Whitebox Advisors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Whitebox Advisors LLC reported 185 stock positions worth $1.5 billion. Its top holding was Verona Pharma (VRNA) at 10.9% of the portfolio, followed by Super Micro Computer Inc. (smci 3.5 03/01/29) (10.9%) and Liberty Broadband-C (LBRDK, 6.0%). Compared with Q2 2025, it opened 51 new positions, sold out of 30, added to 14 and reduced 36. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale an exit from Championx (CHX).

Most Recent 13F
Q2 2026
Location
MINNEAPOLIS, MN
CIK
0001257391
Portfolio Value
$1.5B (Q3 2025)
SEC Filing
0001257391-25-000009 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.5B $1.5B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 185 stocks · $1.5B
VRNA Verona Pharma Ltd. 10.93% 1,566,501 $167.2M New
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) 10.87% 163,101,000 $166.2M Reduce -5.8%
LBRDK Liberty Broadband-C 6.03% 1,451,280 $92.2M Add +4.8%
CYBR Cyberark Software Ltd./Israel 4.36% 138,001 $66.7M New
COOP Mr Cooper Group Inc. 4.35% 315,155 $66.4M Reduce -35.0%
GTLS Chart Industries Inc. 4.16% 317,606 $63.6M New
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 3.89% 779,591 $59.5M New
TFPM Triple Flag Precious Met 3.44% 1,798,962 $52.6M Reduce -25.4%
GPOR Gulfport Energy Corp. 3.25% 274,627 $49.7M Add +148.7%
HEI.A Heico Corp. Class A 2.04% 122,799 $31.2M Add +3.2%
GRFS Grifols SA-ADR 1.71% 2,621,468 $26.1M No change
K Kellanova 1.69% 315,001 $25.8M Reduce -17.9%
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 1.66% 4,221,891 $25.4M Reduce -24.6%
FOX Fox Corp. Class B 1.58% 422,182 $24.2M New
INFA Informatica Inc. Class A 1.48% 912,963 $22.7M Reduce -55.5%
LBRDA Liberty Broadband-A 1.44% 348,076 $22.0M No change
UP Wheels Up Experience Inc. 1.26% 28,365,086 $19.3M Reduce -26.6%
CHRD Chord Energy Corp. 1.13% 174,476 $17.3M No change
CIVI Civitas Resources Inc. 0.85% 400,000 $13.0M New
PPLI People Inc. filed as IAC INC 0.84% 375,808 $12.8M Add +17.5%
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.83% 342,215 $12.8M Add +23.6%
VAL Valaris Ltd. 0.81% 253,925 $12.4M Reduce -44.7%
BLCO Bausch + Lomb Corp. 0.80% 807,125 $12.2M Reduce -37.5%
UAA Under Armour Inc. Class A 0.73% 2,251,897 $11.2M New
CSTM Constellium SE 0.64% 661,260 $9.8M Reduce -21.6%
SVC Service Pptys TR 0.62% 3,496,236 $9.5M Reduce -6.8%
NWSA News Corp. Class A 0.56% 280,440 $8.6M New
VNME Vendome Acquisition Corp. Class A 0.54% 825,000 $8.2M New
TACH Titan Acquisition Corp. Class A 0.53% 800,000 $8.1M No change
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.52% 760,000 $8.0M No change
CYH Community Health Systems Inc. 0.50% 2,385,086 $7.7M Add +11.7%
FERA Fifth Era Acquisition Corp. Class A 0.50% 750,000 $7.6M No change
MGM MGM Resorts International 0.49% 214,161 $7.4M Add +32.8%
SOUL Soulpower Acquisition Co. Class A 0.43% 650,000 $6.6M No change
SZZL Sizzle Acquisition Corp. Class A 0.43% 650,000 $6.6M No change
BCAR D. Boral Arc Acquisit Class A 0.42% 650,000 $6.5M New
CUK Carnival PLC-ADR 0.41% 237,685 $6.3M Reduce -43.4%
WENN Wen Acquisition Corp. Class A 0.40% 600,000 $6.1M No change
GT Goodyear Tire & Rubber Co. 0.38% 786,089 $5.9M Add +21.0%
ACI Albertsons Cos Inc. Class A 0.38% 334,582 $5.9M Add +12.7%
NCMI National Cinemedia Inc. 0.37% 1,242,084 $5.6M No change
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.36% 550,000 $5.5M New
HOUS Anywhere Real Estate Inc. 0.36% 512,880 $5.4M Reduce -24.1%
SIMA Sim Acquisition Corp. I-A 0.34% 500,000 $5.3M No change
NPAC New Providence Acquisition-A 0.33% 500,000 $5.1M No change
CCO Clear Channel Outdoor Holdin 0.33% 3,209,984 $5.1M Reduce -0.7%
RAAQ Real Asset Acquisiti Class A 0.33% 500,000 $5.1M No change
THC Tenet Healthcare Corp. 0.33% 24,515 $5.0M Reduce -18.3%
AAM Aa Mission Acquisition Cor-A 0.31% 450,000 $4.7M No change
CEPF Cantor Equity Partners Class A 0.30% 450,000 $4.6M New
TGNA Tegna Inc. 0.29% 221,537 $4.5M Reduce -36.9%
DMIIU Drugs Made in America Acquis 0.29% 450,000 $4.5M New
CVLT Commvault Systems Inc. 0.28% 23,000 $4.3M New
ALDF Aldel Financial II Inc. 0.27% 400,000 $4.2M No change
BEAG Bold Eagle Acquisition Cor-A 0.27% 400,000 $4.2M No change
CHAR Charlton Aria Acquisiti Class A 0.27% 399,000 $4.1M No change
DRDB Roman DBDR Acquisition Corp. 0.27% 400,000 $4.1M No change
SVCC Stellar V Capital Corp. Class A 0.27% 400,000 $4.1M No change
DMAA Drugs Made in America Acquis 0.27% 400,000 $4.1M No change
RAC Rithm Acquisition Corp. Class A 0.27% 400,000 $4.1M No change
DAAQ Digital Asset Acquisiti Class A 0.27% 400,000 $4.1M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.26% 400,000 $4.0M No change
EMISU Emmis Acquisition Corp. 0.26% 400,000 $4.0M New
EVAC Eqv Ventures Acquisition C-A 0.26% 400,000 $4.0M New
NOEM CO2 Energy Transition Corp. 0.26% 390,000 $4.0M No change
NTWO Newbury Street II Ac Class A 0.25% 375,000 $3.9M No change
SIRI Sirius XM Holdings Inc. 0.25% 165,943 $3.9M Reduce -3.5%
EWZ iShares MSCI Brazil ETF 0.25% 123,285 $3.8M Reduce -29.5%
LPBB Launch Two Acquisition Class A 0.24% 350,000 $3.7M No change
WOLF Wolfspeed Inc. 0.23% 124,348 $3.6M New
OTGAU Otg Acquisition Corp. I 0.23% 350,000 $3.5M New
DMB BNY Mellon Muni BND Infra 0.22% 310,458 $3.3M Reduce -3.3%
WLAC Willow Lane Acquisition Class A 0.21% 275,000 $3.2M Reduce -31.3%
TDAC Translational Development Ac 0.21% 305,000 $3.2M No change
