Whitebox Advisors LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Whitebox Advisors LLC reported 165 stock positions worth $1.4 billion. Its top holding was Super Micro Computer Inc. (smci 3.5 03/01/29) at 13.0% of the portfolio, followed by Liberty Broadband-C (LBRDK, 9.8%) and Championx (CHX, 5.8%). Compared with Q1 2025, it opened 63 new positions, sold out of 21, added to 24 and reduced 30. The biggest buy was a new position in Mr Cooper (COOP) and the biggest sale an exit from Berry Global (BERY).

Most Recent 13F
Q2 2026
Location
MINNEAPOLIS, MN
CIK
0001257391
Portfolio Value
$1.4B (Q2 2025)
SEC Filing
0002073679-25-000003 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $773.4M Q1 2024 Q2 2024: $745.0M Q2 2024 Q3 2024: $721.0M Q3 2024 Q4 2024: $579.3M Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.4B $1.4B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 165 stocks · $1.4B
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) 12.98% 173,101,000 $180.4M No change
LBRDK Liberty Broadband-C 9.80% 1,384,608 $136.2M Add +38.6%
CHX Championx Corp. 5.85% 3,271,356 $81.3M Add +56.5%
COOP Mr Cooper Group Inc. 5.21% 484,850 $72.3M New
AZEK The Azek Co. Inc. 4.20% 1,073,501 $58.3M Add +48.0%
TFPM Triple Flag Precious Met 4.11% 2,410,057 $57.1M Reduce -4.8%
INFA Informatica Inc. Class A 3.59% 2,050,001 $49.9M New
BPMC Blueprint Medicines Corp. 2.86% 310,001 $39.7M New
SWTX Springworks Therapeutics Inc. 2.69% 795,191 $37.4M New
LBRDA Liberty Broadband-A 2.45% 348,076 $34.0M Add +1.4%
HEI.A Heico Corp. Class A 2.22% 118,954 $30.8M Add +1.5%
K Kellanova 2.20% 383,846 $30.5M Add +171.0%
GRFS Grifols SA-ADR 1.71% 2,621,468 $23.7M Reduce -2.1%
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 1.64% 5,599,014 $22.8M Add +23.0%
GPOR Gulfport Energy Corp. 1.60% 110,449 $22.2M Reduce -18.0%
VAL Valaris Ltd. 1.39% 459,111 $19.3M No change
CHRD Chord Energy Corp. 1.22% 174,476 $16.9M No change
BLCO Bausch + Lomb Corp. 1.21% 1,291,645 $16.8M Reduce -20.4%
STR Sitio Royalties Corp. Class A 0.95% 721,581 $13.3M New
PPLI People Inc. filed as IAC INC 0.86% 319,908 $11.9M Reduce -29.8%
HES Hess Corp. 0.83% 83,669 $11.6M No change
CSTM Constellium SE 0.81% 842,989 $11.2M Add +10.6%
CUK Carnival PLC-ADR 0.77% 419,607 $10.7M Reduce -20.5%
NE Noble Corp. PLC 0.70% 365,083 $9.7M No change
OIH Vaneck Oil Services ETF 0.66% 40,000 $9.2M New
SVC Service Pptys TR 0.65% 3,751,299 $9.0M Add +4.2%
UP Wheels Up Experience Inc. 0.62% 38,660,903 $8.6M Reduce -1.7%
AAPL Apple Inc. 0.59% 40,000 $8.2M Add +100.0%
TACH Titan Acquisition Corp. Class A 0.58% 800,000 $8.1M New
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.57% 760,000 $7.9M No change
FERA Fifth Era Acquisition Corp. Class A 0.55% 750,000 $7.6M No change
CYH Community Health Systems Inc. 0.52% 2,135,086 $7.3M Reduce -8.6%
GT Goodyear Tire & Rubber Co. 0.48% 649,430 $6.7M Reduce -21.8%
SZZL Sizzle Acquisition Corp. Class A 0.47% 650,000 $6.5M New
SOUL Soulpower Acquisition Co. Class A 0.47% 650,000 $6.5M New
ACI Albertsons Cos Inc. Class A 0.46% 296,915 $6.4M Reduce -18.4%
WENNU Wen Acquisition Corp. 0.46% 600,000 $6.3M New
NCMI National Cinemedia Inc. 0.43% 1,242,084 $6.0M No change
TGNA Tegna Inc. 0.42% 350,988 $5.9M Add +12.1%
CGCTU Cartesian Growth Corp. III 0.40% 550,000 $5.6M New
MGM MGM Resorts International 0.40% 161,330 $5.5M Add +1030.5%
THC Tenet Healthcare Corp. 0.38% 30,015 $5.3M Reduce -3.5%
SIMA Sim Acquisition Corp. I-A 0.38% 500,000 $5.2M No change
NPAC New Providence Acquisition-A 0.37% 500,000 $5.1M New
RAAQ Real Asset Acquisiti Class A 0.37% 500,000 $5.1M New
EWZ iShares MSCI Brazil ETF 0.36% 174,880 $5.0M New
FLS Flowserve Corp. 0.36% 95,052 $5.0M New
AAM Aa Mission Acquisition Cor-A 0.34% 450,000 $4.7M No change
CCIR Cohen Circle Acquisitio Class A 0.32% 400,000 $4.4M No change
ALDF Aldel Financial II Inc. 0.30% 400,000 $4.2M No change
DAAQ Digital Asset Acquisiti Class A 0.30% 400,000 $4.2M New
BEAG Bold Eagle Acquisition Cor-A 0.30% 400,000 $4.2M No change
XOP SS SPDR S&P Og Exp & Prod 0.30% 32,903 $4.1M New
DRDB Roman DBDR Acquisition Corp. 0.30% 400,000 $4.1M No change
CHAR Charlton Aria Acquisiti Class A 0.30% 399,000 $4.1M No change
WLAC Willow Lane Acquisition Class A 0.29% 400,000 $4.1M No change
SVCC Stellar V Capital Corp. Class A 0.29% 400,000 $4.1M No change
DMAA Drugs Made in America Acquis 0.29% 400,000 $4.1M No change
RAC Rithm Acquisition Corp. Class A 0.29% 400,000 $4.1M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.29% 400,000 $4.0M New
SIRI Sirius XM Holdings Inc. 0.28% 171,943 $3.9M Add +17.8%
NOEM CO2 Energy Transition Corp. 0.28% 390,000 $3.9M No change
NTWO Newbury Street II Ac Class A 0.28% 375,000 $3.9M New
CCO Clear Channel Outdoor Holdin 0.27% 3,233,484 $3.8M Add +44.7%
BHC Bausch Health Cos Inc. 0.26% 550,829 $3.7M Reduce -21.2%
LPBB Launch Two Acquisition Class A 0.26% 350,000 $3.6M New
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.25% 318,914 $3.5M Reduce -20.3%
CEPT Cantor Equity Partners Class A 0.24% 300,000 $3.3M New
