Silverback Asset Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Silverback Asset Management LLC reported 1 stock position worth $12.5 million. Its top holding was Vroom (VRM) at 100.0% of the portfolio. Compared with Q4 2024, it opened 1 new position and sold out of 5. The biggest buy was a new position in Vroom (VRM) and the biggest sale an exit from Harmonic (HLIT).
- Most Recent 13F
- Q2 2026
- Location
- DURHAM, NC
- CIK
- 0001278960
- Portfolio Value
- $12.5M (Q1 2025)
- SEC Filing
- 0001398344-25-009555 ↗ filed May 15, 2025
Holdings Value
Holdings 1 stocks · $12.5M
| VRM Vroom Inc. | 100.00% | 424,873 | $12.5M | New |
Options reported separately and not counted above: HYG puts ($78.9M), SPY puts ($28.0M), AVDL calls ($783K).
Other holdings (57): bonds, preferreds, convertibles and warrants · $604.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 23,994,000 | $29.3M | Add +95.2% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 29,807,000 | $26.4M | Add +58.0% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 26,300,000 | $26.4M | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 21,500,000 | $25.9M | Add +13.2% |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 25,498,000 | $25.5M | Add +548.0% |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | 26,275,000 | $23.3M | Reduce -5.4% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 20,561,502 | $23.0M | Reduce -19.7% |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | 21,332,000 | $22.9M | Add +118.9% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 21,427,000 | $21.0M | Add +71.4% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 14,482,000 | $20.1M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 19,800,000 | $19.3M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 17,500,000 | $18.6M | New |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 17,084,000 | $17.9M | Reduce -34.5% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 17,500,000 | $15.9M | Add +25.0% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 12,392,000 | $15.9M | Reduce -39.2% |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 11,500,000 | $14.2M | Reduce -14.8% |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 39,443,000 | $14.1M | Add +14.5% |
| ACCURAY INC (ARAY 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 15,096,000 | $13.9M | No change |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 12,800,000 | $13.8M | Reduce -17.4% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 14,000,000 | $12.5M | New |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 12,000,000 | $11.9M | Add +100.0% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 11,000,000 | $11.6M | Add +83.3% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 11,500,000 | $11.3M | Add +666.7% |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 13,220,000 | $11.2M | Reduce -18.5% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 11,473,000 | $10.5M | Reduce -14.8% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 42,000,000 | $9.5M | Add +44.8% |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | 20,190,000 | $9.4M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 9,500,000 | $8.8M | Add +111.1% |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 12,000,000 | $8.4M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 9,000,000 | $8.1M | Reduce -10.0% |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 7,500,000 | $8.1M | New |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 7,487,000 | $8.0M | Reduce -44.5% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 8,423,000 | $7.5M | New |
| 3D SYSTEMS CORP (DDD 0 11/15/26) | NOTE 11/1 · principal | 8,000,000 | $7.3M | No change |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | 9,000,000 | $7.2M | Reduce -67.0% |
| HLIT Harmonic Inc. | COM · principal | 725,000 | $7.0M | New |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 15,744,000 | $6.7M | Reduce -8.7% |
| STEM Inc | NOTE 4.250 04/01/30 · principal | 27,100,000 | $6.6M | Add +10.2% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 5,214,000 | $6.1M | Reduce -53.1% |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 16,092,000 | $5.4M | Add +1.1% |
| Indie Semiconductor Inc | NOTE 4.500 11/15/27 · principal | 5,810,000 | $4.8M | Reduce -47.0% |
| PCG P G & E Corp. | COM · principal | 105,000 | $4.7M | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 34,216,000 | $4.1M | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 5,000,000 | $4.1M | Reduce -48.0% |
| PRCH 3/4 09/15/26 | FIXED INCOME · principal | 4,500,000 | $4.0M | Reduce -10.0% |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | 7,249,000 | $3.7M | Add +26.1% |
| QIMONDA FIN LLC | NOTE 6.750% 3/2 · principal | 12,400,000 | $2.9M | No change |
| RDNW Ridenow Group Inc. | COM CL B · principal | 459,738 | $1.3M | New |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | 7,525,000 | $1.2M | No change |
| AVDL Avadel Pharmaceuticals Ltd. | COM SHS · principal | 130,000 | $1.0M | New |
| MX Magnachip Semiconductor Corp. | COM · principal | 220,000 | $755K | New |
| GOSS Gossamer Bio Inc. | COM · principal | 350,000 | $385K | New |
| VERI Veritone Inc. | COM · principal | 100,000 | $233K | New |
| KPTI Karyopharm Therapeutics Inc. | COM NEW · principal | 50,000 | $187K | New |
| ARAY Accuray Inc. | COM · principal | 69,061 | $124K | New |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 12,500 | $14K | New |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 7,961 | $70 | New |
Total filed on the 13F, all lines: $616.5M.
