Silverback Asset Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Silverback Asset Management LLC reported 10 stock positions worth $25.0 million. Its top holding was Vroom (VRM) at 48.2% of the portfolio, followed by Harmonic (HLIT, 26.9%) and Accuray (ARAY, 6.4%). Compared with Q1 2025, it opened 9 new positions and reduced 1. The biggest buy was a new position in Harmonic (HLIT) and the biggest sale Vroom (VRM, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- DURHAM, NC
- CIK
- 0001278960
- Portfolio Value
- $25.0M (Q2 2025)
- SEC Filing
- 0001398344-25-015245 ↗ filed Aug 13, 2025
Holdings Value
Holdings 10 stocks · $25.0M
| VRM Vroom Inc. | 48.18% | 423,132 | $12.1M | Reduce -0.4% |
| HLIT Harmonic Inc. | 26.85% | 710,000 | $6.7M | New |
| ARAY Accuray Inc. | 6.38% | 1,166,054 | $1.6M | New |
| STNG Scorpio Tankers Inc. | 4.69% | 30,000 | $1.2M | New |
| AVDL Avadel Pharmaceuticals Ltd. | 4.59% | 130,000 | $1.2M | New |
| MX Magnachip Semiconductor Corp. | 3.50% | 220,000 | $876K | New |
| RDNW Ridenow Group Inc. filed as RUMBLEON INC | 2.38% | 258,190 | $596K | New |
| GOSS Gossamer Bio Inc. | 1.72% | 350,000 | $431K | New |
| KPTI Karyopharm Therapeutics Inc. | 1.20% | 70,000 | $302K | New |
| VERI Veritone Inc. | 0.50% | 100,000 | $126K | New |
Options reported separately and not counted above: HYG puts ($48.4M), INDI puts ($3.2M), ASTS puts ($3.0M), PRCH calls ($1.2M).
Other holdings (51): bonds, preferreds, convertibles and warrants · $622.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 21,000,000 | $37.8M | Reduce -2.3% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 22,455,000 | $34.5M | Add +330.7% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 24,994,000 | $30.8M | Add +4.2% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 16,892,000 | $30.3M | Add +36.3% |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | 28,023,000 | $27.5M | Add +6.7% |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | 26,829,000 | $27.2M | Add +25.8% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 20,725,000 | $24.0M | Reduce -3.3% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 25,307,000 | $22.8M | Reduce -15.1% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 15,500,000 | $21.8M | New |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 15,757,000 | $21.3M | Add +110.5% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 17,500,000 | $20.5M | New |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 19,800,000 | $19.7M | Reduce -24.7% |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | 15,500,000 | $19.4M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 17,500,000 | $16.5M | No change |
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | 8,000,000 | $16.0M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 11,000,000 | $15.8M | Reduce -4.3% |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 16,000,000 | $15.7M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 15,182,000 | $14.4M | New |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 39,443,000 | $14.0M | No change |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 12,300,000 | $13.3M | Reduce -3.9% |
| Peloton Interactive Inc | Note 5.500 12/01 · principal | 7,120,000 | $13.1M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 13,000,000 | $12.2M | Add +44.4% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 9,814,831 | $11.6M | Reduce -52.3% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 42,000,000 | $10.5M | No change |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 12,220,000 | $10.4M | Reduce -7.6% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 11,473,000 | $10.3M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 8,071,000 | $9.6M | Reduce -26.6% |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | 21,690,000 | $9.4M | Add +7.4% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 9,906,000 | $8.7M | New |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 7,500,000 | $8.7M | No change |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 10,000,000 | $7.7M | Reduce -16.7% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 7,000,000 | $7.6M | New |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 7,675,000 | $7.3M | Reduce -36.0% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 8,500,000 | $7.2M | Add +70.0% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 6,500,000 | $6.4M | Reduce -43.5% |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 15,744,000 | $6.4M | No change |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 4,923,000 | $4.3M | Reduce -41.5% |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | 9,249,000 | $4.1M | Add +27.6% |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 17,092,000 | $4.1M | Add +6.2% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 3,025,000 | $4.0M | Reduce -82.7% |
| 3D SYSTEMS CORP (DDD 0 11/15/26) | NOTE 11/1 · principal | 4,000,000 | $3.5M | Reduce -50.0% |
| QIMONDA FIN LLC | NOTE 6.750% 3/2 · principal | 12,400,000 | $3.1M | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 34,216,000 | $2.8M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 1,482,000 | $2.3M | Reduce -89.8% |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 1,400,000 | $2.1M | New |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | 7,525,000 | $525K | No change |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 525,000 | $511K | New |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 371,000 | $510K | Reduce -97.8% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | 105,000 | $39K | New |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 12,500 | $25K | No change |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 7,961 | $18 | No change |
Total filed on the 13F, all lines: $647.2M.
