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ZAZOVE ASSOCIATES LLC

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13F filer, CIK 1009012, INCLINE VILLAGE, NV

ZAZOVE ASSOCIATES LLC reported $1,161,269,198 across 160 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-18. Its ten largest share positions make up 45.75% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001009012-26-000003

Period
2025-12-31
Reported value
$1.16B
Holdings
160
Top 10 weight
45.75%
New
39
Sold out
49

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GRNTnew+683,056$3.21M
BRAEMAR HOTELS & RESORTS INCadded+116,601$1.74M
B2GOLD CORPnew+934,200$1.24M
OPPFI INCadded+768,880$1.15M
ARCHER AVIATION INCadded+897,040$1.03M

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
USA RARE EARTH INCexited-223,418-$1.6M
EQXexited-100,000-$1.12M
BULLWexited-145,605-$881K
JOBY AVIATION INCexited-145,000-$875K
REALreduced-45,000-$710K

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 0001009012-26-000003, largest first. % of portfolio is the value over $1,161,269,198, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BANK OF AMER CORPBANK OF AMER 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: 7,417 shares; 2025Q4: 7,817 shares 7,817$9.76M0.84%+400
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,101,511 shares; 2024Q4: 2,088,686 shares; 2025Q1: 2,088,686 shares; 2025Q2: 2,088,686 shares; 2025Q3: 2,269,263 shares; 2025Q4: 2,432,460 shares 2,432,460$6.98M0.6%+163,197Timeline
KYNKAYNE ANDERSON ENERGY INFRSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 676,943 shares; 2024Q4: 676,943 shares; 2025Q1: 592,945 shares; 2025Q2: 485,533 shares; 2025Q3: 387,961 shares; 2025Q4: 414,961 shares 414,961$5.14M0.44%+27,000Timeline
VUSBVANGUARD BD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 100,000 shares 100,000$4.98M0.43%0Timeline
URBAN ONE INCURBAN ONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,647,063 shares; 2024Q4: 4,158,977 shares; 2025Q1: 4,702,775 shares; 2025Q2: 4,899,707 shares; 2025Q3: 5,024,431 shares; 2025Q4: 5,083,163 shares 5,083,163$4.3M0.37%+58,732
UANCVR PARTNERS LP/CVR NITROGENQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,700 shares; 2024Q4: 77,700 shares; 2025Q1: 6,400 shares; 2025Q2: 77,700 shares; 2025Q3: 39,345 shares; 2025Q4: 39,345 shares 39,345$4.03M0.35%0Timeline
GRNTGRANITE RIDGE RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 932,055 shares; 2024Q4: 913,513 shares; 2025Q1: 815,420 shares; 2025Q2: 815,420 shares; 2025Q3: not reported; 2025Q4: 683,056 shares 683,056$3.21M0.28%newTimeline
CCOCLEAR CHANNEL OUTDOOR HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,842,775 shares; 2024Q4: 1,842,775 shares; 2025Q1: 2,094,793 shares; 2025Q2: 1,529,804 shares; 2025Q3: 1,225,000 shares; 2025Q4: 1,360,000 shares 1,360,000$3.01M0.26%+135,000Timeline
WESTWESTROCK COFFEE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 885,589 shares; 2024Q4: 873,079 shares; 2025Q1: 771,505 shares; 2025Q2: 708,035 shares; 2025Q3: 623,975 shares; 2025Q4: 593,726 shares 593,726$2.42M0.21%-30,249Timeline
RUMBWRUM GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,116,370 shares; 2024Q4: 1,070,642 shares; 2025Q1: 1,078,092 shares; 2025Q2: 1,086,672 shares; 2025Q3: 1,118,221 shares; 2025Q4: 1,129,943 shares 1,129,943$2.19M0.19%+11,722Timeline
