TENOR CAPITAL MANAGEMENT Co., L.P.

Name: TENOR CAPITAL MANAGEMENT Co., L.P. 13F holdings, Q1 2025
Creator: TENOR CAPITAL MANAGEMENT Co., L.P.
Published: 2025-05-15

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), TENOR CAPITAL MANAGEMENT Co., L.P. reported 50 stock positions worth $340.0 million. Its top holding was Ziff Davis Inc. (zd 3.625 03/01/28) at 26.0% of the portfolio, followed by K&F Growth Acquisition (KFIIU, 5.9%) and Dynavax Technologies (5.8%). Compared with Q4 2024, it opened 15 new positions, sold out of 3, added to 2 and reduced 1. The biggest buy was a new position in Ziff Davis Inc. (zd 3.625 03/01/28) and the biggest sale an exit from Applied Digital (APLD).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001346554
Portfolio Value: $340.0M (Q1 2025)
SEC Filing: 0001346554-25-000019 ↗ filed May 15, 2025

Holdings Value

Holdings 50 stocks · $340.0M


ZIFF DAVIS INC (ZD 3.625 03/01/28)	26.02%	94,500,000	$88.5M	New
KFIIU K&F Growth Acquisition Corp.	5.93%	2,000,000	$20.2M	New
DYNAVAX TECHNOLOGIES CORP	5.82%	20,000,000	$19.8M	New
ATIIU Archimedes Tech Spac Partner	4.46%	1,500,000	$15.2M	New
LOKVU Live Oak Acquisition Corp. V	4.45%	1,500,000	$15.1M	New
HVIIU Hennessy Capital Investment	4.44%	1,500,000	$15.1M	New
FERAU Fifth Era Acquisition Corp. I	4.44%	1,500,000	$15.1M	New
CEPO Cantor Equity Partners I-A	3.82%	1,268,007	$13.0M	New
DRDB Roman DBDR Acquisition Corp.	3.27%	1,110,000	$11.1M	Add +9.9%
NHICU Newhold Investment Corp. III	2.37%	800,000	$8.1M	New
GSHRU Gesher Acquisition Corp. II	2.27%	769,478	$7.7M	New
PLMK Plum Acquisition Corp. IV	2.07%	700,000	$7.0M	New
SVCC Stellar V Capital Corp. Class A	1.98%	675,179	$6.7M	New
TDAC Translational Development Ac	1.88%	635,399	$6.4M	No change
ALDF Aldel Financial II Inc.	1.82%	625,800	$6.2M	No change
BEAG Bold Eagle Acquisition Cor-A	1.79%	600,000	$6.1M	No change
FACT Fact II Acquisition Corp.	1.77%	600,000	$6.0M	No change
CCIR Cohen Circle Acquisitio Class A	1.65%	500,000	$5.6M	No change
MLAC Mountain Lake Acquisition-A	1.48%	500,000	$5.0M	No change
RANG Range Capital Acquisition Co.	1.48%	500,000	$5.0M	No change
ITGR Integer Holdings Corp.	1.43%	41,188	$4.9M	New
TONT Graf Global Corp. Class A	1.21%	400,000	$4.1M	No change
LPAA Launch One Acquisition Corp.	1.20%	400,000	$4.1M	No change
JACS Jackson Acquisition Co. Class A	1.18%	400,000	$4.0M	No change
ALF Centurion Acquisition Corp.	0.91%	300,000	$3.1M	No change
OACC Oaktree Acquisition Corp. I-A	0.90%	300,000	$3.1M	No change
VACH Voyager Acquisition Corp.	0.90%	300,000	$3.1M	No change
RAC.U Rithm Acquisition Corp.	0.89%	300,000	$3.0M	New
CUB Lionheart Holdings Class A	0.76%	250,000	$2.6M	No change
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP	0.75%	250,000	$2.6M	No change
LPBB Launch Two Acquisition Class A	0.74%	250,000	$2.5M	No change
NTWO Newbury Street II Ac Class A	0.74%	249,418	$2.5M	No change
CCIX Churchill Capital Corp. Ix	0.63%	200,000	$2.2M	No change
WLAC Willow Lane Acquisition Class A	0.55%	185,916	$1.9M	No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP	0.54%	175,000	$1.8M	No change
MAYWOOD ACQUISITION CORP	0.38%	125,000	$1.3M	New
BTDR Bitdeer Technologies Group-A	0.35%	133,800	$1.2M	Add +0.1%
ARES ACQUISITION CORP II	0.33%	100,000	$1.1M	No change
NETD Nabors Energy Transition C-A	0.32%	100,000	$1.1M	No change
CEP Cantor Equity Partners Inc.	0.32%	100,000	$1.1M	No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR	0.30%	100,000	$1.0M	No change
IBAC Ib Acquisition Corp.	0.30%	100,000	$1.0M	No change
IREN Iren Ltd. filed as IREN LIMITED	0.28%	154,679	$942K	No change
HAYMAKER ACQUISITION CORP 4	0.16%	50,099	$551K	No change
GRPN Groupon Inc.	0.16%	29,150	$547K	Reduce -50.0%
SPKLF Spark I Acquisition Corp.	0.16%	50,000	$540K	No change
GSRT GSR III Acquisition Corp.	0.15%	50,000	$501K	No change
LEGT Legato Merger Corp. III	0.12%	40,000	$420K	No change
BKHA Black Hawk Acquisition Cor-A	0.11%	35,000	$369K	No change
ENGENE HOLDINGS INC	0.01%	55,243	$33K	No change