DMB BNY Mellon Muni BND Infra 0.24% 320,896 $3.3M Reduce -1.5%
FTW Eqv Ventures Acquisition C-A 0.23% 300,000 $3.2M No change
IPCXU Inflection Point Acquisition 0.23% 300,000 $3.2M New
TDAC Translational Development Ac 0.23% 305,000 $3.1M No change
MLAC Mountain Lake Acquisition-A 0.22% 300,000 $3.1M No change
RDAG Republic Digital Acquis Class A 0.22% 300,000 $3.1M New
TAVI Tavia Acquisition Corp. 0.22% 300,000 $3.1M No change
GSHR Gesher Acquisition Corp. II-A 0.22% 300,000 $3.0M No change
COPL Copley Acquisition Corp. Class A 0.22% 300,000 $3.0M New
PACHU Pioneer Acquisition I Corp. 0.22% 300,000 $3.0M New
VCIC Vine Hill Capital Class A 0.20% 265,000 $2.8M New
TONT Graf Global Corp. Class A 0.19% 250,000 $2.6M No change
OACC Oaktree Acquisition Corp. I-A 0.19% 250,000 $2.6M New
GM General Motors Co. 0.19% 53,022 $2.6M Reduce -46.2%
LPAA Launch One Acquisition Corp. 0.19% 250,000 $2.6M No change
FACT Fact II Acquisition Corp. 0.19% 250,000 $2.6M No change
ATII Archimedes Tech Spac Partner 0.18% 250,000 $2.6M No change
RANG Range Capital Acquisition Co. 0.18% 250,000 $2.5M No change
NHIC Newhold Investment Cor III-A 0.18% 250,000 $2.5M No change
OYSEU Oyster Enterprises II Acquis 0.18% 250,000 $2.5M New
BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I 0.18% 250,000 $2.5M New
KSS Kohls Corp. 0.18% 290,013 $2.5M Add +6.2%
HOUS Anywhere Real Estate Inc. 0.18% 675,947 $2.4M Add +23.7%
KFII K&F Growth Acquisition Cor-A 0.16% 225,000 $2.3M No change
CHAC Crane Harbor Acqu Corp. Class A 0.16% 225,000 $2.3M New
LCCC Lakeshore Acquisition III Co. 0.16% 218,500 $2.2M New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.15% 378,993 $2.1M Reduce -49.9%
POLE Andretti Acquisition Corp. Class A 0.15% 200,000 $2.1M New
WBD Warner Bros Discovery Inc. 0.15% 180,739 $2.1M Reduce -0.6%
CCCXU Churchill Capital Corp. X 0.15% 200,000 $2.1M New
XRPNU Armada Acquisition Corp. II 0.15% 200,000 $2.0M New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.15% 200,000 $2.0M No change
TVAIU Thayer Ventures Acquisition 0.15% 200,000 $2.0M New
EWW iShares MSCI Mexico ETF 0.14% 31,750 $1.9M New
CEPO Cantor Equity Partners I-A 0.14% 160,000 $1.9M Reduce -20.0%
SBI Western Asset Intermediate 0.14% 252,626 $1.9M Reduce -6.9%
PARAA Paramount Global Class B 0.13% 143,186 $1.8M Add +15.7%
LEO BNY Mellon Strategic Muni 0.13% 305,421 $1.8M Add +14.3%
JACS Jackson Acquisition Co. Class A 0.13% 175,000 $1.8M No change
ECH iShares MSCI Chile ETF 0.13% 57,000 $1.8M New
CAR Avis Budget Group Inc. 0.13% 10,571 $1.8M Reduce -73.7%
AXINU Axiom Intelligence Acquisiti 0.13% 175,000 $1.8M New
BACCU Blue Acquisition Corp. 0.13% 175,000 $1.8M New
CXE MFS High Income Municipal TR 0.12% 483,300 $1.7M Add +7.4%
VACH Voyager Acquisition Corp. 0.11% 150,000 $1.6M No change
JENA.U Jena Acquisition Corp. II 0.11% 150,000 $1.5M New
CRAQU Cal Redwood Acquisition Corp. 0.11% 150,000 $1.5M New
MERC Mercer International Inc. 0.11% 439,423 $1.5M Add +69.7%
EGHAU Egh Acquisition Corp. 0.11% 150,000 $1.5M New
PELIU Pelican Acquisition Corp. 0.11% 150,000 $1.5M New
COLA Columbus Acquisition Corp. 0.11% 150,000 $1.5M No change
WTGUU Wintergreen Acquisition Corp. 0.11% 150,000 $1.5M New
FIGXU Figx Capital Acquisition Cor 0.11% 150,000 $1.5M New
CHPG Championsgate Acquisitio-A 0.11% 150,000 $1.5M New
XBNYX BlackRock New York Muni Inc. 0.11% 152,507 $1.5M Reduce -0.2%
R Ryder System Inc. 0.10% 9,014 $1.4M Add +5.9%
WHR Whirlpool Corp. 0.10% 13,813 $1.4M Add +16.9%
MBI Mbia Inc. 0.10% 317,106 $1.4M Add +7.7%
KKR KKR & Co. Inc. 0.10% 10,000 $1.3M Reduce -80.0%
CAEP Cantor Equity Partners III-A 0.09% 125,000 $1.3M New
CAPN Cayson Acquisition Corp. 0.09% 125,000 $1.3M New
RIBB Ribbon Acquisition Corp. 0.09% 125,000 $1.3M No change
IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP 0.09% 125,000 $1.3M New
LWACU Lightwave Acquisition Corp. 0.09% 125,000 $1.3M New
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.09% 110,000 $1.2M Reduce -26.7%
VSXY Victoria's Secret & Co. 0.09% 65,340 $1.2M Reduce -4.4%
MHN BlackRock Muniholding NY QLT 0.09% 121,671 $1.2M Reduce -17.8%
TBN Tamboran Resources Corp. 0.09% 56,022 $1.2M New
AFB Allianceberstein NTL Muni 0.08% 113,648 $1.2M Reduce -0.3%
MCGAU Yorkville Acquisition Corp. 0.08% 100,000 $1.1M New
COLO Global X MSCI Colombia ETF 0.08% 38,100 $1.1M New
CUB Lionheart Holdings Class A 0.08% 100,000 $1.1M No change
FVN Future Vision II Acquisition 0.07% 100,000 $1.0M New
PLMK Plum Acquisition Corp. IV 0.07% 100,000 $1.0M No change
OBAWU Oxley Bridge Acquisition Ltd. 0.07% 100,000 $1.0M New
RTAC Renatus Tactical Acquisiti-A 0.07% 80,000 $944K New
XPCKX PIMCO California Municipa II 0.06% 149,518 $801K Reduce -0.3%
PCAPU Procap Acquisition Corp. 0.05% 70,281 $753K New
MTBA Simplify MBS ETF 0.04% 11,306 $566K No change
HAYMAKER ACQUISITION CORP 4 0.04% 50,000 $555K No change
NN Nextnav Inc. 0.04% 36,299 $552K No change
DTSQ DT Cloud Star Acquisition Co. 0.04% 50,000 $519K No change
MUE BlackRock Munihold QLT FD II 0.04% 53,012 $508K Reduce -32.0%