BRAEMAR HOTELS & RESORTS INCBRAEMAR HOTELS & RESORTS 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: 27,512 shares; 2025Q4: 144,113 shares 144,113$2.15M0.18%+116,601
ASAASA GOLD AND PRECIOUS MTLS LQuarterly 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: 17,700 shares; 2025Q4: 31,655 shares 31,655$1.89M0.16%+13,955Timeline
LUXELUXEXPERIENCE BVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 130,341 shares; 2025Q2: 123,972 shares; 2025Q3: 170,000 shares; 2025Q4: 200,374 shares 200,374$1.67M0.14%+30,374Timeline
MNTNMNTN 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: 50,000 shares; 2025Q4: 126,601 shares 126,601$1.51M0.13%+76,601Timeline
REALTHE REALREAL 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: 196,596 shares; 2025Q3: 140,000 shares; 2025Q4: 95,000 shares 95,000$1.5M0.13%-45,000Timeline
BKDBROOKDALE SR LIVING 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: 100,000 shares; 2025Q4: 130,000 shares 130,000$1.4M0.12%+30,000Timeline
OPPFI INCOPPFI 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: 140,587 shares; 2025Q4: 909,467 shares 909,467$1.36M0.12%+768,880
GROYGOLD ROYALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,000 shares; 2024Q4: 441,000 shares; 2025Q1: 629,758 shares; 2025Q2: 560,000 shares; 2025Q3: 325,000 shares; 2025Q4: 335,000 shares 335,000$1.35M0.12%+10,000Timeline
B2GOLD CORPB2GOLD 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: 934,200 shares 934,200$1.24M0.11%new
NNAVWNEXTNAV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 5,500 shares; 2025Q2: 5,500 shares; 2025Q3: 70,580 shares; 2025Q4: 170,655 shares 170,655$1.22M0.11%+100,075Timeline
ARCHER AVIATION INCARCHER AVIATION 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: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 997,040 shares 997,040$1.14M0.1%+897,040
STKLSUNOPTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 237,949 shares; 2025Q1: 340,447 shares; 2025Q2: 209,168 shares; 2025Q3: 240,000 shares; 2025Q4: 275,000 shares 275,000$1.04M0.09%+35,000Timeline
GDLGDL FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,522 shares; 2024Q4: 200,522 shares; 2025Q1: 120,522 shares; 2025Q2: 120,522 shares; 2025Q3: 120,522 shares; 2025Q4: 120,522 shares 120,522$1.02M0.09%0Timeline
NCMINATIONAL CINEMEDIA 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: 68,106 shares; 2025Q3: 180,239 shares; 2025Q4: 257,375 shares 257,375$1M0.09%+77,136Timeline
ODVOSISKO DEVELOPMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 607,152 shares; 2024Q4: 592,862 shares; 2025Q1: 590,294 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares; 2025Q4: 260,000 shares 260,000$907K0.08%+60,000Timeline
PLWSPLANET LABS PBCQuarterly 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: 95,000 shares 95,000$815K0.07%newTimeline
NET POWER INCNET POWER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,354,413 shares; 2024Q4: 1,416,590 shares; 2025Q1: 1,420,990 shares; 2025Q2: 1,425,190 shares; 2025Q3: 1,486,590 shares; 2025Q4: 1,538,612 shares 1,538,612$808K0.07%+52,022
BRCCBRC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 100,000 shares; 2025Q1: 126,200 shares; 2025Q2: 258,021 shares; 2025Q3: 248,021 shares; 2025Q4: 539,454 shares 539,454$599K0.05%+291,433Timeline