Other holdings (252): bonds, preferreds, convertibles and warrants · $6.7B (not counted above)

Security	Class	Shares / Principal	Value	Change
HUBSPOT INC (HUBS 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	111,020,000	$232.7M	Reduce -0.9%
RINGCENTRAL INC (RNG 0 03/15/26)	NOTE 3/1 · principal	213,202,000	$203.9M	Add +42.1%
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	176,610,000	$172.2M	Reduce -1.9%
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	147,864,000	$148.6M	Add +47.9%
LIVONGO HEALTH (TDOC 0.875 06/01/25)	NOTE 0.875% 6/0 · principal	138,538,000	$137.9M	No change
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	140,023,000	$130.7M	Add +285.8%
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	98,142,000	$130.3M	Reduce -1.0%
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	110,000,000	$126.2M	Add +32.3%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	129,411,000	$125.3M	Add +39.5%
LYFT INC (LYFT 1.5 05/15/25)	NOTE 1.500% 5/1 · principal	115,742,000	$115.9M	No change
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	115,893,000	$111.3M	Add +0.0%
FIVE9 INC (FIVN 0.5 06/01/25)	NOTE 0.500% 6/0 · principal	109,805,000	$109.2M	No change
EVOLENT HEALTH INC (EVH 1.5 10/15/25)	NOTE 1.500%10/1 · principal	108,650,000	$107.2M	No change
HAEMONETICS CORP (HAE 0 03/01/26)	NOTE 3/0 · principal	111,851,000	$106.8M	Add +11.1%
JAMF HOLDING CORP (JAMF 0.125 09/01/26)	NOTE 0.125% 9/0 · principal	108,302,000	$102.2M	Add +66.5%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	92,845,000	$100.0M	Add +23.0%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	93,036,000	$97.0M	Add +186.3%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	92,031,000	$95.5M	Reduce -6.0%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	103,493,000	$95.4M	Add +18.3%
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	96,292,000	$95.4M	Add +8.2%
NOVOCURE LTD (NVCR 0 11/01/25)	NOTE 11/0 · principal	97,695,000	$94.4M	No change
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	97,500,000	$93.2M	Reduce -15.2%
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	97,915,000	$90.6M	Reduce -53.5%
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	32,324,000	$87.4M	Add +256.9%
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25)	NOTE 0.500% 8/1 · principal	86,161,000	$84.8M	Add +1.8%
WIX LTD (WIX 0 08/15/25)	NOTE 8/1 · principal	83,500,000	$82.0M	Reduce -16.5%
UNITED STATES STEEL CORP (X 5 11/01/26)	NOTE 5.000%11/0 · principal	25,012,000	$79.8M	No change
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	75,000,000	$77.2M	Reduce -9.6%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	83,237,000	$76.6M	Add +7.6%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	81,500,000	$76.2M	Add +48.2%
HEALTH CATALYST INC (HCAT 2.5 04/15/25)	NOTE 2.500% 4/1 · principal	75,256,000	$76.0M	No change
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	79,000,000	$75.7M	No change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	78,000,000	$75.7M	Add +4.1%
INFINERA CORP (INFN 3.75 08/01/28)	NOTE 3.750% 8/0 · principal	58,000,000	$75.2M	No change
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	79,509,000	$74.5M	Add +6.3%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	75,750,000	$74.0M	New
