K2 PRINCIPAL FUND, L.P.

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

K2 PRINCIPAL FUND, L.P. reported $788,186,181 across 317 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 21.09% of the portfolio.

Filed 2025-05-15 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:06 UTC13F-HR 0001461790-25-000039

Period: 2025-03-31
Reported value: $788M
Holdings: 317
Top 10 weight: 21.09%
New: 129
Sold out: 116

Largest buys vs the previous quarter

Security	Shares change	Approx. value
GLDadded	+54,101	$15.6M
ONENnew	+1,049,683	$10.4M
SPRYnew	+485,355	$6.11M
FSLRadded	+34,104	$4.31M
CEPOnew	+361,517	$3.7M

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
IAUexited	-250,000	-$12.4M
DYNCreduced	-828,920	-$8.25M
GOOGexited	-42,053	-$8.01M
MLACUexited	-748,957	-$7.51M
TDACUexited	-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.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001461790-25-000039, largest first. % of portfolio is the value over $655,792,177, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
GLDSPDR GOLD TR	65,246	$18.8M	2.87%	+54,101	Timeline
IBITISHARES BITCOIN TRUST ETF	225,000	$10.5M	1.61%	-45,000	Timeline
ONENHENNESSY CAP INVT CORP VII	1,049,683	$10.4M	1.58%	new	Timeline
SPRYARS PHARMACEUTICALS INC	485,355	$6.11M	0.93%	new	Timeline
SEISOLARIS ENERGY INFRAS INC	271,039	$5.9M	0.9%	-37,196	Timeline
HESS CORPHESS CORP	36,782	$5.88M	0.9%	-2,600
TLNTALEN ENERGY CORP	28,207	$5.63M	0.86%	-1,782	Timeline
FSLRFIRST SOLAR INC	44,104	$5.58M	0.85%	+34,104	Timeline
NLOPNET LEASE OFFICE PROPERTIES	140,000	$4.39M	0.67%	+5,725	Timeline
WLACWILLOW LANE ACQUISITION CORP	407,894	$4.09M	0.62%	-525,994	Timeline
COHENCIRCLEACQUISITIONCORCOHENCIRCLEACQUISITIONCOR	333,306	$3.74M	0.57%	-229,077
CEPOCANTOR EQUITY PARTNERS I INC	361,517	$3.7M	0.56%	new	Timeline
RACURITHM ACQUISITION CORP	350,000	$3.54M	0.54%	new	Timeline
SVCCSTELLAR V CAP CORP	339,920	$3.4M	0.52%	new	Timeline
BEAGBOLD EAGLE ACQUISITION CORP	330,416	$3.35M	0.51%	-191,108	Timeline
NABORS ENERGY TRANSITION CORNABORS ENERGY TRANSITION COR	300,000	$3.29M	0.5%	new
ATIIUARCHIMEDES TECH SPAC PARTNER	319,790	$3.22M	0.49%	new	Timeline
SRGSERITAGE GROWTH PPTYS	991,196	$3.2M	0.49%	-8,804	Timeline
SLVISHARES SILVER TR	102,700	$3.18M	0.49%	new	Timeline
NHICUNEWHOLD INVT CORP III	311,335	$3.13M	0.48%	new	Timeline
PDSPRECISION DRILLING CORP	61,446	$2.86M	0.44%	+24,000	Timeline
AMZNAMAZON COM INC	14,372	$2.73M	0.42%	+1,051	Timeline
FYBRFRONTIER COMMUNICATIONS PARE	71,074	$2.55M	0.39%	0	Timeline
LOKVULIVE OAK ACQUISITION CORP V	250,000	$2.52M	0.38%	new	Timeline
UBERUBER TECHNOLOGIES INC	34,430	$2.51M	0.38%	new	Timeline
WDCWESTERN DIGITAL CORP	59,279	$2.4M	0.37%	new	Timeline
SK GROWTH OPPORTUNITIES CORPSK GROWTH OPPORTUNITIES CORP	172,857	$2.11M	0.32%	-11,514
OACCOAKTREE ACQUISITION CORP III	195,292	$2M	0.3%	0	Timeline
PLMKPLUM ACQUISITION CORP IV	195,699	$1.96M	0.3%	new	Timeline
FNVFRANCO NEV CORP	12,000	$1.89M	0.29%	new	Timeline
FTWEQV VENTURES ACQUISITION C-A	174,421	$1.77M	0.27%	0	Timeline
PPTAPERPETUA RESOURCES CORP	142,901	$1.53M	0.23%	-27,099	Timeline
FACTFACT II ACQUISITION CORP	149,498	$1.5M	0.23%	-108,002	Timeline
COLOMBIERACQUISITIONCORPICOLOMBIERACQUISITIONCORPI	137,945	$1.47M	0.22%	+57,200
JACSJACKSON ACQUISITION CO II	136,000	$1.37M	0.21%	new	Timeline
VEREN INCVEREN INC	137,500	$1.31M	0.2%	new
