Zazove Associates LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Zazove Associates LLC reported 30 stock positions worth $44.4 million. Its top holding was Braemar Hotels & Resorts (BHR) at 14.0% of the portfolio, followed by Vanguard Ultra Short Bond Et (VUSB, 11.3%) and Kayne Anderson Energy Infra (KYN, 10.8%). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 7 and reduced 9. The biggest buy was Braemar Hotels & Resorts (BHR, shares +9%) and the biggest sale an exit from Granite Ridge Resources (GRNT).
- Most Recent 13F
- Q2 2026
- Location
- INCLINE VILLAGE, NV
- CIK
- 0001009012
- Portfolio Value
- $44.4M (Q3 2025)
- SEC Filing
- 0001420506-25-002864 ↗ filed Oct 17, 2025
Holdings Value
Holdings 30 stocks · $44.4M
| BHR Braemar Hotels & Resorts Inc. | 13.96% | 2,269,263 | $6.2M | Add +8.7% |
| VUSB Vanguard Ultra Short Bond Et | 11.27% | 100,000 | $5.0M | No change |
| KYN Kayne Anderson Energy Infra | 10.82% | 387,961 | $4.8M | Reduce -20.1% |
| URBAN ONE INC | 8.16% | 5,024,431 | $3.6M | Add +2.5% |
| UAN CVR Partners LP | 7.99% | 39,345 | $3.5M | Reduce -49.4% |
| WEST Westrock Coffee Co. | 6.84% | 623,975 | $3.0M | Reduce -11.9% |
| CCO Clear Channel Outdoor Holdin | 4.36% | 1,225,000 | $1.9M | Reduce -19.9% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 3.35% | 140,000 | $1.5M | Reduce -28.8% |
| LUXE Luxexperience BV | 3.26% | 170,000 | $1.4M | Add +37.1% |
| STKL Sunopta Inc. | 3.17% | 240,000 | $1.4M | Add +14.7% |
| GROY Gold Royalty Corp. | 2.83% | 325,000 | $1.3M | Reduce -42.0% |
| EQX Equinox Gold Corp. | 2.53% | 100,000 | $1.1M | Add +25.0% |
| GDL GDL Fund | 2.32% | 120,522 | $1.0M | No change |
| MNTN MNTN Inc. Class A | 2.09% | 50,000 | $928K | New |
| BKD Brookdale Senior Living Inc. | 1.91% | 100,000 | $847K | New |
| NCMI National Cinemedia Inc. | 1.83% | 180,239 | $813K | Add +164.6% |
| ASA ASA Gold and Precious Metals | 1.83% | 17,700 | $811K | New |
| OSISKO DEVELOPMENT CORP | 1.53% | 200,000 | $678K | No change |
| URBAN ONE INC | 1.45% | 461,516 | $642K | No change |
| SAND Sandstorm Gold Ltd. | 1.41% | 50,000 | $626K | New |
| THCH TH International Ltd./Cayman | 1.39% | 237,693 | $616K | Reduce -6.6% |
| ENVX Enovix Corp. | 1.12% | 50,000 | $499K | No change |
| CPRI Capri Holdings Ltd. | 1.12% | 25,000 | $498K | No change |
| HDSN Hudson Technologies Inc. | 1.12% | 50,000 | $497K | Reduce -11.1% |
| BRC INC-A | 0.87% | 248,021 | $387K | Reduce -3.9% |
| OPK Opko Health Inc. | 0.73% | 207,600 | $322K | No change |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.45% | 30,400 | $199K | No change |
| ET Energy Transfer LP | 0.19% | 5,000 | $86K | No change |
| MIR Mirion Technologies Inc. | 0.05% | 1,000 | $23K | New |
| PEO Adams Natural Resources Fund | 0.05% | 930 | $20K | Add +2.4% |
Options reported separately and not counted above: PBF ENERGY INC puts ($455K), B2GOLD CORP calls ($404K), FLUTTER ENTMT PLC calls ($286K), XRT puts ($286K), CVR ENERGY INC calls ($219K), DIAGEO PLC puts ($200K), BLOOM ENERGY CORP puts ($200K), URA calls ($192K), BRUKER CORP calls ($168K), SILVERCORP METALS INC calls ($158K), ALLIANCEBERNSTEIN HLDG L P calls ($151K), ISHARES SILVER TR calls ($130K), and 14 more.
