13F-HR filed by ZAZOVE ASSOCIATES LLC
ZAZOVE ASSOCIATES LLC filed this 13F-HR for the quarter ended 2025-12-31, filed 2026-02-18, with 160 holding rows worth $1,161,269,198.
- Accession
- 0001009012-26-000003
- Filer
- CIK 1009012
- Filed
- 2026-02-18
- Accepted by EDGAR
- acceptance time not in the bulk data set
- Ingested
- Source
- SEC quarterly data set
13F report for Q4 2025
A holdings report, 171 entries on the cover page, a total value of $1,161,269,198 stated on the cover page (in dollars after the unit check, H1), rows summing to $1,161,269,198 with VALUE read as dollars as filed, 13F file number 028-05338. The quarter's positions are built on this report. The resolved quarter.
The information table after summing rows of one CUSIP and put or call (H4), with the CUSIP and issuer name as filed. Values in dollars after the unit check (method).
| Issuer as filed | CUSIP | Class | Amount | Value | Value read as | Type |
|---|---|---|---|---|---|---|
| DUKE ENERGY CORP | 26441CBY0 | CONV BND | 61,110,000 | $63,028,328 | dollars as filed | principal |
| TETRA TECH INC NEW | 88162GAB9 | DBCV 2.250% 8/1 | 56,880,000 | $61,789,011 | dollars as filed | principal |
| TYLER TEX INDPT SCH DIST | 902252AB1 | NOTE 0.250% 3/1 | 60,945,000 | $61,769,720 | dollars as filed | principal |
| PARSONS CORP DEL | 70202LAD4 | NOTE 2.625% 3/0 | 59,237,000 | $61,191,957 | dollars as filed | principal |
| VENTAS RLTY LTD PARTNERSHIP | 92277GAZ0 | NOTE 3.750% 6/0 | 42,175,000 | $59,845,996 | dollars as filed | principal |
| SPOTIFY USA INC | 84921RAB6 | NOTE 3/1 | 49,276,000 | $56,103,308 | dollars as filed | principal |
| MKS INC. | 55306NAB0 | NOTE 1.250% 6/0 | 41,180,000 | $52,715,650 | dollars as filed | principal |
| FLUOR CORP | 343412AJ1 | NOTE 1.125% 8/1 | 39,930,000 | $45,652,320 | dollars as filed | principal |
| Nutanix Inc Note 0.250 percent 10/0 | 67059NAH1 | Convertible | 30,975,000 | $34,874,858 | dollars as filed | principal |
| ITRON INC | 465741AQ9 | NOTE 1.375% 7/1 | 33,865,000 | $34,326,465 | dollars as filed | principal |
| Jazz Investments I Ltd Note 3.125 percent 9/1 | 472145AH4 | Convertible | 23,135,000 | $30,905,653 | dollars as filed | principal |
| PPL CAP FDG INC | 69352PAS2 | NOTE 2.875% 3/1 | 27,880,000 | $30,622,779 | dollars as filed | principal |
| SOUTHERN CO | 842587DZ7 | NOTE 4.500% 6/1 | 28,550,000 | $30,533,297 | dollars as filed | principal |
| REPLIGEN CORP | 759916AD1 | NOTE 1.000%12/1 | 26,300,000 | $28,919,335 | dollars as filed | principal |
| SSR Mining Inc | 784730AB9 | Convertible bond | 21,755,000 | $28,552,941 | dollars as filed | principal |
| GUIDEWIRE SOFTWARE INC | 40171VAC4 | NOTE 1.250%11/0 | 25,305,000 | $27,885,222 | dollars as filed | principal |
| VARONIS SYS INC | 922280AD4 | NOTE 1.000% 9/1 | 23,985,000 | $22,328,366 | dollars as filed | principal |
