Silverback Asset Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 27, 2025), Silverback Asset Management LLC reported 5 stock positions worth $13.7 million. Its top holding was Harmonic (HLIT) at 66.7% of the portfolio, followed by Ridenow (RDNW, 23.4%) and Magnachip Semiconductor (MX, 6.5%). Compared with Q3 2024, it opened 1 new position, sold out of 8 and reduced 3. The biggest buy was a new position in Accuray (ARAY) and the biggest sale an exit from Noble (NE).
- Most Recent 13F
- Q2 2026
- Location
- DURHAM, NC
- CIK
- 0001278960
- Portfolio Value
- $13.7M (Q4 2024)
- SEC Filing
- 0001398344-25-003673 ↗ filed Feb 27, 2025
Holdings Value
Holdings 5 stocks · $13.7M
| HLIT Harmonic Inc. | 66.74% | 691,644 | $9.2M | Reduce -2.9% |
| RDNW Ridenow Group Inc. filed as RUMBLEON INC | 23.42% | 591,216 | $3.2M | Reduce -0.5% |
| MX Magnachip Semiconductor Corp. | 6.45% | 220,000 | $884K | No change |
| VERI Veritone Inc. | 2.39% | 100,000 | $328K | Reduce -69.2% |
| ARAY Accuray Inc. | 1.00% | 69,061 | $137K | New |
Options reported separately and not counted above: AVDL calls ($2.1M), ATEC calls ($1.4M).
Other holdings (62): bonds, preferreds, convertibles and warrants · $647.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 25,603,977 | $27.2M | New |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 20,392,000 | $27.0M | New |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 26,084,000 | $25.2M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 13,500,000 | $23.9M | No change |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | 27,775,000 | $23.1M | Reduce -8.6% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 19,000,000 | $22.9M | Add +87.6% |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 28,000,000 | $22.2M | Add +5.7% |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | 18,454,000 | $21.6M | Add +3.5% |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | 27,314,000 | $21.5M | Reduce -19.9% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 12,749,000 | $17.2M | New |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 18,867,000 | $16.9M | Reduce -2.0% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 13,487,000 | $16.8M | Reduce -40.1% |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 15,500,000 | $16.3M | New |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 34,443,000 | $15.9M | No change |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 11,119,000 | $15.5M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 12,294,000 | $14.9M | Add +2016.0% |
| ACCURAY INC (ARAY 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 15,096,000 | $13.9M | No change |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 16,220,000 | $13.8M | Reduce -9.7% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 12,500,000 | $13.1M | New |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 8,025,000 | $12.8M | Reduce -33.3% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 14,000,000 | $12.6M | No change |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 14,059,000 | $12.3M | Add +22.7% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 12,500,000 | $12.1M | Reduce -26.5% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 29,000,000 | $12.0M | New |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 13,473,000 | $11.8M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 11,548,000 | $10.9M | Add +21.6% |
| Indie Semiconductor Inc | NOTE 4.500 11/15/27 · principal | 10,960,000 | $10.1M | Add +7.9% |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | 9,744,000 | $10.0M | Reduce -27.8% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 10,676,000 | $9.5M | No change |
| SKINHEALTH SYSTEMS INC (SKIN 1.25 10/01/26) | CONV · principal | 11,203,000 | $9.3M | Add +19.8% |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | 20,190,000 | $9.0M | Add +11.0% |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | 8,250,000 | $9.0M | Reduce -52.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 10,000,000 | $8.5M | Add +42.9% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 7,500,000 | $8.2M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 7,500,000 | $8.0M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 6,000,000 | $7.9M | Add +20.0% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 9,200,000 | $7.7M | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 9,615,000 | $7.7M | No change |
