K2 PRINCIPAL FUND, L.P.

13F filer, CIK 1461790, TORONTO, Ontario, Canada

K2 PRINCIPAL FUND, L.P. reported $900,620,519 across 304 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 20.82% of the portfolio.

Filed 2025-02-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001461790-25-000034

Period: 2024-12-31
Reported value: $901M
Holdings: 304
Top 10 weight: 20.82%
New: 153
Sold out: 112

Largest buys vs the previous quarter

Security	Shares change	Approx. value
WLACnew	+933,888	$9.24M
SEInew	+308,235	$8.87M
DYNCnew	+869,912	$8.52M
MLACUnew	+748,957	$7.51M
TDACUnew	+674,997	$6.76M

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
VOYAGER ACQUISITION CORPexited	-1,042,400	-$10.4M
HCM II ACQUISITION CORPexited	-774,788	-$7.76M
VINE HILL CAP INVT CORP.exited	-725,000	-$7.25M
PMTexited	-409,610	-$5.84M
ITEOS THERAPEUTICS INCexited	-534,951	-$5.46M

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 2024

Share positions as resolved from 13F-HR 0001461790-25-000034, largest first. % of portfolio is the value over $681,134,436, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
IBITISHARES BITCOIN TRUST ETF	270,000	$14.3M	2.1%	+29,999	Timeline
IAUISHARES GOLD TR	250,000	$12.4M	1.82%	0	Timeline
WLACWILLOW LANE ACQUISITION CORP	933,888	$9.24M	1.36%	new	Timeline
SEISOLARIS ENERGY INFRAS INC	308,235	$8.87M	1.3%	new	Timeline
DYNCDYNAMIX CORP	869,912	$8.52M	1.25%	new	Timeline
GOOGALPHABET INC	42,053	$8.01M	1.18%	+17,053	Timeline
MLACUMOUNTAIN LAKE ACQUISITION CO	748,957	$7.51M	1.1%	new	Timeline
TDACUTRANSLATIONAL DEV ACQUISITIO	674,997	$6.76M	0.99%	new	Timeline
VFCV F CORP	290,000	$6.22M	0.91%	+110,000	Timeline
TLNTALEN ENERGY CORP	29,989	$6.04M	0.89%	+700	Timeline
ACIALBERTSONS COMPANIES INC	295,501	$5.8M	0.85%	+25,000	Timeline
COHENCIRCLEACQUISITIONCORCOHENCIRCLEACQUISITIONCOR	562,383	$5.62M	0.82%	new
HESS CORPHESS CORP	39,382	$5.24M	0.77%	+5,859
PARPAR TECHNOLOGY CORP	71,441	$5.19M	0.76%	-11,261	Timeline
BEAGBOLD EAGLE ACQUISITION CORP	521,524	$5.14M	0.75%	new	Timeline
NLOPNET LEASE OFFICE PROPERTIES	134,275	$4.19M	0.62%	+13,788	Timeline
SRGSERITAGE GROWTH PPTYS	1,000,000	$4.12M	0.6%	new	Timeline
HASHICORP INCHASHICORP INC	120,114	$4.11M	0.6%	+2,163
DRDBUROMAN DBDR ACQUISITION CORP	407,190	$4.06M	0.6%	new	Timeline
CORZWCORE SCIENTIFIC INC NEW	415,495	$3.42M	0.5%	-37,258	Timeline
AMZNAMAZON COM INC	13,321	$2.92M	0.43%	-8,798	Timeline
GLDSPDR GOLD TR	11,145	$2.7M	0.4%	-2,155	Timeline
FACTFACT II ACQUISITION CORP	257,500	$2.54M	0.37%	new	Timeline
BARNES GROUP INCBARNES GROUP INC	53,330	$2.52M	0.37%	new
FYBRFRONTIER COMMUNICATIONS PARE	71,074	$2.47M	0.36%	new	Timeline
IONQ INCIONQ INC	79,438	$2.42M	0.36%	new
DISDISNEY WALT CO	21,254	$2.37M	0.35%	+1,754	Timeline
PDSPRECISION DRILLING CORP	37,446	$2.29M	0.34%	new	Timeline
SK GROWTH OPPORTUNITIES CORPSK GROWTH OPPORTUNITIES CORP	184,371	$2.14M	0.31%	new
OACCOAKTREE ACQUISITION CORP III	195,292	$1.95M	0.29%	new	Timeline