| HAEMONETICS CORP MASS | 405024AD2 | NOTE 2.500% 6/0 | 21,275,000 | $22,141,820 | dollars as filed | principal |
| AEROVIRONMENT INC | 008073AA6 | NOTE 7/1 | 19,815,000 | $21,610,051 | dollars as filed | principal |
| EVERGY INC | 30034WAD8 | NOTE 4.500%12/1 | 17,265,000 | $21,079,933 | dollars as filed | principal |
| BOFA FIN LLC | 09709UV70 | MTNF 0.600% 5/2 | 18,942,000 | $20,608,989 | dollars as filed | principal |
| BROOKDALE SR LIVING INC | 112463AC8 | NOTE 2.000%10/1 | 14,350,000 | $19,689,500 | dollars as filed | principal |
| INTEGER HLDGS CORP | 45826HAB5 | NOTE 2.125% 2/1 | 15,445,000 | $17,464,900 | dollars as filed | principal |
| BRAEMAR HOTELS & RESORTS INC | 10482BAB7 | NOTE 4.500% 6/0 | 17,450,000 | $17,227,595 | dollars as filed | principal |
| GLOBAL PMTS INC | 37940XAU6 | NOTE 1.500% 3/0 | 16,960,000 | $15,251,009 | dollars as filed | principal |
| GRANITE CONSTR INC | 387328AF4 | NOTE 3.250% 6/1 | 8,175,000 | $13,062,647 | dollars as filed | principal |
| NORTHERN OIL & GAS INC | 665531AJ8 | NOTE 3.625% 4/1 | 13,401,000 | $12,975,699 | dollars as filed | principal |
| Live Nation Entertainment In Note 2.875 percent 1/1 | 538034BC2 | Convertible | 11,190,000 | $11,812,333 | dollars as filed | principal |
| FORD MTR CO | 345370CZ1 | NOTE 3/1 | 10,685,000 | $11,092,590 | dollars as filed | principal |
| PEABODY ENGR CORP | 704551AD2 | NOTE 3.250% 3/0 | 6,000,000 | $10,099,063 | dollars as filed | principal |
| BANK OF AMER CORP | 060505682 | 7.25%CNV PFD L | 7,817 | $9,759,173 | dollars as filed | |
| EXPEDIA GROUP INC | 30212PBE4 | NOTE 2/1 | 8,297,000 | $9,306,034 | dollars as filed | principal |
| ENOVIS CORPORATION | 194014AB2 | NOTE 3.875%10/1 | 9,055,000 | $8,878,505 | dollars as filed | principal |
| AMERICAN WTR CAP CORP | 03040WBE4 | NOTE 3.625% 6/1 | 8,555,000 | $8,526,270 | dollars as filed | principal |
| OPKO HEALTH INC | 68375NAG8 | NOTE 3.750% 1/1 | 5,918,000 | $7,943,140 | dollars as filed | principal |
| VERTEX INC | 92538JAB2 | NOTE 0.750% 5/0 | 8,095,000 | $7,680,198 | dollars as filed | principal |
| BRAEMAR HOTELS RESORTS INC | 10482B101 | REIT | 2,432,460 | $6,981,160 | dollars as filed | |
| FRESHPET INC | 358039AB1 | NOTE 3.000% 4/0 | 5,770,000 | $6,756,106 | dollars as filed | principal |
| PG&E CORP | 69331CAL2 | NOTE 4.250%12/0 | 6,000,000 | $6,181,306 | dollars as filed | principal |
| World Kinect Corporation Note 3.250 percent 7/0 | 98149GAB6 | Convertible | 5,095,000 | $5,382,014 | dollars as filed | principal |
| ALLIANT ENERGY CORP | 018802AC2 | NOTE 3.875% 3/1 | 5,000,000 | $5,209,123 | dollars as filed | principal |
| KAYNE ANDERSON ENERGY | 486606106 | COM | 414,961 | $5,137,217 | dollars as filed | |
| RIVIAN AUTOMOTIVE INC | 76954AAB9 | NOTE 4.625% 3/1 | 4,000,000 | $5,049,359 | dollars as filed | principal |
