Westchester Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Westchester Capital Management, LLC reported 233 stock positions worth $2.1 billion. Its top holding was Electronic Arts (EA) at 7.2% of the portfolio, followed by Norfolk Southern (NSC, 7.0%) and Warner Bros Discovery (WBD, 7.0%). Compared with Q4 2025, it opened 54 new positions, sold out of 41, added to 27 and reduced 20. The biggest buy was a new position in Webster Financial (WBS) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).

Most Recent 13F
Q2 2026
Location
VALHALLA, NY
CIK
0001512805
Portfolio Value
$2.1B (Q1 2026)
SEC Filing
0001512805-26-000005 ↗ filed May 15, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.3B Q1 2024 Q2 2024: $2.3B Q2 2024 Q3 2024: $2.1B Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $1.9B Q3 2025 Q4 2025: $2.1B Q4 2025 Q1 2026: $2.1B $2.1B Q1 2026 Q2 2026: $2.0B Q2 2026

Holdings 233 stocks · $2.1B
EA Electronic Arts Inc. 7.17% 725,293 $147.9M Add +22.1%
NSC Norfolk Southern Corp. 6.98% 501,638 $144.0M Add +29.4%
WBD Warner Bros Discovery Inc. 6.97% 5,233,117 $143.7M Add +43.4%
WBS Webster Financial Corp. 6.17% 1,833,149 $127.3M New
GTLS Chart Industries Inc. 4.97% 496,058 $102.6M No change
UNF Unifirst Corp. 3.15% 258,466 $65.0M New
CWAN Clearwater Analytics HDS-A 3.00% 2,617,694 $61.9M New
CTRA Coterra Energy Inc. 2.71% 1,588,341 $55.8M New
DBRG Digitalbridge Group Inc. 2.20% 2,938,348 $45.3M New
SEE Sealed Air Corp. 1.93% 945,707 $39.8M Add +10.8%
PRA Proassurance Corp. 1.74% 1,455,041 $36.0M Reduce -9.4%
HOLX Hologic Inc. 1.67% 455,304 $34.4M Add +42.4%
PEN Penumbra Inc. 1.22% 76,630 $25.2M New
MASI Masimo Corp. 1.19% 138,428 $24.6M New
ANSC Agriculture & Natural Soluti 1.12% 2,044,768 $23.1M Add +4.1%
HAYMAKER ACQUISITION CORP 4 1.08% 1,939,028 $22.2M No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 1.05% 334,421 $21.7M No change
QRVO Qorvo Inc. 0.99% 263,895 $20.4M New
DMAA Drugs Made in America Acquis 0.85% 1,669,000 $17.5M No change
OS Onestream Inc. 0.79% 677,498 $16.3M New
SZZL Sizzle Acquisition Corp. Class A 0.78% 1,561,745 $16.0M Reduce -0.2%
KFII K&F Growth Acquisition Cor-A 0.75% 1,476,268 $15.4M Reduce -21.7%
GTERA Globa Terra Acquisition Co. Class A 0.70% 1,414,429 $14.5M No change
TACH Titan Acquisition Corp. Class A 0.67% 1,344,693 $13.9M No change
GIW GIGCAPITAL8 Corp. Class A 0.64% 1,330,000 $13.3M Add +23.1%
OYSE Oyster Enterprises II Acq-A 0.64% 1,295,112 $13.2M No change
KCHV Kochav Defense Acquisition-A 0.64% 1,286,000 $13.2M No change
SOUL Soulpower Acquisition Co. Class A 0.64% 1,279,300 $13.1M No change
SDHI Siddhi Acquisition Corp. Class A 0.63% 1,249,197 $13.0M Reduce -7.4%
PACH Pioneer Acquisition I Class A 0.62% 1,258,612 $12.8M Add +208.0%
JACS Jackson Acquisition Co. Class A 0.61% 1,186,200 $12.6M No change
ALDF Aldel Financial II Inc. 0.59% 1,159,448 $12.3M No change
JHG Janus Henderson Group PLC 0.57% 230,719 $11.9M New
POLE Andretti Acquisition Corp. Class A 0.57% 1,111,416 $11.8M No change
NPAC New Providence Acquisition-A 0.56% 1,128,999 $11.6M Reduce -11.7%
OBA Oxley Bridge Acquisitio Class A 0.55% 1,117,657 $11.3M Add +21.8%