DISDISNEY WALT CO	12,429	$1.23M	0.19%	-8,825	Timeline
PLAYAGS INCPLAYAGS INC	99,918	$1.21M	0.18%	0
TFIITFI INTERNATIONAL INC	15,393	$1.19M	0.18%	+4,944	Timeline
PTONPELOTON INTERACTIVE INC	184,809	$1.17M	0.18%	+130,282	Timeline
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP II	100,000	$1.13M	0.17%	new
AACBUARTIUS II ACQUISITION INC	112,006	$1.13M	0.17%	new	Timeline
BBUBROOKFIELD BUSINESS PARTNERS L	47,851	$1.12M	0.17%	-4,534	Timeline
DRDBROMAN DBDR ACQUISITION CORP	107,090	$1.07M	0.16%	new	Timeline
MRKMERCK & CO INC	11,784	$1.06M	0.16%	-1,248	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	6,755	$1.01M	0.15%	-245	Timeline
MLACMOUNTAIN LAKE ACQUISITION CO	100,000	$1M	0.15%	new	Timeline
GSHRUGESHER ACQUISITION CORP. II	99,180	$995K	0.15%	new	Timeline
SOCSABLE OFFSHORE CORP	38,590	$979K	0.15%	+11,959	Timeline
NXPINXP SEMICONDUCTORS N V	5,120	$973K	0.15%	+1,100	Timeline
PKSTPEAKSTONE REALTY TRUST	67,509	$851K	0.13%	+28,700	Timeline
CANTOR EQUITY PARTNERS INCCANTOR EQUITY PARTNERS INC	78,449	$843K	0.13%	new
TGLSTECNOGLASS INC	11,394	$815K	0.12%	-6,644	Timeline
CCIXCHURCHILL CAPITAL CORP IX	73,100	$789K	0.12%	0	Timeline
CIENCIENA CORP	13,013	$786K	0.12%	-8,209	Timeline
PARPAR TECHNOLOGY CORP	12,648	$776K	0.12%	-58,793	Timeline
NNAVWNEXTNAV INC	172,890	$761K	0.12%	+77,990	Timeline
XPOFXPONENTIAL FITNESS INC	90,000	$750K	0.11%	new	Timeline
AVGOBROADCOM INC	4,072	$682K	0.1%	-1,228	Timeline
NVDANVIDIA CORPORATION	6,000	$650K	0.1%	new	Timeline
GFRGREENFIRE RES LTD NEW	102,600	$602K	0.09%	new	Timeline
RMBSRAMBUS INC DEL	11,520	$597K	0.09%	new	Timeline
NHINATIONAL HEALTH INVS INC	8,000	$591K	0.09%	new	Timeline
CERTCERTARA INC	58,951	$584K	0.09%	new	Timeline
NBISNEBIUS GROUP N.V.	26,065	$550K	0.08%	-3,935	Timeline
ALDFALDEL FINL II INC	49,297	$498K	0.08%	0	Timeline
CEVACEVA INC	18,952	$485K	0.07%	new	Timeline
IONQ INCIONQ INC	42,943	$477K	0.07%	-36,495
VBNKVERSABANK NEW	41,982	$435K	0.07%	+21,336	Timeline
KGCKINROSS GOLD CORP	33,000	$416K	0.06%	new	Timeline
DYNCDYNAMIX CORP	40,992	$408K	0.06%	-828,920	Timeline
ALGOMA STL GROUP INCALGOMA STL GROUP INC	690,879	$380K	0.06%	-1,700
SK GROWTH OPPORTUNITIES CORPSK GROWTH OPPORTUNITIES CORP	539,612	$351K	0.05%	-29,753
BMEZBLACKROCK HEALTH SCIENCES TE	20,830	$310K	0.05%	+4,559	Timeline
FACTUFACT II ACQUISITION CORP	30,000	$301K	0.05%	0	Timeline
ADXADAMS DIVERSIFIED EQUITY FD	15,826	$301K	0.05%	+348	Timeline
FLDDWFOLD HLDGS INC	390,183	$289K	0.04%	new	Timeline
BDJBLACKROCK ENHANCED EQUITY DI	32,984	$284K	0.04%	+5,000	Timeline
WWAYFAIR INC	8,832	$283K	0.04%	new	Timeline
JOBY AVIATION INCJOBY AVIATION INC	227,177	$279K	0.04%	+70,956
ASGIABRDN GLOBAL INFRA INCOME FU	15,000	$276K	0.04%	+5,000	Timeline
RVTROYCE SMALL CAP TRUST INC	19,108	$272K	0.04%	+385	Timeline
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	382,768	$264K	0.04%	-1,876
GROY/WSGOLD ROYALTY CORP	988,295	$247K	0.04%	-105	Timeline
COHEN CIRCLE ACQUISIT…COHEN CIRCLE ACQUISITION …	135,397	$244K	0.04%	-62,212
PTACOHEN & STEERS TAX ADVAN PFD	11,967	$233K	0.04%	new	Timeline
SKY HARBOUR GROUP CORPORATIOSKY HARBOUR GROUP CORPORATIO	75,018	$231K	0.04%	new
DMYYDMY SQUARED TECHNOLOGY GROUP I	20,000	$223K	0.03%	-30,000	Timeline
BTXBLACKROCK TECH AND PRIVATE E	35,000	$219K	0.03%	new	Timeline
HVIIRHENNESSY CAP INVT CORP VII	1,086,568	$217K	0.03%	new	Timeline