HUDSON PAC PPTYS INC 0.03% 146,560 $402K New
NBR Nabors Industries Ltd. 0.03% 12,996 $364K Add +24.9%
FARO Faro Technologies Inc. 0.03% 8,132 $357K No change
ELBM Electra Battery Materials Co. 0.02% 296,965 $323K Reduce -22.8%
XPNFX PIMCO New York Muni Inc. FD 0.02% 45,163 $316K New
PNI PIMCO NY Muni Inc. II FND 0.02% 46,192 $310K New
LCID Lucid Group Inc. 0.02% 142,100 $300K New
CVS CVS Health Corp. 0.02% 4,050 $279K No change
PCG P G & E Corp. 0.01% 15,000 $209K No change
AMC AMC Entertainment HLDS Class A 0.01% 64,144 $199K Reduce -40.3%
PYN PIMCO New York Muni FND III 0.01% 33,371 $175K New
OPITQ Office Properties Income Tru 0.01% 291,197 $72K No change
FLYYQ Spirit Aviation Holdings Inc. 0.00% 12,182 $62K New
ENGENE HOLDINGS INC 0.00% 31,000 $25K No change

Options reported separately and not counted above: SPY puts ($525.2M), SPY calls ($123.6M), IBIT puts ($122.4M), OIH puts ($103.6M), IWM puts ($75.5M), AAPL puts ($61.6M), FXI puts ($36.8M), MARA puts ($20.1M), RIVN puts ($20.0M), XOP puts ($18.9M), LUMN puts ($18.8M), NVDA puts ($15.8M), and 17 more.

Other holdings (190): bonds, preferreds, convertibles and warrants · $2.3B (not counted above)
SecurityClassShares / PrincipalValueChange
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 161,900,000$290.6MAdd +33.8%
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal 111,500,000$239.3MNew
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal 89,776,000$127.1MNew
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 78,745,000$102.8MAdd +1.7%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 64,500,000$90.4MAdd +26.5%
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal 58,862,000$87.1MAdd +6.8%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 49,442,000$75.8MAdd +16.5%
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal 36,095,000$64.1MReduce -35.6%
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 57,486,000$57.4MNo change
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 59,737,000$53.6MAdd +3.5%
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 41,230,000$51.2MReduce -5.6%
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 37,050,000$50.1MAdd +2.2%
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 50,512,000$47.4MNo change
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 39,605,086$46.6MReduce -66.9%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 38,750,000$42.0MNew
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 56,000,000$40.9MNew
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 35,800,000$40.3MNew
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 36,200,000$38.8MAdd +9.0%
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 31,921,000$36.9MReduce -1.5%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 29,500,000$32.7MNew
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 44,550,000$31.5MAdd +20.2%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 24,728,000$31.5MNew
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 26,000,000$30.8MReduce -28.8%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 23,359,000$28.7MReduce -2.1%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 27,500,000$28.6MNew
NOVAVAX INC (NVAX 5 12/15/27) NOTE 5.000%12/1 · principal 27,750,000$27.5MReduce -9.8%
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 29,571,000$26.8MReduce -20.9%
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 22,500,000$26.3MReduce -10.0%
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 44,600,000$25.3MAdd +3.6%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 23,000,000$25.3MNew
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 13,096,000$24.7MReduce -6.6%
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 19,000,000$21.9MNo change
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal 18,500,000$21.7MAdd +15.6%
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 86,000,000$21.3MNo change
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 14,000,000$20.1MNo change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 23,905,000$20.1MNew
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 28,950,000$18.2MAdd +11.3%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 21,637,000$17.1MReduce -54.3%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 29,894,000$17.1MAdd +2.0%
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 13,606,000$17.0MAdd +25.9%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 14,242,000$16.2MReduce -53.1%
ZYNEX INC (ZYXI 5 05/15/26) NOTE 5.000% 5/1 · principal 25,000,000$15.9MNo change
CANADIAN SOLAR INC (CSIQ 2.5 10/01/25) NOTE 2.500%10/0 · principal 14,382,000$13.8MNo change
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal 14,273,000$11.0MNew
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 9,279,000$9.1MNo change
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 5,200,000$9.1MNo change
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 6,300,000$8.8MNo change