NOEMUCO2 ENERGY TRANSITION CORP	190,000	$1.9M	0.28%	new	Timeline
PPTAPERPETUA RESOURCES CORP	170,000	$1.81M	0.27%	new	Timeline
CIENCIENA CORP	21,222	$1.8M	0.26%	-4,354	Timeline
FSLRFIRST SOLAR INC	10,000	$1.76M	0.26%	new	Timeline
MRVLMARVELL TECHNOLOGY INC	15,946	$1.76M	0.26%	-5,522	Timeline
FTWEQV VENTURES ACQUISITION C-A	174,421	$1.74M	0.26%	-261,966	Timeline
GENIGENIUS SPORTS LIMITED	200,000	$1.73M	0.25%	new	Timeline
ALGOMA STL GROUP INCALGOMA STL GROUP INC	692,579	$1.51M	0.22%	+492,523
PROPROS Holdings Inc	68,000	$1.49M	0.22%	0	Timeline
TGLSTECNOGLASS INC	18,038	$1.43M	0.21%	new	Timeline
TFIITFI INTERNATIONAL INC	10,449	$1.41M	0.21%	-9,363	Timeline
JACSUJACKSON ACQUISITION CO II	136,000	$1.37M	0.2%	new	Timeline
MRKMERCK & CO INC	13,032	$1.3M	0.19%	new	Timeline
BALLYS CORPORATIONBALLYS CORPORATION	70,561	$1.26M	0.19%	new
AVGOBROADCOM INC	5,300	$1.23M	0.18%	-2,831	Timeline
BBUBROOKFIELD BUSINESS PARTNERS L	52,385	$1.23M	0.18%	+2,880	Timeline
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	116,892	$1.16M	0.17%	new
FUTURETECH II ACQUISITION COFUTURETECH II ACQUISITION CO	105,296	$1.16M	0.17%	+55,296
PLAYAGS INCPLAYAGS INC	99,918	$1.15M	0.17%	+30,000
KEYSKEYSIGHT TECHNOLOGIES INC	7,000	$1.12M	0.17%	new	Timeline
ONON SEMICONDUCTOR CORP	16,973	$1.07M	0.16%	0	Timeline
PLMJFPLUM ACQUISITION CORP. III CLA	94,362	$1.05M	0.15%	-15,638	Timeline
Patria Latin American Oppor…Patria Latin American Opportunity…	86,862	$1.01M	0.15%	-29,912
COLOMBIERACQUISITIONCORPICOLOMBIERACQUISITIONCORPI	80,745	$949K	0.14%	-55,773
SMARTSHEET INC. (CLASS A)SMARTSHEET INC. (CLASS A)	15,746	$882K	0.13%	new
NXPINXP SEMICONDUCTORS N V	4,020	$836K	0.12%	-4,000	Timeline
NBISNEBIUS GROUP N.V.	30,000	$831K	0.12%	new	Timeline
STRONGHOLD DIGITAL MINING INSTRONGHOLD DIGITAL MINING IN	227,611	$797K	0.12%	+53,050
KTOSKRATOS DEFENSE & SEC SOLUTIO	30,000	$791K	0.12%	+9,720	Timeline
MRLNMERLIN INC	76,717	$756K	0.11%	new	Timeline
CCIXCHURCHILL CAPITAL CORP IX	73,100	$753K	0.11%	new	Timeline
NXTNEXTPOWER INC	20,000	$731K	0.11%	new	Timeline
GATOS SILVER INCGATOS SILVER INC	45,409	$635K	0.09%	-89,651
SOCSABLE OFFSHORE CORP	26,631	$610K	0.09%	+18,000	Timeline
ARES ACQUISITION CORP IIARES ACQUISITION CORP II	50,000	$549K	0.08%	-51,694
NNAVWNEXTNAV INC	94,900	$545K	0.08%	new	Timeline
SILVERCREST METALS INCSILVERCREST METALS INC	59,733	$544K	0.08%	new
DMYYDMY SQUARED TECHNOLOGY GROUP I	50,000	$528K	0.08%	0	Timeline
ALDFALDEL FINL II INC	49,297	$489K	0.07%	new	Timeline
PTONPELOTON INTERACTIVE INC	54,527	$474K	0.07%	new	Timeline
ASTSAST SPACEMOBILE INC	22,000	$464K	0.07%	+13,127	Timeline
PKSTPEAKSTONE REALTY TRUST	38,809	$430K	0.06%	new	Timeline
HLFHERBALIFE LTD	60,000	$401K	0.06%	new	Timeline
NPWRNET POWER INC	36,037	$382K	0.06%	+3,000	Timeline
USNAUSANA HEALTH SCIENCES INC	10,000	$359K	0.05%	new	Timeline
EQXEQUINOX GOLD CORP	70,000	$351K	0.05%	new	Timeline
