Silverback Asset Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Silverback Asset Management LLC reported 15 stock positions worth $36.2 million. Its top holding was Vroom (VRM) at 23.4% of the portfolio, followed by Harmonic (HLIT, 17.7%) and Aerovironment (AVAV, 8.1%). Compared with Q3 2025, it opened 7 new positions, sold out of 2, added to 2 and reduced 2. The biggest buy was a new position in Aerovironment (AVAV) and the biggest sale an exit from Wolfspeed (WOLF).
- Most Recent 13F
- Q2 2026
- Location
- DURHAM, NC
- CIK
- 0001278960
- Portfolio Value
- $36.2M (Q4 2025)
- SEC Filing
- 0001398344-26-003233 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $36.2M
| VRM Vroom Inc. | 23.37% | 425,488 | $8.5M | Add +2.5% |
| HLIT Harmonic Inc. | 17.74% | 650,000 | $6.4M | Reduce -3.6% |
| AVAV Aerovironment Inc. | 8.08% | 12,100 | $2.9M | New |
| ARRY Array Technologies Inc. | 7.51% | 295,500 | $2.7M | New |
| CORZ Core Scientific Inc. | 6.47% | 160,900 | $2.3M | New |
| NEO Neogenomics Inc. | 5.36% | 165,101 | $1.9M | Reduce -18.0% |
| LPSN Liveperson Inc. | 5.18% | 485,001 | $1.9M | New |
| ASTS Ast Spacemobile Inc. | 4.85% | 24,200 | $1.8M | New |
| GOSS Gossamer Bio Inc. | 4.28% | 500,000 | $1.6M | No change |
| STNG Scorpio Tankers Inc. | 4.21% | 30,000 | $1.5M | No change |
| TEM Tempus AI Inc. Class A | 4.03% | 24,700 | $1.5M | New |
| ARAY Accuray Inc. | 3.49% | 1,532,519 | $1.3M | Add +43.8% |
| WULF Terawulf Inc. | 3.06% | 96,600 | $1.1M | New |
| MX Magnachip Semiconductor Corp. | 1.55% | 220,000 | $561K | No change |
| KPTI Karyopharm Therapeutics Inc. | 0.81% | 40,000 | $294K | No change |
Options reported separately and not counted above: LCID puts ($11.6M), INDI puts ($3.2M).
Other holdings (39): bonds, preferreds, convertibles and warrants · $630.0M (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 | $51.9M | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 32,977,000 | $32.9M | Add +39.0% |
| IAC FinanceCo 2, Inc. | Note 0.875% 06/15 · principal | 31,603,000 | $31.0M | Add +8.3% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 26,950,000 | $30.4M | Add +185.2% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 28,206,000 | $28.6M | Reduce -3.2% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 23,571,000 | $28.1M | Add +42.2% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 27,300,000 | $28.0M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 29,833,000 | $26.9M | Add +31.3% |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | 18,300,000 | $25.8M | Add +23.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 19,000,000 | $24.7M | Add +15.2% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 20,096,000 | $24.5M | No change |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 22,955,000 | $21.3M | New |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | 17,500,000 | $19.9M | Reduce -10.3% |
| EZPW 3.750 12/15/29 CVT | Note 3.750% 12/15 · principal | 9,500,000 | $17.7M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 7,700,000 | $15.7M | Reduce -3.8% |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 15,135,000 | $15.5M | Reduce -3.2% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 12,500,000 | $14.1M | Reduce -16.7% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 13,500,000 | $13.9M | New |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | 13,213,000 | $13.2M | Add +5.5% |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | NOTE 2.500% 6/1 · principal | 8,465,000 | $12.6M | New |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 12,275,000 | $12.4M | Add +6.5% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 7,500,000 | $12.3M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 12,000,000 | $12.1M | New |
| Alnylam Pharmaceuticals Inc | Note 0 09/15 · principal | 12,500,000 | $12.1M | New |
| OMNICELL INC (OMCL 1 12/01/29) | NOTE 1.000%12/0 · principal | 11,000,000 | $11.9M | New |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | 7,120,000 | $11.8M | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 9,819,000 | $10.6M | New |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 15,500,000 | $10.4M | Add +24.0% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 11,530,000 | $10.4M | Reduce -31.3% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 10,500,000 | $9.2M | Reduce -16.0% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 9,080,000 | $8.4M | Reduce -9.3% |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 6,970,000 | $6.2M | Reduce -28.3% |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 8,149,000 | $5.8M | Reduce -19.7% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 1,685,497 | $5.7M | Reduce -79.0% |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 17,092,000 | $4.1M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 3,444,000 | $3.9M | Reduce -72.3% |
| QIMONDA FIN LLC | NOTE 6.750% 3/2 · principal | 12,400,000 | $3.2M | No change |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 3,400,000 | $3.1M | Reduce -75.1% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | 70,000 | $29K | Reduce -33.3% |
Total filed on the 13F, all lines: $666.2M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| AVAV Aerovironment Inc. | New | 8.08% | +8.08 |
