Shenkman Capital Management Inc.

Name: SHENKMAN CAPITAL MANAGEMENT INC 13F holdings, Q3 2025
Creator: SHENKMAN CAPITAL MANAGEMENT INC
Published: 2025-11-10

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Shenkman Capital Management Inc. reported 8 stock positions worth $82.1 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 48.6% of the portfolio, followed by iShares Broad Usd High Yield (USHY, 14.8%) and Tetra Tech Inc. (ttek 2.25 08/15/28) (12.4%). Compared with Q2 2025, it sold out of 1, added to 1 and reduced 4. The biggest buy was Tetra Tech Inc. (ttek 2.25 08/15/28) (shares +5%) and the biggest sale Invesco Senior Loan ETF (BKLN, shares −49%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001275228
Portfolio Value: $82.1M (Q3 2025)
SEC Filing: 0001275228-25-000002 ↗ filed Nov 10, 2025

Holdings Value

Holdings 8 stocks · $82.1M


BKLN Invesco Senior Loan ETF	48.61%	1,907,890	$39.9M	Reduce -49.0%
USHY iShares Broad Usd High Yield	14.76%	320,900	$12.1M	Reduce -6.8%
TETRA TECH INC (TTEK 2.25 08/15/28)	12.42%	9,107,000	$10.2M	Add +4.7%
SJNK SS SPDR BB St Hi Yield ETF	9.35%	300,045	$7.7M	Reduce -50.1%
CCO Clear Channel Outdoor Holdin	5.68%	2,954,589	$4.7M	No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC	5.32%	1,801,300	$4.4M	No change
SMC Summit Midstream Corp.	2.42%	96,723	$2.0M	Reduce -5.9%
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30)	1.44%	12,136,000	$1.2M	No change