Other holdings (114): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 56,887,000 | $64.9M | Reduce -19.3% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 47,695,000 | $61.4M | Reduce -16.3% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 56,415,000 | $60.8M | Reduce -16.3% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 46,655,000 | $51.4M | Add +2.7% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 41,170,000 | $45.2M | Reduce -2.8% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 41,685,000 | $44.7M | Reduce -23.6% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 35,620,000 | $42.3M | Add +55.1% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 32,480,000 | $37.3M | Add +10.4% |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 32,635,000 | $35.3M | New |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 33,127,000 | $32.8M | Reduce -42.6% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 28,080,000 | $32.1M | Reduce -34.3% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 26,965,000 | $30.1M | Reduce -21.8% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 32,660,000 | $29.9M | Reduce -45.5% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 31,950,000 | $29.5M | Reduce -25.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 23,675,000 | $28.2M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 26,250,000 | $26.5M | Reduce -2.6% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 23,255,000 | $24.5M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 19,265,000 | $24.2M | Reduce -32.7% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 16,515,000 | $20.5M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 14,700,000 | $20.4M | Reduce -61.1% |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | 17,650,000 | $17.3M | Reduce -2.7% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 14,350,000 | $16.8M | Add +6.0% |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 9,850,000 | $15.1M | Reduce -22.8% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 9,430,000 | $14.8M | New |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 10,255,000 | $14.5M | Add +2284.9% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 13,155,000 | $13.4M | Add +0.4% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 9,795,000 | $13.4M | Add +103.8% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 13,050,000 | $13.4M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 13,270,000 | $13.1M | Reduce -1.9% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 12,826,000 | $12.9M | Add +0.7% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 10,650,000 | $10.9M | Reduce -51.1% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 11,055,000 | $10.9M | Reduce -2.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 7,417 | $9.5M | New |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 5,918,000 | $9.1M | Reduce -3.4% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 8,140,000 | $9.0M | Add +307.0% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 6,000,000 | $9.0M | Reduce -60.7% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 8,555,000 | $8.6M | Reduce -69.8% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 9,550,000 | $6.2M | Add +5.5% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 6,000,000 | $6.1M | Reduce -19.5% |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 5,065,000 | $5.6M | Reduce -4.0% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 2,871,000 | $5.5M | Reduce -79.3% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 5,000,000 | $5.4M | No change |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 3,500,000 | $4.5M | Add +40.0% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 3,770,000 | $4.2M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 4,000,000 | $4.2M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,920,000 | $3.9M | No change |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 4,000,000 | $3.8M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 4,000,000 | $3.7M | No change |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 2,500,000 | $3.5M | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 3,300,000 | $3.5M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 3,000,000 | $3.0M | New |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,520,000 | $2.7M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,500,000 | $2.6M | No change |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 2,000,000 | $2.3M | No change |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 2,105,000 | $2.3M | Reduce -57.7% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 2,000,000 | $2.3M | No change |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | 1,118,221 | $2.2M | Add +2.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 2,090,000 | $1.9M | No change |
| USA RARE EARTH INC | *W EXP 03/13/203 | 223,418 | $1.6M | No change |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 1,500,000 | $1.6M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 1,125,000 | $1.6M | Reduce -31.0% |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | 436,999 | $1.5M | Add +9.0% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,050,000 | $1.4M | Reduce -85.9% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 1,285,000 | $1.4M | Add +182.4% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 1,486,590 | $1.1M | Add +4.3% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 897,000 | $906K | Reduce -85.7% |