SK GROWTH OPPORTUNITIES CORPSK GROWTH OPPORTUNITIES CORP	569,365	$342K	0.05%	+385,208
JOBY AVIATION INCJOBY AVIATION INC	156,221	$316K	0.05%	new
ADXADAMS DIVERSIFIED EQUITY FD	15,478	$313K	0.05%	new	Timeline
BTMDBIOTE CORP	49,651	$307K	0.05%	0	Timeline
CIIBLACKROCK ENHANCED LARGE CAP	15,029	$302K	0.04%	new	Timeline
FACTUFACT II ACQUISITION CORP	30,000	$297K	0.04%	new	Timeline
RVTROYCE SMALL CAP TRUST INC	18,723	$296K	0.04%	+5,323	Timeline
VBNKVERSABANK NEW	20,646	$286K	0.04%	+4,780	Timeline
PROFPROFOUND MED CORP	35,782	$269K	0.04%	-14,218	Timeline
GROY/WSGOLD ROYALTY CORP	988,400	$257K	0.04%	0	Timeline
CLNECLEAN ENERGY FUELS CORP	100,000	$251K	0.04%	new	Timeline
RZLVREZOLVE AI PLC	131,250	$251K	0.04%	0	Timeline
ASPEN TECHNOLOGY INCASPEN TECHNOLOGY INC	1,000	$250K	0.04%	new
BMEZBLACKROCK HEALTH SCIENCES TE	16,271	$234K	0.03%	+6,271	Timeline
BDJBLACKROCK ENHANCED EQUITY DI	27,984	$232K	0.03%	new	Timeline
COLOMBIER ACQUISITION CORP ICOLOMBIER ACQUISITION CORP I	141,609	$227K	0.03%	new
SABASABA CAPITAL INCOME & OPPORT	23,000	$208K	0.03%	+3,000	Timeline
XPLSOLITARIO RESOURCES CORP	348,900	$206K	0.03%	-33,013	Timeline
EQV VENTURES ACQUISITION COREQV VENTURES ACQUISITION COR	542,657	$195K	0.03%	+4,301
ECATBLACKROCK ESG CAP ALLC TERM	11,382	$187K	0.03%	new	Timeline
INFLECTION PT ACQUISITN CRPINFLECTION PT ACQUISITN CRP	372,529	$183K	0.03%	-57,500
NPFDNUVEEN VRIABL RAT PFD & INM	10,000	$182K	0.03%	new	Timeline
ASGIABRDN GLOBAL INFRA INCOME FU	10,000	$175K	0.03%	new	Timeline
BACQRINFLECTION PT ACQUISITION CORP	998,900	$170K	0.02%	new	Timeline
VLOSWVELOS ACQUISITION I CORP	830,242	$149K	0.02%	+19,234	Timeline
STRATA CRITICAL MEDICAL INCSTRATA CRITICAL MEDICAL INC	363,277	$149K	0.02%	new
ECFELLSWORTH GROWTH & INCOME FD	15,193	$147K	0.02%	new	Timeline
SPESPECIAL OPPORTUNITIES FD INC	10,000	$146K	0.02%	new	Timeline
INFINERA CORPINFINERA CORP	20,441	$134K	0.02%	new
ZEOWWZEO ENERGY CORP	1,295,598	$130K	0.02%	+39,719	Timeline
DYNCWDYNAMIX CORP	475,000	$124K	0.02%	new	Timeline
DMADESTRA MULTI-ALTERNATIVE FD	14,330	$121K	0.02%	new	Timeline
BEAGRBOLD EAGLE ACQUISITION CORP	527,033	$116K	0.02%	new	Timeline
NET POWER INCNET POWER INC	29,807	$107K	0.02%	new
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	262,382	$105K	0.02%	new
ABACUS GLOBAL MGMT INCABACUS GLOBAL MGMT INC	87,357	$91.7K	0.01%	new
ALDFWALDEL FINL II INC	300,000	$90K	0.01%	new	Timeline
COHEN CIRCLE ACQUISIT…COHEN CIRCLE ACQUISITION …	197,609	$88.9K	0.01%	new
WLACWWILLOW LANE ACQUISITION CORP	544,994	$87.2K	0.01%	new	Timeline
ARES ACQUISITION CORP II-28ARES ACQUISITION CORP II-28	573,515	$86K	0.01%	+29,343
HERAMBA ELEC PLCHERAMBA ELEC PLC	63,631	$82.7K	0.01%	0
HPAIHELPORT AI LTD	29,152	$81K	0.01%	0	Timeline
LPBBWLAUNCH TWO ACQUISITION CORP.	426,958	$76.9K	0.01%	new	Timeline
LPAAWLAUNCH ONE ACQUISITION CORP	519,816	$72.8K	0.01%	+10,900	Timeline
VACHWVOYAGER ACQUISITION CORP	521,200	$62.5K	0.01%	new	Timeline
FACTWFACT II ACQUISITION CORP	376,675	$56.5K	0.01%	new	Timeline