| AFFIRM HLDGS INC | 00827BAD8 | NOTE 0.750%12/1 | 4,500,000 | $5,008,166 | dollars as filed | principal |
| Vanguard Ultra-Short Bond ETF | 92203C303 | SHS | 100,000 | $4,984,000 | dollars as filed | |
| SNOWFLAKE INC | 833445AD1 | NOTE 10/0 | 2,965,000 | $4,596,678 | dollars as filed | principal |
| URBAN ONE INC | 91705J204 | CL D NON VTG | 5,083,163 | $4,295,273 | dollars as filed | |
| Lyft Inc Note 0.625 percent 3/0 | 55087PAD6 | Convertible | 3,500,000 | $4,214,542 | dollars as filed | principal |
| MERITAGE HOMES CORP | 59001ABF8 | NOTE 1.750% 5/1 | 4,150,000 | $4,093,470 | dollars as filed | principal |
| CVR PARTNERS LP | 126633205 | COM | 39,345 | $4,032,863 | dollars as filed | |
| ON SEMICONDUCTOR CORP | 682189AU9 | NOTE 0.500% 3/0 | 4,000,000 | $3,797,766 | dollars as filed | principal |
| TRANSMEDICS GROUP INC | 89377MAB5 | NOTE 1.500% 6/0 | 2,500,000 | $3,744,331 | dollars as filed | principal |
| LIBERTY MEDIA CORP DEL | 531229AQ5 | NOTE 2.250% 8/1 | 2,920,000 | $3,712,337 | dollars as filed | principal |
| LIBERTY MEDIA CORP DEL | 531229AP7 | NOTE 3.750% 3/1 | 3,300,000 | $3,327,310 | dollars as filed | principal |
| GRANITE RIDGE RESOURCES INC | 387432107 | COM | 683,056 | $3,210,363 | dollars as filed | |
| FIRST MAJESTIC SILVER CORP | 32076VAD5 | NOTE 0.375% 1/1 | 2,600,000 | $3,209,617 | dollars as filed | principal |
| CLEAR CHANNEL OUTDOOR HLDGS | 18453H106 | COM | 1,360,000 | $3,005,600 | dollars as filed | |
| Lantheus Hldgs Inc Note 2.625 percent 12/1 | 516544AB9 | Convertible | 2,500,000 | $2,867,253 | dollars as filed | principal |
| KOSMOS ENERGY LTD | 500688AH9 | NOTE 3.125% 3/1 | 6,525,000 | $2,817,229 | dollars as filed | principal |
| DATADOG INC | 23804LAD5 | NOTE 12/0 | 2,800,000 | $2,805,226 | dollars as filed | principal |
| FLUENCE ENERGY INC | 34379VAB9 | NOTE 2.250% 6/1 | 2,000,000 | $2,422,307 | dollars as filed | principal |
| WESTROCK COFFEE CO | 96145W103 | COM | 593,726 | $2,416,465 | dollars as filed | |
| CMS ENERGY CORP | 125896BX7 | NOTE 3.375% 5/0 | 2,105,000 | $2,258,026 | dollars as filed | principal |
| UPSTART HLDGS INC | 91680MAF4 | NOTE 1.000%11/1 | 2,500,000 | $2,199,925 | dollars as filed | principal |
| RUM GROUP INC | 78137L113 | *W EXP 09/16/202 | 1,129,943 | $2,192,089 | dollars as filed | |
| BRAEMAR HOTELS & RESORTS INC | 10482B200 | 5.5 CUM CV PFD B | 144,113 | $2,147,284 | dollars as filed | |
| JD.COM INC | 47215PAJ5 | NOTE 0.250% 6/0 | 2,130,000 | $2,136,410 | dollars as filed | principal |
| GROUPON INC | 399473AH0 | NOTE 6.250% 3/1 | 2,000,000 | $2,096,519 | dollars as filed | principal |
| ASA GOLD AND PRECIOUS MTLS L | G3156P103 | SHS | 31,655 | $1,888,854 | dollars as filed | |
| LUXEXPERIENCE BV | 55406W103 | SPONSORED ADS | 200,374 | $1,673,123 | dollars as filed | |
| NCL CORP LTD | 62886HBK6 | NOTE 2.500% 2/1 | 1,500,000 | $1,513,110 | dollars as filed | principal |