| 3D SYSTEMS CORP (DDD 0 11/15/26) | NOTE 11/1 · principal | 8,000,000 | $7.1M | No change |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 17,244,000 | $7.0M | No change |
| STEM Inc | NOTE 4.250 04/01/30 · principal | 24,600,000 | $6.8M | Add +35.9% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 7,330,000 | $6.8M | Add +25.7% |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 15,917,000 | $6.0M | Add +25.7% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 6,000,000 | $5.9M | New |
| QIMONDA FIN LLC | NOTE 6.750% 3/2 · principal | 12,400,000 | $5.8M | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 34,216,000 | $5.2M | Add +1.5% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 5,600,000 | $4.7M | Reduce -45.3% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 4,500,000 | $4.4M | New |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 3,935,000 | $4.1M | Add +96.8% |
| PRCH 3/4 09/15/26 | FIXED INCOME · principal | 5,000,000 | $4.0M | Reduce -16.7% |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | 5,749,000 | $2.7M | Reduce -14.8% |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 5,500,000 | $2.5M | New |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 2,500,000 | $2.3M | No change |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 2,500,000 | $2.2M | No change |
| CUTERA INC (CUTR 2.25 06/01/28) | NOTE 2.250% 6/0 · principal | 24,816,000 | $2.2M | No change |
| COMMERCE.COM INC (CMRC 0.25 10/01/26) | NOTE 0.250%10/0 · principal | 2,375,000 | $2.1M | No change |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | 7,525,000 | $2.0M | Reduce -8.5% |
| Repay Holdings Corp | NOTE 0% 02/01/26 · principal | 1,885,000 | $1.8M | No change |
| PAR TECHNOLOGY CORP (PAR 2.875 04/15/26) | NOTE 2.875% 4/1 · principal | 910,000 | $1.6M | Reduce -88.6% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.5M | New |
| Danimer Scientific Corp | NOTE 3.250 12/15/26 · principal | 28,820,000 | $432K | Reduce -21.8% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | 55,000 | $27K | New |
Total filed on the 13F, all lines: $661.3M.
Portfolio Sells Q3 2024 → Q4 2024
| NE Noble Corp. PLC | Sold out | 0.00% | −13.36 |
| REAL The Realreal Inc. | Sold out | 0.00% | −10.30 |
| VAL Valaris Ltd. | Sold out | 0.00% | −5.64 |
| VERI Veritone Inc. | Reduce -69.2% | 2.39% | −2.85 |
| AKTSQ Akoustis Technologies Inc. | Sold out | 0.00% | −1.02 |
| VRMMQ Vroom Inc. | Sold out | 0.00% | −0.13 |
| AISP Airship AI Holdings Inc. | Sold out | 0.00% | −0.13 |
| ZAPPF Zapp Electric Vehicles Group | Sold out | 0.00% | −0.11 |
| LAB Standard Biotools Inc. | Sold out | 0.00% | −0.01 |
| RDNW Ridenow Group Inc. | Reduce -0.5% | 23.42% | +10.62 |
| HLIT Harmonic Inc. | Reduce -2.9% | 66.74% | +20.10 |
Portfolio Buys Q3 2024 → Q4 2024
| ARAY Accuray Inc. | New | 1.00% | +1.00 |
Options Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 50,000 | $28.7Mbefore exit |
| AVDL Avadel Pharmaceuticals Ltd. | call | Add +100.0% | 200,000 | $2.1M |
| ATEC Alphatec Holdings Inc. | call | New | 151,100 | $1.4M |
| DANIMER SCIENTIFIC INC | put | Sold out | 57,000 | $26Kbefore 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 2024 → Q4 2024
| NOVA LTD (NVMI 0 10/15/25) | NOTE 10/1 · principal | Sold out | 18,404,000 | $51.3Mbefore exit |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 25,603,977 | $27.2M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 20,392,000 | $27.0M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | New | 26,084,000 | $25.2M |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | Reduce -8.6% | 27,775,000 | $23.1M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Add +87.6% | 19,000,000 | $22.9M |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | Add +5.7% | 28,000,000 | $22.2M |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | Add +3.5% | 18,454,000 | $21.6M |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | Reduce -19.9% | 27,314,000 | $21.5M |
