Context Capital Management, LLC

13F filer, CIK 1301396, LAJOLLA, CA

Context Capital Management, LLC reported $3,881,033,785 across 327 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 30.47% of the portfolio.

Filed 2026-02-13 (acceptance time not in the bulk data set), ingested 2026-10-07 03:01:36 UTC13F-HR 0001420506-26-000398

Period: 2025-12-31
Reported value: $3.88B
Holdings: 327
Top 10 weight: 30.47%
New: 114
Sold out: 56

Largest buys vs the previous quarter

Security	Shares change	Approx. value
MBVInew	+791,300	$7.91M
DMIInew	+750,000	$7.42M
GFUZnew	+641,420	$6.52M
HCACUnew	+650,000	$6.51M
BIXIUnew	+600,000	$5.98M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
ECHOSTAR CORPexited	-105,127,217	-$259M
QXO INCreduced	-240,000	-$13.2M
PG&E CORPexited	-305,000	-$12M
BAPRAexited	-150,000	-$10.4M
ARES MANAGEMENT CORPORATIONexited	-200,000	-$9.94M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001420506-26-000398, largest first. % of portfolio is the value over $3,881,033,785, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
ALBEMARLE CORPALBEMARLE CORP	550,000	$32.7M	0.84%	0
BRKRPBRUKER CORP	50,000	$18.3M	0.47%	-25,000	Timeline
NEENEXTERA ENERGY INC	250,000	$12.2M	0.31%	0	Timeline
SHIFT4 PMTS INCSHIFT4 PMTS INC	100,000	$8M	0.21%	0
MBVIM3-BRIGADE ACQUISITION VI CO	791,300	$7.91M	0.2%	new	Timeline
DMIIDRUGS MADE IN AMER ACQ II CO	750,000	$7.42M	0.19%	new	Timeline
PLMKPLUM ACQUISITION CORP IV	700,000	$7.32M	0.19%	0	Timeline
GFUZSPRING VY ACQUISITION CORP I	641,420	$6.52M	0.17%	new	Timeline
HCACUHALL CHADWICK ACQUISITION CO	650,000	$6.51M	0.17%	new	Timeline
SZZLSIZZLE ACQUISITION CORP. II	599,812	$6.09M	0.16%	-188	Timeline
BCARD. BORAL ARC ACQ I CORP.	600,000	$6.02M	0.16%	0	Timeline
BIXIUBITCOIN INFRASTRUCTURE ACQUI	600,000	$5.98M	0.15%	new	Timeline
SOULSOULPOWER ACQUISITION CORP	582,480	$5.91M	0.15%	0	Timeline
QXO INCQXO INC	100,000	$5.51M	0.14%	-240,000
NOVTUNOVANTA INC	100,000	$5.5M	0.14%	new	Timeline
CEPVCANTOR EQUITY PARTNERS V INC	500,000	$5.12M	0.13%	new	Timeline
RDAGREPUBLIC DIGITAL ACQUISITION	500,000	$5.06M	0.13%	0	Timeline
GTERAGLOBA TERRA ACQUISITION COR	500,000	$5.05M	0.13%	-200,000	Timeline
HCMAHCM III ACQUISITION CORP	500,000	$5.02M	0.13%	0	Timeline
MESHUMESHFLOW ACQUISITION CORP	500,000	$5M	0.13%	new	Timeline
MKLYMCKINLEY ACQUISITION CORP	500,000	$4.99M	0.13%	new	Timeline
SVAQUSILICON VY ACQUISITION CORP	500,000	$4.97M	0.13%	new	Timeline
CRACCROWN RESV ACQUISITION CORP	500,000	$4.97M	0.13%	new	Timeline
WENNWEN ACQUISITION CORP	483,500	$4.88M	0.13%	0	Timeline
ZTSZOETIS INC	37,100	$4.67M	0.12%	new	Timeline
TLNCTALON CAP CORP	450,000	$4.55M	0.12%	new	Timeline
CRANUCRANE HBR ACQUISITION CORP I	450,000	$4.53M	0.12%	new	Timeline
EVACEQV VENTURES AC CORP. II	450,000	$4.51M	0.12%	0	Timeline
SC II ACQUISITION CORPSC II ACQUISITION CORP	425,000	$4.28M	0.11%	new
CEPFCANTOR EQUITY PARTNERS IV IN	400,000	$4.11M	0.11%	0	Timeline
CCIICOHEN CIRCLE ACQUISIT CORP I	400,000	$4.1M	0.11%	0	Timeline
GSRFGSR IV ACQUISITION CORP	400,000	$4M	0.1%	new	Timeline
LPCVULAUNCHPAD CADENZA ACQU CORP	400,000	$3.99M	0.1%	new	Timeline
ADACUAMERICAN DRIVE ACQUISITION C	400,000	$3.99M	0.1%	new	Timeline
IRHOUIRON HORSE ACQUISIT II CORP	400,000	$3.98M	0.1%	new	Timeline
XRPNARMADA ACQUISITION CORP II	350,000	$3.58M	0.09%	0	Timeline
KCHVKOCHAV DEFENSE ACQUI CO	350,000	$3.55M	0.09%	0	Timeline
BDCIBTC DEV CORP	350,000	$3.5M	0.09%	new	Timeline
