Silverback Asset Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Silverback Asset Management LLC reported 10 stock positions worth $35.2 million. Its top holding was Vroom (VRM) at 31.8% of the portfolio, followed by Wolfspeed (WOLF, 23.2%) and Harmonic (HLIT, 19.5%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 1 and reduced 5. The biggest buy was a new position in Wolfspeed (WOLF) and the biggest sale Vroom (VRM, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- DURHAM, NC
- CIK
- 0001278960
- Portfolio Value
- $35.2M (Q3 2025)
- SEC Filing
- 0001398344-25-020867 ↗ filed Nov 13, 2025
Holdings Value
Holdings 10 stocks · $35.2M
| VRM Vroom Inc. | 31.83% | 414,949 | $11.2M | Reduce -1.9% |
| WOLF Wolfspeed Inc. | 23.25% | 286,407 | $8.2M | New |
| HLIT Harmonic Inc. | 19.49% | 674,600 | $6.9M | Reduce -5.0% |
| ARAY Accuray Inc. | 5.05% | 1,066,054 | $1.8M | Reduce -8.6% |
| STNG Scorpio Tankers Inc. | 4.77% | 30,000 | $1.7M | No change |
| AVDL Avadel Pharmaceuticals Ltd. | 4.77% | 110,000 | $1.7M | Reduce -15.4% |
| NEO Neogenomics Inc. | 4.41% | 201,313 | $1.6M | New |
| GOSS Gossamer Bio Inc. | 3.73% | 500,000 | $1.3M | Add +42.9% |
| MX Magnachip Semiconductor Corp. | 1.95% | 220,000 | $689K | No change |
| KPTI Karyopharm Therapeutics Inc. | 0.74% | 40,000 | $262K | Reduce -42.9% |
Options reported separately and not counted above: HYG puts ($129.9M), HYG calls ($81.2M), LCID puts ($26.0M), IWM calls ($24.2M), ASTS puts ($6.5M), INDI puts ($3.7M), HTZ calls ($680K).
Other holdings (46): bonds, preferreds, convertibles and warrants · $732.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 15,438,000 | $44.5M | Reduce -26.5% |
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | 20,755,000 | $43.6M | Add +159.4% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 10,695,000 | $34.3M | Reduce -36.7% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 29,147,000 | $32.0M | Add +16.6% |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | 19,500,000 | $29.2M | Add +25.8% |
| IAC FinanceCo 2, Inc. | Note 0.875% 06/15 · principal | 29,192,000 | $28.4M | New |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 27,300,000 | $27.6M | Add +37.9% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 26,750,000 | $27.1M | Add +311.5% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 23,727,000 | $26.4M | Add +14.5% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 20,096,000 | $25.2M | Add +14.8% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 16,500,000 | $24.3M | New |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 13,632,000 | $22.1M | Add +819.8% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 22,720,000 | $20.7M | Reduce -10.2% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 15,000,000 | $20.7M | Reduce -3.2% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 8,038,496 | $19.8M | Reduce -18.1% |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | 18,533,000 | $19.6M | Reduce -30.9% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 16,571,000 | $18.9M | Add +105.3% |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 15,635,000 | $18.7M | New |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 14,800,000 | $17.5M | Add +20.3% |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | 7,120,000 | $15.9M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 8,000,000 | $15.9M | Reduce -27.3% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 16,780,000 | $14.8M | Add +69.4% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 12,444,000 | $14.8M | Add +311.4% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 15,282,000 | $14.4M | Add +0.7% |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | 12,523,000 | $12.9M | Reduce -55.3% |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 11,525,000 | $11.7M | Reduce -28.0% |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 13,650,000 | $11.3M | Add +36.5% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 12,500,000 | $10.6M | Add +47.1% |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 10,149,000 | $10.2M | New |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 12,500,000 | $10.1M | New |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 13,244,000 | $10.0M | Reduce -15.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 9,450,000 | $9.3M | Reduce -27.3% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 10,008,000 | $9.1M | Add +103.3% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 6,502,000 | $9.1M | New |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 9,720,000 | $8.4M | Reduce -20.5% |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | 21,690,000 | $8.1M | No change |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 8,440,000 | $7.8M | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 29,266,000 | $5.8M | Reduce -14.5% |
| OATLY GROUP AB (OTLY 9.25 09/14/28) | NOTE 9.250% 9/1 · principal | 5,052,969 | $4.6M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 4,500,000 | $4.2M | Reduce -74.3% |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 17,092,000 | $4.0M | No change |
| QIMONDA FIN LLC | NOTE 6.750% 3/2 · principal | 12,400,000 | $3.3M | No change |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | 9,249,000 | $3.1M | No change |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 1,400,000 | $2.3M | No change |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | 105,000 | $41K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 12,500 | $21K | No change |
Total filed on the 13F, all lines: $767.9M.