THCHTH INTERNATIONAL LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 254,426 shares; 2025Q2: 254,426 shares; 2025Q3: 237,693 shares; 2025Q4: 228,387 shares 228,387$569K0.05%-9,306Timeline
PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 378,757 shares; 2024Q4: 389,857 shares; 2025Q1: 396,107 shares; 2025Q2: 400,787 shares; 2025Q3: 436,999 shares; 2025Q4: 575,464 shares 575,464$552K0.05%+138,465
USASAMERICAS GOLD AND SILVER CORQuarterly 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$511K0.04%newTimeline
RYDER SYS INCRYDER 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: 25,600 shares 25,600$466K0.04%new
URBAN ONE INCURBAN ONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 559,561 shares; 2024Q4: 461,516 shares; 2025Q1: 461,516 shares; 2025Q2: 461,516 shares; 2025Q3: 461,516 shares; 2025Q4: 431,816 shares 431,816$449K0.04%-29,700
GENESIS ENERGY L PGENESIS ENERGY L PQuarterly 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: 133,800 shares 133,800$442K0.04%new
HDSNHUDSON TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,250 shares; 2024Q4: 56,250 shares; 2025Q1: 56,250 shares; 2025Q2: 56,250 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$342K0.03%0Timeline
PBF ENERGY INCPBF ENERGY 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: 100,000 shares 100,000$325K0.03%new
DELEK US HLDGS INC NEWDELEK US HLDGS INC 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: 115,000 shares 115,000$315K0.03%new
GE VERNOVA INCGE VERNOVA 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$298K0.03%new
SYMSYMBOTIC 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$298K0.03%newTimeline
SVMSILVERCORP METALS 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: 34,500 shares 34,500$288K0.02%newTimeline
WELLS FARGO & COWELLS FARGO & 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: 220 shares; 2025Q3: 220 shares; 2025Q4: 220 shares 220$267K0.02%0
BKV CORPBKV 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: 50,000 shares 50,000$240K0.02%new
ALLIANCEBERNSTEIN HLDG L PALLIANCEBERNSTEIN HLDG L PQuarterly 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: 63,300 shares 63,300$237K0.02%new
RLJ LODGING TRRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,266 shares; 2024Q4: 9,266 shares; 2025Q1: 9,266 shares; 2025Q2: 9,266 shares; 2025Q3: 9,266 shares; 2025Q4: 9,266 shares 9,266$231K0.02%0
PCTPURECYCLE TECHNOLOGIES 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: 25,869 shares 25,869$222K0.02%newTimeline
ISHARES INCISHARES 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: 300,000 shares 300,000$218K0.02%new
OPKOPKO HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 4,900 shares; 2025Q1: 207,600 shares; 2025Q2: 207,600 shares; 2025Q3: 207,600 shares; 2025Q4: 150,000 shares 150,000$189K0.02%-57,600Timeline
SYMBOTIC INCSYMBOTIC 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: 17,000 shares 17,000$168K0.01%new
AMPX/WSAMPRIUS TECHNOLOGIES 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: 61,891 shares 61,891$160K0.01%newTimeline
UL SOLUTIONS INCUL SOLUTIONS 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: 20,000 shares 20,000$146K0.01%new
10X GENOMICS INC10X GENOMICS 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: 60,000 shares 60,000$140K0.01%new