KOYNCSLM DIGITA ASSET ACQ CORP I	350,000	$3.48M	0.09%	new	Timeline
CRWVCOREWEAVE INC	47,800	$3.42M	0.09%	new	Timeline
FACTFACT II ACQUISITION CORP	300,000	$3.12M	0.08%	0	Timeline
FERAFIFTH ERA ACQUISITION CORP I	300,000	$3.09M	0.08%	0	Timeline
RAAQREAL ASSET ACQUISITION CORP	300,000	$3.07M	0.08%	0	Timeline
CRAQCAL REDWOOD ACQUISITION CORP	300,000	$3.04M	0.08%	0	Timeline
OBAOXLEY BRIDGE ACQ LTD	300,000	$3.02M	0.08%	0	Timeline
VNMEVENDOME ACQUISITION CORP I	300,000	$3.02M	0.08%	0	Timeline
HAVAHARVARD AVE ACQUISITION CORP	300,000	$2.98M	0.08%	new	Timeline
DYORINSIGHT DIGITAL PARTNERS II	300,000	$2.97M	0.08%	new	Timeline
DNMXDYNAMIX CORP III	300,000	$2.97M	0.08%	new	Timeline
EVOXEVOLUTION GLOBAL ACQUISITION	300,000	$2.96M	0.08%	new	Timeline
MCHPPMICROCHIP TECHNOLOGY INC.	50,000	$2.91M	0.08%	0	Timeline
SIMASIM ACQUISITION CORP. I	270,000	$2.86M	0.07%	0	Timeline
SBXDFSILVERBOX CORP IV	262,951	$2.78M	0.07%	0	Timeline
BEBEUTGE VALUE CREATIVE SOLUTIONS	275,000	$2.73M	0.07%	new	Timeline
NWAXUNEW AMER ACQUISITION I CORP	250,000	$2.6M	0.07%	new	Timeline
DMAADRUGS MADE IN AMER ACQUTN CO	250,000	$2.59M	0.07%	0	Timeline
PMTRPERIMETER ACQUISITION CORP I	250,000	$2.57M	0.07%	+50,000	Timeline
ONCH1RT ACQUISITION CORP.	250,000	$2.55M	0.07%	0	Timeline
TACOBERTO ACQUISITION CORP	250,000	$2.54M	0.07%	0	Timeline
OYSEOYSTER ENTERPRISES II ACQUIS	250,782	$2.53M	0.07%	0	Timeline
AXINAXIOM INTELLIGENCE AC CORP 1	250,000	$2.52M	0.06%	0	Timeline
FIGXFIGX CAP ACQUISITION CORP.	250,000	$2.52M	0.06%	0	Timeline
BLRKUBLUEROCK ACQUISITION CORP	250,000	$2.5M	0.06%	new	Timeline
ITHAUITHAX ACQUISITION CORP III	250,000	$2.49M	0.06%	new	Timeline
NSTRVIKING ACQUISITION CORP I	250,000	$2.48M	0.06%	new	Timeline
COPLCOPLEY ACQUISITION CORP	200,000	$2.05M	0.05%	0	Timeline
CAEPCANTOR EQUITY PARTNERS III I	200,000	$2.04M	0.05%	0	Timeline
DAAQDIGITAL ASSET ACQUISITION CO	200,000	$2.03M	0.05%	0	Timeline
EGHAEGH ACQUISITION CORP.	200,000	$2.03M	0.05%	0	Timeline
SACUSAFEGUARD ACQUISITION CORP	200,000	$2.02M	0.05%	new	Timeline
INACINDIGO ACQUISITION CORP	200,000	$2.01M	0.05%	-100,000	Timeline
FTWEQV VENTURES ACQUISITION C-A	190,720	$2M	0.05%	0	Timeline
OTGAOTG ACQUISITION CORP. I	200,000	$2M	0.05%	new	Timeline
YCYAA MISSION ACQUISITION CORP	200,000	$1.99M	0.05%	new	Timeline
TWLVUTWELVE SEAS INVT CO III	200,000	$1.99M	0.05%	new	Timeline
LATAGALATA ACQUISITION CORP II	200,000	$1.99M	0.05%	new	Timeline
TDWDTAILWIND 2.0 ACQUISITION COR	200,000	$1.97M	0.05%	new	Timeline
AEXAAMERICAN EXCEPTIONALISM ACQU	170,000	$1.94M	0.05%	-30,000	Timeline
CEPTCANTOR EQUITY PARTNERS II IN	155,530	$1.75M	0.05%	-44,470	Timeline
LKSPLAKE SUPERIOR ACQUISITION CO	175,000	$1.74M	0.04%	new	Timeline
BCSSBAIN CAP GSS INVT CORP	150,000	$1.51M	0.04%	new	Timeline
PACHPIONEER ACQUISITION I CORP	150,000	$1.51M	0.04%	0	Timeline
BLZRTRAILBLAZER ACQUISITION CORP	150,000	$1.5M	0.04%	new	Timeline
HVMCHIGHVIEW MERGER CORP	150,000	$1.5M	0.04%	new	Timeline
RNGTRANGE CAP ACQUISITION CORP I	150,000	$1.5M	0.04%	new	Timeline
APXTAPEX TREAS CORP	149,800	$1.48M	0.04%	new	Timeline
CHECCHENGHE ACQUISITION III CO	136,151	$1.36M	0.03%	new	Timeline
LPBBLAUNCH TWO ACQUISITION CORP.	125,000	$1.31M	0.03%	0	Timeline
CEPOCANTOR EQUITY PARTNERS I INC	115,123	$1.2M	0.03%	0	Timeline
AACBARTIUS II ACQUISITION INC	112,191	$1.16M	0.03%	0	Timeline
NHICNEWHOLD INVT CORP III	100,000	$1.04M	0.03%	0	Timeline
FACCARTESIAN GROWTH CORP III	100,000	$1.03M	0.03%	0	Timeline
SDHISIDDHI ACQUISITION CORP	100,000	$1.03M	0.03%	0	Timeline