VACH Voyager Acquisition Corp. 0.50% 961,894 $10.3M Reduce -23.8%
AACB Artius II Acquisition Inc. Class A 0.50% 995,939 $10.3M No change
CRAQ Cal Redwood Acquisit Class A 0.49% 1,000,000 $10.2M Add +53.9%
LPBB Launch Two Acquisition Class A 0.49% 950,000 $10.1M No change
APXT Apex Treasury Corp. Class A 0.48% 1,000,000 $10.0M Add +100.0%
PLMK Plum Acquisition Corp. IV 0.47% 921,100 $9.7M Reduce -24.8%
ATII Archimedes Tech Spac Partner 0.46% 907,144 $9.4M No change
NTWO Newbury Street II Ac Class A 0.46% 898,111 $9.4M No change
MLAC Mountain Lake Acquisition-A 0.45% 887,700 $9.3M No change
GPAT GP-Act III Acquisition-A 0.45% 860,852 $9.3M Reduce -36.7%
JENA Jena Acquisition Corp. II - A 0.45% 912,000 $9.3M No change
APLS Apellis Pharmaceuticals Inc. 0.44% 227,489 $9.2M New
GSRF GSR IV Acquisition Corp. Class A 0.44% 900,000 $9.0M New
COPL Copley Acquisition Corp. Class A 0.43% 860,600 $8.9M No change
CCIX Churchill Capital Corp. Ix 0.43% 824,769 $8.8M Add +1003.1%
XRPN Armada Acquisition Class A 0.42% 833,400 $8.6M No change
RDAG Republic Digital Acquis Class A 0.41% 825,000 $8.4M New
LBRDA Liberty Broadband-A 0.41% 166,713 $8.4M Reduce -68.6%
LWAC Lightwave Acquisition Corp. Class A 0.40% 819,872 $8.3M No change
SIMA Sim Acquisition Corp. I-A 0.40% 770,312 $8.3M Reduce -39.4%
APTV Aptiv PLC 0.38% 111,900 $7.8M No change
FACT Fact II Acquisition Corp. 0.37% 726,116 $7.6M Reduce -21.2%
MKLY McKinley Acquisition Co. Class A 0.36% 740,000 $7.4M Add +196.0%
ALF Centurion Acquisition Corp. 0.36% 688,240 $7.4M No change
TACO Berto Acquisition Corp. 0.35% 703,632 $7.2M Add +62.3%
TAVI Tavia Acquisition Corp. 0.35% 680,000 $7.2M No change
LCCC Lakeshore Acquisition III Co. 0.34% 689,436 $7.1M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.33% 666,477 $6.9M No change
AXIN Axiom Intelligence Class A 0.33% 675,000 $6.8M No change
WENN Wen Acquisition Corp. Class A 0.33% 671,583 $6.8M Add +1178.5%
KOYN CSLM Digital Asset Acqu - A 0.32% 650,000 $6.5M Add +62.5%
SOCA Solarius Capital Acquis Class A 0.32% 640,000 $6.5M No change
CRAC Crown Reserve Acquisiti Class A 0.31% 635,872 $6.4M Add +4.2%
B Barrick Mining Corp. 0.31% 155,500 $6.3M New
MLAAU Mountain Lake Acquisition Co. 0.30% 614,526 $6.1M New
HAVAU Harvard Ave Acquisition Corp. 0.29% 598,790 $6.1M No change
VAL Valaris Ltd. 0.29% 61,546 $6.0M New
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.28% 565,552 $5.8M Add +182.8%
CZR Caesars Entertainment Inc. 0.28% 217,800 $5.8M New
YCY Aa Mission Acquisition-A 0.28% 572,185 $5.7M Add +633.6%
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.28% 550,046 $5.7M No change
KVUE Kenvue Inc. 0.28% 331,350 $5.7M Add +898.0%
EVAC.U Eqv Ventures Acquisition Cor 0.27% 550,000 $5.6M No change
MCGA Yorkville Acquisition Corp. Class A 0.27% 550,000 $5.6M New
FDX FedEx Corp. 0.27% 15,600 $5.6M New
IPEX Inflection Point Acquisition 0.27% 532,807 $5.5M No change
TVAI Thayer Ventures Acquis Class A 0.26% 525,000 $5.4M No change
LEGT Legato Merger Corp. III 0.26% 483,161 $5.3M No change
ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP 0.26% 521,794 $5.3M No change
GTEN Gores Holdings X Inc. Class A 0.26% 515,073 $5.3M No change