CEPT Cantor Equity Partners Class A 0.21% 300,000 $3.2M No change
FTW Eqv Ventures Acquisition C-A 0.20% 300,000 $3.1M No change
TAVI Tavia Acquisition Corp. 0.20% 300,000 $3.1M No change
MLAC Mountain Lake Acquisition-A 0.20% 300,000 $3.1M No change
RDAG Republic Digital Acquis Class A 0.20% 300,000 $3.1M No change
GSHR Gesher Acquisition Corp. II-A 0.20% 300,000 $3.0M No change
COPL Copley Acquisition Corp. Class A 0.20% 300,000 $3.0M No change
IPCX Inflection Point Acquisiti-A 0.20% 300,000 $3.0M No change
TLNCU Talon Capital Corp. 0.20% 300,000 $3.0M New
PACH Pioneer Acquisition I Class A 0.20% 300,000 $3.0M No change
PAII Pyrophyte Acquisition Corp. Class A 0.20% 300,000 $3.0M New
ECH iShares MSCI Chile ETF 0.19% 86,718 $2.9M Add +52.1%
VCIC Vine Hill Capital Class A 0.19% 265,000 $2.8M No change
MRUS Merus NV 0.18% 30,001 $2.8M New
CHECU Chenghe Acquisition III Co. 0.18% 275,000 $2.7M New
ONCH 1RT Acquisition Corp. Class A 0.18% 260,000 $2.7M New
TONT Graf Global Corp. Class A 0.17% 250,000 $2.6M No change
OACC Oaktree Acquisition Corp. I-A 0.17% 250,000 $2.6M No change
LPAA Launch One Acquisition Corp. 0.17% 250,000 $2.6M No change
GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC 0.17% 69,614 $2.6M No change
FACT Fact II Acquisition Corp. 0.17% 250,000 $2.6M No change
RANG Range Capital Acquisition Co. 0.17% 250,000 $2.6M No change
ATII Archimedes Tech Spac Partner 0.17% 250,000 $2.6M No change
NHIC Newhold Investment Cor III-A 0.17% 250,000 $2.5M No change
OYSE Oyster Enterprises II Acq-A 0.16% 250,000 $2.5M No change
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.16% 250,000 $2.5M No change
SPEG Silver Pegasus Acquisition-A 0.16% 250,000 $2.5M New
GM General Motors Co. 0.16% 39,022 $2.4M Reduce -26.4%
KFII K&F Growth Acquisition Cor-A 0.15% 225,000 $2.3M No change
CHAC Crane Harbor Acqu Corp. Class A 0.15% 225,000 $2.3M No change
MBI Mbia Inc. 0.15% 304,461 $2.3M Reduce -4.0%
BHC Bausch Health Cos Inc. 0.15% 350,829 $2.3M Reduce -36.3%
LCCC Lakeshore Acquisition III Co. 0.14% 218,500 $2.2M No change
POLE Andretti Acquisition Corp. Class A 0.14% 200,000 $2.1M No change
XRPN Armada Acquisition Class A 0.14% 200,000 $2.1M New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.13% 200,000 $2.0M No change
TVAI Thayer Ventures Acquis Class A 0.13% 200,000 $2.0M No change
LATAU Galata Acquisition Corp. II 0.13% 200,000 $2.0M New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.13% 335,217 $2.0M Reduce -11.6%
ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP 0.13% 200,000 $2.0M New
EWW iShares MSCI Mexico ETF 0.13% 28,453 $1.9M Reduce -10.4%
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.13% 150,000 $1.9M New
LEO BNY Mellon Strategic Muni 0.12% 305,421 $1.9M No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.12% 115,000 $1.9M Reduce -63.9%
COHU Cohu Inc. 0.12% 92,054 $1.9M New
JACS Jackson Acquisition Co. Class A 0.12% 175,000 $1.8M No change
CXE MFS High Income Municipal TR 0.12% 483,300 $1.8M No change
BACC Blue Acquisition Corp. Class A 0.11% 175,000 $1.7M No change
INAC Indigo Acquisition Corp. 0.11% 175,000 $1.7M New
AXIN Axiom Intelligence Class A 0.11% 175,000 $1.7M No change
CAR Avis Budget Group Inc. 0.11% 10,771 $1.7M Add +1.9%
CEPO Cantor Equity Partners I-A 0.11% 155,000 $1.6M Reduce -3.1%
SBI Western Asset Intermediate 0.11% 204,801 $1.6M Reduce -18.9%
FCRS.U Futurecrest Acquisition Corp. 0.10% 150,000 $1.6M New
VACH Voyager Acquisition Corp. 0.10% 150,000 $1.6M No change
JENA.U Jena Acquisition Corp. II 0.10% 150,000 $1.6M No change
MERC Mercer International Inc. 0.10% 536,019 $1.5M Add +22.0%
SVACU Spring Valley Acquisition Co. 0.10% 150,000 $1.5M New
COLA Columbus Acquisition Corp. 0.10% 150,000 $1.5M No change
TBN Tamboran Resources Corp. 0.10% 56,022 $1.5M No change
SSEAU Starry Sea Acquisition Corp. 0.10% 150,000 $1.5M New
MBVIU M3-Brigade Acquisition Vi Co. 0.10% 150,000 $1.5M New
KOYNU CSLM Digital Asset Acquisiti 0.10% 150,000 $1.5M New
CHPG Championsgate Acquisitio-A 0.10% 150,000 $1.5M No change
PELI Pelican Acquisition Corp. 0.10% 150,000 $1.5M New
WTG Wintergreen Acquisition Corp. 0.10% 150,000 $1.5M No change
EGHA Egh Acquisition Co. Class A 0.10% 150,000 $1.5M No change
CRAQ Cal Redwood Acquisit Class A 0.10% 150,000 $1.5M No change
FIGX Figx Capital Acquisition C-A 0.10% 150,000 $1.5M No change
GTERA Globa Terra Acquisition Co. Class A 0.10% 150,000 $1.5M New
TROX Tronox Holdings PLC 0.10% 369,723 $1.5M New
XBNYX BlackRock New York Muni Inc. 0.10% 145,147 $1.5M Reduce -4.8%
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.09% 130,000 $1.4M Add +18.2%
CAPN Cayson Acquisition Corp. 0.09% 125,000 $1.3M No change
VSXY Victoria's Secret & Co. 0.08% 47,640 $1.3M Reduce -27.1%
CAEP Cantor Equity Partners III-A 0.08% 125,000 $1.3M No change
IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP 0.08% 125,000 $1.3M No change
RIBB Ribbon Acquisition Corp. 0.08% 125,000 $1.3M No change
CCII Cohen Circle Acquisit II - A 0.08% 125,000 $1.3M New
XPCQX PIMCO California Muni Inc. FD 0.08% 145,476 $1.3M Add +45.9%
COLO Global X MSCI Colombia ETF 0.08% 38,100 $1.3M No change
LWAC Lightwave Acquisition Corp. Class A 0.08% 125,000 $1.2M No change
MHN BlackRock Muniholding NY QLT 0.08% 121,671 $1.2M No change
AFB Allianceberstein NTL Muni 0.08% 113,648 $1.2M No change
WBD Warner Bros Discovery Inc. 0.08% 59,739 $1.2M Reduce -67.0%
