Context Capital Management, LLC

LAJOLLA, CA · CIK 1301396 · 13F filing filed 2026-07-23

SEC-registered investment adviser since 2005 · limited liability company

Assets managed$8.0bn
Staff19 · 8 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $4.0bn gross assets
Main officeGreenwich, CT
Websitecontextfunds.com
Form ADV · 2026-08-25SEC adviser record

Legal entityCONTEXT CAPITAL MANAGEMENT, LLC (US)

$5.0bn reported value +14.5% vs Q1 2026

425positions

25.2%in top 10

89 new 26 added 39 reduced 56 sold out vs Q1 2026

Options: 0 call positions (— notional), 2 put positions ($191.9m 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	55,084,217	$172.1m3.47%	3.47%	Added +396.0k	+396,000 0.7%
2	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	165,350,000	$150.8m3.04%	3.04%	New
3	GAMESTOP CORP NOTE 4/0 · principal GME 0 04.01.30 · principal	GME 0 04.01.30	141,600,000	$144.6m2.92%	2.92%	New
4	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	151,372,000	$139.9m2.82%	2.82%	Added +52.6m	+52,610,000 53.3%
5	ENOVIS CORPORATION NOTE 3.875%10/1 · principal ENOV 3.875 10.15.28 · principal	ENOV 3.875 10.15.28	119,688,000	$115.4m2.33%	2.33%	Added +13.6m	+13,595,000 12.8%
6	MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal	MARA 0 03.01.30	109,800,000	$110.2m2.22%	2.22%	Added +53.5m	+53,500,000 95.0%
7	PELOTON INTERACTIVE INC NOTE 5.500%12/0 · principal PTON 5.5 12.01.29 · principal	PTON 5.5 12.01.29	66,886,000	$108.5m2.19%	2.19%	Reduced -8.9m	-8,901,000 -11.7%
8	GAMESTOP CORP NOTE 6/1 · principal GME 0 06.15.32 · principal	GME 0 06.15.32	101,500,000	$103.3m2.08%	2.08%	New
9	TELADOC HEALTH INC NOTE 1.250% 6/0 · principal TDOC 1.25 06.01.27 · principal	TDOC 1.25 06.01.27	105,459,000	$102.8m2.07%	2.07%	Reduced -12.5m	-12,500,000 -10.6%
10	STRATEGY INC NOTE 12/0 · principal MSTR 0 12.01.29 · principal	MSTR 0 12.01.29	115,716,000	$100.0m2.02%	2.02%	Reduced -122.0m	-122,000,000 -51.3%
11	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	82,062,000	$97.5m1.97%	1.97%	Reduced -17.3m	-17,315,000 -17.4%
12	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	1,800,000	$91.6m1.85%	1.85%	New
13	SNAP INC NOTE 0.500% 5/0 · principal SNAP 0.5 05.01.30 · principal	SNAP 0.5 05.01.30	111,535,000	$91.2m1.84%	1.84%	Added +4.5m	+4,500,000 4.2%
14	APPLIED DIGITAL CORP NOTE 2.750% 6/0 · principal APLD 2.75 06.01.30 · principal	APLD 2.75 06.01.30	22,740,000	$90.8m1.83%	1.83%	Unchanged
15	PACIRA BIOSCIENCES INC NOTE 2.125% 5/1 · principal PCRX 2.125 05.15.29 · principal	PCRX 2.125 05.15.29	88,806,000	$88.7m1.79%	1.79%	Added +7.5m	+7,500,000 9.2%
16	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	1,750,000	$88.0m1.78%	1.78%	New
17	CENTURY ALUM CO NOTE 2.750% 5/0 · principal CENX 2.75 05.01.28 · principal	CENX 2.75 05.01.28	34,817,000	$86.0m1.73%	1.73%	Reduced -5.0m	-5,000,000 -12.6%
