13F-HR filed by ZAZOVE ASSOCIATES LLC
ZAZOVE ASSOCIATES LLC filed this 13F-HR for the quarter ended 2025-09-30, filed 2025-10-17, with 170 holding rows worth $1,104,934,163.
- Accession
- 0001420506-25-002864
- Filer
- CIK 1009012
- Filed
- 2025-10-17
- Accepted by EDGAR
- acceptance time not in the bulk data set
- Ingested
- Source
- SEC quarterly data set
13F report for Q3 2025
A holdings report, 177 entries on the cover page, a total value of $1,104,934,163 stated on the cover page (in dollars after the unit check, H1), rows summing to $1,104,934,163 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 |
|---|---|---|---|---|---|---|
| PARSONS CORP DEL | 70202LAD4 | NOTE 2.625% 3/0 | 56,887,000 | $64,947,052 | dollars as filed | principal |
| VENTAS RLTY LTD PARTNERSHIP | 92277GAZ0 | NOTE 3.750% 6/0 | 47,695,000 | $61,389,522 | dollars as filed | principal |
| TETRA TECH INC NEW | 88162GAB9 | DBCV 2.250% 8/1 | 56,415,000 | $60,809,655 | dollars as filed | principal |
| TYLER TEX INDPT SCH DIST | 902252AB1 | NOTE 0.250% 3/1 | 46,655,000 | $51,377,055 | dollars as filed | principal |
| MKS INC. | 55306NAB0 | NOTE 1.250% 6/0 | 41,170,000 | $45,225,891 | dollars as filed | principal |
| DUKE ENERGY CORP | 26441CBY0 | CONV BND | 41,685,000 | $44,713,882 | dollars as filed | principal |
| FLUOR CORP | 343412AJ1 | NOTE 1.125% 8/1 | 35,620,000 | $42,327,303 | dollars as filed | principal |
| ITRON INC | 465741AQ9 | NOTE 1.375% 7/1 | 32,480,000 | $37,346,258 | dollars as filed | principal |
| VARONIS SYS INC | 922280AD4 | NOTE 1.000% 9/1 | 32,635,000 | $35,341,780 | dollars as filed | principal |
| BOFA FIN LLC | 09709UV70 | MTNF 0.600% 5/2 | 33,127,000 | $32,812,294 | dollars as filed | principal |
| PPL CAP FDG INC | 69352PAS2 | NOTE 2.875% 3/1 | 28,080,000 | $32,105,459 | dollars as filed | principal |
| SOUTHERN CO | 842587DZ7 | NOTE 4.500% 6/1 | 26,965,000 | $30,050,004 | dollars as filed | principal |
| GLOBAL PMTS INC | 37940XAU6 | NOTE 1.500% 3/0 | 32,660,000 | $29,876,633 | dollars as filed | principal |
| HAEMONETICS CORP MASS | 405024AD2 | NOTE 2.500% 6/0 | 31,950,000 | $29,517,647 | dollars as filed | principal |
| Jazz Investments I Ltd Note 3.125 percent 9/1 | 472145AH4 | Convertible | 23,675,000 | $28,180,381 | dollars as filed | principal |
| REPLIGEN CORP | 759916AD1 | NOTE 1.000%12/1 | 26,250,000 | $26,462,969 | dollars as filed | principal |
| Shopify Inc | 82509LAA5 | Convertible bond | 23,255,000 | $24,487,901 | dollars as filed | principal |
| EVERGY INC | 30034WAD8 | NOTE 4.500%12/1 | 19,265,000 | $24,152,465 | dollars as filed | principal |
| AEROVIRONMENT INC | 008073AA6 | NOTE 7/1 | 16,515,000 | $20,521,207 | dollars as filed | principal |
| ADVANCED ENERGY INDS | 007973AE0 | NOTE 2.500% 9/1 | 14,700,000 | $20,369,442 | dollars as filed | principal |
| BRAEMAR HOTELS & RESORTS INC | 10482BAB7 | NOTE 4.500% 6/0 | 17,650,000 | $17,293,225 | dollars as filed | principal |