ECFELLSWORTH GROWTH & INCOME FD	23,785	$216K	0.03%	+8,592	Timeline
CIIBLACKROCK ENHANCED LARGE CAP	11,336	$209K	0.03%	-3,693	Timeline
ARES ACQUISITION CORP IIARES ACQUISITION CORP II	18,722	$209K	0.03%	-31,278
SABASABA CAPITAL INCOME & OPPORT	23,000	$200K	0.03%	0	Timeline
EQV VENTURES ACQUISITION COREQV VENTURES ACQUISITION COR	530,857	$191K	0.03%	-11,800
VLOSWVELOS ACQUISITION I CORP	629,642	$183K	0.03%	-200,600	Timeline
QBTSD-WAVE QUANTUM INC	24,000	$182K	0.03%	new	Timeline
SPESPECIAL OPPORTUNITIES FD INC	11,878	$178K	0.03%	+1,878	Timeline
ITEOS THERAPEUTICS INCITEOS THERAPEUTICS INC	29,178	$174K	0.03%	new
XPLSOLITARIO RESOURCES CORP	284,791	$171K	0.03%	-64,109	Timeline
DMADESTRA MULTI-ALTERNATIVE FD	19,702	$167K	0.03%	+5,372	Timeline
COLOMBIER ACQUISITION CORP ICOLOMBIER ACQUISITION CORP I	199,060	$159K	0.02%	+57,451
RGTIRIGETTI COMPUTING INC	20,000	$158K	0.02%	new	Timeline
NABORS ENERGY TRANSITION CORNABORS ENERGY TRANSITION COR	377,383	$151K	0.02%	+82,437
LEGTLEGATO MERGER CORP III	13,798	$145K	0.02%	new	Timeline
GCM GROSVENOR INCGCM GROSVENOR INC	81,780	$142K	0.02%	new
WLACWWILLOW LANE ACQUISITION CORP	572,194	$132K	0.02%	+27,200	Timeline
ECOFIN SUSTAINABLE & SOC IM…ECOFIN SUSTAINABLE & SOC IMP T	11,119	$126K	0.02%	new
CORZWCORE SCIENTIFIC INC NEW	39,668	$120K	0.02%	-375,827	Timeline
BEAGRBOLD EAGLE ACQUISITION CORP	521,356	$120K	0.02%	-5,677	Timeline
NPWRNET POWER INC	43,125	$113K	0.02%	+7,088	Timeline
PCFHIGH INCOME SECS FD	16,717	$111K	0.02%	new	Timeline
DYNCWDYNAMIX CORP	372,500	$108K	0.02%	-102,500	Timeline
RTS/IRON HORSE ACQUISITIONS…RTS/IRON HORSE ACQUISITIONS CORP …	350,354	$105K	0.02%	new
STRATA CRITICAL MEDICAL INCSTRATA CRITICAL MEDICAL INC	477,069	$105K	0.02%	+113,792
BACQRINFLECTION PT ACQUISITION CORP	490,776	$98.2K	0.01%	-508,124	Timeline
ALDFWALDEL FINL II INC	298,680	$89.6K	0.01%	-1,320	Timeline
USA RARE EARTH INCUSA RARE EARTH INC	130,125	$87.2K	0.01%	new
HPAIHELPORT AI LTD	29,152	$85.7K	0.01%	0	Timeline
LPBBWLAUNCH TWO ACQUISITION CORP.	381,754	$80.2K	0.01%	-45,204	Timeline
ZEOWWZEO ENERGY CORP	1,277,536	$76.7K	0.01%	-18,062	Timeline
ARES ACQUISITION CORP II-28ARES ACQUISITION CORP II-28	258,953	$75.1K	0.01%	-314,562
MELAR ACQUISITION CORP. IMELAR ACQUISITION CORP. I	529,029	$74.1K	0.01%	+74,878
LEGATO MERGER CORP IIILEGATO MERGER CORP III	367,983	$73.6K	0.01%	+111,671
LPAAWLAUNCH ONE ACQUISITION CORP	438,716	$65.8K	0.01%	-81,100	Timeline
MLACRMOUNTAIN LAKE ACQUISITION CO	366,749	$58.7K	0.01%	new	Timeline
NTWOWNEWBURY STR II ACQUISITION C	266,570	$58.6K	0.01%	0	Timeline
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	262,382	$57.7K	0.01%	0
CHARRCHARLTON ARIA ACQUISITION CO	300,000	$54K	0.01%	0	Timeline
SIMAWSIM ACQUISITION CORP. I	406,721	$52.9K	0.01%	0	Timeline
FACTWFACT II ACQUISITION CORP	276,675	$49.8K	0.01%	-100,000	Timeline
CUBWWLIONHEART HOLDINGS	413,314	$49.6K	0.01%	0	Timeline
Spring Valley Acquisition C…Spring Valley Acquisition Corp II	348,041	$48.7K	0.01%	0
OXFORD LANE CAP CORPOXFORD LANE CAP CORP	10,000	$47.2K	0.01%	new
ALFUWCENTURION ACQUISITION CORP	308,153	$46.2K	0.01%	+12,600	Timeline
NOEMWCO2 ENERGY TRANSITION CORP	457,063	$45.7K	0.01%	new	Timeline
VACHWVOYAGER ACQUISITION CORP	293,200	$44K	0.01%	-228,000	Timeline
TDACWTRANSLATIONAL DEV ACQUISITIO	295,689	$41.4K	0.01%	new	Timeline