R Ryder System Inc. 0.07% 6,014 $1.1M Reduce -33.3%
MCGA Yorkville Acquisition Corp. Class A 0.07% 100,000 $1.1M New
CUB Lionheart Holdings Class A 0.07% 100,000 $1.1M No change
FVN Future Vision II Acquisition 0.07% 100,000 $1.0M No change
PI Impinj Inc. 0.07% 5,715 $1.0M New
PLMK Plum Acquisition Corp. IV 0.07% 100,000 $1.0M No change
BLZRU Trailblazer Acquisition Corp. 0.07% 100,000 $1.0M New
HVMCU Highview Merger Corp. 0.07% 100,000 $1.0M New
HCMA HCM III Acquisition Cor Class A 0.07% 100,000 $1.0M New
BDCIU BTC Development Corp. 0.07% 100,000 $1.0M New
MKLYU McKinley Acquisition Corp. 0.07% 100,000 $999K New
SOCA Solarius Capital Acquis Class A 0.07% 100,000 $996K New
OBA Oxley Bridge Acquisitio Class A 0.07% 100,000 $996K No change
ALNY Alnylam Pharmaceuticals Inc. 0.06% 2,100 $958K New
PSKY Paramount Skydance Class B 0.06% 50,548 $956K New
WHR Whirlpool Corp. 0.06% 11,313 $889K Reduce -18.1%
CZR Caesars Entertainment Inc. 0.06% 31,618 $854K New
PCAP Procap Acquisition Corp. Class A 0.05% 70,281 $722K No change
MUE BlackRock Munihold QLT FD II 0.03% 46,481 $468K Reduce -12.3%
ELBM Electra Battery Materials Co. 0.02% 296,965 $359K No change
RIG Transocean Ltd. 0.02% 100,000 $312K New
CVS CVS Health Corp. 0.02% 4,050 $305K No change
PCG P G & E Corp. 0.01% 15,000 $226K No change
NBR Nabors Industries Ltd. 0.01% 4,900 $200K Reduce -62.3%
ENGENE HOLDINGS INC 0.00% 31,000 $22K No change
DISTOKEN ACQUISITION CORP 0.00% 100,000 $9K Reduce -50.0%

Options reported separately and not counted above: SPY puts ($433.0M), IBIT puts ($130.0M), IWM puts ($121.0M), AAPL puts ($101.9M), OIH puts ($59.2M), SMCI puts ($57.5M), MARA puts ($52.4M), TSLA puts ($44.5M), NVDA puts ($37.3M), XOP puts ($26.4M), LUMN puts ($26.3M), KKR puts ($26.0M), and 25 more.

Other holdings (207): bonds, preferreds, convertibles and warrants · $3.8B (not counted above)
SecurityClassShares / PrincipalValueChange
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 204,400,000$655.6MAdd +26.3%
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal 99,776,000$413.5MAdd +11.1%
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal 64,362,000$292.0MAdd +9.3%
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 130,950,000$198.8MNew
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal 111,500,000$198.6MNo change
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 66,442,000$160.4MAdd +34.4%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 111,770,000$140.3MAdd +41.9%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 106,000,000$135.1MAdd +259.3%
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 84,207,000$131.8MNew
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 70,728,000$129.9MAdd +186.0%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 66,618,000$125.9MAdd +3.3%
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 42,202,086$103.8MAdd +6.6%
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal 94,300,000$97.4MNew
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 37,000,000$69.8MNew
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 28,550,000$59.2MReduce -22.9%
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 42,550,000$57.2MReduce -4.5%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 56,737,000$52.1MReduce -5.0%
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 50,012,000$49.4MReduce -1.0%
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 24,000,000$47.2MAdd +71.4%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal 25,800,000$43.4MAdd +39.5%
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 35,950,000$43.4MNew
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 36,200,000$42.7MNo change
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal 20,095,000$39.7MReduce -44.3%
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 31,436,000$35.3MReduce -23.8%
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 28,771,000$31.9MReduce -9.9%
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 23,950,000$31.3MNew
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 25,859,000$28.4MAdd +10.7%
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 29,571,000$27.3MNo change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 19,000,000$24.4MNo change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 21,250,000$22.8MReduce -45.2%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 29,894,000$22.7MNo change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 23,730,000$22.6MReduce -0.7%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 19,000,000$21.6MReduce -26.9%
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 44,600,000$21.0MNo change
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 13,096,000$20.5MNo change
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 16,800,000$20.1MReduce -53.1%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 18,000,000$20.0MReduce -21.7%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 15,242,000$18.0MAdd +7.0%
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 13,606,000$16.2MNo change
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 15,500,000$15.5MNew
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 10,200,000$15.5MAdd +96.2%
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 14,000,000$14.6MReduce -51.6%
ZYNEX INC (ZYXI 5 05/15/26) NOTE 5.000% 5/1 · principal 25,000,000$14.1MNo change