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal 18,753,000$8.5MReduce -32.4%
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 11,524,806$8.0MAdd +4.6%
ENCORE CAPITAL GROUP INC (ECPG 3.25 10/01/25) NOTE 3.250%10/0 · principal 7,550,000$7.9MNo change
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 8,000,000$7.8MAdd +77.8%
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 7,604,000$7.2MNo change
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 17,750,000$7.1MNew
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal 5,000,000$6.5MNew
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 5,500,000$6.5MNew
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 7,302,000$6.4MReduce -57.0%
XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal 4,954,000$5.0MReduce -80.8%
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 43,663,000$4.4MNo change
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 6,504,000$3.4MReduce -35.0%
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 6,887,000$3.4MNo change
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 7,650,000$3.1MNo change
CARDLYTICS INC (CDLX 1 09/15/25) NOTE 1.000% 9/1 · principal 3,000,000$2.9MNo change
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 30,609,000$2.4MNo change
FARO TECHNOLOGIES INC (FARO 5.5 02/01/28) NOTE 5.500% 2/0 · principal 2,000,000$2.4MNo change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 21,809,000$2.2MNo change
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) NOTE 1.750% 5/0 · principal 7,639,000$1.9MNo change
TPI COMPOSITES INC (TPIC 5.25 03/15/28) NOTE 5.250% 3/1 · principal 29,912,000$1.7MNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 200,000$470KNo change
BULLW Webull Corp.-30 *W EXP 04/10/203 89,397$361KNew
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 150,000$300KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 750,000$211KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 200,000$170KNew
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 400,000$148KNew
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 70,000$143KNew
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 75,000$131KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 650,000$130KNew
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 650,000$130KNew
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 400,000$126KNo change
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 75,000$125KNew
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 50,598$121KNo change
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 804,500$121KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 250,000$115KNew
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 150,000$108KNew
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 166,666$104KNew
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 200,000$104KNew
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 200,000$100KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 213,750$85KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 175,000$81KNew
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 209,250$80KNo change
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 150,000$75KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 99,997$73KNo change
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 200,000$72KNew
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 255,571$69KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 250,000$68KNo change
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 390,000$68KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 200,000$66KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 133,333$65KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 464,261$65KNo change
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 250,000$63KNew
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 225,000$61KNew
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 399,000$60KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 193,612$58KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 300,000$57KNew
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 200,000$54KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 300,000$51KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 125,000$51KNo change
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 300,000$50KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 175,000$49KNew
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 400,000$48KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 187,500$47KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 475,000$47KNo change
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 50,000$44KNew
LCCCR Lakeshore Acquisition III Co. RIGHT 08/01/2026 218,500$44KNew
CNCKW Coincheck Group NV *W EXP 12/11/202 50,079$44KNo change
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 21,750$43KNo change
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 150,000$42KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 125,000$41KNo change