| BROOKDALE SR LIVING INC | 112463AC8 | NOTE 2.000%10/1 | 14,350,000 | $16,781,422 | dollars as filed | principal |
| GRANITE CONSTR INC | 387328AF4 | NOTE 3.250% 6/1 | 9,850,000 | $15,118,647 | dollars as filed | principal |
| SNOWFLAKE INC | 833445AD1 | NOTE 10/0 | 9,430,000 | $14,767,889 | dollars as filed | principal |
| SSR Mining Inc | 784730AB9 | Convertible bond | 10,255,000 | $14,529,136 | dollars as filed | principal |
| VERTEX INC | 92538JAB2 | NOTE 0.750% 5/0 | 13,155,000 | $13,422,849 | dollars as filed | principal |
| SPOTIFY USA INC | 84921RAB6 | NOTE 3/1 | 9,795,000 | $13,418,367 | dollars as filed | principal |
| NCL CORP LTD | 62886HBD2 | BOND | 13,050,000 | $13,406,731 | dollars as filed | principal |
| SHIFT4 PMTS INC | 82452JAD1 | NOTE 0.500% 8/0 | 13,270,000 | $13,064,347 | dollars as filed | principal |
| NORTHERN OIL & GAS INC | 665531AJ8 | NOTE 3.625% 4/1 | 12,826,000 | $12,891,749 | dollars as filed | principal |
| MERITAGE HOMES CORP | 59001ABF8 | NOTE 1.750% 5/1 | 10,650,000 | $10,909,379 | dollars as filed | principal |
| ENOVIS CORPORATION | 194014AB2 | NOTE 3.875%10/1 | 11,055,000 | $10,905,566 | dollars as filed | principal |
| BANK OF AMER CORP | 060505682 | 7.25%CNV PFD L | 7,417 | $9,501,214 | dollars as filed | |
| OPKO HEALTH INC | 68375NAG8 | NOTE 3.750% 1/1 | 5,918,000 | $9,108,357 | dollars as filed | principal |
| COINBASE GLOBAL INC | 19260QAB3 | NOTE 0.500% 6/0 | 8,140,000 | $9,037,645 | dollars as filed | principal |
| PEABODY ENGR CORP | 704551AD2 | NOTE 3.250% 3/0 | 6,000,000 | $9,025,095 | dollars as filed | principal |
| AMERICAN WTR CAP CORP | 03040WBE4 | NOTE 3.625% 6/1 | 8,555,000 | $8,569,440 | dollars as filed | principal |
| BRAEMAR HOTELS RESORTS INC | 10482B101 | REIT | 2,269,263 | $6,195,088 | dollars as filed | |
| KOSMOS ENERGY LTD | 500688AH9 | NOTE 3.125% 3/1 | 9,550,000 | $6,158,926 | dollars as filed | principal |
| PG&E CORP | 69331CAL2 | NOTE 4.250%12/0 | 6,000,000 | $6,081,998 | dollars as filed | principal |
| World Kinect Corporation Note 3.250 percent 7/0 | 98149GAB6 | Convertible | 5,065,000 | $5,617,549 | dollars as filed | principal |
| EQUINOX GOLD CORP | 29446YAC0 | NOTE 4.750%10/1 | 2,871,000 | $5,530,120 | dollars as filed | principal |
| ALLIANT ENERGY CORP | 018802AC2 | NOTE 3.875% 3/1 | 5,000,000 | $5,384,436 | dollars as filed | principal |
| Vanguard Ultra-Short Bond ETF | 92203C303 | SHS | 100,000 | $4,999,500 | dollars as filed | |
| KAYNE ANDERSON ENERGY | 486606106 | COM | 387,961 | $4,799,078 | dollars as filed | |
| Lyft Inc Note 0.625 percent 3/0 | 55087PAD6 | Convertible | 3,500,000 | $4,540,813 | dollars as filed | principal |
| FRESHPET INC | 358039AB1 | NOTE 3.000% 4/0 | 3,770,000 | $4,235,356 | dollars as filed | principal |
| RIVIAN AUTOMOTIVE INC | 76954AAB9 | NOTE 4.625% 3/1 | 4,000,000 | $4,155,374 | dollars as filed | principal |
| LIBERTY MEDIA CORP DEL | 531229AQ5 | NOTE 2.250% 8/1 | 2,920,000 | $3,880,802 | dollars as filed | principal |