18	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	93,631,000	$85.2m1.72%	1.72%	Added +26.7m	+26,700,000 39.9%
19	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	1,525,000	$79.2m1.60%	1.60%	New
20	JOBY AVIATION INC NOTE 0.750% 2/1 · principal JOBY 0.75 02.15.32 · principal	JOBY 0.75 02.15.32	84,000,000	$76.6m1.55%	1.55%	Reduced -3.0m	-3,000,000 -3.5%
21	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	74,750,000	$73.7m1.49%	1.49%	New
22	PORCH GROUP INC DEBT 9.000% 5/1 · principal PRCH 9 05.15.30 · principal	PRCH 9 05.15.30	47,480,000	$68.9m1.39%	1.39%	Added +980.0k	+980,000 2.1%
23	CERENCE INC NOTE 1.500% 7/0 · principal CRNC 1.5 07.01.28 · principal	CRNC 1.5 07.01.28	71,532,000	$65.6m1.32%	1.32%	Added +4.5m	+4,450,000 6.6%
24	SOLARIS ENERGY INFRAS INC NOTE 4.750% 5/0 · principal SEI 4.75 05.01.30 · principal	SEI 4.75 05.01.30	20,065,000	$64.8m1.31%	1.31%	Added +8.0m	+8,000,000 66.3%
25	UPSTART HLDGS INC NOTE 1.000%11/1 · principal UPST 1 11.15.30 · principal	UPST 1 11.15.30	78,174,000	$64.1m1.29%	1.29%	Unchanged
26	IMMUNOCORE HLDGS PLC NOTE 2.500% 2/0 · principal IMCR 2.5 02.01.30 · principal	IMCR 2.5 02.01.30	69,292,000	$63.7m1.29%	1.29%	Reduced -8.5m	-8,549,000 -11.0%
27	BRIDGEBIO PHARMA INC NOTE 2.250% 2/0 · principal BBIO 2.25 02.01.29 · principal	BBIO 2.25 02.01.29	56,666,000	$62.9m1.27%	1.27%	Reduced -14.6m	-14,588,000 -20.5%
28	PAGERDUTY INC NOTE 1.500%10/1 · principal PD 1.5 10.15.28 * · principal	PD 1.5 10.15.28 *	64,621,000	$60.7m1.22%	1.22%	Reduced -500.0k	-500,000 -0.8%
29	CLEANSPARK INC NOTE 6/1 · principal CLSK 0 06.15.30 · principal	CLSK 0 06.15.30	46,556,000	$60.5m1.22%	1.22%	Reduced -24.2m	-24,250,000 -34.2%
30	ARRAY TECHNOLOGIES INC NOTE 1.000%12/0 · principal ARRY 1 12.01.28 · principal	ARRY 1 12.01.28	64,704,000	$60.2m1.21%	1.21%	Reduced -5.0m	-5,000,000 -7.2%
31	EVOLENT HEALTH INC NOTE 3.500%12/0 · principal EVH 3.5 12.01.29 · principal	EVH 3.5 12.01.29	79,871,000	$59.6m1.20%	1.20%	Added +8.1m	+8,100,000 11.3%
32	TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal	TVTX 0.5 05.15.32	50,500,000	$59.5m1.20%	1.20%	New
33	GROUPON INC NOTE 4.875% 6/3 · principal GRPN 4.875 06.30.30 UNRS · principal	GRPN 4.875 06.30.30 UNRS	58,601,000	$57.9m1.17%	1.17%	Reduced -6.5m	-6,500,000 -10.0%
34	RAMACO RES INC NOTE 11/0 · principal METC 0 11.01.31 · principal	METC 0 11.01.31	73,005,000	$54.6m1.10%	1.10%	Added +13.0m	+13,000,000 21.7%
35	SUPER MICRO COMPUTER INC NOTE 2.250% 7/1 · principal SMCI 2.25 07.15.28 · principal	SMCI 2.25 07.15.28	53,960,000	$53.0m1.07%	1.07%	Added +48.7m	+48,710,000 927.8%
36	INTEGER HLDGS CORP DBCV 1.875% 3/1 · principal ITGR 1.875 03.15.30 · principal	ITGR 1.875 03.15.30	52,999,000	$51.5m1.04%	1.04%	Reduced -20.0m	-20,000,000 -27.4%
