Ssi Investment Management LLC

Name: SSI INVESTMENT MANAGEMENT LLC 13F holdings, Q4 2025
Creator: SSI INVESTMENT MANAGEMENT LLC
Published: 2026-02-10

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Ssi Investment Management LLC reported 68 stock positions worth $267.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 25.1% of the portfolio, followed by Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 7.5%) and Vanguard Total Intl Stock (VXUS, 5.1%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 6 and reduced 14. The biggest buy was a new position in Mortgage-Backed Securities (JMTG) and the biggest sale an exit from iShares 0-5 YR HY Corp. Bond (SHYG).

Most Recent 13F: Q2 2026
Location: Los Angeles, CA
CIK: 0000938487
Portfolio Value: $267.6M (Q4 2025)
SEC Filing: 0001172661-26-000557 ↗ filed Feb 10, 2026

Holdings Value

Holdings 68 stocks · $267.6M


IVV iShares Core S&P 500 ETF	25.11%	98,100	$67.2M	Reduce -1.0%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	7.54%	183,200	$20.2M	Add +30.0%
VXUS Vanguard Total Intl Stock	5.13%	181,923	$13.7M	Reduce -5.0%
IEMG iShares Core MSCI Emerging	4.73%	188,105	$12.6M	Reduce -16.3%
IYW iShares Ustechnology ETF	4.14%	55,418	$11.1M	Reduce -15.9%
JAAA Janus Henderson Aaa Clo ETF	4.07%	215,131	$10.9M	Add +1.7%
BUFR FT Vest Lad Buffervetf-Usd I	3.70%	289,025	$9.9M	Reduce -0.1%
RSP Invesco S&P 500 Equal Weight	3.56%	49,675	$9.5M	Reduce -0.2%
BKLN Invesco Senior Loan ETF	3.15%	401,496	$8.4M	Reduce -7.8%
JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F	2.97%	155,741	$8.0M	New
SPHY SS SPDR P High Yield ETF	2.96%	334,726	$7.9M	New
ICVT iShares Convertible Bond ETF	2.73%	74,253	$7.3M	Add +0.4%
ACWX iShares MSCI Acwi Ex US ETF	2.70%	107,529	$7.2M	Add +2.3%
SDVY First Trust Smid Cap Rising	2.40%	167,670	$6.4M	Reduce -0.2%
IBB iShares Biotechnology ETF	2.28%	36,104	$6.1M	New
IEF iShares 7-10 Year Treasury B	2.25%	62,660	$6.0M	Reduce -22.8%
KBWB Invesco KBW Bank ETF	2.07%	65,596	$5.5M	Add +0.1%
IWM iShares Russell 2000 ETF	1.88%	20,453	$5.0M	Add +0.1%
JBBB Janus Henderson B-BBB Clo Et	1.46%	82,088	$3.9M	Reduce -50.5%
NVDA Nvidia Corp.	1.39%	19,923	$3.7M	No change
EWJ iShares MSCI Japan ETF	1.27%	42,023	$3.4M	Reduce -26.4%
MSFT Microsoft Corp.	1.20%	6,643	$3.2M	No change
HDEF Xtrackers MSCI Eafe High Div	1.13%	97,944	$3.0M	Reduce -29.6%
AAPL Apple Inc.	1.08%	10,656	$2.9M	No change
GOOGL Alphabet Inc. Class A	1.05%	8,975	$2.8M	No change
AMZN Amazon.com Inc.	0.72%	8,363	$1.9M	No change
META Meta Platforms Inc. Class A	0.53%	2,148	$1.4M	No change
AVGO Broadcom Inc.	0.49%	3,778	$1.3M	No change
ADAM Adamas Trust Inc.	0.43%	51,438	$1.2M	New
XLU St Sr Utl SL SE SPDR ETF-Usd	0.39%	24,600	$1.1M	No change
SGOV iShares 0-3 Month Treasury B	0.35%	9,222	$926K	Reduce -0.2%
JPM JPMorgan Chase & Co.	0.33%	2,717	$875K	No change
BRK.B Berkshire Hathaway Inc. Class B	0.29%	1,535	$772K	No change
IYR iShares US Real Estate ETF	0.25%	7,047	$662K	No change
TSLA Tesla Inc.	0.25%	1,471	$662K	No change
LLY Eli Lilly & Co.	0.20%	506	$544K	No change
LMBS First Trust Low Duration Opp	0.19%	10,090	$504K	No change
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.19%	9,049	$498K	No change
WMT Walmart Inc.	0.18%	4,220	$470K	No change
V Visa Inc. Class A	0.17%	1,287	$451K	No change
COST Costco Wholesale Corp.	0.17%	517	$446K	No change
JNJ Johnson & Johnson	0.15%	1,935	$400K	No change
WFC Wells Fargo & Co.	0.14%	4,057	$378K	No change
PG The Procter & Gamble Co.	0.14%	2,618	$375K	No change
MU Micron Technology Inc.	0.14%	1,309	$374K	No change
AGG iShares Core U.S. Aggregate	0.14%	3,720	$372K	No change
CSCO Cisco Systems Inc.	0.13%	4,598	$354K	No change
MA Mastercard Inc. Class A	0.13%	617	$352K	No change
BA The Boeing Co.	0.12%	1,458	$317K	No change
KKR KKR & Co. Inc.	0.12%	2,474	$315K	No change
ABBV Abbvie Inc.	0.11%	1,334	$305K	No change
UNH Unitedhealth Group Inc.	0.11%	901	$297K	No change
PH Parker Hannifin Corp.	0.11%	333	$293K	No change
ETN Eaton Corp. PLC	0.11%	904	$288K	No change
BUG Global X Cybersecurity ETF	0.11%	9,248	$282K	No change
ICE Intercontinental Exchange Inc.	0.10%	1,721	$279K	No change
AMGN Amgen Inc.	0.10%	835	$273K	No change
KO The Coca-Cola Co.	0.10%	3,853	$269K	No change
HD Home Depot Inc.	0.10%	775	$267K	No change
MCD McDonald's Corp.	0.10%	861	$263K	No change
CRM Salesforce Inc.	0.10%	974	$258K	No change
UNP Union Pacific Corp.	0.10%	1,100	$254K	No change
ABT Abbott Laboratories	0.09%	1,844	$231K	No change
ORCL Oracle Corp.	0.08%	1,148	$224K	Reduce -42.0%
CVX Chevron Corp.	0.08%	1,443	$220K	No change
MS Morgan Stanley	0.08%	1,196	$212K	New
FWONK Liberty Media Corp. Class C	0.08%	2,078	$205K	No change
TMO Thermo Fisher Scientific Inc.	0.08%	351	$203K	New