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	73,344,000	$73.7M	Add +5.6%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	65,000,000	$73.6M	New
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	66,000,000	$73.3M	Add +32.9%
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	75,000,000	$71.8M	Reduce -30.5%
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	55,000,000	$71.2M	No change
DATADOG INC (DDOG 0.125 06/15/25)	NOTE 0.125% 6/1 · principal	63,105,000	$70.6M	No change
VARONIS SYSTEM INC (VRNS 1.25 08/15/25)	NOTE 1.250% 8/1 · principal	51,899,000	$69.4M	Add +3.5%
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28)	NOTE 3.750% 5/1 · principal	40,000,000	$69.3M	No change
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	72,595,000	$66.2M	Add +133.7%
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	75,597,000	$65.5M	Add +24.9%
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	67,100,000	$63.7M	Add +161.1%
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	25,295,000	$61.8M	Add +18.4%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	70,000,000	$61.6M	Add +94.4%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	53,423,000	$58.8M	Add +4.9%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	60,000,000	$58.4M	New
VERINT SYSTEMS INC (VRNT 0.25 04/15/26)	NOTE 0.250% 4/1 · principal	59,309,000	$56.6M	Reduce -26.0%
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25)	NOTE 4.500% 8/1 · principal	30,982,000	$54.3M	Add +69.8%
VAIL RESORTS INC (MTN 0 01/01/26)	NOTE 1/0 · principal	54,299,000	$52.3M	Reduce -18.2%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	58,589,000	$51.8M	Add +6.5%
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	50,055,000	$48.8M	No change
INSMED INC (INSM 0.75 06/01/28)	NOTE 0.750% 6/0 · principal	20,000,000	$47.5M	New
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	50,000,000	$47.2M	No change
NEOGENOMICS INC (NEO 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	45,189,000	$45.3M	Add +0.1%
VERADIGM INC (MDRX 0.875 01/01/27)	NOTE 0.875% 1/0 · principal	41,146,000	$44.5M	Add +22.3%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	45,000,000	$44.5M	No change
NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25)	NOTE 2.500% 5/1 · principal	40,029,000	$40.3M	Add +14.1%
CALLAWAY GOLF CO (CALY 2.75 05/01/26)	NOTE 2.750% 5/0 · principal	39,300,000	$39.0M	Add +20.9%
OMNICELL INC (OMCL 0.25 09/15/25)	NOTE 0.250% 9/1 · principal	38,848,000	$37.9M	No change
NCL CORPORATION LTD (NCLH 5.375 08/01/25)	NOTE 5.375% 8/0 · principal	31,672,000	$36.7M	New
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	39,500,000	$36.5M	Add +154.0%
INNOVIVA INC (INVA 2.5 08/15/25)	NOTE 2.500% 8/1 · principal	32,076,000	$35.7M	No change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	37,534,000	$35.4M	New
FASTLY INC (FSLY 0 03/15/26)	NOTE 3/1 · principal	37,140,000	$35.3M	Add +1.1%
NOVA LTD (NVMI 0 10/15/25)	NOTE 10/1 · principal	14,261,000	$35.2M	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	30,000,000	$34.3M	New
ARTIVION INC (AORT 4.25 07/01/25)	NOTE 4.250% 7/0 · principal	30,500,000	$34.2M	Add +35.6%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	40,000,000	$34.1M	New
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	23,500,000	$33.5M	Add +4.4%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	30,000,000	$32.7M	New
