Whitebox Advisors LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Whitebox Advisors LLC reported 233 stock positions worth $1.6 billion. Its top holding was Super Micro Computer Inc. (smci 3.5 03/01/29) at 8.5% of the portfolio, followed by Cadence Bank (CADE, 8.0%) and Chart Industries (GTLS, 7.2%). Compared with Q3 2025, it opened 71 new positions, sold out of 23, added to 27 and reduced 24. The biggest buy was a new position in Cadence Bank (CADE) and the biggest sale an exit from Verona Pharma (VRNA).

Most Recent 13F
Q2 2026
Location
MINNEAPOLIS, MN
CIK
0001257391
Portfolio Value
$1.6B (Q4 2025)
SEC Filing
0001257391-26-000002 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $1.6B $1.6B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 233 stocks · $1.6B
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) 8.48% 153,101,000 $136.1M Reduce -6.1%
CADE Cadence Bank 8.01% 3,000,001 $128.5M New
GTLS Chart Industries Inc. 7.20% 560,001 $115.5M Add +76.3%
CMA Comerica Inc. 6.77% 1,250,001 $108.7M New
CYBR Cyberark Software Ltd./Israel 4.75% 171,001 $76.3M Add +23.9%
LBRDK Liberty Broadband-C 4.47% 1,476,741 $71.8M Add +1.8%
TFPM Triple Flag Precious Met 3.16% 1,526,630 $50.7M Reduce -15.1%
GPOR Gulfport Energy Corp. 2.91% 224,627 $46.7M Reduce -18.2%
FOX Fox Corp. Class B 2.10% 518,428 $33.7M Add +22.8%
CFLT Confluent Inc. Class A 1.99% 1,054,747 $31.9M New
HEI.A Heico Corp. Class A 1.96% 124,737 $31.5M Add +1.6%
EXAS Exact Sciences Corp. 1.94% 307,001 $31.2M New
CDTX Cidara Therapeutics Inc. 1.72% 125,001 $27.6M New
GRFS Grifols SA-ADR 1.53% 2,621,468 $24.5M No change
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 1.30% 3,243,553 $20.8M Reduce -23.2%
LBRDA Liberty Broadband-A 1.05% 348,076 $16.8M No change
BLCO Bausch + Lomb Corp. 1.01% 951,213 $16.2M Add +17.9%
CHRD Chord Energy Corp. 1.01% 174,476 $16.2M No change
CIVI Civitas Resources Inc. 0.72% 427,887 $11.6M Add +7.0%
WBD Warner Bros Discovery Inc. 0.72% 400,001 $11.5M Add +569.6%
MGM MGM Resorts International 0.65% 286,050 $10.4M Add +33.6%
CSTM Constellium SE 0.59% 499,660 $9.4M Reduce -24.4%
ZTS Zoetis Inc. 0.58% 74,223 $9.3M New
RYAAY Ryanair Holdings PLC-SP ADR 0.53% 116,658 $8.4M New
VNME Vendome Acquisition Corp. Class A 0.52% 825,000 $8.3M No change
TACH Titan Acquisition Corp. Class A 0.51% 800,000 $8.2M No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.49% 213,031 $7.9M Reduce -37.8%
GIW GIGCAPITAL8 Corp. Class A 0.49% 800,000 $7.9M New
FERA Fifth Era Acquisition Corp. Class A 0.48% 750,000 $7.7M No change
HAVAU Harvard Ave Acquisition Corp. 0.47% 750,000 $7.6M New
SVC Service Pptys TR 0.47% 4,072,799 $7.5M Add +16.5%
ELBM Electra Battery Materials Co. 0.43% 8,564,004 $6.9M Add +2783.8%
CYH Community Health Systems Inc. 0.43% 2,201,520 $6.9M Reduce -7.7%
CHKP Check Point Software Tech 0.42% 36,630 $6.8M New
SZZL Sizzle Acquisition Corp. Class A 0.41% 650,000 $6.6M No change
SOUL Soulpower Acquisition Co. Class A 0.41% 650,000 $6.6M No change
BCAR D. Boral Arc Acquisit Class A 0.41% 650,000 $6.5M No change
GT Goodyear Tire & Rubber Co. 0.40% 741,089 $6.5M Reduce -5.7%
NWSA News Corp. Class A 0.40% 247,810 $6.5M Reduce -11.6%
UAA Under Armour Inc. Class A 0.40% 1,301,365 $6.5M Reduce -42.2%
WENN Wen Acquisition Corp. Class A 0.38% 600,000 $6.1M No change
ACI Albertsons Cos Inc. Class A 0.37% 344,582 $5.9M Add +3.0%
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.36% 550,000 $5.8M Reduce -27.6%
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.35% 550,000 $5.7M No change
TGNA Tegna Inc. 0.34% 281,537 $5.5M Add +27.1%
CCO Clear Channel Outdoor Holdin 0.34% 2,459,984 $5.4M Reduce -23.4%
SIMA Sim Acquisition Corp. I-A 0.33% 500,000 $5.3M No change
NPAC New Providence Acquisition-A 0.32% 500,000 $5.1M No change
RAAQ Real Asset Acquisiti Class A 0.32% 500,000 $5.1M No change
