Shenkman Capital Management Inc.

Name: SHENKMAN CAPITAL MANAGEMENT INC 13F holdings, Q2 2025
Creator: SHENKMAN CAPITAL MANAGEMENT INC
Published: 2025-08-11

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Shenkman Capital Management Inc. reported 9 stock positions worth $142.9 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 60.9% of the portfolio, followed by SS SPDR BB St Hi Yield ETF (SJNK, 10.7%) and iShares Broad Usd High Yield (USHY, 9.0%). Compared with Q1 2025, it sold out of 1, added to 2 and reduced 3. The biggest buy was Invesco Senior Loan ETF (BKLN, shares +37%) and the biggest sale Lendingtree (TREE, shares −51%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001275228
Portfolio Value: $142.9M (Q2 2025)
SEC Filing: 0001085146-25-004796 ↗ filed Aug 11, 2025

Holdings Value

Holdings 9 stocks · $142.9M


BKLN Invesco Senior Loan ETF	60.94%	3,737,000	$87.1M	Add +37.2%
SJNK SS SPDR BB St Hi Yield ETF	10.70%	600,880	$15.3M	Add +114.6%
USHY iShares Broad Usd High Yield	9.01%	344,380	$12.9M	Reduce -30.6%
TETRA TECH INC (TTEK 2.25 08/15/28)	7.26%	8,699,000	$10.4M	Reduce -6.9%
TREE Lendingtree Inc.	3.76%	114,967	$5.4M	Reduce -51.1%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC	3.31%	1,801,300	$4.7M	No change
CCO Clear Channel Outdoor Holdin	2.19%	2,954,589	$3.1M	No change
SMC Summit Midstream Corp.	1.83%	102,745	$2.6M	No change
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30)	1.00%	12,136,000	$1.4M	No change