EQUINOX GOLD CORPEQUINOX GOLD 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: 25,000 shares 25,000$97.5K0.01%new
EPR PPTYSEPR PPTYSQuarterly 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: 807 shares; 2025Q3: 2,983 shares; 2025Q4: 2,983 shares 2,983$90K0.01%0
PARSONS CORP DELPARSONS CORP DELQuarterly 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: 25,000 shares 25,000$85K0.01%new
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000 shares; 2024Q4: 5,000 shares; 2025Q1: 5,000 shares; 2025Q2: 5,000 shares; 2025Q3: 5,000 shares; 2025Q4: 5,000 shares 5,000$82.5K0.01%0Timeline
SILVERCORP METALS INCSILVERCORP METALS 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: 68,700 shares 68,700$77.3K0.01%new
HILTON WORLDWIDE HLDGS INCHILTON WORLDWIDE 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: 12,500 shares 12,500$76.9K0.01%new
EL PASO ENERGY CAP TR IEL PASO ENERGY CAP TR IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,321 shares; 2024Q4: 1,321 shares; 2025Q1: 1,321 shares; 2025Q2: 1,321 shares; 2025Q3: 1,321 shares; 2025Q4: 1,121 shares 1,121$55.2K<0.01%-200
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 668,646 shares; 2024Q4: 668,646 shares; 2025Q1: 668,646 shares; 2025Q2: 668,646 shares; 2025Q3: 668,646 shares; 2025Q4: 611,744 shares 611,744$50.6K<0.01%-56,902
PSQ HOLDINGS INCPSQ HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,640 shares; 2024Q4: 448,492 shares; 2025Q1: 448,492 shares; 2025Q2: 454,488 shares; 2025Q3: 491,935 shares; 2025Q4: 491,935 shares 491,935$46.7K<0.01%0
GENERAL MILLS INCGENERAL MILLS 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: 25,000 shares 25,000$43.8K<0.01%new
RDZNWROADZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,602 shares; 2024Q4: 150,602 shares; 2025Q1: 150,602 shares; 2025Q2: 150,602 shares; 2025Q3: 150,602 shares; 2025Q4: 150,602 shares 150,602$41.4K<0.01%0Timeline
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF TQuarterly 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: 59,500 shares 59,500$33.3K<0.01%new
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,334,846 shares; 2024Q4: 1,334,846 shares; 2025Q1: 1,334,846 shares; 2025Q2: 1,334,846 shares; 2025Q3: 1,334,846 shares; 2025Q4: 1,334,846 shares 1,334,846$21K<0.01%0
PEOADAM NAT RES FD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,819 shares; 2024Q4: 1,901 shares; 2025Q1: 886 shares; 2025Q2: 908 shares; 2025Q3: 930 shares; 2025Q4: 950 shares 950$20.7K<0.01%+20Timeline
AUROWAURORA INNOVATION 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: 67,700 shares; 2025Q4: 67,700 shares 67,700$15.7K<0.01%0Timeline
AIRJWAIRJOULE TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,100 shares; 2024Q4: 9,100 shares; 2025Q1: 9,100 shares; 2025Q2: 9,100 shares; 2025Q3: 9,100 shares; 2025Q4: 15,700 shares 15,700$14.1K<0.01%+6,600Timeline
CARVANA COCARVANA 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: not reported; 2025Q4: 3,000 shares 3,000$11.2K<0.01%new
SPWRWSUNPOWER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,171 shares; 2024Q4: 25,171 shares; 2025Q1: 25,171 shares; 2025Q2: 25,171 shares; 2025Q3: 25,171 shares; 2025Q4: 25,171 shares 25,171$6.56K<0.01%0Timeline
AIIOWROBO.AI INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,571 shares; 2024Q4: 64,571 shares; 2025Q1: 64,571 shares; 2025Q2: 64,571 shares; 2025Q3: 64,571 shares; 2025Q4: 64,571 shares 64,571$3.02K<0.01%0Timeline

Principal amounts

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

SecurityTypeAmountValueChange
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BNDprincipal61,110,000$63M+19,425,000
TETRA TECH INC NEWTETRA TECH INC NEW DBCV 2.250% 8/1principal56,880,000$61.8M+465,000
TYLER TEX INDPT SCH DISTTYLER TEX INDPT SCH DIST NOTE 0.250% 3/1principal60,945,000$61.8M+14,290,000
PARSONS CORP DELPARSONS CORP DEL NOTE 2.625% 3/0principal59,237,000$61.2M+2,350,000
VENTAS RLTY LTD PARTNERSHIPVENTAS RLTY LTD PARTNERSHIP NOTE 3.750% 6/0principal42,175,000$59.8M-5,520,000
SPOTIFY USA INCSPOTIFY USA INC NOTE 3/1principal49,276,000$56.1M+39,481,000
MKS INC.MKS INC. NOTE 1.250% 6/0principal41,180,000$52.7M+10,000
FLUOR CORPFLUOR CORP NOTE 1.125% 8/1principal39,930,000$45.7M+4,310,000
NUTANIX INCNUTANIX INC Convertibleprincipal30,975,000$34.9M+29,850,000
ITRON INCITRON INC NOTE 1.375% 7/1principal33,865,000$34.3M+1,385,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD Convertibleprincipal23,135,000$30.9M-540,000
PPL CAP FDG INCPPL CAP FDG INC NOTE 2.875% 3/1principal27,880,000$30.6M-200,000
SOUTHERN COSOUTHERN CO NOTE 4.500% 6/1principal28,550,000$30.5M+1,585,000
REPLIGEN CORPREPLIGEN CORP NOTE 1.000%12/1principal26,300,000$28.9M+50,000
SSR Mining IncSSR Mining Inc Convertible bondprincipal21,755,000$28.6M+11,500,000
GUIDEWIRE SOFTWARE INCGUIDEWIRE SOFTWARE INC NOTE 1.250%11/0principal25,305,000$27.9Mnew
VARONIS SYS INCVARONIS SYS INC NOTE 1.000% 9/1principal23,985,000$22.3M-8,650,000
HAEMONETICS CORP MASSHAEMONETICS CORP MASS NOTE 2.500% 6/0principal21,275,000$22.1M-10,675,000
AEROVIRONMENT INCAEROVIRONMENT INC NOTE 7/1principal19,815,000$21.6M+3,300,000
EVERGY INCEVERGY INC NOTE 4.500%12/1principal17,265,000$21.1M-2,000,000
BOFA FIN LLCBOFA FIN LLC MTNF 0.600% 5/2principal18,942,000$20.6M-14,185,000
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INC NOTE 2.000%10/1principal14,350,000$19.7M0
INTEGER HLDGS CORPINTEGER HLDGS CORP NOTE 2.125% 2/1principal15,445,000$17.5Mnew
BRAEMAR HOTELS & RESORTS INCBRAEMAR HOTELS & RESORTS INC NOTE 4.500% 6/0principal17,450,000$17.2M-200,000
GLOBAL PMTS INCGLOBAL PMTS INC NOTE 1.500% 3/0principal16,960,000$15.3M-15,700,000
GRANITE CONSTR INCGRANITE CONSTR INC NOTE 3.250% 6/1principal8,175,000$13.1M-1,675,000
NORTHERN OIL & GAS INCNORTHERN OIL & GAS INC NOTE 3.625% 4/1principal13,401,000$13M+575,000
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN Convertibleprincipal11,190,000$11.8Mnew
FORD MOTOR COMPANYFORD MOTOR COMPANY NOTE 3/1principal10,685,000$11.1M+7,685,000
PEABODY ENGR CORPPEABODY ENGR CORP NOTE 3.250% 3/0principal6,000,000$10.1M0
EXPEDIA GROUP INCEXPEDIA GROUP INC NOTE 2/1principal8,297,000$9.31M+7,400,000
ENOVIS CORPORATIONENOVIS CORPORATION NOTE 3.875%10/1principal9,055,000$8.88M-2,000,000
AMERICAN WTR CAP CORPAMERICAN WTR CAP CORP NOTE 3.625% 6/1principal8,555,000$8.53M0
OPKO HEALTH INCOPKO HEALTH INC NOTE 3.750% 1/1principal5,918,000$7.94M0
VERTEX INCVERTEX INC NOTE 0.750% 5/0principal8,095,000$7.68M-5,060,000
FRESHPET INCFRESHPET INC NOTE 3.000% 4/0principal5,770,000$6.76M+2,000,000
PG&E CORPPG&E CORP NOTE 4.250%12/0principal6,000,000$6.18M0
WORLD KINECT CORPORATIONWORLD KINECT CORPORATION Convertibleprincipal5,095,000$5.38M+30,000
ALLIANT ENERGY CORPALLIANT ENERGY CORP NOTE 3.875% 3/1principal5,000,000$5.21M0
RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1principal4,000,000$5.05M0
AFFIRM HLDGS INCAFFIRM HLDGS INC NOTE 0.750%12/1principal4,500,000$5.01Mnew
SNOWFLAKE INCSNOWFLAKE INC NOTE 10/0principal2,965,000$4.6M-6,465,000
LYFT INCLYFT INC Convertibleprincipal3,500,000$4.21M0
MERITAGE HOMES CORPMERITAGE HOMES CORP NOTE 1.750% 5/1principal4,150,000$4.09M-6,500,000
ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 0.500% 3/0principal4,000,000$3.8M0
TRANSMEDICS GROUP INCTRANSMEDICS GROUP INC NOTE 1.500% 6/0principal2,500,000$3.74M0
LIBERTY MEDIA CORP DELLIBERTY MEDIA CORP DEL NOTE 2.250% 8/1principal2,920,000$3.71M0
SIRIUSXM HOLDINGS INCSIRIUSXM HOLDINGS INC NOTE 3.750% 3/1principal3,300,000$3.33M0
FIRST MAJESTIC SILVER CORPFIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1principal2,600,000$3.21Mnew
LANTHEUS HLDGS INCLANTHEUS HLDGS INC Convertibleprincipal2,500,000$2.87M0
KOSMOS ENERGY LTDKOSMOS ENERGY LTD NOTE 3.125% 3/1principal6,525,000$2.82M-3,025,000
DATADOG INCDATADOG INC NOTE 12/0principal2,800,000$2.81Mnew
FLUENCE ENERGY INCFLUENCE ENERGY INC NOTE 2.250% 6/1principal2,000,000$2.42Mnew
CMS ENERGY CORPCMS ENERGY CORP NOTE 3.375% 5/0principal2,105,000$2.26M0
UPSTART HLDGS INCUPSTART HLDGS INC NOTE 1.000%11/1principal2,500,000$2.2Mnew
JD.COM INCJD.COM INC NOTE 0.250% 6/0principal2,130,000$2.14M-390,000
GROUPON INCGROUPON INC NOTE 6.250% 3/1principal2,000,000$2.1M0
NCL CORP LTDNCL CORP LTD NOTE 2.500% 2/1principal1,500,000$1.51M0
ASCENDIS PHARMA A/SASCENDIS PHARMA A/S Convertible bondprincipal1,050,000$1.49M0
NCL CORP LTDNCL CORP LTD BONDprincipal1,095,000$1.1M-11,955,000
SHIFT4 PMTS INCSHIFT4 PMTS INC NOTE 0.500% 8/0principal600,000$579K-12,670,000
BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0principal630,000$554K+515,000
IRONWOOD PHARMACEUTICALS INCIRONWOOD PHARMACEUTICALS INC NOTE 1.500% 6/1principal550,000$522Knew
LITHIUM ARGENTINA AGLITHIUM ARGENTINA AG NOTE 1.750% 1/1principal500,000$454K0
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0principal495,000$449K0
SNAP INCSNAP INC NOTE 0.125% 3/0principal460,000$420K0
REDFIN CORPREDFIN CORP NOTE 0.500% 4/0principal420,000$398K0
ZIFF DAVIS INCZIFF DAVIS INC DEBT 3.625% 3/0principal404,000$396K0
ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0principal400,000$396K0
JETBLUE AIRWAYS CORPJETBLUE AIRWAYS CORP NOTE 0.500% 4/0principal400,000$394K0
CRACKER BARREL OLD CTRY STORCRACKER BARREL OLD CTRY STOR cvprincipal400,000$390Knew
BLACKSTONE MORTGAGE TRUST INBLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1principal385,000$382K0
PENNYMAC CORPPENNYMAC CORP NOTE 5.500% 3/1principal382,000$382K0
HAEMONETICS CORP MASSHAEMONETICS CORP MASS NOTE 3/0principal382,000$378K0
OIL STS INTL INCOIL STS INTL INC NOTE 4.750% 4/0principal375,000$377K0
CABLE ONE INCCABLE ONE INC NOTE 3/1principal353,000$348K0
ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0principal300,000$263Knew
VAIL RESORTS INCVAIL RESORTS INC NOTE 1/0principal260,000$260K0
MARRIOTT VACATIONS WORLDWIDEMARRIOTT VACATIONS WORLDWIDE NOTE 1/1principal260,000$259K0
CABLE ONE INCCABLE ONE INC NOTEprincipal310,000$255K0
ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1principal150,000$246K-14,550,000
