WHITEBOX ADVISORS LLC

MINNEAPOLIS, MN · CIK 1257391 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$15.7bn
Staff67 · 35 in investment roles
Main clients (by assets)Private funds 100%
Private funds10 (5 hedge) · $15.7bn gross assets
Websitewhiteboxadvisors.com
Form ADV · 2026-03-25SEC adviser record

Legal entityWHITEBOX ADVISORS LLC (US)

$6.2bn reported value -12.3% vs Q1 2026

643positions

35.5%in top 10

180 new 34 added 48 reduced 87 sold out vs Q1 2026

Options: 3 call positions ($22.7m notional), 21 put positions ($1.4bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	102,197,086	$319.1m5.15%	5.15%	Unchanged
2	SPHERE ENTERTAINMENT CO NOTE 3.500%12/0 · principal SPHR 3.5 12.01.28 · principal	SPHR 3.5 12.01.28	61,117,000	$299.4m4.83%	4.83%	Reduced -3.4m	-3,387,000 -5.2%
3	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal	SNOW 0 10.01.29	145,307,000	$256.9m4.15%	4.15%	Added +2.5m	+2,500,000 1.8%
4	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	192,400,000	$226.9m3.66%	3.66%	Added +32.5m	+32,500,000 20.3%
5	SUPER MICRO COMPUTER INC NOTE 6/1 · principal SMCI 0 06.15.30 · principal	SMCI 0 06.15.30	240,250,000	$213.2m3.44%	3.44%	New
6	APPLIED DIGITAL CORP NOTE 2.750% 6/0 · principal APLD 2.75 06.01.30 · principal	APLD 2.75 06.01.30	50,700,000	$201.9m3.26%	3.26%	Reduced -10.1m	-10,100,000 -16.6%
7	GAMESTOP CORP NOTE 4/0 · principal GME 0 04.01.30 · principal	GME 0 04.01.30	194,350,000	$198.0m3.20%	3.20%	New
8	GAMESTOP CORP NOTE 6/1 · principal GME 0 06.15.32 · principal	GME 0 06.15.32	174,000,000	$176.3m2.85%	2.85%	New
9	PENUMBRA INC COM PEN	PEN	506,881	$160.0m2.58%	2.58%	Added +61.9k	+61,880 13.9%
10	CLOUDFLARE INC NOTE 6/1 · principal NET 0 06.15.30 · principal	NET 0 06.15.30	118,266,000	$149.6m2.42%	2.42%	New
11	BIO-TECHNE CORP COM TECH	TECH	2,100,001	$148.4m2.40%	2.40%	New
12	COINBASE GLOBAL INC NOTE 0.250% 4/0 · principal COIN 0.25 04.01.30 · principal	COIN 0.25 04.01.30	164,456,000	$147.4m2.38%	2.38%	Added +44.0m	+44,000,000 36.5%
13	UBER TECHNOLOGIES INC NOTE 5/1 · principal UBER 0 05.15.28 · principal	UBER 0 05.15.28	125,000,000	$144.3m2.33%	2.33%	New
14	WEBSTER FINL CORP COM WBS	WBS	1,560,001	$119.2m1.92%	1.92%	Reduced -365.0k	-365,000 -19.0%
15	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal	SNOW 0 10.01.27	67,500,000	$112.3m1.81%	1.81%	Reduced -70.0m	-69,950,000 -50.9%
16	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	112,232,000	$110.5m1.78%	1.78%	Reduced -19.5m	-19,500,000 -14.8%
17	GDS HLDGS LTD NOTE 2.250% 6/0 · principal GDSHDG 2.25 06.01.32 · principal	GDSHDG 2.25 06.01.32	89,200,000	$108.0m1.74%	1.74%	New
18	STRATEGY INC NOTE 2.250% 6/1 · principal MSTR 2.25 06.15.32 · principal	MSTR 2.25 06.15.32	112,000,000	$107.8m1.74%	1.74%	Unchanged
