Fort Baker Capital Management LP

Larkspur, CA · CIK 1688382 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$1.1bn
Staff9 · 6 in investment roles
Main clients (by assets)Private funds 62%, Mutual funds and ETFs 38%
Private funds1 (1 hedge) · $18.0m gross assets
Websitefortbakercapital.com
Form ADV · 2026-03-31SEC adviser record

Legal entityFORT BAKER CAPITAL MANAGEMENT LP (US)

$1.3bn reported value +11.5% vs Q1 2026

115positions

47.1%in top 10

38 new 28 added 9 reduced 38 sold out vs Q1 2026

Options: 2 call positions ($3.3m notional), 4 put positions ($107.4m 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	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	4,444,353	$118.5m9.43%	9.43%	Added +424.0k	+424,048 10.6%
2	NORFOLK SOUTHN CORP COM NSC	NSC	314,269	$98.9m7.87%	7.87%	Added +139.7k	+139,686 80.0%
3	ELECTRONIC ARTS INC COM EA	EA	388,986	$79.8m6.35%	6.35%	Reduced -6.2k	-6,172 -1.6%
4	AES CORP COM AES	AES	4,787,083	$70.2m5.58%	5.58%	Added +368.3k	+368,321 8.3%
5	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	1,565,549	$52.1m4.14%	4.14%	Added +728.3k	+728,347 87.0%
6	BAIN CAP GSS INVT CORP ORD CL A BCSS	BCSS	4,248,685	$43.6m3.47%	3.47%	Added +267.4k	+267,433 6.7%
7	CHURCHILL CAP CORP XI CL A ORD SHS CCXI	CCXI	2,003,697	$35.0m2.78%	2.78%	Reduced -516.2k	-516,151 -20.5%
8	GORES HLDGS X INC SHS CL A GTEN	GTEN	3,346,482	$34.9m2.78%	2.78%	Added +1.0m	+1,031,292 44.5%
9	CHURCHILL CAPITAL CORP IX CL A SHS CL A SHS		2,873,655	$31.3m2.49%	2.49%	Added +1.4m	+1,417,766 97.4%
10	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	30,000,000	$27.8m2.21%	2.21%	New
11	COHEN CIRCLE ACQUISIT CORP I SHS CL A CCII	CCII	2,546,827	$26.2m2.09%	2.09%	Added +891.5k	+891,467 53.9%
12	CRANE HBR ACQUISITION CORP I UNIT 12/09/2030 CRANU	CRANU	2,538,361	$25.7m2.05%	2.05%	Added +1.2m	+1,210,779 91.2%
13	STRATEGY INC NOTE 12/0 · principal MSTR 0 12.01.29 · principal	MSTR 0 12.01.29	26,900,000	$23.3m1.85%	1.85%	Added +4.0m	+4,000,000 17.5%
14	MARRIOTT VACATIONS WORLDWIDE NOTE 3.250%12/1 · principal VAC 3.25 12.15.27 · principal	VAC 3.25 12.15.27	23,500,000	$23.2m1.85%	1.85%	Added +1.5m	+1,500,000 6.8%
15	NORTHWESTERN ENERGY GROUP IN COM NEW NWE	NWE	318,094	$22.8m1.81%	1.81%	Added +5.1k	+5,067 1.6%
16	BLEICHROEDER ACQUISITI CORP USD CL A ORD SHS USD CL A ORD SHS		2,082,058	$21.5m1.71%	1.71%	Added +823.6k	+823,568 65.4%
17	CHURCHILL CAP CORP XII CL A ORD SHS CXII	CXII	2,000,000	$21.3m1.69%	1.69%	New
18	ENOVIS CORPORATION NOTE 3.875%10/1 · principal ENOV 3.875 10.15.28 · principal	ENOV 3.875 10.15.28	21,387,000	$20.8m1.65%	1.65%	Added +387.0k	+387,000 1.8%
19	RITHM ACQUISITION CORP CL A RAC	RAC	1,950,405	$20.4m1.62%	1.62%	Added +1.5m	+1,500,000 333.0%
20	SPARTACUS ACQUISITION CORP I CL A ORD SHS TMTS	TMTS	1,970,838	$19.7m1.57%	1.57%	New
