SILVERBACK ASSET MANAGEMENT LLC
Follow13F filer, CIK 1278960, DURHAM, NC
SILVERBACK ASSET MANAGEMENT LLC reported $683,800,202 across 56 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 46.06% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-003233
- Period
- 2025-12-31
- Reported value
- $684M
- Holdings
- 56
- Top 10 weight
- 46.06%
- New
- 16
- Sold out
- 23
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| AVAVnew | +12,100 | $2.93M |
| ARRYnew | +295,500 | $2.72M |
| CORZnew | +160,900 | $2.34M |
| LPSNnew | +485,001 | $1.88M |
| ASTSnew | +24,200 | $1.76M |
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 |
|---|---|---|
| WOLFexited | -286,407 | -$8.19M |
| AVADEL PHARMACEUTICALSexited | -110,000 | -$1.68M |
| NEOreduced | -36,212 | -$426K |
| HLITreduced | -24,600 | -$243K |
| AISPWexited | -12,500 | -$21K |
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 0001398344-26-003233, largest first. % of portfolio is the value over $669,047,634, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| VRMVROOM INC | 425,488 | $8.47M | 1.27% | +10,539 | Timeline | ||
| HLITHARMONIC INC | 650,000 | $6.43M | 0.96% | -24,600 | Timeline | ||
| AVAVAEROVIRONMENT INC | 12,100 | $2.93M | 0.44% | new | Timeline | ||
| ARRYARRAY TECHNOLOGIES INC | 295,500 | $2.72M | 0.41% | new | Timeline | ||
| CORZCORE SCIENTIFIC INC NEW | 160,900 | $2.34M | 0.35% | new | Timeline | ||
| NEONEOGENOMICS INC | 165,101 | $1.94M | 0.29% | -36,212 | Timeline | ||
| LPSNLIVEPERSON INC | 485,001 | $1.88M | 0.28% | new | Timeline | ||
| ASTSAST SPACEMOBILE INC | 24,200 | $1.76M | 0.26% | new | Timeline | ||
| GOSSGOSSAMER BIO INC | 500,000 | $1.55M | 0.23% | 0 | Timeline | ||
| STNGSCORPIO TANKERS INC | 30,000 | $1.52M | 0.23% | 0 | Timeline | ||
| TEMTEMPUS AI INC | 24,700 | $1.46M | 0.22% | new | Timeline | ||
| ARAYACCURAY INC DEL | 1,532,519 | $1.26M | 0.19% | +466,465 | Timeline | ||
| WULFTERAWULF INC | 96,600 | $1.11M | 0.17% | new | Timeline | ||
| MXMAGNACHIP SEMICONDUCTOR CORP | 220,000 | $561K | 0.08% | 0 | Timeline | ||
| KPTIKARYOPHARM THERAPEUTICS INC | 40,000 | $294K | 0.04% | 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).
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 |
|---|---|---|---|---|
| SEAGATE HDD CAYMANSEAGATE HDD CAYMAN NOTE 3.500% 6/0 | principal | 15,438,000 | $51.9M | 0 |
| COINBASE GLOBAL INCCOINBASE GLOBAL INC NOTE 0.500% 6/0 | principal | 32,977,000 | $32.9M | +9,250,000 |
| IAC FinanceCo 2, Inc.IAC FinanceCo 2, Inc. Note 0.875% 06/15 | principal | 31,603,000 | $31M | +2,411,000 |
| BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC Convertible | principal | 26,950,000 | $30.4M | +17,500,000 |
| TYLER TEX INDPT SCH DISTTYLER TEX INDPT SCH DIST NOTE 0.250% 3/1 | principal | 28,206,000 | $28.6M | -941,000 |
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 5/0 | principal | 23,571,000 | $28.1M | +7,000,000 |
| JBT MAREL CORPORATIONJBT MAREL CORPORATION NOTE 0.250% 5/1 | principal | 27,300,000 | $28M | 0 |
| VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 | principal | 29,833,000 | $26.9M | +7,113,000 |
| COLLEGIUM PHARMACEUTICAL INCCOLLEGIUM PHARMACEUTICAL INC NOTE 2.875% 2/1 | principal | 18,300,000 | $25.8M | +3,500,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0 | principal | 19,000,000 | $24.7M | +2,500,000 |
| EVERGY INCEVERGY INC NOTE 4.500%12/1 | principal | 20,096,000 | $24.5M | 0 |
| VARONIS SYS INCVARONIS SYS INC NOTE 1.000% 9/1 | principal | 22,955,000 | $21.3M | new |
| PORCH GROUP INCPORCH GROUP INC DEBT 9.000% 5/1 | principal | 17,500,000 | $19.9M | -2,000,000 |
| EZPW 3.750 12/15/29 CVTEZPW 3.750 12/15/29 CVT Note 3.750% 12/15 | principal | 9,500,000 | $17.7M | new |
| SEMTECH CORPSEMTECH CORP NOTE 1.625%11/0 | principal | 7,700,000 | $15.7M | -300,000 |
| PENGUIN SOLUTIONS INCPENGUIN SOLUTIONS INC NOTE 2.000% 8/1 | principal | 15,135,000 | $15.5M | -500,000 |
| NUTANIX INCNUTANIX INC Convertible | principal | 12,500,000 | $14.1M | -2,500,000 |
| EXACT SCIENCES CORPEXACT SCIENCES CORP NOTE 0.375% 3/0 | principal | 13,500,000 | $13.9M | new |
| PORCH GROUP INCPORCH GROUP INC NOTE/6 750% 10/1 | principal | 13,213,000 | $13.2M | +690,000 |
| WOLFSPEED INCWOLFSPEED INC NOTE 2.500% 6/1 | principal | 8,465,000 | $12.6M | new |
| PACIRA BIOSCIENCES INCPACIRA BIOSCIENCES INC NOTE 2.125% 5/1 | principal | 12,275,000 | $12.4M | +750,000 |
| ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1 | principal | 7,500,000 | $12.3M | new |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 12,000,000 | $12.1M | new |
| Alnylam Pharmaceuticals IncAlnylam Pharmaceuticals Inc Note 0 09/15 | principal | 12,500,000 | $12.1M | new |
| OMNICELL COMOMNICELL COM NOTE 1.000%12/0 | principal | 11,000,000 | $11.9M | new |
| PELOTON INTERACTIVE INCPELOTON INTERACTIVE INC NOTE 5.500%12/0 | principal | 7,120,000 | $11.8M | 0 |
| HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 | principal | 9,819,000 | $10.6M | new |
| EVOLENT HEALTH INCEVOLENT HEALTH INC NOTE 3.500%12/0 | principal | 15,500,000 | $10.4M | +3,000,000 |
| FIVE9 INCFIVE9 INC CNV | principal | 11,530,000 | $10.4M | -5,250,000 |
| BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0 | principal | 10,500,000 | $9.21M | -2,000,000 |
| AMPHASTAR PHARMACEUTICALS INAMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 | principal | 9,080,000 | $8.41M | -928,000 |
| 8X8 INC NEW8X8 INC NEW NOTE 4.000% 2/0 | principal | 6,970,000 | $6.21M | -2,750,000 |
| EVOLENT HEALTH INCEVOLENT HEALTH INC DEBT 4.500% 8/1 | principal | 8,149,000 | $5.77M | -2,000,000 |
| ECHOSTAR CORPECHOSTAR CORP NOTE 3.875%11/3 | principal | 1,685,497 | $5.65M | -6,352,999 |
| INOTIV INCINOTIV INC Convertible Bond | principal | 17,092,000 | $4.1M | 0 |
| FLUOR CORPFLUOR CORP NOTE 1.125% 8/1 | principal | 3,444,000 | $3.93M | -9,000,000 |
| QIMONDA AGQIMONDA AG NOTE 6.750% 3/2 | principal | 12,400,000 | $3.16M | 0 |
| CERENCE INCCERENCE INC NOTE 1.500% 7/0 | principal | 3,400,000 | $3.07M | -10,250,000 |
| PG&E CORPPG&E CORP CMN | principal | 70,000 | $2.86M | -35,000 |
Sold out in Q4 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| HYGISHARES TR | 1,600,000 | $130M | put |
| HYGISHARES TR | 1,000,000 | $81.2M | call |
| Ast Spacemobile IncAst Spacemobile Inc | 20,755,000 | $43.6M | principal |
| WESTERN DIGITAL CORPWESTERN DIGITAL CORP | 10,695,000 | $34.3M | principal |
| FORD MOTOR COMPANYFORD MOTOR COMPANY | 26,750,000 | $27.1M | principal |
| IWMISHARES TR | 100,000 | $24.2M | call |
| LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN | 13,632,000 | $22.1M | principal |
| Viavi Solutions IncViavi Solutions Inc | 18,533,000 | $19.6M | principal |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC | 15,282,000 | $14.4M | principal |
| VERITONE INCVERITONE INC | 13,244,000 | $10M | principal |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC | 6,502,000 | $9.08M | principal |
| WOLFWOLFSPEED INC | 286,407 | $8.19M | shares |
| LUMINAR TECHNOLOGIES INCLUMINAR TECHNOLOGIES INC | 21,690,000 | $8.09M | principal |
| HAEMONETICS CORP MASSHAEMONETICS CORP MASS | 8,440,000 | $7.81M | principal |
| ASTSAST SPACEMOBILE INC | 132,800 | $6.52M | put |
| BEYOND MEAT INCBEYOND MEAT INC | 29,266,000 | $5.84M | principal |
| OATLY GROUP ABOATLY GROUP AB | 5,052,969 | $4.65M | principal |
| BENTLEY SYS INCBENTLEY SYS INC | 4,500,000 | $4.24M | principal |
| LUMINAR TECHNOLOGIES INCLUMINAR TECHNOLOGIES INC | 9,249,000 | $3.11M | principal |
| PATRICK INDS INCPATRICK INDS INC | 1,400,000 | $2.28M | principal |
| AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS | 110,000 | $1.68M | shares |
| HTZHERTZ GLOBAL HLDGS INC | 100,000 | $680K | call |
| AISPWAIRSHIP AI HLDGS INC | 12,500 | $21K | shares |
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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001398344-26-003233 | base | 2026-02-17 | acceptance time not in the bulk data set |