37	MARA HOLDINGS INC NOTE 6/0 · principal MARA 0 06.01.31 · principal	MARA 0 06.01.31	52,241,000	$50.8m1.02%	1.02%	Added +38.0m	+37,956,000 265.7%
38	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	46,543,000	$49.7m1.00%	1.00%	Reduced -17.2m	-17,163,000 -26.9%
39	PENNYMAC CORP NOTE 8.500% 6/0 · principal PMT 8.5 06.01.29 · principal	PMT 8.5 06.01.29	47,155,000	$48.3m0.97%	0.97%	Reduced -14.1m	-14,145,000 -23.1%
40	MARA HOLDINGS INC NOTE 2.125% 9/0 · principal MARA 2.125 09.01.31 · principal	MARA 2.125 09.01.31	41,867,000	$46.8m0.94%	0.94%	Added +23.9m	+23,867,000 132.6%
41	GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal	GPRE 5.25 11.01.30 UNRS	34,052,000	$46.5m0.94%	0.94%	Added +5.0m	+5,000,000 17.2%
42	FLUENCE ENERGY INC NOTE 2.250% 6/1 · principal FLNC 2.25 06.15.30 · principal	FLNC 2.25 06.15.30	35,389,000	$45.5m0.92%	0.92%	Reduced -43.3m	-43,283,000 -55.0%
43	PURECYCLE TECHNOLOGIES INC NOTE 4.750% 7/0 · principal PCT 4.75 07.01.32 · principal	PCT 4.75 07.01.32	44,500,000	$45.3m0.91%	0.91%	New
44	VIRIDIAN THERAPEUTICS INC NOTE 1.750% 5/1 · principal VRDN 1.75 05.15.32 · principal	VRDN 1.75 05.15.32	40,750,000	$43.8m0.88%	0.88%	New
45	PAGAYA U S HLDG CO LLC NOTE 6.125%10/0 · principal PGY 6.125 10.01.29 · principal	PGY 6.125 10.01.29	27,225,000	$43.4m0.88%	0.88%	Reduced -1.0m	-1,000,000 -3.5%
46	ZENAS BIOPHARMA INC NOTE 2.500% 4/0 · principal ZBIO 2.5 04.01.32 · principal	ZBIO 2.5 04.01.32	35,800,000	$42.6m0.86%	0.86%	Added +6.7m	+6,700,000 23.0%
47	CELCUITY INC NOTE 2.750% 8/0 · principal CELC 2.75 08.01.31 · principal	CELC 2.75 08.01.31	15,970,000	$36.0m0.73%	0.73%	Added +1.0m	+1,000,000 6.7%
48	STRATEGY INC NOTE 2.250% 6/1 · principal MSTR 2.25 06.15.32 · principal	MSTR 2.25 06.15.32	36,500,000	$34.9m0.70%	0.70%	Reduced -6.5m	-6,500,000 -15.1%
49	BILL HOLDINGS INC NOTE 4/0 · principal BILL 0 04.01.30 · principal	BILL 0 04.01.30	40,000,000	$34.7m0.70%	0.70%	New
50	NUVATION BIO INC NOTE 0.750% 7/0 · principal NUVB 0.75 07.01.32 · principal	NUVB 0.75 07.01.32	30,000,000	$31.3m0.63%	0.63%	New
51	STRATEGY INC NOTE 3/0 · principal MSTR 0 03.01.30 · principal	MSTR 0 03.01.30	35,000,000	$31.1m0.63%	0.63%	Reduced -23.2m	-23,211,000 -39.9%
52	T1 ENERGY INC NOTE 4.000% 4/1 · principal TE 4 04.15.31 · principal	TE 4 04.15.31	16,767,000	$29.1m0.59%	0.59%	New
53	ALPHATEC HLDGS INC NOTE 0.750% 3/1 · principal ATEC 0.75 03.15.30 · principal	ATEC 0.75 03.15.30	30,000,000	$28.7m0.58%	0.58%	New
54	SITIME CORP NOTE 6/1 · principal SITM 0 06.15.31 · principal	SITM 0 06.15.31	25,000,000	$27.7m0.56%	0.56%	New
55	SHIFT4 PMTS INC NOTE 0.500% 8/0 · principal FOUR 0.5 08.01.27 · principal	FOUR 0.5 08.01.27	27,620,000	$26.4m0.53%	0.53%	Added +2.6m	+2,620,000 10.5%
