Zazove Associates LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Zazove Associates LLC reported 27 stock positions worth $48.7 million. Its top holding was CVR Partners (UAN) at 14.2% of the portfolio, followed by Kayne Anderson Energy Infra (KYN, 12.7%) and Granite Ridge Resources (GRNT, 10.7%). Compared with Q1 2025, it opened 5 new positions, sold out of 6, added to 4 and reduced 7. The biggest buy was CVR Partners (UAN, shares +1114%) 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
- $48.7M (Q2 2025)
- SEC Filing
- 0001420506-25-002116 ↗ filed Aug 14, 2025
Holdings Value
Holdings 27 stocks · $48.7M
| UAN CVR Partners LP | 14.19% | 77,700 | $6.9M | Add +1114.1% |
| KYN Kayne Anderson Energy Infra | 12.69% | 485,533 | $6.2M | Reduce -18.1% |
| GRNT Granite Ridge Resources Inc. | 10.67% | 815,420 | $5.2M | No change |
| BHR Braemar Hotels & Resorts Inc. | 10.52% | 2,088,686 | $5.1M | No change |
| VUSB Vanguard Ultra Short Bond Et | 10.25% | 100,000 | $5.0M | No change |
| WEST Westrock Coffee Co. | 8.34% | 708,035 | $4.1M | Reduce -8.2% |
| URBAN ONE INC | 6.41% | 4,899,707 | $3.1M | Add +4.2% |
| CCO Clear Channel Outdoor Holdin | 3.68% | 1,529,804 | $1.8M | Reduce -27.0% |
| GROY Gold Royalty Corp. | 2.54% | 560,000 | $1.2M | Reduce -11.1% |
| STKL Sunopta Inc. | 2.49% | 209,168 | $1.2M | Reduce -38.6% |
| GDL GDL Fund | 2.07% | 120,522 | $1.0M | No change |
| LUXE Luxexperience BV | 2.02% | 123,972 | $984K | Reduce -4.9% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 1.94% | 196,596 | $942K | New |
| EOSE Eos Energy Enterprises Inc. | 1.84% | 175,000 | $896K | New |
| THCH TH International Ltd./Cayman | 1.55% | 254,426 | $754K | No change |
| URBAN ONE INC | 1.52% | 461,516 | $739K | No change |
| ENVX Enovix Corp. | 1.06% | 50,000 | $517K | New |
| EQX Equinox Gold Corp. | 0.95% | 80,000 | $460K | New |
| HDSN Hudson Technologies Inc. | 0.94% | 56,250 | $457K | No change |
| CPRI Capri Holdings Ltd. | 0.91% | 25,000 | $443K | No change |
| OSISKO DEVELOPMENT CORP | 0.88% | 200,000 | $428K | Reduce -66.1% |
| BRC INC-A | 0.69% | 258,021 | $338K | Add +104.5% |
| NCMI National Cinemedia Inc. | 0.68% | 68,106 | $330K | New |
| OPK Opko Health Inc. | 0.56% | 207,600 | $274K | No change |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.39% | 30,400 | $190K | No change |
| ET Energy Transfer LP | 0.19% | 5,000 | $91K | No change |
| PEO Adams Natural Resources Fund | 0.04% | 908 | $19K | Add +2.5% |
Options reported separately and not counted above: B2GOLD CORP calls ($422K), TSLL puts ($263K), XRT puts ($245K), DICKS SPORTING GOODS INC puts ($202K), SILVERCORP METALS INC calls ($181K), EQUINOX GOLD CORP calls ($175K), DRAFTKINGS INC NEW calls ($170K), IDEXX LABS INC puts ($119K), MEDICAL PPTYS TRUST INC puts ($110K), PLUG PWR INC puts ($99K), LUCID GROUP INC puts ($95K), ALLIANCEBERNSTEIN HLDG L P calls ($88K), and 11 more.