| MGP INGREDIENTS INC NEW | 55303JAB2 | NOTE 1.875%11/1 | 4,000,000 | $3,831,399 | dollars as filed | principal |
| ON SEMICONDUCTOR CORP | 682189AU9 | NOTE 0.500% 3/0 | 4,000,000 | $3,715,307 | dollars as filed | principal |
| URBAN ONE INC | 91705J204 | CL D NON VTG | 5,024,431 | $3,620,605 | dollars as filed | |
| CVR PARTNERS LP | 126633205 | COM | 39,345 | $3,545,771 | dollars as filed | |
| TRANSMEDICS GROUP INC | 89377MAB5 | NOTE 1.500% 6/0 | 2,500,000 | $3,526,320 | dollars as filed | principal |
| LIBERTY MEDIA CORP DEL | 531229AP7 | NOTE 3.750% 3/1 | 3,300,000 | $3,461,635 | dollars as filed | principal |
| FORD MTR CO | 345370CZ1 | NOTE 3/1 | 3,000,000 | $3,041,900 | dollars as filed | principal |
| WESTROCK COFFEE CO | 96145W103 | COM | 623,975 | $3,032,519 | dollars as filed | |
| JD.COM INC | 47215PAJ5 | NOTE 0.250% 6/0 | 2,520,000 | $2,711,118 | dollars as filed | principal |
| Lantheus Hldgs Inc Note 2.625 percent 12/1 | 516544AB9 | Convertible | 2,500,000 | $2,627,748 | dollars as filed | principal |
| GROUPON INC | 399473AH0 | NOTE 6.250% 3/1 | 2,000,000 | $2,332,242 | dollars as filed | principal |
| CMS ENERGY CORP | 125896BX7 | NOTE 3.375% 5/0 | 2,105,000 | $2,307,582 | dollars as filed | principal |
| POST HLDGS INC | 737446AT1 | NOTE 2.500% 8/1 | 2,000,000 | $2,251,175 | dollars as filed | principal |
| RUM GROUP INC | 78137L113 | *W EXP 09/16/202 | 1,118,221 | $2,247,624 | dollars as filed | |
| CLEAR CHANNEL OUTDOOR HLDGS | 18453H106 | COM | 1,225,000 | $1,935,500 | dollars as filed | |
| FIVE9 INC | 338307AF8 | CNV | 2,090,000 | $1,855,427 | dollars as filed | principal |
| USA RARE EARTH INC | 91733P115 | *W EXP 03/13/203 | 223,418 | $1,600,790 | dollars as filed | |
| NCL CORP LTD | 62886HBK6 | NOTE 2.500% 2/1 | 1,500,000 | $1,580,636 | dollars as filed | principal |
| Nutanix Inc Note 0.250 percent 10/0 | 67059NAH1 | Convertible | 1,125,000 | $1,558,879 | dollars as filed | principal |
| THE REALREAL INC | 88339P101 | COM | 140,000 | $1,488,200 | dollars as filed | |
| PURECYCLE TECHNOLOGIES INC | 74623V111 | *W EXP 03/17/202 | 436,999 | $1,481,427 | dollars as filed | |
| LUXEXPERIENCE BV | 55406W103 | SPONSORED ADS | 170,000 | $1,445,000 | dollars as filed | |
| Ascendis Pharma A/S | 04351PAD3 | Convertible bond | 1,050,000 | $1,433,282 | dollars as filed | principal |
| SUNOPTA INC | 8676EP108 | COM | 240,000 | $1,406,400 | dollars as filed | |
| ITRON INC | 465741AN6 | NOTE 3/1 | 1,285,000 | $1,361,752 | dollars as filed | principal |
| GOLD ROYALTY CORP | 38071H106 | COMMON SHARES | 325,000 | $1,254,500 | dollars as filed | |
| Net Power Inc W Exp 06/08/202 | 64107A113 | SPAC Combination | 1,486,590 | $1,124,234 | dollars as filed | |
| EQUINOX GOLD CORP | 29446Y502 | COM | 100,000 | $1,122,000 | dollars as filed | |
| GDL FD | 361570104 | COM SH BEN IT | 120,522 | $1,030,451 | dollars as filed | |