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal 16,273,000$13.7MAdd +14.0%
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 9,279,000$9.3MNo change
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal 6,399,997$8.5MAdd +28.0%
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 9,024,806$8.0MReduce -21.7%
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 8,000,000$7.9MNo change
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 6,300,000$7.3MNo change
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 12,079,000$6.4MReduce -31.9%
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 5,500,000$6.3MNo change
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 30,609,000$6.0MNo change
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 8,000,000$5.7MAdd +4.6%
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal 15,503,000$5.6MReduce -17.3%
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 6,504,000$4.5MNo change
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 43,663,000$3.6MNo change
XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal 2,454,000$3.0MReduce -50.5%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 21,809,000$2.0MNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 200,000$1.2MNo change
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 150,000$609KNew
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 464,261$604KNo change
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 200,000$560KNo change
BULLW Webull Corp.-30 *W EXP 04/10/203 89,397$544KNo change
IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,117,500$503KNew
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 804,500$362KNo change
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 132,500$212KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 750,000$199KNo change
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 50,000$178KNo change
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 300,000$168KNo change
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 69,750$147KNo change
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 300,000$132KNew
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 209,250$130KNo change
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 650,000$124KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 200,000$122KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 400,000$120KNo change
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 250,000$118KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 650,000$117KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 250,000$113KNo change
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 150,000$110KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 200,000$108KNo change
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 400,000$108KNo change
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 50,598$107KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 200,000$103KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 150,000$98KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 100,000$95KNo change
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 390,000$94KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 250,000$93KNo change
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 75,000$92KNo change
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 75,000$90KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 133,333$88KNo change
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 400,000$87KNo change
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 399,000$85KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 70,000$84KNo change
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 412,500$83KNew
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 475,000$76KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 125,000$75KNo change
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 46,500$75KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 166,666$73KNo change
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 325,000$71KNew
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 200,000$70KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 225,000$70KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 275,000$69KNo change
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 300,000$66KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 390,000$66KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 175,000$65KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 300,000$63KNo change
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 250,000$63KNew
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 65,000$58KNew
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 255,571$56KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 200,000$54KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 213,750$53KNo change
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 150,000$53KNew
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 150,000$50KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 99,997$50KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 125,000$49KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 187,500$48KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 175,000$47KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 136,018$47KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 300,000$45KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 125,000$45KNo change