NMP NMP Acquisition Corp. Class A 0.25% 500,000 $5.1M No change
VNME Vendome Acquisition Corp. Class A 0.25% 500,000 $5.1M No change
DMIIU Drugs Made in America Acquis 0.24% 502,914 $5.0M No change
SSACU Spacsphere Acquisition Corp. 0.24% 500,000 $5.0M New
DMII Drugs Made in America Acquis 0.24% 500,006 $5.0M Add +0.0%
SCII SC II Acquisition Corp. Class A 0.24% 500,000 $5.0M New
NHIC Newhold Investment Cor III-A 0.23% 450,000 $4.7M No change
PGAC Pantages Capital Acquisition 0.23% 443,000 $4.6M No change
CTLP Cantaloupe Inc. 0.22% 425,702 $4.6M Reduce -69.4%
MACI Melar Acquisition Corp. I-A 0.22% 424,707 $4.6M No change
CEPV Cantor Equity Partners Class A 0.22% 450,000 $4.5M No change
MMTX Miluna Acquisition Class A 0.22% 450,000 $4.5M New
ORIQ Origin Investment Corp. I 0.21% 425,000 $4.3M No change
CUB Lionheart Holdings Class A 0.21% 400,036 $4.3M No change
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.20% 393,423 $4.2M No change
AIIA.U AI Infrastructure Acquisitio 0.20% 400,000 $4.1M No change
KOYNU CSLM Digital Asset Acquisiti 0.20% 400,000 $4.1M No change
FVN Future Vision II Acquisition 0.20% 376,362 $4.1M No change
RIBB Ribbon Acquisition Corp. 0.19% 375,734 $3.9M Add +32.0%
BCAR D. Boral Arc Acquisit Class A 0.19% 386,368 $3.9M Reduce -61.5%
RDAC Rising Dragon Acquisition Co. 0.19% 367,500 $3.8M No change
SSEA Starry Sea Acquisition Corp. 0.18% 375,000 $3.8M No change
QSEA Quartzsea Acquisition Corp. 0.18% 366,605 $3.8M No change
MHD BlackRock Muniholdings Fund 0.18% 326,160 $3.7M Add +641.5%
ALIS Calisa Acquisition Corp. 0.17% 354,923 $3.6M No change
SPEG Silver Pegasus Acquisition-A 0.17% 350,000 $3.6M No change
FG MERGER II CORP 0.17% 349,172 $3.5M No change
AEAQU Activate Energy Acquisition 0.17% 350,000 $3.5M No change
MESHU Meshflow Acquisition Corp. 0.17% 350,000 $3.5M No change
SBXDF Silverbox Corp. IV-A 0.17% 325,485 $3.5M No change
NOEM CO2 Energy Transition Corp. 0.17% 331,013 $3.4M No change
UYSC Uy Scuti Acquisition Corp. 0.17% 330,000 $3.4M No change
LPCVU Launchpad Cadenza Acquisitio 0.16% 334,463 $3.3M No change
AIIA AI Infrastructure Ac-A 0.16% 331,000 $3.3M No change
MEVOU M Evo Global Acquisition Cor filed as M EVO GBL ACQUISITION CORP I 0.16% 328,858 $3.3M New
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.16% 319,162 $3.3M Reduce -18.3%
GIXXU GIGCAPITAL9 Corp. 0.15% 300,000 $3.0M New
BHF Brighthouse Financial Inc. 0.14% 49,090 $2.9M Add +42.5%
CHECU Chenghe Acquisition III Co. 0.13% 275,000 $2.8M No change
PCAP Procap Acquisition Corp. Class A 0.13% 260,814 $2.7M No change
TDAC Translational Development Ac 0.13% 248,852 $2.6M No change
WTG Wintergreen Acquisition Corp. 0.13% 254,058 $2.6M No change
LKSPU Lake Superior Acquisition Co. 0.13% 255,000 $2.6M No change
BCSS.U Bain Capital GSS Investment 0.12% 250,000 $2.6M No change
INAC Indigo Acquisition Corp. 0.12% 250,000 $2.5M No change
CRACU Crown Reserve Acquisition Co. 0.12% 250,000 $2.5M No change
QUMS Quantumsphere Acquisition Co. 0.12% 250,000 $2.5M No change
BACC Blue Acquisition Corp. Class A 0.12% 247,210 $2.5M No change
PAII Pyrophyte Acquisition Corp. Class A 0.12% 250,000 $2.5M No change