OPPFI INCOPPFI INC	18,799	$41K	0.01%	new
VCICWVINE HILL CAP INVT CORP.	193,134	$40.6K	0.01%	0	Timeline
NOEMRCO2 ENERGY TRANSITION CORP	190,000	$36.1K	0.01%	new	Timeline
KFIIRK&F GROWTH ACQUISITION CORP	299,909	$36K	0.01%	new	Timeline
SVCCWSTELLAR V CAP CORP	169,960	$35.7K	0.01%	new	Timeline
SPKLWSPARK I ACQUISITION CORP	264,020	$34.3K	0.01%	-2,000	Timeline
XNROXNEUBERGER R/EST SECS INC FD	10,400	$34.3K	0.01%	new	Timeline
VIVID SEATS INCVIVID SEATS INC	162,704	$34.2K	0.01%	+52,214
DRDBWROMAN DBDR ACQUISITION CORP	103,595	$33.1K	0.01%	new	Timeline
BZAIWBLAIZE HLDGS INC	169,985	$32.3K	<0.01%	new	Timeline
MRNOWMURANO GLOBAL INVT PLC	140,174	$32.2K	<0.01%	-1,610	Timeline
JACKSON ACQUISITION CO IIJACKSON ACQUISITION CO II	136,000	$31.3K	<0.01%	new
OACCWOAKTREE ACQUISITION CORP III	39,058	$29.3K	<0.01%	0	Timeline
GIGGWGIGCAPITAL7 CORP	261,500	$26.1K	<0.01%	0	Timeline
PLMKWPLUM ACQUISITION CORP IV	150,000	$24K	<0.01%	new	Timeline
GETYGETTY IMAGES HOLDINGS INC	13,789	$23.9K	<0.01%	new	Timeline
POLEWANDRETTI ACQUISITION CORP II	111,237	$20K	<0.01%	0	Timeline
Oak Woods Acquisition CorpOak Woods Acquisition Corp	500,340	$20K	<0.01%	-700
VEEAWVEEA INC	228,890	$18.3K	<0.01%	0	Timeline
ANSCWAGRICULTURE & NAT SOL ACQ CO	59,840	$18K	<0.01%	+4,940	Timeline
DTSQRDT CLOUD STAR ACQUISITION CO	99,000	$15.8K	<0.01%	0	Timeline
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INC	183,091	$12.8K	<0.01%	0
XBP GLOBAL HOLDINGS INCXBP GLOBAL HOLDINGS INC	233,305	$11.7K	<0.01%	+54,433
NET POWER INCNET POWER INC	37,091	$11.1K	<0.01%	+7,284
IBACRIB ACQUISITION CORP	150,000	$9K	<0.01%	0	Timeline
BOLT PROJECTS HLDSBOLT PROJECTS HLDS	300,000	$9K	<0.01%	0
AA MISSION ACQUISITI…AA MISSION ACQUISITION …	125,000	$8.75K	<0.01%	0
ESHARESH ACQUISITION CORP	92,627	$8.34K	<0.01%	0	Timeline
Spring Valley Acquisition C…Spring Valley Acquisition Corp II	100,000	$8K	<0.01%	0
BOWEN ACQUISITION CORPBOWEN ACQUISITION CORP	29,596	$7.7K	<0.01%	0
KVACWKEEN VISION ACQUISITION CORP	224,607	$6.74K	<0.01%	0	Timeline
GRAF GLOBAL CORPGRAF GLOBAL CORP	32,657	$5.88K	<0.01%	0
Chenghe Acquisition II CoChenghe Acquisition II Co	105,037	$5.25K	<0.01%	0
RFAIRRF ACQUISITION CORP II	50,000	$3.5K	<0.01%	0	Timeline
HAYMAKER ACQUISITION CORP IVHAYMAKER ACQUISITION CORP IV	12,500	$2.62K	<0.01%	0
FORLWWTS/FOUR LEAF ACQUISITION CORPORA…	55,548	$2.22K	<0.01%	0	Timeline
HERAMBA ELECTRIC EQHERAMBA ELECTRIC EQ	214,336	$2.14K	<0.01%	0
ATMCWALPHATIME ACQUISITION CORP RED	141,606	$1.42K	<0.01%	0	Timeline

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	call	70,000	$20.2M	new
GOOGALPHABET INC COM	call	92,000	$14.4M	+82,000
GLDSPDR GOLD TR GOLD SHS	put	32,500	$9.36M	-139,500
VOOVANGUARD INDEX FDS COM	put	15,000	$7.71M	-3,500
VOOVANGUARD INDEX FDS COM	call	12,500	$6.42M	-33,000
ARKKARK ETF TR INNOVATION ETF	put	110,000	$5.23M	new
IONQIONQ INC Stock	put	200,000	$4.41M	+180,000
TLNTALEN ENERGY CORP Stock	put	20,000	$3.99M	new
IJRISHARES TR SHS	put	30,000	$3.14M	new
OMCOMNICOM GROUP INC Stock	put	37,000	$3.07M	new
IBITISHARES BITCOIN TRUST ETF SHS	call	60,000	$2.81M	new
FNVFRANCO NEV CORP Stock	call	17,500	$2.76M	-500
HLTHILTON WORLDWIDE HLDGS INC Stock	call	12,000	$2.73M	new
DOOBRP INC Stock	put	80,000	$2.7M	new
CIENCIENA CORP Stock	call	40,000	$2.42M	-20,000
ABNBAIRBNB INC COM	put	20,000	$2.39M	new
CVNACARVANA CO Stock	call	11,000	$2.3M	new