NPACNEW PROVIDENCE ACQUISITION C	100,000	$1.03M	0.03%	0	Timeline
TACHTITAN ACQUISITION CORP	100,000	$1.03M	0.03%	0	Timeline
GTENGORES HLDGS X INC	100,000	$1.02M	0.03%	0	Timeline
BACCBLUE ACQUISITION CORP.	100,000	$1.02M	0.03%	0	Timeline
CCAQCOLLECTIVE ACQUISITION CORP	100,000	$1.02M	0.03%	0	Timeline
WTGWINTERGREEN ACQUISITION CORP	100,000	$1.02M	0.03%	0	Timeline
IPCXINFLECTION PT ACQUISITION CO	100,000	$1.01M	0.03%	0	Timeline
PCAPPROCAP ACQUISITION CORP	100,000	$1.01M	0.03%	0	Timeline
MCGAYORKVILLE ACQUISITION CORP.	100,000	$1.01M	0.03%	0	Timeline
FCRSFUTURECREST ACQUISITION CORP	100,000	$1.01M	0.03%	new	Timeline
LWACLIGHTWAVE ACQUISITION CORP	100,000	$1M	0.03%	0	Timeline
SCPQUSOCIAL COMM PARTNERS CORP	100,000	$1M	0.03%	new	Timeline
MMTXMILUNA ACQUISITION CORP	100,000	$991K	0.03%	new	Timeline
AAMAA MISSION ACQUISITION COR-A	73,600	$785K	0.02%	-1,400	Timeline
CHACCRANE HBR ACQUISITION CORP CL	72,648	$782K	0.02%	-97,900	Timeline
TVATEXAS VENTURES ACQUISITION I	70,000	$746K	0.02%	-30,000	Timeline
ONENHENNESSY CAP INVT CORP VII	60,000	$621K	0.02%	-40,000	Timeline
BLUWBLUE WTR ACQUISITION CORP. I	50,000	$516K	0.01%	0	Timeline
AEAQUACTIVATE ENERGY ACQUISIT COR	50,000	$500K	0.01%	new	Timeline
KPTIKARYOPHARM THERAPEUTICS INC	62,995	$464K	0.01%	new	Timeline
FACTWFACT II ACQUISITION CORP	825,000	$289K	0.01%	-25,000	Timeline
KRSPRICE ACQUISITION CORP 3	25,000	$257K	0.01%	new	Timeline
CCXIUCHURCHILL CAP CORP XI	22,500	$230K	0.01%	new	Timeline
XRPNWARMADA ACQUISITION CORP II	225,000	$200K	0.01%	0	Timeline
BCARWD. BORAL ARC ACQ I CORP.	450,000	$163K	<0.01%	0	Timeline
RDAGWREPUBLIC DIGITAL ACQUISITION	250,000	$145K	<0.01%	0	Timeline
GSRFRGSR IV ACQUISITION CORP	57,142	$136K	<0.01%	new	Timeline
SVACWSPRING VY ACQUISITION CORP I	215,334	$134K	<0.01%	new	Timeline
FERARFIFTH ERA ACQUISITION CORP I	300,000	$120K	<0.01%	0	Timeline
DMIIRDRUGS MADE IN AMER ACQ II CO	750,000	$105K	<0.01%	new	Timeline
CRACRCROWN RESV ACQUISITION CORP	500,000	$102K	<0.01%	new	Timeline
SOULPOWER ACQUISITION CORPSOULPOWER ACQUISITION CORP	582,480	$102K	<0.01%	0
MBVIWM3-BRIGADE ACQUISITION VI CO	263,766	$97.6K	<0.01%	new	Timeline
CRAQRCAL REDWOOD ACQUISITION CORP	300,000	$97.1K	<0.01%	0	Timeline
SZZLRSIZZLE ACQUISITION CORP. II	600,000	$96K	<0.01%	0	Timeline
PLMKWPLUM ACQUISITION CORP IV	350,000	$94.7K	<0.01%	0	Timeline
GTERRGLOBA TERRA ACQUISITION COR	700,000	$91.1K	<0.01%	0	Timeline
TLNCWTALON CAP CORP	150,000	$88.5K	<0.01%	new	Timeline
KCHVRKOCHAV DEFENSE ACQUI CO	350,000	$84K	<0.01%	0	Timeline
HCMAWHCM III ACQUISITION CORP	166,666	$83.3K	<0.01%	0	Timeline
CRANE HBR ACQUISITION CORPCRANE HBR ACQUISITION CORP	100,548	$80.4K	<0.01%	-70,000
WENNWWEN ACQUISITION CORP	241,750	$75K	<0.01%	0	Timeline
PMTRWPERIMETER ACQUISITION CORP I	100,000	$70.8K	<0.01%	0	Timeline
CCIIWCOHEN CIRCLE ACQUISIT CORP I	100,000	$70K	<0.01%	0	Timeline
EVOXWEVOLUTION GLOBAL ACQUISITION	150,000	$66K	<0.01%	new	Timeline
GTERWGLOBA TERRA ACQUISITION COR	525,000	$66K	<0.01%	0	Timeline
MKLYRMCKINLEY ACQUISITION CORP	500,000	$65K	<0.01%	new	Timeline
RAAQWREAL ASSET ACQUISITION CORP	150,000	$64.5K	<0.01%	0	Timeline
KOYNWCSLM DIGITA ASSET ACQ CORP I	175,000	$61.2K	<0.01%	new	Timeline
BDCIWBTC DEV CORP	87,500	$59.5K	<0.01%	new	Timeline
TACOWBERTO ACQUISITION CORP	150,000	$55.5K	<0.01%	0	Timeline
DNMXWDYNAMIX CORP III	150,000	$53.7K	<0.01%	new	Timeline
ARTIUS II ACQUISITION INCARTIUS II ACQUISITION INC	162,191	$53.5K	<0.01%	0
