Empyrean Capital Partners, LP

LOS ANGELES, CA · CIK 1317195 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited partnership

Assets managed$5.0bn
Staff31 · 17 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $5.0bn gross assets
Form ADV · 2026-03-30SEC adviser record

Legal entityEMPYREAN CAPITAL PARTNERS, LP (US)

$2.8bn reported value -5.4% vs Q1 2026

118positions

35.5%in top 10

39 new 13 added 30 reduced 44 sold out vs Q1 2026

Options: 0 call positions (— notional), 4 put positions ($185.4m 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	VIASAT INC COM VSAT	VSAT	1,942,000	$174.4m6.14%	6.14%	Added +804.0k	+804,000 70.7%
2	AERCAP HOLDINGS NV SHS AER	AER	900,000	$131.2m4.62%	4.62%	Reduced -100.0k	-100,000 -10.0%
3	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	1,925,000	$118.9m4.18%	4.18%	Unchanged
4	MARATHON PETE CORP COM MPC	MPC	395,600	$101.1m3.56%	3.56%	Reduced -2.5k	-2,500 -0.6%
5	ENOVA INTL INC COM ENVA	ENVA	391,000	$94.1m3.31%	3.31%	Reduced -3.1k	-3,064 -0.8%
6	ACADIAN ASSET MANAGEMENT INC COM AAMI	AAMI	1,308,000	$93.5m3.29%	3.29%	Reduced -190	-190 -0.0%
7	NORFOLK SOUTHN CORP COM NSC	NSC	279,800	$88.0m3.10%	3.10%	Reduced -37.3k	-37,300 -11.8%
8	UNION PAC CORP COM UNP	UNP	282,200	$76.8m2.70%	2.70%	Added +43.9k	+43,900 18.4%
9	NEWMARK GROUP INC CL A NMRK	NMRK	4,360,150	$65.9m2.32%	2.32%	Unchanged
10	BLACKSTONE DIGITAL INFRASTRU COMMON STOCK BXDC	BXDC	2,985,000	$64.6m2.27%	2.27%	New
11	APOLLO GLOBAL MGMT INC COM APO	APO	540,000	$63.9m2.25%	2.25%	Added +211.8k	+211,800 64.5%
12	CAPITAL ONE FINL CORP COM COF	COF	300,000	$60.2m2.12%	2.12%	Added +140.0k	+140,000 87.5%
13	CHURCHILL CAP CORP XI CL A ORD SHS CCXI	CCXI	3,150,000	$55.0m1.93%	1.93%	New
14	SOMNIGROUP INTERNATIONAL INC COM SGI	SGI	632,000	$49.5m1.74%	1.74%	New
15	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	1,783,087	$47.5m1.67%	1.67%	Reduced -799.9k	-799,913 -31.0%
16	TXNM ENERGY INC COM TXNM	TXNM	812,554	$46.1m1.62%	1.62%	Reduced -630.0k	-630,000 -43.7%
17	SHELL PLC SPON ADS SHEL	SHEL	583,688	$45.3m1.59%	1.59%	Reduced -558.0k	-558,012 -48.9%
18	ROKU INC COM CL A ROKU	ROKU	320,000	$44.2m1.56%	1.56%	New
19	BRISTOW GROUP INC COM VTOL	VTOL	1,067,500	$44.1m1.55%	1.55%	Reduced -102.5k	-102,500 -8.8%
20	CARDINAL HEALTH INC COM CAH	CAH	184,200	$43.8m1.54%	1.54%	Reduced -63.6k	-63,600 -25.7%
21	BAIN CAP GSS INVT CORP ORD CL A BCSS	BCSS	3,990,000	$41.0m1.44%	1.44%	Unchanged
22	WATERS CORP COM WAT	WAT	105,500	$39.6m1.39%	1.39%	Added +13.5k	+13,500 14.7%