AAPLAPPLE INC COM	put	10,000	$2.22M	new
AIQGLOBAL X FDS ARTIFICIAL ETF	put	50,000	$1.82M	new
BABOEING CO COM	put	10,000	$1.71M	new
SLVISHARES SILVER TR COM	put	50,000	$1.55M	new
PEPPEPSICO INC COM	put	10,000	$1.5M	0
GRNDGRINDR INC COM	put	80,000	$1.43M	new
MGAMAGNA INTL INC Stock	call	40,000	$1.36M	new
SEISOLARIS ENERGY INFRAS INC Stock	put	60,000	$1.31M	new
FSLRFIRST SOLAR INC Stock	call	10,000	$1.26M	new
HCCWARRIOR MET COAL INC COM	call	25,000	$1.19M	+15,000
UPSUNITED PARCEL SVCS INC COM	put	10,000	$1.1M	new
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW COM	call	25,000	$1.06M	-62,500
CEGCONSTELLATION ENERGY CORP Stock	put	5,000	$1.01M	new
TOSTTOAST INC STOK	put	30,000	$995K	new
DISDISNEY WALT CO COM	put	10,000	$987K	new
XLUSELECT SECTOR SPDR TR SHS	call	12,500	$986K	new
SPHRSPHERE ENTERTAINMENT CO Stock	call	30,000	$982K	-45,000
IBITISHARES BITCOIN TRUST ETF SHS	put	20,000	$936K	new
TACTRANSALTA CORP COM	put	100,000	$935K	0
TPICQTPI COMPOSITES INC COM Common Stock	call	1,000,000	$810K	0
TFIITFI INTERNATIONAL INC Stock	put	10,000	$774K	new
FCXFREEPORT MCMORAN INC Stock	call	20,000	$757K	+10,000
XMTRXOMETRY INC CLASS A COM	put	30,000	$748K	new
CWANCLEARWATER ANALYTICS HLDGS I CL A	put	27,000	$724K	new
ITEOS THERAPEUTICS INCITEOS THERAPEUTICS INC COM	call	120,500	$719K	-64,000
DOOBRP INC Stock	call	20,000	$676K	+10,000
INSPINSPIRE MED SYS INC Stock	call	4,100	$653K	-5,900
SLVISHARES SILVER TR COM	call	20,000	$620K	new
HIMSHIMS & HERS HEALTH INC COM CL A	put	20,000	$591K	new
WYWEYERHAEUSER CO REIT	call	20,000	$586K	new
CWHCAMPING WORLD HLDGS INC Stock	call	30,000	$485K	new
WOLFSPEED INCWOLFSPEED INC COM	put	150,000	$459K	new
SMRNUSCALE PWR CORP Stock	put	30,000	$425K	new
SMRNUSCALE PWR CORP Stock	call	30,000	$425K	new
PATHUIPATH INC CL A	call	40,000	$412K	new
CLFCLEVELAND-CLIFFS INC NEW Stock	call	50,000	$411K	0
CNQCANADIAN NAT RES LTD MED TER Stock	call	10,000	$308K	new
NHCNATIONAL HEALTHCARE CORP Stock	put	3,000	$278K	new
WGMICOINSHARES ETF TR COINSHARES BITCN	put	20,000	$255K	new
TACTRANSALTA CORP COM	call	25,000	$234K	new
FORWARD AIR CORPFORWARD AIR CORP COM	call	10,000	$201K	-12,500
SOUNSOUNDHOUND AI INC Stock	put	20,000	$162K	new
SOUNSOUNDHOUND AI INC Stock	call	20,000	$162K	new
SPRYARS PHARMACEUTICALS INC COM	call	12,000	$151K	-15,000
ModivCare IncModivCare Inc Common Stock	put	30,000	$39.6K	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
PELOTON INTERACTIVE INCPELOTON INTERACTIVE INC NOTE 2/1	principal	15,679	$14.9M	0
NUTANIX INCNUTANIX INC Convertible	principal	11,000	$14.7M	-1,000
OPENDOOR TECHNOLOGIES INOPENDOOR TECHNOLOGIES IN 0.250 08/15/26 CVT	principal	15,429	$13.7M	-2,000
Dropbox IncDropbox Inc Convertible bond	principal	13,859	$13.7M	-2,000
VIRGIN GALATIC HOLDINGSVIRGIN GALATIC HOLDINGS 2.500 02/01/27 CVT	principal	33,000	$13.5M	+4,500
TripAdvisor IncTripAdvisor Inc CONV	principal	14,000	$13.3M	+2,500
AIR CANADAAIR CANADA 4.00 7/1/2025	principal	13,230	$12.7M	+150
KAR AUCTIONKAR AUCTION 5.125 6/1/2025	principal	12,487	$12.5M	0
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertible	principal	8,500	$10.3M	0
STRATHCONA RESOUSTRATHCONA RESOU 6.875 01/08/2026	principal	10,000	$9.99M	+2,000
MICROSTRATEGYMICROSTRATEGY 0 01/12/2029	principal	12,000	$9.72M	0
XPLR INFRASTRUCTURE LPXPLR INFRASTRUCTURE LP 2.500 06/15/26 CVT	principal	10,000	$9.56M	new