BLRKU Bluerock Acquisition Corp. 0.12% 250,000 $2.5M No change
ALOVU Aldabra 4 Liquidity Opportun 0.12% 250,000 $2.5M New
ITHAU Ithax Acquisition Corp. III 0.12% 250,000 $2.5M No change
GSHR Gesher Acquisition Corp. II-A 0.12% 240,000 $2.5M No change
AEAQ Activate Energy Acquisitio-A 0.12% 250,000 $2.5M New
WPAC White Pearl Acquisition Co. Class A 0.12% 250,000 $2.5M New
TONT Graf Global Corp. Class A 0.11% 214,157 $2.3M No change
WSTN Westin Acquisition Corp. Class A 0.11% 226,200 $2.3M New
RAAQ Real Asset Acquisiti Class A 0.11% 215,312 $2.3M No change
BIXIU Bitcoin Infrastructure Acqui 0.11% 220,000 $2.2M No change
CCIIU Cohen Circle Acquisition Cor 0.11% 210,630 $2.2M No change
CHAR Charlton Aria Acquisiti Class A 0.10% 200,000 $2.1M No change
SVCC Stellar V Capital Corp. Class A 0.10% 200,000 $2.1M No change
DTSQ DT Cloud Star Acquisition Co. 0.10% 187,722 $2.1M No change
WPAC.U White Pearl Acquisition Corp. 0.10% 205,324 $2.1M New
MQY BlackRock Muniyield Quality 0.10% 188,139 $2.1M Add +44.4%
LAFAU Lafayette Acquisition Corp. 0.10% 200,000 $2.0M No change
LKSP Lake Superior Acquisiti Class A 0.10% 200,000 $2.0M No change
OAKU Oak Woods Acquisition Corp. Class A 0.10% 163,362 $2.0M No change
CAQUU Cambridge Acquisition Corp. 0.10% 200,000 $2.0M New
MZYX.U Mozayyx Acquisition Corp. 0.10% 200,000 $2.0M New
SORNU Soren Acquisition Corp. 0.10% 200,000 $2.0M New
MUZEU Muzero Acquisition Corp. 0.10% 200,000 $2.0M New
HAVA Harvard Ave Acquisition Class A 0.10% 198,154 $2.0M No change
KDP Keurig Dr Pepper Inc. 0.10% 74,934 $2.0M Add +204.2%
DRDB Roman DBDR Acquisition Corp. 0.09% 185,244 $1.9M No change
EMIS Emmis Acquisition Corp. Class A 0.09% 175,000 $1.8M No change
SVAQU Silicon Valley Acquisition C 0.09% 175,000 $1.8M No change
LATA Galata Acqu Corp. II Class A 0.08% 175,000 $1.7M New
HVMC Highview Merger Corp. Class A 0.08% 170,299 $1.7M No change
FIGX Figx Capital Acquisition C-A 0.08% 152,916 $1.5M No change
PMTR Perimeter Acquis Corp. I Class A 0.07% 150,000 $1.5M New
APXTU Apex Treasury Corp. 0.07% 150,000 $1.5M No change
LEGO.U Legato Merger Corp. IV 0.07% 150,000 $1.5M New
ADACU American Drive Acquisition C 0.07% 150,000 $1.5M No change
IRHOU Iron Horse Acquisition II Co. 0.07% 150,000 $1.5M No change
IPXGU Columbus Circle Capital Corp. 0.07% 150,000 $1.5M New
ILLUU Illumination Acquisition Cor 0.07% 150,000 $1.5M New
IACOU Idea Acquisition Corp. 0.07% 150,000 $1.5M New
PTORU Praetorian Acquisition Corp. 0.07% 150,000 $1.5M New
MKLYU McKinley Acquisition Corp. 0.07% 142,813 $1.4M No change
DSACU Daedalus Special Acquisition 0.07% 142,208 $1.4M Reduce -26.0%
TVA Texas Ventures Acquisition-A 0.07% 136,832 $1.4M Reduce -28.0%
HON Honeywell International Inc. 0.07% 6,100 $1.4M Reduce -67.7%
CEPO Cantor Equity Partners I-A 0.06% 126,829 $1.3M No change
SPEGU Silver Pegasus Acquisition C 0.06% 125,000 $1.3M No change
VCIC Vine Hill Capital Class A 0.06% 119,938 $1.3M No change
BACCU Blue Acquisition Corp. 0.06% 123,532 $1.3M No change
OTGAU Otg Acquisition Corp. I 0.06% 125,000 $1.3M No change
LFACU Leapfrog Acquisition Corp. 0.06% 125,000 $1.3M No change