19	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	3,379,426	$102.0m1.65%	1.65%	Added +3.3m	+3,266,261 2886.3%
20	CENTRUS ENERGY CORP NOTE 2.250%11/0 · principal LEU 2.25 11.01.30 · principal	LEU 2.25 11.01.30	45,600,000	$90.3m1.46%	1.46%	Unchanged
21	WOLFSPEED INC NOTE 2.500% 6/1 · principal WOLF 2.5 06.15.31 · principal	WOLF 2.5 06.15.31	21,396,000	$84.0m1.36%	1.36%	Reduced -149.0k	-149,000 -0.7%
22	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	77,237,000	$82.3m1.33%	1.33%	Unchanged
23	JETBLUE AIRWAYS CORP NOTE 2.500% 9/0 · principal JBLU 2.5 09.01.29 · principal	JBLU 2.5 09.01.29	68,371,000	$75.5m1.22%	1.22%	Reduced -4.0m	-4,000,000 -5.5%
24	AZUL S A SPONSORED ADS AZUL	AZUL	8,362,136	$75.2m1.21%	1.21%	New
25	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	1,400,000	$72.7m1.17%	1.17%	New
26	MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal	MARA 0 03.01.30	72,250,000	$72.2m1.17%	1.17%	Added +2.4m	+2,400,000 3.4%
27	LUMENTUM HLDGS INC NOTE 0.500%12/1 · principal LITE 0.5 12.15.26 · principal	LITE 0.5 12.15.26	7,300,000	$62.8m1.01%	1.01%	Reduced -24.8m	-24,797,500 -77.3%
28	VALARIS LTD CL A VAL	VAL	850,696	$61.8m1.00%	1.00%	Added +266.8k	+266,759 45.7%
29	APOGEE THERAPEUTICS INC COM COM		450,001	$59.7m0.96%	0.96%	New
30	MARA HOLDINGS INC NOTE 2.125% 9/0 · principal MARA 2.125 09.01.31 · principal	MARA 2.125 09.01.31	49,950,000	$55.5m0.90%	0.90%	Unchanged
31	CLEANSPARK INC NOTE 6/1 · principal CLSK 0 06.15.30 · principal	CLSK 0 06.15.30	41,635,000	$54.3m0.88%	0.88%	Added +13.0m	+13,000,000 45.4%
32	RUBRIK INC. NOTE 6/1 · principal RBRK 0 06.15.30 · principal	RBRK 0 06.15.30	52,436,000	$53.5m0.86%	0.86%	New
33	UPSTART HLDGS INC NOTE 1.000%11/1 · principal UPST 1 11.15.30 · principal	UPST 1 11.15.30	65,511,000	$53.4m0.86%	0.86%	Added +4.8m	+4,781,000 7.9%
34	STRATEGY INC NOTE 3/0 · principal MSTR 0 03.01.30 · principal	MSTR 0 03.01.30	59,782,000	$52.8m0.85%	0.85%	Added +8.0m	+8,000,000 15.4%
35	UPSTART HLDGS INC NOTE 2.000%10/0 · principal UPST 2 10.01.29 · principal	UPST 2 10.01.29	41,400,000	$47.2m0.76%	0.76%	Reduced -23.5m	-23,500,000 -36.2%
36	SITIME CORP NOTE 6/1 · principal SITM 0 06.15.31 · principal	SITM 0 06.15.31	42,500,000	$47.0m0.76%	0.76%	New
37	GULFPORT ENERGY CORP COMMON SHARES GPOR	GPOR	274,627	$46.6m0.75%	0.75%	Added +55.0k	+55,000 25.0%
38	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	50,101,000	$46.2m0.75%	0.75%	New
39	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	1,518,950	$45.5m0.73%	0.73%	Unchanged
40	ARRAY TECHNOLOGIES INC NOTE 2.875% 7/0 · principal ARRY 2.875 07.01.31 · principal	ARRY 2.875 07.01.31	33,000,000	$41.1m0.66%	0.66%	New