JETBLUE AIRWAYS CORPJETBLUE AIRWAYS CORP NOTE 0.500% 4/0	principal	10,000	$9.44M	0
UPSTART HLDGS INCUPSTART HLDGS INC NOTE 0.250% 8/1	principal	10,000	$9.34M	0
RAPID7 INCRAPID7 INC NOTE 0.250% 3/1	principal	10,000	$9.16M	0
NICE LTDNICE LTD NOTE 9/1	principal	9,321	$9.1M	0
MARA Holdings IncMARA Holdings Inc CONV	principal	12,500	$9.02M	0
FIRST MAJESTIC SILVER CORPFIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1	principal	9,500	$8.9M	0
IIP OPERATING PARTNERIIP OPERATING PARTNER 5.500 05/25/26 '26	principal	9,082	$8.89M	0
BLACKBERRY LTDBLACKBERRY LTD NOTE 3.000% 2/1	principal	7,000	$8.82M	new
FASTLY INCFASTLY INC NOTE 3/1	principal	9,249	$8.78M	0
LCID 1 1/4 12/15/26LCID 1 1/4 12/15/26 FIXED INCOME	principal	10,000	$7.95M	+1,000
ACCOLADE INCACCOLADE INC NOTE 0.500% 4/0	principal	8,000	$7.9M	new
CEC ENTERTAINCEC ENTERTAIN 6.75 01/05/2026	principal	7,961	$7.86M	new
WISDOMTREE INCWISDOMTREE INC NOTE 3.250% 6/1	principal	7,344	$7.61M	0
GREENFIRE RESOURGREENFIRE RESOUR 12.00 01/10/2028	principal	7,000	$7.43M	new
HE EQUIPMENTHE EQUIPMENT 3.875 15/12/2028	principal	7,230	$7.22M	new
SNAP INCSNAP INC NOTE 0.250% 5/0	principal	7,100	$7.07M	0
Ast Spacemobile IncAst Spacemobile Inc Note 4.250 03/01	principal	6,000	$7.05M	new
LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 1.500%12/1	principal	6,000	$7.03M	0
GETTY IMAGES INCGETTY IMAGES INC 9.75 01/03/2027	principal	7,000	$7M	new
CENTURY ALUM COCENTURY ALUM CO NOTE 2.750% 5/0	principal	5,750	$6.91M	0
MUVICO LLCMUVICO LLC 8.000 04/30/30 CVT	principal	7,158	$6.82M	+2,000
COIN 0.250 04/01/30 CVTCOIN 0.250 04/01/30 CVT CONVERTIBLE BOND	principal	7,000	$6.51M	+3,000
APPLIED OPTOELECTRONICS INCAPPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1	principal	8,000	$6.35M	new
SABRE GLBL INCSABRE GLBL INC BOND	principal	6,309	$6.3M	0
CORE SCIENTIFIC INC NEWCORE SCIENTIFIC INC NEW 06/15/31 CVT PUT	principal	7,500	$6.25M	new
PENN ENTERTAINMENT INCPENN ENTERTAINMENT INC NOTE 2.750% 5/1	principal	6,000	$6.19M	new
WISDOMTREE INCWISDOMTREE INC 3.25 15/08/2029	principal	6,000	$6.04M	0
BLACKLINE INCBLACKLINE INC NOTE 3/1	principal	6,000	$5.73M	0
PAR TECHNOLOGY CORPPAR TECHNOLOGY CORP NOTE 1.500%10/1	principal	5,000	$5.37M	new
ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 5/0	principal	5,000	$5.22M	new
IRIS ENERGY LTDIRIS ENERGY LTD 3.25 15/06/2030	principal	7,000	$5.11M	+4,000
AMERICAN AIRLINES GROUP INCAMERICAN AIRLINES GROUP INC NOTE 6.500% 7/0	principal	5,000	$5.01M	0
TERAWULF INCTERAWULF INC 2.75 01/02/2030	principal	6,500	$4.55M	0
GALAXY DIGITAL HOLDIN LPGALAXY DIGITAL HOLDIN LP 2.500 12/01/29 CVT	principal	5,500	$4.5M	+4,500
INFINERA CORPINFINERA CORP BOND	principal	3,500	$4.47M	0
GOPRO INCGOPRO INC BOND	principal	5,000	$4.41M	0
LITHIUM ARGENTINA AGLITHIUM ARGENTINA AG NOTE 1.750% 1/1	principal	5,095	$4.19M	0
ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1	principal	4,000	$4.1M	0
MARATHON DIGITALMARATHON DIGITAL 2.125 01/09/2031	principal	5,000	$4.08M	0
LIB TRIP ADV HOLLIB TRIP ADV HOL 0.50 30/06/2051	principal	4,000	$3.99M	0
SPIRIT LOYALTYSPIRIT LOYALTY 11.00 06/03/2030	principal	4,197	$3.89M	new
MICROSTRATEGYMICROSTRATEGY 0 01/03/2030	principal	4,000	$3.83M	new
UPWORK INCUPWORK INC NOTE 0.250% 8/1	principal	4,000	$3.72M	0