Other holdings (115): bonds, preferreds, convertibles and warrants · $862.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	65,181,000	$56.7M	Reduce -3.0%
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	37,704,267	$48.1M	Add +0.6%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	25,956,000	$28.9M	Add +79.5%
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	26,388,000	$23.5M	New
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	23,698,000	$22.1M	Add +37.2%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	20,764,000	$19.5M	Reduce -6.9%
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	17,868,000	$18.9M	Add +181.5%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	12,205,000	$16.9M	Reduce -37.7%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	15,052,000	$16.6M	Add +101.8%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	12,956,000	$16.1M	Add +28.4%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	15,916,000	$15.8M	Add +28.2%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	14,381,000	$14.5M	New
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	12,448,000	$14.3M	Reduce -4.4%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	11,267,000	$13.5M	Reduce -45.6%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	13,111,000	$13.1M	Add +51.5%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	10,820,000	$12.7M	Add +12.1%
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	12,306,000	$12.5M	Reduce -10.4%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	12,053,000	$12.4M	New
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	12,592,000	$12.4M	Add +119.1%
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	11,680,000	$12.1M	New
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	10,398,000	$12.0M	Add +84.1%
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	10,222,000	$11.9M	Add +48.6%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	9,069,000	$11.5M	Add +37.1%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	9,098,000	$11.3M	Reduce -8.2%
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	10,440,000	$11.1M	New
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	10,033,000	$10.0M	Add +33.4%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	9,826,000	$9.8M	New
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	8,529,000	$9.7M	New
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	9,666,000	$9.7M	New
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	8,779,000	$9.7M	Add +31.7%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	10,023,000	$9.5M	Add +82.2%
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	9,364,000	$9.4M	Add +34.4%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	8,880,000	$8.9M	Add +8.6%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	7,969,000	$8.9M	Add +173.2%
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	7,461,000	$8.8M	New
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	8,311,000	$8.8M	Add +2.7%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	7,800,000	$8.5M	Add +63.1%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	6,634,000	$8.4M	Reduce -34.6%
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	7,203,000	$8.4M	Reduce -19.6%
WORLD KINECT GROUP (WKC 3.25 07/01/28)	NOTE 3.250% 7/0 · principal	7,162,000	$8.3M	Add +34.9%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	7,223,000	$8.1M	New
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	6,906,000	$7.9M	New
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	12,100,000	$7.8M	Add +39.1%
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	7,144,000	$7.7M	Reduce -46.1%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	6,755,000	$7.6M	Reduce -49.7%
LIVANOVA PLC (LIVN 2.5 03/15/29)	NOTE 2.500% 3/1 · principal	7,168,000	$7.4M	Reduce -22.6%
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	8,000,000	$7.3M	New
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	6,609,000	$7.1M	Add +5.0%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	5,350,000	$7.1M	New
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	5,961,000	$7.1M	New
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	7,332,000	$7.1M	Reduce -17.4%
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	4,928,000	$7.0M	New
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	5,694,000	$6.5M	Add +262.9%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	6,096,000	$6.4M	Add +78.3%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	4,782,000	$6.4M	Reduce -31.4%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	6,662,000	$6.3M	Reduce -34.4%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	5,859,000	$6.2M	Reduce -34.2%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	4,273,000	$6.0M	New
TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *)	DEB 4.625% 9/3 · principal	5,036,000	$6.0M	Add +11.3%
NCL CORPORATION LTD (NCLH 2.5 02/15/27)	NOTE 2.500% 2/1 · principal	5,300,000	$5.9M	New
SABRE GLBL INC (SABHLD 7.32 08/01/26)	NOTE 7.320% 8/0 · principal	4,973,000	$5.8M	Add +32.3%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	5,641,000	$5.7M	Reduce -17.9%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	3,625,000	$5.5M	Reduce -57.1%
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	5,211,000	$5.5M	Add +157.3%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	3,698,000	$5.5M	Reduce -43.4%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	4,204,000	$5.3M	Reduce -41.2%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	4,734,000	$5.3M	Reduce -4.3%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	4,793,000	$5.3M	Reduce -56.2%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	4,107,000	$5.1M	Reduce -49.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	5,235,000	$4.9M	Reduce -72.1%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	4,027,000	$4.8M	New
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	3,632,000	$4.7M	Reduce -52.2%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	4,594,000	$4.7M	New
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	3,974,000	$4.6M	New
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	3,434,000	$4.6M	Add +109.7%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	4,368,000	$4.5M	Add +150.9%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	4,963,000	$4.5M	Add +23.7%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	3,138,000	$4.4M	New
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	2,843,000	$3.7M	Reduce -44.0%
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	2,934,000	$3.4M	Reduce -51.1%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	2,670,000	$2.9M	Reduce -40.2%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	2,783,000	$2.8M	New
MIDDLEBY CORP (MIDD 1 09/01/25)	NOTE 1.000% 9/0 · principal	2,095,000	$2.4M	Reduce -53.3%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	1,779,000	$2.2M	New
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	1,928,000	$1.9M	Reduce -12.3%
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	1,996,000	$1.9M	Reduce -60.5%
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	1,099,000	$1.4M	Reduce -65.3%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	1,126,000	$1.1M	Reduce -67.9%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	1,048,000	$1.1M	Reduce -75.0%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	864,000	$1.1M	Reduce -63.7%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	984,000	$1.0M	Reduce -77.1%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	1,032,000	$993K	Reduce -84.4%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	939,000	$967K	New
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	548,000	$889K	Reduce -93.9%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	704,000	$867K	Reduce -92.7%
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	395,000	$785K	New
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	784,000	$743K	Reduce -97.0%
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	524,000	$683K	Reduce -93.6%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	491,000	$652K	New
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	513,000	$582K	Reduce -91.5%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	482,000	$501K	Reduce -85.4%
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	404,000	$414K	Reduce -63.7%
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	339,000	$375K	Reduce -95.1%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	401,000	$371K	Reduce -95.7%
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	239,000	$367K	Reduce -93.9%
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	335,000	$341K	Reduce -63.6%
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	325,000	$332K	Reduce -93.4%
VERINT SYSTEMS INC (VRNT 0.25 04/15/26)	NOTE 0.250% 4/1 · principal	182,000	$177K	Add +7.7%
SPECTRUM BRANDS INC (SPB 3.375 06/01/29)	NOTE 3.375% 6/0 · principal	185,000	$169K	New
MARRIOTT VACATION WORLDW (VAC 0 01/15/26)	NOTE 1/1 · principal	134,000	$130K	Reduce -90.3%
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	72,000	$121K	Add +7.5%
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	110,000	$106K	Add +6.8%
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	68,000	$71K	Add +6.3%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	60,000	$56K	Reduce -98.4%
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	28,000	$25K	Add +12.0%

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q1 2025 → Q2 2025


TREE Lendingtree Inc.	Reduce -51.1%	3.76%	−6.07
USHY iShares Broad Usd High Yield	Reduce -30.6%	9.01%	−5.99
NRG ENERGY INC (NRG 2.75 06/01/48)	Sold out	0.00%	−1.74
TETRA TECH INC (TTEK 2.25 08/15/28)	Reduce -6.9%	7.26%	−1.17