| MNTN INC | 55318A108 | CL A | 50,000 | $927,500 | dollars as filed | |
| EXPEDIA GROUP INC | 30212PBE4 | NOTE 2/1 | 897,000 | $905,992 | dollars as filed | principal |
| WEBULL CORP | G9572D111 | *W EXP 04/10/203 | 145,605 | $880,910 | dollars as filed | |
| JOBY AVIATION INC | G65163118 | *W EXP 08/10/202 | 145,000 | $875,075 | dollars as filed | |
| BROOKDALE SR LIVING INC | 112463104 | COM | 100,000 | $847,000 | dollars as filed | |
| NATIONAL CINEMEDIA INC | 635309206 | COMMON STOCK | 180,239 | $812,878 | dollars as filed | |
| ASA GOLD AND PRECIOUS MTLS L | G3156P103 | SHS | 17,700 | $810,660 | dollars as filed | |
| OSISKO DEVELOPMENT CORP | 68828E809 | COM NEW | 200,000 | $678,000 | dollars as filed | |
| URBAN ONE INC | 91705J105 | CL A | 461,516 | $641,507 | dollars as filed | |
| Sandstorm Gold Ltd | 80013R206 | Common Stock | 50,000 | $626,000 | dollars as filed | |
| TH INTERNATIONAL LIMITED | G8656L130 | SHS NEW | 237,693 | $615,625 | dollars as filed | |
| AKAMAI TECHNOLOGIES INC | 00971TAN1 | NOTE 1.125% 2/1 | 620,000 | $583,357 | dollars as filed | principal |
| ENOVIX CORPORATION COM | 293594107 | Stock | 50,000 | $498,500 | dollars as filed | |
| CAPRI HOLDINGS LIMITED | G1890L107 | SHS | 25,000 | $498,000 | dollars as filed | |
| HUDSON TECHNOLOGIES INC | 444144109 | COMMON STOCK | 50,000 | $496,500 | dollars as filed | |
| PBF ENERGY INC | 69318G956 | CL A | 100,000 | $454,750 | dollars as filed | put |
| LITHIUM ARGENTINA AG | 53680QAA6 | NOTE 1.750% 1/1 | 500,000 | $451,190 | dollars as filed | principal |
| BRAEMAR HOTELS & RESORTS INC | 10482B200 | 5.5 CUM CV PFD B | 27,512 | $444,594 | dollars as filed | |
| ARRAY TECHNOLOGIES INC | 04271TAB6 | NOTE 1.000%12/0 | 495,000 | $430,776 | dollars as filed | principal |
| SNAP INC | 83304AAH9 | NOTE 0.125% 3/0 | 460,000 | $411,744 | dollars as filed | principal |
| B2GOLD CORP | 11777Q909 | COM | 351,500 | $404,225 | dollars as filed | call |
| EVENTBRITE INC | 29975EAD1 | NOTE 0.750% 9/1 | 410,000 | $392,614 | dollars as filed | principal |
| NEXTNAV INC | 65345N114 | *W EXP 99/99/999 | 70,580 | $392,425 | dollars as filed | |
| ENPHASE ENERGY INC | 29355AAH0 | NOTE 3/0 | 400,000 | $391,232 | dollars as filed | principal |
| REDFIN CORP | 75737FAE8 | NOTE 0.500% 4/0 | 420,000 | $390,424 | dollars as filed | principal |
| ZIFF DAVIS INC | 48123VAH5 | DEBT 3.625% 3/0 | 404,000 | $390,262 | dollars as filed | principal |
| JETBLUE AIRWAYS CORP | 477143AP6 | NOTE 0.500% 4/0 | 400,000 | $389,696 | dollars as filed | principal |
| BRC INC A | 05601U105 | COMMON STOCK | 248,021 | $386,913 | dollars as filed | |
| PENNYMAC CORP | 70932AAF0 | NOTE 5.500% 3/1 | 382,000 | $381,541 | dollars as filed | principal |
| BLACKSTONE MORTGAGE TRUST IN | 09257WAE0 | NOTE 5.500% 3/1 | 385,000 | $381,005 | dollars as filed | principal |
| OIL STS INTL INC | 678026AK1 | NOTE 4.750% 4/0 | 375,000 | $375,385 | dollars as filed | principal |