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | Sold out | 23,968,000 | $19.5Mbefore exit |
| M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 12,757,000 | $18.1Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | New | 12,749,000 | $17.2M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -2.0% | 18,867,000 | $16.9M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -40.1% | 13,487,000 | $16.8M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | New | 15,500,000 | $16.3M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +2016.0% | 12,294,000 | $14.9M |
| VROOM INC (VRM 0.75 07/01/26) | NOTE 0.750% 7/0 · principal | Sold out | 27,312,000 | $14.8Mbefore exit |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 11,000,000 | $14.3Mbefore exit |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | Reduce -9.7% | 16,220,000 | $13.8M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 12,500,000 | $13.1M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Reduce -33.3% | 8,025,000 | $12.8M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +22.7% | 14,059,000 | $12.3M |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | Reduce -26.5% | 12,500,000 | $12.1M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | New | 29,000,000 | $12.0M |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | Sold out | 13,084,000 | $11.5Mbefore exit |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Sold out | 13,225,000 | $11.4Mbefore exit |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Add +21.6% | 11,548,000 | $10.9M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Sold out | 10,000,000 | $10.6Mbefore exit |
| Indie Semiconductor Inc | NOTE 4.500 11/15/27 · principal | Add +7.9% | 10,960,000 | $10.1M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | Reduce -27.8% | 9,744,000 | $10.0M |
| CHEGG INC (CHGG 0 09/01/26) | NOTE 9/0 · principal | Sold out | 12,691,000 | $9.7Mbefore exit |
| SKINHEALTH SYSTEMS INC (SKIN 1.25 10/01/26) | CONV · principal | Add +19.8% | 11,203,000 | $9.3M |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | Add +11.0% | 20,190,000 | $9.0M |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | Reduce -52.9% | 8,250,000 | $9.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +42.9% | 10,000,000 | $8.5M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | New | 7,500,000 | $8.2M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | New | 7,500,000 | $8.0M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +20.0% | 6,000,000 | $7.9M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Sold out | 6,045,000 | $7.2Mbefore exit |
| STANDARD BIOTOOLS INC (LAB 5.25 12/01/24) | NOTE 5.250%12/0 · principal | Sold out | 7,000,000 | $6.9Mbefore exit |
| STEM Inc | NOTE 4.250 04/01/30 · principal | Add +35.9% | 24,600,000 | $6.8M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +25.7% | 7,330,000 | $6.8M |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | Add +25.7% | 15,917,000 | $6.0M |
| ENVISTA HOLDINGS CORP (NVST 2.375 06/01/25) | NOTE 2.375% 6/0 · principal | Sold out | 5,500,000 | $6.0Mbefore exit |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | New | 6,000,000 | $5.9M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 5,000,000 | $5.6Mbefore exit |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Sold out | 5,000,000 | $5.2Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Add +1.5% | 34,216,000 | $5.2M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Reduce -45.3% | 5,600,000 | $4.7M |
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Sold out | 5,750,000 | $4.5Mbefore exit |
Showing the first 50 of 63.
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 | 13 | $26.8M | HLIT, VRM, CORZ, WULF, ASTS |
| Q1 2026Amended | 14 | $26.8M | VRM, HLIT, CORZ, AVAV, ASTS |
| Q4 2025 | 15 | $36.2M | VRM, HLIT, AVAV, ARRY, CORZ |
| Q3 2025 | 10 | $35.2M | VRM, WOLF, HLIT, ARAY, STNG |
| Q2 2025 | 10 | $25.0M | VRM, HLIT, ARAY, STNG, AVDL |
| Q1 2025 | 1 | $12.5M | VRM |
| Q4 2024Amended | 5 | $13.7M | HLIT, RDNW, MX, VERI, ARAY |
| Q3 2024 | 12 | $22.2M | HLIT, NE, RDNW, REAL, VAL |
| Q2 2024 | 16 | $78.4M | SPY, HLIT, NE, RDNW, REAL |
| Q1 2024 | 14 | $30.8M | HLIT, RDNW, NE, REAL, AKTSQ |