Other holdings (115): 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 | 67,419,000 | $76.0M | Reduce -0.2% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 70,531,000 | $75.2M | Add +2.1% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 57,000,000 | $67.6M | Add +17.6% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 54,545,000 | $57.8M | Add +14.8% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 57,757,000 | $56.8M | Reduce -0.2% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 45,420,000 | $56.0M | Add +39.1% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 59,925,000 | $53.7M | Reduce -0.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 42,720,000 | $46.1M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 37,815,000 | $45.4M | Reduce -0.6% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 42,625,000 | $42.4M | New |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 42,355,000 | $41.9M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 34,495,000 | $37.9M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 29,430,000 | $35.1M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 28,624,000 | $33.4M | Add +27.5% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 22,965,000 | $30.1M | Reduce -1.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 28,305,000 | $28.4M | Reduce -2.6% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 25,305,000 | $28.4M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 26,950,000 | $26.8M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 17,845,000 | $23.2M | Reduce -30.0% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 21,775,000 | $21.2M | New |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 12,750,000 | $17.5M | New |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | 18,140,000 | $17.2M | No change |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 13,846,000 | $17.0M | Add +9.9% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 15,265,000 | $15.7M | Add +15.1% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 13,100,000 | $15.5M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 13,530,000 | $14.5M | Add +35.6% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 13,531,000 | $14.3M | Add +26.1% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 12,740,000 | $13.4M | Add +6.1% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 11,315,000 | $11.2M | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 7,470,000 | $9.4M | Reduce -3.9% |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 6,128,000 | $8.5M | No change |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 7,450,000 | $7.4M | Add +19.2% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 4,805,000 | $7.3M | Reduce -80.7% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 4,000,000 | $7.2M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 4,750,000 | $6.8M | Reduce -73.2% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 6,580,000 | $6.2M | Reduce -86.4% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 9,050,000 | $6.2M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 6,292,000 | $6.1M | No change |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 5,275,000 | $6.1M | New |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 4,000,000 | $5.9M | Add +33.3% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 4,975,000 | $5.3M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 5,000,000 | $5.1M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 4,000,000 | $4.1M | Add +33.3% |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 2,500,000 | $4.0M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,920,000 | $3.9M | Add +34.6% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 4,000,000 | $3.8M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 4,000,000 | $3.7M | Add +100.0% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 3,300,000 | $3.4M | Reduce -90.1% |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | 1,086,672 | $3.4M | Add +0.8% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,500,000 | $3.2M | No change |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 2,000,000 | $2.8M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 2,500,000 | $2.7M | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,520,000 | $2.6M | New |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 2,000,000 | $2.6M | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 2,000,000 | $2.3M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 1,630,000 | $2.3M | Reduce -91.0% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 2,000,000 | $2.3M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 2,000,000 | $2.0M | Reduce -75.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 2,090,000 | $1.8M | Reduce -90.3% |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | 400,787 | $1.7M | Add +1.2% |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | 1,425,000 | $1.6M | New |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 1,500,000 | $1.5M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 830,000 | $917K | Reduce -94.5% |
| BULLW Webull Corp.-30 | *W EXP 04/10/203 | 145,605 | $582K | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 450,000 | $539K | Reduce -97.0% |