56	SUPER MICRO COMPUTER INC NOTE 6/1 · principal SMCI 0 06.15.30 · principal	SMCI 0 06.15.30	29,400,000	$26.1m0.53%	0.53%	New
57	ASTRONICS CORP NOTE 5.500% 3/1 · principal ATRO 5.5 03.15.30 · principal	ATRO 5.5 03.15.30	6,915,000	$25.7m0.52%	0.52%	Unchanged
58	VNET GROUP INC NOTE 2.000%10/0 · principal VNET 2 10.01.27 · principal	VNET 2 10.01.27	21,500,000	$25.1m0.51%	0.51%	Unchanged
59	WOLFSPEED INC NOTE 2.500% 6/1 · principal WOLF 2.5 06.15.31 · principal	WOLF 2.5 06.15.31	6,371,000	$25.1m0.51%	0.51%	Unchanged
60	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	550,000	$24.7m0.50%	0.50%	Reduced -125.0k	-125,000 -18.5%
61	LIFE360 INC NOTE 6/0 · principal LIF 0 06.01.30 · principal	LIF 0 06.01.30	23,500,000	$24.3m0.49%	0.49%	New
62	BEYOND MEAT INC DEBT 7.000%10/1 · principal BYND 7 10.15.30 · principal	BYND 7 10.15.30	32,732,801	$22.5m0.45%	0.45%	Added +1.6m	+1,608,801 5.2%
63	BRUKER CORP 6.375 PREF SER A BRKR 6.375 09.01.28	BRKR 6.375 09.01.28	50,000	$22.4m0.45%	0.45%	Unchanged
64	ARROWHEAD PHARMACEUTICALS IN NOTE 1/1 · principal ARWR 0 01.15.32 · principal	ARWR 0 01.15.32	18,400,000	$22.0m0.44%	0.44%	Added +3.5m	+3,500,000 23.5%
65	SHIFT4 PMTS INC 6 SER A CNV PREF FOUR 6 05.01.28	FOUR 6 05.01.28	350,000	$21.8m0.44%	0.44%	Unchanged
66	GSR V ACQUISITION CORP UNIT 05/12/2031 GSRVU	GSRVU	1,950,000	$19.5m0.39%	0.39%	New
67	TANDEM DIABETES CARE INC NOTE 1.500% 3/1 · principal TNDM 1.5 03.15.29 2024 · principal	TNDM 1.5 03.15.29 2024	20,000,000	$19.0m0.38%	0.38%	Reduced -18.5m	-18,500,000 -48.0%
68	VIRGIN GALACTIC HOLDINGS INC COM NEW SPCE	SPCE	6,559,681	$19.0m0.38%	0.38%	New
69	MCEWEN INC. NOTE 5.250% 8/1 · principal MUX 5.25 08.15.30 · principal	MUX 5.25 08.15.30	9,650,000	$18.5m0.37%	0.37%	Unchanged
70	WILLIS LEASE FIN CORP NOTE 2.500% 5/1 · principal WLFC 2.5 05.15.31 · principal	WLFC 2.5 05.15.31	17,000,000	$18.5m0.37%	0.37%	New
71	FORTUNA MNG CORP NOTE 3.750% 6/3 · principal FVICN 3.75 06.30.29 · principal	FVICN 3.75 06.30.29	11,559,000	$17.8m0.36%	0.36%	New
72	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	17,297,000	$17.6m0.35%	0.35%	Unchanged
73	OMEROS CORP NOTE 9.500% 6/1 · principal OMER 9.5 06.15.29 · principal	OMER 9.5 06.15.29	8,709,000	$16.3m0.33%	0.33%	Reduced -3.5m	-3,500,000 -28.7%
74	GLADSTONE CAP CORP NOTE 5.875%10/0 · principal GLAD 5.875 10.01.30 · principal	GLAD 5.875 10.01.30	16,400,000	$15.8m0.32%	0.32%	Unchanged
75	VERITONE INC NOTE 1.750%11/1 · principal VERI 1.75 11.15.26 · principal	VERI 1.75 11.15.26	15,762,000	$15.2m0.31%	0.31%	Unchanged
76	LIGAND PHARMACEUTICALS INC COM NEW LGND	LGND	46,000	$14.5m0.29%	0.29%	New
77	STRATEGY INC NOTE 0.875% 3/1 · principal MSTR 0.875 03.15.31 · principal	MSTR 0.875 03.15.31	15,649,000	$14.4m0.29%	0.29%	Reduced -11.0m	-11,000,000 -41.3%