EQV VENTURES ACQUISITION COREQV VENTURES ACQUISITION COR	110,707	$53.1K	<0.01%	0
AXINRAXIOM INTELLIGENCE AC CORP 1	250,000	$52.5K	<0.01%	0	Timeline
EQV VENTURES AC CORP. IIEQV VENTURES AC CORP. II	150,000	$52.5K	<0.01%	0
BRRWWSILVIA INC	75,000	$52.5K	<0.01%	new	Timeline
HVIIRHENNESSY CAP INVT CORP VII	187,500	$52.3K	<0.01%	0	Timeline
OYSEROYSTER ENTERPRISES II ACQUIS	250,782	$50.2K	<0.01%	0	Timeline
EGHAREGH ACQUISITION CORP.	200,000	$50K	<0.01%	0	Timeline
DYORWINSIGHT DIGITAL PARTNERS II	150,000	$49.5K	<0.01%	new	Timeline
EMISREMMIS ACQUISITION CORP.	300,000	$48.2K	<0.01%	new	Timeline
INACRINDIGO ACQUISITION CORP	300,000	$47.7K	<0.01%	0	Timeline
IGACRINVEST GREEN ACQUISITION COR	250,000	$47.5K	<0.01%	new	Timeline
DMAARDRUGS MADE IN AMER ACQUTN CO	250,000	$46.8K	<0.01%	0	Timeline
LKSPRLAKE SUPERIOR ACQUISITION CO	25,000	$45.6K	<0.01%	new	Timeline
TVACWTEXAS VENTURES ACQUISITION I	50,000	$45K	<0.01%	0	Timeline
SBCWWSBC MED GROUP HLDGS INC	208,389	$45K	<0.01%	0	Timeline
VNMEWVENDOME ACQUISITION CORP I	150,000	$41.2K	<0.01%	0	Timeline
DAAQWDIGITAL ASSET ACQUISITION CO	100,000	$40K	<0.01%	0	Timeline
SIMAWSIM ACQUISITION CORP. I	185,000	$39.8K	<0.01%	0	Timeline
BTMWQBITCOIN DEPOT INC	354,454	$39.8K	<0.01%	0	Timeline
CGCTWCARTESIAN GROWTH CORP III	50,000	$39.5K	<0.01%	0	Timeline
IPCXRINFLECTION PT ACQUISITION CO	100,000	$37.8K	<0.01%	0	Timeline
ONCHW1RT ACQUISITION CORP.	62,500	$36.3K	<0.01%	0	Timeline
FIGXWFIGX CAP ACQUISITION CORP.	125,000	$34.3K	<0.01%	0	Timeline
OBAWWOXLEY BRIDGE ACQ LTD	150,000	$33K	<0.01%	0	Timeline
HARVARD AVE ACQUISITION CORPHARVARD AVE ACQUISITION CORP	300,000	$33K	<0.01%	new
TDWDRTAILWIND 2.0 ACQUISITION COR	200,000	$32.8K	<0.01%	new	Timeline
VIKING ACQUISITION CORP IVIKING ACQUISITION CORP I	83,333	$32.5K	<0.01%	new
BACCRBLUE ACQUISITION CORP.	100,000	$32.4K	<0.01%	0	Timeline
OTGAWOTG ACQUISITION CORP. I	100,000	$32K	<0.01%	new	Timeline
SILVERBOX CORP IVSILVERBOX CORP IV	104,317	$29.2K	<0.01%	0
ALFUWCENTURION ACQUISITION CORP	79,882	$25.6K	<0.01%	0	Timeline
BLZRWTRAILBLAZER ACQUISITION CORP	50,000	$24K	<0.01%	new	Timeline
RNGTWRANGE CAP ACQUISITION CORP I	75,000	$24K	<0.01%	new	Timeline
LATAWGALATA ACQUISITION CORP II	66,666	$23.7K	<0.01%	new	Timeline
GTENWGORES HLDGS X INC	25,000	$23.2K	<0.01%	0	Timeline
COPLEY ACQUISITION CORPCOPLEY ACQUISITION CORP	100,000	$22.6K	<0.01%	0
CCAQWCOLLECTIVE ACQUISITION CORP	74,700	$22.4K	<0.01%	-300	Timeline
YCYWSAA MISSION ACQUISITION CORP	100,000	$22K	<0.01%	new	Timeline
CRACWCROWN RESV ACQUISITION CORP	250,000	$21.9K	<0.01%	new	Timeline
SDHIRSIDDHI ACQUISITION CORP	100,000	$21.5K	<0.01%	0	Timeline
NHICWNEWHOLD INVT CORP III	50,000	$21K	<0.01%	0	Timeline
APXTWAPEX TREAS CORP	74,900	$20.8K	<0.01%	new	Timeline
VACHWVOYAGER ACQUISITION CORP	100,000	$20.8K	<0.01%	0	Timeline
LEGATO MERGER CORP IIILEGATO MERGER CORP III	50,000	$20.5K	<0.01%	0
HVMCWHIGHVIEW MERGER CORP	75,000	$20.3K	<0.01%	new	Timeline
LPBBWLAUNCH TWO ACQUISITION CORP.	62,500	$19.7K	<0.01%	0	Timeline
BAIN CAP GSS INVT CORPBAIN CAP GSS INVT CORP	30,000	$19.6K	<0.01%	new
CHARRCHARLTON ARIA ACQUISITION CO	100,000	$19K	<0.01%	0	Timeline
DRTSWALPHA TAU MEDICAL LTD	55,060	$18.7K	<0.01%	new	Timeline
FUTURECREST ACQUISITION CORPFUTURECREST ACQUISITION CORP	25,000	$18.2K	<0.01%	new
PACHWPIONEER ACQUISITION I CORP	75,000	$18K	<0.01%	0	Timeline
SCAGWSCAGE FUTURE	262,500	$17K	<0.01%	0	Timeline
NPACWNEW PROVIDENCE ACQUISITION C	33,333	$16.8K	<0.01%	0	Timeline