| BULLW Webull Corp.-30 | *W EXP 04/10/203 | 145,605 | $881K | No change |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | 145,000 | $875K | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 620,000 | $583K | Reduce -90.6% |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 500,000 | $451K | New |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 27,512 | $445K | New |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 495,000 | $431K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 460,000 | $412K | No change |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 410,000 | $393K | No change |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 70,580 | $392K | Add +1183.3% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 400,000 | $391K | No change |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 420,000 | $390K | New |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 404,000 | $390K | New |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 400,000 | $390K | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 382,000 | $382K | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 385,000 | $381K | No change |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 375,000 | $375K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 382,000 | $374K | No change |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 375,000 | $373K | No change |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 1,300 | $352K | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 353,000 | $345K | No change |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 140,587 | $323K | New |
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | 315,000 | $279K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 220 | $272K | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 310,000 | $268K | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 260,000 | $257K | No change |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 260,000 | $256K | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 242,000 | $235K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 9,266 | $234K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 100,000 | $220K | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 158,000 | $157K | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 134,000 | $131K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 668,646 | $130K | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 115,000 | $112K | No change |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 100,000 | $99K | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 115,000 | $98K | No change |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | 491,935 | $96K | Add +8.2% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 2,983 | $95K | Add +269.6% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 84,000 | $81K | No change |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,321 | $66K | No change |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 67,700 | $39K | New |
| EOS ENERGY ENTER -CW26 | *W EXP 11/17/202 | 17,300 | $30K | New |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 1,334,846 | $26K | No change |
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 220,000 | $20K | No change |
| AIIOW NWTN Inc. -CW27 | *W EXP 11/11/202 | 64,571 | $10K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,602 | $10K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 9,100 | $8K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 25,171 | $7K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 4,540 | $696 | Reduce -54.6% |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 2025
| GRNT Granite Ridge Resources Inc. | Sold out | 0.00% | −10.67 |
| UAN CVR Partners LP | Reduce -49.4% | 7.99% | −6.19 |
| KYN Kayne Anderson Energy Infra | Reduce -20.1% | 10.82% | −1.87 |
| EOSE Eos Energy Enterprises Inc. | Sold out | 0.00% | −1.84 |
| WEST Westrock Coffee Co. | Reduce -11.9% | 6.84% | −1.50 |
| THCH TH International Ltd./Cayman | Reduce -6.6% | 1.39% | −0.16 |
| BRC INC-A | Reduce -3.9% | 0.87% | +0.18 |
| HDSN Hudson Technologies Inc. | Reduce -11.1% | 1.12% | +0.18 |
| GROY Gold Royalty Corp. | Reduce -42.0% | 2.83% | +0.28 |
| CCO Clear Channel Outdoor Holdin | Reduce -19.9% | 4.36% | +0.68 |
| REAL The Realreal Inc. | Reduce -28.8% | 3.35% | +1.42 |
Portfolio Buys Q2 2025 → Q3 2025
| BHR Braemar Hotels & Resorts Inc. | Add +8.7% | 13.96% | +3.45 |
| MNTN MNTN Inc. Class A | New | 2.09% | +2.09 |
| BKD Brookdale Senior Living Inc. | New | 1.91% | +1.91 |
| ASA ASA Gold and Precious Metals | New | 1.83% | +1.83 |
| URBAN ONE INC | Add +2.5% | 8.16% | +1.75 |
| EQX Equinox Gold Corp. | Add +25.0% | 2.53% | +1.58 |
| SAND Sandstorm Gold Ltd. | New | 1.41% | +1.41 |
| LUXE Luxexperience BV | Add +37.1% | 3.26% | +1.23 |
| NCMI National Cinemedia Inc. | Add +164.6% | 1.83% | +1.15 |
| STKL Sunopta Inc. | Add +14.7% | 3.17% | +0.68 |
| MIR Mirion Technologies Inc. | New | 0.05% | +0.05 |
| PEO Adams Natural Resources Fund | Add +2.4% | 0.05% | +0.01 |
Options Activity Q2 2025 → Q3 2025
| PBF ENERGY INC | put | New | 100,000 | $455K |
| FLUTTER ENTMT PLC | call | New | 20,000 | $286K |
| XRT SS SPDR S&P Retail ETF | put | Reduce -6.7% | 70,000 | $286K |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | put | Sold out | 100,000 | $263Kbefore exit |
| CVR ENERGY INC | call | New | 35,300 | $219K |
| DICKS SPORTING GOODS INC | put | Sold out | 15,000 | $202Kbefore exit |
| DIAGEO PLC | put | New | 28,800 | $200K |
| BLOOM ENERGY CORP | put | New | 10,000 | $200K |
| URA Global X Uranium ETF | call | New | 60,000 | $192K |
| BRUKER CORP | call | New | 51,000 | $168K |
| ALLIANCEBERNSTEIN HLDG L P | call | Add +173.6% | 184,400 | $151K |
| ISHARES SILVER TR | call | Add +474.7% | 50,000 | $130K |