ACCURAY INC (ARAY 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	34,804,000	$32.5M	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	34,217,000	$32.5M	Add +22.7%
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	32,892,000	$32.1M	Add +9.9%
STRATEGY INC (MSTR 0.625 03/15/30)	NOTE 0.625% 3/1 · principal	15,000,000	$30.6M	New
3D SYSTEMS CORP (DDD 0 11/15/26)	NOTE 11/1 · principal	32,283,000	$29.7M	Add +6.6%
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	20,000,000	$29.6M	Add +71.7%
BURLINGTON STORES INC (BURL 2.25 04/15/25)	NOTE 2.250% 4/1 · principal	25,742,000	$28.3M	No change
OKTA INC (OKTA 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	27,156,000	$26.1M	Add +182.8%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	28,072,000	$25.9M	No change
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	25,000,000	$25.1M	No change
IAC FinanceCo 2, Inc.	Note 0.875% 06/15 · principal	25,070,000	$24.1M	New
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	25,000,000	$23.1M	New
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27)	NOTE 1.500%10/1 · principal	20,500,000	$22.3M	No change
ALARM.COM HLDGS INC (ALRM 0 01/15/26)	NOTE 1/1 · principal	23,009,000	$22.1M	Reduce -17.3%
PAGERDUTY INC. (PD 1.25 07/01/25)	NOTE 1.250% 7/0 · principal	21,219,000	$21.1M	No change
VAREX IMAGING CORPORATIO (VREX 4 06/01/25)	NOTE 4.000% 6/0 · principal	20,521,000	$20.8M	No change
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	19,054,000	$20.5M	New
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	17,521,000	$20.2M	New
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	20,000,000	$19.4M	Add +11.1%
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25)	NOTE 0.750% 8/0 · principal	19,582,000	$19.3M	Reduce -5.2%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	13,809,000	$19.3M	No change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	17,000,000	$18.0M	Reduce -24.4%
LIVEPERSON INC (LPSN 0 12/15/26)	NOTE 12/1 · principal	40,016,000	$16.0M	No change
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	17,500,000	$15.7M	New
APELLIS PHARMACEUTICALS (APLS 3.5 09/15/26)	NOTE 3.500% 9/1 · principal	11,950,000	$12.7M	No change
VEECO INSTRUMENTS INC (VECO 3.75 06/01/27)	NOTE 3.750% 6/0 · principal	8,164,000	$12.3M	No change
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	12,674,000	$11.9M	Add +76.7%
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	12,500,000	$11.9M	New
PAR TECHNOLOGY CORP (PAR 2.875 04/15/26)	NOTE 2.875% 4/1 · principal	7,850,000	$11.6M	No change
LIVANOVA PLC (LIVN 2.5 03/15/29)	NOTE 2.500% 3/1 · principal	12,000,000	$11.5M	New
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	9,250,000	$11.1M	New
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	10,000,000	$10.8M	Reduce -72.2%
LCI INDUSTRIES (LCII 1.125 05/15/26)	NOTE 1.125% 5/1 · principal	10,728,000	$10.3M	Reduce -88.2%
MESA LABORATORIES INC (MLAB 1.375 08/15/25)	NOTE 1.375% 8/1 · principal	10,359,000	$10.2M	No change
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	7,187,000	$9.6M	New
GOPRO INC (GPRO 1.25 11/15/25)	NOTE 1.250%11/1 · principal	9,750,000	$9.1M	No change
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	16,956,000	$7.7M	No change