TACHWTITAN ACQUISITION CORP	50,000	$15.8K	<0.01%	0	Timeline
IBACRIB ACQUISITION CORP	200,000	$15.7K	<0.01%	0	Timeline
EON RESOURCES INCEON RESOURCES INC	296,581	$14.1K	<0.01%	0
WINTERGREEN ACQUISITION CORPWINTERGREEN ACQUISITION CORP	100,000	$14K	<0.01%	0
LWACWLIGHTWAVE ACQUISITION CORP	50,000	$13.5K	<0.01%	0	Timeline
BLUWWBLUE WTR ACQUISITION CORP. I	25,000	$13.2K	<0.01%	0	Timeline
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INC	172,160	$13K	<0.01%	0
CHECWCHENGHE ACQUISITION III CO	68,075	$12.9K	<0.01%	new	Timeline
AA MISSION ACQUISITI…AA MISSION ACQUISITION …	75,000	$12.7K	<0.01%	0
MCGAWYORKVILLE ACQUISITION CORP.	25,000	$12.5K	<0.01%	0	Timeline
PCAPWPROCAP ACQUISITION CORP	33,333	$12.4K	<0.01%	0	Timeline
MMTXWMILUNA ACQUISITION CORP	100,000	$11K	<0.01%	new	Timeline
ALCWFALCHEMY INVTS ACQUISITN CORP	50,000	$10.5K	<0.01%	0	Timeline
XBP GLOBAL HOLDINGS INCXBP GLOBAL HOLDINGS INC	357,933	$9.91K	<0.01%	0
LZMWSLIFEZONE METALS LIMITED	23,500	$9.65K	<0.01%	new	Timeline
FLDDWFOLD HLDGS INC	56,950	$8.66K	<0.01%	0	Timeline
GCLWWGCL GLOBAL HLDGS LTD	250,000	$7.5K	<0.01%	0	Timeline
00	540,000	$5.62K	<0.01%	0
ECXWWECARX HOLDINGS INC	117,430	$5.3K	<0.01%	0	Timeline
SOUTHLAND HLDGS INCSOUTHLAND HLDGS INC	51,732	$4.45K	<0.01%	0
RMSGWREAL MESSENGER CORP.	87,700	$4.38K	<0.01%	0	Timeline
BRLSWBOREALIS FOODS INC	75,340	$3.77K	<0.01%	0	Timeline
TVGNWTEVOGEN INC	97,250	$3.73K	<0.01%	0	Timeline
DFLIWDRAGONFLY ENERGY HOLDINGS CO	50,700	$3.55K	<0.01%	0	Timeline
RICE ACQUISITION CORP 3RICE ACQUISITION CORP 3	4,166	$3.33K	<0.01%	new
APLMWAPOLLOMICS INC	298,500	$3.31K	<0.01%	0	Timeline
ASBPWASPIRE-LAKEWOOD HOLDINGS INC	175,000	$2.89K	<0.01%	0	Timeline
ZOOZWZOOZ STRATEGY LTD	72,209	$2.88K	<0.01%	new	Timeline
OPENLOPENDOOR TECHNOLOGIES INC	5,305	$2.76K	<0.01%	new	Timeline
LAVORO LTD WT EXP (CYM)LAVORO LTD WT EXP (CYM)	235,863	$2.57K	<0.01%	0
CELULARITY INCCELULARITY INC	150,000	$2.44K	<0.01%	0
BENFWBENEFICIENT	210,024	$2.23K	<0.01%	0	Timeline
OPENZOPENDOOR TECHNOLOGIES INC	5,305	$2.12K	<0.01%	new	Timeline
CDIOWCARDIO DIAGNOSTICS HOLDGS IN	81,500	$2.11K	<0.01%	0	Timeline
MRNOWMURANO GLOBAL INVT PLC	75,000	$1.97K	<0.01%	new	Timeline
CUBWWLIONHEART HOLDINGS	10,000	$1.7K	<0.01%	0	Timeline
SLXNWSILEXION THERAPEUTICS CORP	51,183	$1.33K	<0.01%	0	Timeline
CPTWFCAPTIVISION INC	97,550	$1.26K	<0.01%	new	Timeline
PARAWBANZAI INTERNATIONAL INC	80,979	$1.13K	<0.01%	0	Timeline
CDTTWCDT EQUITY INC	128,500	$707	<0.01%	0	Timeline
MLECWMOOLEC SCIENCE SA	32,653	$189	<0.01%	new	Timeline
KVACWKEEN VISION ACQUISITION CORP	3,092	$158	<0.01%	0	Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
STRATEGY INCSTRATEGY INC NOTE12/0	principal	227,716,000	$188M	new
ECHOSTAR CORPECHOSTAR CORP NOTE 3.875%11/3	principal	47,840,217	$160M	new
PELOTON INTERACTIVE INCPELOTON INTERACTIVE INC NOTE 5.500%12/0	principal	80,936,000	$135M	+80,858,570
MARA HOLDINGS INCMARA HOLDINGS INC NOTE 6/0	principal	144,000,000	$121M	new
CONMED CORPCONMED CORP NOTE 2.250% 6/1	principal	119,429,000	$115M	+119,320,150
TELADOC HEALTH INCTELADOC HEALTH INC NOTE 1.250% 6/0	principal	117,115,000	$112M	+116,987,885
FLUENCE ENERGY INCFLUENCE ENERGY INC NOTE 2.250% 6/1	principal	77,173,000	$93.6M	new
BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC Convertible	principal	79,754,000	$89.8M	+79,656,146
SUPER MICRO COMPUTER INCSUPER MICRO COMPUTER INC NOTE 3.500% 3/0	principal	97,362,000	$86.9M	+97,334,095
