SILVERBACK ASSET MANAGEMENT LLC

DURHAM, NC · CIK 1278960 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$1.2bn
Staff12 · 5 in investment roles
Main clients (by assets)Companies 65%, Private funds 35%
Private funds2 (2 hedge) · $413.7m gross assets
Websitesilverbackasset.com
Form ADV · 2026-03-31SEC adviser record

Legal entitySILVERBACK ASSET MANAGEMENT, LLC (US)

$790.7m reported value +55.9% vs Q1 2026

54positions

46.2%in top 10

17 new 7 added 20 reduced 8 sold out vs Q1 2026

Options: 9 call positions ($131.0m notional), 1 put positions ($3.1m 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	SEMTECH CORP NOTE 1.625%11/0 · principal SMTC 1.625 11.01.27 · principal	SMTC 1.625 11.01.27	17,674,000	$76.7m9.69%	9.69%	Added +5.1m	+5,066,000 40.2%
2	MKS INC. NOTE 1.250% 6/0 · principal MKSI 1.25 06.01.30 · principal	MKSI 1.25 06.01.30	14,700,000	$43.3m5.48%	5.48%	New
3	AVNET 1.750 09/01/30 CVT PUT · principal 1.750 09/01/30 CVT PUT · principal		25,000,000	$35.1m4.43%	4.43%	New
4	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	20,034,000	$34.2m4.32%	4.32%	New
5	INDIE SEMICONDUCTOR INC NOTE 3.500 12815 · principal INDI 3.5 12.15.29 · principal	INDI 3.5 12.15.29	28,915,000	$33.5m4.24%	4.24%	Reduced -7.6m	-7,600,000 -20.8%
6	CHEESECAKE FACTORY INC NOTE 2.000% 3/1 · principal CAKE 2 03.15.30 · principal	CAKE 2 03.15.30	25,000,000	$31.8m4.03%	4.03%	New
7	CYBERARK SOFTWARE LTD NOTE 6/1 · principal CYBR 0 06.15.30 · principal	CYBR 0 06.15.30	18,150,000	$30.2m3.82%	3.82%	New
8	WOLFSPEED INC NOTE 2.500% 6/1 · principal WOLF 2.5 06.15.31 · principal	WOLF 2.5 06.15.31	7,194,000	$28.4m3.59%	3.59%	Reduced -1.3m	-1,337,000 -15.7%
9	CRACKER BARREL OLD CTRY STOR NOTE 1.750% 9/1 · principal CBRL 1.75 09.15.30 · principal	CBRL 1.75 09.15.30	25,879,000	$26.5m3.36%	3.36%	New
10	PORCH GROUP INC DEBT 9.000% 5/1 · principal PRCH 9 05.15.30 · principal	PRCH 9 05.15.30	17,500,000	$25.3m3.20%	3.20%	Reduced -1.0m	-1,000,000 -5.4%
11	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	20,000,000	$24.0m3.04%	3.04%	Reduced -3.0m	-3,000,000 -13.0%
12	DROPBOX INC NOTE 3/0 · principal DBX 0 03.01.28 · principal	DBX 0 03.01.28	22,800,000	$23.0m2.91%	2.91%	Added +5.0m	+5,000,000 28.1%
13	NUTANIX INC NOTE 0.250%10/0 · principal NTNX 0.25 10.01.27 · principal	NTNX 0.25 10.01.27	19,841,000	$22.4m2.83%	2.83%	Reduced -2.2m	-2,159,000 -9.8%
14	BRIDGEBIO PHARMA INC NOTE 2.250% 2/0 · principal BBIO 2.25 02.01.29 · principal	BBIO 2.25 02.01.29	19,532,000	$21.7m2.75%	2.75%	Reduced -2.5m	-2,500,000 -11.3%
15	ALPHATEC HLDGS INC NOTE 0.750% 3/1 · principal ATEC 0.75 03.15.30 · principal	ATEC 0.75 03.15.30	22,028,000	$21.0m2.66%	2.66%	Added +7.8m	+7,778,000 54.6%
16	ORACLE CORP 6.5 DEP CUM SR D · principal ORCL 6.5 01.15.29 D · principal	ORCL 6.5 01.15.29 D	430,000	$19.3m2.44%	2.44%	Reduced -60.0k	-60,000 -12.2%
17	COLLEGIUM PHARMACEUTICAL INC NOTE 2.875% 2/1 · principal COLL 2.875 02.15.29 · principal	COLL 2.875 02.15.29	15,298,000	$18.8m2.38%	2.38%	Added +5.0m	+4,998,000 48.5%