78	GREEN PLAINS INC DEBT 5.250%11/0 · principal GPRE 5.25 11.01.30 144A · principal	GPRE 5.25 11.01.30 144A	9,890,000	$13.5m0.27%	0.27%	Unchanged
79	FIVE9 INC NOTE 1.000% 3/1 · principal FIVN 1 03.15.29 · principal	FIVN 1 03.15.29	14,250,000	$12.7m0.26%	0.26%	Added +2.2m	+2,250,000 18.8%
80	RUBRIK INC. NOTE 6/1 · principal RBRK 0 06.15.30 · principal	RBRK 0 06.15.30	12,200,000	$12.5m0.25%	0.25%	New
81	NIO INC NOTE 4.625%10/1 · principal NIO 4.625 10.15.30 · principal	NIO 4.625 10.15.30	12,363,000	$12.4m0.25%	0.25%	Reduced -4.0m	-4,000,000 -24.4%
82	CARDLYTICS INC NOTE 4.250% 4/0 · principal CDLX 4.25 04.01.29 · principal	CDLX 4.25 04.01.29	42,939,000	$12.4m0.25%	0.25%	Added +16.6m	+16,649,000 63.3%
83	CELCUITY INC NOTE 0.250% 8/0 · principal CELC 0.25 08.01.32 · principal	CELC 0.25 08.01.32	10,316,000	$11.8m0.24%	0.24%	New
84	CIPHER MINING INC NOTE 1.750% 5/1 · principal CIFR 1.75 05.15.30 · principal	CIFR 1.75 05.15.30	2,000,000	$11.2m0.23%	0.23%	Unchanged
85	LYFT INC NOTE 0.625% 3/0 · principal LYFT 0.625 03.01.29 · principal	LYFT 0.625 03.01.29	10,000,000	$10.5m0.21%	0.21%	New
86	EQUINOX GOLD CORP NOTE 4.750%10/1 · principal EQXCN 4.75 10.15.28 · principal	EQXCN 4.75 10.15.28	6,050,000	$10.2m0.21%	0.21%	Reduced -2.0m	-2,000,000 -24.8%
87	SOLARIS ENERGY INFRAS INC NOTE 0.250%10/0 · principal SEI 0.25 10.01.31 · principal	SEI 0.25 10.01.31	6,000,000	$9.8m0.20%	0.20%	Reduced -4.0m	-3,960,000 -39.8%
88	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	10,000,000	$9.7m0.20%	0.20%	New
89	COINBASE GLOBAL INC NOTE 0.250% 4/0 · principal COIN 0.25 04.01.30 · principal	COIN 0.25 04.01.30	10,000,000	$9.0m0.18%	0.18%	New
90	WILCO 63 CORP UNIT 05/29/2031 WLCOU	WLCOU	900,000	$9.0m0.18%	0.18%	New
91	M3-BRIGADE ACQUISITION VI CO ORD SHS CL A MBVI	MBVI	791,300	$8.0m0.16%	0.16%	Unchanged
92	CAPITAL SOUTHWEST CORP NOTE 5.125%11/1 · principal CSWC 5.125 11.15.29 · principal	CSWC 5.125 11.15.29	7,634,000	$8.0m0.16%	0.16%	Added +1.9m	+1,950,000 34.3%
93	T1 ENERGY INC NOTE 5.250%12/0 · principal TE 5.25 12.01.30 · principal	TE 5.25 12.01.30	4,400,000	$7.6m0.15%	0.15%	Reduced -9.6m	-9,600,000 -68.6%
94	HCM IV ACQUISITION CORP UNIT 01/20/2031 HACQU	HACQU	750,000	$7.6m0.15%	0.15%	Unchanged
95	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	750,000	$7.5m0.15%	0.15%	Unchanged
96	EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal DEBT 4.500% 8/1 · principal		9,184,000	$7.3m0.15%	0.15%	Added +3.0m	+3,000,000 48.5%
97	APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal AAOI 2.75 01.15.30 · principal	AAOI 2.75 01.15.30	1,948,000	$6.9m0.14%	0.14%	New
98	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	100,000	$6.7m0.14%	0.14%	Unchanged
99	HALL CHADWICK ACQUISITION CO ORD SHS CL A HCAC	HCAC	650,000	$6.5m0.13%	0.13%	Unchanged