SCPQU Social Commerce Partners Cor 0.06% 125,000 $1.3M No change
AACOU Abony Acquisition Corp. I 0.06% 125,000 $1.2M New
PAACU Proem Acquisition Corp. I 0.06% 122,188 $1.2M New
MYI BlackRock Muniyield QLTY III 0.06% 112,436 $1.2M Add +119.7%
BKHA Black Hawk Acquisition Cor-A 0.06% 102,000 $1.2M No change
APADU A Paradise Acquisition Corp. 0.05% 100,000 $1.1M No change
QUMSU Quantumsphere Acquisition Co. 0.05% 100,000 $1.0M No change
SBXE.U Silverbox Corp. V 0.05% 100,000 $1.0M No change
BPAC Blueport Acquisition LT Class A 0.05% 100,000 $1.0M New
ARCIU Archimedes Tech Spac Partner 0.05% 100,000 $998K New
ZKPU Lafayette Digital Acquisitio 0.05% 100,000 $993K New
BWIV.U Blue Water Acquisition Corp. filed as BLUE WTR ACQUISITION CORP IV 0.05% 100,000 $992K New
GIX GIGCAPITAL9 Corp. Class A 0.05% 100,000 $984K New
LHX L3HARRIS Technologies Inc. 0.04% 2,666 $920K New
FERA Fifth Era Acquisition Corp. Class A 0.04% 86,300 $888K No change
CLBR.U Colombier Acqstn Corp. III 0.04% 87,212 $888K New
FIGXU Figx Capital Acquisition Cor 0.04% 85,000 $866K No change
EGHA Egh Acquisition Co. Class A 0.04% 80,900 $826K Reduce -75.1%
FT Franklin Universal Trust 0.04% 102,032 $817K No change
APAC Stonebridge Acquisition Class A 0.04% 80,000 $804K No change
SVACU Spring Valley Acquisition Co. 0.04% 75,000 $773K Reduce -62.5%
VACI.U Viking Acquisitions Corp. I 0.04% 75,000 $751K No change
RNA Atrium Therapeutics Inc. 0.04% 55,236 $739K New
PCAPU Procap Acquisition Corp. 0.03% 69,110 $706K No change
SAAQU Space Asset Acquisition Corp. 0.03% 62,497 $636K New
CHPGU Championsgate Acquisition Co. 0.03% 60,000 $608K No change
FSHP Flag Ship Acquisition Corp. 0.03% 52,702 $577K No change
EURK Eureka Acquisition Corp. 0.03% 50,000 $567K No change
CAEP Cantor Equity Partners III-A 0.03% 50,000 $516K No change
CCXIU Churchill Capital Corp. Xi 0.02% 50,000 $513K No change
BSAA Best Spac I Acquisition-A 0.02% 50,000 $511K No change
IEAGU Infinite Eagle Acquisition C 0.02% 50,000 $508K New
MBVIU M3-Brigade Acquisition Vi Co. 0.02% 50,000 $508K No change
CRANU Crane Harbor Acquisition Cor 0.02% 50,000 $505K No change
BDCIU BTC Development Corp. 0.02% 50,000 $505K No change
DNMXU Dynamix Corp. III 0.02% 50,000 $502K No change
KRAQU Krakacquisition Corp. 0.02% 50,000 $500K New
ONCHU 1RT Acquisition Corp. 0.02% 30,820 $317K No change
EFT Eaton Vance Fltng RT Inc. TR 0.01% 26,678 $286K No change
UCFI CN Healthy Food Tech Group C 0.01% 48,718 $268K No change
HCMAU HCM III Acquisition Corp. 0.01% 25,000 $257K No change
HSPT Horizon Space Acquisition II 0.01% 21,004 $223K Reduce -94.8%
ALISU Calisa Acquisition Corp. 0.01% 15,748 $165K No change
FCRS.U Futurecrest Acquisition Corp. 0.00% 10,000 $102K No change
MFIC Midcap Financial Investment 0.00% 7,702 $87K No change
GDEN Golden Entertainment Inc. 0.00% 1,686 $45K New
CHEC Chenghe Acquisition II Class A 0.00% 2,000 $20K No change
WTGUU Wintergreen Acquisition Corp. 0.00% 324 $3K No change

Options reported separately and not counted above: SPY puts ($97.6M), KDP puts ($7.9M), APTV puts ($7.8M), B puts ($6.3M), HON puts ($6.0M), CZR puts ($5.8M), FDX puts ($5.6M), LHX puts ($2.7M), KHC puts ($983K), CWAN puts ($50K).