Portfolio Sells Q2 2025 → Q3 2025
| VRM Vroom Inc. | Reduce -1.9% | 31.83% | −16.35 |
| HLIT Harmonic Inc. | Reduce -5.0% | 19.49% | −7.36 |
| RDNW Ridenow Group Inc. | Sold out | 0.00% | −2.38 |
| ARAY Accuray Inc. | Reduce -8.6% | 5.05% | −1.33 |
| VERI Veritone Inc. | Sold out | 0.00% | −0.50 |
| KPTI Karyopharm Therapeutics Inc. | Reduce -42.9% | 0.74% | −0.46 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -15.4% | 4.77% | +0.17 |
Portfolio Buys Q2 2025 → Q3 2025
Options Activity Q2 2025 → Q3 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +166.7% | 1,600,000 | $129.9M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | New | 1,000,000 | $81.2M |
| LCID Lucid Group Inc. | put | New | 1,094,700 | $26.0M |
| IWM iShares Russell 2000 ETF | call | New | 100,000 | $24.2M |
| ASTS Ast Spacemobile Inc. | put | Add +105.3% | 132,800 | $6.5M |
| PRCH Porch Group Inc. | call | Sold out | 100,000 | $1.2Mbefore exit |
| HTZ Hertz Global Hldgs Inc. | call | New | 100,000 | $680K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -26.5% | 15,438,000 | $44.5M |
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | Add +159.4% | 20,755,000 | $43.6M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Sold out | 22,455,000 | $34.5Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -36.7% | 10,695,000 | $34.3M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +16.6% | 29,147,000 | $32.0M |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | Add +25.8% | 19,500,000 | $29.2M |
| IAC FinanceCo 2, Inc. | Note 0.875% 06/15 · principal | New | 29,192,000 | $28.4M |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | Add +37.9% | 27,300,000 | $27.6M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +311.5% | 26,750,000 | $27.1M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +14.5% | 23,727,000 | $26.4M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Add +14.8% | 20,096,000 | $25.2M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 16,500,000 | $24.3M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +819.8% | 13,632,000 | $22.1M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Sold out | 15,757,000 | $21.3Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -10.2% | 22,720,000 | $20.7M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Reduce -3.2% | 15,000,000 | $20.7M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -18.1% | 8,038,496 | $19.8M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | Reduce -30.9% | 18,533,000 | $19.6M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +105.3% | 16,571,000 | $18.9M |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | New | 15,635,000 | $18.7M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | Add +20.3% | 14,800,000 | $17.5M |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | New | 7,120,000 | $15.9M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Reduce -27.3% | 8,000,000 | $15.9M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +69.4% | 16,780,000 | $14.8M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +311.4% | 12,444,000 | $14.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +0.7% | 15,282,000 | $14.4M |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | Sold out | 39,443,000 | $14.0Mbefore exit |
| Peloton Interactive Inc | Note 5.500 12/01 · principal | Sold out | 7,120,000 | $13.1Mbefore exit |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | Reduce -55.3% | 12,523,000 | $12.9M |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | Reduce -28.0% | 11,525,000 | $11.7M |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | Add +36.5% | 13,650,000 | $11.3M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +47.1% | 12,500,000 | $10.6M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Sold out | 42,000,000 | $10.5Mbefore exit |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | Sold out | 11,473,000 | $10.3Mbefore exit |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | New | 10,149,000 | $10.2M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | New | 12,500,000 | $10.1M |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | Reduce -15.9% | 13,244,000 | $10.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -27.3% | 9,450,000 | $9.3M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +103.3% | 10,008,000 | $9.1M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | New | 6,502,000 | $9.1M |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | Sold out | 7,500,000 | $8.7Mbefore exit |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | Reduce -20.5% | 9,720,000 | $8.4M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 8,440,000 | $7.8M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Sold out | 7,000,000 | $7.6Mbefore exit |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Sold out | 7,675,000 | $7.3Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Reduce -14.5% | 29,266,000 | $5.8M |
| OATLY GROUP AB (OTLY 9.25 09/14/28) | NOTE 9.250% 9/1 · principal | New | 5,052,969 | $4.6M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Reduce -74.3% | 4,500,000 | $4.2M |
| 3D SYSTEMS CORP (DDD 0 11/15/26) | NOTE 11/1 · principal | Sold out | 4,000,000 | $3.5Mbefore exit |
| TPI COMPOSITES INC (TPIC 5.25 03/15/28) | NOTE 5.250% 3/1 · principal | Sold out | 7,525,000 | $525Kbefore exit |
Showing the first 50 of 53.
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 |