Portfolio Sells Q1 2025 → Q2 2025
| VRM Vroom Inc. | Reduce -0.4% | 48.18% | −51.82 |
Portfolio Buys Q1 2025 → Q2 2025
| HLIT Harmonic Inc. | New | 26.85% | +26.85 |
| ARAY Accuray Inc. | New | 6.38% | +6.38 |
| STNG Scorpio Tankers Inc. | New | 4.69% | +4.69 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 4.59% | +4.59 |
| MX Magnachip Semiconductor Corp. | New | 3.50% | +3.50 |
| RDNW Ridenow Group Inc. | New | 2.38% | +2.38 |
| GOSS Gossamer Bio Inc. | New | 1.72% | +1.72 |
| KPTI Karyopharm Therapeutics Inc. | New | 1.20% | +1.20 |
| VERI Veritone Inc. | New | 0.50% | +0.50 |
Options Activity Q1 2025 → Q2 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -40.0% | 600,000 | $48.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 50,000 | $28.0Mbefore exit |
| INDI Indie Semiconductor Inc. Class A | put | New | 901,300 | $3.2M |
| ASTS Ast Spacemobile Inc. | put | New | 64,700 | $3.0M |
| PRCH Porch Group Inc. | call | New | 100,000 | $1.2M |
| AVDL Avadel Pharmaceuticals Ltd. | call | Sold out | 100,000 | $783Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -2.3% | 21,000,000 | $37.8M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Add +330.7% | 22,455,000 | $34.5M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +4.2% | 24,994,000 | $30.8M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Add +36.3% | 16,892,000 | $30.3M |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | Add +6.7% | 28,023,000 | $27.5M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | Add +25.8% | 26,829,000 | $27.2M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 25,498,000 | $25.5Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Reduce -3.3% | 20,725,000 | $24.0M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -15.1% | 25,307,000 | $22.8M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | New | 15,500,000 | $21.8M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Add +110.5% | 15,757,000 | $21.3M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | New | 17,500,000 | $20.5M |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | Reduce -24.7% | 19,800,000 | $19.7M |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | New | 15,500,000 | $19.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 19,800,000 | $19.3Mbefore exit |
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | New | 8,000,000 | $16.0M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Reduce -4.3% | 11,000,000 | $15.8M |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | New | 16,000,000 | $15.7M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | New | 15,182,000 | $14.4M |
| ACCURAY INC (ARAY 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Sold out | 15,096,000 | $13.9Mbefore exit |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | Reduce -3.9% | 12,300,000 | $13.3M |
| Peloton Interactive Inc | Note 5.500 12/01 · principal | New | 7,120,000 | $13.1M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Sold out | 14,000,000 | $12.5Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +44.4% | 13,000,000 | $12.2M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -52.3% | 9,814,831 | $11.6M |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | Reduce -7.6% | 12,220,000 | $10.4M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -26.6% | 8,071,000 | $9.6M |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | Add +7.4% | 21,690,000 | $9.4M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 9,500,000 | $8.8Mbefore exit |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | New | 9,906,000 | $8.7M |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | Reduce -16.7% | 10,000,000 | $7.7M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | New | 7,000,000 | $7.6M |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Reduce -36.0% | 7,675,000 | $7.3M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +70.0% | 8,500,000 | $7.2M |
| LUCID GROUP INC (LCID 1.25 12/15/26) | 1.250 12/15/26 CVT · principal | Sold out | 9,000,000 | $7.2Mbefore exit |
| HLIT Harmonic Inc. | COM · principal | Sold out | 725,000 | $7.0Mbefore exit |
| STEM Inc | NOTE 4.250 04/01/30 · principal | Sold out | 27,100,000 | $6.6Mbefore exit |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -43.5% | 6,500,000 | $6.4M |
| Indie Semiconductor Inc | NOTE 4.500 11/15/27 · principal | Sold out | 5,810,000 | $4.8Mbefore exit |
| PCG P G & E Corp. | COM · principal | Sold out | 105,000 | $4.7Mbefore exit |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -41.5% | 4,923,000 | $4.3M |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | Add +27.6% | 9,249,000 | $4.1M |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | Add +6.2% | 17,092,000 | $4.1M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -82.7% | 3,025,000 | $4.0M |
| PRCH 3/4 09/15/26 | FIXED INCOME · principal | Sold out | 4,500,000 | $4.0Mbefore exit |
| 3D SYSTEMS CORP (DDD 0 11/15/26) | NOTE 11/1 · principal | Reduce -50.0% | 4,000,000 | $3.5M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -89.8% | 1,482,000 | $2.3M |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | New | 1,400,000 | $2.1M |
| RDNW Ridenow Group Inc. | COM CL B · principal | Sold out | 459,738 | $1.3Mbefore exit |
| AVDL Avadel Pharmaceuticals Ltd. | COM SHS · principal | Sold out | 130,000 | $1.0Mbefore exit |
Showing the first 50 of 58.
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 |