RNGT Range Capital Acquisit Class A 0.31% 500,000 $5.0M New
YCY Aa Mission Acquisition-A 0.31% 500,000 $5.0M New
PPLI People Inc. filed as IAC INC 0.31% 126,564 $4.9M Reduce -66.3%
HOUS Anywhere Real Estate Inc. 0.31% 347,880 $4.9M Reduce -32.2%
NCMI National Cinemedia Inc. 0.30% 1,242,084 $4.8M No change
AAM Aa Mission Acquisition Cor-A 0.30% 450,000 $4.8M No change
UP Wheels Up Experience Inc. 0.29% 23,832,927 $4.7M Reduce -16.0%
CEPF Cantor Equity Partners Class A 0.29% 450,000 $4.6M No change
BEP Brookfield Renewable Partner 0.29% 170,000 $4.6M New
ECH iShares MSCI Chile ETF 0.29% 113,456 $4.6M Add +30.8%
BEBE.U Tge Value Creative Solutions 0.28% 450,000 $4.5M New
DMII Drugs Made in America Acquis 0.28% 450,000 $4.5M No change
BEAG Bold Eagle Acquisition Cor-A 0.26% 400,000 $4.2M No change
ALDF Aldel Financial II Inc. 0.26% 400,000 $4.2M No change
DRDB Roman DBDR Acquisition Corp. 0.26% 400,000 $4.2M No change
CHAR Charlton Aria Acquisiti Class A 0.26% 399,000 $4.2M No change
RAC Rithm Acquisition Corp. Class A 0.26% 400,000 $4.2M No change
DMAA Drugs Made in America Acquis 0.26% 400,000 $4.1M No change
SVCC Stellar V Capital Corp. Class A 0.26% 400,000 $4.1M No change
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.25% 400,000 $4.1M No change
DAAQ Digital Asset Acquisiti Class A 0.25% 400,000 $4.1M No change
LKSP Lake Superior Acquisiti Class A 0.25% 405,103 $4.0M New
NOEM CO2 Energy Transition Corp. 0.25% 390,000 $4.0M No change
EVAC Eqv Ventures Acquisition C-A 0.25% 400,000 $4.0M No change
MMTXU Miluna Acquisition Corp. 0.25% 400,000 $4.0M New
EMIS Emmis Acquisition Corp. Class A 0.25% 400,000 $4.0M No change
NTWO Newbury Street II Ac Class A 0.24% 375,000 $3.9M No change
BHC Bausch Health Cos Inc. 0.24% 544,497 $3.8M Add +55.2%
LPBB Launch Two Acquisition Class A 0.23% 350,000 $3.7M No change
OTGA Otg Acquisition Corp. I Class A 0.22% 350,000 $3.5M No change
IRHOU Iron Horse Acquisition II Co. 0.22% 350,000 $3.5M New
SIRI Sirius XM Holdings Inc. 0.21% 170,943 $3.4M Add +3.0%
DMB BNY Mellon Muni BND Infra 0.21% 310,458 $3.4M No change
TDAC Translational Development Ac 0.20% 305,000 $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 0.19% 300,000 $3.1M No change
COPL Copley Acquisition Corp. Class A 0.19% 300,000 $3.1M No change
GSHR Gesher Acquisition Corp. II-A 0.19% 300,000 $3.1M No change
IPCX Inflection Point Acquisiti-A 0.19% 300,000 $3.0M No change
RDAG Republic Digital Acquis Class A 0.19% 300,000 $3.0M No change
TLNC Talon Capital Corp. Class A 0.19% 300,000 $3.0M No change
PAII Pyrophyte Acquisition Corp. Class A 0.19% 300,000 $3.0M No change
EVOXU Evolution Global Acquisition 0.19% 300,000 $3.0M New
PACH Pioneer Acquisition I Class A 0.19% 300,000 $3.0M No change
VHCPU Vine Hill Capital Investment 0.19% 300,000 $3.0M New
GPACU General Purpose Acquisition 0.19% 300,000 $3.0M New
LPCVU Launchpad Cadenza Acquisitio 0.19% 300,000 $3.0M New
ADACU American Drive Acquisition C 0.19% 300,000 $3.0M New
SVAQU Silicon Valley Acquisition C 0.19% 300,000 $3.0M New
APXT Apex Treasury Corp. Class A 0.18% 300,000 $3.0M New
CHEC Chenghe Acquisition II Class A 0.17% 275,000 $2.7M No change
TONT Graf Global Corp. Class A 0.17% 250,000 $2.7M No change
ONCH 1RT Acquisition Corp. Class A 0.17% 260,000 $2.7M No change
LPAA Launch One Acquisition Corp. 0.17% 250,000 $2.6M No change
OACC Oaktree Acquisition Corp. I-A 0.16% 250,000 $2.6M No change
RANG Range Capital Acquisition Co. 0.16% 250,000 $2.6M No change
FACT Fact II Acquisition Corp. 0.16% 250,000 $2.6M No change
NHIC Newhold Investment Cor III-A 0.16% 250,000 $2.6M No change
ATII Archimedes Tech Spac Partner 0.16% 250,000 $2.6M No change
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.16% 250,000 $2.6M No change
OYSE Oyster Enterprises II Acq-A 0.16% 250,000 $2.5M No change
SAC.U Safeguard Acquisition Corp. 0.16% 250,000 $2.5M New