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 152,500$38KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 125,000$38KNew
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 46,500$37KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000$36KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 225,000$36KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 390,000$35KNo change
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 25,000$35KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 125,000$34KNo change
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,333$33KNew
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 46,500$33KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 136,018$33KNo change
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 132,500$32KNew
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 69,750$32KNo change
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 177,090$30KNo change
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 46,500$30KNo change
DISTR Distoken Acquisition Corp. RIGHT 99/99/9999 100,000$29KNo change
HOVRW Pono Capital Three Inc.-A-28 *W EXP 02/14/202 100,000$29KNo change
COLAR Columbus Acquisition Corp. RIGHT 99/99/9999 150,000$28KNo change
RIBBR Ribbon Acquisition Corp. RIGHT 12/31/2026 125,000$26KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 150,000$25KNew
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 100,000$20KNo change
FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 100,000$19KNew
DYCQR DT Cloud Acquisition Cor-RTS RIGHT 02/14/2029 107,306$18KNo change
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 125,000$18KNew
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 50,000$17KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 150,000$15KNew
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 68,000$15KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 148,800$13KNo change
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 36,032$13KReduce -19.5%
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 100,000$12KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 50,000$12KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 164,500$10KNo change
MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 93,000$9KNo change
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 150,000$9KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 25,000$9KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 95,000$9KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 162,750$8KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 232,500$8KNo change
AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 69,750$8KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 35,000$7KNo change
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 46,500$6KNew
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 174,000$6KNo change
DTSQR DT Cloud Star Acquisition Co. RIGHT 07/09/2029 50,000$6KNo change
OPTXW Omnilit Acquisition Class A -23 *W EXP 99/99/999 69,750$6KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 86,292$6KNo change
FASWF Stonebridge Acquisition-CW23 *W EXP 04/02/202 116,194$6KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 23,250$5KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 118,750$5KNo change
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 50,422$5KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 125,000$5KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 23,500$5KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 23,250$4KNew
ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 58,750$4KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 75,000$4KNo change
HOLLEY INC *W EXP 11/30/202 79,311$4KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 71,250$4KNo change
SCAGW Scage Future -30 *W EXP 05/15/203 41,850$3KNew
RMSGW Real Messenger Corp.-28 *W EXP 11/19/202 74,400$3KNo change
NUAIW New Era Helium Inc. -29 *W EXP 12/06/202 34,875$3KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 41,500$3KNo change
MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 96,838$3KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 46,500$3KNo change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 90,000$2KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 68,000$2KNo change
ESLAW Tradeup Acquisition Corp.-CW *W EXP 09/29/202 42,293$2KNo change
VEEAW Plum Acquisition I A -CW28 *W EXP 09/13/202 13,700$2KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 23,250$2KNo change
DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 23,250$2KNew
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 81,519$2KNo change
AERTW Aeries Technology Inc. -CW23 *W EXP 11/06/202 56,416$2KNo change
ONMDW Data Knights Acq Class A -CW28 *W EXP 11/07/202 49,700$1KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 18,600$950No change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 23,250$554No change

Total filed on the 13F, all lines: $3.7B.

