Zazove Associates LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Zazove Associates LLC reported 48 stock positions worth $55.6 million. Its top holding was Braemar Hotels & Resorts (BHR) at 12.6% of the portfolio, followed by Kayne Anderson Energy Infra (KYN, 9.2%) and Vanguard Ultra Short Bond Et (VUSB, 9.0%). Compared with Q3 2025, it opened 24 new positions, sold out of 6, added to 14 and reduced 5. The biggest buy was a new position in Granite Ridge Resources (GRNT) and the biggest sale an exit from Equinox Gold (EQX).
- Most Recent 13F
- Q2 2026
- Location
- INCLINE VILLAGE, NV
- CIK
- 0001009012
- Portfolio Value
- $55.6M (Q4 2025)
- SEC Filing
- 0001009012-26-000003 ↗ filed Feb 18, 2026
Holdings Value
Holdings 48 stocks · $55.6M
| BHR Braemar Hotels & Resorts Inc. | 12.56% | 2,432,460 | $7.0M | Add +7.2% |
| KYN Kayne Anderson Energy Infra | 9.24% | 414,961 | $5.1M | Add +7.0% |
| VUSB Vanguard Ultra Short Bond Et | 8.96% | 100,000 | $5.0M | No change |
| URBAN ONE INC | 7.73% | 5,083,163 | $4.3M | Add +1.2% |
| UAN CVR Partners LP | 7.25% | 39,345 | $4.0M | No change |
| GRNT Granite Ridge Resources Inc. | 5.77% | 683,056 | $3.2M | New |
| CCO Clear Channel Outdoor Holdin | 5.41% | 1,360,000 | $3.0M | Add +11.0% |
| WEST Westrock Coffee Co. | 4.35% | 593,726 | $2.4M | Reduce -4.8% |
| ASA ASA Gold and Precious Metals | 3.40% | 31,655 | $1.9M | Add +78.8% |
| LUXE Luxexperience BV | 3.01% | 200,374 | $1.7M | Add +17.9% |
| MNTN MNTN Inc. Class A | 2.72% | 126,601 | $1.5M | Add +153.2% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 2.70% | 95,000 | $1.5M | Reduce -32.1% |
| BKD Brookdale Senior Living Inc. | 2.52% | 130,000 | $1.4M | Add +30.0% |
| GROY Gold Royalty Corp. | 2.43% | 335,000 | $1.4M | Add +3.1% |
| B2GOLD CORP | 2.23% | 934,200 | $1.2M | New |
| STKL Sunopta Inc. | 1.88% | 275,000 | $1.0M | Add +14.6% |
| GDL GDL Fund | 1.84% | 120,522 | $1.0M | No change |
| NCMI National Cinemedia Inc. | 1.80% | 257,375 | $1.0M | Add +42.8% |
| OSISKO DEVELOPMENT CORP | 1.63% | 260,000 | $907K | Add +30.0% |
| BRC INC-A | 1.08% | 539,454 | $599K | Add +117.5% |
| THCH TH International Ltd./Cayman | 1.02% | 228,387 | $569K | Reduce -3.9% |
| USAS Americas Gold and Silver Cor | 0.92% | 100,000 | $511K | New |
| RYDER SYS INC | 0.84% | 25,600 | $466K | New |
| URBAN ONE INC | 0.81% | 431,816 | $449K | Reduce -6.4% |
| GENESIS ENERGY L P | 0.79% | 133,800 | $442K | New |
| HDSN Hudson Technologies Inc. | 0.62% | 50,000 | $343K | No change |
| PBF ENERGY INC | 0.58% | 100,000 | $325K | New |
| DELEK US HLDGS INC NEW | 0.57% | 115,000 | $315K | New |
| GE VERNOVA INC | 0.54% | 5,000 | $298K | New |
| SYM Symbotic Inc. | 0.54% | 5,000 | $298K | New |
| SVM Silvercorp Metals Inc. | 0.52% | 34,500 | $288K | New |
| BKV CORP | 0.43% | 50,000 | $240K | New |
| ALLIANCEBERNSTEIN HLDG L P | 0.43% | 63,300 | $237K | New |
| PCT Purecycle Technologies Inc. | 0.40% | 25,869 | $222K | New |
| ISHARES INC | 0.39% | 300,000 | $218K | New |
| OPK Opko Health Inc. | 0.34% | 150,000 | $189K | Reduce -27.8% |
| SYMBOTIC INC | 0.30% | 17,000 | $168K | New |
| UL SOLUTIONS INC | 0.26% | 20,000 | $146K | New |
| 10X GENOMICS INC | 0.25% | 60,000 | $140K | New |
| EQUINOX GOLD CORP | 0.18% | 25,000 | $98K | New |
| PARSONS CORP DEL | 0.15% | 25,000 | $85K | New |
| ET Energy Transfer LP | 0.15% | 5,000 | $82K | No change |
| SILVERCORP METALS INC | 0.14% | 68,700 | $77K | New |
| HILTON WORLDWIDE HLDGS INC | 0.14% | 12,500 | $77K | New |
| GENERAL MILLS INC | 0.08% | 25,000 | $44K | New |
| STATE STR SPDR S&P 500 ETF T | 0.06% | 59,500 | $33K | New |
| PEO Adams Natural Resources Fund | 0.04% | 950 | $21K | Add +2.1% |
| CARVANA CO | 0.02% | 3,000 | $11K | New |