41	MARA HOLDINGS INC NOTE 6/0 · principal MARA 0 06.01.31 · principal	MARA 0 06.01.31	42,000,000	$40.7m0.66%	0.66%	Reduced -10.0m	-10,000,000 -19.2%
42	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	1,525,001	$40.7m0.66%	0.66%	Reduced -90.0k	-90,000 -5.6%
43	STRATEGY INC NOTE 0.625% 9/1 · principal MSTR 0.625 09.15.28 · principal	MSTR 0.625 09.15.28	35,800,000	$36.5m0.59%	0.59%	Reduced -6.2m	-6,200,000 -14.8%
44	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	800,000	$36.0m0.58%	0.58%	Reduced -100.0k	-100,000 -11.1%
45	HEICO CORP NEW CL A HEI.A	HEI.A	132,104	$34.1m0.55%	0.55%	Added +7.4k	+7,367 5.9%
46	NUVALENT INC COM COM		275,001	$34.0m0.55%	0.55%	New
47	ENCORE CAP GROUP INC NOTE 4.000% 3/1 · principal ECPG 4 03.15.29 · principal	ECPG 4 03.15.29	22,100,000	$33.7m0.54%	0.54%	Reduced -18.7m	-18,662,000 -45.8%
48	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	29,321,000	$33.6m0.54%	0.54%	Unchanged
49	OFFICE PPTYS INCOME TR COM OF BENEFICIA OPI	OPI	1,748,605	$29.7m0.48%	0.48%	New
50	IREN LIMITED NOTE 3.250% 6/1 · principal IREN 3.25 06.15.30 · principal	IREN 3.25 06.15.30	9,764,000	$28.5m0.46%	0.46%	Unchanged
51	FLUENCE ENERGY INC NOTE 2.250% 6/1 · principal FLNC 2.25 06.15.30 · principal	FLNC 2.25 06.15.30	20,000,000	$25.6m0.41%	0.41%	Unchanged
52	AMC NETWORKS INC NOTE 4.250% 2/1 · principal AMCX 4.25 02.15.29 * · principal	AMCX 4.25 02.15.29 *	23,439,000	$24.9m0.40%	0.40%	Reduced -291.0k	-291,000 -1.2%
53	LIBERTY LIVE HOLDINGS INC COM SHS SER C LLYVK	LLYVK	217,989	$23.0m0.37%	0.37%	Added +56.6k	+56,560 35.0%
54	CHART INDS INC COM GTLS	GTLS	100,046	$20.9m0.34%	0.34%	Reduced -658.8k	-658,841 -86.8%
55	IREN LIMITED NOTE 3.500%12/1 · principal IREN 3.5 12.15.29 IREN · principal	IREN 3.5 12.15.29 IREN	5,450,000	$19.2m0.31%	0.31%	New
56	OMEROS CORP NOTE 9.500% 6/1 · principal OMER 9.5 06.15.29 · principal	OMER 9.5 06.15.29	9,533,000	$17.7m0.29%	0.29%	Reduced -8.5m	-8,500,000 -47.1%
57	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	16,800,000	$16.5m0.27%	0.27%	New
58	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		9,581,711	$16.2m0.26%	0.26%	Added +5.8m	+5,808,912 154.0%
59	SUNRUN INC NOTE 4.000% 3/0 · principal RUN 4 03.01.30 · principal	RUN 4 03.01.30	13,650,000	$16.1m0.26%	0.26%	Reduced -7.0m	-7,000,000 -33.9%
60	GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal	GVA 3.25 06.15.30	7,500,000	$15.7m0.25%	0.25%	Reduced -2.5m	-2,500,000 -25.0%
61	XEROX HOLDINGS CORP NOTE 3.750% 3/1 · principal XRX 3.75 03.15.30 · principal	XRX 3.75 03.15.30	44,600,000	$15.3m0.25%	0.25%	Unchanged
62	SEMTECH CORP NOTE 1.625%11/0 · principal SMTC 1.625 11.01.27 · principal	SMTC 1.625 11.01.27	3,500,000	$15.1m0.24%	0.24%	Unchanged