MELAR ACQUISITION CORP. IMELAR ACQUISITION CORP. I	454,151	$54.5K	0.01%	+95,000
NABORS ENERGY TRANSITION CORNABORS ENERGY TRANSITION COR	294,946	$47.2K	0.01%	-200
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	384,644	$46.2K	0.01%	new
CUBWWLIONHEART HOLDINGS	413,314	$45.5K	0.01%	+50,000	Timeline
CHARRCHARLTON ARIA ACQUISITION CO	300,000	$42K	0.01%	new	Timeline
ALFUWCENTURION ACQUISITION CORP	295,553	$41.4K	0.01%	+5,000	Timeline
LEGATO MERGER CORP IIILEGATO MERGER CORP III	256,312	$41K	0.01%	0
SIMAWSIM ACQUISITION CORP. I	406,721	$40.7K	0.01%	0	Timeline
NTWOWNEWBURY STR II ACQUISITION C	266,570	$40K	0.01%	new	Timeline
VIVID SEATS INCVIVID SEATS INC	110,490	$39.8K	0.01%	new
VEEAWVEEA INC	228,890	$36.6K	0.01%	-6,300	Timeline
OACCWOAKTREE ACQUISITION CORP III	39,058	$34.4K	0.01%	new	Timeline
MRNOWMURANO GLOBAL INVT PLC	141,784	$31.2K	<0.01%	-44,900	Timeline
VCICWVINE HILL CAP INVT CORP.	193,134	$30.9K	<0.01%	new	Timeline
SPKLWSPARK I ACQUISITION CORP	266,020	$26.6K	<0.01%	0	Timeline
Oak Woods Acquisition CorpOak Woods Acquisition Corp	501,040	$25.1K	<0.01%	-150
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INC	183,091	$23.8K	<0.01%	0
PLMWFPLUM ACQUISITION CORP. III WAR	129,604	$23.3K	<0.01%	-11,308	Timeline
BOLT PROJECTS HLDSBOLT PROJECTS HLDS	300,000	$18K	<0.01%	0
Spring Valley Acquisition C…Spring Valley Acquisition Corp II	348,041	$17.4K	<0.01%	-12,800
GIGGWGIGCAPITAL7 CORP	261,500	$15.7K	<0.01%	0	Timeline
POLEWANDRETTI ACQUISITION CORP II	111,237	$15.6K	<0.01%	new	Timeline
ANSCWAGRICULTURE & NAT SOL ACQ CO	54,900	$14.8K	<0.01%	new	Timeline
DTSQRDT CLOUD STAR ACQUISITION CO	99,000	$13.9K	<0.01%	0	Timeline
KVACWKEEN VISION ACQUISITION CORP	224,607	$11.2K	<0.01%	0	Timeline
CSLM ACQUISITION CORPCSLM ACQUISITION CORP	133,900	$10.7K	<0.01%	0
IBACRIB ACQUISITION CORP	150,000	$10.5K	<0.01%	0	Timeline
AA MISSION ACQUISITI…AA MISSION ACQUISITION …	125,000	$8.75K	<0.01%	0
HERAMBA ELECTRIC EQHERAMBA ELECTRIC EQ	214,336	$8.57K	<0.01%	0
ESHARESH ACQUISITION CORP	92,627	$8.34K	<0.01%	0	Timeline
XBP GLOBAL HOLDINGS INCXBP GLOBAL HOLDINGS INC	178,872	$7.16K	<0.01%	new
Spring Valley Acquisition C…Spring Valley Acquisition Corp II	100,000	$7K	<0.01%	-100,000
BOWEN ACQUISITION CORPBOWEN ACQUISITION CORP	29,596	$5.92K	<0.01%	0
BANNIX ACQUISITION CORPBANNIX ACQUISITION CORP	148,397	$4.45K	<0.01%	0
GRAF GLOBAL CORPGRAF GLOBAL CORP	32,657	$4.25K	<0.01%	0
Chenghe Acquisition II CoChenghe Acquisition II Co	105,037	$4.2K	<0.01%	0
RFAIRRF ACQUISITION CORP II	50,000	$3K	<0.01%	0	Timeline
ATMCWALPHATIME ACQUISITION CORP RED	141,606	$2.83K	<0.01%	0	Timeline
FORLWWTS/FOUR LEAF ACQUISITION CORPORA…	55,548	$2.78K	<0.01%	-32,308	Timeline
WinVest Acquisition CorpWinVest Acquisition Corp	257,731	$2.58K	<0.01%	0
Bynordic Acquisition CorpBynordic Acquisition Corp	55,050	$2.2K	<0.01%	0
HAYMAKER ACQUISITION CORP IVHAYMAKER ACQUISITION CORP IV	12,500	$1.75K	<0.01%	0