Other holdings (112): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 61,110,000 | $63.0M | Add +46.6% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 56,880,000 | $61.8M | Add +0.8% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 60,945,000 | $61.8M | Add +30.6% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 59,237,000 | $61.2M | Add +4.1% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 42,175,000 | $59.8M | Reduce -11.6% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 49,276,000 | $56.1M | Add +403.1% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 41,180,000 | $52.7M | Add +0.0% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 39,930,000 | $45.7M | Add +12.1% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 30,975,000 | $34.9M | Add +2653.3% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 33,865,000 | $34.3M | Add +4.3% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 23,135,000 | $30.9M | Reduce -2.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 27,880,000 | $30.6M | Reduce -0.7% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 28,550,000 | $30.5M | Add +5.9% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 26,300,000 | $28.9M | Add +0.2% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 21,755,000 | $28.6M | Add +112.1% |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 25,305,000 | $27.9M | New |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 23,985,000 | $22.3M | Reduce -26.5% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 21,275,000 | $22.1M | Reduce -33.4% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 19,815,000 | $21.6M | Add +20.0% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 17,265,000 | $21.1M | Reduce -10.4% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 18,942,000 | $20.6M | Reduce -42.8% |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | NOTE 2.000%10/1 · principal | 14,350,000 | $19.7M | No change |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 15,445,000 | $17.5M | New |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | 17,450,000 | $17.2M | Reduce -1.1% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 16,960,000 | $15.3M | Reduce -48.1% |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 8,175,000 | $13.1M | Reduce -17.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 13,401,000 | $13.0M | Add +4.5% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 11,190,000 | $11.8M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 10,685,000 | $11.1M | Add +256.2% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 6,000,000 | $10.1M | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 7,817 | $9.8M | Add +5.4% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 8,297,000 | $9.3M | Add +825.0% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 9,055,000 | $8.9M | Reduce -18.1% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 8,555,000 | $8.5M | No change |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 5,918,000 | $7.9M | No change |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 8,095,000 | $7.7M | Reduce -38.5% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 5,770,000 | $6.8M | Add +53.0% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 6,000,000 | $6.2M | No change |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 5,095,000 | $5.4M | Add +0.6% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 5,000,000 | $5.2M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 4,000,000 | $5.0M | No change |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 4,500,000 | $5.0M | New |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 2,965,000 | $4.6M | Reduce -68.6% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 3,500,000 | $4.2M | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 4,150,000 | $4.1M | Reduce -61.0% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 4,000,000 | $3.8M | No change |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 2,500,000 | $3.7M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,920,000 | $3.7M | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 3,300,000 | $3.3M | No change |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 2,600,000 | $3.2M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,500,000 | $2.9M | No change |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 6,525,000 | $2.8M | Reduce -31.7% |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 2,800,000 | $2.8M | New |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | 2,000,000 | $2.4M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 2,105,000 | $2.3M | No change |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 2,500,000 | $2.2M | New |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | 1,129,943 | $2.2M | Add +1.1% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 144,113 | $2.1M | Add +423.8% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,130,000 | $2.1M | Reduce -15.5% |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 2,000,000 | $2.1M | No change |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 1,500,000 | $1.5M | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,050,000 | $1.5M | No change |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 909,467 | $1.4M | Add +546.9% |