Portfolio Buys Q1 2025 → Q2 2025


BKLN Invesco Senior Loan ETF	Add +37.2%	60.94%	+14.15
SJNK SS SPDR BB St Hi Yield ETF	Add +114.6%	10.70%	+4.83

Notes & Other Activity Q1 2025 → Q2 2025


ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Reduce -3.0%	65,181,000	$56.7M
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	Add +0.6%	37,704,267	$48.1M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	Add +79.5%	25,956,000	$28.9M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	New	26,388,000	$23.5M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Add +37.2%	23,698,000	$22.1M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Reduce -6.9%	20,764,000	$19.5M
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	Add +181.5%	17,868,000	$18.9M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -37.7%	12,205,000	$16.9M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +101.8%	15,052,000	$16.6M
SABRE GLBL INC (SABHLD 4 04/15/25)	NOTE 4.000% 4/1 · principal	Sold out	15,994,000	$16.3Mbefore exit
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	Add +28.4%	12,956,000	$16.1M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	Add +28.2%	15,916,000	$15.8M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	New	14,381,000	$14.5M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -4.4%	12,448,000	$14.3M
WAYFAIR INC (W 1 08/15/26)	NOTE 1.000% 8/1 · principal	Sold out	15,139,000	$14.2Mbefore exit
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Reduce -45.6%	11,267,000	$13.5M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Add +51.5%	13,111,000	$13.1M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Add +12.1%	10,820,000	$12.7M
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	Reduce -10.4%	12,306,000	$12.5M
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	New	12,053,000	$12.4M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Add +119.1%	12,592,000	$12.4M
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	New	11,680,000	$12.1M
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	Add +84.1%	10,398,000	$12.0M
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	Add +48.6%	10,222,000	$11.9M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +37.1%	9,069,000	$11.5M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Reduce -8.2%	9,098,000	$11.3M
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	New	10,440,000	$11.1M
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	Sold out	11,886,000	$10.6Mbefore exit
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	Add +33.4%	10,033,000	$10.0M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	New	9,826,000	$9.8M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	Sold out	7,925,000	$9.8Mbefore exit
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	New	8,529,000	$9.7M
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	New	9,666,000	$9.7M
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	Add +31.7%	8,779,000	$9.7M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Add +82.2%	10,023,000	$9.5M
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	Add +34.4%	9,364,000	$9.4M
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	Add +8.6%	8,880,000	$8.9M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	Add +173.2%	7,969,000	$8.9M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	Sold out	7,310,000	$8.9Mbefore exit
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	New	7,461,000	$8.8M
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	Add +2.7%	8,311,000	$8.8M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	Add +63.1%	7,800,000	$8.5M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	Reduce -34.6%	6,634,000	$8.4M
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	Reduce -19.6%	7,203,000	$8.4M
WORLD KINECT GROUP (WKC 3.25 07/01/28)	NOTE 3.250% 7/0 · principal	Add +34.9%	7,162,000	$8.3M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	New	7,223,000	$8.1M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	New	6,906,000	$7.9M
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	Add +39.1%	12,100,000	$7.8M
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28)	NOTE 1.500% 6/0 · principal	Sold out	7,005,000	$7.8Mbefore exit
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -46.1%	7,144,000	$7.7M

Showing the first 50 of 143.

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	11	$173.3M	BKLN, USHY, SJNK, WBD, TETRA TECH INC (TTEK 2.25 08/15/28)
Q1 2026	5	$159.6M	USHY, SJNK, BKLN, ONIT, TLT
Q4 2025	7	$166.9M	BKLN, USHY, SJNK, TETRA TECH INC (TTEK 2.25 08/15/28), CCO
Q3 2025	8	$82.1M	BKLN, USHY, TETRA TECH INC (TTEK 2.25 08/15/28), SJNK, CCO
Q2 2025	9	$142.9M	BKLN, SJNK, USHY, TETRA TECH INC (TTEK 2.25 08/15/28), TREE
Q1 2025	10	$120.1M	BKLN, USHY, TREE, TETRA TECH INC (TTEK 2.25 08/15/28), SJNK
Q4 2024	10	$71.7M	BKLN, TREE, TETRA TECH INC (TTEK 2.25 08/15/28), SMC, USHY
Q3 2024	11	$175.3M	USHY, BKLN, TREE, SMC, TETRA TECH INC (TTEK 2.25 08/15/28)
Q2 2024	11	$95.7M	TREE, DO, SMLP, NRG ENERGY INC (NRG 2.75 06/01/48), BKLN
Q1 2024	10	$139.4M	SJNK, DO, TREE, SMLP, NRG ENERGY INC (NRG 2.75 06/01/48)