21	HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal	HAE 2.5 06.01.29	19,250,000	$19.5m1.55%	1.55%	Added +9.8m	+9,750,000 102.6%
22	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	21,125,000	$19.3m1.53%	1.53%	New
23	SPACE ASSET ACQUISITION CORP USD CL A ORD SHS SAAQ	SAAQ	1,879,820	$19.2m1.53%	1.53%	Added +1.5m	+1,528,620 435.3%
24	PERIMETER ACQUISITION CORP I COM CL A PMTR	PMTR	1,573,684	$16.4m1.30%	1.30%	Unchanged
25	AGRICULTURE & NAT SOL ACQ CO SHS CL A SHS CL A		1,379,630	$15.8m1.25%	1.25%	Reduced -500.0k	-500,000 -26.6%
26	KARBON CAP PARTNERS CORP ORD SHS CL A KBON	KBON	1,499,756	$15.1m1.21%	1.21%	Unchanged
27	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	15,000,000	$14.4m1.15%	1.15%	New
28	ARCHIMEDES TECH SPAC PARTNER ORD SHS ORD SHS		1,330,746	$14.3m1.14%	1.14%	New
29	VIKING ACQUISITION CORP I ORD CL A NSTR	NSTR	1,365,503	$14.0m1.11%	1.11%	New
30	GRAF GLOBAL CORP ORD SHS CL A TONT	TONT	1,256,015	$13.6m1.08%	1.08%	Reduced -240.5k	-240,504 -16.1%
31	CLEANSPARK INC NOTE 6/1 · principal CLSK 0 06.15.30 · principal	CLSK 0 06.15.30	10,000,000	$13.1m1.04%	1.04%	Added +5.0m	+5,000,000 100.0%
32	CRACKER BARREL OLD CTRY STOR NOTE 1.750% 9/1 · principal CBRL 1.75 09.15.30 · principal	CBRL 1.75 09.15.30	12,500,000	$13.0m1.03%	1.03%	New
33	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	12,126,000	$12.3m0.98%	0.98%	Unchanged
34	OAKTREE ACQUISITION CORP III SHS CL A OACC	OACC	1,105,394	$11.8m0.94%	0.94%	Added +105.4k	+105,394 10.5%
35	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	12,500,000	$11.4m0.91%	0.91%	New
36	GESHER ACQUISITION CORP. II USD CL A ORD SHS GSHR	GSHR	1,091,570	$11.4m0.91%	0.91%	Unchanged
37	LIVERAMP HLDGS INC COM RAMP	RAMP	290,823	$10.9m0.87%	0.87%	New
38	GENERAL CATALYST GBL RESIL M CL A GCGR	GCGR	1,000,000	$10.1m0.80%	0.80%	New
39	GAMESTOP CORP NOTE 4/0 · principal GME 0 04.01.30 · principal	GME 0 04.01.30	9,850,000	$10.0m0.80%	0.80%	New
40	MOUNTAIN LAKE ACQUISIT CORP USD CL A ORD SHS MLAA	MLAA	1,000,000	$9.9m0.79%	0.79%	New
41	PRESIDIO PRODTN CO CL A COM FTW	FTW	815,247	$9.9m0.79%	0.79%	Added +35.7k	+35,676 4.6%
42	EGH ACQUISITION CORP. SHS CL A EGHA	EGHA	931,782	$9.6m0.76%	0.76%	Unchanged
43	DAEDALUS SPL ACQUISITION COR USD CL A ORD SHS DSAC	DSAC	890,000	$9.0m0.71%	0.71%	Unchanged
44	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	8,500,000	$8.3m0.66%	0.66%	New
45	INSIGHT DIGITAL PARTNERS II CL A ORD DYOR	DYOR	769,129	$7.7m0.61%	0.61%	Unchanged
46	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	244,341	$7.4m0.59%	0.59%	New
47	ONEIM ACQUISITION CORP ORD SHS CL A OIM	OIM	702,992	$7.1m0.56%	0.56%	Unchanged
48	MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal	MARA 0 03.01.30	7,000,000	$7.0m0.56%	0.56%	Added +5.0m	+5,000,000 250.0%