| NNAVW Nextnav Inc. | *W EXP 99/99/999 | 170,655 | $1.2M | Add +141.8% |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 997,040 | $1.1M | Add +897.0% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 1,095,000 | $1.1M | Reduce -91.6% |
| PL.WS Planet Labs PBC -CW26 | *W EXP 12/06/202 | 95,000 | $815K | New |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 1,538,612 | $808K | Add +3.5% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 600,000 | $579K | Reduce -95.5% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 630,000 | $554K | Add +447.8% |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | 575,464 | $552K | Add +31.7% |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 550,000 | $522K | New |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 500,000 | $454K | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 495,000 | $449K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 460,000 | $420K | No change |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 420,000 | $398K | No change |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 404,000 | $396K | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 400,000 | $396K | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 400,000 | $394K | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 400,000 | $390K | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 385,000 | $382K | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 382,000 | $382K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 382,000 | $378K | No change |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 375,000 | $377K | No change |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 353,000 | $348K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 220 | $267K | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 300,000 | $263K | New |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 260,000 | $260K | No change |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 260,000 | $259K | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 310,000 | $255K | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 150,000 | $246K | Reduce -99.0% |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 242,000 | $237K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 9,266 | $231K | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 200,000 | $200K | Reduce -97.5% |
| AMPX.WS Amprius Technologies Inc. | *W EXP 09/14/202 | 61,891 | $160K | New |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 150,000 | $145K | New |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 134,000 | $133K | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 115,000 | $113K | No change |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 100,000 | $100K | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 2,983 | $90K | No change |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 84,000 | $81K | No change |
| BROOKDALE SR LIVING INC | NOTE 3.500%10/1 · principal | 50,000 | $70K | New |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 1,121 | $55K | Reduce -15.1% |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 611,744 | $51K | Reduce -8.5% |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | 491,935 | $47K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,602 | $41K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 1,334,846 | $21K | No change |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 67,700 | $16K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 15,700 | $14K | Add +72.5% |
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 220,000 | $14K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 25,171 | $7K | 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 Q3 2025 → Q4 2025
| EQX Equinox Gold Corp. | Sold out | 0.00% | −2.53 |