Other holdings (64): bonds, preferreds, convertibles and warrants · $3.6M (not counted above)
SecurityClassShares / PrincipalValueChange
KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 1,000,000$210KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 1,000,000$198KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 700,013$182KNo change
GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 92,854$178KNew
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 672,345$175KNo change
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 747,800$135KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 850,000$128KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 449,855$121KNo change
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 74,999$109KReduce -25.0%
ATIIW Archimedes Tech-30 *W EXP 10/15/202 199,999$102KNo change
AFJKR Aimei Health Technology Co. L RIGHT 11/17/2028 288,212$93KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 198,958$90KNew
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 424,999$89KNew
JACKSON ACQUISITION CO II RIGHT 99/99/9999 850,000$86KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 312,499$81KNo change
LCCCR Lakeshore Acquisition III Co. RIGHT 08/01/2026 439,436$79KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 363,930$69KReduce -14.6%
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 284,934$68KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 100,000$65KNo change
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 128,764$64KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 192,324$62KNew
PGACR Pantages Capital Acquis-RT RIGHT 11/15/2029 385,000$62KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 100,055$60KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 363,554$55KReduce -3.5%
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 400,000$52KNo change
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 400,000$51KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 187,499$51KNo change
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 100,717$48KReduce -22.4%
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 74,998$45KNew
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 99,998$45KNo change
BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 250,000$42KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 275,000$41KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 225,000$41KNo change
ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 400,000$40KNo change
YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 247,090$40KNew
UYSCR Uy Scuti Acquisition Corp. RIGHT 03/03/2030 330,000$36KNo change
IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 349,019$36KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 224,998$36KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 149,998$32KNo change
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 500,000$28KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 150,000$27KNew
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 119,999$26KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 175,000$26KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 250,000$26KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 183,647$25KNo change
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 150,000$24KNo change
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 132,870$24KNo change
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 243,606$22KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 99,998$22KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 53,872$22KReduce -73.1%
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 175,000$21KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 124,999$20KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 99,997$19KNew
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 606,555$18KReduce -6.5%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 37,499$16KNew
LATAW Galata Acquisition Corp. - 30 *W EXP 09/12/203 58,331$14KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 106,977$14KNo change