Other holdings (115): bonds, preferreds, convertibles and warrants · $934.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	66,215,000	$58.7M	Add +1.6%
UNITI GROUP INC (UNIT 7.5 12/01/27)	NOTE 7.500%12/0 · principal	37,773,000	$42.9M	New
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	30,181,000	$33.2M	Add +100.5%
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	28,421,000	$24.6M	Add +7.7%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	21,723,000	$24.5M	Add +200.8%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	21,293,000	$23.7M	Add +344.3%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	24,639,000	$22.9M	Add +4.0%
VARONIS SYSTEM INC (VRNS 1 09/15/29)	NOTE 1.000% 9/1 · principal	18,188,000	$20.0M	New
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	19,044,000	$18.0M	Reduce -8.3%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	15,984,000	$16.9M	Add +1524.4%
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	11,530,000	$15.1M	Reduce -35.5%
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	14,349,000	$15.1M	Add +16.6%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	15,048,000	$14.9M	Add +4.6%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	14,378,000	$14.8M	Add +68.6%
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	13,853,000	$14.7M	Add +32.7%
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	13,887,000	$14.2M	New
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	14,054,000	$14.1M	Reduce -11.7%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	13,741,000	$13.9M	Add +125.4%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	11,110,000	$13.3M	Add +2.7%
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	5,268,888	$13.2M	Reduce -86.0%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	10,620,000	$12.9M	New
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	11,987,000	$12.9M	Add +2.6%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	13,271,000	$12.5M	Add +5.4%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	11,102,000	$12.4M	Add +13.0%
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	10,951,000	$12.4M	Add +5.3%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	10,122,000	$12.0M	Reduce -18.7%
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	10,200,000	$11.7M	Reduce -0.2%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	12,141,000	$11.6M	Add +0.7%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	9,284,000	$11.5M	Add +151.1%
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	12,041,000	$11.2M	Add +50.5%
SABRE GLBL INC (SABHLD 7.32 08/01/26)	NOTE 7.320% 8/0 · principal	10,798,000	$11.2M	Add +117.1%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	10,722,000	$11.0M	Add +6.9%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	9,716,000	$10.9M	Add +6.8%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	8,314,000	$10.7M	Reduce -35.8%
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	9,119,000	$10.7M	Add +53.0%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	10,444,000	$10.5M	Add +31.1%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	12,850,000	$10.3M	Add +6.2%
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	9,154,000	$10.1M	Add +4.3%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	9,848,000	$10.1M	Reduce -24.9%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	9,469,000	$9.8M	Add +6.6%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	8,866,000	$9.5M	Add +6.7%
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	7,641,000	$9.4M	Add +6.1%
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	8,935,000	$9.3M	Add +19.8%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	6,093,000	$9.0M	Reduce -50.1%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	9,191,000	$8.9M	Reduce -8.3%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	8,321,000	$8.6M	Add +6.7%
WORLD KINECT GROUP (WKC 3.25 07/01/28)	NOTE 3.250% 7/0 · principal	7,589,000	$8.6M	Add +6.0%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	6,650,000	$8.4M	New
LIVANOVA PLC (LIVN 2.5 03/15/29)	NOTE 2.500% 3/1 · principal	7,612,000	$8.4M	Add +6.2%
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	7,650,000	$8.1M	Add +7.1%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	5,644,000	$7.5M	Reduce -37.8%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	6,237,000	$7.2M	Add +10.6%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	6,899,000	$7.2M	Add +4.4%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	5,058,000	$7.1M	Reduce -25.1%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	6,956,000	$7.0M	Add +1634.7%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	5,694,000	$6.9M	No change
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	6,740,000	$6.8M	New
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	5,135,000	$6.8M	Add +4.2%
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	7,451,000	$6.7M	Add +1.6%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	6,995,000	$6.5M	Add +5.0%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	4,669,000	$6.3M	Reduce -2.4%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	5,918,000	$6.2M	Add +112.7%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	4,148,000	$5.8M	Reduce -37.5%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	4,543,000	$5.8M	Reduce -34.2%
TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *)	DEB 4.625% 9/3 · principal	4,506,000	$5.4M	Reduce -10.5%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	4,734,000	$5.4M	No change
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	5,343,000	$5.1M	Add +7.7%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	3,974,000	$4.8M	No change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	4,594,000	$4.7M	No change
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	4,795,000	$4.5M	Reduce -8.4%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	4,574,000	$4.4M	Add +4.7%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	3,571,000	$4.4M	Reduce -11.3%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	3,136,000	$4.4M	Add +10.3%
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	3,822,000	$4.4M	Add +30.3%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	3,602,000	$4.2M	Add +647.3%
OSI SYSTEMS INC (OSIS 2.25 08/01/29)	NOTE 2.250% 8/0 · principal	2,543,000	$3.8M	New
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	3,899,000	$3.7M	Add +397.3%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	3,412,000	$3.4M	Reduce -64.7%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	3,009,000	$3.3M	Add +69.1%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	2,074,000	$2.9M	Reduce -92.0%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	2,670,000	$2.9M	No change
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	1,517,000	$2.8M	Reduce -71.6%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	1,826,000	$2.3M	Reduce -57.3%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	1,705,000	$2.3M	Reduce -70.9%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	1,750,000	$1.9M	Reduce -84.5%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	1,928,000	$1.9M	No change
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	1,996,000	$1.9M	No change
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	900,000	$1.3M	Reduce -78.6%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	1,126,000	$1.2M	No change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	1,137,000	$1.1M	Add +10.2%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	1,048,000	$1.1M	No change
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	939,000	$1.0M	No change
SNOWFLAKE INC (SNOW 0 10/01/27)	NOTE 10/0 · principal	536,000	$814K	New
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	704,000	$803K	No change
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	548,000	$755K	Reduce -86.7%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	491,000	$691K	No change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	513,000	$573K	No change
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	360,000	$550K	Reduce -89.5%
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	524,000	$539K	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	404,000	$454K	No change
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	339,000	$443K	No change
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	335,000	$339K	No change
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	325,000	$327K	No change
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29)	NOTE 2.500% 9/0 · principal	188,000	$195K	New
VERINT SYSTEMS INC (VRNT 0.25 04/15/26)	NOTE 0.250% 4/1 · principal	182,000	$179K	No change
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	77,000	$161K	Reduce -86.0%
MARRIOTT VACATION WORLDW (VAC 0 01/15/26)	NOTE 1/1 · principal	134,000	$132K	No change
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	120,000	$127K	Reduce -98.7%
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	72,000	$109K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	110,000	$107K	No change
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	68,000	$84K	No change
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	39,000	$61K	New
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	60,000	$55K	No change
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	28,000	$26K	No change
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	12,000	$16K	Reduce -99.7%