| IDEXX LABS INC | put | Sold out | 12,500 | $119Kbefore exit |
| PLUG PWR INC | put | Reduce -33.3% | 300,000 | $116K |
| DELEK US HLDGS INC NEW | call | New | 30,000 | $107K |
| GENESIS ENERGY L P | call | New | 25,000 | $106K |
| LUCID GROUP INC | put | Sold out | 106,200 | $95Kbefore exit |
| EQUINOX GOLD CORP | call | Reduce -83.3% | 25,000 | $87K |
| CIRCLE INTERNET GROUP INC | put | Sold out | 2,500 | $81Kbefore exit |
| ARK ETF TR | put | Sold out | 30,000 | $77Kbefore exit |
| KOHLS CORP | put | New | 60,000 | $77K |
| APPLE INC | put | Sold out | 17,000 | $74Kbefore exit |
| COREWEAVE INC | put | Sold out | 2,500 | $67Kbefore exit |
| EWG iShares MSCI Germany ETF | put | New | 100,000 | $65K |
| UL SOLUTIONS INC | call | New | 10,000 | $63K |
| SNAP INC | put | Sold out | 100,000 | $53Kbefore exit |
| RYDER SYS INC | put | New | 10,000 | $49K |
| 10X GENOMICS INC | call | New | 20,000 | $41K |
| PAYPAL HLDGS INC | put | Sold out | 39,100 | $40Kbefore exit |
| STATE STR SPDR S&P 500 ETF T | put | Add +42.6% | 38,500 | $32K |
| ALIGN TECHNOLOGY INC | put | Sold out | 5,000 | $12Kbefore exit |
| MP MATERIALS CORP | call | Sold out | 1,200 | $5Kbefore exit |
| USA RARE EARTH INC | put | New | 10,000 | $4K |
| FIRST TR STOXX EURO DIV FD | put | Sold out | 13,700 | $3Kbefore exit |
| CVR PARTNERS LP/CVR NITROGEN | call | New | 100 | $228 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Reduce -19.3% | 56,887,000 | $64.9M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -16.3% | 47,695,000 | $61.4M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Reduce -16.3% | 56,415,000 | $60.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +2.7% | 46,655,000 | $51.4M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Reduce -2.8% | 41,170,000 | $45.2M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -23.6% | 41,685,000 | $44.7M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +55.1% | 35,620,000 | $42.3M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +10.4% | 32,480,000 | $37.3M |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 32,635,000 | $35.3M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Reduce -42.6% | 33,127,000 | $32.8M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -34.3% | 28,080,000 | $32.1M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Reduce -21.8% | 26,965,000 | $30.1M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -45.5% | 32,660,000 | $29.9M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Reduce -25.0% | 31,950,000 | $29.5M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Sold out | 25,305,000 | $28.4Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | New | 23,675,000 | $28.2M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Reduce -2.6% | 26,250,000 | $26.5M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | New | 23,255,000 | $24.5M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -32.7% | 19,265,000 | $24.2M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 17,845,000 | $23.2Mbefore exit |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 16,515,000 | $20.5M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -61.1% | 14,700,000 | $20.4M |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | Reduce -2.7% | 17,650,000 | $17.3M |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | Add +6.0% | 14,350,000 | $16.8M |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | Reduce -22.8% | 9,850,000 | $15.1M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | New | 9,430,000 | $14.8M |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | Add +2284.9% | 10,255,000 | $14.5M |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | Add +0.4% | 13,155,000 | $13.4M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +103.8% | 9,795,000 | $13.4M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | New | 13,050,000 | $13.4M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -1.9% | 13,270,000 | $13.1M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +0.7% | 12,826,000 | $12.9M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Reduce -51.1% | 10,650,000 | $10.9M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Reduce -2.3% | 11,055,000 | $10.9M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | New | 7,417 | $9.5M |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | Reduce -3.4% | 5,918,000 | $9.1M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +307.0% | 8,140,000 | $9.0M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Reduce -60.7% | 6,000,000 | $9.0M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -69.8% | 8,555,000 | $8.6M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Sold out | 4,000,000 | $7.2Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Sold out | 4,750,000 | $6.8Mbefore exit |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | Add +5.5% | 9,550,000 | $6.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -19.5% | 6,000,000 | $6.1M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Sold out | 4,000,000 | $5.9Mbefore exit |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | Reduce -4.0% | 5,065,000 | $5.6M |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Reduce -79.3% | 2,871,000 | $5.5M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Add +40.0% | 3,500,000 | $4.5M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | New | 3,770,000 | $4.2M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | New | 3,000,000 | $3.0M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Sold out | 2,000,000 | $2.6Mbefore exit |
Showing the first 50 of 83.
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 |