18	SYNAPTICS INC NOTE 0.750%12/0 · principal SYNA 0.75 12.01.31 · principal	SYNA 0.75 12.01.31	10,684,000	$15.9m2.01%	2.01%	Reduced -9.7m	-9,739,000 -47.7%
19	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 · principal ON 0.5 03.01.29 · principal	ON 0.5 03.01.29	12,000,000	$14.5m1.83%	1.83%	New
20	HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal	HAE 2.5 06.01.29	14,283,000	$14.5m1.83%	1.83%	Unchanged
21	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 · principal GWRE 1.25 11.01.29 · principal	GWRE 1.25 11.01.29	14,546,000	$14.0m1.77%	1.77%	Added +2.0m	+2,046,000 16.4%
22	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	15,000,000	$13.5m1.71%	1.71%	New
23	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	13,455,000	$13.1m1.65%	1.65%	Reduced -7.0m	-7,000,000 -34.2%
24	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	11,134,000	$12.4m1.57%	1.57%	Unchanged
25	CENTURY ALUM CO NOTE 2.750% 5/0 · principal CENX 2.75 05.01.28 · principal	CENX 2.75 05.01.28	5,000,000	$12.3m1.56%	1.56%	New
26	PORCH GROUP INC NOTE 6.750 10/01/28 · principal PRCH 6.75 10.01.28 · principal	PRCH 6.75 10.01.28	11,713,000	$12.2m1.55%	1.55%	Reduced -5.5m	-5,500,000 -31.9%
27	ZSCALER INC NOTE 7/1 · principal NOTE 7/1 · principal		12,633,000	$11.7m1.48%	1.48%	New
28	A10 NETWORKS INC NOTE 2.750% 4/0 · principal ATEN 2.75 04.01.30 · principal	ATEN 2.75 04.01.30	6,750,000	$11.5m1.45%	1.45%	New
29	VERTEX INC NOTE 0.750% 5/0 · principal VERX 0.75 05.01.29 · principal	VERX 0.75 05.01.29	12,500,000	$11.2m1.42%	1.42%	Reduced -2.5m	-2,500,000 -16.7%
30	GOLAR LNG LTD NOTE 2.750%12/1 · principal GLNG 2.75 12.15.30 · principal	GLNG 2.75 12.15.30	9,700,000	$11.0m1.40%	1.40%	New
31	WOLFSPEED INC CONV BOND · principal WOLF 3.5 03.15.31 · principal	WOLF 3.5 03.15.31	4,230,000	$10.6m1.35%	1.35%	New
32	EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal DEBT 4.500% 8/1 · principal		13,518,000	$10.6m1.34%	1.34%	Reduced -3.1m	-3,131,000 -18.8%
33	WOLFSPEED INC NOTE 2.5% 6/15/31 · principal WOLF 2.5 06.15.31 144A · principal	WOLF 2.5 06.15.31 144A	2,610,000	$10.3m1.30%	1.30%	New
34	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 · principal VSH 2.25 09.15.30 · principal	VSH 2.25 09.15.30	4,583,000	$9.1m1.15%	1.15%	Reduced -24.2m	-24,250,000 -84.1%
35	HARMONIC INC COM HLIT	HLIT	525,000	$8.6m1.08%	1.08%	Reduced -123.6k	-123,566 -19.1%
36	WEC ENERGY GROUP INC NOTE 3.375% 6/0 · principal WEC 3.375 06.01.28 · principal	WEC 3.375 06.01.28	8,000,000	$8.3m1.05%	1.05%	New
37	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	6,499,000	$7.8m0.99%	0.99%	Added +4.0m	+3,999,000 160.0%
38	EVOLENT HEALTH INC NOTE 3.500%12/0 · principal EVH 3.5 12.01.29 · principal	EVH 3.5 12.01.29	10,000,000	$7.4m0.94%	0.94%	Unchanged
39	VIRIDIAN THERAPEUTICS INC NOTE 1.750% 5/1 · principal VRDN 1.75 05.15.32 · principal	VRDN 1.75 05.15.32	6,495,000	$7.0m0.88%	0.88%	New