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

Portfolio Sells Q2 2025 → Q3 2025


BKLN Invesco Senior Loan ETF	Reduce -49.0%	48.61%	−12.33
TREE Lendingtree Inc.	Sold out	0.00%	−3.76
SJNK SS SPDR BB St Hi Yield ETF	Reduce -50.1%	9.35%	−1.35
SMC Summit Midstream Corp.	Reduce -5.9%	2.42%	+0.59
USHY iShares Broad Usd High Yield	Reduce -6.8%	14.76%	+5.74

Portfolio Buys Q2 2025 → Q3 2025


TETRA TECH INC (TTEK 2.25 08/15/28)	Add +4.7%	12.42%	+5.16

Notes & Other Activity Q2 2025 → Q3 2025


ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Add +1.6%	66,215,000	$58.7M
UNITI GROUP INC (UNIT 7.5 12/01/27)	NOTE 7.500%12/0 · principal	New	37,773,000	$42.9M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +100.5%	30,181,000	$33.2M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	Add +7.7%	28,421,000	$24.6M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Add +200.8%	21,723,000	$24.5M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Add +344.3%	21,293,000	$23.7M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Add +4.0%	24,639,000	$22.9M
VARONIS SYSTEM INC (VRNS 1 09/15/29)	NOTE 1.000% 9/1 · principal	New	18,188,000	$20.0M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Reduce -8.3%	19,044,000	$18.0M
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	Add +1524.4%	15,984,000	$16.9M
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	Reduce -35.5%	11,530,000	$15.1M
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	Add +16.6%	14,349,000	$15.1M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	Add +4.6%	15,048,000	$14.9M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	Add +68.6%	14,378,000	$14.8M
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	Add +32.7%	13,853,000	$14.7M
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	New	13,887,000	$14.2M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	Reduce -11.7%	14,054,000	$14.1M
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	Add +125.4%	13,741,000	$13.9M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Add +2.7%	11,110,000	$13.3M
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	Reduce -86.0%	5,268,888	$13.2M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	New	10,620,000	$12.9M
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	Add +2.6%	11,987,000	$12.9M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Add +5.4%	13,271,000	$12.5M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	Add +13.0%	11,102,000	$12.4M
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	Add +5.3%	10,951,000	$12.4M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -18.7%	10,122,000	$12.0M
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	Reduce -0.2%	10,200,000	$11.7M
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	Add +0.7%	12,141,000	$11.6M
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	Add +151.1%	9,284,000	$11.5M
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	Add +50.5%	12,041,000	$11.2M
SABRE GLBL INC (SABHLD 7.32 08/01/26)	NOTE 7.320% 8/0 · principal	Add +117.1%	10,798,000	$11.2M
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	Add +6.9%	10,722,000	$11.0M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Add +6.8%	9,716,000	$10.9M
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	Reduce -35.8%	8,314,000	$10.7M
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	Add +53.0%	9,119,000	$10.7M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	Add +31.1%	10,444,000	$10.5M
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	Add +6.2%	12,850,000	$10.3M
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	Add +4.3%	9,154,000	$10.1M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Reduce -24.9%	9,848,000	$10.1M
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	Add +6.6%	9,469,000	$9.8M
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	Add +6.7%	8,866,000	$9.5M
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	Add +6.1%	7,641,000	$9.4M
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	Add +19.8%	8,935,000	$9.3M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -50.1%	6,093,000	$9.0M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -8.3%	9,191,000	$8.9M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	Add +6.7%	8,321,000	$8.6M
WORLD KINECT GROUP (WKC 3.25 07/01/28)	NOTE 3.250% 7/0 · principal	Add +6.0%	7,589,000	$8.6M
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	New	6,650,000	$8.4M
LIVANOVA PLC (LIVN 2.5 03/15/29)	NOTE 2.500% 3/1 · principal	Add +6.2%	7,612,000	$8.4M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Add +7.1%	7,650,000	$8.1M

Showing the first 50 of 100.

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)