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	7,990,000	$7.7M	New
RAPID7 INC (RPD 2.25 05/01/25)	NOTE 2.250% 5/0 · principal	7,455,000	$7.5M	No change
EVENTBRITE INC (EB 5 12/01/25)	NOTE 5.000%12/0 · principal	7,159,000	$7.2M	No change
EVENTBRITE INC (EB 0.75 09/15/26)	NOTE 0.750% 9/1 · principal	8,006,000	$7.2M	No change
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	5,000,000	$7.1M	New
CERENCE INC (CRNC 3 06/01/25)	NOTE 3.000% 6/0 · principal	7,000,000	$7.0M	No change
OKTA INC (OKTA 0.125 09/01/25)	NOTE 0.125% 9/0 · principal	7,021,000	$6.9M	New
ACCOLADE INC (ACCD 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	6,250,000	$6.2M	No change
ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	5,818,000	$5.7M	Reduce -31.6%
BEYOND MEAT INC (BYND 0 03/15/27)	NOTE 3/1 · principal	45,000,000	$5.4M	Add +21.6%
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	20,000,000	$5.1M	No change
BILL HOLDINGS INC (BILL 0 12/01/25)	NOTE 12/0 · principal	4,709,000	$4.5M	No change
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	4,007,000	$4.5M	No change
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25)	NOTE 9/1 · principal	4,600,000	$4.5M	No change
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	5,000,000	$4.4M	New
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	4,245,000	$4.3M	No change
WORKIVA INC (WK 1.125 08/15/26)	NOTE 1.125% 8/1 · principal	3,650,000	$4.1M	New
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	4,000,000	$3.3M	No change
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	2,750,000	$3.1M	No change
BILL HOLDINGS INC (BILL 0 04/01/27)	NOTE 4/0 · principal	3,391,000	$3.1M	No change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	3,500,000	$3.0M	No change
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	2,500,000	$2.5M	New
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	3,379,000	$2.4M	Reduce -37.2%
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	2,000,000	$1.9M	New
TPI COMPOSITES INC (TPIC 5.25 03/15/28)	NOTE 5.250% 3/1 · principal	2,000,000	$365K	No change
GCMGW GCM Grosvenor Inc. A -CW25	*W EXP 11/17/202	200,902	$350K	No change
CAMTEK LTD/ISRAEL (CAMT 0 12/01/26)	NOTE 12/0 · principal	250,000	$304K	No change
CCIRW Cohen Circle Acquisition-29	*W EXP 01/31/202	166,666	$300K	No change
SHMDW Schmid Group NV -28	*W EXP 04/30/202	462,500	$172K	No change
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	200,000	$164K	No change
DRDBW Roman DBDR Acquisition -30	*W EXP 10/31/203	505,000	$162K	No change
BEAGR Bold Eagle Acquisition Corp.	RIGHT 10/11/2029	600,000	$138K	No change
JACKSON ACQUISITION CO II	RIGHT 99/99/9999	400,000	$100K	No change
ALDFW Aldel Financial II Inc. - 29	*W EXP 09/26/203	312,900	$94K	No change
MLACR Mountain Lake Acquisition Co.	RIGHT 11/15/2028	500,000	$92K	No change
RANGR Range Capital Acquisition Co.	RIGHT 99/99/9999	500,000	$85K	No change
SVCCW Stellar V Capital Corp.-Class-29	*W EXP 10/15/202	337,589	$74K	New
TDACW Translational Dev -A -CW26	*W EXP 12/18/202	317,699	$64K	New
IMSRW HCM II Acquisition Corp. - 29	*W EXP 99/99/999	87,500	$60K	No change
PLMKW Plum Acquisition Corp. IV-30	*W EXP 08/19/202	350,000	$58K	New
FACTW Fact II Acquisition Corp. -29	*W EXP 11/26/203	300,000	$54K	New
UNITED HOMES GROUP INC	*W EXP 03/30/202	75,000	$48K	No change