SPEG Silver Pegasus Acquisition-A 0.16% 250,000 $2.5M No change
LAFA Lafayette Acquisition Corp. 0.15% 250,000 $2.5M New
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 0.15% 250,000 $2.5M New
WSTN Westin Acquisition Corp. Class A 0.15% 250,000 $2.5M New
IGAC Invest Green Acquisitio Class A 0.15% 250,000 $2.5M New
CZR Caesars Entertainment Inc. 0.15% 104,078 $2.4M Add +229.2%
KFII K&F Growth Acquisition Cor-A 0.14% 225,000 $2.3M No change
COLO Global X MSCI Colombia ETF 0.14% 65,100 $2.3M Add +70.9%
LCCC Lakeshore Acquisition III Co. 0.14% 218,500 $2.2M No change
EWW iShares MSCI Mexico ETF 0.14% 31,750 $2.2M Add +11.6%
CRANU Crane Harbor Acquisition Cor 0.14% 217,635 $2.2M New
BLRKU Bluerock Acquisition Corp. 0.14% 218,525 $2.2M New
MBI Mbia Inc. 0.14% 304,461 $2.2M No change
CHAC Crane Harbor Acqu Corp. Class A 0.13% 200,000 $2.2M Reduce -11.1%
TBN Tamboran Resources Corp. 0.13% 78,832 $2.1M Add +40.7%
SCPQU Social Commerce Partners Cor 0.13% 214,400 $2.1M New
POLE Andretti Acquisition Corp. Class A 0.13% 200,000 $2.1M No change
CEPO Cantor Equity Partners I-A 0.13% 200,000 $2.1M Add +29.0%
SBXE.U Silverbox Corp. V 0.13% 206,900 $2.1M New
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.13% 200,000 $2.1M No change
XRPN Armada Acquisition Class A 0.13% 200,000 $2.0M No change
TVAI Thayer Ventures Acquis Class A 0.13% 200,000 $2.0M No change
ALUB.U Alussa Energy Acquisition Co. 0.13% 200,000 $2.0M New
BPACU Blueport Acquisition Ltd. 0.13% 200,000 $2.0M New
ENHA Enhanced Group Inc. filed as A PARADISE ACQUISITION CORP 0.13% 200,000 $2.0M No change
DSACU Daedalus Special Acquisition 0.13% 200,000 $2.0M New
MESHU Meshflow Acquisition Corp. 0.12% 200,000 $2.0M New
AEAQU Activate Energy Acquisition 0.12% 200,000 $2.0M New
BIXIU Bitcoin Infrastructure Acqui 0.12% 200,000 $2.0M New
LATA Galata Acqu Corp. II Class A 0.12% 200,000 $2.0M No change
ALIS Calisa Acquisition Corp. 0.12% 200,000 $2.0M New
DNMX Dynamix Corp. III Class A 0.12% 200,000 $2.0M New
LEO BNY Mellon Strategic Muni 0.12% 305,421 $1.9M No change
CXE MFS High Income Municipal TR 0.12% 512,763 $1.9M Add +6.1%
WLAC Willow Lane Acquisition Class A 0.12% 150,000 $1.9M Reduce -45.5%
JACS Jackson Acquisition Co. Class A 0.11% 175,000 $1.8M No change
R Ryder System Inc. 0.11% 9,434 $1.8M Add +56.9%
BACC Blue Acquisition Corp. Class A 0.11% 175,000 $1.8M No change
AXIN Axiom Intelligence Class A 0.11% 175,000 $1.8M No change
INAC Indigo Acquisition Corp. 0.11% 175,000 $1.8M No change
XPCQX PIMCO California Muni Inc. FD 0.11% 195,476 $1.7M Add +34.4%
CEPT Cantor Equity Partners Class A 0.10% 145,000 $1.6M Reduce -51.7%
VCIC Vine Hill Capital Class A 0.10% 150,000 $1.6M Reduce -43.4%
VACH Voyager Acquisition Corp. 0.10% 150,000 $1.6M No change
SBI Western Asset Intermediate 0.10% 204,801 $1.6M No change
COLA Columbus Acquisition Corp. 0.10% 150,000 $1.6M No change
GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC 0.10% 41,785 $1.5M Reduce -40.0%
CHPG Championsgate Acquisitio-A 0.10% 150,000 $1.5M No change
WTG Wintergreen Acquisition Corp. 0.10% 150,000 $1.5M No change
JENA Jena Acquisition Corp. II - A 0.10% 150,000 $1.5M New
PELI Pelican Acquisition Corp. 0.09% 150,000 $1.5M No change
GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I 0.09% 150,000 $1.5M No change
CRAQ Cal Redwood Acquisit Class A 0.09% 150,000 $1.5M No change
EGHA Egh Acquisition Co. Class A 0.09% 150,000 $1.5M No change
FCRS Futurecrest Acquisition Class A 0.09% 150,000 $1.5M No change
GTERA Globa Terra Acquisition Co. Class A 0.09% 150,000 $1.5M No change
FIGX Figx Capital Acquisition C-A 0.09% 150,000 $1.5M No change
HCACU Hall Chadwick Acquisition Co. 0.09% 150,000 $1.5M New
SSEA Starry Sea Acquisition Corp. 0.09% 150,000 $1.5M New
MBVI M3-Brigade Acquisition Class A 0.09% 150,000 $1.5M No change
KOYN CSLM Digital Asset Acqu - A 0.09% 150,000 $1.5M No change