Portfolio Sells Q1 2025 → Q2 2025
BERY Berry Global Group Inc. Sold out 0.00% −12.01
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −6.42
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −3.06
PPLI People Inc. Reduce -29.8% 0.86% −0.91
BLCO Bausch + Lomb Corp. Reduce -20.4% 1.21% −0.78
NVDA Nvidia Corp. Sold out 0.00% −0.64
GPOR Gulfport Energy Corp. Reduce -18.0% 1.60% −0.49
KKR KKR & Co. Inc. Reduce -80.0% 0.10% −0.39
TSLA Tesla Inc. Sold out 0.00% −0.33
LPBBU Launch Two Acquisition Corp. Sold out 0.00% −0.30
ITGR Integer Holdings Corp. Sold out 0.00% −0.29
VCICU Vine Hill Cap Invest-Unit Sold out 0.00% −0.23
OACCU Oaktree Acquisition III Life Sold out 0.00% −0.22
DSM BNYM Strat Muni BND Reduce -49.9% 0.15% −0.22
ACI Albertsons Cos Inc. Class A Reduce -18.4% 0.46% −0.22
BSII Black Spade Acquisition II C Sold out 0.00% −0.21
GM General Motors Co. Reduce -46.2% 0.19% −0.20
GT Goodyear Tire & Rubber Co. Reduce -21.8% 0.48% −0.16
UCFI CN Healthy Food Tech Group C Sold out 0.00% −0.13
CAR Avis Budget Group Inc. Reduce -73.7% 0.13% −0.13
XNQPX Nuveen Pa QLTY Muni Inc. Sold out 0.00% −0.12
BHC Bausch Health Cos Inc. Reduce -21.2% 0.26% −0.12
UP Wheels Up Experience Inc. Reduce -1.7% 0.62% −0.11
BKHA Black Hawk Acquisition Cor-A Sold out 0.00% −0.11
CAPNU Cayson Acquisition Corp. Sold out 0.00% −0.11
IMSR Terrestrial Energy Inc. Reduce -20.3% 0.25% −0.10
FVNNU Future Vision II Acq Corp. Sold out 0.00% −0.09
FWRD Forward Air Corp. Sold out 0.00% −0.07
FL Foot Locker Inc. Sold out 0.00% −0.07
DMB BNY Mellon Muni BND Infra Reduce -1.5% 0.24% −0.05
AAL American Airlines Group Inc. Sold out 0.00% −0.04
FMN Federated Herm Prem Muni Inc. Sold out 0.00% −0.04
SBI Western Asset Intermediate Reduce -6.9% 0.14% −0.04
MHN BlackRock Muniholding NY QLT Reduce -17.8% 0.09% −0.04
VLOS Velos Acquisition I Corp. Reduce -26.7% 0.09% −0.04
CEPO Cantor Equity Partners I-A Reduce -20.0% 0.14% −0.04
MUE BlackRock Munihold QLT FD II Reduce -32.0% 0.04% −0.03
XBNYX BlackRock New York Muni Inc. Reduce -0.2% 0.11% −0.03
AFB Allianceberstein NTL Muni Reduce -0.3% 0.08% −0.02
VSXY Victoria's Secret & Co. Reduce -4.4% 0.09% −0.02
WBD Warner Bros Discovery Inc. Reduce -0.6% 0.15% −0.02
XPCKX PIMCO California Municipa II Reduce -0.3% 0.06% −0.01
ELBM Electra Battery Materials Co. Reduce -22.8% 0.02% −0.01
AMC AMC Entertainment HLDS Class A Reduce -40.3% 0.01% −0.01
CUK Carnival PLC-ADR Reduce -20.5% 0.77% −0.01
CYH Community Health Systems Inc. Reduce -8.6% 0.52% −0.01
ULYX Urgent.ly Inc. Sold out 0.00% −0.01
QVCG QVC Group Inc. Sold out 0.00% −0.00
TFPM Triple Flag Precious Met Reduce -4.8% 4.11% +0.01
THC Tenet Healthcare Corp. Reduce -3.5% 0.38% +0.03

Portfolio Buys Q1 2025 → Q2 2025
COOP Mr Cooper Group Inc. New 5.21% +5.21
INFA Informatica Inc. Class A New 3.59% +3.59
BPMC Blueprint Medicines Corp. New 2.86% +2.86
SWTX Springworks Therapeutics Inc. New 2.69% +2.69
LBRDK Liberty Broadband-C Add +38.6% 9.80% +2.63
K Kellanova Add +171.0% 2.20% +1.21
AZEK The Azek Co. Inc. Add +48.0% 4.20% +1.20
STR Sitio Royalties Corp. Class A New 0.95% +0.95
OIH Vaneck Oil Services ETF New 0.66% +0.66
CHX Championx Corp. Add +56.5% 5.85% +0.59
TACH Titan Acquisition Corp. Class A New 0.58% +0.58
SZZL Sizzle Acquisition Corp. Class A New 0.47% +0.47
SOUL Soulpower Acquisition Co. Class A New 0.47% +0.47
WENNU Wen Acquisition Corp. New 0.46% +0.46
CGCTU Cartesian Growth Corp. III New 0.40% +0.40
NPAC New Providence Acquisition-A New 0.37% +0.37
RAAQ Real Asset Acquisiti Class A New 0.37% +0.37
MGM MGM Resorts International Add +1030.5% 0.40% +0.36
EWZ iShares MSCI Brazil ETF New 0.36% +0.36
FLS Flowserve Corp. New 0.36% +0.36
DAAQ Digital Asset Acquisiti Class A New 0.30% +0.30
XOP SS SPDR S&P Og Exp & Prod New 0.30% +0.30
CCAQ Collective Acquisition Corp. New 0.29% +0.29
NTWO Newbury Street II Ac Class A New 0.28% +0.28