OACCW Oaktree Acquisition III -31	*W EXP 09/01/203	60,000	$45K	No change
ADSEW ADS-Tec Energy PLC-WRNT	*W EXP 99/99/999	12,500	$44K	No change
SATLW Satellogic Inc.-A -23	*W EXP 01/25/202	91,779	$41K	No change
GRRRW Gorilla Technology Group-CW	*W EXP 99/99/999	37,500	$41K	No change
CCIXW Churchill Capital Corp. I-29	*W EXP 03/31/203	50,000	$40K	No change
ML.WS Moneylion Inc. -CW27	*W EXP 09/22/202	141,750	$38K	No change
AMBWQ Ambipar Emergency Respons-28	*W EXP 03/03/202	150,000	$38K	No change
VLOSW M3-Brigade Acquisition -30	*W EXP 99/99/999	125,000	$36K	No change
TONT.WS Graf Global Corp.- 29	*W EXP 05/31/203	200,000	$36K	No change
JSPRW Jasper Therapeutics Inc.-CW26	*W EXP 09/24/202	250,000	$36K	No change
DRTSW Alpha Tau Medical Ltd. -27	*W EXP 99/99/999	150,000	$36K	No change
GBGWF Global Blue Group Holding AG	*W EXP 08/28/202	1,500,000	$33K	Reduce -40.0%
RSVRW Reservoir Media-CW26	*W EXP 08/26/202	25,000	$31K	No change
LPAAW Launch One Acquisition - 29	*W EXP 06/01/203	200,000	$29K	No change
NTWOW Newbury Street II Acq - 29	*W EXP 06/01/203	124,709	$27K	No change
LPBBW Launch Two Acquisition -29	*W EXP 10/09/202	125,000	$26K	No change
BKSYW Blacksky Technology -CW24	*W EXP 09/09/202	198,855	$26K	No change
FBYDW Falcon's Beyond Global-27	*W EXP 10/06/202	24,900	$25K	No change
LZM.WS Lifezone Metals Ltd. -28	*W EXP 07/05/202	50,000	$23K	No change
VACHW Voyager Acquisition Corp. -CW	*W EXP 05/16/203	150,000	$23K	No change
ALFUW Centurion Acquisition - 29	*W EXP 05/31/203	150,000	$23K	No change
AERTW Aeries Technology Inc. -CW23	*W EXP 11/06/202	750,000	$22K	No change
WLACW Willow Lane Acquisition - 29	*W EXP 10/31/203	92,958	$21K	No change
DISTR Distoken Acquisition Corp.	RIGHT 99/99/9999	100,000	$21K	No change
CXAIW Kins Tech Group Class A -CW25	*W EXP 99/99/999	150,000	$20K	No change
NETDW Nabors Energy Transiti-CW	*W EXP 09/01/202	50,000	$20K	No change
OAKUR Oak Woods Acquisition Cor-RT	RIGHT 03/23/2028	75,000	$20K	No change
CUBWW Lionheart Holdings - WT	*W EXP 06/07/203	125,000	$18K	No change
MDAIW Spectral AI -CW27	*W EXP 09/11/202	66,666	$17K	No change
CRMLW Critical Metals Corp.-28	*W EXP 02/27/202	100,000	$17K	No change
KVAWF Keen Vision Acquisition C-28	*W EXP 03/15/202	513,600	$17K	No change
TMCWW TMC the Metals Co. Inc. -CW25I	*W EXP 09/09/202	67,500	$15K	No change
BAERW Wildfire New Pubco Inc.-27	*W EXP 01/24/202	274,854	$15K	No change
KDKRW Ares Acquisition Corp. II-28	*W EXP 99/99/999	50,000	$15K	No change
ZEOWW Esgen Acquisition A -CW23	*W EXP 03/13/202	250,000	$14K	No change
RNWWW Renew Energy Global -CW26	*W EXP 08/21/202	116,666	$14K	No change
LNZAW Amci Acquisition II A -CW28	*W EXP 01/01/202	235,341	$14K	No change
PETWQ Wag! Group Co.	*W EXP 07/30/202	990,000	$13K	No change
BDMDW Baird Medical Investment -28	*W EXP 10/01/202	150,000	$11K	No change
CNCKW Coincheck Group NV	*W EXP 12/11/202	20,000	$11K	No change
GCTS.WS Concord Acq Class A -CW28	*W EXP 03/01/202	125,000	$9K	No change
PGYWW Pagaya Technologies Ltd. -27	*W EXP 99/99/999	66,666	$9K	No change
EVLVW Evolv Technologies -CW26	*W EXP 07/16/202	50,000	$9K	No change
RBOT.WS Vicarious Surgical Inc.-CW27	*W EXP 09/17/202	250,000	$8K	No change
IBACR Ib Acquisition Corp.-RTS	RIGHT 09/28/2026	100,000	$8K	No change
NVNWF Nvni Group Ltd.-28	*W EXP 11/01/202	250,000	$7K	No change