| HAEMONETICS CORP MASS | 405024AB6 | NOTE 3/0 | 382,000 | $373,899 | dollars as filed | principal |
| Esperion Therapeutics Inc | 29664WAB1 | NOTE 4.000%11/15/25 | 375,000 | $372,984 | dollars as filed | principal |
| BRUKER CORP | 116794207 | 6.375 PREF SER A | 1,300 | $352,170 | dollars as filed | |
| CABLE ONE INC | 12685JAE5 | NOTE 3/1 | 353,000 | $344,992 | dollars as filed | principal |
| Oppfi Inc W Exp 07/20/202 | 68386H111 | SPAC Combination | 140,587 | $322,647 | dollars as filed | |
| OPKO HEALTH INC | 68375N103 | COM | 207,600 | $321,780 | dollars as filed | |
| FLUTTER ENTMT PLC | G3643J908 | SHS | 20,000 | $286,000 | dollars as filed | call |
| STATE STREET SPDR ETF S&P RETAIL | 78464A714 | ETF | 70,000 | $285,600 | dollars as filed | put |
| THE REALREAL INC | 88339PAD3 | CNV | 315,000 | $279,346 | dollars as filed | principal |
| WELLS FARGO & CO | 949746804 | PERP PFD CNV A | 220 | $272,058 | dollars as filed | |
| CABLE ONE, INC. | 12685JAG0 | NOTE | 310,000 | $267,756 | dollars as filed | principal |
| VAIL RESORTS INC | 91879QAN9 | NOTE 1/0 | 260,000 | $256,613 | dollars as filed | principal |
| MARRIOTT VACATIONS WORLDWIDE | 57164YAD9 | NOTE 1/1 | 260,000 | $256,307 | dollars as filed | principal |
| OKTA INC | 679295AF2 | NOTE 0.375% 6/1 | 242,000 | $235,145 | dollars as filed | principal |
| RLJ LODGING TR | 74965L200 | CUM CONV PFD A | 9,266 | $234,059 | dollars as filed | |
| ARCHER AVIATION INC | 03945R110 | *W EXP 09/16/202 | 100,000 | $219,500 | dollars as filed | |
| CVR ENERGY INC | 12662P908 | COM | 35,300 | $218,860 | dollars as filed | call |
| DIAGEO PLC | 25243Q955 | SPON ADR NEW | 28,800 | $200,160 | dollars as filed | put |
| BLOOM ENERGY CORP | 093712957 | PUT | 10,000 | $199,500 | dollars as filed | put |
| HELIX ENERGY SOLUTIONS GRP INC COM | 42330P107 | Stock | 30,400 | $199,424 | dollars as filed | |
| GLOBAL X FDS | 37954Y871 | GLOBAL X URANIUM | 60,000 | $192,000 | dollars as filed | call |
| BRUKER CORP | 116794908 | COM | 51,000 | $168,300 | dollars as filed | call |
| SILVERCORP METALS INC | 82835P903 | COM | 103,200 | $158,213 | dollars as filed | call |
| NOVOCURE LTD | 67011XAB9 | NOTE 11/0 | 158,000 | $156,825 | dollars as filed | principal |
| ALLIANCEBERNSTEIN HLDG L P | 01881G906 | UNIT LTD PARTN | 184,400 | $151,260 | dollars as filed | call |
| RINGCENTRAL INC | 76680RAH0 | NOTE 3/1 | 134,000 | $130,906 | dollars as filed | principal |
| ISHARES SILVER TR | 46428Q909 | CALL | 50,000 | $130,000 | dollars as filed | call |
| GCT SEMICONDUCTOR HLDG INC | 36170N115 | W EXP 03/01/202 | 668,646 | $129,517 | dollars as filed | |
| PLUG PWR INC | 72919P952 | COM NEW | 300,000 | $115,500 | dollars as filed | put |
| BLOCK INC | 852234AJ2 | NOTE 5/0 | 115,000 | $111,906 | dollars as filed | principal |
| DELEK US HLDGS INC NEW | 24665A903 | COM | 30,000 | $106,500 | dollars as filed | call |
| GENESIS ENERGY L P | 371927904 | UNIT LTD PARTN | 25,000 | $106,250 | dollars as filed | call |
