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MARINER INVESTMENT GROUP LLC

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13F filer, CIK 1096978, NEW YORK, NY

MARINER INVESTMENT GROUP LLC reported $1,712,737,524 across 111 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-25. Its ten largest share positions make up 64.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001096978-26-000004

Period
2025-12-31
Reported value
$1.71B
Holdings
111
Top 10 weight
64.34%
New
55
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MSFTnew+344,000$166M
LRCXnew+736,000$126M
GOOGnew+350,000$110M
COSTnew+125,000$108M
CSCOnew+1,372,000$106M

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
LQDexited-188,000-$21M
JFRreduced-1,623,706-$12.7M
BHFexited-136,000-$7.22M
CEGexited-8,100-$2.67M
AMDexited-12,500-$2.02M

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 0001096978-26-000004, largest first. % of portfolio is the value over $1,704,487,779, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 344,000 shares 344,000$166M9.76%newTimeline
LRCXLAM RESEARCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 736,000 shares 736,000$126M7.39%newTimeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 350,000 shares 350,000$110M6.44%newTimeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 125,000 shares 125,000$108M6.32%newTimeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 831,680 shares; 2025Q3: 2,015,094 shares; 2025Q4: 2,146,536 shares 2,146,536$107M6.25%+131,442Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,372,000 shares 1,372,000$106M6.2%newTimeline
ASMLASML HLDG NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 93,000 shares 93,000$99.5M5.84%newTimeline
TXNTEXAS INSTRS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 559,000 shares 559,000$97M5.69%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 497,000 shares 497,000$92.7M5.44%newTimeline
LINLINDE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 200,000 shares 200,000$85.3M5%newTimeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,200,000 shares 2,200,000$81.2M4.76%newTimeline
HONHONEYWELL INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 392,000 shares 392,000$76.5M4.49%newTimeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 248,000 shares 248,000$67.4M3.96%newTimeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$57.1M3.35%newTimeline
CTASCINTAS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 269,000 shares 269,000$50.6M2.97%newTimeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 163,000 shares 163,000$49.8M2.92%newTimeline
LOWLOWES COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 101,000 shares 101,000$24.4M1.43%newTimeline
IGLBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 400,000 shares 400,000$20.2M1.18%newTimeline
RITMRITHM CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,000 shares; 2025Q3: 975,000 shares; 2025Q4: 868,711 shares 868,711$9.47M0.56%-106,289Timeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 45,000 shares; 2025Q4: 125,000 shares 125,000$7.87M0.46%+80,000Timeline
DUKDUKE ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,000 shares; 2025Q3: 40,000 shares; 2025Q4: 51,250 shares 51,250$6.01M0.35%+11,250Timeline
JFRNUVEEN FLOATING RATE INCOMEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,790,000 shares; 2025Q2: 3,959,544 shares; 2025Q3: 2,257,194 shares; 2025Q4: 633,488 shares 633,488$4.96M0.29%-1,623,706Timeline
ETRENTERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,000 shares; 2025Q1: 20,000 shares; 2025Q2: 50,000 shares; 2025Q3: 45,000 shares; 2025Q4: 45,000 shares 45,000$4.16M0.24%0Timeline
RWTREDWOOD TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 200,000 shares; 2025Q3: 847,411 shares; 2025Q4: 745,346 shares 745,346$4.12M0.24%-102,065Timeline
LECOLINCOLN ELEC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 7,000 shares; 2025Q3: 15,000 shares; 2025Q4: 16,000 shares 16,000$3.83M0.22%+1,000Timeline
AEROGRUPO AEROMEXICO SAB DE CVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 169,280 shares 169,280$3.72M0.22%newTimeline
CIMCHIMERA INVT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 115,000 shares; 2025Q4: 290,000 shares 290,000$3.6M0.21%+175,000Timeline
MTZMASTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,000 shares; 2025Q3: 1,600 shares; 2025Q4: 14,500 shares 14,500$3.15M0.18%+12,900Timeline
WMBWILLIAMS COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,000 shares; 2025Q2: 55,000 shares; 2025Q3: 40,000 shares; 2025Q4: 45,000 shares 45,000$2.7M0.16%+5,000Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,000 shares 5,000$1.87M0.11%newTimeline
FIXCOMFORT SYS USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,000 shares 2,000$1.87M0.11%newTimeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 45,000 shares; 2025Q1: 85,000 shares; 2025Q2: 35,000 shares; 2025Q3: 15,000 shares; 2025Q4: 46,000 shares 46,000$1.62M0.1%+31,000Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: not reported; 2025Q4: 6,000 shares 6,000$1.34M0.08%newTimeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,000 shares; 2024Q4: 30,000 shares; 2025Q1: 25,000 shares; 2025Q2: 25,100 shares; 2025Q3: not reported; 2025Q4: 38,500 shares 38,500$1.33M0.08%newTimeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 42,500 shares 42,500$1.27M0.07%newTimeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 10,000 shares; 2025Q1: 40,000 shares; 2025Q2: 49,910 shares; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$1.07M0.06%newTimeline
DYDYCOM INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,572 shares; 2024Q4: 11,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,000 shares 3,000$1.01M0.06%newTimeline
KRKROGER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 15,000 shares 15,000$937K0.05%+5,000Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,500 shares; 2024Q4: not reported; 2025Q1: 44,000 shares; 2025Q2: 25,000 shares; 2025Q3: 15,000 shares; 2025Q4: 5,000 shares 5,000$807K0.05%-10,000Timeline
VMIVALMONT INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares; 2025Q3: 2,000 shares; 2025Q4: 2,000 shares 2,000$805K0.05%0Timeline
CCCHEMOURS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 55,000 shares; 2025Q4: 55,000 shares 55,000$648K0.04%0Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 25,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$583K0.03%0Timeline
CCKCROWN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,000 shares 5,000$515K0.03%newTimeline
LGNLEGENCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$430K0.03%newTimeline
WOLFWOLFSPEED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,000 shares; 2025Q4: 20,000 shares 20,000$348K0.02%-5,000Timeline
MLMMARTIN MARIETTA MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500 shares; 2025Q3: 500 shares; 2025Q4: 500 shares 500$311K0.02%0Timeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,000 shares 2,000$288K0.02%newTimeline
VMCVULCAN MATLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$285K0.02%0Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$282K0.02%0Timeline
XPROEXPRO GROUP HOLDINGS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares 20,000$267K0.02%0Timeline
SHYISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,636 shares 2,636$218K0.01%newTimeline
WORWORTHINGTON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,196 shares 4,196$216K0.01%newTimeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,000 shares 5,000$205K0.01%newTimeline
HYGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 175,437 shares; 2024Q4: not reported; 2025Q1: 161,000 shares; 2025Q2: 332,600 shares; 2025Q3: not reported; 2025Q4: 2,500 shares 2,500$202K0.01%newTimeline
CRWVCOREWEAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,000 shares; 2025Q4: 2,000 shares 2,000$143K0.01%0Timeline
EIMEATON VANCE MUN BD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 116,847 shares; 2025Q4: 12,181 shares 12,181$119K0.01%-104,666Timeline
BRLSWBOREALIS FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,300 shares; 2024Q4: 23,300 shares; 2025Q1: 23,300 shares; 2025Q2: 23,300 shares; 2025Q3: 23,300 shares; 2025Q4: 23,300 shares 23,300$1.17K<0.01%0Timeline
CYCUWCYCURION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 30,000 shares 30,000$1.02K<0.01%0Timeline
BOLT PROJECTS HLDSBOLT PROJECTS HLDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,150 shares; 2024Q4: 19,150 shares; 2025Q1: 19,150 shares; 2025Q2: 19,150 shares; 2025Q3: 19,150 shares; 2025Q4: 19,150 shares 19,150$317<0.01%0
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,947 shares; 2024Q4: 759,678 shares; 2025Q1: 174,192 shares; 2025Q2: 129,366 shares; 2025Q3: 38,422 shares; 2025Q4: 0 shares 0$00%-38,422Value filed as zero, left out of ratios.Amount filed as zero, left out of ratios.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).