Largest 200 of 252 shown.

Total filed on the 13F, all lines: $7.0B.

Portfolio Sells Q4 2024 → Q1 2025


APLD Applied Digital Corp.	Sold out	0.00%	−1.52
GRPN Groupon Inc.	Reduce -50.0%	0.16%	−0.54
THCH TH International Ltd./Cayman	Sold out	0.00%	−0.03
ELONG POWER HOLDING LTD.	Sold out	0.00%	−0.01

Portfolio Buys Q4 2024 → Q1 2025


ZIFF DAVIS INC (ZD 3.625 03/01/28)	New	26.02%	+26.02
KFIIU K&F Growth Acquisition Corp.	New	5.93%	+5.93
DYNAVAX TECHNOLOGIES CORP	New	5.82%	+5.82
ATIIU Archimedes Tech Spac Partner	New	4.46%	+4.46
LOKVU Live Oak Acquisition Corp. V	New	4.45%	+4.45
FERAU Fifth Era Acquisition Corp. I	New	4.44%	+4.44
HVIIU Hennessy Capital Investment	New	4.44%	+4.44
CEPO Cantor Equity Partners I-A	New	3.82%	+3.82
NHICU Newhold Investment Corp. III	New	2.37%	+2.37
GSHRU Gesher Acquisition Corp. II	New	2.27%	+2.27
PLMK Plum Acquisition Corp. IV	New	2.07%	+2.07
SVCC Stellar V Capital Corp. Class A	New	1.98%	+1.98
ITGR Integer Holdings Corp.	New	1.43%	+1.43
RAC.U Rithm Acquisition Corp.	New	0.89%	+0.89
MAYWOOD ACQUISITION CORP	New	0.38%	+0.38
BTDR Bitdeer Technologies Group-A	Add +0.1%	0.35%	−2.53
DRDB Roman DBDR Acquisition Corp.	Add +9.9%	3.27%	−6.73