| SUMMIT HOTEL PPTYS | 866082AA8 | NOTE 1.500% 2/1 | 100,000 | $98,596 | dollars as filed | principal |
| BANDWIDTH INC | 05988JAD5 | NOTE 0.500% 4/0 | 115,000 | $98,449 | dollars as filed | principal |
| Psq Holdings Inc W Exp 07/19/202 | 693691115 | SPAC Combination | 491,935 | $96,026 | dollars as filed | |
| EPR PPTYS | 26884U307 | CONV PFD 9% SR E | 2,983 | $95,411 | dollars as filed | |
| EQUINOX GOLD CORP | 29446Y902 | COM | 25,000 | $87,375 | dollars as filed | call |
| ENERGY TRANSFER L P | 29273V100 | COM UT LTD PTN | 5,000 | $85,800 | dollars as filed | |
| SEA LTD | 81141RAG5 | NOTE 0.250% 9/1 | 84,000 | $80,792 | dollars as filed | principal |
| KOHLS CORP | 500255954 | PUT | 60,000 | $76,500 | dollars as filed | put |
| MEDICAL PROPERTIES TRUST INC | 58463J954 | COM | 150,000 | $73,500 | dollars as filed | put |
| El Paso Energy Capital Trust I | 283678209 | Preferred Shares | 1,321 | $65,654 | dollars as filed | |
| ISHARES INC MSCI GERMANY ETF | 464286806 | MSCI GERMANY ETF | 100,000 | $65,000 | dollars as filed | put |
| UL SOLUTIONS INC | 903731907 | CLASS A COM SHS | 10,000 | $62,500 | dollars as filed | call |
| RYDER SYS INC | 783549958 | PUT | 10,000 | $48,500 | dollars as filed | put |
| 10X GENOMICS INC | 88025U909 | CL A COM | 20,000 | $40,500 | dollars as filed | call |
| Aurora Innovation Inc W Exp 11/03/202 | 051774115 | SPAC Combination | 67,700 | $38,626 | dollars as filed | |
| SPDR S&P 500 ETF TR | 78462F953 | PUT | 38,500 | $31,838 | dollars as filed | put |
| DRAFTKINGS INC NEW | 26142V905 | CALL | 50,000 | $31,000 | dollars as filed | call |
| EOS ENERGY ENTERPRISES, INC | 29415C119 | *W EXP 11/17/202 | 17,300 | $30,448 | dollars as filed | |
| LANVIN GROUP HOLDINGS LIMITE | G5380J118 | W EXP 01/14/202 | 1,334,846 | $26,230 | dollars as filed | |
| MIRION TECHNOLOGIES INC | 60471A101 | COM CL A | 1,000 | $23,260 | dollars as filed | |
| LIBERTY MEDIA CORP DEL | 530715AL5 | DEB 3.750% 2/1 | 220,000 | $20,097 | dollars as filed | principal |
| ADAM NAT RES FD INC | 00548F105 | COM | 930 | $20,014 | dollars as filed | |
| ROBO.AI INC. | G6693P114 | *W EXP 11/11/202 | 64,571 | $10,060 | dollars as filed | |
| Roadzen Inc W Exp 11/30/202 | G7606H116 | SPAC Combination | 150,602 | $9,639 | dollars as filed | |
| AIRJOULE TECHNOLOGIES CORP | 612160119 | *W EXP 03/15/202 | 9,100 | $7,735 | dollars as filed | |
| SUNPOWER INC | 20460L112 | *W EXP 07/31/202 | 25,171 | $7,111 | dollars as filed | |
| USA RARE EARTH INC | 91733P957 | PUT | 10,000 | $4,000 | dollars as filed | put |
| Algoma Stl Group Inc W Exp 10/19/202 | 015658115 | SPAC Combination | 4,540 | $696 | dollars as filed | |
| CVR PARTNERS LP/CVR NITROGEN | 126633905 | CALL | 100 | $228 | dollars as filed | call |
Amendment chain
| Filing | Role | Filed | Accepted | Ingested |
|---|---|---|---|---|
| 13F-HR 0001420506-25-002864 | this filing | 2025-10-17 | acceptance time not in the bulk data set |