OKTA INCOKTA INC NOTE 0.375% 6/1principal242,000$237K0
COINBASE GLOBAL INCCOINBASE GLOBAL INC NOTE 0.500% 6/0principal200,000$200K-7,940,000
NUTANIX INCNUTANIX INC NOTE 0.500%12/1principal150,000$145Knew
RINGCENTRAL INCRINGCENTRAL INC NOTE 3/1principal134,000$133K0
BLOCK INCBLOCK INC NOTE 5/0principal115,000$113K0
SUMMIT HOTEL PPTYSSUMMIT HOTEL PPTYS NOTE 1.500% 2/1principal100,000$99.5K0
SEA LTDSEA LTD NOTE 0.250% 9/1principal84,000$81.3K0
BROOKDALE SR LIVING INCBROOKDALE SR LIVING INC NOTE 3.500%10/1principal50,000$69.9Knew
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 3.750% 2/1principal220,000$13.5K0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
Shopify IncShopify Inc23,255,000$24.5Mprincipal
EQUINOX GOLD CORPEQUINOX GOLD CORP2,871,000$5.53Mprincipal
MGP INGREDIENTS INC NEWMGP INGREDIENTS INC NEW4,000,000$3.83Mprincipal
POST HLDGS INCPOST HLDGS INC2,000,000$2.25Mprincipal
FIVE9 INCFIVE9 INC2,090,000$1.86Mprincipal
USA RARE EARTH INCUSA RARE EARTH INC223,418$1.6Mshares
ITRON INCITRON INC1,285,000$1.36Mprincipal
EQXEQUINOX GOLD CORP100,000$1.12Mshares
BULLWWEBULL CORP145,605$881Kshares
JOBY AVIATION INCJOBY AVIATION INC145,000$875Kshares
Sandstorm Gold LtdSandstorm Gold Ltd50,000$626Kshares
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC620,000$583Kprincipal
ENVXENOVIX CORPORATION50,000$498Kshares
CPRICAPRI HOLDINGS LIMITED25,000$498Kshares
PBF ENERGY INCPBF ENERGY INC100,000$455Kput
B2GOLD CORPB2GOLD CORP351,500$404Kcall
EVENTBRITE INCEVENTBRITE INC410,000$393Kprincipal
Esperion Therapeutics IncEsperion Therapeutics Inc375,000$373Kprincipal
BRKRPBRUKER CORP1,300$352Kshares
FLUTTER ENTMT PLCFLUTTER ENTMT PLC20,000$286Kcall
XRTSPDR SERIES TRUST70,000$286Kput
THE REALREAL INCTHE REALREAL INC315,000$279Kprincipal
CVR ENERGY INCCVR ENERGY INC35,300$219Kcall
DIAGEO PLCDIAGEO PLC28,800$200Kput
BLOOM ENERGY CORPBLOOM ENERGY CORP10,000$200Kput
HOSHORNBECK OFFSHORE SERVICES I30,400$199Kshares
URAGLOBAL X FDS60,000$192Kcall
BRUKER CORPBRUKER CORP51,000$168Kcall
SILVERCORP METALS INCSILVERCORP METALS INC103,200$158Kcall
NOVOCURE LTDNOVOCURE LTD158,000$157Kprincipal
ALLIANCEBERNSTEIN HLDG L PALLIANCEBERNSTEIN HLDG L P184,400$151Kcall
ISHARES SILVER TRISHARES SILVER TR50,000$130Kcall
PLUG PWR INCPLUG PWR INC300,000$116Kput
DELEK US HLDGS INC NEWDELEK US HLDGS INC NEW30,000$106Kcall
GENESIS ENERGY L PGENESIS ENERGY L P25,000$106Kcall
EQUINOX GOLD CORPEQUINOX GOLD CORP25,000$87.4Kcall
KOHLS CORPKOHLS CORP60,000$76.5Kput
MEDICAL PROPERTIES TRUST INCMEDICAL PROPERTIES TRUST INC150,000$73.5Kput
EWGISHARES INC100,000$65Kput
UL SOLUTIONS INCUL SOLUTIONS INC10,000$62.5Kcall
RYDER SYS INCRYDER SYS INC10,000$48.5Kput
10X GENOMICS INC10X GENOMICS INC20,000$40.5Kcall
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T38,500$31.8Kput
DRAFTKINGS INC NEWDRAFTKINGS INC NEW50,000$31Kcall
EOS ENERGY ENTERPRISES, INCEOS ENERGY ENTERPRISES, INC17,300$30.4Kshares
MIRMIRION TECHNOLOGIES INC1,000$23.3Kshares
USA RARE EARTH INCUSA RARE EARTH INC10,000$4Kput
ALGOMA STL GROUP INCALGOMA STL GROUP INC4,540$696shares
CVR PARTNERS LP/CVR NITROGENCVR PARTNERS LP/CVR NITROGEN100$228call

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 0001009012-26-000003 base2026-02-18acceptance time not in the bulk data set