TWLVU Twelve Seas Investment Co. II 0.09% 150,000 $1.5M New
XBNYX BlackRock New York Muni Inc. 0.09% 145,147 $1.5M No change
DYOR Insight Digital Partners I-A 0.09% 145,682 $1.4M New
CAR Avis Budget Group Inc. 0.09% 11,091 $1.4M Add +3.0%
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.09% 130,000 $1.4M No change
MERC Mercer International Inc. 0.08% 686,019 $1.4M Add +28.0%
CAPN Cayson Acquisition Corp. 0.08% 125,000 $1.3M No change
RIBB Ribbon Acquisition Corp. 0.08% 125,000 $1.3M No change
IPEX Inflection Point Acquisition 0.08% 125,000 $1.3M No change
CCII Cohen Circle Acquisit II - A 0.08% 125,000 $1.3M No change
USAS Americas Gold and Silver Cor 0.08% 250,000 $1.3M New
CAEP Cantor Equity Partners III-A 0.08% 125,000 $1.3M No change
LWAC Lightwave Acquisition Corp. Class A 0.08% 125,000 $1.3M No change
MHN BlackRock Muniholding NY QLT 0.08% 121,671 $1.2M No change
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.08% 8,330 $1.2M New
AFB Allianceberstein NTL Muni 0.08% 113,648 $1.2M No change
CUB Lionheart Holdings Class A 0.07% 100,000 $1.1M No change
FVN Future Vision II Acquisition 0.07% 100,000 $1.1M No change
PLMK Plum Acquisition Corp. IV 0.07% 100,000 $1.0M No change
FISV Fiserv Inc. 0.06% 15,302 $1.0M New
CCXIU Churchill Capital Corp. Xi 0.06% 100,000 $1.0M New
EPU iShares MSCI Peru and Global 0.06% 14,063 $1.0M New
MCGA Yorkville Acquisition Corp. Class A 0.06% 100,000 $1.0M No change
OBA Oxley Bridge Acquisitio Class A 0.06% 100,000 $1.0M No change
SCIIU SC II Acquisition Corp. 0.06% 100,000 $1.0M New
SOCA Solarius Capital Acquis Class A 0.06% 100,000 $1.0M No change
HCMA HCM III Acquisition Cor Class A 0.06% 100,000 $1.0M No change
BDCI BTC Development Corp. Class A 0.06% 100,000 $1.0M No change
BLZR Trailblazer Acquisition Class A 0.06% 100,000 $1.0M No change
HVMC Highview Merger Corp. Class A 0.06% 100,000 $1.0M No change
ITHAU Ithax Acquisition Corp. III 0.06% 100,000 $998K New
MKLY McKinley Acquisition Co. Class A 0.06% 100,000 $997K No change
TDWD Tailwind 2.0 Acquisitio Class A 0.06% 100,000 $985K New
WHR Whirlpool Corp. 0.06% 13,013 $939K Add +15.0%
CE Celanese Corp. 0.06% 21,206 $897K New
LFACU Leapfrog Acquisition Corp. 0.05% 75,000 $750K New
PCAP Procap Acquisition Corp. Class A 0.04% 70,281 $712K No change
FUN Six Flags Entertainment Corp. 0.04% 46,180 $708K New
BYND Beyond Meat Inc. 0.04% 855,600 $702K New
MFM Aberdeen Municipal Income 0.04% 125,000 $679K New
FMC FMC Corp. 0.04% 48,689 $675K New
ACHC Acadia Healthcare Co. Inc. 0.04% 47,455 $673K New
EWZ iShares MSCI Brazil ETF 0.04% 20,987 $667K Reduce -83.0%
OSISKO DEVELOPMENT CORP 0.04% 166,074 $580K New
PSKY Paramount Skydance Class B 0.04% 43,067 $577K Reduce -14.8%
VSXY Victoria's Secret & Co. 0.03% 10,140 $549K Reduce -78.7%
PNW Pinnacle West Capital 0.03% 5,974 $530K New
IHRT Iheartmedia Inc. Class A 0.03% 125,000 $520K New
CEPV Cantor Equity Partners Class A 0.03% 50,000 $513K New
NEXM Nexmetals Mining Corp. 0.03% 254,377 $496K New
MUE BlackRock Munihold QLT FD II 0.03% 46,481 $466K No change
NWAX.U New America Acquisition I Co. 0.02% 35,000 $364K New
KLXE KLX Energy Services Holding 0.02% 170,235 $322K New
PCG P G & E Corp. 0.01% 15,000 $241K No change
NFE New Fortress Energy Inc. 0.01% 200,000 $228K New
SW Smurfit Westrock PLC 0.01% 5,348 $207K New
RIG Transocean Ltd. 0.01% 50,000 $207K Reduce -50.0%
UCFI CN Healthy Food Tech Group C 0.01% 30,000 $165K No change
HPP Hudson Pacific Properties Inc. 0.01% 11,003 $119K New
DISTOKEN ACQUISITION CORP 0.00% 100,000 $5K No change

Options reported separately and not counted above: SPY puts ($306.9M), NVDA puts ($186.5M), IBIT puts ($148.9M), WOLF puts ($69.6M), OIH puts ($64.8M), SMCI puts ($61.5M), TSM puts ($60.8M), PLTR puts ($35.5M), MARA puts ($34.7M), LUMN puts ($33.4M), RIVN puts ($28.7M), KKR puts ($25.5M), and 17 more.