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).

Security	Type	Amount	Value	Change
GLDSPDR GOLD TR GOLD SHS	put	172,000	$41.6M	+69,000
VOOVANGUARD INDEX FDS COM	call	45,500	$24.5M	+41,000
AMZNAMAZON COM INC COM	call	70,000	$15.4M	new
VOOVANGUARD INDEX FDS COM	put	18,500	$9.97M	+16,500
RDDTREDDIT INC Stock	put	56,000	$9.15M	new
QQQINVESCO QQQ TR COM	put	15,000	$7.67M	+5,000
STLDSTEEL DYNAMICS INC Stock	call	60,000	$6.84M	+55,000
SEISOLARIS ENERGY INFRAS INC Stock	call	235,800	$6.79M	new
MTUMISHARES TR SHS	put	30,000	$6.21M	new
CIENCIENA CORP Stock	call	60,000	$5.09M	new
RTXRTX CORPORATION COM	put	40,000	$4.63M	new
LOWLOWES COS INC COM	put	17,000	$4.2M	new
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS	call	16,000	$3.16M	new
SPHRSPHERE ENTERTAINMENT CO Stock	call	75,000	$3.02M	+60,000
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW COM	call	87,500	$2.97M	+35,000
CHRWC H ROBINSON WORLDWIDE IN Stock	call	27,500	$2.84M	new
PARPAR TECHNOLOGY CORP COM	put	35,000	$2.54M	new
FCXFREEPORT MCMORAN INC Stock	put	65,000	$2.48M	new
LMTLOCKHEED MARTIN CORP COM	put	5,000	$2.43M	new
KDKYNDRYL HLDGS INC COMMON STOCK	call	70,000	$2.42M	new
RGLDROYAL GOLD INC COM	call	17,700	$2.33M	new
PLTRPALANTIR TECHNOLOGIES INC COM	put	30,000	$2.27M	new
FNVFRANCO NEV CORP Stock	call	18,000	$2.12M	new
GOOGALPHABET INC COM	call	10,000	$1.9M	new
TPICQTPI COMPOSITES INC COM Common Stock	call	1,000,000	$1.89M	new
UBERUBER TECHNOLOGIES INC COM	call	31,000	$1.87M	new
INSPINSPIRE MED SYS INC Stock	call	10,000	$1.85M	-12,000
XBISPDR SERIES TRUST S&P BIOTECH	put	20,000	$1.8M	new
DOCUDOCUSIGN INC Stock	put	20,000	$1.8M	new
CCJCAMECO CORP Stock	call	34,900	$1.79M	+20,600
ODFLOLD DOMINION FREIGHT LINE IN Stock	call	10,000	$1.76M	+8,500
DJTTRUMP MEDIA & TECHNOLOGY GRO COM	put	50,000	$1.71M	new
PEPPEPSICO INC COM	put	10,000	$1.52M	new
BMRNBIOMARIN PHARMACEUTICAL INC COM	call	23,000	$1.51M	new
ITEOS THERAPEUTICS INCITEOS THERAPEUTICS INC COM	call	184,500	$1.42M	-219,200
TACTRANSALTA CORP COM	put	100,000	$1.42M	new
ACIALBERTSONS COMPANIES INC Stock	call	70,000	$1.37M	new
SRGSERITAGE GROWTH PPTYS CL A	call	325,600	$1.34M	0
GDGENERAL DYNAMICS CORP Stock	put	5,000	$1.32M	new
JETSETF SER SOLUTIONS ETF	put	50,000	$1.27M	new
TDGTRANSDIGM GROUP INC Stock	put	1,000	$1.27M	new
ADMARCHER DANIELS MIDLAND CO Stock	put	25,000	$1.26M	new
DASHDOORDASH INC Stock	put	7,000	$1.17M	new
SLGSL GREEN RLTY CORP REIT	put	17,000	$1.15M	-3,000
VFCV F CORP Stock	put	50,000	$1.07M	new
TLNTALEN ENERGY CORP Stock	call	5,000	$1.01M	new
XLCSELECT SECTOR SPDR TR SHS	call	10,000	$968K	new
MEDMEDIFAST INC COM	put	50,000	$881K	new
IONQIONQ INC Stock	put	20,000	$835K	new
ModivCare IncModivCare Inc Common Stock	call	68,500	$811K	new
WWAYFAIR INC CL A	call	17,000	$753K	+11,000
EQXEQUINOX GOLD CORP COM	put	150,000	$753K	+50,000
FORWARD AIR CORPFORWARD AIR CORP COM	call	22,500	$726K	new
PDSPRECISION DRILLING CORP Stock	call	11,000	$672K	new
CTVACORTEVA INC Stock	put	10,000	$570K	new
SGISOMNIGROUP INTERNATIONAL INC Stock	call	10,000	$567K	new
DISDISNEY WALT CO COM	call	5,000	$557K	new
HCCWARRIOR MET COAL INC COM	call	10,000	$542K	-5,000
PIIPOLARIS INC Stock	put	9,000	$519K	-2,200
TLTISHARES TR 20 YR TR BD ETF	put	5,900	$515K	new
TFIITFI INTERNATIONAL INC Stock	call	3,800	$513K	new
DOOBRP INC Stock	call	10,000	$509K	new
GOOSCANADA GOOSE HLDGS INC Stock	call	50,000	$502K	new
CLFCLEVELAND-CLIFFS INC NEW Stock	call	50,000	$470K	-95,000
SOCSABLE OFFSHORE CORP COM SHS	call	20,000	$458K	-94,700
VALEVALE S A SPONSORED ADS	call	50,000	$444K	new
FCXFREEPORT MCMORAN INC Stock	call	10,000	$381K	-92,500
NTSTNETSTREIT CORP COM	put	25,000	$354K	new
NAVINAVIENT CORPORATION Stock	put	25,000	$332K	new
LYFTLYFT INC CL A COM	put	23,000	$297K	new
SPRYARS PHARMACEUTICALS INC COM	call	27,000	$285K	-78,800
NAKNORTHERN DYNASTY MINERALS LT Stock	call	150,000	$87K	new
GAUGALIANO GOLD INC COM	put	42,700	$52.5K	new

