Radcliffe Capital Management, L.P.
Follow13F filer, CIK 1218275, BALA CYNWYD, PA
Radcliffe Capital Management, L.P. reported $970,938,712 across 42 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 73.51% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-048896
- Period
- 2025-03-31
- Reported value
- $971M
- Holdings
- 42
- Top 10 weight
- 73.51%
- New
- 5
- Sold out
- 12
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| MGNInew | +50,000 | $570K |
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 |
|---|---|---|
| RIGEL RESOURCE ACQ CORPexited | -172,362 | -$1.99M |
| TDACUexited | -119,539 | -$1.2M |
| HCM II ACQUISITION CORPexited | -13,400 | -$134K |
| Bitcoin Depot Increduced | -21,215 | -$32K |
| INFLECTION PT ACQUISITN CRPexited | -32,962 | -$16.5K |
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 0001104659-25-048896, largest first. % of portfolio is the value over $970,938,712, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| ARES ACQUISITION CORP IIARES ACQUISITION CORP II | 200,000 | $2.23M | 0.23% | 0 | |||
| GSR III ACQUISITION CORPGSR III ACQUISITION CORP | 173,900 | $1.74M | 0.18% | 0 | |||
| MGNIMAGNITE INC | 50,000 | $570K | 0.06% | new | Timeline | ||
| HYACHAYMAKER ACQUISITION CORP IV | 37,821 | $416K | 0.04% | 0 | Timeline | ||
| Bitcoin Depot IncBitcoin Depot Inc | 264,620 | $400K | 0.04% | -21,215 | |||
| VCICVINE HILL CAP INVT CORP. | 28,896 | $293K | 0.03% | 0 | Timeline | ||
| ARES ACQUISITION CORP II-28ARES ACQUISITION CORP II-28 | 52,042 | $14.8K | <0.01% | 0 | |||
| AA MISSION ACQUISITI…AA MISSION ACQUISITION … | 87,238 | $5.94K | <0.01% | 0 | |||
| VCICWVINE HILL CAP INVT CORP. | 14,448 | $5.06K | <0.01% | 0 | Timeline | ||
| ALCWFALCHEMY INVTS ACQUISITN CORP | 30,000 | $4.69K | <0.01% | 0 | Timeline |
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 |
|---|---|---|---|---|
| DIGITALOCEAN HLDGS INCDIGITALOCEAN HLDGS INC CNV | principal | 176,235,000 | $164M | -8 |
| LIVONGO HEALTH INCLIVONGO HEALTH INC NOTE 0.875% 6/0 | principal | 93,004,000 | $92.1M | 0 |
| TELADOC HEALTH INCTELADOC HEALTH INC NOTE 1.250% 6/0 | principal | 91,000,000 | $83.4M | 0 |
| NICE LTDNICE LTD NOTE 9/1 | principal | 75,369,000 | $73.4M | +72,869,000 |
| NEW MTN FIN CORPNEW MTN FIN CORP BOND | principal | 67,047,000 | $67.8M | +13,326,000 |
| MAGNITE INCMAGNITE INC NOTE 0.250% 3/1 | principal | 69,767,000 | $66.3M | 0 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 69,800,000 | $66.1M | +62,500,000 |
| FIVERR INTL LTDFIVERR INTL LTD NOTE 11/0 | principal | 35,677,000 | $34.5M | 0 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 40,139,000 | $34M | +5,000,000 |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 38,000,000 | $32.2M | 0 |
| RINGCENTRAL INCRINGCENTRAL INC NOTE 3/1 | principal | 31,730,000 | $30.2M | 0 |
| BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0 | principal | 29,650,000 | $23.8M | +5,250,000 |
| AFFIRM HLDGS INCAFFIRM HLDGS INC NOTE 11/1 | principal | 25,822,000 | $23.7M | 0 |
| FIVE9 INCFIVE9 INC NOTE 0.500% 6/0 | principal | 22,329,000 | $22.1M | +3,000,000 |
| REPAY HLDGS CORPREPAY HLDGS CORP NOTE 2/0 | principal | 22,026,000 | $21M | +1,942,000 |
| CABLE ONE INCCABLE ONE INC NOTE 3/1 | principal | 18,262,000 | $17.3M | +17,262,000 |
| UNITY SOFTWARE INCUNITY SOFTWARE INC NOTE 11/1 | principal | 18,461,000 | $17.1M | -36,158,000 |
| UPWORK INCUPWORK INC NOTE 0.250% 8/1 | principal | 15,600,000 | $14.5M | 0 |
| PACIRA BIOSCIENCES INCPACIRA BIOSCIENCES INC NOTE 0.750% 8/0 | principal | 12,988,000 | $12.8M | +2,000,000 |
| ETSY INCETSY INC NOTE 0.125% 9/0 | principal | 11,600,000 | $10.2M | +1,500,000 |
| DATADOG INCDATADOG INC NOTE 0.125% 6/1 | principal | 7,000,000 | $7.83M | new |
| LYFT INCLYFT INC NOTE 1.500% 5/1 | principal | 6,868,000 | $6.84M | +868,000 |
| ALARM.COM HLDGS INCALARM.COM HLDGS INC NOTE 1/1 | principal | 7,000,000 | $6.69M | 0 |
| ZSCALER INCZSCALER INC NOTE 0.125% 7/0 | principal | 5,000,000 | $6.62M | 0 |
| BLACKLINE INCBLACKLINE INC NOTE 3/1 | principal | 5,500,000 | $5.26M | 0 |
| STRATEGY INCSTRATEGY INC NOTE 0.625% 3/1 | principal | 2,500,000 | $5.07M | new |
| DROPBOX INCDROPBOX INC NOTE 3/0 | principal | 5,000,000 | $4.92M | 0 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 5,000,000 | $4.87M | 0 |
| OMNICELL COMOMNICELL COM NOTE 0.250% 9/1 | principal | 3,520,000 | $3.43M | new |
| COINBASE GLOBAL INCCOINBASE GLOBAL INC NOTE 0.250% 4/0 | principal | 3,000,000 | $2.77M | new |
| AIRBNB INCAIRBNB INC CLASS A | principal | 2,500,000 | $2.39M | 0 |
| BILL HOLDINGS INCBILL HOLDINGS INC NOTE 4/0 | principal | 2,302,000 | $2.08M | 0 |
Sold out in Q1 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| EXACT SCIENCES CORPEXACT SCIENCES CORP | 31,770,000 | $31.7M | principal |
| JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD | 20,940,000 | $21.2M | principal |
| PROSPECT CAP CORPPROSPECT CAP CORP | 19,662,000 | $19.5M | principal |
| RINGCENTRAL INCRINGCENTRAL INC | 5,963,000 | $5.88M | principal |
| VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC | 5,000,000 | $4.46M | principal |
| CONMED CORPCONMED CORP | 2,500,000 | $2.32M | principal |
| RIGEL RESOURCE ACQ CORPRIGEL RESOURCE ACQ CORP | 172,362 | $1.99M | shares |
| OKTA INCOKTA INC | 1,600,000 | $1.54M | principal |
| TDACUTRANSLATIONAL DEV ACQUISITIO | 119,539 | $1.2M | shares |
| DAYFORCE INCDAYFORCE INC | 500,000 | $480K | principal |
| HCM II ACQUISITION CORPHCM II ACQUISITION CORP | 13,400 | $134K | shares |
| INFLECTION PT ACQUISITN CRPINFLECTION PT ACQUISITN CRP | 32,962 | $16.5K | 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 0001104659-25-048896 | base | 2025-05-15 | acceptance time not in the bulk data set |