Zazove Associates LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Zazove Associates LLC reported 28 stock positions worth $54.6 million. Its top holding was SS SPDR P St C Corp. ETF (SPSB) at 16.6% of the portfolio, followed by Kayne Anderson Energy Infra (KYN, 13.9%) and Westrock Coffee (WEST, 10.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 6 and reduced 10. The biggest buy was a new position in SS SPDR P St C Corp. ETF (SPSB) and the biggest sale CVR Partners (UAN, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- INCLINE VILLAGE, NV
- CIK
- 0001009012
- Portfolio Value
- $54.6M (Q1 2025)
- SEC Filing
- 0001420506-25-000990 ↗ filed May 13, 2025
Holdings Value
Holdings 28 stocks · $54.6M
| SPSB SS SPDR P St C Corp. ETF | 16.55% | 300,000 | $9.0M | New |
| KYN Kayne Anderson Energy Infra | 13.94% | 592,945 | $7.6M | Reduce -12.4% |
| WEST Westrock Coffee Co. | 10.21% | 771,505 | $5.6M | Reduce -11.6% |
| BHR Braemar Hotels & Resorts Inc. | 9.53% | 2,088,686 | $5.2M | No change |
| VUSB Vanguard Ultra Short Bond Et | 9.14% | 100,000 | $5.0M | No change |
| GRNT Granite Ridge Resources Inc. | 9.09% | 815,420 | $5.0M | Reduce -10.7% |
| URBAN ONE INC | 6.21% | 4,702,775 | $3.4M | Add +13.1% |
| CCO Clear Channel Outdoor Holdin | 4.26% | 2,094,793 | $2.3M | Add +13.7% |
| STKL Sunopta Inc. | 3.03% | 340,447 | $1.7M | Add +43.1% |
| GDL GDL Fund | 1.82% | 120,522 | $992K | Reduce -39.9% |
| LUXE Luxexperience BV filed as MYT NETHERLANDS PARENT B V | 1.81% | 130,341 | $985K | New |
| GROY Gold Royalty Corp. | 1.66% | 629,758 | $907K | Add +42.8% |
| OSISKO DEVELOPMENT CORP | 1.61% | 590,294 | $880K | Reduce -0.4% |
| THCH TH International Ltd./Cayman | 1.37% | 254,426 | $745K | Reduce -4.2% |
| LUNR Intuitive Machines Inc. | 1.33% | 97,500 | $726K | New |
| CMLSQ Cumulus Media Inc. Class A | 1.24% | 1,528,428 | $676K | No change |
| URBAN ONE INC | 1.22% | 461,516 | $665K | No change |
| SAND Sandstorm Gold Ltd. | 1.04% | 75,000 | $566K | New |
| CPRI Capri Holdings Ltd. | 0.90% | 25,000 | $493K | No change |
| UAN CVR Partners LP | 0.88% | 6,400 | $481K | Reduce -91.8% |
| HDSN Hudson Technologies Inc. | 0.64% | 56,250 | $347K | No change |
| OPK Opko Health Inc. | 0.63% | 207,600 | $345K | Add +4136.7% |
| SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY | 0.58% | 234,730 | $315K | Reduce -31.4% |
| BRC INC-A | 0.48% | 126,200 | $264K | Add +26.2% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.46% | 30,400 | $253K | No change |
| ET Energy Transfer LP | 0.17% | 5,000 | $93K | No change |
| HTZ Hertz Global Hldgs Inc. | 0.16% | 22,500 | $89K | Reduce -55.0% |
| PEO Adams Natural Resources Fund | 0.04% | 886 | $20K | Reduce -53.4% |
Options reported separately and not counted above: CVR ENERGY INC calls ($570K), ALLIANCEBERNSTEIN HLDG L P calls ($484K), B2GOLD CORP calls ($298K), EQUINOX GOLD CORP calls ($247K), INVESCO EXCH TRADED FD TR II puts ($195K), WILLIAMS SONOMA INC puts ($181K), TSLL puts ($143K), MP MATERIALS CORP calls ($112K), SILVERCORP METALS INC calls ($71K), HELIX ENERGY SOLUTIONS GRP I calls ($59K), ENOVIX CORPORATION calls ($44K), G III APPAREL GROUP LTD puts ($40K), and 5 more.