Other holdings (186): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)

Security	Class	Shares / Principal	Value	Change
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	9,867,000	$45.2M	Reduce -10.3%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	528,435	$36.7M	Reduce -0.6%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	28,701,000	$35.6M	Reduce -0.5%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	23,537,000	$30.5M	Reduce -3.7%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	19,057,000	$24.3M	Reduce -1.0%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	23,124,000	$23.8M	Add +2.2%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	395,920	$23.3M	Add +23.0%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	6,697,000	$22.5M	Reduce -25.7%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	18,372	$22.3M	Add +2.0%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	19,881,000	$20.6M	Add +174.6%
SNOWFLAKE INC (SNOW 0 10/01/27)	NOTE 10/0 · principal	13,378,000	$19.9M	Add +6.6%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	15,885	$19.9M	Add +2.8%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	17,534,000	$19.8M	Add +24.8%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	154,115	$19.4M	Add +2.6%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	374,260	$19.3M	Add +9.1%
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	17,704,000	$18.6M	New
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	240,205	$18.1M	Reduce -12.7%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	12,848,000	$17.1M	Add +7.7%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	14,907,000	$16.4M	Reduce -5.2%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	11,065,000	$15.6M	Reduce -8.4%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	10,851,000	$15.4M	Add +10.8%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	11,835,000	$14.1M	Reduce -0.1%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	209,895	$13.9M	Reduce -20.9%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	12,159,000	$13.6M	No change
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	267,375	$13.5M	Reduce -25.8%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	5,677,000	$13.3M	Reduce -14.6%
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	10,420,000	$12.2M	Reduce -0.1%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	10,783,000	$12.0M	Add +54.3%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	203,455	$11.9M	Reduce -0.1%
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29)	NOTE 1.250%11/0 · principal	10,341,000	$11.4M	New
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	7,088,000	$11.0M	Reduce -33.9%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	4,000,000	$11.0M	Reduce -5.9%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	10,217,000	$10.9M	Reduce -2.4%
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	4,118,000	$10.6M	Reduce -26.7%
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	10,556,000	$10.5M	New
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	6,315,000	$10.4M	Reduce -3.5%
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	8,398,000	$10.2M	Add +8.8%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	9,112,000	$9.9M	Add +48.2%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	7,678,000	$9.7M	Reduce -0.3%
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	9,497,000	$9.5M	No change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	10,211,000	$9.2M	Add +3.0%
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31)	NOTE 0.250%10/0 · principal	7,993,000	$8.6M	New
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	8,650,000	$8.6M	No change
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	8,269,000	$8.5M	Reduce -43.4%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	5,278,000	$8.4M	Add +0.1%
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	7,928,000	$8.1M	Add +451.3%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	4,878,000	$8.1M	Reduce -38.4%
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	163,090	$8.1M	New
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	6,098,000	$8.1M	No change
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	7,739,000	$7.7M	Reduce -0.3%
AFFIRM HOLDINGS INC (AFRM 0 11/15/26)	NOTE 11/1 · principal	7,987,000	$7.7M	Add +3.5%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	6,969,000	$7.6M	Reduce -0.4%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	7,297,000	$7.5M	Reduce -0.4%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	7,750,000	$7.3M	Add +21.4%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	4,944,000	$7.2M	Reduce -8.4%
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	1,743,000	$7.2M	Reduce -0.3%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	6,786,000	$7.0M	Reduce -0.1%
CELCUITY INC (CELC 2.75 08/01/31)	NOTE 2.750% 8/0 · principal	3,208,000	$7.0M	No change
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	123,815	$6.8M	Add +0.8%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	4,642,000	$6.5M	No change
RIOT PLATFORMS INC (RIOT 0.75 01/15/30)	NOTE 0.750% 1/1 · principal	5,653,000	$6.4M	New