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 9,923$13KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 37,499$9KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 44,785$8KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 49,999$6KNo change
BSAAR Best Spac I Acquisition - RT RIGHT 05/27/2030 50,000$5KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 99,994$3KNo change
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 4,058$487No change

Total filed on the 13F, all lines: $2.1B.

Portfolio Sells Q4 2025 → Q1 2026
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −6.89
FYBR Frontier Communications Pare Sold out 0.00% −4.14
EXAS Exact Sciences Corp. Sold out 0.00% −3.60
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −3.54
RNAM Avidity Biosciences Inc. Sold out 0.00% −3.27
CMA Comerica Inc. Sold out 0.00% −2.70
DAY Dayforce Inc. Sold out 0.00% −1.78
AAM Aa Mission Acquisition Cor-A Sold out 0.00% −1.36
CFLT Confluent Inc. Class A Sold out 0.00% −1.22
NGD New Gold Inc. Sold out 0.00% −1.17
TGNA Tegna Inc. Sold out 0.00% −1.09
LBRDA Liberty Broadband-A Reduce -68.6% 0.41% −0.80
CADE Cadence Bank Sold out 0.00% −0.66
THS Treehouse Foods Inc. Sold out 0.00% −0.62
CTLP Cantaloupe Inc. Reduce -69.4% 0.22% −0.47
PACHU Pioneer Acquisition I Corp. Sold out 0.00% −0.41
TASK Taskus Inc. Class A Sold out 0.00% −0.33
CSX CSX Corp. Sold out 0.00% −0.32
GSRFU GSR IV Acquisition Corp. Sold out 0.00% −0.32
BCAR D. Boral Arc Acquisit Class A Reduce -61.5% 0.19% −0.28
GPAT GP-Act III Acquisition-A Reduce -36.7% 0.45% −0.23
SIMA Sim Acquisition Corp. I-A Reduce -39.4% 0.40% −0.23
YCY.U Aa Mission Acquisition Corp. Sold out 0.00% −0.23
BLUWU Blue Water Acquisition III Sold out 0.00% −0.20
HSPT Horizon Space Acquisition II Reduce -94.8% 0.01% −0.19
WENNU Wen Acquisition Corp. Sold out 0.00% −0.19
KFII K&F Growth Acquisition Cor-A Reduce -21.7% 0.75% −0.17
CAPN Cayson Acquisition Corp. Sold out 0.00% −0.16
VACH Voyager Acquisition Corp. Reduce -23.8% 0.50% −0.14
PLMK Plum Acquisition Corp. IV Reduce -24.8% 0.47% −0.13
EGHA Egh Acquisition Co. Class A Reduce -75.1% 0.04% −0.12
KHC The Kraft Heinz Co. Sold out 0.00% −0.11
HON Honeywell International Inc. Reduce -67.7% 0.07% −0.11
CEPF Cantor Equity Partners Class A Sold out 0.00% −0.10
OBAWU Oxley Bridge Acquisition Ltd. Sold out 0.00% −0.10
PRA Proassurance Corp. Reduce -9.4% 1.74% −0.08
FACT Fact II Acquisition Corp. Reduce -21.2% 0.37% −0.08
PMTRU Perimeter Acquisition Corp. I Sold out 0.00% −0.08
NVG Nuveen Amt-FR Muni CRDT Sold out 0.00% −0.07
CRAQU Cal Redwood Acquisition Corp. Sold out 0.00% −0.07
BYM BlackRock Muni Inc. QLTY Sold out 0.00% −0.07
CHAC Crane Harbor Acqu Corp. Class A Sold out 0.00% −0.07
FTW Eqv Ventures Acquisition C-A Sold out 0.00% −0.07
SVACU Spring Valley Acquisition Co. Reduce -62.5% 0.04% −0.06
NPAC New Providence Acquisition-A Reduce -11.7% 0.56% −0.06
COLA Columbus Acquisition Corp. Sold out 0.00% −0.04
KMB Kimberly-Clark Corp. Sold out 0.00% −0.04
KVACF Keen Vision Acquisition Corp. Sold out 0.00% −0.04
MRLN Merlin Inc. Sold out 0.00% −0.04
RDAGU Republic Digital Acquisition Sold out 0.00% −0.04

Portfolio Buys Q4 2025 → Q1 2026
WBS Webster Financial Corp. New 6.17% +6.17
UNF Unifirst Corp. New 3.15% +3.15
CWAN Clearwater Analytics HDS-A New 3.00% +3.00
CTRA Coterra Energy Inc. New 2.71% +2.71
DBRG Digitalbridge Group Inc. New 2.20% +2.20
WBD Warner Bros Discovery Inc. Add +43.4% 6.97% +2.01
NSC Norfolk Southern Corp. Add +29.4% 6.98% +1.70
EA Electronic Arts Inc. Add +22.1% 7.17% +1.45
PEN Penumbra Inc. New 1.22% +1.22
MASI Masimo Corp. New 1.19% +1.19
QRVO Qorvo Inc. New 0.99% +0.99
OS Onestream Inc. New 0.79% +0.79
JHG Janus Henderson Group PLC New 0.57% +0.57
HOLX Hologic Inc. Add +42.4% 1.67% +0.55
APLS Apellis Pharmaceuticals Inc. New 0.44% +0.44
GSRF GSR IV Acquisition Corp. Class A New 0.44% +0.44
PACH Pioneer Acquisition I Class A Add +208.0% 0.62% +0.43
RDAG Republic Digital Acquis Class A New 0.41% +0.41
CCIX Churchill Capital Corp. Ix Add +1003.1% 0.43% +0.39
B Barrick Mining Corp. New 0.31% +0.31
WENN Wen Acquisition Corp. Class A Add +1178.5% 0.33% +0.31