LPBB Launch Two Acquisition Class A New 0.26% +0.26
CEPT Cantor Equity Partners Class A New 0.24% +0.24
IPCXU Inflection Point Acquisition New 0.23% +0.23
RDAG Republic Digital Acquis Class A New 0.22% +0.22
COPL Copley Acquisition Corp. Class A New 0.22% +0.22
PACHU Pioneer Acquisition I Corp. New 0.22% +0.22
AAPL Apple Inc. Add +100.0% 0.59% +0.22
VCIC Vine Hill Capital Class A New 0.20% +0.20
OACC Oaktree Acquisition Corp. I-A New 0.19% +0.19
OYSEU Oyster Enterprises II Acquis New 0.18% +0.18
BLUWU Blue Water Acquisition III New 0.18% +0.18
CHAC Crane Harbor Acqu Corp. Class A New 0.16% +0.16
LCCC Lakeshore Acquisition III Co. New 0.16% +0.16
CSTM Constellium SE Add +10.6% 0.81% +0.16
POLE Andretti Acquisition Corp. Class A New 0.15% +0.15
CCCXU Churchill Capital Corp. X New 0.15% +0.15
XRPNU Armada Acquisition Corp. II New 0.15% +0.15
TVAIU Thayer Ventures Acquisition New 0.15% +0.15
EWW iShares MSCI Mexico ETF New 0.14% +0.14
ECH iShares MSCI Chile ETF New 0.13% +0.13
AXINU Axiom Intelligence Acquisiti New 0.13% +0.13
BACCU Blue Acquisition Corp. New 0.13% +0.13
HEI.A Heico Corp. Class A Add +1.5% 2.22% +0.13
JENA.U Jena Acquisition Corp. II New 0.11% +0.11
CRAQU Cal Redwood Acquisition Corp. New 0.11% +0.11
EGHAU Egh Acquisition Corp. New 0.11% +0.11

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +21.4% 850,000 $525.2M
IBIT iShares Bitcoin Trust ETF put New 2,000,000 $122.4M
IWM iShares Russell 2000 ETF put New 350,000 $75.5M
AAPL Apple Inc. put Reduce -25.0% 300,000 $61.6M
FXI iShares China Large-Cap ETF put New 1,000,000 $36.8M
ITCI Intra-Cellular Therapies Inc. call Sold out 250,100 $33.0Mbefore exit
ITCI Intra-Cellular Therapies Inc. put Sold out 200,000 $26.4Mbefore exit
TSLA Tesla Inc. put Sold out 100,000 $25.9Mbefore exit
KKR KKR & Co. Inc. put Sold out 200,000 $23.1Mbefore exit
MARA Mara Holdings Inc. put Reduce -19.0% 1,281,500 $20.1M
XOP SS SPDR S&P Og Exp & Prod put Reduce -57.1% 150,000 $18.9M
NVDA Nvidia Corp. put Reduce -50.0% 100,000 $15.8M
SRPT Sarepta Therapeutics Inc. put New 714,600 $12.2M
HTZ Hertz Global Hldgs Inc. put Add +33.4% 1,569,700 $10.7M
AAL American Airlines Group Inc. put Sold out 500,000 $5.3Mbefore exit
SABR Sabre Corp. call New 1,000,000 $3.2M
SVC Service Pptys TR call New 1,250,000 $3.0M
RIG Transocean Ltd. put New 1,000,000 $2.6M
AZUL S A put Sold out 1,500,000 $2.5Mbefore exit
TEAD Teads Holding Co. put New 500,000 $1.2M

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

Notes & Other Activity Q1 2025 → Q2 2025
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal Add +33.8% 161,900,000 $290.6M
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal New 111,500,000 $239.3M
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal New 89,776,000 $127.1M
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal Sold out 44,084,000 $104.5Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Add +1.7% 78,745,000 $102.8M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal Add +26.5% 64,500,000 $90.4M
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal Add +6.8% 58,862,000 $87.1M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Add +16.5% 49,442,000 $75.8M
CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) NOTE 4.500% 8/1 · principal Sold out 36,982,000 $64.5Mbefore exit
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Reduce -35.6% 36,095,000 $64.1M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +3.5% 59,737,000 $53.6M
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal Reduce -5.6% 41,230,000 $51.2M
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Add +2.2% 37,050,000 $50.1M
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -66.9% 39,605,086 $46.6M
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal New 38,750,000 $42.0M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal New 56,000,000 $40.9M