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	6,016,000	$6.3M	No change
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	5,500,000	$6.2M	No change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26)	NOTE 1.500% 9/1 · principal	4,156,000	$6.2M	Reduce -12.9%
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	4,350,000	$6.1M	Add +13.0%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	4,098,000	$6.0M	No change
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	5,000,000	$5.9M	Reduce -0.8%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	6,000,000	$5.9M	Reduce -4.0%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,750,000	$5.8M	No change
CENTRUS ENERGY CORP (LEU 2.25 11/01/30)	NOTE 2.250%11/0 · principal	2,150,000	$5.8M	New
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	4,662,000	$5.7M	No change
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	2,500,000	$5.7M	Reduce -28.0%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	5,212,000	$5.7M	Add +9.6%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	5,725,000	$5.7M	Add +3267.7%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	70,800	$5.7M	No change
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	5,604,000	$5.5M	Add +21.7%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	5,959,000	$5.5M	Add +13.7%
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	5,391,000	$5.3M	Reduce -0.6%
NUTANIX INC (NTNX 0.5 12/15/29)	NOTE 0.500%12/1 · principal	5,524,000	$5.3M	New
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	5,500,000	$5.3M	No change
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	4,588,000	$5.2M	Add +2.2%
COGENT BIOSCIENCES INC (COGT 1.625 11/15/31)	NOTE 1.625%11/1 · principal	4,453,000	$5.2M	New
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	5,212,000	$5.2M	No change
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	3,363,000	$5.2M	Add +8.4%
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29)	NOTE 0.750%12/1 · principal	4,684,000	$5.2M	New
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	1,394,000	$5.2M	Reduce -78.2%
OMNICELL INC (OMCL 1 12/01/29)	NOTE 1.000%12/0 · principal	4,750,000	$5.1M	New
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	3,440,000	$5.1M	No change
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	5,000,000	$5.1M	No change
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	5,300,000	$5.0M	Add +23.3%
PAGAYA TECHNOLOGIES LTD (PGY 6.125 10/01/29)	NOTE 6.125%10/0 · principal	2,750,000	$5.0M	New
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	5,082,000	$4.9M	Reduce -7.9%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	5,405,000	$4.9M	No change
OSI SYSTEMS INC (OSIS 2.25 08/01/29)	NOTE 2.250% 8/0 · principal	3,220,000	$4.8M	Reduce -66.8%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	4,014,000	$4.4M	Add +999.7%
SYNAPTICS INC (SYNA 0.75 12/01/31)	NOTE 0.750%12/0 · principal	4,068,000	$4.3M	New
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	3,969,000	$4.3M	Reduce -8.1%
SPECTRUM BRANDS INC (SPB 3.375 06/01/29)	NOTE 3.375% 6/0 · principal	4,500,000	$4.3M	No change
FORTUNA MINING CORP (FVICN 3.75 06/30/29)	NOTE 3.750% 6/3 · principal	2,500,000	$4.2M	No change
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	4,597,000	$4.2M	Reduce -0.9%
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	3,715,000	$4.0M	No change
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28)	NOTE 2.750% 5/0 · principal	1,900,000	$4.0M	No change
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	3,995,000	$3.8M	No change
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	4,350,000	$3.8M	Reduce -3.3%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	3,834,000	$3.8M	Reduce -9.6%
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	4,000,000	$3.8M	No change
PEABODY ENERGY CORP (BTU 3.25 03/01/28)	NOTE 3.250% 3/0 · principal	2,220,000	$3.7M	Add +98.2%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	2,340,000	$3.7M	Add +17.0%
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	3,500,000	$3.6M	Reduce -6.0%
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	2,697,000	$3.6M	New
LEMAITRE VASCULAR INC (LMAT 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	3,500,000	$3.5M	New
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	3,450,000	$3.4M	Reduce -8.0%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	3,500,000	$3.3M	No change
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	3,500,000	$3.2M	No change
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	2,790,000	$3.2M	No change
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	3,500,000	$3.1M	No change
STRATEGY INC (MSTR 0 12/01/29)	NOTE 12/0 · principal	3,685,000	$3.0M	New
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	4,500,000	$3.0M	No change
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	2,683,000	$2.9M	No change
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	2,000,000	$2.8M	No change
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	2,250,000	$2.6M	No change
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	478,000	$2.5M	Reduce -85.0%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29)	NOTE 5.500%12/0 · principal	1,502,000	$2.5M	No change
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	2,500,000	$2.5M	No change
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,500,000	$2.5M	No change
HAEMONETICS CORP (HAE 0 03/01/26)	NOTE 3/0 · principal	2,500,000	$2.5M	No change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	2,392,000	$2.3M	Reduce -1.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	2,396,000	$2.3M	No change
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	43,935	$2.3M	Reduce -1.0%
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	2,249,000	$2.2M	No change
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	6,000	$2.2M	No change
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29)	NOTE 2.125% 5/1 · principal	2,000,000	$2.0M	No change
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	2,153,000	$2.0M	No change
FUBOTV INC (FUBO 3.25 02/15/26)	NOTE 3.250% 2/1 · principal	1,901,000	$1.9M	Reduce -64.0%
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29)	NOTE 2.250% 7/0 · principal	1,500,000	$1.7M	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	1,650,000	$1.6M	Reduce -10.8%
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	1,500,000	$1.6M	No change
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	1,523,000	$1.5M	No change
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	1,650,000	$1.5M	New
ZIFF DAVIS INC (ZD 3.625 03/01/28)	DEBT 3.625% 3/0 · principal	1,542,000	$1.5M	No change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	1,300,000	$1.4M	Add +2180.7%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27)	NOTE 4.750% 6/1 · principal	1,300,000	$1.4M	No change
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	1,061,000	$1.3M	Reduce -1.5%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	1,218,000	$1.2M	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	563,000	$1.1M	Reduce -3.1%
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	1,000,000	$1.0M	No change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	1,060,000	$1.0M	Reduce -16.7%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	968,000	$970K	Add +3.4%
PELOTON INTERACTIVE INC (PTON 0 02/15/26)	NOTE 2/1 · principal	956,000	$942K	No change
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	739,000	$747K	Reduce -30.9%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	748,000	$665K	No change
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	314,000	$652K	No change
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	355,000	$649K	Reduce -92.4%
T1 ENERGY INC (TE 5.25 12/01/30)	NOTE 5.250%12/0 · principal	500,000	$637K	New
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	588,000	$587K	Reduce -16.4%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	630,000	$571K	Reduce -16.1%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	505,000	$547K	Reduce -78.4%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	523,000	$515K	No change
JAMF HOLDING CORP (JAMF 0.125 09/01/26)	NOTE 0.125% 9/0 · principal	500,000	$492K	No change
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	11,685	$479K	Reduce -1.8%
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	414,000	$445K	Reduce -85.0%
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	308,000	$438K	Add +4.8%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	348,000	$418K	Reduce -91.2%
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	313,000	$398K	No change
STRATEGY INC (MSTR 2.25 06/15/32)	NOTE 2.250% 6/1 · principal	351,000	$388K	New
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	266,000	$377K	No change
EVOLENT HEALTH INC	DEBT 4.500% 8/1 · principal	500,000	$353K	No change
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	168,000	$342K	New
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	367,000	$338K	No change
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	323,000	$326K	No change
MARA HOLDINGS INC (MARA 0 03/01/30)	NOTE 3/0 · principal	415,000	$325K	New
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	275,000	$315K	Reduce -30.6%
CIPHER DIGITAL INC (CIFR 1.75 05/15/30)	NOTE 1.750% 5/1 · principal	87,000	$303K	Reduce -93.7%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	266,000	$299K	No change
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	297,000	$280K	No change
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	3,445	$276K	No change
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	278,000	$257K	Reduce -13.4%
CNX RESOURCES CORP (CNX 2.25 05/01/26)	NOTE 2.250% 5/0 · principal	88,000	$252K	Reduce -27.9%
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	265,000	$240K	No change
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	248,000	$239K	Reduce -51.6%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	233,000	$232K	No change
WISDOMTREE INC (WT 3.25 08/15/29)	NOTE 3.250% 8/1 · principal	186,000	$223K	No change
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	184,000	$207K	No change
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	187,000	$187K	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	88,000	$89K	No change
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	82,000	$84K	No change