23	ASHLAND INC COM ASH	ASH	542,000	$35.7m1.26%	1.26%	Unchanged
24	KENVUE INC COM KVUE	KVUE	1,732,000	$33.1m1.16%	1.16%	Unchanged
25	ELECTRONIC ARTS INC COM EA	EA	152,000	$31.2m1.10%	1.10%	Reduced -75.0k	-75,000 -33.0%
26	NELNET INC CL A NNI	NNI	231,000	$30.8m1.08%	1.08%	Unchanged
27	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	920,781	$30.6m1.08%	1.08%	Unchanged
28	ANI PHARMACEUTICALS INC NOTE 2.250% 9/0 · principal ANIP 2.25 09.01.29 · principal	ANIP 2.25 09.01.29	23,000,000	$29.7m1.05%	1.05%	Reduced -500.0k	-500,000 -2.1%
29	CHURCHILL CAP CORP XII UNIT 04/02/2031 CXIIU	CXIIU	2,700,000	$29.2m1.03%	1.03%	New
30	QORVO INC COM QRVO	QRVO	309,000	$28.8m1.01%	1.01%	Unchanged
31	CHURCHILL CAPITAL CORP IX CL A SHS CL A SHS		2,633,582	$28.7m1.01%	1.01%	Unchanged
32	PAGERDUTY INC NOTE 1.500%10/1 · principal PD 1.5 10.15.28 * · principal	PD 1.5 10.15.28 *	29,850,000	$28.0m0.99%	0.99%	Reduced -2.6m	-2,600,000 -8.0%
33	ATLAS ENERGY SOLUTIONS INC COM NEW AESI	AESI	1,618,000	$26.9m0.95%	0.95%	New
34	PENUMBRA INC COM PEN	PEN	85,000	$26.8m0.94%	0.94%	Unchanged
35	KARBON CAP PARTNERS CORP ORD SHS CL A KBON	KBON	2,632,752	$26.6m0.94%	0.94%	Unchanged
36	PHILLIPS 66 COM PSX	PSX	149,600	$25.3m0.89%	0.89%	Reduced -86.6k	-86,600 -36.7%
37	CONSTELLATION BRANDS INC CL A STZ	STZ	181,298	$25.2m0.89%	0.89%	Reduced -424.9k	-424,902 -70.1%
38	FORTRESS VALUE ACQU CORP V ORD SHS CL A FVAV	FVAV	2,475,000	$25.0m0.88%	0.88%	Unchanged
39	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	24,265,000	$22.0m0.77%	0.77%	Added +4.0m	+4,000,000 19.7%
40	TERAWULF INC COM WULF	WULF	882,000	$21.8m0.77%	0.77%	New
41	UNIFIRST CORP MASS COM UNF	UNF	81,000	$21.4m0.75%	0.75%	Unchanged
42	GENERAL CATALYST GBL RESIL M UNIT 04/13/2031 GCGRU	GCGRU	2,000,000	$20.6m0.72%	0.72%	New
43	KIMBERLY-CLARK CORP COM KMB	KMB	187,200	$20.5m0.72%	0.72%	Unchanged
44	SIRIUSXM HOLDINGS INC COMMON STOCK SIRI	SIRI	692,775	$20.5m0.72%	0.72%	Unchanged
45	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	20,500,000	$20.3m0.71%	0.71%	New
46	BARRICK MNG CORP COM SHS B	B	550,000	$20.2m0.71%	0.71%	Reduced -117.8k	-117,800 -17.6%
47	METALS ACQUISITION CORP II ORD CL A MTAL	MTAL	1,980,000	$20.1m0.71%	0.71%	New
48	HONEYWELL AEROSPACE INC COM HONA	HONA	90,001	$19.9m0.70%	0.70%	New
49	CHEESECAKE FACTORY INC NOTE 2.000% 3/1 · principal CAKE 2 03.15.30 · principal	CAKE 2 03.15.30	15,500,000	$19.7m0.69%	0.69%	Unchanged
50	ARDAGH METAL PACKAGING S A SHS AMBP	AMBP	4,000,000	$19.0m0.67%	0.67%	Unchanged