| WEST Westrock Coffee Co. | Reduce -4.8% | 4.35% | −2.49 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −1.41 |
| ENVX Enovix Corp. | Sold out | 0.00% | −1.12 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −1.12 |
| REAL The Realreal Inc. | Reduce -32.1% | 2.70% | −0.66 |
| URBAN ONE INC | Reduce -6.4% | 0.81% | −0.64 |
| HOS Hornbeck Offshore Services I | Sold out | 0.00% | −0.45 |
| OPK Opko Health Inc. | Reduce -27.8% | 0.34% | −0.39 |
| THCH TH International Ltd./Cayman | Reduce -3.9% | 1.02% | −0.36 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| GRNT Granite Ridge Resources Inc. | New | 5.77% | +5.77 |
| B2GOLD CORP | New | 2.23% | +2.23 |
| ASA ASA Gold and Precious Metals | Add +78.8% | 3.40% | +1.57 |
| CCO Clear Channel Outdoor Holdin | Add +11.0% | 5.41% | +1.04 |
| USAS Americas Gold and Silver Cor | New | 0.92% | +0.92 |
| RYDER SYS INC | New | 0.84% | +0.84 |
| GENESIS ENERGY L P | New | 0.79% | +0.79 |
| MNTN MNTN Inc. Class A | Add +153.2% | 2.72% | +0.63 |
| BKD Brookdale Senior Living Inc. | Add +30.0% | 2.52% | +0.61 |
| PBF ENERGY INC | New | 0.58% | +0.58 |
| DELEK US HLDGS INC NEW | New | 0.57% | +0.57 |
| GE VERNOVA INC | New | 0.54% | +0.54 |
| SYM Symbotic Inc. | New | 0.54% | +0.54 |
| SVM Silvercorp Metals Inc. | New | 0.52% | +0.52 |
| BKV CORP | New | 0.43% | +0.43 |
| ALLIANCEBERNSTEIN HLDG L P | New | 0.43% | +0.43 |
| PCT Purecycle Technologies Inc. | New | 0.40% | +0.40 |
| ISHARES INC | New | 0.39% | +0.39 |
| SYMBOTIC INC | New | 0.30% | +0.30 |
| UL SOLUTIONS INC | New | 0.26% | +0.26 |
| 10X GENOMICS INC | New | 0.25% | +0.25 |
| BRC INC-A | Add +117.5% | 1.08% | +0.20 |
| EQUINOX GOLD CORP | New | 0.18% | +0.18 |
| PARSONS CORP DEL | New | 0.15% | +0.15 |
| SILVERCORP METALS INC | New | 0.14% | +0.14 |
| HILTON WORLDWIDE HLDGS INC | New | 0.14% | +0.14 |
| OSISKO DEVELOPMENT CORP | Add +30.0% | 1.63% | +0.10 |
| GENERAL MILLS INC | New | 0.08% | +0.08 |
| STATE STR SPDR S&P 500 ETF T | New | 0.06% | +0.06 |
| CARVANA CO | New | 0.02% | +0.02 |
| PEO Adams Natural Resources Fund | Add +2.1% | 0.04% | −0.01 |
| NCMI National Cinemedia Inc. | Add +42.8% | 1.80% | −0.03 |
| LUXE Luxexperience BV | Add +17.9% | 3.01% | −0.25 |
| GROY Gold Royalty Corp. | Add +3.1% | 2.43% | −0.39 |
| URBAN ONE INC | Add +1.2% | 7.73% | −0.44 |
| STKL Sunopta Inc. | Add +14.6% | 1.88% | −1.29 |
| BHR Braemar Hotels & Resorts Inc. | Add +7.2% | 12.56% | −1.41 |
| KYN Kayne Anderson Energy Infra | Add +7.0% | 9.24% | −1.58 |
Options Activity Q3 2025 → Q4 2025
| PBF ENERGY INC | put | Sold out | 100,000 | $455Kbefore exit |
| B2GOLD CORP | call | Sold out | 351,500 | $404Kbefore exit |
| FLUTTER ENTMT PLC | call | Sold out | 20,000 | $286Kbefore exit |
| XRT SS SPDR S&P Retail ETF | put | Sold out | 70,000 | $286Kbefore exit |
| CVR ENERGY INC | call | Sold out | 35,300 | $219Kbefore exit |
| DIAGEO PLC | put | Sold out | 28,800 | $200Kbefore exit |
| BLOOM ENERGY CORP | put | Sold out | 10,000 | $200Kbefore exit |
| URA Global X Uranium ETF | call | Sold out | 60,000 | $192Kbefore exit |
| BRUKER CORP | call | Sold out | 51,000 | $168Kbefore exit |
| SILVERCORP METALS INC | call | Sold out | 103,200 | $158Kbefore exit |
| ALLIANCEBERNSTEIN HLDG L P | call | Sold out | 184,400 | $151Kbefore exit |
| ISHARES SILVER TR | call | Sold out | 50,000 | $130Kbefore exit |
| PLUG PWR INC | put | Sold out | 300,000 | $116Kbefore exit |
| DELEK US HLDGS INC NEW | call | Sold out | 30,000 | $107Kbefore exit |
| GENESIS ENERGY L P | call | Sold out | 25,000 | $106Kbefore exit |
| EQUINOX GOLD CORP | call | Sold out | 25,000 | $87Kbefore exit |
| KOHLS CORP | put | Sold out | 60,000 | $77Kbefore exit |
| MEDICAL PPTYS TRUST INC | put | Sold out | 150,000 | $74Kbefore exit |
| EWG iShares MSCI Germany ETF | put | Sold out | 100,000 | $65Kbefore exit |
| UL SOLUTIONS INC | call | Sold out | 10,000 | $63Kbefore exit |
| RYDER SYS INC | put | Sold out | 10,000 | $49Kbefore exit |
| 10X GENOMICS INC | call | Sold out | 20,000 | $41Kbefore exit |
| STATE STR SPDR S&P 500 ETF T | put | Sold out | 38,500 | $32Kbefore exit |
| DRAFTKINGS INC NEW | call | Sold out | 50,000 | $31Kbefore exit |
| USA RARE EARTH INC | put | Sold out | 10,000 | $4Kbefore exit |