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
Dropbox IncDropbox Inc Convertible bond	principal	15,859	$15.7M	0
OPENDOOR TECHNOLOGIES INOPENDOOR TECHNOLOGIES IN 0.250 08/15/26 CVT	principal	17,429	$15.3M	-2,000
ATLANTICA SUSTAINABLE INFRAATLANTICA SUSTAINABLE INFRA NOTE 4.000% 7/1	principal	15,300	$15.3M	0
PELOTON INTERACTIVE INCPELOTON INTERACTIVE INC NOTE 2/1	principal	15,679	$14.7M	-400
AIR CANADAAIR CANADA 4.00 7/1/2025	principal	13,080	$14.6M	+1,777
NUTANIX INCNUTANIX INC Convertible	principal	12,000	$14.6M	0
VIRGIN GALATIC HOLDINGSVIRGIN GALATIC HOLDINGS 2.500 02/01/27 CVT	principal	28,500	$12.5M	0
KAR AUCTIONKAR AUCTION 5.125 6/1/2025	principal	12,487	$12.5M	0
ENVESTNET INCENVESTNET INC NOTE 0.750% 8/1	principal	12,000	$12M	0
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertible	principal	8,500	$11.6M	new
VERMILION ENERGY TRUSTVERMILION ENERGY TRUST 5.625 15/03/2025 144A	principal	11,559	$11.5M	0
MARA Holdings IncMARA Holdings Inc CONV	principal	12,500	$10.9M	new
TripAdvisor IncTripAdvisor Inc CONV	principal	11,500	$10.7M	0
WINNEBAGO INDUWINNEBAGO INDU 3.25 15/01/2030	principal	10,925	$9.85M	new
MICROSTRATEGYMICROSTRATEGY 0 01/12/2029	principal	12,000	$9.71M	new
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0	principal	9,500	$9.55M	+2,500
JETBLUE AIRWAYS CORPJETBLUE AIRWAYS CORP NOTE 0.500% 4/0	principal	10,000	$9.3M	0
RAPID7 INCRAPID7 INC NOTE 0.250% 3/1	principal	10,000	$9.28M	0
UPSTART HLDGS INCUPSTART HLDGS INC NOTE 0.250% 8/1	principal	10,000	$9.12M	0
NICE LTDNICE LTD NOTE 9/1	principal	9,321	$8.95M	0
IIP OPERATING PARTNERIIP OPERATING PARTNER 5.500 05/25/26 '26	principal	9,082	$8.75M	0
BLACKBERRY LTDBLACKBERRY LTD 3.00 15/02/2029	principal	7,000	$8.68M	0
FASTLY INCFASTLY INC NOTE 3/1	principal	9,249	$8.65M	new
FIRST MAJESTIC SILVER CORPFIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1	principal	9,500	$8.59M	0
LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 1.500%12/1	principal	6,000	$8.37M	0
WISDOMTREE INCWISDOMTREE INC NOTE 3.250% 6/1	principal	7,344	$8.17M	0
STRATHCONA RESOUSTRATHCONA RESOU 6.875 01/08/2026	principal	8,000	$8.01M	new
WESTERN DIGITAL CORPWESTERN DIGITAL CORP NOTE 3.000%11/1	principal	6,000	$7.97M	new
GFL ENVIRON INCGFL ENVIRON INC 3.75 01/08/2025	principal	8,000	$7.93M	new
LIFE TIME INCLIFE TIME INC 5.75 15/01/2026	principal	7,718	$7.71M	new
RINGCENTRAL INCRINGCENTRAL INC NOTE 3/0	principal	7,799	$7.71M	0
SPIRIT AIRLS INCSPIRIT AIRLS INC NOTE 1.000% 5/1	principal	19,393	$7.56M	0
LCID 1 1/4 12/15/26LCID 1 1/4 12/15/26 FIXED INCOME	principal	9,000	$7.1M	+8,000
SNAP INCSNAP INC NOTE 0.250% 5/0	principal	7,100	$6.98M	0
CENTURY ALUM COCENTURY ALUM CO NOTE 2.750% 5/0	principal	5,750	$6.84M	new
WISDOMTREE INCWISDOMTREE INC 3.25 15/08/2029	principal	6,000	$6.51M	0
TERAWULF INCTERAWULF INC 2.75 01/02/2030	principal	6,500	$6.29M	new
SABRE GLBL INCSABRE GLBL INC BOND	principal	6,309	$6.23M	0
AMERICAN AIRLINES GROUP INCAMERICAN AIRLINES GROUP INC NOTE 6.500% 7/0	principal	5,000	$5.87M	new
BLACKLINE INCBLACKLINE INC NOTE 3/1	principal	6,000	$5.64M	0
MUVICO LLCMUVICO LLC 8.000 04/30/30 CVT	principal	5,158	$5.46M	+158
MARATHON DIGITALMARATHON DIGITAL 2.125 01/09/2031	principal	5,000	$5.34M	-2,000
TECHTARGET INCTECHTARGET INC NOTE 12/1	principal	5,000	$4.98M	0
BITDEER TECHNOLOGIES GRPBITDEER TECHNOLOGIES GRP 5.250 12/01/29 CVT PUT	principal	3,000	$4.51M	new
GOPRO INCGOPRO INC BOND	principal	5,000	$4.48M	0
ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1	principal	4,000	$4.37M	new
LIVENT CORPLIVENT CORP BOND	principal	3,000	$4.37M	new
COIN 0.250 04/01/30 CVTCOIN 0.250 04/01/30 CVT CONVERTIBLE BOND	principal	4,000	$4.29M	new
INFINERA CORPINFINERA CORP BOND	principal	3,500	$4.09M	+1,000
LITHIUM ARGENTINA AGLITHIUM ARGENTINA AG NOTE 1.750% 1/1	principal	5,095	$3.93M	0
LIB TRIP ADV HOLLIB TRIP ADV HOL 0.50 30/06/2051	principal	4,000	$3.93M	+1,750
UPWORK INCUPWORK INC NOTE 0.250% 8/1	principal	4,000	$3.7M	0
LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500% 6/1	principal	3,000	$2.91M	0
I-80 GOLD CORPI-80 GOLD CORP 8.00 22-FEB-27 PIK	principal	4,000	$2.8M	new
SSR Mining IncSSR Mining Inc Convertible bond	principal	2,888	$2.78M	new
IRIS ENERGY LTDIRIS ENERGY LTD 3.25 15/06/2030	principal	3,000	$2.69M	new
NUVASIVE INCNUVASIVE INC NOTE 0.375% 3/1	principal	2,396	$2.37M	0
TPI COMPOSITES INCTPI COMPOSITES INC FIXED	principal	9,000	$2.24M	new
GALAXY DIGITAL HOLDIN LPGALAXY DIGITAL HOLDIN LP 3.000 12/15/26 CVT	principal	2,000	$1.99M	new
MARA HOLDINGS INCMARA HOLDINGS INC NOTE 1.000%12/0	principal	2,000	$1.76M	-11,250
MICROSTRATEGYMICROSTRATEGY 0.875 15/03/2031	principal	1,000	$1.49M	new
MODIVCAREMODIVCARE 5.00 01/10/2029	principal	2,000	$1.18M	0
AIR TRANS SVCS GROUP INCAIR TRANS SVCS GROUP INC BOND	principal	1,000	$991K	new
GALAXY DIGITAL HOLDIN LPGALAXY DIGITAL HOLDIN LP 2.500 12/01/29 CVT	principal	1,000	$979K	new
CANNABIST COCANNABIST CO 6.00 29/06/2025	principal	1,000	$750K	0
CANNABIST COCANNABIST CO 6.00 29/06/2025	principal	1,000	$750K	0
BAFFINLAND IRON MINES CORPBAFFINLAND IRON MINES CORP 8.75 7/15/2026	principal	100	$94.4K	new