PROS HOLDINGS INCPROS HOLDINGS INC NOTE 2.250% 9/1	principal	4,000	$3.72M	new
I-80 GOLD CORPI-80 GOLD CORP 8.00 22-FEB-27 PIK	principal	4,000	$3.4M	0
CORZ 3 09/01/29CORZ 3 09/01/29 FIXED INCOME	principal	3,000	$3.18M	new
B2GOLD CORPB2GOLD CORP 2.75 01/02/2030	principal	2,500	$2.91M	new
SSR Mining IncSSR Mining Inc Convertible bond	principal	2,888	$2.9M	0
LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500% 6/1	principal	3,000	$2.76M	0
BITDEER TECHNOLOGIES GRPBITDEER TECHNOLOGIES GRP 5.250 12/01/29 CVT PUT	principal	3,000	$2.76M	0
NEXTERA ENGY PTRNEXTERA ENGY PTR 0 15/11/2025	principal	2,500	$2.42M	new
BEACON ROOFING SBEACON ROOFING S 4.125 15/05/2029	principal	2,300	$2.32M	new
GALAXY DIGITAL HOLDIN LPGALAXY DIGITAL HOLDIN LP 3.000 12/15/26 CVT	principal	2,000	$1.9M	0
BENTLEY SYS INCBENTLEY SYS INC NOTE 0.375% 7/0	principal	2,000	$1.82M	new
MKS INSTRUMENTSMKS INSTRUMENTS 1.25 01/06/2030	principal	2,000	$1.79M	new
MARA HOLDINGS INCMARA HOLDINGS INC NOTE 1.000%12/0	principal	2,000	$1.78M	0
RIOT PLATFORMSRIOT PLATFORMS 0.75 15/01/2030	principal	2,000	$1.59M	new
TPI COMPOSITES INCTPI COMPOSITES INC FIXED	principal	9,000	$1.44M	0
MARA HOLDINGSMARA HOLDINGS 0 01/06/2031	principal	2,000	$1.43M	new
WOLFSPEED INCWOLFSPEED INC NOTE 1.750% 5/0	principal	2,000	$1.2M	new
BEACON ROOFING SBEACON ROOFING S 6.50 01/08/2030	principal	1,000	$1.05M	new
AIR TRANS SVCS GROUP INCAIR TRANS SVCS GROUP INC BOND	principal	1,000	$997K	0
MA-COM TECHMA-COM TECH 0 15/12/2029	principal	1,000	$904K	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
MODIVCAREMODIVCARE 5.00 01/10/2029	principal	2,000	$539K	0
PAR TECH CORPPAR TECH CORP 1.00 15/01/2030	principal	500	$474K	new

Sold out in Q1 2025

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

The largest 100 of 116. All 116

Security	Shares before	Value before	Type
AMZNAMAZON COM INC	70,000	$15.4M	call
ATLANTICA SUSTAINABLE INFRAATLANTICA SUSTAINABLE INFRA	15,300	$15.3M	principal
IAUISHARES GOLD TR	250,000	$12.4M	shares
ENVESTNET INCENVESTNET INC	12,000	$12M	principal
VERMILION ENERGY TRUSTVERMILION ENERGY TRUST	11,559	$11.5M	principal
WINNEBAGO INDUWINNEBAGO INDU	10,925	$9.85M	principal
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC	9,500	$9.55M	principal
RDDTREDDIT INC	56,000	$9.15M	put
BLACKBERRY LTDBLACKBERRY LTD	7,000	$8.68M	principal
GOOGALPHABET INC	42,053	$8.01M	shares
WESTERN DIGITAL CORPWESTERN DIGITAL CORP	6,000	$7.97M	principal
GFL ENVIRON INCGFL ENVIRON INC	8,000	$7.93M	principal
LIFE TIME INCLIFE TIME INC	7,718	$7.71M	principal
RINGCENTRAL INCRINGCENTRAL INC	7,799	$7.71M	principal
QQQINVESCO QQQ TR	15,000	$7.67M	put
SPIRIT AIRLS INCSPIRIT AIRLS INC	19,393	$7.56M	principal
MLACUMOUNTAIN LAKE ACQUISITION CO	748,957	$7.51M	shares
STLDSTEEL DYNAMICS INC	60,000	$6.84M	call
SEISOLARIS ENERGY INFRAS INC	235,800	$6.79M	call
TDACUTRANSLATIONAL DEV ACQUISITIO	674,997	$6.76M	shares
VFCV F CORP	290,000	$6.22M	shares
MTUMISHARES TR	30,000	$6.21M	put
ACIALBERTSONS COMPANIES INC	295,501	$5.8M	shares
TECHTARGET INCTECHTARGET INC	5,000	$4.98M	principal
RTXRTX CORPORATION	40,000	$4.63M	put
LIVENT CORPLIVENT CORP	3,000	$4.37M	principal
LOWLOWES COS INC	17,000	$4.2M	put
HASHICORP INCHASHICORP INC	120,114	$4.11M	shares
DRDBUROMAN DBDR ACQUISITION CORP	407,190	$4.06M	shares
TSMTAIWAN SEMICONDUCTOR MANUFAC	16,000	$3.16M	call
CHRWC H ROBINSON WORLDWIDE IN	27,500	$2.84M	call