Other holdings (233): bonds, preferreds, convertibles and warrants · $4.4B (not counted above)
SecurityClassShares / PrincipalValueChange
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 204,400,000$936.9MNo change
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 71,025,000$377.3MAdd +6.9%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 149,900,000$232.8MAdd +111.9%
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 134,950,000$200.5MAdd +3.0%
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 125,307,000$193.5MAdd +48.8%
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 54,937,086$183.5MAdd +30.2%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 66,618,000$182.5MNo change
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal 60,800,000$163.9MNew
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 117,832,000$144.9MAdd +11.2%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal 35,780,000$132.7MAdd +38.7%
STRATEGY INC (MSTR 2.25 06/15/32) NOTE 2.250% 6/1 · principal 111,500,000$123.3MNo change
CENTRUS ENERGY CORP (LEU 2.25 11/01/30) NOTE 2.250%11/0 · principal 45,600,000$122.2MNew
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 90,042,000$92.1MReduce -19.4%
UPSTART HOLDINGS INC (UPST 2 10/01/29) NOTE 2.000%10/0 · principal 70,000,000$88.2MNew
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal 85,071,000$82.3MReduce -9.8%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 64,737,000$72.5MAdd +14.1%
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 81,050,000$66.3MNew
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 28,550,000$65.3MNo change
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal 74,000,000$61.6MNew
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 61,021,000$60.9MAdd +112.1%
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 69,850,000$55.0MNew
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal 18,033,000$54.0MAdd +10.8%
UPSTART HOLDINGS INC (UPST 1 11/15/30) NOTE 1.000%11/1 · principal 60,730,000$52.9MNew
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 47,512,000$52.2MReduce -5.0%
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal 45,135,000$46.7MNew
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 37,000,000$43.1MNo change
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 29,550,000$41.8MReduce -30.6%
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 31,436,000$36.7MNo change
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 32,321,000$34.8MAdd +9.3%
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 41,950,000$33.7MAdd +16.7%
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 20,871,000$30.9MNew
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 17,500,000$25.9MReduce -7.9%
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 23,730,000$24.2MNo change
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 29,894,000$24.1MNo change
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 20,000,000$24.0MReduce -16.5%
IREN LTD (IREN 3.25 06/15/30) NOTE 3.250% 6/1 · principal 9,764,000$23.9MNew
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal 10,000,000$15.9MNew
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 10,700,000$15.1MReduce -70.4%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 12,500,000$14.9MReduce -34.2%
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 13,096,000$13.5MNo change
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 44,600,000$13.0MNo change
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 12,359,000$12.5MReduce -52.2%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 11,250,000$12.0MReduce -47.1%
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal 8,899,997$10.1MAdd +39.1%
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 9,279,000$9.2MNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 10,000,000$8.8MReduce -28.6%
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 11,500,000$8.1MReduce -25.8%
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal 6,000,000$7.6MNew
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 7,604,000$7.3MNo change
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 3,500,000$7.1MReduce -85.4%
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 6,300,000$6.5MNo change
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 5,500,000$5.5MNo change
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) NOTE 0.250%10/0 · principal 5,000,000$5.4MNew
PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) NOTE 7.250% 8/1 · principal 5,406,000$5.4MReduce -60.3%
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 6,504,000$4.4MNo change
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 7,404,000$2.9MReduce -38.7%
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 43,663,000$2.6MNo change
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 5,000,000$2.1MNew
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 1,600,000$1.5MReduce -80.0%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 21,809,000$1.3MNo change
IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 1,117,500$1.0MNo change
GME.WS Gamestop Corp. *W EXP 10/30/202 286,722$863KNew
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 186,827$837KReduce -6.6%
KYIVW Kyivstar Group Ltd. -30 *W EXP 08/14/203 100,000$354KReduce -33.3%
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 804,500$330KNo change
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 750,000$300KNo change
GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 800,000$248KNew
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 132,500$239KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 275,000$217KNo change
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 69,750$190KNo change
BULLW Webull Corp.-30 *W EXP 04/10/203 64,397$184KReduce -28.0%
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 225,000$180KNo change
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 400,000$128KNo change
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 400,000$126KNo change
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 200,000$120KNo change
BCARW D Boral Arc Acquisition - 30 *W EXP 07/23/203 325,000$118KNo change
SOULPOWER ACQUISITION CORP RIGHT 99/99/9999 650,000$114KNo change
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 300,000$113KNo change
LKSPR Lake Superior Acquisition Co. RIGHT 09/19/2030 57,871$113KNew
RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 250,000$113KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 200,000$110KNo change
VWAVW Visionwave Holdings Inc. *W EXP 07/14/203 93,000$109KNo change
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 250,000$108KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 650,000$104KNo change
VNMEW Vendome Acquisition Corp. I *W EXP 07/03/202 412,500$103KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 125,000$100KNo change
ALISR Calisa Acquisition Corp. RIGHT 09/11/2030 200,000$97KNew
WENNW Wen Acquisition Corp.-A -31 *W EXP 99/99/999 300,000$93KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 133,333$91KNo change
CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 300,000$90KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 100,000$89KNo change
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 150,000$87KNo change
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 390,000$86KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 166,666$84KNo change