100	ARES MANAGEMENT CORPORATION 6.75 SE B PFD ARES 6.75 10.01.27 B	ARES 6.75 10.01.27 B	175,000	$6.4m0.13%	0.13%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CONMED CORP CNMD 2.25 06.15.27	CNMD 2.25 06.15.27	119,429,000	$115.9m119.4m shares
ENPHASE ENERGY INC ENPH 0 03.01.28	ENPH 0 03.01.28	85,468,000	$76.4m85.5m shares
TRAVERE THERAPEUTICS INC TVTX 2.25 03.01.29	TVTX 2.25 03.01.29	52,933,000	$66.9m52.9m shares
IRONWOOD PHARMACEUTICALS INC IRWD 1.5 06.15.26	IRWD 1.5 06.15.26	59,619,000	$58.1m59.6m shares
NEXTERA ENERGY INC NEE 7.375 02.15.29	NEE 7.375 02.15.29	935,000	$47.0m935.0k shares
DRAFTKINGS INC NEW DKNG 0 03.15.28	DKNG 0 03.15.28	51,000,000	$46.0m51.0m shares
WAYFAIR INC W 3.5 11.15.28	W 3.5 11.15.28	23,150,000	$40.5m23.1m shares
CENTRUS ENERGY CORP LEU 2.25 11.01.30	LEU 2.25 11.01.30	19,450,000	$39.5m19.4m shares
SOLAREDGE TECHNOLOGIES INC SEDG 2.25 07.01.29	SEDG 2.25 07.01.29	21,983,000	$37.8m22.0m shares
LI AUTO INC LI 0.25 05.01.28	LI 0.25 05.01.28	33,000,000	$33.0m33.0m shares
ASSERTIO HOLDINGS INC ASRT 6.5 09.01.27	ASRT 6.5 09.01.27	24,230,000	$24.3m24.2m shares
MARRIOTT VACATIONS WORLDWIDE VAC 3.25 12.15.27	VAC 3.25 12.15.27	25,000,000	$24.1m25.0m shares
PURECYCLE TECHNOLOGIES INC PCT 7.25 08.15.30	PCT 7.25 08.15.30	25,330,000	$22.3m25.3m shares
GOSSAMER BIO INC GOSS 5 06.01.27	GOSS 5 06.01.27	48,776,000	$20.0m48.8m shares
APPLIED OPTOELECTRONICS INC		7,270,000	$16.2m7.3m shares
PPL CORP PPL 7 02.15.29	PPL 7 02.15.29	300,000	$15.4m300.0k shares
ALIGNMENT HEALTHCARE INC ALHC 4.25 11.15.29	ALHC 4.25 11.15.29	8,530,000	$12.0m8.5m shares
VISHAY INTERTECHNOLOGY INC VSH 2.25 09.15.30	VSH 2.25 09.15.30	12,000,000	$11.5m12.0m shares
VSE CORP VSEC 5.75 02.01.29	VSEC 5.75 02.01.29	200,000	$10.1m200.0k shares
KKR & CO INC KKR 6.25 03.01.28 D	KKR 6.25 03.01.28 D	250,000	$10.1m250.0k shares
AFFIRM HLDGS INC AFRM 0.75 12.15.29	AFRM 0.75 12.15.29	9,974,000	$9.4m10.0m shares
NUTANIX INC NTNX 0.5 12.15.29	NTNX 0.5 12.15.29	10,000,000	$9.0m10.0m shares
WHIRLPOOL CORP WHR 8.5 02.15.29 A	WHR 8.5 02.15.29 A	200,000	$8.2m200.0k shares
NEXTERA ENERGY CAP HLDGS INC NEE 3 03.01.27	NEE 3 03.01.27	5,800,000	$8.1m5.8m shares
NEXTERA ENERGY INC NEE 7.234 11.01.27	NEE 7.234 11.01.27	150,000	$7.9m150.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES BITCOIN TRUST ETF IBIT · Put	IBIT	Put	5,746,100	$191.3m5.7m shares	New
XANADU QUANTUM TECHNOLO LTD XNDU · Put	XNDU	Put	50,400	$610.3k50.4k shares	New

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
GOSSAMER BIO INC GOSS · 13G · filed 2026-06-09	GOSS	9.9%≈ $8.0m	new	13G	2026-06-09
GSR V ACQUISITION CORP GSRVU · 13G · filed 2026-05-20	GSRVU	8.2%	new	13G	2026-05-20
PLUM ACQUISITION CORP IV PLMK · 13G · filed 2026-07-21	PLMK	5.6%≈ $6.4m	new	13G	2026-07-21