| USA RARE EARTH INC | *W EXP 03/13/203 | 223,418 | $528K | New |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 455,000 | $516K | Reduce -32.6% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 1,425,190 | $499K | Add +0.3% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 470,000 | $476K | Reduce -89.5% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 430,000 | $453K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 460,000 | $399K | No change |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 400,000 | $398K | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 495,000 | $390K | No change |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 400,000 | $389K | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 400,000 | $383K | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 382,000 | $381K | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 400,000 | $379K | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 385,000 | $378K | New |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 375,000 | $375K | No change |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 394,000 | $375K | No change |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 375,000 | $371K | No change |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 410,000 | $370K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 382,000 | $369K | No change |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 375,000 | $369K | No change |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | 145,000 | $347K | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 353,000 | $334K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 100,000 | $324K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 220 | $258K | New |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 260,000 | $254K | New |
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | 315,000 | $254K | New |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 260,000 | $252K | New |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 310,000 | $239K | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 242,000 | $232K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 9,266 | $220K | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 158,000 | $155K | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 134,000 | $129K | Reduce -77.3% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 115,000 | $110K | Reduce -67.0% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 115,000 | $97K | No change |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 100,000 | $97K | Reduce -95.4% |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | 454,488 | $91K | Add +1.3% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 84,000 | $79K | Reduce -69.1% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,321 | $65K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 668,646 | $65K | No change |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 5,500 | $35K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 1,334,846 | $25K | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 807 | $25K | New |
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 220,000 | $22K | No change |
| T1 ENERGY INC | *W EXP 07/09/202 | 186,863 | $19K | No change |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | 727,117 | $8K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,602 | $8K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 25,171 | $7K | No change |
| JSPRW Jasper Therapeutics Inc.-CW26 | *W EXP 09/24/202 | 65,456 | $6K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 9,100 | $6K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 10,000 | $5K | No change |
| AIIOW NWTN Inc. -CW27 | *W EXP 11/11/202 | 64,571 | $3K | No change |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q1 2025 → Q2 2025
| SPSB SS SPDR P St C Corp. ETF | Sold out | 0.00% | −16.55 |
| WEST Westrock Coffee Co. | Reduce -8.2% | 8.34% | −1.87 |
| LUNR Intuitive Machines Inc. | Sold out | 0.00% | −1.33 |
| KYN Kayne Anderson Energy Infra | Reduce -18.1% | 12.69% | −1.25 |
| CMLSQ Cumulus Media Inc. Class A | Sold out | 0.00% | −1.24 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −1.04 |
| OSISKO DEVELOPMENT CORP | Reduce -66.1% | 0.88% | −0.73 |
| CCO Clear Channel Outdoor Holdin | Reduce -27.0% | 3.68% | −0.58 |
| SKIN Skinhealth Systems Inc. | Sold out | 0.00% | −0.58 |
| STKL Sunopta Inc. | Reduce -38.6% | 2.49% | −0.54 |
| HTZ Hertz Global Hldgs Inc. | Sold out | 0.00% | −0.16 |
| LUXE Luxexperience BV | Reduce -4.9% | 2.02% | +0.22 |
| GROY Gold Royalty Corp. | Reduce -11.1% | 2.54% | +0.88 |
Portfolio Buys Q1 2025 → Q2 2025
| UAN CVR Partners LP | Add +1114.1% | 14.19% | +13.30 |
| REAL The Realreal Inc. | New | 1.94% | +1.94 |
| EOSE Eos Energy Enterprises Inc. | New | 1.84% | +1.84 |
| ENVX Enovix Corp. | New | 1.06% | +1.06 |
| EQX Equinox Gold Corp. | New | 0.95% | +0.95 |
| NCMI National Cinemedia Inc. | New | 0.68% | +0.68 |
| BRC INC-A | Add +104.5% | 0.69% | +0.21 |
| URBAN ONE INC | Add +4.2% | 6.41% | +0.21 |
| PEO Adams Natural Resources Fund | Add +2.5% | 0.04% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| CVR ENERGY INC | call | Sold out | 71,300 | $570Kbefore exit |
| B2GOLD CORP | call | Add +0.4% | 351,500 | $422K |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | put | Add +100.0% | 100,000 | $263K |
| XRT SS SPDR S&P Retail ETF | put | New | 75,000 | $245K |
| DICKS SPORTING GOODS INC | put | New | 15,000 | $202K |
| INVESCO EXCH TRADED FD TR II | put | Sold out | 50,000 | $195Kbefore exit |
| WILLIAMS SONOMA INC | put | Sold out | 12,500 | $181Kbefore exit |
| SILVERCORP METALS INC | call | Add +99.2% | 103,200 | $181K |