TANDEM DIABETES CARE INCTANDEM DIABETES CARE INC NOTE 1.500% 3/1	principal	81,129,000	$82.7M	+81,097,871
TRAVERE THERAPEUTICS INCTRAVERE THERAPEUTICS INC CNV	principal	57,457,000	$82M	+57,410,646
CLEANSPARK INCCLEANSPARK INC NOTE 6/1	principal	78,135,000	$81.2M	new
ENOVIS CORPORATIONENOVIS CORPORATION NOTE 3.875%10/1	principal	82,543,000	$80.8M	+82,510,088
PENNYMAC CORPPENNYMAC CORP Convertible Bond	principal	73,897,000	$78.6M	+73,881,098
CENTURY ALUM COCENTURY ALUM CO NOTE 2.750% 5/0	principal	33,746,000	$71M	+33,707,816
RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1	principal	55,537,000	$69.9M	+55,478,950
PACIRA BIOSCIENCES INCPACIRA BIOSCIENCES INC NOTE 2.125% 5/1	principal	68,806,000	$69.4M	+68,730,369
IMMUNOCORE HLDGS PLCIMMUNOCORE HLDGS PLC NOTE 2.500% 2/0	principal	71,541,000	$65M	+71,470,959
GROUPON INCGROUPON INC NOTE 4.875% 6/3	principal	69,876,000	$61.7M	+69,802,361
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0	principal	62,949,000	$57.2M	+62,900,651
APPLIED DIGITAL CORPAPPLIED DIGITAL CORP NOTE 2.750% 6/0	principal	21,117,000	$57.1M	new
PAGERDUTY INCPAGERDUTY INC NOTE 1.500%10/1	principal	57,735,000	$55.2M	+57,730,000
SSR Mining IncSSR Mining Inc Convertible bond	principal	41,946,000	$54.8M	+41,893,904
WAYFAIR INCWAYFAIR INC Convertible bond	principal	23,150,000	$53M	+23,127,850
UPSTART HLDGS INCUPSTART HLDGS INC NOTE 1.000%11/1	principal	60,174,000	$52.7M	new
CENTRUS ENERGY CORPCENTRUS ENERGY CORP NOTE 2.250%11/0	principal	19,450,000	$52.2M	new
CERENCE INCCERENCE INC NOTE 1.500% 7/0	principal	56,178,000	$50.7M	+56,152,330
EQUINOX GOLD CORPEQUINOX GOLD CORP NOTE 4.750%10/1	principal	21,350,000	$50.2M	+21,304,344
EVOLENT HEALTH INCEVOLENT HEALTH INC NOTE 3.500%12/0	principal	73,715,000	$49.8M	+73,648,786
ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0	principal	54,268,000	$47.4M	new
SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES INC Convertible	principal	38,843,000	$45.3M	+38,809,978
STRATEGY INCSTRATEGY INC NOTE 0.875% 3/1	principal	41,649,000	$43M	+41,609,851
PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INC NOTE 7.250% 8/1	principal	42,470,000	$42.9M	+42,423,090
PORCH GROUP INCPORCH GROUP INC DEBT 9.000% 5/1	principal	36,500,000	$41.2M	+36,480,500
IRONWOOD PHARMACEUTICALS INCIRONWOOD PHARMACEUTICALS INC NOTE 1.500% 6/1	principal	42,119,000	$39.8M	+42,090,923
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0	principal	17,470,000	$37.9M	+17,460,690
TXNM ENERGY INCTXNM ENERGY INC NOTE 5.750% 6/0	principal	28,015,000	$37.6M	+27,986,985
RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 3.625%10/1	principal	33,163,000	$37.3M	+33,128,337
OMEROS CORPOMEROS CORP NOTE 9.500% 6/1	principal	12,209,000	$36.3M	+12,206,541
MITEK SYS INCMITEK SYS INC NOTE 0.750% 2/0	principal	33,750,000	$33.4M	+33,708,250
RAMACO RES INCRAMACO RES INC NOTE 11/0	principal	38,230,000	$32.5M	new
AMPHASTAR PHARMACEUTICALS INAMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1	principal	31,700,000	$29.4M	+31,680,800
NIO INCNIO INC NOTE 3.875%10/1	principal	30,709,000	$29M	+30,681,291
VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1	principal	32,134,000	$29M	+32,101,956
GREEN PLAINS INCGREEN PLAINS INC NOTE 5.250%11/0	principal	27,504,000	$29M	new
ALIGNMENT HEALTHCARE INCALIGNMENT HEALTHCARE INC NOTE 4.250%11/1	principal	18,530,000	$28.2M	new
SOLARIS ENERGY INFRAS INCSOLARIS ENERGY INFRAS INC NOTE 4.750% 5/0	principal	12,065,000	$24.1M	+12,057,951
BEYOND MEAT INCBEYOND MEAT INC DEBT 10/1	principal	31,124,000	$24.1M	new
HAEMONETICS CORP MASSHAEMONETICS CORP MASS NOTE 2.500% 6/0	principal	22,660,000	$23.6M	+22,635,091
AFFIRM HLDGS INCAFFIRM HLDGS INC NOTE 0.750%12/1	principal	20,784,000	$23.1M	new
GOSSAMER BIO INCGOSSAMER BIO INC NOTE 5.000% 6/0	principal	33,463,000	$22.7M	+33,432,995
EVENTBRITE INCEVENTBRITE INC NOTE 0.750% 9/1	principal	22,954,000	$22.6M	+22,933,046
ASSERTIO HOLDINGS INCASSERTIO HOLDINGS INC NOTE 6.500% 9/0	principal	24,230,000	$22M	+24,205,770
STARWOOD PPTY TR INCSTARWOOD PPTY TR INC NOTE 6.750% 7/1	principal	19,262,000	$20M	+19,242,738
ALPHATEC HLDGS INCALPHATEC HLDGS INC NOTE 0.750% 8/0	principal	15,036,000	$18.8M	+15,020,964
GROUPON INCGROUPON INC NOTE 1.125% 3/1	principal	18,606,000	$18.5M	+18,587,394
REDWOOD TRUST INCREDWOOD TRUST INC Convertible	principal	18,211,000	$18.2M	+18,198,149
APPLIED OPTOELECTRONICS INCAPPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1	principal	15,559,000	$18M	+15,536,099
T1 ENERGY INCT1 ENERGY INC NOTE 5.250%12/0	principal	14,000,000	$17.9M	new
ASTRONICS CORPASTRONICS CORP NOTE 5.500% 3/1	principal	6,915,000	$17.7M	new
VERITONE INCVERITONE INC NOTE 1.750%11/1	principal	17,262,000	$16.4M	+17,232,156
SOLARIS ENERGY INFRAS INCSOLARIS ENERGY INFRAS INC NOTE 0.250%10/0	principal	14,560,000	$15.8M	new
CSG SYS INTL INCCSG SYS INTL INC NOTE 3.875% 9/1	principal	12,213,000	$14.5M	+12,198,000
PAR TECHNOLOGY CORPPAR TECHNOLOGY CORP NOTE 1.500%10/1	principal	14,012,000	$13.7M	+13,997,988
CAPITAL SOUTHWEST CORPCAPITAL SOUTHWEST CORP Convertible Bond	principal	13,534,000	$13.4M	+13,514,266
ANI PHARMACEUTICALS INCANI PHARMACEUTICALS INC NOTE 2.250% 9/0	principal	10,000,000	$12.6M	new
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertible	principal	4,000,000	$11M	+3,996,000
NIO INCNIO INC NOTE 4.625%10/1	principal	11,363,000	$10.1M	+11,351,637
GLADSTONE CAP CORPGLADSTONE CAP CORP NOTE 5.875%10/0	principal	10,200,000	$10M	+10,187,800
WOLFSPEED INCWOLFSPEED INC NOTE 2.500% 6/1	principal	6,371,000	$9.47M	new
MANNKIND CORPMANNKIND CORP NOTE 2.500% 3/0	principal	8,060,000	$9.15M	+8,051,940
HERTZ CORPHERTZ CORP NOTE 8.000% 7/1	principal	7,750,000	$8.88M	new
GREEN PLAINS INCGREEN PLAINS INC DEBT 5.250%11/0	principal	8,390,000	$8.83M	new
HERBALIFE LTDHERBALIFE LTD NOTE 4.250% 6/1	principal	7,220,000	$7.83M	new
EVOLENT HEALTH INCEVOLENT HEALTH INC DEBT 4.500% 8/1	principal	10,200,000	$7.24M	+10,187,800
CIPHER DIGITAL INCCIPHER DIGITAL INC NOTE 1.750% 5/1	principal	2,000,000	$6.99M	+1,998,000
CARDLYTICS INCCARDLYTICS INC NOTE 4.250% 4/0	principal	15,636,000	$6.18M	+15,620,364
GREEN PLAINS INCGREEN PLAINS INC NOTE 2.250% 3/1	principal	5,498,000	$5.29M	+5,450,498
COLLEGIUM PHARMACEUTICAL INCCOLLEGIUM PHARMACEUTICAL INC NOTE 2.875% 2/1	principal	2,607,000	$3.69M	+2,604,393
ETSY INCETSY INC NOTE 0.125% 9/0	principal	3,750,000	$3.48M	new
AMC GLOBAL MEDIA INCAMC GLOBAL MEDIA INC NOTE 4.250% 2/1	principal	2,500,000	$2.56M	+2,497,500
SNAP INCSNAP INC NOTE 0.125% 3/0	principal	2,538,000	$2.3M	+2,535,462
CYTOKINETICS INCCYTOKINETICS INC NOTE 3.500% 7/0	principal	1,386,000	$1.98M	+1,384,614
ENCORE CAP GROUP INCENCORE CAP GROUP INC NOTE 4.000% 3/1	principal	1,750,000	$1.93M	+1,748,250
GROUPON INCGROUPON INC NOTE 6.250% 3/1	principal	1,250,000	$1.3M	+1,248,750
TWO HARBORS INVENTMENT CORPOTWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1	principal	486,000	$485K	+485,514