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 209,250$84KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 475,000$81KNo change
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 200,000$80KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 250,000$80KNew
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 399,000$76KNo change
DMAAR Drugs Made in America Ac-RTS RIGHT 12/09/2029 400,000$75KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 300,000$72KNo change
TAVIR Tavia Acquisition Corp. RIGHT 11/26/2029 300,000$69KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 125,000$69KNo change
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 150,000$68KNo change
BLUWW Blue Water Acquisition-CW26 *W EXP 05/23/203 125,000$66KNo change
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 200,000$66KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 390,000$66KNo change
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 75,000$66KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 255,571$64KNo change
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 450,000$63KNo change
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 400,000$61KNo change
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 150,000$60KNo change
SPEGR Silver Pegasus Acquisition C RIGHT 06/26/2030 250,000$60KNo change
TLNCW Talon Capital Corp.-30 *W EXP 08/27/203 100,000$59KAdd +0.1%
BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 175,000$57KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000$57KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 125,000$56KNo change
OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 175,000$56KNo change
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 200,000$56KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 175,000$55KNo change
YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 250,000$55KNew
LCCCR Lakeshore Acquisition III Co. RIGHT 08/01/2026 218,500$55KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 250,000$54KNo change
SVIAW Procap Financial Inc. *W EXP 12/05/203 75,000$53KNew
COLAR Columbus Acquisition Corp. RIGHT 99/99/9999 150,000$50KNo change
APADR A Paradise Acquisition Corp. RIGHT 07/29/2025 200,000$50KNew
OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 250,000$50KNo change
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 150,000$49KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 99,997$48KNo change
IGACR Invest Green Acquisition-RTS RIGHT 11/17/2030 250,000$48KNew
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 152,500$47KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 187,500$47KNo change
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 133,333$47KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 136,018$46KNo change
WSTNR Westin Acquisition Corp.-RTS RIGHT 09/17/2030 250,000$45KNew
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 125,000$44KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 175,000$44KNo change
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 46,500$42KNo change
TVAIR Thayer Ventures Acquisition RIGHT 05/15/2030 200,000$42KNo change
APXTW Apex Treasury Corp. -30 *W EXP 10/07/203 150,000$42KNew
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 193,612$40KNo change
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 46,500$40KNew
PACHW Pioneer Acquisition I Corp. *W EXP 06/16/203 150,000$39KNo change
COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 150,000$39KNo change
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 65,000$38KNo change
EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 150,000$38KNo change
AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 175,000$37KNo change
DNMXW Dynamix Corp. III *W EXP 10/10/203 100,000$36KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 50,000$36KNo change
NSTR.WS Viking Acquisition Corp. I *W EXP 11/03/203 83,333$35KNew
PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 150,000$35KNo change
LAFAR Lafayette Acquisition Corp. RIGHT 10/24/2030 250,000$34KNew
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 25,000$33KNo change
SSEAR Starry Sea Acquisition C-RTS RIGHT 07/07/2030 150,000$32KNo change
HOVRW Pono Capital Three Inc.-A-28 *W EXP 02/14/202 100,000$32KNo change
GFUZW Spring Valley Acq Co. -30 *W EXP 09/04/203 50,000$31KAdd +0.1%
JENA ACQUISITION CORP II-RTS RIGHT 03/31/2030 150,000$29KNew
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 225,000$29KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 100,000$29KNo change
NUAIW New Era Helium Inc. -29 *W EXP 12/06/202 34,875$29KNo change
CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 125,000$29KNo change
INACR Indigo Acquisition Corp. RIGHT 04/02/2027 175,000$28KNo change
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 150,000$28KNo change
CHECW Chenghe Acquisition III Co. *W EXP 09/09/203 137,500$28KNo change
RIBBR Ribbon Acquisition Corp. RIGHT 12/31/2026 125,000$28KNo change
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 37,500$27KNo change
LATAW Galata Acquisition Corp. - 30 *W EXP 09/12/203 66,667$27KAdd +0.1%
KOYNW CSLM Digital Asset Acquisiti *W EXP 08/28/203 75,000$26KNew
DYORW Insight Digital Partners II *W EXP 10/28/203 72,841$24KNew
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 213,750$24KNo change
WTGUR Wintergreen Acquisition-RT RIGHT 99/99/9999 150,000$23KNo change
CCIIW Cohen Circle Acq II -30 *W EXP 07/01/203 31,249$22KNo change
FIGXW Figx Capital Acquisition Cor *W EXP 06/17/203 75,000$21KNo change
CNCKW Coincheck Group NV *W EXP 12/11/202 50,079$20KNo change
GTERR Globa Terra Acquisition-RTS RIGHT 06/17/2030 150,000$20KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 232,500$19KNo change
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 50,000$19KAdd +0.1%
BDCIW BTC Development Corp. - 30 *W EXP 09/11/203 25,000$17KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 68,000$17KNo change
LWACW Lightwave Acquisition Corp. *W EXP 06/06/203 62,500$17KNo change
OPTXW Omnilit Acquisition Class A -23 *W EXP 99/99/999 69,750$17KNo change
HCMAW HCM III Acquisition Corp. -30 *W EXP 07/23/203 33,333$17KNo change
MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 33,333$17KNo change
TDWDR Tailwind 2.0 Acquisition-RTS RIGHT 11/07/2030 100,000$16KNew
BLZRW Trailblazer Acqui Corp. -30 *W EXP 09/30/203 33,333$16KNo change
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 177,090$15KNo change
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 50,422$14KNo change
GTERW Globa Terra Acquisition - 30 *W EXP 06/17/203 112,500$14KNo change
SOCAW Solarius Capital Acqui -30 *W EXP 07/10/203 50,000$14KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 50,000$14KNo change
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 50,000$14KNo change
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 150,000$14KNo change
FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 100,000$13KNo change
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 100,000$13KNo change
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,333$13KNo change
OBAWW Oxley Bridge Acq Ltd. -30 *W EXP 06/17/203 50,000$11KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 162,750$11KNo change
HOLLEY INC *W EXP 11/30/202 79,311$11KNo change
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 81,519$11KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 23,250$10KNo change

Largest 200 of 233 shown.

Total filed on the 13F, all lines: $6.0B.