51	ALLEGIANT TRAVEL CO COM ALGT	ALGT	161,071	$18.9m0.67%	0.67%	New
52	CLOUDFLARE INC NOTE 6/1 · principal NET 0 06.15.30 · principal	NET 0 06.15.30	14,756,000	$18.8m0.66%	0.66%	New
53	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	15,000,000	$17.7m0.62%	0.62%	New
54	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	18,500,000	$17.7m0.62%	0.62%	New
55	LIBERTY BROADBAND CORP COM SER A LBRDA	LBRDA	500,000	$16.6m0.59%	0.59%	Unchanged
56	SITIME CORP NOTE 6/1 · principal SITM 0 06.15.31 · principal	SITM 0 06.15.31	15,000,000	$16.6m0.58%	0.58%	New
57	BP PLC SPONSORED ADR BP	BP	435,000	$16.1m0.57%	0.57%	Added +215.0k	+215,000 97.7%
58	CAMDEN PPTY TR SH BEN INT CPT	CPT	137,000	$15.7m0.55%	0.55%	Added +43.0k	+43,000 45.7%
59	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	164,000	$15.6m0.55%	0.55%	New
60	GORES HLDGS X INC SHS CL A GTEN	GTEN	1,475,000	$15.4m0.54%	0.54%	Unchanged
61	INVITATION HOMES INC COM INVH	INVH	503,000	$15.2m0.53%	0.53%	Added +118.0k	+118,000 30.6%
62	INFINITE EAGLE ACQUISITION C CL A IEAG	IEAG	1,499,000	$15.2m0.53%	0.53%	New
63	AVALONBAY CMNTYS INC COM AVB	AVB	80,000	$15.1m0.53%	0.53%	Added +22.0k	+22,000 37.9%
64	LIBERTY LIVE HOLDINGS INC COM SHS SER C LLYVK	LLYVK	134,300	$14.2m0.50%	0.50%	Unchanged
65	REVOLUTION MEDICINES INC COM RVMD	RVMD	75,400	$14.1m0.50%	0.50%	Reduced -27.0k	-27,000 -26.4%
66	PERPETUA RESOURCES CORP COM PPTA	PPTA	677,000	$14.1m0.49%	0.49%	Reduced -163.0k	-163,000 -19.4%
67	NOVAGOLD RES INC COM NEW NG	NG	2,313,300	$13.8m0.49%	0.49%	Reduced -386.7k	-386,700 -14.3%
68	ONEIM ACQUISITION CORP ORD SHS CL A OIM	OIM	1,358,140	$13.7m0.48%	0.48%	New
69	TELEFLEX INCORPORATED COM TFX	TFX	107,000	$13.6m0.48%	0.48%	New
70	DELEK US HLDGS INC NEW COM DK	DK	265,287	$13.5m0.47%	0.47%	Added +56.6k	+56,587 27.1%
71	SINCLAIR INC CL A SBGI	SBGI	944,493	$13.5m0.47%	0.47%	Reduced -100.0k	-100,000 -9.6%
72	AMERICAN EXCEPTIONALISM ACQU ORD CL A AEXA	AEXA	1,100,000	$13.0m0.46%	0.46%	Reduced -130.0k	-130,000 -10.6%
73	CENTURI HOLDINGS INC COM SHS CTRI	CTRI	414,080	$12.5m0.44%	0.44%	Added +17.1k	+17,080 4.3%
74	ECHOSTAR CORP CL A ECHO	ECHO	119,000	$12.1m0.43%	0.43%	Reduced -109.0k	-109,000 -47.8%
75	AXALTA COATING SYS LTD COM AXTA	AXTA	337,000	$11.5m0.41%	0.41%	Reduced -1.7m	-1,713,000 -83.6%
76	TRIPADVISOR INC COM TRIP	TRIP	827,000	$11.3m0.40%	0.40%	New
77	COLOMBIER ACQUISITION CORP I ORD SHS CL A CLBR	CLBR	1,000,000	$10.2m0.36%	0.36%	New