63	CHORD ENERGY CORPORATION COM NEW CHRD	CHRD	124,476	$14.2m0.23%	0.23%	Reduced -35.0k	-35,000 -21.9%
64	NIO INC NOTE 4.625%10/1 · principal NIO 4.625 10.15.30 · principal	NIO 4.625 10.15.30	13,700,000	$13.7m0.22%	0.22%	Added +3.7m	+3,700,000 37.0%
65	STRATEGY INC NOTE 0.875% 3/1 · principal MSTR 0.875 03.15.31 · principal	MSTR 0.875 03.15.31	14,596,000	$13.4m0.22%	0.22%	Added +2.0m	+2,000,000 15.9%
66	SM ENERGY CO COM SM	SM	496,601	$13.0m0.21%	0.21%	Reduced -105.7k	-105,700 -17.6%
67	COMMUNITY HEALTH SYS INC NEW COM CYH	CYH	3,732,743	$12.5m0.20%	0.20%	Added +604.9k	+604,859 19.3%
68	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	10,000,000	$11.8m0.19%	0.19%	New
69	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	2,158,683	$11.7m0.19%	0.19%	Reduced -134.4k	-134,370 -5.9%
70	LIBERTY BROADBAND CORP COM SER A LBRDA	LBRDA	348,076	$11.6m0.19%	0.19%	Unchanged
71	BAUSCH PLUS LOMB CORP COMMON SHARES BLCO	BLCO	686,976	$11.4m0.18%	0.18%	Reduced -414.9k	-414,878 -37.6%
72	GRIFOLS S A SP ADR REP B NVT GRFS	GRFS	1,603,483	$11.4m0.18%	0.18%	Reduced -464.3k	-464,315 -22.4%
73	T1 ENERGY INC NOTE 5.250%12/0 · principal TE 5.25 12.01.30 · principal	TE 5.25 12.01.30	6,000,000	$10.4m0.17%	0.17%	Added +3.0m	+3,000,000 100.0%
74	GOLAR LNG LTD NOTE 2.750%12/1 · principal GLNG 2.75 12.15.30 · principal	GLNG 2.75 12.15.30	9,000,000	$10.2m0.17%	0.17%	New
75	FOX CORP CL B COM FOX	FOX	198,874	$9.3m0.15%	0.15%	Added +23.6k	+23,626 13.5%
76	WHEELS UP EXPERIENCE INC COM CL A UP	UP	1,021,597	$9.2m0.15%	0.15%	New
77	T1 ENERGY INC NOTE 4.000% 4/1 · principal TE 4 04.15.31 · principal	TE 4 04.15.31	5,000,000	$8.7m0.14%	0.14%	New
78	NEWS CORP NEW CL A NWSA	NWSA	343,120	$8.5m0.14%	0.14%	Added +274.6k	+274,613 400.9%
79	VENDOME ACQUISITION CORP I COM CL A VNME	VNME	825,000	$8.4m0.14%	0.14%	Unchanged
80	TITAN ACQUISITION CORP CL A TACH	TACH	800,000	$8.3m0.13%	0.13%	Unchanged
81	GIGCAPITAL8 CORP ORD CL A GIW	GIW	800,000	$8.1m0.13%	0.13%	Unchanged
82	IDEA ACQUISITION CORP ORD SHS CL A IACO	IACO	797,378	$7.9m0.13%	0.13%	New
83	FIFTH ERA ACQUISITION CORP I ORD SHS CL A FERA	FERA	750,000	$7.8m0.13%	0.13%	Unchanged
84	WILLIS LEASE FIN CORP NOTE 2.500% 5/1 · principal WLFC 2.5 05.15.31 · principal	WLFC 2.5 05.15.31	7,000,000	$7.6m0.12%	0.12%	New
85	HARVARD AVE ACQUISITION CORP USD CL A ORD SHS HAVA	HAVA	750,000	$7.6m0.12%	0.12%	Unchanged
86	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	7,604,000	$7.5m0.12%	0.12%	Unchanged
87	GROUPON INC NOTE 6.250% 3/1 · principal GRPN 6.25 03.15.27 * · principal	GRPN 6.25 03.15.27 *	6,300,000	$7.1m0.11%	0.11%	Unchanged
88	X3 ACQUISITION CORP LTD ORD SHS CL A XCBE	XCBE	700,000	$7.0m0.11%	0.11%	Unchanged
89	PONO CAP FOUR INC CL A ORD SHS PONO	PONO	700,000	$7.0m0.11%	0.11%	New