Sold out in Q4 2024

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

The largest 100 of 112. All 112

Security	Shares before	Value before	Type
MICROSTRATEGY INCMICROSTRATEGY INC	10,200	$13.9M	principal
SPHERE ENTM T COSPHERE ENTM T CO	8,500	$12.4M	principal
VOYAGER ACQUISITION CORPVOYAGER ACQUISITION CORP	1,042,400	$10.4M	shares
LENDINGTREE INCLENDINGTREE INC	10,225	$9.77M	principal
WESTERN DIGITALWESTERN DIGITAL	6,000	$8.89M	principal
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	774,788	$7.76M	shares
VINE HILL CAP INVT CORP.VINE HILL CAP INVT CORP.	725,000	$7.25M	shares
CORZ 3 09/01/29CORZ 3 09/01/29	5,000	$6.97M	principal
PERFICIENT INCPERFICIENT INC	7,000	$6.9M	principal
KREFKKR REAL ESTATE FIN TR INC	500,000	$6.17M	call
PMTPENNYMAC MTG INVT TR	409,610	$5.84M	shares
GROUPON INCGROUPON INC	6,500	$5.81M	principal
ITEOS THERAPEUTICS INCITEOS THERAPEUTICS INC	534,951	$5.46M	shares
POLEUANDRETTI ACQUISITION CORP II	540,373	$5.4M	shares
PETIQ INCPETIQ INC	4,522	$5.27M	principal
MICHAEL KORS USAMICHAEL KORS USA	5,000	$5M	principal
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	390,546	$3.89M	shares
AEMAGNICO EAGLE MINES LTD	43,900	$3.54M	call
CF ACQUISITION CORP VIICF ACQUISITION CORP VII	259,800	$2.88M	shares
SOUTHWESTERN ENERGY COSOUTHWESTERN ENERGY CO	377,753	$2.69M	shares
NVDANVIDIA CORPORATION	20,000	$2.43M	put
CLFCLEVELAND-CLIFFS INC NEW	185,000	$2.36M	shares
INTCINTEL CORP	100,000	$2.35M	shares
ModivCare IncModivCare Inc	158,820	$2.27M	shares
XLESELECT SECTOR SPDR TR	25,000	$2.19M	call
BTUPEABODY ENGR CORP	82,500	$2.19M	call
SLVISHARES SILVER TR	75,000	$2.13M	call
SLVISHARES SILVER TR	70,000	$1.99M	shares
PORCH GROUP INCPORCH GROUP INC	3,500	$1.93M	principal
VSTVISTRA CORP	16,000	$1.9M	shares
UBERUBER TECHNOLOGIES INC	24,988	$1.88M	shares
TLGYFTLGY ACQUISITION CORP ORD SHS	158,685	$1.83M	shares
BATTERY FUTURE ACQUISITION CBATTERY FUTURE ACQUISITION C	164,440	$1.82M	shares
CNICANADIAN NATL RY CO	15,000	$1.76M	call
SPRYARS PHARMACEUTICALS INC	120,000	$1.74M	shares
TSMTAIWAN SEMICONDUCTOR MANUFAC	10,000	$1.74M	shares
Target Global Acquisition I…Target Global Acquisition I Co	152,424	$1.72M	shares
PYROPHYTE ACQUISITION CORPPYROPHYTE ACQUISITION CORP	141,468	$1.63M	shares
CPCANADIAN PACIFIC KANSAS CITY	18,400	$1.57M	shares
TECHNOLOGY & TEL EQUITYTECHNOLOGY & TEL EQUITY	125,000	$1.52M	shares
MKSIMKS INC.	12,849	$1.4M	shares
NEMNEWMONT CORP	25,000	$1.34M	call
CATALENT INC USD 0.01CATALENT INC USD 0.01	21,607	$1.31M	shares
QETAQUETTA ACQUISITION CORP	111,530	$1.16M	shares
GLOBALINK INVT INCGLOBALINK INVT INC	100,000	$1.13M	shares
EROERO COPPER CORP	50,000	$1.11M	put
MDUMDU RES GROUP INC	40,000	$1.1M	call
BAMBROOKFIELD ASSET MANAGMT LTD	17,096	$1.09M	shares