| CVR PARTNERS LP/CVR NITROGEN | call | Sold out | 100 | $228before exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +46.6% | 61,110,000 | $63.0M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +0.8% | 56,880,000 | $61.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +30.6% | 60,945,000 | $61.8M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +4.1% | 59,237,000 | $61.2M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -11.6% | 42,175,000 | $59.8M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +403.1% | 49,276,000 | $56.1M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Add +0.0% | 41,180,000 | $52.7M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +12.1% | 39,930,000 | $45.7M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Add +2653.3% | 30,975,000 | $34.9M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +4.3% | 33,865,000 | $34.3M |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | Reduce -2.3% | 23,135,000 | $30.9M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -0.7% | 27,880,000 | $30.6M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +5.9% | 28,550,000 | $30.5M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Add +0.2% | 26,300,000 | $28.9M |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | Add +112.1% | 21,755,000 | $28.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 25,305,000 | $27.9M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 23,255,000 | $24.5Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | Reduce -26.5% | 23,985,000 | $22.3M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Reduce -33.4% | 21,275,000 | $22.1M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | Add +20.0% | 19,815,000 | $21.6M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -10.4% | 17,265,000 | $21.1M |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | Reduce -42.8% | 18,942,000 | $20.6M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | New | 15,445,000 | $17.5M |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | Reduce -1.1% | 17,450,000 | $17.2M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -48.1% | 16,960,000 | $15.3M |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | Reduce -17.0% | 8,175,000 | $13.1M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +4.5% | 13,401,000 | $13.0M |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | New | 11,190,000 | $11.8M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +256.2% | 10,685,000 | $11.1M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +5.4% | 7,817 | $9.8M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +825.0% | 8,297,000 | $9.3M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Reduce -18.1% | 9,055,000 | $8.9M |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | Reduce -38.5% | 8,095,000 | $7.7M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | Add +53.0% | 5,770,000 | $6.8M |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Sold out | 2,871,000 | $5.5Mbefore exit |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | Add +0.6% | 5,095,000 | $5.4M |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | New | 4,500,000 | $5.0M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | Reduce -68.6% | 2,965,000 | $4.6M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Reduce -61.0% | 4,150,000 | $4.1M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Sold out | 4,000,000 | $3.8Mbefore exit |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | New | 2,600,000 | $3.2M |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | Reduce -31.7% | 6,525,000 | $2.8M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 2,800,000 | $2.8M |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | New | 2,000,000 | $2.4M |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Sold out | 2,000,000 | $2.3Mbefore exit |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | New | 2,500,000 | $2.2M |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | Add +1.1% | 1,129,943 | $2.2M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +423.8% | 144,113 | $2.1M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Reduce -15.5% | 2,130,000 | $2.1M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Sold out | 2,090,000 | $1.9Mbefore exit |
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 |