90	GOODYEAR TIRE & RUBR CO COM GT	GT	1,030,739	$6.8m0.11%	0.11%	Added +159.7k	+159,650 18.3%
91	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	204,475	$6.8m0.11%	0.11%	Reduced -1.3m	-1,273,266 -86.2%
92	D. BORAL ARC ACQ I CORP. SHS CL A SHS CL A		650,000	$6.8m0.11%	0.11%	Unchanged
93	SIZZLE ACQUISITION CORP. II USD CL A ORD SHS SZZL	SZZL	650,000	$6.7m0.11%	0.11%	Unchanged
94	SOULPOWER ACQUISITION CORP USD CL A ORD SHS SOUL	SOUL	650,000	$6.7m0.11%	0.11%	Unchanged
95	MGM RESORTS INTERNATIONAL COM MGM	MGM	137,596	$6.6m0.11%	0.11%	Reduced -49.3k	-49,273 -26.4%
96	UNDER ARMOUR INC CL A UAA	UAA	1,028,992	$6.6m0.11%	0.11%	Reduced -157.8k	-157,800 -13.3%
97	VOYAGER TECHNOLOGIES INC COM CL A VOYG	VOYG	196,156	$6.3m0.10%	0.10%	New
98	ALBERTSONS COS INC COMMON STOCK ACI	ACI	461,502	$6.2m0.10%	0.10%	Added +134.9k	+134,920 41.3%
99	WEN ACQUISITION CORP COM CL A WENN	WENN	600,000	$6.2m0.10%	0.10%	Unchanged
100	BROOKFIELD RENEWABLE PARTNER PARTNERSHIP UNIT BEP	BEP	170,000	$5.9m0.10%	0.10%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WESTERN DIGITAL CORP WDC 3 11.15.28	WDC 3 11.15.28	204,400,000	$1.5bn204.4m shares
SUPER MICRO COMPUTER INC SMCI 3.5 03.01.29	SMCI 3.5 03.01.29	138,601,000	$110.5m138.6m shares
TERNS PHARMACEUTICALS INC		1,000,001	$52.7m1.0m shares
MASIMO CORP MASI	MASI	270,001	$48.0m270.0k shares
CARNIVAL PLC CUK	CUK	1,300,036	$33.5m1.3m shares
WAYFAIR INC W 3.5 11.15.28	W 3.5 11.15.28	17,900,000	$31.2m17.9m shares
LUMENTUM HLDGS INC LITE	LITE	30,773	$21.6m30.8k shares
PTC THERAPEUTICS INC PTCT 1.5 09.15.26	PTCT 1.5 09.15.26	13,274,000	$17.7m13.3m shares
NABORS INDS INC NBR 1.75 06.15.29	NBR 1.75 06.15.29	17,000,000	$15.4m17.0m shares
IAC INC PPLI	PPLI	217,383	$8.7m217.4k shares
IDEA ACQUISITION CORP IACOU	IACOU	797,378	$7.9m797.4k shares
WHEELS UP EXPERIENCE INC		23,832,927	$7.4m23.8m shares
PONO CAP FOUR INC PONOU	PONOU	700,000	$7.0m700.0k shares
SOLARIS ENERGY INFRAS INC SEI 0.25 10.01.31	SEI 0.25 10.01.31	5,000,000	$6.2m5.0m shares
GIGCAPITAL7 CORP HDRN	HDRN	550,000	$5.9m550.0k shares
CARTESIAN GROWTH CORP III FAC	FAC	550,000	$5.6m550.0k shares
ARMADA ACQUISITION CORP III AACIU	AACIU	550,000	$5.5m550.0k shares
SIM ACQUISITION CORP. I SIMA	SIMA	500,000	$5.4m500.0k shares
REAL ASSET ACQUISITION CORP		500,000	$5.2m500.0k shares
KOSMOS ENERGY LTD KOS 3.125 03.15.30	KOS 3.125 03.15.30	6,500,000	$5.1m6.5m shares
ON SEMICONDUCTOR CORP ON 0.5 03.01.29	ON 0.5 03.01.29	5,000,000	$4.9m5.0m shares
HCM IV ACQUISITION CORP HACQU	HACQU	450,000	$4.5m450.0k shares
NUTANIX INC NTNX 0.5 12.15.29	NTNX 0.5 12.15.29	5,000,000	$4.5m5.0m shares
AVERIN CAP ACQUISITION CORP ACAAU	ACAAU	450,000	$4.5m450.0k shares