| MNTN INC | 55318A108 | CL A | 126,601 | $1,511,616 | dollars as filed | |
| THE REALREAL INC | 88339P101 | COM | 95,000 | $1,499,100 | dollars as filed | |
| Ascendis Pharma A/S | 04351PAD3 | Convertible bond | 1,050,000 | $1,489,269 | dollars as filed | principal |
| BROOKDALE SR LIVING INC | 112463104 | COM | 130,000 | $1,402,700 | dollars as filed | |
| Oppfi Inc W Exp 07/20/202 | 68386H111 | SPAC Combination | 909,467 | $1,359,653 | dollars as filed | |
| GOLD ROYALTY CORP | 38071H106 | COMMON SHARES | 335,000 | $1,353,400 | dollars as filed | |
| B2GOLD CORP | 11777Q909 | COM | 934,200 | $1,241,560 | dollars as filed | |
| NEXTNAV INC | 65345N114 | *W EXP 99/99/999 | 170,655 | $1,221,037 | dollars as filed | |
| ARCHER AVIATION INC | 03945R110 | *W EXP 09/16/202 | 997,040 | $1,141,611 | dollars as filed | |
| NCL CORP LTD | 62886HBD2 | BOND | 1,095,000 | $1,096,105 | dollars as filed | principal |
| SUNOPTA INC | 8676EP108 | COM | 275,000 | $1,045,000 | dollars as filed | |
| GDL FD | 361570104 | COM SH BEN IT | 120,522 | $1,020,821 | dollars as filed | |
| NATIONAL CINEMEDIA INC | 635309206 | COMMON STOCK | 257,375 | $1,001,189 | dollars as filed | |
| OSISKO DEVELOPMENT CORP | 68828E809 | COM NEW | 260,000 | $907,400 | dollars as filed | |
| PLANET LABS PBC | 72703X114 | *W EXP 12/06/202 | 95,000 | $815,100 | dollars as filed | |
| Net Power Inc W Exp 06/08/202 | 64107A113 | SPAC Combination | 1,538,612 | $807,771 | dollars as filed | |
| BRC INC A | 05601U105 | COMMON STOCK | 539,454 | $598,794 | dollars as filed | |
| SHIFT4 PMTS INC | 82452JAD1 | NOTE 0.500% 8/0 | 600,000 | $579,306 | dollars as filed | principal |
| TH INTERNATIONAL LIMITED | G8656L130 | SHS NEW | 228,387 | $568,684 | dollars as filed | |
| BANDWIDTH INC | 05988JAD5 | NOTE 0.500% 4/0 | 630,000 | $554,254 | dollars as filed | principal |
| PURECYCLE TECHNOLOGIES INC | 74623V111 | *W EXP 03/17/202 | 575,464 | $552,445 | dollars as filed | |
| IRONWOOD PHARMACEUTICALS INC | 46333XAH1 | NOTE 1.500% 6/1 | 550,000 | $522,043 | dollars as filed | principal |
| AMERICAS GOLD AND SILVER CORP COM NEW | 03062D803 | Stock | 100,000 | $511,000 | dollars as filed | |
| RYDER SYS INC | 783549958 | PUT | 25,600 | $465,515 | dollars as filed | |
| LITHIUM ARGENTINA AG | 53680QAA6 | NOTE 1.750% 1/1 | 500,000 | $454,329 | dollars as filed | principal |
| URBAN ONE INC | 91705J105 | CL A | 431,816 | $449,089 | dollars as filed | |
| ARRAY TECHNOLOGIES INC | 04271TAB6 | NOTE 1.000%12/0 | 495,000 | $448,633 | dollars as filed | principal |
| GENESIS ENERGY L P | 371927904 | UNIT LTD PARTN | 133,800 | $441,540 | dollars as filed | |
| SNAP INC | 83304AAH9 | NOTE 0.125% 3/0 | 460,000 | $419,516 | dollars as filed | principal |
| REDFIN CORP | 75737FAE8 | NOTE 0.500% 4/0 | 420,000 | $397,560 | dollars as filed | principal |