| EQUINOX GOLD CORP | call | Add +15.4% | 150,000 | $175K |
| DRAFTKINGS INC NEW | call | New | 50,000 | $170K |
| IDEXX LABS INC | put | New | 12,500 | $119K |
| MEDICAL PPTYS TRUST INC | put | Reduce -25.0% | 150,000 | $110K |
| PLUG PWR INC | put | Add +4145.3% | 450,000 | $99K |
| LUCID GROUP INC | put | New | 106,200 | $95K |
| CIRCLE INTERNET GROUP INC | put | New | 2,500 | $81K |
| ARK ETF TR | put | New | 30,000 | $77K |
| APPLE INC | put | New | 17,000 | $74K |
| COREWEAVE INC | put | New | 2,500 | $67K |
| HELIX ENERGY SOLUTIONS GRP I | call | Sold out | 90,000 | $59Kbefore exit |
| SNAP INC | put | New | 100,000 | $53K |
| ENOVIX CORPORATION | call | Sold out | 75,000 | $44Kbefore exit |
| G III APPAREL GROUP LTD | put | Sold out | 15,000 | $40Kbefore exit |
| PAYPAL HLDGS INC | put | New | 39,100 | $40K |
| VXX Ipath Series B S&P 500 Vix | call | Sold out | 6,000 | $29Kbefore exit |
| ISHARES SILVER TR | call | New | 8,700 | $17K |
| ALIGN TECHNOLOGY INC | put | New | 5,000 | $12K |
| STATE STR SPDR S&P 500 ETF T | put | Add +68.8% | 27,000 | $11K |
| ISHARES TR | put | Sold out | 12,500 | $7Kbefore exit |
| MP MATERIALS CORP | call | Reduce -97.2% | 1,200 | $5K |
| FIRST TR STOXX EURO DIV FD | put | New | 13,700 | $3K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Reduce -0.2% | 67,419,000 | $76.0M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +2.1% | 70,531,000 | $75.2M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +17.6% | 57,000,000 | $67.6M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +14.8% | 54,545,000 | $57.8M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Reduce -0.2% | 57,757,000 | $56.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +39.1% | 45,420,000 | $56.0M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -0.3% | 59,925,000 | $53.7M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -0.6% | 37,815,000 | $45.4M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 42,625,000 | $42.4M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 42,355,000 | $41.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 34,495,000 | $37.9M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 29,430,000 | $35.1M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Add +27.5% | 28,624,000 | $33.4M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -1.0% | 22,965,000 | $30.1M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -2.6% | 28,305,000 | $28.4M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | New | 25,305,000 | $28.4M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -30.0% | 17,845,000 | $23.2M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Sold out | 23,360,000 | $22.9Mbefore exit |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 21,775,000 | $21.2M |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | New | 12,750,000 | $17.5M |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Add +9.9% | 13,846,000 | $17.0M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Add +15.1% | 15,265,000 | $15.7M |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | New | 13,100,000 | $15.5M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +35.6% | 13,530,000 | $14.5M |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | Add +26.1% | 13,531,000 | $14.3M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +6.1% | 12,740,000 | $13.4M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Sold out | 11,870,000 | $11.5Mbefore exit |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -3.9% | 7,470,000 | $9.4M |
| VAREX IMAGING CORPORATIO (VREX 4 06/01/25) | NOTE 4.000% 6/0 · principal | Sold out | 8,950,000 | $8.9Mbefore exit |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | Sold out | 7,840,000 | $8.1Mbefore exit |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Add +19.2% | 7,450,000 | $7.4M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -80.7% | 4,805,000 | $7.3M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -73.2% | 4,750,000 | $6.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -86.4% | 6,580,000 | $6.2M |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | New | 5,275,000 | $6.1M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Add +33.3% | 4,000,000 | $5.9M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 6,000,000 | $5.6Mbefore exit |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +33.3% | 4,000,000 | $4.1M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Add +34.6% | 2,920,000 | $3.9M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +100.0% | 4,000,000 | $3.7M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Reduce -90.1% | 3,300,000 | $3.4M |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | Add +0.8% | 1,086,672 | $3.4M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | New | 2,000,000 | $2.8M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 2,500,000 | $2.8Mbefore exit |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Sold out | 3,000,000 | $2.8Mbefore exit |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 2,520,000 | $2.6M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 2,000,000 | $2.6M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Sold out | 2,530,000 | $2.5Mbefore exit |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Reduce -91.0% | 1,630,000 | $2.3M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -75.9% | 2,000,000 | $2.0M |
Showing the first 50 of 82.
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 |