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| VRM Vroom Inc. | New | 100.00% | +100.00 |
Options Activity Q4 2024 → Q1 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 1,000,000 | $78.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 50,000 | $28.0M |
| ATEC Alphatec Holdings Inc. | call | Sold out | 151,100 | $1.4Mbefore exit |
| AVDL Avadel Pharmaceuticals Ltd. | call | Reduce -50.0% | 100,000 | $783K |
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
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +95.2% | 23,994,000 | $29.3M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +58.0% | 29,807,000 | $26.4M |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | New | 26,300,000 | $26.4M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Add +13.2% | 21,500,000 | $25.9M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +548.0% | 25,498,000 | $25.5M |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | Reduce -5.4% | 26,275,000 | $23.3M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -19.7% | 20,561,502 | $23.0M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | Add +118.9% | 21,332,000 | $22.9M |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | Sold out | 28,000,000 | $22.2Mbefore exit |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | Sold out | 18,454,000 | $21.6Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +71.4% | 21,427,000 | $21.0M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | New | 14,482,000 | $20.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | New | 19,800,000 | $19.3M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 17,500,000 | $18.6M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | Reduce -34.5% | 17,084,000 | $17.9M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 12,749,000 | $17.2Mbefore exit |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +25.0% | 17,500,000 | $15.9M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -39.2% | 12,392,000 | $15.9M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Reduce -14.8% | 11,500,000 | $14.2M |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | Add +14.5% | 39,443,000 | $14.1M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | Reduce -17.4% | 12,800,000 | $13.8M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Sold out | 8,025,000 | $12.8Mbefore exit |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | New | 14,000,000 | $12.5M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Sold out | 14,059,000 | $12.3Mbefore exit |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | Sold out | 12,500,000 | $12.1Mbefore exit |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Add +100.0% | 12,000,000 | $11.9M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +83.3% | 11,000,000 | $11.6M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +666.7% | 11,500,000 | $11.3M |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | Reduce -18.5% | 13,220,000 | $11.2M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Sold out | 11,548,000 | $10.9Mbefore exit |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | Reduce -14.8% | 11,473,000 | $10.5M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 10,676,000 | $9.5Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Add +44.8% | 42,000,000 | $9.5M |
| SKINHEALTH SYSTEMS INC (SKIN 1.25 10/01/26) | CONV · principal | Sold out | 11,203,000 | $9.3Mbefore exit |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | Sold out | 8,250,000 | $9.0Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Add +111.1% | 9,500,000 | $8.8M |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | New | 12,000,000 | $8.4M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Sold out | 7,500,000 | $8.2Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -10.0% | 9,000,000 | $8.1M |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | New | 7,500,000 | $8.1M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -44.5% | 7,487,000 | $8.0M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 7,500,000 | $8.0Mbefore exit |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | Sold out | 9,200,000 | $7.7Mbefore exit |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | New | 8,423,000 | $7.5M |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | Reduce -67.0% | 9,000,000 | $7.2M |
| HLIT Harmonic Inc. | COM · principal | New | 725,000 | $7.0M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 7,330,000 | $6.8Mbefore exit |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | Reduce -8.7% | 15,744,000 | $6.7M |
| STEM Inc | NOTE 4.250 04/01/30 · principal | Add +10.2% | 27,100,000 | $6.6M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Reduce -53.1% | 5,214,000 | $6.1M |
Showing the first 50 of 75.
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 |