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JONES ROAD CAPITAL MANAGEMENT, L.P.

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13F filer, CIK 1842361, NEW YORK, NY

JONES ROAD CAPITAL MANAGEMENT, L.P. reported $236,341,450 across 26 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 94.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001842361-25-000006

Period
2025-06-30
Reported value
$236M
Holdings
26
Top 10 weight
94.16%
New
11
Sold out
11

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AALnew+50,000$561K
NFEnew+73,700$245K
VISNadded+5,200$43.1K

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

SecurityShares changeApprox. value
BKLNexited-505,000-$10.5M
LQDexited-87,700-$9.53M
ADXexited-419,000-$7.96M
XGDVXexited-236,000-$5.69M
FCTexited-398,000-$4.04M

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, Q2 2025

Share positions as resolved from 13F-HR 0001842361-25-000006, largest first. % of portfolio is the value over $102,723,700, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,580 shares; 2024Q4: 34,780 shares; 2025Q1: 27,300 shares; 2025Q2: 22,100 shares 22,100$16.3M15.88%-5,200Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,490 shares; 2024Q4: 55,890 shares; 2025Q1: 72,600 shares; 2025Q2: 58,700 shares 58,700$12.8M12.49%-13,900Timeline
ATIATI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 130,345 shares; 2024Q4: 155,345 shares; 2025Q1: 109,877 shares; 2025Q2: 99,877 shares 99,877$8.62M8.39%-10,000Timeline
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 375,000 shares; 2025Q1: 607,000 shares; 2025Q2: 612,200 shares 612,200$5.07M4.93%+5,200Timeline
BAPRABOEING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 38,200 shares; 2025Q1: 52,900 shares; 2025Q2: 42,700 shares 42,700$2.9M2.83%-10,200Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,061 shares; 2024Q4: 12,061 shares; 2025Q1: 13,600 shares; 2025Q2: 11,000 shares 11,000$2.24M2.18%-2,600Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,229,347 shares; 2024Q4: 1,163,744 shares; 2025Q1: 973,000 shares; 2025Q2: 895,760 shares 895,760$2.19M2.14%-77,240Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,000 shares; 2025Q2: 3,100 shares 3,100$1.54M1.5%-900Timeline
BABOEING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 6,300 shares; 2025Q2: 5,100 shares 5,100$1.07M1.04%-1,200Timeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,000 shares 50,000$561K0.55%newTimeline
CYHCOMMUNITY HEALTH SYS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,732 shares; 2024Q4: 164,732 shares; 2025Q1: 286,000 shares; 2025Q2: 115,400 shares 115,400$392K0.38%-170,600Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 73,700 shares 73,700$245K0.24%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
MSFTMICROSOFT CORP COMcall60,000$29.8Mnew
ORCLORACLE CORP COMcall80,000$17.5Mnew
HYGISHARES TR IBOXX HI YD ETFput200,000$16.1M-50,000
ORCLORACLE CORP COMput70,000$15.3Mnew
GOOGALPHABET INC COMcall80,000$14.2Mnew
SMHVANECK ETF TRUST COMcall50,000$13.9Mnew
ATIATI INC Stockput110,000$9.5Mnew
ATIATI INC Stockcall110,000$9.5Mnew
LMTLOCKHEED MARTIN CORP COMcall10,000$4.63Mnew
TJXTJX COS INC NEW COMput25,000$3.09Mnew

Principal amounts

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

SecurityTypeAmountValueChange
NEXTERA ENERGY CAP HLDGS INCNEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0principal17,400,000$19.8M0
FIRSTENERGY CORPFIRSTENERGY CORP NOTE 4.000% 5/0principal12,000,000$12.1M0
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BNDprincipal11,195,000$11.9M-3,805,000
PG&E CORPPG&E CORP NOTE 4.250%12/0principal5,000,000$4.97M0

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
BKLNINVESCO EXCH TRADED FD TR II505,000$10.5Mshares
LQDISHARES TR87,700$9.53Mshares
ADXADAMS DIVERSIFIED EQUITY FD419,000$7.96Mshares
XGDVXGABELLI DIVID & INCOME TR236,000$5.69Mshares
FCTFIRST TR SR FLTG RATE INCOME398,000$4.04Mshares
HPEHEWLETT PACKARD ENTERPRISE C60,000$926Kshares
JFRNUVEEN FLOATING RATE INCOME65,227$552Kshares
NPFDNUVEEN VRIABL RAT PFD & INM23,600$443Kshares
ALURWALLURION TECHNOLOGIES INC WT P44,393$143Kshares
SPIRIT AEROSYSTEMS INCSPIRIT AEROSYSTEMS INC100,000$137Kprincipal
UNITED HOMES GROUP INCUNITED HOMES GROUP INC2,500$7Kshares

How Q2 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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001842361-25-000006 base2025-08-13acceptance time not in the bulk data set