PARPAR TECHNOLOGY CORP	35,000	$2.54M	put
BARNES GROUP INCBARNES GROUP INC	53,330	$2.52M	shares
FCXFREEPORT MCMORAN INC	65,000	$2.48M	put
LMTLOCKHEED MARTIN CORP	5,000	$2.43M	put
KDKYNDRYL HLDGS INC	70,000	$2.42M	call
NUVASIVE INCNUVASIVE INC	2,396	$2.37M	principal
RGLDROYAL GOLD INC	17,700	$2.33M	call
PLTRPALANTIR TECHNOLOGIES INC	30,000	$2.27M	put
NOEMUCO2 ENERGY TRANSITION CORP	190,000	$1.9M	shares
UBERUBER TECHNOLOGIES INC	31,000	$1.87M	call
XBISPDR SERIES TRUST	20,000	$1.8M	put
DOCUDOCUSIGN INC	20,000	$1.8M	put
CCJCAMECO CORP	34,900	$1.79M	call
ODFLOLD DOMINION FREIGHT LINE IN	10,000	$1.76M	call
MRVLMARVELL TECHNOLOGY INC	15,946	$1.76M	shares
GENIGENIUS SPORTS LIMITED	200,000	$1.73M	shares
DJTTRUMP MEDIA & TECHNOLOGY GRO	50,000	$1.71M	put
BMRNBIOMARIN PHARMACEUTICAL INC	23,000	$1.51M	call
PROPROS Holdings Inc	68,000	$1.49M	shares
MICROSTRATEGYMICROSTRATEGY	1,000	$1.49M	principal
ACIALBERTSONS COMPANIES INC	70,000	$1.37M	call
JACSUJACKSON ACQUISITION CO II	136,000	$1.37M	shares
SRGSERITAGE GROWTH PPTYS	325,600	$1.34M	call
GDGENERAL DYNAMICS CORP	5,000	$1.32M	put
JETSETF SER SOLUTIONS	50,000	$1.27M	put
TDGTRANSDIGM GROUP INC	1,000	$1.27M	put
ADMARCHER DANIELS MIDLAND CO	25,000	$1.26M	put
BALLYS CORPORATIONBALLYS CORPORATION	70,561	$1.26M	shares
DASHDOORDASH INC	7,000	$1.17M	put
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	116,892	$1.16M	shares
FUTURETECH II ACQUISITION COFUTURETECH II ACQUISITION CO	105,296	$1.16M	shares
SLGSL GREEN RLTY CORP	17,000	$1.15M	put
VFCV F CORP	50,000	$1.07M	put
ONON SEMICONDUCTOR CORP	16,973	$1.07M	shares
PLMJFPLUM ACQUISITION CORP. III CLA	94,362	$1.05M	shares
Patria Latin American Oppor…Patria Latin American Opportunity…	86,862	$1.01M	shares
TLNTALEN ENERGY CORP	5,000	$1.01M	call
XLCSELECT SECTOR SPDR TR	10,000	$968K	call
SMARTSHEET INC. (CLASS A)SMARTSHEET INC. (CLASS A)	15,746	$882K	shares
MEDMEDIFAST INC	50,000	$881K	put
ModivCare IncModivCare Inc	68,500	$811K	call
STRONGHOLD DIGITAL MINING INSTRONGHOLD DIGITAL MINING IN	227,611	$797K	shares
KTOSKRATOS DEFENSE & SEC SOLUTIO	30,000	$791K	shares
MRLNMERLIN INC	76,717	$756K	shares
WWAYFAIR INC	17,000	$753K	call
EQXEQUINOX GOLD CORP	150,000	$753K	put
NXTNEXTPOWER INC	20,000	$731K	shares
PDSPRECISION DRILLING CORP	11,000	$672K	call
GATOS SILVER INCGATOS SILVER INC	45,409	$635K	shares
CTVACORTEVA INC	10,000	$570K	put
SGISOMNIGROUP INTERNATIONAL INC	10,000	$567K	call
DISDISNEY WALT CO	5,000	$557K	call
SILVERCREST METALS INCSILVERCREST METALS INC	59,733	$544K	shares
PIIPOLARIS INC	9,000	$519K	put
TLTISHARES TR	5,900	$515K	put
TFIITFI INTERNATIONAL INC	3,800	$513K	call
GOOSCANADA GOOSE HLDGS INC	50,000	$502K	call
ASTSAST SPACEMOBILE INC	22,000	$464K	shares
SOCSABLE OFFSHORE CORP	20,000	$458K	call
VALEVALE S A	50,000	$444K	call
HLFHERBALIFE LTD	60,000	$401K	shares
USNAUSANA HEALTH SCIENCES INC	10,000	$359K	shares
NTSTNETSTREIT CORP	25,000	$354K	put
EQXEQUINOX GOLD CORP	70,000	$351K	shares
NAVINAVIENT CORPORATION	25,000	$332K	put
BTMDBIOTE CORP	49,651	$307K	shares
LYFTLYFT INC	23,000	$297K	put
PROFPROFOUND MED CORP	35,782	$269K	shares
CLNECLEAN ENERGY FUELS CORP	100,000	$251K	shares

How Q1 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 0001461790-25-000039	base		2025-05-15	acceptance time not in the bulk data set	2026-10-07 18:25:06 UTC