LCCCR Lakeshore Acquisition III Co. RIGHT 08/01/2026 218,500$45KNo change
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 152,500$44KNo change
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 25,000$43KNo change
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 250,000$43KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000$41KNo change
PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 150,000$41KNew
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 33,333$40KNo change
HOVRW Pono Capital Three Inc.-A-28 *W EXP 02/14/202 100,000$39KNo change
VWAVW Visionwave Holdings Inc. *W EXP 07/14/203 93,000$38KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 50,000$38KNo change
CNCKW Coincheck Group NV *W EXP 12/11/202 50,079$36KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 125,000$35KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 200,000$34KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 225,000$34KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 150,000$33KNew
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 150,000$33KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 193,612$33KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 133,333$32KNew
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 150,000$32KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 150,000$30KNo change
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 31,249$30KNew
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 175,000$28KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 175,000$28KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 175,000$28KNew
RIBBR Ribbon Acquisition Corp. RIGHT 12/31/2026 125,000$28KNo change
COLAR Columbus Acquisition Corp. RIGHT 99/99/9999 150,000$27KNo change
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 150,000$24KNo change
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 33,333$24KNew
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 46,500$23KNo change
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 150,000$23KNew
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 125,000$22KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 150,000$21KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 100,000$20KNo change
DYCQR DT Cloud Acquisition Cor-RTS RIGHT 02/14/2029 107,306$19KNo change
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 177,090$18KNo change
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 75,000$18KNo change
FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 100,000$18KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 125,000$18KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 68,000$17KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 112,500$16KNew
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 50,422$16KNo change
PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 23,427$15KAdd +0.1%
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 150,000$15KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 50,000$14KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 50,000$13KNo change
SOCAW Solarius Capital Acqui -30 *W EXP 07/10/203 50,000$12KNew
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 62,500$12KNo change
NUAIW New Era Helium Inc. -29 *W EXP 12/06/202 34,875$12KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 162,750$12KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 148,800$11KNo change
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,333$11KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 23,250$11KNo change
ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 58,750$10KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 25,000$10KNo change
HOLLEY INC *W EXP 11/30/202 79,311$9KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 50,000$9KNo change
MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 93,000$8KNo change
DTSQR DT Cloud Star Acquisition Co. RIGHT 07/09/2029 50,000$8KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 35,000$7KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 164,500$7KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 95,000$7KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 174,000$7KNo 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$5KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 75,000$5KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 23,250$4KNo change
RMSGW Real Messenger Corp.-28 *W EXP 11/19/202 74,400$4KNo change
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 81,519$4KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 232,500$4KNo change
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 46,500$4KNo change
MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 96,838$4KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 71,250$4KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 118,750$4KNo change
DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 23,250$4KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 23,500$3KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 41,500$3KNo change
ONMDW Data Knights Acq Class A -CW28 *W EXP 11/07/202 49,700$3KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 46,500$3KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 68,000$2KNo change

Largest 200 of 207 shown.