Notes & Other Activity Q4 2024 → Q1 2025


BLOCK INC (XYZ 0.125 03/01/25)	NOTE 0.125% 3/0 · principal	Sold out	269,601,000	$268.5Mbefore exit
HUBSPOT INC (HUBS 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	Reduce -0.9%	111,020,000	$232.7M
INSIGHT ENTERPRS (NSIT 0.75 02/15/25)	NOTE 0.750% 2/1 · principal	Sold out	96,427,000	$218.1Mbefore exit
RINGCENTRAL INC (RNG 0 03/15/26)	NOTE 3/1 · principal	Add +42.1%	213,202,000	$203.9M
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	Reduce -1.9%	176,610,000	$172.2M
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	Add +47.9%	147,864,000	$148.6M
NUVASIVE INC (GMED 0.375 03/15/25)	NOTE 0.375% 3/1 · principal	Sold out	135,000,000	$133.6Mbefore exit
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Add +285.8%	140,023,000	$130.7M
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Reduce -1.0%	98,142,000	$130.3M
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	Add +32.3%	110,000,000	$126.2M
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	Add +39.5%	129,411,000	$125.3M
AXON ENTERPRISE INC (AXON 0.5 12/15/27)	NOTE 0.500%12/1 · principal	Sold out	45,847,000	$119.7Mbefore exit
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	Add +0.0%	115,893,000	$111.3M
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49)	NOTE 0.750% 3/1 · principal	Sold out	111,492,000	$110.7Mbefore exit
HAEMONETICS CORP (HAE 0 03/01/26)	NOTE 3/0 · principal	Add +11.1%	111,851,000	$106.8M
JAMF HOLDING CORP (JAMF 0.125 09/01/26)	NOTE 0.125% 9/0 · principal	Add +66.5%	108,302,000	$102.2M
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	Add +23.0%	92,845,000	$100.0M
ZIFF DAVIS INC (ZD 3.625 03/01/28)	DEBT 3.625% 3/0 · principal	Sold out	99,500,000	$99.1Mbefore exit
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	Add +186.3%	93,036,000	$97.0M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Reduce -6.0%	92,031,000	$95.5M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Add +18.3%	103,493,000	$95.4M
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	Add +8.2%	96,292,000	$95.4M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Reduce -15.2%	97,500,000	$93.2M
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	Reduce -53.5%	97,915,000	$90.6M
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	Add +256.9%	32,324,000	$87.4M
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25)	NOTE 0.500% 8/1 · principal	Add +1.8%	86,161,000	$84.8M
WIX LTD (WIX 0 08/15/25)	NOTE 8/1 · principal	Reduce -16.5%	83,500,000	$82.0M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -9.6%	75,000,000	$77.2M
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	Add +7.6%	83,237,000	$76.6M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Add +48.2%	81,500,000	$76.2M
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	Add +4.1%	78,000,000	$75.7M
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	Add +6.3%	79,509,000	$74.5M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	New	75,750,000	$74.0M
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	Add +5.6%	73,344,000	$73.7M
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	New	65,000,000	$73.6M
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	Add +32.9%	66,000,000	$73.3M
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Reduce -30.5%	75,000,000	$71.8M
VARONIS SYSTEM INC (VRNS 1.25 08/15/25)	NOTE 1.250% 8/1 · principal	Add +3.5%	51,899,000	$69.4M
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	Add +133.7%	72,595,000	$66.2M
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	Add +24.9%	75,597,000	$65.5M
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	Add +161.1%	67,100,000	$63.7M
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	Add +18.4%	25,295,000	$61.8M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	Add +94.4%	70,000,000	$61.6M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	Add +4.9%	53,423,000	$58.8M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	New	60,000,000	$58.4M
VERINT SYSTEMS INC (VRNT 0.25 04/15/26)	NOTE 0.250% 4/1 · principal	Reduce -26.0%	59,309,000	$56.6M
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	Sold out	64,000,000	$55.7Mbefore exit
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25)	NOTE 4.500% 8/1 · principal	Add +69.8%	30,982,000	$54.3M
DYNAVAX TECHNOLOGIES (DVAX 2.5 05/15/26)	NOTE 2.500% 5/1 · principal	Sold out	41,058,000	$54.2Mbefore exit
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	Sold out	54,657,000	$53.9Mbefore exit

Showing the first 50 of 129.

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	190	$1.5B	CCIX, XRPN, GIX, KFII, GTEN
Q1 2026	182	$1.5B	CCIX, XRPN, GIX, MLAC, KFII
Q4 2025	144	$1.2B	CCIX, XRPN, MLAC, KFII, TACH
Q3 2025	115	$922.2M	CHAC, KFII, GTEN, TACH, TVA
Q2 2025	93	$727.6M	CHAC, GTEN, KFII, TACH, TMS
Q1 2025	50	$340.0M	ZIFF DAVIS INC (ZD 3.625 03/01/28), KFIIU, DYNAVAX TECHNOLOGIES CORP, ATIIU, LOKVU
Q4 2024	38	$100.7M	DRDBU, TDACU, ALDF, FACTU, BEAG
Q3 2024	28	$201.8M	ZIFF DAVIS INC (ZD 3.625 03/01/28), VERADIGM INC (MDRX 0.875 01/01/27), KVACF, HAT HOLDINGS I LLC/HAT (HASI 0 05/01/25), SKINHEALTH SYSTEMS INC (SKIN 1.25 10/01/26)
Q2 2024	21	$26.9M	KVACF, RRACF, TONT.U, CCIX, ARYD
Q1 2024	40	$216.5M	NRG ENERGY INC (NRG 2.75 06/01/48), HARMONIC INC (HLIT 2 09/01/24), NEE, PEGR, KVACF