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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 $168,987,242 across 19 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 95.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001842361-25-000007

Period
2025-09-30
Reported value
$169M
Holdings
19
Top 10 weight
95.76%
New
3
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DUKnew+1,800$223K
AALadded+16,200$182K
NFEadded+36,000$79.6K

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
ORCLreduced-15,800-$4.44M
VISNreduced-178,300-$2.76M
BHRexited-895,760-$2.19M
METAreduced-2,600-$1.91M
ATIreduced-17,177-$1.4M

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, Q3 2025

Share positions as resolved from 13F-HR 0001842361-25-000007, largest first. % of portfolio is the value over $94,615,582, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,580 shares; 2024Q4: 34,780 shares; 2025Q1: 27,300 shares; 2025Q2: 22,100 shares; 2025Q3: 19,500 shares 19,500$14.3M15.14%-2,600Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,490 shares; 2024Q4: 55,890 shares; 2025Q1: 72,600 shares; 2025Q2: 58,700 shares; 2025Q3: 42,900 shares 42,900$12.1M12.75%-15,800Timeline
ATIATI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 130,345 shares; 2024Q4: 155,345 shares; 2025Q1: 109,877 shares; 2025Q2: 99,877 shares; 2025Q3: 82,700 shares 82,700$6.73M7.11%-17,177Timeline
VISNVISTANCE NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 375,000 shares; 2025Q1: 607,000 shares; 2025Q2: 612,200 shares; 2025Q3: 433,900 shares 433,900$6.72M7.1%-178,300Timeline
BAPRABOEING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 38,200 shares; 2025Q1: 52,900 shares; 2025Q2: 42,700 shares; 2025Q3: 37,700 shares 37,700$2.62M2.77%-5,000Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,061 shares; 2024Q4: 12,061 shares; 2025Q1: 13,600 shares; 2025Q2: 11,000 shares; 2025Q3: 9,700 shares 9,700$1.87M1.98%-1,300Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,000 shares; 2025Q2: 3,100 shares; 2025Q3: 2,900 shares 2,900$1.5M1.59%-200Timeline
BABOEING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 6,300 shares; 2025Q2: 5,100 shares; 2025Q3: 4,500 shares 4,500$971K1.03%-600Timeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,000 shares; 2025Q3: 66,200 shares 66,200$744K0.79%+16,200Timeline
CYHCOMMUNITY HEALTH SYS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,732 shares; 2024Q4: 164,732 shares; 2025Q1: 286,000 shares; 2025Q2: 115,400 shares; 2025Q3: 102,400 shares 102,400$329K0.35%-13,000Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 73,700 shares; 2025Q3: 109,700 shares 109,700$242K0.26%+36,000Timeline
DUKDUKE ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,800 shares 1,800$223K0.24%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 COMcall120,000$62.2M+60,000
FXIISHARES TR CHINA LG-CAP ETFcall150,000$6.17Mnew
ORCLORACLE CORP COMput21,500$6.05M-48,500

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% 3/0principal14,919,000$17.7M-2,481,000
ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD NOTE 0.500% 6/0principal7,732,000$14.2Mnew
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BNDprincipal9,879,000$10.6M-1,316,000
PG&E CORPPG&E CORP NOTE 4.250%12/0principal3,730,000$3.78M-1,270,000

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ORCLORACLE CORP80,000$17.5Mcall
HYGISHARES TR200,000$16.1Mput
GOOGALPHABET INC80,000$14.2Mcall
SMHVANECK ETF TRUST50,000$13.9Mcall
FIRSTENERGY CORPFIRSTENERGY CORP12,000,000$12.1Mprincipal
ATIATI INC110,000$9.5Mput
ATIATI INC110,000$9.5Mcall
LMTLOCKHEED MARTIN CORP10,000$4.63Mcall
TJXTJX COS INC NEW25,000$3.09Mput
BHRBRAEMAR HOTELS & RESORTS INC895,760$2.19Mshares

How Q3 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 0001842361-25-000007 base2025-11-13acceptance time not in the bulk data set