Total filed on the 13F, all lines: $5.4B.

Portfolio Sells Q2 2025 → Q3 2025
CHX Championx Corp. Sold out 0.00% −5.85
AZEK The Azek Co. Inc. Sold out 0.00% −4.20
BPMC Blueprint Medicines Corp. Sold out 0.00% −2.86
SWTX Springworks Therapeutics Inc. Sold out 0.00% −2.69
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) Reduce -5.8% 10.87% −2.11
INFA Informatica Inc. Class A Reduce -55.5% 1.48% −2.11
STR Sitio Royalties Corp. Class A Sold out 0.00% −0.95
COOP Mr Cooper Group Inc. Reduce -35.0% 4.35% −0.86
HES Hess Corp. Sold out 0.00% −0.83
NE Noble Corp. PLC Sold out 0.00% −0.70
TFPM Triple Flag Precious Met Reduce -25.4% 3.44% −0.67
OIH Vaneck Oil Services ETF Sold out 0.00% −0.66
AAPL Apple Inc. Sold out 0.00% −0.59
VAL Valaris Ltd. Reduce -44.7% 0.81% −0.58
K Kellanova Reduce -17.9% 1.69% −0.51
BLCO Bausch + Lomb Corp. Reduce -37.5% 0.80% −0.41
CUK Carnival PLC-ADR Reduce -43.4% 0.41% −0.36
FLS Flowserve Corp. Sold out 0.00% −0.36
CCIR Cohen Circle Acquisitio Class A Sold out 0.00% −0.32
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.30
KSS Kohls Corp. Sold out 0.00% −0.18
CSTM Constellium SE Reduce -21.6% 0.64% −0.16
PARAA Paramount Global Class B Sold out 0.00% −0.13
IMSR Terrestrial Energy Inc. Reduce -63.9% 0.12% −0.13
TGNA Tegna Inc. Reduce -36.9% 0.29% −0.13
BHC Bausch Health Cos Inc. Reduce -36.3% 0.15% −0.12
EWZ iShares MSCI Brazil ETF Reduce -29.5% 0.25% −0.11
PELIU Pelican Acquisition Corp. Sold out 0.00% −0.11
KKR KKR & Co. Inc. Sold out 0.00% −0.10
WLAC Willow Lane Acquisition Class A Reduce -31.3% 0.21% −0.09
WBD Warner Bros Discovery Inc. Reduce -67.0% 0.08% −0.07
RTAC Renatus Tactical Acquisiti-A Sold out 0.00% −0.07
THC Tenet Healthcare Corp. Reduce -18.3% 0.33% −0.05
WHR Whirlpool Corp. Reduce -18.1% 0.06% −0.04
MTBA Simplify MBS ETF Sold out 0.00% −0.04
HAYMAKER ACQUISITION CORP 4 Sold out 0.00% −0.04
NN Nextnav Inc. Sold out 0.00% −0.04
DTSQ DT Cloud Star Acquisition Co. Sold out 0.00% −0.04
GM General Motors Co. Reduce -26.4% 0.16% −0.03
SIRI Sirius XM Holdings Inc. Reduce -3.5% 0.25% −0.03
CEPO Cantor Equity Partners I-A Reduce -3.1% 0.11% −0.03
SBI Western Asset Intermediate Reduce -18.9% 0.11% −0.03
HUDSON PAC PPTYS INC Sold out 0.00% −0.03
R Ryder System Inc. Reduce -33.3% 0.07% −0.03
FARO Faro Technologies Inc. Sold out 0.00% −0.03
SVC Service Pptys TR Reduce -6.8% 0.62% −0.03
DSM BNYM Strat Muni BND Reduce -11.6% 0.13% −0.02
XPNFX PIMCO New York Muni Inc. FD Sold out 0.00% −0.02
PNI PIMCO NY Muni Inc. II FND Sold out 0.00% −0.02
LCID Lucid Group Inc. Sold out 0.00% −0.02

Portfolio Buys Q2 2025 → Q3 2025
VRNA Verona Pharma Ltd. New 10.93% +10.93
CYBR Cyberark Software Ltd./Israel New 4.36% +4.36
GTLS Chart Industries Inc. New 4.16% +4.16
WNS WNS Holdings Ltd. New 3.89% +3.89
GPOR Gulfport Energy Corp. Add +148.7% 3.25% +1.65
FOX Fox Corp. Class B New 1.58% +1.58
CIVI Civitas Resources Inc. New 0.85% +0.85
UAA Under Armour Inc. Class A New 0.73% +0.73
NWSA News Corp. Class A New 0.56% +0.56
VNME Vendome Acquisition Corp. Class A New 0.54% +0.54
BCAR D. Boral Arc Acquisit Class A New 0.42% +0.42
FAC Factorial Energy Inc. New 0.36% +0.36
CEPF Cantor Equity Partners Class A New 0.30% +0.30
DMIIU Drugs Made in America Acquis New 0.29% +0.29
CVLT Commvault Systems Inc. New 0.28% +0.28
EMISU Emmis Acquisition Corp. New 0.26% +0.26
EVAC Eqv Ventures Acquisition C-A New 0.26% +0.26
WOLF Wolfspeed Inc. New 0.23% +0.23
OTGAU Otg Acquisition Corp. I New 0.23% +0.23
TLNCU Talon Capital Corp. New 0.20% +0.20
PAII Pyrophyte Acquisition Corp. Class A New 0.20% +0.20
MRUS Merus NV New 0.18% +0.18
CHECU Chenghe Acquisition III Co. New 0.18% +0.18
ONCH 1RT Acquisition Corp. Class A New 0.18% +0.18
SPEG Silver Pegasus Acquisition-A New 0.16% +0.16
XRPN Armada Acquisition Class A New 0.14% +0.14
LATAU Galata Acquisition Corp. II New 0.13% +0.13
ENHA Enhanced Group Inc. New 0.13% +0.13
INFQ Infleqtion Inc. New 0.13% +0.13
COHU Cohu Inc. New 0.12% +0.12
INAC Indigo Acquisition Corp. New 0.11% +0.11
FCRS.U Futurecrest Acquisition Corp. New 0.10% +0.10
SVACU Spring Valley Acquisition Co. New 0.10% +0.10
SSEAU Starry Sea Acquisition Corp. New 0.10% +0.10
MBVIU M3-Brigade Acquisition Vi Co. New 0.10% +0.10
KOYNU CSLM Digital Asset Acquisiti New 0.10% +0.10
PELI Pelican Acquisition Corp. New 0.10% +0.10
GTERA Globa Terra Acquisition Co. Class A New 0.10% +0.10
TROX Tronox Holdings PLC New 0.10% +0.10
GLIBK Liberty Capital Corp. Class C Add +23.6% 0.83% +0.09
MGM MGM Resorts International Add +32.8% 0.49% +0.09
CCII Cohen Circle Acquisit II - A New 0.08% +0.08
MCGA Yorkville Acquisition Corp. Class A New 0.07% +0.07
PI Impinj Inc. New 0.07% +0.07
BLZRU Trailblazer Acquisition Corp. New 0.07% +0.07
HVMCU Highview Merger Corp. New 0.07% +0.07
BDCIU BTC Development Corp. New 0.07% +0.07
HCMA HCM III Acquisition Cor Class A New 0.07% +0.07
MKLYU McKinley Acquisition Corp. New 0.07% +0.07
SOCA Solarius Capital Acquis Class A New 0.07% +0.07

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -23.5% 650,000 $433.0M
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 200,000 $123.6Mbefore exit
IWM iShares Russell 2000 ETF put Add +42.9% 500,000 $121.0M
AAPL Apple Inc. put Add +33.3% 400,000 $101.9M
OIH Vaneck Oil Services ETF put Reduce -49.4% 227,700 $59.2M
SMCI Super Micro Computer Inc. put New 1,200,000 $57.5M
MARA Mara Holdings Inc. put Add +123.9% 2,869,200 $52.4M
TSLA Tesla Inc. put New 100,000 $44.5M
NVDA Nvidia Corp. put Add +100.0% 200,000 $37.3M
FXI iShares China Large-Cap ETF put Sold out 1,000,000 $36.8Mbefore exit
XOP SS SPDR S&P Og Exp & Prod put Add +33.3% 200,000 $26.4M
KKR KKR & Co. Inc. put New 200,000 $26.0M
K Kellanova put New 232,200 $19.0M
SRPT Sarepta Therapeutics Inc. put Add +13.5% 810,800 $15.6M
RKT Rocket Cos Inc. Class A put New 700,000 $13.6M
HTZ Hertz Global Hldgs Inc. put Add +6.4% 1,669,700 $11.4M
MPT Medical Properties Trust Inc. put Add +18.4% 1,776,000 $9.0M
AMC AMC Entertainment HLDS Class A put Add +38.9% 2,778,400 $8.1M
XRX Xerox Holdings Corp. put Add +33.3% 2,000,000 $7.5M
WOLF Wolfspeed Inc. put New 4,000,000 $4.8M
NIO Nio Inc. - ADR put Reduce -3.0% 485,000 $3.7M
BYND Beyond Meat Inc. put Reduce -0.2% 955,600 $1.8M
WOLF Wolfspeed Inc. put Sold out 2,500,000 $997Kbefore exit
WOLF Wolfspeed Inc. call New 600,000 $726K
WOLF Wolfspeed Inc. call Sold out 600,000 $239Kbefore exit
AISPW Airship AI Holdings Inc.-CW28 call New 21,750 $36K
AIRJW Power & Digital Acq -CW24 call New 46,500 $35K
APADR A Paradise Acquisition Corp. call New 200,000 $31K
AMODW Insight Acquisition Co. -CW23 call New 69,750 $5K
AERTW Aeries Technology Inc. -CW23 call New 56,416 $2K

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

Notes & Other Activity Q2 2025 → Q3 2025
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal Add +26.3% 204,400,000 $655.6M
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal Add +11.1% 99,776,000 $413.5M
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal Add +9.3% 64,362,000 $292.0M
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal New 130,950,000 $198.8M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Add +34.4% 66,442,000 $160.4M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Add +41.9% 111,770,000 $140.3M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Add +259.3% 106,000,000 $135.1M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal New 84,207,000 $131.8M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +186.0% 70,728,000 $129.9M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal Add +3.3% 66,618,000 $125.9M