Portfolio Sells Q3 2025 → Q4 2025
VRNA Verona Pharma Ltd. Sold out 0.00% −10.93
COOP Mr Cooper Group Inc. Sold out 0.00% −4.35
WNS WNS Holdings Ltd. Sold out 0.00% −3.89
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) Reduce -6.1% 8.48% −2.39
K Kellanova Sold out 0.00% −1.69
INFA Informatica Inc. Class A Sold out 0.00% −1.48
UP Wheels Up Experience Inc. Reduce -16.0% 0.29% −0.97
VAL Valaris Ltd. Sold out 0.00% −0.81
PPLI People Inc. Reduce -66.3% 0.31% −0.53
CUK Carnival PLC-ADR Sold out 0.00% −0.41
DCH Dauch Corporation Reduce -23.2% 1.30% −0.36
GLIBK Liberty Capital Corp. Class C Reduce -37.8% 0.49% −0.34
GPOR Gulfport Energy Corp. Reduce -18.2% 2.91% −0.34
UAA Under Armour Inc. Class A Reduce -42.2% 0.40% −0.33
THC Tenet Healthcare Corp. Sold out 0.00% −0.33
CVLT Commvault Systems Inc. Sold out 0.00% −0.28
TFPM Triple Flag Precious Met Reduce -15.1% 3.16% −0.28
WOLF Wolfspeed Inc. Sold out 0.00% −0.23
EWZ iShares MSCI Brazil ETF Reduce -83.0% 0.04% −0.21
MRUS Merus NV Sold out 0.00% −0.18
HDRN Hadron Energy Inc. Reduce -27.6% 0.36% −0.16
NWSA News Corp. Class A Reduce -11.6% 0.40% −0.16
GM General Motors Co. Sold out 0.00% −0.16
DSM BNYM Strat Muni BND Sold out 0.00% −0.13
INFQ Infleqtion Inc. Sold out 0.00% −0.13
IMSR Terrestrial Energy Inc. Sold out 0.00% −0.12
COHU Cohu Inc. Sold out 0.00% −0.12
CEPT Cantor Equity Partners Class A Reduce -51.7% 0.10% −0.10
JENA.U Jena Acquisition Corp. II Sold out 0.00% −0.10
TROX Tronox Holdings PLC Sold out 0.00% −0.10
WLAC Willow Lane Acquisition Class A Reduce -45.5% 0.12% −0.09
VCIC Vine Hill Capital Class A Reduce -43.4% 0.10% −0.08
GLIBA Liberty Capital Corp. Reduce -40.0% 0.10% −0.07
CYH Community Health Systems Inc. Reduce -7.7% 0.43% −0.07
PI Impinj Inc. Sold out 0.00% −0.07
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.06
CSTM Constellium SE Reduce -24.4% 0.59% −0.06
VSXY Victoria's Secret & Co. Reduce -78.7% 0.03% −0.05
HOUS Anywhere Real Estate Inc. Reduce -32.2% 0.31% −0.05
PSKY Paramount Skydance Class B Reduce -14.8% 0.04% −0.03
CVS CVS Health Corp. Sold out 0.00% −0.02
CHAC Crane Harbor Acqu Corp. Class A Reduce -11.1% 0.13% −0.01
NBR Nabors Industries Ltd. Sold out 0.00% −0.01
RIG Transocean Ltd. Reduce -50.0% 0.01% −0.01
ENGENE HOLDINGS INC Sold out 0.00% −0.00
CCO Clear Channel Outdoor Holdin Reduce -23.4% 0.34% +0.01
GT Goodyear Tire & Rubber Co. Reduce -5.7% 0.40% +0.02

Portfolio Buys Q3 2025 → Q4 2025
CADE Cadence Bank New 8.01% +8.01
CMA Comerica Inc. New 6.77% +6.77
GTLS Chart Industries Inc. Add +76.3% 7.20% +3.04
CFLT Confluent Inc. Class A New 1.99% +1.99
EXAS Exact Sciences Corp. New 1.94% +1.94
CDTX Cidara Therapeutics Inc. New 1.72% +1.72
WBD Warner Bros Discovery Inc. Add +569.6% 0.72% +0.64
ZTS Zoetis Inc. New 0.58% +0.58
RYAAY Ryanair Holdings PLC-SP ADR New 0.53% +0.53
FOX Fox Corp. Class B Add +22.8% 2.10% +0.52
GIW GIGCAPITAL8 Corp. Class A New 0.49% +0.49
HAVAU Harvard Ave Acquisition Corp. New 0.47% +0.47
CHKP Check Point Software Tech New 0.42% +0.42
ELBM Electra Battery Materials Co. Add +2783.8% 0.43% +0.41
CYBR Cyberark Software Ltd./Israel Add +23.9% 4.75% +0.39
RNGT Range Capital Acquisit Class A New 0.31% +0.31
YCY Aa Mission Acquisition-A New 0.31% +0.31
BEP Brookfield Renewable Partner New 0.29% +0.29
BEBE.U Tge Value Creative Solutions New 0.28% +0.28
LKSP Lake Superior Acquisiti Class A New 0.25% +0.25
MMTXU Miluna Acquisition Corp. New 0.25% +0.25
BLCO Bausch + Lomb Corp. Add +17.9% 1.01% +0.22
IRHOU Iron Horse Acquisition II Co. New 0.22% +0.22
EVOXU Evolution Global Acquisition New 0.19% +0.19
VHCPU Vine Hill Capital Investment New 0.19% +0.19
GPACU General Purpose Acquisition New 0.19% +0.19
LPCVU Launchpad Cadenza Acquisitio New 0.19% +0.19
ADACU American Drive Acquisition C New 0.19% +0.19
SVAQU Silicon Valley Acquisition C New 0.19% +0.19
APXT Apex Treasury Corp. Class A New 0.18% +0.18
MGM MGM Resorts International Add +33.6% 0.65% +0.17
SAC.U Safeguard Acquisition Corp. New 0.16% +0.16
LAFA Lafayette Acquisition Corp. New 0.15% +0.15
NSTR Northstar Earth & Space Ente New 0.15% +0.15
WSTN Westin Acquisition Corp. Class A New 0.15% +0.15
IGAC Invest Green Acquisitio Class A New 0.15% +0.15
CRANU Crane Harbor Acquisition Cor New 0.14% +0.14
BLRKU Bluerock Acquisition Corp. New 0.14% +0.14
SCPQU Social Commerce Partners Cor New 0.13% +0.13
SBXE.U Silverbox Corp. V New 0.13% +0.13
ALUB.U Alussa Energy Acquisition Co. New 0.13% +0.13
BPACU Blueport Acquisition Ltd. New 0.13% +0.13
DSACU Daedalus Special Acquisition New 0.13% +0.13
MESHU Meshflow Acquisition Corp. New 0.12% +0.12
AEAQU Activate Energy Acquisition New 0.12% +0.12
BIXIU Bitcoin Infrastructure Acqui New 0.12% +0.12
ALIS Calisa Acquisition Corp. New 0.12% +0.12
DNMX Dynamix Corp. III Class A New 0.12% +0.12
ECH iShares MSCI Chile ETF Add +30.8% 0.29% +0.10
CZR Caesars Entertainment Inc. Add +229.2% 0.15% +0.10

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -30.8% 450,000 $306.9M
NVDA Nvidia Corp. put Add +400.0% 1,000,000 $186.5M
IBIT iShares Bitcoin Trust ETF put Add +50.0% 3,000,000 $148.9M
IWM iShares Russell 2000 ETF put Sold out 500,000 $121.0Mbefore exit
AAPL Apple Inc. put Sold out 400,000 $101.9Mbefore exit
SMCI Super Micro Computer Inc. put Add +75.0% 2,100,000 $61.5M
TSM Taiwan Semiconductor-SP ADR put New 200,000 $60.8M
TSLA Tesla Inc. put Sold out 100,000 $44.5Mbefore exit