SecurityTypeAmountValueChange
LYBLYONDELLBASELL INDUSTRIES NV Stockput500,000$1.32M+300,000
GLWCORNING INC COMcall200,000$738K0
VRTVERTIV HOLDINGS CO Stockcall75,000$664Knew
CEGCONSTELLATION ENERGY CORP Stockcall30,000$562Knew
CCOICOGENT COMM HOLDINGS INC COM NEWput105,000$478K0
LENLENNAR CORP Stockput58,500$459Knew
DOWDOW HLDGS INC Stockput550,000$412K+116,500
OLNOLIN CORP COM PAR $1put200,000$362K+100,000
FSKFS KKR CAP CORP COMput425,000$266K+225,000
DHID R HORTON INC Stockput61,500$258Knew
BLDRBUILDERS FIRSTSOURCE INC Stockput100,000$238K0
POSTPOST HLDGS INC COMput75,000$225K+25,000
CATCATERPILLAR INC COMcall40,000$210Knew
VSTVISTRA CORP Stockcall35,000$197K-15,000
HYGISHARES TR IBOXX HI YD ETFput1,496,000$193K+989,600
AVGOBROADCOM INC COMcall10,000$181Knew
COPCONOCOPHILLIPS COMput50,000$175Knew
OKEONEOK INC NEW COMput100,000$128K+50,000
HALHALLIBURTON CO Stockput100,000$126Knew
CARRCARRIER GLOBAL CORPORATION Stockput50,000$125Knew
WMBWILLIAMS COS INC Stockcall150,000$125K+100,000
IPINTERNATIONAL PAPER CO Stockput100,000$118Knew
RRCRANGE RES CORP Stockcall130,000$91K-155,000
IWMISHARES TR SHSput206,500$90.1Knew
QQQINVESCO QQQ TR COMcall50,000$66.8Knew
FMCFMC CORP Stockput50,000$66.2Knew
UALUNITED AIRLS HLDGS INC Stockput75,000$64.1Knew
SPYSTATE STR SPDR S&P 500 ETF T SHSput75,000$53.6K-260,000
BXSLBLACKSTONE SECD LENDING FD COMMON STOCKput125,000$43.8Knew
CMCSACOMCAST CORP NEW COMput120,000$41.4K0
SWSMURFIT WESTROCK PLC Stockput50,000$40Knew
SPYSTATE STR SPDR S&P 500 ETF T SHScall50,000$39.2Knew
IGVISHARES TR SHSput50,000$37.5K0
DALDELTA AIR LINES INC Stockput50,000$30Knew
HWMHOWMET AEROSPACE INC Stockput25,000$18.8Knew
DOCSDOXIMITY INC Stockput40,000$5K-100
CRWVCOREWEAVE INC COMcall25,000$3.88Knew
CCCHEMOURS CO Stockcall50,000$2.5K0
DUKDUKE ENERGY CORP NEW COMcall25,000$1.25K0