Total filed on the 13F, all lines: $1.5B.

Portfolio Sells Q3 2025 → Q4 2025


SHYG iShares 0-5 YR HY Corp. Bond	Sold out	0.00%	−3.10
JBBB Janus Henderson B-BBB Clo Et	Reduce -50.5%	1.46%	−1.55
URA Global X Uranium ETF	Sold out	0.00%	−1.19
BAI Ishrs AI in and Tech Act ETF	Sold out	0.00%	−1.03
IEMG iShares Core MSCI Emerging	Reduce -16.3%	4.73%	−0.87
IYW iShares Ustechnology ETF	Reduce -15.9%	4.14%	−0.75
IEF iShares 7-10 Year Treasury B	Reduce -22.8%	2.25%	−0.71
EWJ iShares MSCI Japan ETF	Reduce -26.4%	1.27%	−0.46
HDEF Xtrackers MSCI Eafe High Div	Reduce -29.6%	1.13%	−0.41
BKLN Invesco Senior Loan ETF	Reduce -7.8%	3.15%	−0.29
VXUS Vanguard Total Intl Stock	Reduce -5.0%	5.13%	−0.19
ORCL Oracle Corp.	Reduce -42.0%	0.08%	−0.13
UBER Uber Technologies Inc.	Sold out	0.00%	−0.11
NOW ServiceNow Inc.	Sold out	0.00%	−0.08
RSP Invesco S&P 500 Equal Weight	Reduce -0.2%	3.56%	−0.01
SDVY First Trust Smid Cap Rising	Reduce -0.2%	2.40%	−0.01
SGOV iShares 0-3 Month Treasury B	Reduce -0.2%	0.35%	−0.01
BUFR FT Vest Lad Buffervetf-Usd I	Reduce -0.1%	3.70%	+0.04
IVV iShares Core S&P 500 ETF	Reduce -1.0%	25.11%	+0.05

Portfolio Buys Q3 2025 → Q4 2025


JMTG Mortgage-Backed Securities	New	2.97%	+2.97
SPHY SS SPDR P High Yield ETF	New	2.96%	+2.96
IBB iShares Biotechnology ETF	New	2.28%	+2.28
LQD Ishr Ibx Usd Invgd CB ETF-Ui	Add +30.0%	7.54%	+1.61
ADAM Adamas Trust Inc.	New	0.43%	+0.43
KBWB Invesco KBW Bank ETF	Add +0.1%	2.07%	+0.13
ACWX iShares MSCI Acwi Ex US ETF	Add +2.3%	2.70%	+0.12
MS Morgan Stanley	New	0.08%	+0.08
TMO Thermo Fisher Scientific Inc.	New	0.08%	+0.08
IWM iShares Russell 2000 ETF	Add +0.1%	1.88%	+0.01
JAAA Janus Henderson Aaa Clo ETF	Add +1.7%	4.07%	+0.01
ICVT iShares Convertible Bond ETF	Add +0.4%	2.73%	−0.06