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +6.6% 42,202,086 $103.8M
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal New 94,300,000 $97.4M
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal New 37,000,000 $69.8M
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Reduce -22.9% 28,550,000 $59.2M
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal Sold out 57,486,000 $57.4Mbefore exit
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal Reduce -4.5% 42,550,000 $57.2M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -5.0% 56,737,000 $52.1M
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal Reduce -1.0% 50,012,000 $49.4M
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal Add +71.4% 24,000,000 $47.2M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal Add +39.5% 25,800,000 $43.4M
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal New 35,950,000 $43.4M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal Sold out 56,000,000 $40.9Mbefore exit
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Reduce -44.3% 20,095,000 $39.7M
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal Reduce -23.8% 31,436,000 $35.3M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Reduce -9.9% 28,771,000 $31.9M
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal New 23,950,000 $31.3M
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Sold out 27,500,000 $28.6Mbefore exit
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal Add +10.7% 25,859,000 $28.4M
NOVAVAX INC (NVAX 5 12/15/27) NOTE 5.000%12/1 · principal Sold out 27,750,000 $27.5Mbefore exit
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Sold out 22,500,000 $26.3Mbefore exit
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal Reduce -45.2% 21,250,000 $22.8M
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal Reduce -0.7% 23,730,000 $22.6M
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Reduce -26.9% 19,000,000 $21.6M
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Sold out 86,000,000 $21.3Mbefore exit
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal Reduce -53.1% 16,800,000 $20.1M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Reduce -21.7% 18,000,000 $20.0M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Add +7.0% 15,242,000 $18.0M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal Sold out 21,637,000 $17.1Mbefore exit
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal New 15,500,000 $15.5M
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal Add +96.2% 10,200,000 $15.5M
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Reduce -51.6% 14,000,000 $14.6M
CANADIAN SOLAR INC (CSIQ 2.5 10/01/25) NOTE 2.500%10/0 · principal Sold out 14,382,000 $13.8Mbefore exit
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal Add +14.0% 16,273,000 $13.7M
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal Add +28.0% 6,399,997 $8.5M
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Reduce -21.7% 9,024,806 $8.0M
ENCORE CAPITAL GROUP INC (ECPG 3.25 10/01/25) NOTE 3.250%10/0 · principal Sold out 7,550,000 $7.9Mbefore exit
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal Sold out 7,302,000 $6.4Mbefore exit
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal Reduce -31.9% 12,079,000 $6.4M
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal Add +4.6% 8,000,000 $5.7M
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal Reduce -17.3% 15,503,000 $5.6M

Showing the first 50 of 83.

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