| ZIFF DAVIS INC | 48123VAH5 | DEBT 3.625% 3/0 | 404,000 | $396,132 | dollars as filed | principal |
| ENPHASE ENERGY INC | 29355AAH0 | NOTE 3/0 | 400,000 | $396,105 | dollars as filed | principal |
| JETBLUE AIRWAYS CORP | 477143AP6 | NOTE 0.500% 4/0 | 400,000 | $393,883 | dollars as filed | principal |
| CRACKER BARREL OLD CTRY STOR | 22410JAB2 | cv | 400,000 | $389,673 | dollars as filed | principal |
| BLACKSTONE MORTGAGE TRUST IN | 09257WAE0 | NOTE 5.500% 3/1 | 385,000 | $382,295 | dollars as filed | principal |
| PENNYMAC CORP | 70932AAF0 | NOTE 5.500% 3/1 | 382,000 | $382,019 | dollars as filed | principal |
| HAEMONETICS CORP MASS | 405024AB6 | NOTE 3/0 | 382,000 | $378,281 | dollars as filed | principal |
| OIL STS INTL INC | 678026AK1 | NOTE 4.750% 4/0 | 375,000 | $376,553 | dollars as filed | principal |
| CABLE ONE INC | 12685JAE5 | NOTE 3/1 | 353,000 | $348,371 | dollars as filed | principal |
| HUDSON TECHNOLOGIES INC | 444144109 | COMMON STOCK | 50,000 | $342,500 | dollars as filed | |
| PBF ENERGY INC | 69318G956 | CL A | 100,000 | $325,000 | dollars as filed | |
| DELEK US HLDGS INC NEW | 24665A903 | COM | 115,000 | $315,250 | dollars as filed | |
| GE VERNOVA INC | 36828A901 | CALL | 5,000 | $298,000 | dollars as filed | |
| SYMBOTIC INC | 87151X101 | CLASS A COM | 5,000 | $297,500 | dollars as filed | |
| SILVERCORP METALS INC COMP | 82835P103 | EQUITY | 34,500 | $287,730 | dollars as filed | |
| WELLS FARGO & CO | 949746804 | PERP PFD CNV A | 220 | $267,299 | dollars as filed | |
| ENPHASE ENERGY INC | 29355AAK3 | NOTE 3/0 | 300,000 | $262,513 | dollars as filed | principal |
| VAIL RESORTS INC | 91879QAN9 | NOTE 1/0 | 260,000 | $259,867 | dollars as filed | principal |
| MARRIOTT VACATIONS WORLDWIDE | 57164YAD9 | NOTE 1/1 | 260,000 | $259,467 | dollars as filed | principal |
| CABLE ONE, INC. | 12685JAG0 | NOTE | 310,000 | $255,477 | dollars as filed | principal |
| ADVANCED ENERGY INDS | 007973AE0 | NOTE 2.500% 9/1 | 150,000 | $246,169 | dollars as filed | principal |
| BKV CORP | 05603J908 | COM | 50,000 | $240,000 | dollars as filed | |
| ALLIANCEBERNSTEIN HLDG L P | 01881G906 | UNIT LTD PARTN | 63,300 | $237,375 | dollars as filed | |
| OKTA INC | 679295AF2 | NOTE 0.375% 6/1 | 242,000 | $237,133 | dollars as filed | principal |
| RLJ LODGING TR | 74965L200 | CUM CONV PFD A | 9,266 | $231,418 | dollars as filed | |
| PURECYCLE TECHNOLOGIES INC | 74623V103 | COM | 25,869 | $222,215 | dollars as filed | |
| ISHARES INC | 464286950 | PUT | 300,000 | $217,500 | dollars as filed | |
| COINBASE GLOBAL INC | 19260QAB3 | NOTE 0.500% 6/0 | 200,000 | $199,984 | dollars as filed | principal |
| OPKO HEALTH INC | 68375N103 | COM | 150,000 | $189,000 | dollars as filed | |
| SYMBOTIC INC | 87151X901 | CLASS A COM | 17,000 | $168,300 | dollars as filed | |