40	OMNICELL COM NOTE 1.000%12/0 · principal OMCL 1 12.01.29 · principal	OMCL 1 12.01.29	5,600,000	$6.0m0.75%	0.75%	Reduced -4.0m	-4,000,000 -41.7%
41	VROOM INC COM NEW VRM	VRM	449,236	$3.5m0.44%	0.44%	Added +11.3k	+11,300 2.6%
42	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	131,600	$3.4m0.43%	0.43%	Reduced -29.3k	-29,300 -18.2%
43	Qimonda AG NOTE 6.750 03/22/13 · principal QI 6.75 03.22.13 ADS · principal	QI 6.75 03.22.13 ADS	12,400,000	$3.2m0.41%	0.41%	Unchanged
44	TERAWULF INC COM WULF	WULF	96,600	$2.4m0.30%	0.30%	Unchanged
45	AST SPACEMOBILE INC COM CL A ASTS	ASTS	24,200	$2.2m0.27%	0.27%	Unchanged
46	AEROVIRONMENT INC COM AVAV	AVAV	12,100	$2.0m0.25%	0.25%	Unchanged
47	TEMPUS AI INC CL A TEM	TEM	28,700	$1.7m0.21%	0.21%	Reduced -7.0k	-7,000 -19.6%
48	LIVEPERSON INC COM LPSN	LPSN	485,001	$921.5k0.12%	0.12%	Unchanged
49	EYEPOINT PHARMACEUTICALS INC COM NEW EYPT	EYPT	50,000	$715.0k0.09%	0.09%	Unchanged
50	INOTIV INC NOTE 3.250%10/1 · principal NOTV 3.25 10.15.27 · principal	NOTV 3.25 10.15.27	17,092,000	$583.4k0.07%	0.07%	Unchanged
51	MAGNACHIP SEMICONDUCTOR CORP COM MX	MX	100,000	$473.0k0.06%	0.06%	Reduced -120.0k	-120,000 -54.5%
52	OCUGEN INC COM OCGN	OCGN	250,000	$382.5k0.05%	0.05%	New
53	ACCURAY INC COM ARAY	ARAY	1,450,000	$373.8k0.05%	0.05%	Reduced -200.0k	-200,000 -12.1%
54	KARYOPHARM THERAPEUTICS INC COM NEW KPTI	KPTI	30,000	$293.1k0.04%	0.04%	Reduced -35.0k	-35,000 -53.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ON SEMICONDUCTOR CORP ON 0 05.01.27	ON 0 05.01.27	22,571,000	$29.1m22.6m shares
IAC FinanceCo 2, Inc. MTCH 0.875 06.15.26	MTCH 0.875 06.15.26	24,603,000	$24.4m24.6m shares
ALNY 09/15/28 CVT		15,161,000	$14.1m15.2m shares
AMPHASTAR PHARMACEUTICALS IN AMPH 2 03.15.29	AMPH 2 03.15.29	5,080,000	$4.6m5.1m shares
PENGUIN SOLUTIONS INC PENG 2 08.15.30	PENG 2 08.15.30	3,985,000	$4.0m4.0m shares
PELOTON INTERACTIVE INC PTON 5.5 12.01.29	PTON 5.5 12.01.29	1,368,000	$1.8m1.4m shares
NEOGENOMICS INC NEO	NEO	165,101	$1.2m165.1k shares
SCORPIO TANKERS INC STNG	STNG	10,000	$746.6k10.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR IWM · Call	IWM	Call	275,000	$82.6m275.0k shares	Added
DEFINIUM THERAPEUTICS INC DFTX · Call	DFTX	Call	294,400	$13.8m294.4k shares	Unchanged
CYTOKINETICS INC CYTK · Call	CYTK	Call	100,000	$8.5m100.0k shares	New
SELECT SECTOR SPDR TR XLV · Call	XLV	Call	50,000	$7.9m50.0k shares	New
SPDR SER TR XBI · Call	XBI	Call	50,000	$7.9m50.0k shares	New
NUTANIX INC NTNX · Call	NTNX	Call	100,000	$5.1m100.0k shares	New
LUCID GROUP INC LCID · Put	LCID	Put	470,000	$3.1m470.0k shares	Unchanged
PAR TECHNOLOGY CORP PAR · Call	PAR	Call	150,000	$2.6m150.0k shares	Unchanged
EYEPOINT PHARMACEUTICALS INC EYPT · Call	EYPT	Call	100,000	$1.4m100.0k shares	Unchanged
KARYOPHARM THERAPEUTICS INC KPTI · Call	KPTI	Call	100,000	$977.0k100.0k 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
VROOM INC VRM · 13G · filed 2025-05-14	VRM	8.2%≈ $3.3m	new	13G	2025-05-14