ILLUMINATION ACQUISITIO CORP ILLUU	ILLUU	450,000	$4.5m450.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	500,000	$373.4m500.0k shares	Unchanged
ISHARES TR IWM · Put	IWM	Put	500,000	$150.2m500.0k shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	700,000	$140.1m700.0k shares	Reduced
NEBIUS GROUP N.V. NBIS · Put	NBIS	Put	500,000	$138.1m500.0k shares	Unchanged
SUPER MICRO COMPUTER INC SMCI · Put	SMCI	Put	4,100,000	$120.3m4.1m shares	Reduced
TAIWAN SEMICONDUCTOR MFG LTD TSM · Put	TSM	Put	200,000	$95.5m200.0k shares	Unchanged
MICRON TECHNOLOGY INC MU · Put	MU	Put	80,000	$92.3m80.0k shares	New
APPLE INC AAPL · Put	AAPL	Put	250,000	$72.3m250.0k shares	Added
VANECK ETF TRUST SMH · Put	SMH	Put	100,000	$65.6m100.0k shares	New
COREWEAVE INC CRWV · Put	CRWV	Put	400,000	$39.8m400.0k shares	New
MARA HOLDINGS INC MARA · Put	MARA	Put	2,831,500	$39.3m2.8m shares	Reduced
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	1,100,000	$29.3m1.1m shares	Unchanged
LUMEN TECHNOLOGIES INC LUMN · Put	LUMN	Put	3,500,000	$26.9m3.5m shares	Unchanged
TIDEWATER INC NEW TDW · Put	TDW	Put	276,100	$18.4m276.1k shares	New
JETBLUE AWYS CORP JBLU · Call	JBLU	Call	2,750,000	$15.8m2.8m shares	Added
MEDICAL PPTYS TRUST INC MPT · Put	MPT	Put	1,500,000	$6.9m1.5m shares	Reduced
XEROX HOLDINGS CORP XRX · Put	XRX	Put	2,000,000	$6.3m2.0m shares	Unchanged
BITDEER TECHNOLOGIES GROUP BTDR · Put	BTDR	Put	392,800	$6.2m392.8k shares	Unchanged
TRANSOCEAN LTD RIG · Put	RIG	Put	1,000,000	$4.9m1.0m shares	Unchanged
MARA HOLDINGS INC MARA · Call	MARA	Call	350,000	$4.9m350.0k shares	Reduced
SAREPTA THERAPEUTICS INC SRPT · Put	SRPT	Put	214,600	$3.9m214.6k shares	Unchanged
HERTZ GLOBAL HLDGS INC HTZ · Put	HTZ	Put	1,469,700	$3.3m1.5m shares	Unchanged
SABRE CORP SABR · Call	SABR	Call	1,000,000	$2.1m1.0m shares	Unchanged
AMC ENTMT HLDGS INC AMC · Put	AMC	Put	1,000,000	$1.9m1.0m shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
HELIX ENERGY SOLUTIONS GRP I HOS · 13G · filed 2026-09-09	HOS	15.0%≈ $331.0m	new	13G	2026-09-09
KLX ENERGY SERVICS HOLDNGS I KLXE · 13D · filed 2026-10-06	KLXE	12.4%≈ $33.7m	new	13D	2026-10-06
ELECTRA BATTERY MATERIALS CO ELBM · 13G · filed 2026-08-14	ELBM	9.9%≈ $6.5m	no change	13G	2026-08-14
MAXEON SOLAR TECHNOLOGIES LT MAXNQ · 13G · filed 2026-06-26	MAXNQ	8.5%	new	13G	2026-06-26
OFFICE PPTYS INCOME TR OPI · 13G · filed 2026-07-06	OPI	8.2%≈ $30.6m	new	13G	2026-07-06
PONO CAP FOUR INC PONO · 13G · filed 2026-03-23	PONO	5.7%≈ $7.0m	new	13G	2026-03-23
COPPER PROPERTY CTL PASS THR CPPTL · 13G · filed 2026-07-10	CPPTL	5.5%	new	13G	2026-07-10
MERCER INTL INC MERC · 13G · filed 2026-08-14	MERC	5.4%≈ $2.4m	new	13G	2026-08-14
MAYWOOD ACQUISITION CORP 2 MYX · 13G · filed 2026-04-22	MYX	5.2%≈ $5.4m	new	13G	2026-04-22