78	SNAP INC CL A SNAP	SNAP	2,300,000	$10.2m0.36%	0.36%	Reduced -3.2m	-3,200,000 -58.2%
79	OAKTREE ACQUISITION CORP III SHS CL A OACC	OACC	900,000	$9.6m0.34%	0.34%	Unchanged
80	APOLLO COML REAL EST FIN INC COM ARI	ARI	883,751	$9.4m0.33%	0.33%	Unchanged
81	ITRON INC NOTE 1.375% 7/1 · principal ITRI 1.375 07.15.30 · principal	ITRI 1.375 07.15.30	9,162,000	$9.2m0.32%	0.32%	Added +2.9m	+2,912,000 46.6%
82	TELEPHONE & DATA SYS INC COM NEW TDS	TDS	245,000	$9.1m0.32%	0.32%	Reduced -55.0k	-55,000 -18.3%
83	LIONSGATE STUDIOS CORP COM LION	LION	494,000	$7.6m0.27%	0.27%	New
84	LIBERTY LIVE HOLDINGS INC COM SER A LLYVA	LLYVA	72,250	$7.3m0.26%	0.26%	Unchanged
85	ALTICE USA INC CL A OPTU	OPTU	14,039,012	$6.4m0.23%	0.23%	Reduced -10.5m	-10,539,395 -42.9%
86	EQT CORP COM EQT	EQT	110,400	$5.9m0.21%	0.21%	Unchanged
87	ETSY INC NOTE 1.000% 6/1 · principal ETSY 1 06.15.30 · principal	ETSY 1 06.15.30	5,000,000	$5.8m0.20%	0.20%	New
88	DEVON ENERGY CORP NEW COM DVN	DVN	134,400	$5.6m0.20%	0.20%	New
89	INFLEQTION INC *W EXP 02/17/203 INFQ.WS	INFQ.WS	762,500	$5.2m0.18%	0.18%	Unchanged
90	OCCIDENTAL PETE CORP COM OXY	OXY	104,900	$5.1m0.18%	0.18%	Reduced -51.0k	-51,000 -32.7%
91	VENTURE GLOBAL INC COM CL A VG	VG	451,000	$5.0m0.18%	0.18%	Reduced -380.0k	-380,000 -45.7%
92	ALARM COM HLDGS INC NOTE 2.250% 6/0 · principal ALRM 2.25 06.01.29 · principal	ALRM 2.25 06.01.29	5,000,000	$4.7m0.17%	0.17%	New
93	GANNETT CO INC COM TDAY	TDAY	500,000	$4.3m0.15%	0.15%	New
94	RANGE RES CORP COM RRC	RRC	101,300	$3.8m0.13%	0.13%	Unchanged
95	ANTERO RESOURCES CORP COM AR	AR	101,400	$3.6m0.13%	0.13%	Unchanged
96	EXPAND ENERGY CORPORATION COM EXE	EXE	34,500	$3.1m0.11%	0.11%	Unchanged
97	SUNSHINE SILVER MNG & REFNG COMMON STOCK SSMR	SSMR	237,000	$3.1m0.11%	0.11%	New
98	INHIBRX BIOSCIENCES INC COM INBX	INBX	30,000	$2.8m0.10%	0.10%	New
99	ALAMOS GOLD INC NEW COM CL A AGI	AGI	91,000	$2.8m0.10%	0.10%	Unchanged
100	PROPETRO HLDG CORP COM PUMP	PUMP	188,500	$2.7m0.10%	0.10%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
COMMSCOPE HLDG CO INC VISN	VISN	3,732,000	$67.9m3.7m shares
VISHAY INTERTECHNOLOGY INC VSH 2.25 09.15.30	VSH 2.25 09.15.30	52,000,000	$49.8m52.0m shares
COMCAST CORP NEW CMCSA	CMCSA	1,345,000	$38.6m1.3m shares
FOX CORP FOXA	FOXA	622,000	$36.3m622.0k shares
CHURCHILL CAP CORP XI CCXIU	CCXIU	3,500,000	$35.9m3.5m shares
IAC INC PPLI	PPLI	820,000	$32.8m820.0k shares
TRANSOCEAN LTD RIG	RIG	4,570,463	$30.3m4.6m shares
MISTER CAR WASH INC		4,250,000	$29.6m4.2m shares