| ARRY Array Technologies Inc. | New | 7.51% | +7.51 |
| CORZ Core Scientific Inc. | New | 6.47% | +6.47 |
| LPSN Liveperson Inc. | New | 5.18% | +5.18 |
| ASTS Ast Spacemobile Inc. | New | 4.85% | +4.85 |
| TEM Tempus AI Inc. Class A | New | 4.03% | +4.03 |
| WULF Terawulf Inc. | New | 3.06% | +3.06 |
| ARAY Accuray Inc. | Add +43.8% | 3.49% | −1.56 |
| VRM Vroom Inc. | Add +2.5% | 23.37% | −8.46 |
Options Activity Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 1,600,000 | $129.9Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 1,000,000 | $81.2Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Sold out | 100,000 | $24.2Mbefore exit |
| ASTS Ast Spacemobile Inc. | put | Sold out | 132,800 | $6.5Mbefore exit |
| HTZ Hertz Global Hldgs Inc. | call | Sold out | 100,000 | $680Kbefore 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 2025 → Q4 2025
| AST SPACEMOBILE | 4.25 01/03/2032 · principal | Sold out | 20,755,000 | $43.6Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Sold out | 10,695,000 | $34.3Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +39.0% | 32,977,000 | $32.9M |
| IAC FinanceCo 2, Inc. | Note 0.875% 06/15 · principal | Add +8.3% | 31,603,000 | $31.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +185.2% | 26,950,000 | $30.4M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -3.2% | 28,206,000 | $28.6M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +42.2% | 23,571,000 | $28.1M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Sold out | 26,750,000 | $27.1Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +31.3% | 29,833,000 | $26.9M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | Add +23.6% | 18,300,000 | $25.8M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +15.2% | 19,000,000 | $24.7M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 13,632,000 | $22.1Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 22,955,000 | $21.3M |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | Reduce -10.3% | 17,500,000 | $19.9M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | Sold out | 18,533,000 | $19.6Mbefore exit |
| EZPW 3.750 12/15/29 CVT | Note 3.750% 12/15 · principal | New | 9,500,000 | $17.7M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Reduce -3.8% | 7,700,000 | $15.7M |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | Reduce -3.2% | 15,135,000 | $15.5M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Sold out | 15,282,000 | $14.4Mbefore exit |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Reduce -16.7% | 12,500,000 | $14.1M |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | New | 13,500,000 | $13.9M |
| PORCH GROUP INC | NOTE/6 750% 10/1 · principal | Add +5.5% | 13,213,000 | $13.2M |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | NOTE 2.500% 6/1 · principal | New | 8,465,000 | $12.6M |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | Add +6.5% | 12,275,000 | $12.4M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | New | 7,500,000 | $12.3M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | New | 12,000,000 | $12.1M |
| Alnylam Pharmaceuticals Inc | Note 0 09/15 · principal | New | 12,500,000 | $12.1M |
| OMNICELL INC (OMCL 1 12/01/29) | NOTE 1.000%12/0 · principal | New | 11,000,000 | $11.9M |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | New | 9,819,000 | $10.6M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | Add +24.0% | 15,500,000 | $10.4M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Reduce -31.3% | 11,530,000 | $10.4M |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | Sold out | 13,244,000 | $10.0Mbefore exit |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Reduce -16.0% | 10,500,000 | $9.2M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 6,502,000 | $9.1Mbefore exit |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -9.3% | 9,080,000 | $8.4M |
| LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) | DEBT 11.500% 1/1 · principal | Sold out | 21,690,000 | $8.1Mbefore exit |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Sold out | 8,440,000 | $7.8Mbefore exit |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | Reduce -28.3% | 6,970,000 | $6.2M |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Sold out | 29,266,000 | $5.8Mbefore exit |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | Reduce -19.7% | 8,149,000 | $5.8M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -79.0% | 1,685,497 | $5.7M |
| OATLY GROUP AB (OTLY 9.25 09/14/28) | NOTE 9.250% 9/1 · principal | Sold out | 5,052,969 | $4.6Mbefore exit |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Sold out | 4,500,000 | $4.2Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -72.3% | 3,444,000 | $3.9M |
| LUMINAR TECHNOLOGIES INC (LAZR 9 01/15/30) | DEBT 9.000% 1/1 · principal | Sold out | 9,249,000 | $3.1Mbefore exit |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | Reduce -75.1% | 3,400,000 | $3.1M |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | Sold out | 1,400,000 | $2.3Mbefore exit |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | Reduce -33.3% | 70,000 | $29K |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | Sold out | 12,500 | $21Kbefore exit |
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 |