Notes & Other Activity Q3 2025 → Q4 2025


WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Reduce -10.3%	9,867,000	$45.2M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Reduce -0.6%	528,435	$36.7M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Reduce -0.5%	28,701,000	$35.6M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -3.7%	23,537,000	$30.5M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	Reduce -1.0%	19,057,000	$24.3M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +2.2%	23,124,000	$23.8M
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	Add +23.0%	395,920	$23.3M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	Reduce -25.7%	6,697,000	$22.5M
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Add +2.0%	18,372	$22.3M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Add +174.6%	19,881,000	$20.6M
SNOWFLAKE INC (SNOW 0 10/01/27)	NOTE 10/0 · principal	Add +6.6%	13,378,000	$19.9M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Add +2.8%	15,885	$19.9M
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	Add +24.8%	17,534,000	$19.8M
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	Sold out	17,571,000	$19.8Mbefore exit
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	Sold out	4,343,000	$19.4Mbefore exit
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	Add +2.6%	154,115	$19.4M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +9.1%	374,260	$19.3M
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)	NOTE 2.875% 1/1 · principal	New	17,704,000	$18.6M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Reduce -12.7%	240,205	$18.1M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	Add +7.7%	12,848,000	$17.1M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -5.2%	14,907,000	$16.4M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Reduce -8.4%	11,065,000	$15.6M
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	Add +10.8%	10,851,000	$15.4M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Reduce -0.1%	11,835,000	$14.1M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -20.9%	209,895	$13.9M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -25.8%	267,375	$13.5M
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	Reduce -14.6%	5,677,000	$13.3M
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	Reduce -0.1%	10,420,000	$12.2M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Add +54.3%	10,783,000	$12.0M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	Reduce -0.1%	203,455	$11.9M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Sold out	9,351,000	$11.4Mbefore exit
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29)	NOTE 1.250%11/0 · principal	New	10,341,000	$11.4M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	Reduce -33.9%	7,088,000	$11.0M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	Reduce -5.9%	4,000,000	$11.0M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Reduce -2.4%	10,217,000	$10.9M
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	Reduce -26.7%	4,118,000	$10.6M
DATADOG INC (DDOG 0 12/01/29)	NOTE 12/0 · principal	New	10,556,000	$10.5M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	Reduce -3.5%	6,315,000	$10.4M
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	Add +8.8%	8,398,000	$10.2M
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	Add +48.2%	9,112,000	$9.9M
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	Reduce -0.3%	7,678,000	$9.7M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Add +3.0%	10,211,000	$9.2M
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31)	NOTE 0.250%10/0 · principal	New	7,993,000	$8.6M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -43.4%	8,269,000	$8.5M
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	Add +0.1%	5,278,000	$8.4M
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	Sold out	2,000,000	$8.3Mbefore exit
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	Add +451.3%	7,928,000	$8.1M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -38.4%	4,878,000	$8.1M
SOUTHERN CO (SO 7.125 12/15/28 A)	UNIT 12/15/2028	New	163,090	$8.1M
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	Sold out	7,507,000	$8.0Mbefore exit

Showing the first 50 of 139.

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	70	$290.8M	IVV, LQD, SPHY, JAAA, JMTG
Q1 2026	219	$1.2B	IVV, WESTERN DIGITAL CORP (WDC 3 11/15/28), NEXTERA ENERGY CAPITAL (NEE 3 03/01/27), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)
Q4 2025	68	$267.6M	IVV, LQD, VXUS, IEMG, IYW
Q3 2025	67	$264.5M	IVV, LQD, IEMG, VXUS, IYW
Q2 2025	66	$248.0M	IVV, LQD, IYW, VXUS, JAAA
Q1 2025	88	$247.2M	IVV, LQD, VXUS, IEF, JAAA
Q4 2024	89	$279.7M	IVV, VXUS, LQD, JAAA, BKLN
Q3 2024	90	$262.1M	IVV, VXUS, LQD, JAAA, IEF
Q2 2024	87	$252.8M	IVV, VXUS, LQD, FLOT, BKLN
Q1 2024	87	$252.6M	IVV, VXUS, LQD, IEF, FLOT