MLAAU Mountain Lake Acquisition Co. New 0.30% +0.30
VAL Valaris Ltd. New 0.29% +0.29
CZR Caesars Entertainment Inc. New 0.28% +0.28
MCGA Yorkville Acquisition Corp. Class A New 0.27% +0.27
FDX FedEx Corp. New 0.27% +0.27
SEE Sealed Air Corp. Add +10.8% 1.93% +0.26
APXT Apex Treasury Corp. Class A Add +100.0% 0.48% +0.25
KVUE Kenvue Inc. Add +898.0% 0.28% +0.25
SSACU Spacsphere Acquisition Corp. New 0.24% +0.24
MKLY McKinley Acquisition Co. Class A Add +196.0% 0.36% +0.24
SCII SC II Acquisition Corp. Class A New 0.24% +0.24
YCY Aa Mission Acquisition-A Add +633.6% 0.28% +0.24
MMTX Miluna Acquisition Class A New 0.22% +0.22
BLUW Blue Water Acquisition C-A Add +182.8% 0.28% +0.18
CRAQ Cal Redwood Acquisit Class A Add +53.9% 0.49% +0.18
MEVOU M Evo Global Acquisition Cor New 0.16% +0.16
MHD BlackRock Muniholdings Fund Add +641.5% 0.18% +0.15
GIXXU GIGCAPITAL9 Corp. New 0.15% +0.15
TACO Berto Acquisition Corp. Add +62.3% 0.35% +0.14
GIW GIGCAPITAL8 Corp. Class A Add +23.1% 0.64% +0.14
KOYN CSLM Digital Asset Acqu - A Add +62.5% 0.32% +0.13
ALOVU Aldabra 4 Liquidity Opportun New 0.12% +0.12
AEAQ Activate Energy Acquisitio-A New 0.12% +0.12
WPAC White Pearl Acquisition Co. Class A New 0.12% +0.12
OBA Oxley Bridge Acquisitio Class A Add +21.8% 0.55% +0.11
WSTN Westin Acquisition Corp. Class A New 0.11% +0.11
WPAC.U White Pearl Acquisition Corp. New 0.10% +0.10
CAQUU Cambridge Acquisition Corp. New 0.10% +0.10
MZYX.U Mozayyx Acquisition Corp. New 0.10% +0.10

Options Activity Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -25.0% 150,000 $97.6M
TECK Teck Resources Ltd.-CLS B put Sold out 1,278,900 $61.2Mbefore exit
CSX CSX Corp. put Sold out 299,800 $10.9Mbefore exit
WBD Warner Bros Discovery Inc. put Sold out 330,400 $9.5Mbefore exit
KDP Keurig Dr Pepper Inc. put Add +20.3% 298,300 $7.9M
B Barrick Mining Corp. put New 155,100 $6.3M
HON Honeywell International Inc. put Reduce -50.0% 26,600 $6.0M
CZR Caesars Entertainment Inc. put New 217,800 $5.8M
FDX FedEx Corp. put New 15,600 $5.6M
CMCSA Comcast Corp. Class A put Sold out 135,500 $4.1Mbefore exit
LHX L3HARRIS Technologies Inc. put New 7,900 $2.7M
KHC The Kraft Heinz Co. put Reduce -82.0% 43,700 $983K
KVUE Kenvue Inc. put Sold out 33,200 $573Kbefore exit
CWAN Clearwater Analytics HDS-A put New 2,100 $50K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2025 → Q1 2026
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 Sold out 260,489 $208Kbefore exit
GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 New 92,854 $178K
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 Reduce -25.0% 74,999 $109K
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 New 198,958 $90K
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 New 424,999 $89K
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 Reduce -14.6% 363,930 $69K
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 New 192,324 $62K
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 Reduce -3.5% 363,554 $55K
TVACW Texas Ventures Acq -31 *W EXP 04/23/203 Reduce -22.4% 100,717 $48K
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 New 74,998 $45K
YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 New 247,090 $40K
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 New 150,000 $27K
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 Reduce -73.1% 53,872 $22K
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 New 99,997 $19K
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 Reduce -6.5% 606,555 $18K
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 Sold out 75,000 $18Kbefore exit
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 New 37,499 $16K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 228$2.0BEA, NSC, WBD, GTLS, WBS
Q1 2026 233$2.1BEA, NSC, WBD, WBS, GTLS
Q4 2025 221$2.1BCYBR, EA, NSC, WBD, GTLS
Q3 2025 191$1.9BCOOP, K, CYBR, GTLS, TECK
Q2 2025 153$1.7BHES, K, CHX, FYBR, COOP
Q1 2025 121$1.7BHES, K, CHX, DFS, BERY
Q4 2024 112$1.7BHES, EDR, K, HCP, CHX
Q3 2024 120$2.1BHES, EDR, SWN, HCP, AMED
Q2 2024 144$2.3BHES, EDR, WRK, X, AMED
Q1 2024 170$2.3BPXD, HES, WRK, X, AMED