Principal amounts

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

SecurityTypeAmountValueChange
ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD NOTE 0.500% 6/0principal15,000,000$23.3M+10,000,000
FORD MOTOR COMPANYFORD MOTOR COMPANY NOTE 3/1principal20,000,000$20.8M+10,000,000
FLUOR CORPFLUOR CORP NOTE 1.125% 8/1principal15,100,000$17.2M+10,000,000
NEXTERA ENERGY CAP HLDGS INCNEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0principal10,000,000$12.4M0
ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 0.500% 3/0principal10,000,000$9.48M+5,000,000
SNOWFLAKE INCSNOWFLAKE INC NOTE 10/0principal5,000,000$7.43M0
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN NOTE 3.125% 1/1principal5,000,000$7.28Mnew
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN Convertibleprincipal5,000,000$5.26Mnew
REDWOOD TRUST INCREDWOOD TRUST INC Convertibleprincipal1,800,000$1.8M-1,500,000
REDFIN CORPREDFIN CORP NOTE 0.500% 4/0principal1,645,000$1.55M0
PENNYMAC CORPPENNYMAC CORP Convertible Bondprincipal1,000,000$1.06M0
WOLFSPEED INCWOLFSPEED INC NOTE 2.500% 6/1principal271,000$403Knew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
LQDISHARES TR188,000$21Mshares
JD.COM INCJD.COM INC10,000,000$10.8Mprincipal
BHFBRIGHTHOUSE FINL INC136,000$7.22Mshares
CEGCONSTELLATION ENERGY CORP8,100$2.67Mshares
AMDADVANCED MICRO DEVICES INC12,500$2.02Mshares
ADARRAY DIGITAL INFRASTRUCTURE21,292$1.06Mshares
UPSUNITED PARCEL SVCS INC10,000$835Kshares
SVXYPROSHARES TR II12,500$637Kshares
APAAPA CORPORATION100,000$500Kcall
UPSUNITED PARCEL SVCS INC100,000$445Kput
CRHCRH PLC3,000$360Kshares
SSTKSHUTTERSTOCK INC16,114$336Kshares
FERGFERGUSON ENTERPRISES INC70,000$294Kcall
DANDANA INC10,000$200Kshares
EQNREQUINOR ASA100,000$97.5Kcall
TACTRANSALTA CORP100,000$60Kcall
ARANTERO RESOURCES CORP50,000$37.5Kcall
XLFSELECT SECTOR SPDR TR200,000$31Kput
EIXEDISON INTL22,500$5.06Kput
NVDANVIDIA CORPORATION100,000$2.5Kput

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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001096978-26-000004 base2026-02-25acceptance time not in the bulk data set