9B | ECAT, BTX, BMEZ, BCAT, PDX |
| Q3 2024 | 167 | $4.5B | ECAT, BTX, BMEZ, BCAT, PDX |
| Q2 2024 | 185 | $4.5B | ECAT, BTX, BMEZ, BCAT, ADX |
| Q1 2024 | 184 | $4.5B | ECAT, BTX, BMEZ, BCAT, ADX |