PLTR Palantir Technologies Inc. Class A put New 200,000 $35.5M
MARA Mara Holdings Inc. put Add +34.9% 3,869,200 $34.7M
K Kellanova put Sold out 232,200 $19.0Mbefore exit
RKT Rocket Cos Inc. Class A put Sold out 700,000 $13.6Mbefore exit
WBD Warner Bros Discovery Inc. call New 350,000 $10.1M
HTZ Hertz Global Hldgs Inc. put Reduce -6.0% 1,569,700 $8.1M
JBLU Jetblue Airways Corp. call Add +40.0% 1,750,000 $8.0M
SVC Service Pptys TR call Sold out 1,250,000 $3.4Mbefore exit
TEAD Teads Holding Co. put Sold out 500,000 $825Kbefore exit
LUMN Lumen Technologies Inc. call New 40,000 $311K
AISPW Airship AI Holdings Inc.-CW28 call Sold out 21,750 $36Kbefore exit
AIRJW Power & Digital Acq -CW24 call Sold out 46,500 $35Kbefore exit
APADR A Paradise Acquisition Corp. call Sold out 200,000 $31Kbefore exit
AMODW Insight Acquisition Co. -CW23 call Sold out 69,750 $5Kbefore exit
AERTW Aeries Technology Inc. -CW23 call Sold out 56,416 $2Kbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal Sold out 99,776,000 $413.5Mbefore exit
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Add +6.9% 71,025,000 $377.3M
BLOOM ENERGY CORP (BE 3 06/01/28) NOTE 3.000% 6/0 · principal Sold out 64,362,000 $292.0Mbefore exit
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +111.9% 149,900,000 $232.8M
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal Add +3.0% 134,950,000 $200.5M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal Add +48.8% 125,307,000 $193.5M
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +30.2% 54,937,086 $183.5M
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal New 60,800,000 $163.9M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Add +11.2% 117,832,000 $144.9M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) NOTE 0.500%12/1 · principal Add +38.7% 35,780,000 $132.7M
CENTRUS ENERGY CORP (LEU 2.25 11/01/30) NOTE 2.250%11/0 · principal New 45,600,000 $122.2M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Reduce -19.4% 90,042,000 $92.1M
UPSTART HOLDINGS INC (UPST 2 10/01/29) NOTE 2.000%10/0 · principal New 70,000,000 $88.2M
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal Reduce -9.8% 85,071,000 $82.3M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +14.1% 64,737,000 $72.5M
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal New 81,050,000 $66.3M
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal New 74,000,000 $61.6M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Add +112.1% 61,021,000 $60.9M
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal New 69,850,000 $55.0M
OMEROS CORP (OMER 9.5 06/15/29) NOTE 9.500% 6/1 · principal Add +10.8% 18,033,000 $54.0M
UPSTART HOLDINGS INC (UPST 1 11/15/30) NOTE 1.000%11/1 · principal New 60,730,000 $52.9M
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal Reduce -5.0% 47,512,000 $52.2M
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal New 45,135,000 $46.7M
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal Reduce -30.6% 29,550,000 $41.8M
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Sold out 20,095,000 $39.7Mbefore exit
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal Add +9.3% 32,321,000 $34.8M
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal Add +16.7% 41,950,000 $33.7M
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal New 20,871,000 $30.9M
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal Reduce -7.9% 17,500,000 $25.9M
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal Reduce -16.5% 20,000,000 $24.0M
IREN LTD (IREN 3.25 06/15/30) NOTE 3.250% 6/1 · principal New 9,764,000 $23.9M
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal Sold out 16,800,000 $20.1Mbefore exit
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Sold out 18,000,000 $20.0Mbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Sold out 15,242,000 $18.0Mbefore exit
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal New 10,000,000 $15.9M
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal Sold out 10,200,000 $15.5Mbefore exit
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal Reduce -70.4% 10,700,000 $15.1M
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Reduce -34.2% 12,500,000 $14.9M
ZYNEX INC (ZYXI 5 05/15/26) NOTE 5.000% 5/1 · principal Sold out 25,000,000 $14.1Mbefore exit
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal Reduce -52.2% 12,359,000 $12.5M
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal Reduce -47.1% 11,250,000 $12.0M
HERTZ CORP/THE (HTZ 8 07/15/29) NOTE 8.000% 7/1 · principal Add +39.1% 8,899,997 $10.1M
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Reduce -28.6% 10,000,000 $8.8M
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal Reduce -25.8% 11,500,000 $8.1M
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Sold out 9,024,806 $8.0Mbefore exit
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 8,000,000 $7.9Mbefore exit
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal New 6,000,000 $7.6M
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal Reduce -85.4% 3,500,000 $7.1M
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Sold out 30,609,000 $6.0Mbefore exit
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal Sold out 15,503,000 $5.6Mbefore exit

Showing the first 50 of 95.

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