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
ECHOSTAR CORPECHOSTAR CORP	105,127,217	$259M	shares
BLOOM ENERGY CORPBLOOM ENERGY CORP	47,406	$212M	principal
BLOOM ENERGY CORPBLOOM ENERGY CORP	15,499	$64M	principal
FIRST MAJESTIC SILVER CORPFIRST MAJESTIC SILVER CORP	27,611	$30M	principal
Semtech CorpSemtech Corp	7,700	$27.4M	principal
PROS HOLDINGS INCPROS HOLDINGS INC	18,883	$24.4M	principal
SOUTHERN COSOUTHERN CO	19,000	$21.2M	principal
BEYOND MEAT INCBEYOND MEAT INC	71,075	$14.6M	principal
3D SYS CORP DEL3D SYS CORP DEL	16,036	$14.3M	principal
UGI CORP NEWUGI CORP NEW	10,000	$12.8M	principal
Esperion Therapeutics IncEsperion Therapeutics Inc	12,440	$12.4M	principal
PG&E CORPPG&E CORP	305,000	$12M	shares
AEROVIRONMENT INCAEROVIRONMENT INC	9,000	$11.2M	principal
BAPRABOEING CO	150,000	$10.4M	shares
ARES MANAGEMENT CORPORATIONARES MANAGEMENT CORPORATION	200,000	$9.94M	shares
MARA HOLDINGS INCMARA HOLDINGS INC	8,000	$9.7M	principal
LUMINAR TECHNOLOGIES INCLUMINAR TECHNOLOGIES INC	25,864	$9.67M	principal
IBITISHARES BITCOIN TRUST ETF	144,000	$9.36M	shares
INNOVIVA INCINNOVIVA INC	9,351	$9.12M	principal
MBVIUM3-BRIGADE ACQUISITION VI CO	880,000	$8.91M	shares
FORTUNA MNG CORPFORTUNA MNG CORP	5,255	$8.36M	principal
DMIIUDRUGS MADE IN AMER ACQ II CO	750,000	$7.46M	shares
SVACUSPRING VY ACQUISITION CORP I	646,003	$6.64M	shares
KARYOPHARM THERAPEUTICS INCKARYOPHARM THERAPEUTICS INC	8,871	$6.4M	principal
ZYNEX INCZYNEX INC	11,000	$6.39M	principal
PENNYMAC CORPPENNYMAC CORP	6,012	$6M	principal
MKLYUMCKINLEY ACQUISITION CORP	500,000	$5M	shares
MARRIOTT VACATIONS WORLDWIDEMARRIOTT VACATIONS WORLDWIDE	5,000	$4.78M	principal
GSRFUGSR IV ACQUISITION CORP	450,000	$4.56M	shares
TLNCUTALON CAP CORP	450,000	$4.52M	shares
FIVE9 INCFIVE9 INC	5,000	$4.44M	principal
KOYNUCSLM DIGITA ASSET ACQ CORP I	350,000	$3.54M	shares
BTC DEV CORPBTC DEV CORP	350,000	$3.54M	shares
LUMINAR TECHNOLOGIES INCLUMINAR TECHNOLOGIES INC	8,835	$3.22M	principal
BLZRUTRAILBLAZER ACQUISITION CORP	300,000	$3.07M	shares
OTGAUOTG ACQUISITION CORP. I	300,000	$3.02M	shares
SNAP INCSNAP INC	3,500	$3.01M	principal
EMMIS ACQUISITION CORP.EMMIS ACQUISITION CORP.	300,000	$3M	shares
COLUMBUS CIRCLE CAP CORP. ICOLUMBUS CIRCLE CAP CORP. I	290,000	$2.93M	shares
GROUPON INCGROUPON INC	2,987	$2.76M	principal
PROS HOLDINGS INCPROS HOLDINGS INC	2,772	$2.75M	principal
NEW MTN FIN CORPNEW MTN FIN CORP	2,500	$2.5M	principal
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW	2,000	$2.15M	principal
FCRSUFUTURECREST ACQUISITION CORP	200,000	$2.12M	shares
GALATA ACQUISITION CORP IIGALATA ACQUISITION CORP II	200,000	$2M	shares
HVMCUHIGHVIEW MERGER CORP	150,000	$1.52M	shares
BCSSUBAIN CAP GSS INVT CORP	150,000	$1.51M	shares
CHENGHE ACQUISITION III COCHENGHE ACQUISITION III CO	136,151	$1.36M	shares
WISDOMTREE INCWISDOMTREE INC	734	$963K	principal
SPIRIT AEROSYSTEMS INCSPIRIT AEROSYSTEMS INC	555	$820K	principal
COLUMBUS CIRCLE CAP CORP. ICOLUMBUS CIRCLE CAP CORP. I	175,000	$210K	shares
VWAVWVISIONWAVE HOLDINGS INC	115,819	$47.6K	shares
GSR III ACQUISITION CORPGSR III ACQUISITION CORP	4,144	$42.9K	shares
ABVWFABOVE FOOD INGREDIENTS INC	60,000	$14.4K	shares
WTS PHOENIX BIOTECH ACQUISI…WTS PHOENIX BIOTECH ACQUISITIO	122,013	$1.62K	shares
COINBASE GLOBAL INCCOINBASE GLOBAL INC	0	$0	principal

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001420506-26-000398	base		2026-02-13	acceptance time not in the bulk data set	2026-10-07 03:01:36 UTC