ON SEMICONDUCTOR CORP ON 0.5 03.01.29	ON 0.5 03.01.29	25,000,000	$24.5m25.0m shares
RITHM ACQUISITION CORP RAC	RAC	2,230,000	$23.2m2.2m shares
NEXTNAV INC NN	NN	1,432,000	$22.9m1.4m shares
ISHARES TR IGV	IGV	286,000	$22.9m286.0k shares
METALS ACQUISITION CORP II MTAL.U	MTAL.U	1,980,000	$20.0m2.0m shares
KPET ULTRA PACELINE CORP KPET.U	KPET.U	1,800,000	$18.0m1.8m shares
SBA COMMUNICATIONS CORP NEW SBAC	SBAC	102,000	$17.6m102.0k shares
SUN CTRY AIRLS HLDGS INC SNCY	SNCY	1,034,499	$17.1m1.0m shares
INFINITE EAGLE ACQUISITION C IEAGU	IEAGU	1,499,000	$15.2m1.5m shares
VERSANT MEDIA GROUP INC VSNT	VSNT	384,748	$14.2m384.7k shares
ONEIM ACQUISITION CORP OIMAU	OIMAU	1,358,140	$13.7m1.4m shares
LIBERTY ENERGY INC LBRT	LBRT	400,000	$11.5m400.0k shares
DAEDALUS SPL ACQUISITION COR DSAC	DSAC	1,132,000	$11.2m1.1m shares
GCI LIBERTY INC GLIBK	GLIBK	293,218	$10.9m293.2k shares
PENGUIN SOLUTIONS INC PENG 2 08.15.30	PENG 2 08.15.30	10,500,000	$10.5m10.5m shares
COLOMBIER ACQUISITION CORP I CLBR.U	CLBR.U	1,000,000	$10.2m1.0m shares
HENNESSY CAP INVTS CORP VIII HCICU	HCICU	1,000,000	$10.0m1.0m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	87,500	$65.3m87.5k shares	Reduced
ISHARES TR IWM · Put	IWM	Put	180,000	$54.1m180.0k shares	New
INVESCO QQQ TR QQQ · Put	QQQ	Put	45,000	$33.1m45.0k shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	50,000	$32.8m50.0k 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
CHURCHILL CAPITAL CORP IX 13G · filed 2025-02-14		9.8%≈ $31.6m		13G	2025-02-14
RITHM ACQUISITION CORP RAC · 13G · filed 2026-05-15	RAC	9.4%≈ $23.3m	+3.6 pts	13G	2026-05-15
BAIN CAP GSS INVT CORP BCSS · 13G · filed 2026-05-15	BCSS	9.3%≈ $44.6m		13G	2026-05-15
KARBON CAP PARTNERS CORP KBON · 13G · filed 2026-05-15	KBON	9.2%≈ $32.8m		13G	2026-05-15
METALS ACQUISITION CORP II MTAL.U · 13G · filed 2026-05-15	MTAL.U	8.6%≈ $21.7m	new	13G	2026-05-15
FORTRESS VALUE ACQU CORP V FVAV · 13G · filed 2026-05-15	FVAV	8.6%≈ $25.0m	new	13G	2026-05-15
BAIN CAP GSS INVT CORP BCSS.U · 13G · filed 2026-02-17	BCSS.U	8.5%≈ $41.3m	new	13G	2026-02-17
CHURCHILL CAP CORP XI CCXIU · 13G · filed 2026-02-17	CCXIU	8.3%	new	13G	2026-02-17
ALTICE USA INC OPTU · 13G · filed 2026-08-14	OPTU	8.1%≈ $20.4m	+2.9 pts	13G	2026-08-14
CHURCHILL CAP CORP XI CCXI · 13G · filed 2026-08-14	CCXI	7.5%≈ $55.0m	new	13G	2026-08-14
KARBON CAP PARTNERS CORP KBONU · 13G · filed 2026-02-17	KBONU	7.4%≈ $27.0m	new	13G	2026-02-17
CHURCHILL CAP CORP XII CXII · 13G · filed 2026-08-14	CXII	6.5%≈ $28.8m	new	13G	2026-08-14