| AMPRIUS TECHNOLOGIES INC | 03214Q116 | *W EXP 09/14/202 | 61,891 | $160,298 | dollars as filed | |
| UL SOLUTIONS INC | 903731907 | CLASS A COM SHS | 20,000 | $146,000 | dollars as filed | |
| NUTANIX INC | 67059NAK4 | NOTE 0.500%12/1 | 150,000 | $144,761 | dollars as filed | principal |
| 10X GENOMICS INC | 88025U909 | CL A COM | 60,000 | $139,500 | dollars as filed | |
| RINGCENTRAL INC | 76680RAH0 | NOTE 3/1 | 134,000 | $132,661 | dollars as filed | principal |
| BLOCK INC | 852234AJ2 | NOTE 5/0 | 115,000 | $113,261 | dollars as filed | principal |
| SUMMIT HOTEL PPTYS | 866082AA8 | NOTE 1.500% 2/1 | 100,000 | $99,550 | dollars as filed | principal |
| EQUINOX GOLD CORP | 29446Y902 | COM | 25,000 | $97,500 | dollars as filed | |
| EPR PPTYS | 26884U307 | CONV PFD 9% SR E | 2,983 | $89,997 | dollars as filed | |
| PARSONS CORP DEL | 70202L902 | COM | 25,000 | $85,000 | dollars as filed | |
| ENERGY TRANSFER L P | 29273V100 | COM UT LTD PTN | 5,000 | $82,450 | dollars as filed | |
| SEA LTD | 81141RAG5 | NOTE 0.250% 9/1 | 84,000 | $81,312 | dollars as filed | principal |
| SILVERCORP METALS INC | 82835P903 | COM | 68,700 | $77,288 | dollars as filed | |
| HILTON WORLDWIDE HLDGS INC | 43300A953 | COM | 12,500 | $76,875 | dollars as filed | |
| BROOKDALE SR LIVING INC | 112463AF1 | NOTE 3.500%10/1 | 50,000 | $69,867 | dollars as filed | principal |
| El Paso Energy Capital Trust I | 283678209 | Preferred Shares | 1,121 | $55,204 | dollars as filed | |
| GCT SEMICONDUCTOR HLDG INC | 36170N115 | W EXP 03/01/202 | 611,744 | $50,561 | dollars as filed | |
| Psq Holdings Inc W Exp 07/19/202 | 693691115 | SPAC Combination | 491,935 | $46,709 | dollars as filed | |
| GENERAL MILLS INC | 370334954 | PUT | 25,000 | $43,750 | dollars as filed | |
| Roadzen Inc W Exp 11/30/202 | G7606H116 | SPAC Combination | 150,602 | $41,416 | dollars as filed | |
| SPDR S&P 500 ETF TR | 78462F953 | PUT | 59,500 | $33,333 | dollars as filed | |
| LANVIN GROUP HOLDINGS LIMITE | G5380J118 | W EXP 01/14/202 | 1,334,846 | $21,024 | dollars as filed | |
| ADAM NAT RES FD INC | 00548F105 | COM | 950 | $20,653 | dollars as filed | |
| Aurora Innovation Inc W Exp 11/03/202 | 051774115 | SPAC Combination | 67,700 | $15,740 | dollars as filed | |
| AIRJOULE TECHNOLOGIES CORP | 612160119 | *W EXP 03/15/202 | 15,700 | $14,073 | dollars as filed | |
| LIBERTY MEDIA CORP DEL | 530715AL5 | DEB 3.750% 2/1 | 220,000 | $13,535 | dollars as filed | principal |
| CARVANA CO | 146869952 | CALL | 3,000 | $11,175 | dollars as filed | |
| SUNPOWER INC | 20460L112 | *W EXP 07/31/202 | 25,171 | $6,561 | dollars as filed | |
| ROBO.AI INC. | G6693P114 | *W EXP 11/11/202 | 64,571 | $3,019 | dollars as filed |
Amendment chain
| Filing | Role | Filed | Accepted | Ingested |
|---|---|---|---|---|
| 13F-HR 0001009012-26-000003 | this filing | 2026-02-18 | acceptance time not in the bulk data set |