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal New 35,800,000 $40.3M
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal Add +9.0% 36,200,000 $38.8M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Reduce -1.5% 31,921,000 $36.9M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal New 29,500,000 $32.7M
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal Add +20.2% 44,550,000 $31.5M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 24,728,000 $31.5M
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Reduce -28.8% 26,000,000 $30.8M
HCI GROUP INC (HCI 4.75 06/01/42) NOTE 4.750% 6/0 · principal Sold out 16,250,000 $30.2Mbefore exit
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal Reduce -2.1% 23,359,000 $28.7M
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal New 27,500,000 $28.6M
NOVAVAX INC (NVAX 5 12/15/27) NOTE 5.000%12/1 · principal Reduce -9.8% 27,750,000 $27.5M
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal Reduce -20.9% 29,571,000 $26.8M
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Reduce -10.0% 22,500,000 $26.3M
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal Add +3.6% 44,600,000 $25.3M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal New 23,000,000 $25.3M
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal Reduce -6.6% 13,096,000 $24.7M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal Add +15.6% 18,500,000 $21.7M
ARTIVION INC (AORT 4.25 07/01/25) NOTE 4.250% 7/0 · principal Sold out 19,250,000 $21.4Mbefore exit
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal New 23,905,000 $20.1M
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal Sold out 20,000,000 $19.4Mbefore exit
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) NOTE 1.500% 3/1 · principal Sold out 19,597,000 $18.4Mbefore exit
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Add +11.3% 28,950,000 $18.2M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Reduce -54.3% 21,637,000 $17.1M
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal Add +2.0% 29,894,000 $17.1M
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal Add +25.9% 13,606,000 $17.0M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Reduce -53.1% 14,242,000 $16.2M
LIVANOVA PLC (LIVN 2.5 03/15/29) NOTE 2.500% 3/1 · principal Sold out 16,293,000 $15.5Mbefore exit
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal New 14,273,000 $11.0M
TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) DEB 4.625% 9/3 · principal Sold out 7,283,000 $8.8Mbefore exit
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Sold out 8,857,000 $8.6Mbefore exit
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal Reduce -32.4% 18,753,000 $8.5M
OMEROS CORP (OMER 5.25 02/15/26) NOTE 5.250% 2/1 · principal Sold out 8,760,000 $8.0Mbefore exit
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Add +4.6% 11,524,806 $8.0M
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Add +77.8% 8,000,000 $7.8M

Showing the first 50 of 101.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 306$1.9BPEN, TECH, WBS, CZR, AZUL
Q1 2026Amended 276$1.8BGTLS, PEN, WBS, SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29), LBRDK
Q4 2025Amended 233$1.6BSUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29), CADE, GTLS, CMA, CYBR
Q3 2025Amended 185$1.5BVRNA, SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29), LBRDK, CYBR, COOP
Q2 2025Amended 165$1.4BSUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29), LBRDK, CHX, COOP, AZEK
Q1 2025Amended 126$1.2BSUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29), BERY, LBRDK, SPY, CHX
Q4 2024Amended 94$579.3MLBRDK, PPLI, TFPM, HEI.A, GRFS
Q3 2024Amended 94$721.0MLBRDK, TFPM, PPLI, GRFS, HEI.A
Q2 2024Amended 98$745.0MLBRDK, PPLI, TFPM, VAL, CHRD
Q1 2024Amended 87$773.4MLBRDK, PPLI, TFPM, AESI, VAL