Other holdings (107): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 67,529,000 | $69.8M | Add +88.7% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 69,061,000 | $69.1M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 48,490,000 | $62.5M | Reduce -23.5% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 57,877,000 | $57.7M | Add +0.4% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 60,135,000 | $56.7M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 47,535,000 | $51.5M | Add +0.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 42,720,000 | $47.9M | Add +0.5% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 48,417,000 | $46.1M | Add +0.1% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 32,645,000 | $39.7M | Add +35.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 38,045,000 | $39.0M | Add +77.5% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 33,231,000 | $34.4M | Reduce -7.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 29,050,000 | $29.8M | Reduce -41.0% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 24,855,000 | $29.7M | Reduce -20.4% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 25,480,000 | $29.4M | Add +108.8% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 26,950,000 | $26.6M | Reduce -6.2% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 22,445,000 | $26.4M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 23,190,000 | $24.6M | Add +831.3% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 18,170,000 | $24.2M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 23,360,000 | $22.9M | Reduce -47.3% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 17,700,000 | $21.5M | Add +0.7% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 21,615,000 | $18.4M | New |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | 18,140,000 | $17.1M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 15,200,000 | $17.0M | No change |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 12,596,000 | $17.0M | No change |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 14,760,000 | $15.7M | No change |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 13,265,000 | $13.8M | Add +563.3% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 12,011,000 | $12.7M | Add +115.8% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 11,315,000 | $11.6M | No change |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 11,870,000 | $11.5M | Add +8.0% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 10,730,000 | $10.8M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 9,980,000 | $10.1M | Add +38.6% |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 6,128,000 | $9.9M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 7,770,000 | $9.2M | Reduce -49.1% |
| VAREX IMAGING CORPORATIO (VREX 4 06/01/25) | NOTE 4.000% 6/0 · principal | 8,950,000 | $8.9M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 8,305,000 | $8.3M | No change |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 7,840,000 | $8.1M | Reduce -10.4% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 9,050,000 | $6.9M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 6,250,000 | $6.6M | Reduce -70.4% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 6,292,000 | $6.2M | Reduce -61.4% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 6,000,000 | $5.6M | No change |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 4,975,000 | $5.5M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 5,000,000 | $5.4M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 4,000,000 | $5.2M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 4,465,000 | $4.6M | Add +3.6% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 3,000,000 | $3.9M | No change |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 4,000,000 | $3.8M | Reduce -90.5% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,500,000 | $3.5M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 3,000,000 | $2.9M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 2,500,000 | $2.8M | No change |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 3,000,000 | $2.8M | Add +50.0% |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 2,500,000 | $2.7M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,170,000 | $2.7M | Add +4.8% |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 2,530,000 | $2.5M | No change |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | 1,078,092 | $2.5M | Add +0.7% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 2,500,000 | $2.4M | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 2,000,000 | $2.4M | No change |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 2,181,000 | $2.1M | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 2,000,000 | $2.0M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 2,000,000 | $1.7M | Reduce -20.0% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 1,140,000 | $1.7M | No change |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 870,000 | $1.3M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 15,000 | $890K | New |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 675,000 | $694K | Reduce -32.5% |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | 396,107 | $604K | Add +1.6% |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 589,000 | $562K | No change |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 1,420,990 | $434K | Add +0.3% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 430,000 | $433K | Reduce -47.2% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 400,000 | $394K | No change |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 395,000 | $392K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 460,000 | $390K | No change |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 400,000 | $389K | No change |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 400,000 | $388K | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 400,000 | $378K | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 382,000 | $378K | No change |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 410,000 | $376K | New |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 375,000 | $375K | New |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 394,000 | $371K | No change |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 375,000 | $369K | No change |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 375,000 | $369K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 382,000 | $365K | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 495,000 | $363K | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 353,000 | $334K | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 349,000 | $332K | No change |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 302,000 | $300K | No change |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 272,000 | $255K | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 310,000 | $247K | New |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 242,000 | $231K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 9,266 | $226K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 100,000 | $179K | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 158,000 | $153K | No change |
| LSEAW Landsea Homes Corp.-CW23 | *W EXP 01/08/202 | 2,392,316 | $144K | No change |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | 448,492 | $106K | No change |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 105,000 | $98K | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 115,000 | $93K | No change |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,321 | $65K | No change |
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 220,000 | $62K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 668,646 | $42K | No change |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | 727,117 | $36K | New |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 1,334,846 | $32K | No change |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 5,500 | $25K | New |
| T1 ENERGY INC | *W EXP 07/09/202 | 186,863 | $23K | Reduce -46.1% |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,602 | $8K | No change |
| JSPRW Jasper Therapeutics Inc.-CW26 | *W EXP 09/24/202 | 65,456 | $8K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 9,100 | $5K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 25,171 | $5K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 10,000 | $4K | New |
| AIIOW NWTN Inc. -CW27 | *W EXP 11/11/202 | 64,571 | $2K | No change |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q4 2024 → Q1 2025
| UAN CVR Partners LP | Reduce -91.8% | 0.88% | −9.94 |
| KYN Kayne Anderson Energy Infra | Reduce -12.4% | 13.94% | −1.83 |
| GRNT Granite Ridge Resources Inc. | Reduce -10.7% | 9.09% | −1.73 |
| GDL GDL Fund | Reduce -39.9% | 1.82% | −1.13 |
| ASTS Ast Spacemobile Inc. | Sold out | 0.00% | −0.78 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −0.46 |
| SKIN Skinhealth Systems Inc. | Reduce -31.4% | 0.58% | −0.42 |
| THCH TH International Ltd./Cayman | Reduce -4.2% | 1.37% | −0.36 |
| HTZ Hertz Global Hldgs Inc. | Reduce -55.0% | 0.16% | −0.17 |
| OSISKO DEVELOPMENT CORP | Reduce -0.4% | 1.61% | −0.16 |
| WEST Westrock Coffee Co. | Reduce -11.6% | 10.21% | −0.07 |
| PFIX Simplify Interest Rate Hedge | Sold out | 0.00% | −0.06 |
| PEO Adams Natural Resources Fund | Reduce -53.4% | 0.04% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| SPSB SS SPDR P St C Corp. ETF | New | 16.55% | +16.55 |
| LUXE Luxexperience BV | New | 1.81% | +1.81 |
| LUNR Intuitive Machines Inc. | New | 1.33% | +1.33 |
| SAND Sandstorm Gold Ltd. | New | 1.04% | +1.04 |
| GROY Gold Royalty Corp. | Add +42.8% | 1.66% | +0.68 |
| OPK Opko Health Inc. | Add +4136.7% | 0.63% | +0.62 |
| BRC INC-A | Add +26.2% | 0.48% | −0.10 |
| STKL Sunopta Inc. | Add +43.1% | 3.03% | −0.33 |
| CCO Clear Channel Outdoor Holdin | Add +13.7% | 4.26% | −0.37 |
| URBAN ONE INC | Add +13.1% | 6.21% | −1.38 |
Options Activity Q4 2024 → Q1 2025
| CVR ENERGY INC | call | New | 71,300 | $570K |
| ALLIANCEBERNSTEIN HLDG L P | call | New | 67,400 | $484K |
| B2GOLD CORP | call | New | 350,000 | $298K |
| EQUINOX GOLD CORP | call | New | 130,000 | $247K |
| INVESCO EXCH TRADED FD TR II | put | New | 50,000 | $195K |
| WILLIAMS SONOMA INC | put | New | 12,500 | $181K |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | put | New | 50,000 | $143K |
| MP MATERIALS CORP | call | New | 43,500 | $112K |
| SILVERCORP METALS INC | call | New | 51,800 | $71K |
| HELIX ENERGY SOLUTIONS GRP I | call | New | 90,000 | $59K |
| ENOVIX CORPORATION | call | New | 75,000 | $44K |
| G III APPAREL GROUP LTD | put | New | 15,000 | $40K |
| MEDICAL PPTYS TRUST INC | put | New | 200,000 | $39K |
| VXX Ipath Series B S&P 500 Vix | call | New | 6,000 | $29K |
| STATE STR SPDR S&P 500 ETF T | put | New | 16,000 | $25K |
| PLUG PWR INC | put | New | 10,600 | $7K |
| ISHARES TR | put | New | 12,500 | $7K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +88.7% | 67,529,000 | $69.8M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 69,061,000 | $69.1M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -23.5% | 48,490,000 | $62.5M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Add +0.4% | 57,877,000 | $57.7M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 60,135,000 | $56.7M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +0.5% | 47,535,000 | $51.5M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +0.5% | 42,720,000 | $47.9M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +0.1% | 48,417,000 | $46.1M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +35.0% | 32,645,000 | $39.7M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Add +77.5% | 38,045,000 | $39.0M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Reduce -7.0% | 33,231,000 | $34.4M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -41.0% | 29,050,000 | $29.8M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -20.4% | 24,855,000 | $29.7M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Add +108.8% | 25,480,000 | $29.4M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Reduce -6.2% | 26,950,000 | $26.6M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +831.3% | 23,190,000 | $24.6M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -47.3% | 23,360,000 | $22.9M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +0.7% | 17,700,000 | $21.5M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | New | 21,615,000 | $18.4M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Add +563.3% | 13,265,000 | $13.8M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +115.8% | 12,011,000 | $12.7M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +8.0% | 11,870,000 | $11.5M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +38.6% | 9,980,000 | $10.1M |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | New | 6,128,000 | $9.9M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -49.1% | 7,770,000 | $9.2M |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | Sold out | 3,500,000 | $8.8Mbefore exit |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Sold out | 9,200,000 | $8.6Mbefore exit |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | Reduce -10.4% | 7,840,000 | $8.1M |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | New | 9,050,000 | $6.9M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -70.4% | 6,250,000 | $6.6M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -61.4% | 6,292,000 | $6.2M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +3.6% | 4,465,000 | $4.6M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Reduce -90.5% | 4,000,000 | $3.8M |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Add +50.0% | 3,000,000 | $2.8M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Add +4.8% | 2,170,000 | $2.7M |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | Add +0.7% | 1,078,092 | $2.5M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | New | 2,500,000 | $2.4M |
| PAGERDUTY INC. (PD 1.25 07/01/25) | NOTE 1.250% 7/0 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | NOTE 1.750% 6/1 · principal | Sold out | 1,250,000 | $1.9Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -20.0% | 2,000,000 | $1.7M |
| LUNRW Intuitive Machines Inc.-CW | *W EXP 99/99/999 | Sold out | 118,000 | $927Kbefore exit |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 15,000 | $890K |
| CUTERA INC (CUTR 4 06/01/29) | NOTE 4.000% 6/0 · principal | Sold out | 7,775,000 | $737Kbefore exit |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Reduce -32.5% | 675,000 | $694K |
| CUTERA INC (CUTR 2.25 06/01/28) | NOTE 2.250% 6/0 · principal | Sold out | 7,140,000 | $690Kbefore exit |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | Add +1.6% | 396,107 | $604K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Add +0.3% | 1,420,990 | $434K |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | Reduce -47.2% | 430,000 | $433K |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Sold out | 350,000 | $392Kbefore exit |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | New | 400,000 | $378K |
Showing the first 50 of 63.
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 |