GOLDEN STAR ACQUISITION CORPGOLDEN STAR ACQUISITION CORP	100,000	$1.09M	shares
STLDSTEEL DYNAMICS INC	8,400	$1.06M	shares
BLUE OCEAN ACQUISITION CORPBLUE OCEAN ACQUISITION CORP	90,000	$1.02M	shares
XHBSPDR SERIES TRUST	8,000	$996K	shares
WGMICOINSHARES ETF TR	50,000	$950K	put
ALBALBEMARLE CORP	10,000	$947K	call
NUVEI CORPORATIONNUVEI CORPORATION	25,711	$857K	shares
INTEGRATED WELLNESS ACQ CORPINTEGRATED WELLNESS ACQ CORP	72,000	$849K	shares
RCLROYAL CARIBBEAN GROUP	4,754	$843K	shares
INTCINTEL CORP	35,000	$821K	call
MLMMARTIN MARIETTA MATLS INC	1,500	$807K	shares
MLMMARTIN MARIETTA MATLS INC	1,500	$807K	call
MUMICRON TECHNOLOGY INC	7,500	$778K	shares
NLOPNET LEASE OFFICE PROPERTIES	25,000	$766K	call
ATLANTICA YIELD PLCATLANTICA YIELD PLC	34,494	$758K	shares
GROYGOLD ROYALTY CORP	537,175	$731K	shares
IMOIMPERIAL OIL LTD	9,000	$634K	shares
DT CLOUD ACQUISITION CORPDT CLOUD ACQUISITION CORP	61,021	$629K	shares
BTDRBITDEER TECHNOLOGIES GROUP	75,000	$587K	put
MARATHON OIL CORPMARATHON OIL CORP	20,200	$538K	shares
BTUPEABODY ENGR CORP	19,100	$507K	shares
GOOSCANADA GOOSE HLDGS INC	40,000	$501K	shares
FVNNUFUTURE VISION II ACQUISITION	50,022	$501K	shares
GSMFERROGLOBE PLC	100,000	$464K	shares
CHAIN BRIDGE ICHAIN BRIDGE I	40,000	$452K	shares
ODFLOLD DOMINION FREIGHT LINE IN	2,100	$417K	shares
CNQCANADIAN NAT RES LTD MED TER	12,300	$408K	shares
DISTOKEN ACQUISITION CORPDISTOKEN ACQUISITION CORP	37,572	$408K	shares
PMCBPHARMACYTE BIOTECH INC	209,266	$400K	shares
NENOBLE CORP PLC	10,900	$394K	shares
FOCUS IMPACT BH3 ACQUISITIONFOCUS IMPACT BH3 ACQUISITION	37,019	$389K	shares
GORES HOLDINGS IX INCGORES HOLDINGS IX INC	36,469	$386K	shares
DOOBRP INC	6,200	$369K	put
NENOBLE CORP PLC	10,000	$361K	call
ARCH RESOURCES INCARCH RESOURCES INC	2,500	$345K	shares
CANTOR EQUITY PARTNERS INCCANTOR EQUITY PARTNERS INC	32,380	$325K	shares
JELDJELD-WEN HLDG INC	17,602	$278K	shares
NULLNULL	23,599	$275K	shares
SQUARESPACE INCSQUARESPACE INC	5,800	$269K	shares
HAYNES INTL INCHAYNES INTL INC	4,195	$250K	shares
SYMSYMBOTIC INC	10,000	$244K	shares
SPIRIT AIRLS INCSPIRIT AIRLS INC	100,000	$240K	put
WULFTERAWULF INC	50,000	$234K	put
KGCKINROSS GOLD CORP	23,400	$219K	shares
INTEINTEGRAL ACQ.CORP 1 CL A (DE)	18,572	$206K	shares
NUSCALE PWR CORPNUSCALE PWR CORP	63,045	$200K	shares
ZEOZEO ENERGY CORP	115,580	$195K	shares
CORZZCORE SCIENTIFIC INC NEW	15,951	$188K	shares
MBIMBIA INC	48,449	$173K	shares
BTDRBITDEER TECHNOLOGIES GROUP	20,000	$157K	shares
GLOBAL LIGHTS ACQUISITION COGLOBAL LIGHTS ACQUISITION CO	10,841	$113K	shares
BITFBITFARMS LTD	30,745	$64.9K	shares

How Q4 2024 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 0001461790-25-000034	base		2025-02-14	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC