Zazove Associates LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 16, 2026), Zazove Associates LLC reported 27 stock positions worth $36.7 million. Its top holding was Vanguard Ultra Short Bond Et (VUSB) at 13.6% of the portfolio, followed by Braemar Hotels & Resorts (BHR, 13.0%) and Westrock Coffee (WEST, 9.9%). Compared with Q1 2026, it opened 2 new positions, sold out of 10, added to 10 and reduced 9. The biggest buy was Braemar Hotels & Resorts (BHR, shares +31%) and the biggest sale an exit from SS SPDR P St C Corp. ETF (SPSB).
- Most Recent 13F
- Q2 2026
- Location
- INCLINE VILLAGE, NV
- CIK
- 0001009012
- Portfolio Value
- $36.7M (Q2 2026)
- SEC Filing
- 0001420506-26-001244 ↗ filed Jul 16, 2026
Holdings Value
Holdings 27 stocks · $36.7M
| VUSB Vanguard Ultra Short Bond Et | 13.55% | 100,000 | $5.0M | No change |
| BHR Braemar Hotels & Resorts Inc. | 13.04% | 2,217,055 | $4.8M | Add +30.7% |
| WEST Westrock Coffee Co. | 9.95% | 450,508 | $3.7M | Reduce -19.6% |
| UONEK Urban One Inc. | 6.69% | 512,035 | $2.5M | Add +0.7% |
| GRNT Granite Ridge Resources Inc. | 6.11% | 508,970 | $2.2M | Reduce -26.6% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 5.94% | 185,000 | $2.2M | Add +15.6% |
| BKD Brookdale Senior Living Inc. | 5.91% | 135,000 | $2.2M | Add +42.1% |
| MNTN MNTN Inc. Class A | 5.01% | 200,000 | $1.8M | Add +33.0% |
| ASA ASA Gold and Precious Metals | 4.63% | 32,655 | $1.7M | No change |
| LUXE Luxexperience BV | 4.05% | 200,374 | $1.5M | No change |
| BKV BKV Corporation | 3.49% | 46,912 | $1.3M | Reduce -6.2% |
| BRC INC-A | 3.06% | 1,010,918 | $1.1M | Reduce -49.5% |
| OSISKO DEVELOPMENT CORP | 3.01% | 450,000 | $1.1M | Add +73.1% |
| GLAS Glass House Brands Inc. | 2.83% | 79,844 | $1.0M | New |
| USAS Americas Gold and Silver Cor | 2.57% | 200,000 | $944K | Add +100.0% |
| GROY Gold Royalty Corp. | 2.25% | 300,000 | $828K | No change |
| AB Alliancebernstein Holding LP | 1.85% | 19,300 | $680K | Add +5.5% |
| DIREXION SHARES ETF TRUST | 1.24% | 140,000 | $454K | New |
| SVM Silvercorp Metals Inc. | 1.13% | 41,264 | $417K | Reduce -17.5% |
| THCH TH International Ltd./Cayman | 1.04% | 200,281 | $383K | Reduce -3.9% |
| BTG B2GOLD Corp. | 0.76% | 75,100 | $281K | Add +0.7% |
| SVOL Simplify Volatility Premium | 0.48% | 10,900 | $175K | No change |
| PCT Purecycle Technologies Inc. | 0.43% | 19,569 | $159K | Reduce -24.4% |
| OPK Opko Health Inc. | 0.41% | 100,000 | $150K | Reduce -33.3% |
| ET Energy Transfer LP | 0.26% | 5,000 | $96K | No change |
| UONE Urban One Inc. | 0.23% | 15,202 | $83K | Reduce -64.7% |
| PEO Adams Natural Resources Fund | 0.07% | 987 | $24K | Add +2.0% |
Options reported separately and not counted above: B2GOLD CORP calls ($614K), NATIONAL FUEL GAS CO calls ($244K), SYM calls ($236K), GOOG calls ($202K), HELEN OF TROY LTD puts ($151K), EWG puts ($132K), FIVE calls ($89K), FIVE9 INC puts ($62K), HIMS & HERS HEALTH INC puts ($57K), STATE STR SPDR S&P 500 ETF T puts ($48K), SPX TECHNOLOGIES INC puts ($45K), ALLIANCEBERNSTEIN HLDG L P calls ($36K).
Other holdings (112): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 59,095,000 | $62.4M | Add +0.4% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 57,602,000 | $56.9M | Reduce -7.5% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 49,750,000 | $54.9M | Add +74.3% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 45,820,000 | $54.1M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 37,865,000 | $50.1M | Reduce -6.1% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 35,925 | $45.1M | Add +0.7% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 43,380,000 | $43.3M | Add +0.2% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 31,982,000 | $40.3M | Add +18.7% |
| CYBERARK SOFTWARE LTD (CYBR 0 06/15/30) | NOTE 6/1 · principal | 23,380,000 | $39.0M | New |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 33,525,000 | $37.9M | Add +8.2% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 31,000,000 | $37.2M | Reduce -22.5% |
| CLOUDFLARE INC (NET 0 06/15/30) | NOTE 6/1 · principal | 27,735,000 | $35.2M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 27,815,000 | $31.6M | Reduce -0.2% |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 32,195,000 | $31.0M | Add +8.8% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 14,350,000 | $28.6M | No change |
| REVOLUTION MEDICINES INC (RVMD 0.5 05/01/33) | NOTE 0.500% 5/0 · principal | 21,900,000 | $27.7M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 26,305,000 | $27.0M | Add +0.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 28,490,000 | $26.8M | Reduce -0.1% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 23,750,000 | $26.2M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 16,895,000 | $24.1M | Reduce -0.8% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 19,770,000 | $23.1M | Add +242.6% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 18,745,000 | $23.0M | Reduce -0.2% |
| MAKEMYTRIP LIMITED (MMYT 0 07/01/30) | NOTE 7/0 · principal | 21,755,000 | $19.8M | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 18,381,000 | $17.6M | Add +37.2% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 11,118,000 | $15.7M | Reduce -0.2% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 17,365,000 | $15.6M | Add +12.3% |
| GOLAR LNG LTD (GLNG 2.75 12/15/30) | NOTE 2.750%12/1 · principal | 13,515,000 | $15.4M | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 12,735,000 | $12.9M | Reduce -39.0% |
| PURECYCLE TECHNOLOGIES INC | NOTE 4.750% 7/0 · principal | 11,750,000 | $11.9M | New |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 8,545,000 | $11.1M | Add +67.7% |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | 8,490,000 | $10.8M | Reduce -58.9% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 9,000,000 | $10.7M | Add +80.0% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 9,500,000 | $9.8M | Add +58.3% |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 5,903,000 | $9.0M | Reduce -0.3% |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 7,500,000 | $8.7M | Add +66.7% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 7,000,000 | $8.5M | Add +75.0% |
| NCL CORPORATION LTD (NCLH 0.875 04/15/30) | NOTE 0.875% 4/1 · principal | 7,540,000 | $8.4M | New |
| SITIME (SITM 0 06/15/31) | NOTE 6/1 · principal | 7,500,000 | $8.3M | New |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 5,800,000 | $8.2M | Add +107.1% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 4,000,000 | $7.9M | New |
| WEC ENERGY GROUP INC (WEC 3.375 06/01/28) | NOTE 3.375% 6/0 · principal | 7,500,000 | $7.8M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 5,000,000 | $7.3M | Add +100.0% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 7,860,000 | $7.0M | Reduce -2.9% |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | 4,990,000 | $7.0M | Reduce -0.2% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 6,500,000 | $6.8M | Reduce -64.9% |
| ALLIANT ENERGY CORP (LNT 3.25 05/30/28) | NOTE 3.250% 5/3 · principal | 6,000,000 | $6.6M | New |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | 5,000,000 | $6.4M | Add +66.7% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 5,075,000 | $6.1M | New |
| SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) | NOTE 2.250% 7/1 · principal | 6,000,000 | $5.9M | Add +50.0% |
| RUBRIK INC (RBRK 0 06/15/30) | NOTE 6/1 · principal | 5,685,000 | $5.8M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 4,545,000 | $5.1M | Add +115.9% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 3,000,000 | $5.0M | Reduce -70.0% |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 4,500,000 | $4.9M | Add +80.0% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 4,000,000 | $4.8M | New |
| CELCUITY INC (CELC 0.25 08/01/32) | NOTE 0.250% 8/0 · principal | 3,425,000 | $3.9M | New |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 4,500,000 | $3.7M | Add +80.0% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 3,000,000 | $3.7M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,920,000 | $3.6M | No change |
| LCI INDUSTRIES (LCII 3 03/01/30) | NOTE 3.000% 3/0 · principal | 3,000,000 | $3.4M | New |
| PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) | NOTE 5.500%12/0 · principal | 2,000,000 | $3.2M | New |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 2,500,000 | $3.1M | New |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 3,000,000 | $3.0M | Add +122.2% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 1,720,000 | $2.9M | Reduce -89.0% |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 2,500,000 | $2.4M | New |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | 1,222,995 | $2.3M | Add +6.7% |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 2,000,000 | $2.3M | No change |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 147,383 | $2.0M | Reduce -1.2% |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | 759,412 | $2.0M | Add +15.8% |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 2,500,000 | $2.0M | New |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 1,070,000 | $1.9M | Reduce -63.9% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 1,550,000 | $1.8M | No change |
| NUVATION BIO INC (NUVB 0.75 07/01/32) | NOTE 0.750% 7/0 · principal | 1,500,000 | $1.6M | New |
| INTEGER HOLDINGS CORP (ITGR 1.875 03/15/30) | DBCV 1.875% 3/1 · principal | 1,565,000 | $1.5M | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 1,130,000 | $1.1M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 800,000 | $955K | New |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 1,230,000 | $903K | Reduce -18.0% |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | 22,500 | $788K | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 810,000 | $774K | Reduce -71.2% |
| ALPHABET INC (GOOGL 6.25 05/15/29 A) | DEP SHS RP1/20 A | 12,500 | $631K | New |
| AMPX.WS Amprius Technologies Inc. | *W EXP 09/14/202 | 102,096 | $595K | Add +32.4% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 640,000 | $581K | New |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 601,000 | $565K | Reduce -4.6% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 400,000 | $516K | Reduce -79.5% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 1,533,692 | $475K | Reduce -0.3% |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 460,000 | $450K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 420,000 | $389K | Reduce -8.7% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 385,000 | $381K | Add +358.3% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 386,000 | $381K | Reduce -8.1% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 415,000 | $380K | New |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | 370,000 | $377K | New |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 386,000 | $373K | Reduce -8.1% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 354,000 | $353K | Reduce -8.1% |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 345,000 | $318K | Reduce -8.0% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 10,809 | $266K | Add +16.6% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 276,000 | $258K | Reduce -8.0% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 255,000 | $251K | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 260,000 | $250K | No change |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 541,491 | $194K | New |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 5,122 | $164K | Reduce -8.1% |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 150,000 | $148K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 1,185,705 | $136K | Reduce -0.4% |
| ALPHABET INC (GOOGL 6.25 05/15/29 B) | DEP SHS RP1/20 B | 2,500 | $126K | New |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 110,000 | $107K | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 115,000 | $107K | New |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 102,000 | $103K | Reduce -74.8% |
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | 30,000 | $57K | No change |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 1,554,109 | $51K | Reduce -0.4% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 887 | $45K | Reduce -20.9% |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 38,466 | $30K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,602 | $29K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 11,327 | $2K | No change |
| AIIOW NWTN Inc. -CW27 | *W EXP 11/11/202 | 29,141 | $1K | Reduce -54.9% |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q1 2026 → Q2 2026
| SPSB SS SPDR P St C Corp. ETF | Sold out | 0.00% | −10.93 |
| KYN Kayne Anderson Energy Infra | Sold out | 0.00% | −10.77 |
| UAN CVR Partners LP | Sold out | 0.00% | −8.88 |
| NCMI National Cinemedia Inc. | Sold out | 0.00% | −2.54 |
| GDL GDL Fund | Sold out | 0.00% | −1.83 |
| PRCH Porch Group Inc. | Sold out | 0.00% | −1.38 |
| GRNT Granite Ridge Resources Inc. | Reduce -26.6% | 6.11% | −1.28 |
| TE T1 Energy Inc. | Sold out | 0.00% | −0.80 |
| HDSN Hudson Technologies Inc. | Sold out | 0.00% | −0.53 |
| UONE Urban One Inc. | Reduce -64.7% | 0.23% | −0.23 |
| WHR Whirlpool Corp. | Sold out | 0.00% | −0.10 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.02 |
| OPK Opko Health Inc. | Reduce -33.3% | 0.41% | +0.10 |
| SVM Silvercorp Metals Inc. | Reduce -17.5% | 1.13% | +0.16 |
| PCT Purecycle Technologies Inc. | Reduce -24.4% | 0.43% | +0.19 |
| BRC INC-A | Reduce -49.5% | 3.06% | +0.23 |
| THCH TH International Ltd./Cayman | Reduce -3.9% | 1.04% | +0.26 |
| BKV BKV Corporation | Reduce -6.2% | 3.49% | +0.90 |
| WEST Westrock Coffee Co. | Reduce -19.6% | 9.95% | +5.62 |
Portfolio Buys Q1 2026 → Q2 2026
| BHR Braemar Hotels & Resorts Inc. | Add +30.7% | 13.04% | +5.76 |
| BKD Brookdale Senior Living Inc. | Add +42.1% | 5.91% | +3.55 |
| REAL The Realreal Inc. | Add +15.6% | 5.94% | +3.30 |
| GLAS Glass House Brands Inc. | New | 2.83% | +2.83 |
| MNTN MNTN Inc. Class A | Add +33.0% | 5.01% | +2.60 |
| USAS Americas Gold and Silver Cor | Add +100.0% | 2.57% | +1.62 |
| UONEK Urban One Inc. | Add +0.7% | 6.69% | +1.55 |
| OSISKO DEVELOPMENT CORP | Add +73.1% | 3.01% | +1.48 |
| DIREXION SHARES ETF TRUST | New | 1.24% | +1.24 |
| AB Alliancebernstein Holding LP | Add +5.5% | 1.85% | +0.61 |
| BTG B2GOLD Corp. | Add +0.7% | 0.76% | +0.15 |
| PEO Adams Natural Resources Fund | Add +2.0% | 0.07% | +0.02 |
Options Activity Q1 2026 → Q2 2026
| B2GOLD CORP | call | Reduce -1.4% | 792,000 | $614K |
| GENESIS ENERGY L P | call | Sold out | 133,800 | $438Kbefore exit |
| GOLDMAN SACHS GROUP INC | call | Sold out | 5,000 | $311Kbefore exit |
| CVR ENERGY INC | put | Sold out | 100,000 | $263Kbefore exit |
| NATIONAL FUEL GAS CO | call | New | 29,900 | $244K |
| SYM Symbotic Inc. | call | New | 55,000 | $236K |
| GOOG Alphabet Inc. Class C | call | New | 17,500 | $202K |
| HELEN OF TROY LTD | put | New | 50,000 | $151K |
| EWG iShares MSCI Germany ETF | put | New | 74,500 | $132K |
| BATH & BODY WORKS INC | call | Sold out | 50,000 | $90Kbefore exit |
| FIVE Five Below | call | New | 15,000 | $89K |
| SOFI TECHNOLOGIES INC | call | Sold out | 50,000 | $72Kbefore exit |
| PBF ENERGY INC | put | Sold out | 40,000 | $68Kbefore exit |
| FIVE9 INC | put | New | 15,000 | $62K |
| HIMS & HERS HEALTH INC | put | New | 40,000 | $57K |
| STATE STR SPDR S&P 500 ETF T | put | Add +908.3% | 60,500 | $48K |
| SPX TECHNOLOGIES INC | put | New | 4,000 | $45K |
| HERTZ GLOBAL HLDGS INC | call | Sold out | 50,000 | $36Kbefore exit |
| ALLIANCEBERNSTEIN HLDG L P | call | Reduce -2.0% | 49,000 | $36K |
| SPDR SERIES TRUST | put | Sold out | 32,000 | $20Kbefore exit |
| WHIRLPOOL CORP | call | Sold out | 30,000 | $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 Q1 2026 → Q2 2026
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +0.4% | 59,095,000 | $62.4M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Reduce -7.5% | 57,602,000 | $56.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +74.3% | 49,750,000 | $54.9M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | New | 45,820,000 | $54.1M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -6.1% | 37,865,000 | $50.1M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +0.7% | 35,925 | $45.1M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +0.2% | 43,380,000 | $43.3M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Add +18.7% | 31,982,000 | $40.3M |
| CYBERARK SOFTWARE LTD (CYBR 0 06/15/30) | NOTE 6/1 · principal | New | 23,380,000 | $39.0M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Add +8.2% | 33,525,000 | $37.9M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -22.5% | 31,000,000 | $37.2M |
| CLOUDFLARE INC (NET 0 06/15/30) | NOTE 6/1 · principal | New | 27,735,000 | $35.2M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -0.2% | 27,815,000 | $31.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | Add +8.8% | 32,195,000 | $31.0M |
| REVOLUTION MEDICINES INC (RVMD 0.5 05/01/33) | NOTE 0.500% 5/0 · principal | New | 21,900,000 | $27.7M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Add +0.0% | 26,305,000 | $27.0M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | Reduce -0.1% | 28,490,000 | $26.8M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | New | 23,750,000 | $26.2M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -0.8% | 16,895,000 | $24.1M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | Add +242.6% | 19,770,000 | $23.1M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Reduce -0.2% | 18,745,000 | $23.0M |
| MAKEMYTRIP LIMITED (MMYT 0 07/01/30) | NOTE 7/0 · principal | New | 21,755,000 | $19.8M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +37.2% | 18,381,000 | $17.6M |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | Sold out | 17,020,000 | $16.9Mbefore exit |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | Reduce -0.2% | 11,118,000 | $15.7M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Add +12.3% | 17,365,000 | $15.6M |
| GOLAR LNG LTD (GLNG 2.75 12/15/30) | NOTE 2.750%12/1 · principal | New | 13,515,000 | $15.4M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Reduce -39.0% | 12,735,000 | $12.9M |
| PURECYCLE TECHNOLOGIES INC | NOTE 4.750% 7/0 · principal | New | 11,750,000 | $11.9M |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | Add +67.7% | 8,545,000 | $11.1M |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | Reduce -58.9% | 8,490,000 | $10.8M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +80.0% | 9,000,000 | $10.7M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Sold out | 10,555,000 | $10.5Mbefore exit |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Add +58.3% | 9,500,000 | $9.8M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Sold out | 8,290,000 | $9.1Mbefore exit |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | Reduce -0.3% | 5,903,000 | $9.0M |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | Add +66.7% | 7,500,000 | $8.7M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +75.0% | 7,000,000 | $8.5M |
| NCL CORPORATION LTD (NCLH 0.875 04/15/30) | NOTE 0.875% 4/1 · principal | New | 7,540,000 | $8.4M |
| SITIME (SITM 0 06/15/31) | NOTE 6/1 · principal | New | 7,500,000 | $8.3M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | Add +107.1% | 5,800,000 | $8.2M |
| JOBY AVIATION INC (JOBY 0.75 02/15/32) | NOTE 0.750% 2/1 · principal | Sold out | 9,630,000 | $8.2Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | New | 4,000,000 | $7.9M |
| WEC ENERGY GROUP INC (WEC 3.375 06/01/28) | NOTE 3.375% 6/0 · principal | New | 7,500,000 | $7.8M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Sold out | 5,153,000 | $7.7Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Add +100.0% | 5,000,000 | $7.3M |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | Reduce -2.9% | 7,860,000 | $7.0M |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | Reduce -0.2% | 4,990,000 | $7.0M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Reduce -64.9% | 6,500,000 | $6.8M |
| ALLIANT ENERGY CORP (LNT 3.25 05/30/28) | NOTE 3.250% 5/3 · principal | New | 6,000,000 | $6.6M |
Showing the first 50 of 121.
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 27 | $36.7M | VUSB, BHR, WEST, UONEK, GRNT |
| Q1 2026Amended | 35 | $55.0M | SPSB, KYN, VUSB, UAN, GRNT |
| Q4 2025 | 48 | $55.6M | BHR, KYN, VUSB, URBAN ONE INC, UAN |
| Q3 2025 | 30 | $44.4M | BHR, VUSB, KYN, URBAN ONE INC, UAN |
| Q2 2025Amended | 27 | $48.7M | UAN, KYN, GRNT, BHR, VUSB |
| Q1 2025 | 28 | $54.6M | SPSB, KYN, WEST, BHR, VUSB |
| Q4 2024 | 27 | $54.5M | KYN, BHR, UAN, GRNT, WEST |
| Q3 2024 | 27 | $55.2M | KYN, BHR, WEST, GRNT, UAN |
| Q2 2024Amended | 28 | $56.6M | KYN, GRNT, UAN, BHR, URBAN ONE INC |
| Q1 2024Amended | 30 | $64.3M | KYN, URBAN ONE INC, GRNT, UAN, CMLSQ |