49	BLACK SPADE ACQUISITION III USD CL A ORD SHS BIII	BIII	700,000	$7.0m0.55%	0.55%	Added +200.0k	+200,000 40.0%
50	REDFIN CORP NOTE 0.500% 4/0 · principal RDFN 0.5 04.01.27 · principal	RDFN 0.5 04.01.27	6,344,000	$6.1m0.49%	0.49%	Unchanged
51	KEYSTONE ACQUISITION CORP UNIT 05/28/2031 KEYYU	KEYYU	600,000	$6.0m0.48%	0.48%	New
52	VINE HILL CAP INVTS CORP II CL A VHCP	VHCP	600,000	$6.0m0.48%	0.48%	Unchanged
53	LIBERTY BROADBAND CORP COM SER A LBRDA	LBRDA	175,602	$5.8m0.47%	0.47%	Added +163.1k	+163,148 1310.0%
54	SUNCRETE INC COM SHS CL A RMIX	RMIX	245,438	$5.5m0.44%	0.44%	New
55	TWO HBRS INVT CORP COM COM		386,971	$4.8m0.38%	0.38%	New
56	KLARNA GROUP PLC SHS KLAR	KLAR	225,000	$4.6m0.36%	0.36%	New
57	D. BORAL ARC ACQ I CORP. SHS CL A SHS CL A		397,650	$4.1m0.33%	0.33%	New
58	DEVON ENERGY CORP NEW COM DVN	DVN	95,000	$3.9m0.31%	0.31%	New
59	SPRING VY ACQUISITION CORP I ORD SHS CL A SVIV	SVIV	375,611	$3.8m0.30%	0.30%	Added +175.6k	+175,611 87.8%
60	EQV VENTURES AC CORP. II ORD SHS CL A EVAC	EVAC	328,000	$3.3m0.27%	0.27%	Unchanged
61	EVOLUTION GLOBAL ACQUISITION USD CL A ORD SHS EVOX	EVOX	333,223	$3.3m0.27%	0.27%	Reduced -100.0k	-100,000 -23.1%
62	PROCAP ACQUISITION CORP SHS CL A PCAP	PCAP	303,781	$3.1m0.25%	0.25%	Unchanged
63	RE MAX HLDGS INC CL A RMAX	RMAX	291,076	$2.9m0.23%	0.23%	New
64	ALDEL FINL II INC CL A ALDF	ALDF	254,193	$2.7m0.22%	0.22%	Reduced -200.0k	-200,000 -44.0%
65	REPLIGEN CORP NOTE 1.000%12/1 · principal RGEN 1 12.15.28 · principal	RGEN 1 12.15.28	2,500,000	$2.6m0.20%	0.20%	Reduced -5.0m	-5,000,000 -66.7%
66	LIFESTANCE HEALTH GROUP INC COM LFST	LFST	216,000	$2.3m0.18%	0.18%	New
67	OCTAVE INTELLIGENCE PLC ORD SHS CL B OCTV	OCTV	130,000	$2.1m0.17%	0.17%	New
68	CORE SCIENTIFIC INC NEW *W EXP 01/23/202 CORZW	CORZW	110,771	$2.1m0.17%	0.17%	Reduced -1.7m	-1,653,926 -93.7%
69	CHURCHILL CAP CORP XI *W EXP 12/10/203 CCXIW	CCXIW	225,295	$1.7m0.13%	0.13%	Unchanged
70	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	8,000	$1.4m0.11%	0.11%	New
71	INFINITE EAGLE ACQUISITION C CL A IEAG	IEAG	133,055	$1.3m0.11%	0.11%	Unchanged
72	BEAZER HOMES USA INC COM NEW BZH	BZH	38,400	$1.1m0.09%	0.09%	New
73	SAFEGUARD ACQUISITION CORP CL A ORD SHS SAC	SAC	102,239	$1.0m0.08%	0.08%	New
74	SYNTEC OPTICS HLDGS INC *W EXP 99/99/999 OPTXW	OPTXW	370,273	$944.2k0.08%	0.08%	New
75	AXIOM INTELLIGENCE AC CORP 1 ORD SHS CL A AXIN	AXIN	90,000	$930.6k0.07%	0.07%	New
76	BLEICHROEDER ACQUISITI CORP W EXP 12/23/203 W EXP 12/23/203		417,149	$909.4k0.07%	0.07%	Unchanged
77	NEWHOLD INVT CORP III ORD SHS CL A ORD SHS CL A		77,163	$840.3k0.07%	0.07%	New
78	MONTANA TECHNOLOGIES CORP *W EXP 03/15/202 AIRJW	AIRJW	541,319	$703.7k0.06%	0.06%	Added +367.5k	+367,547 211.5%
79	FACT II ACQUISITION CORP ORD SHS CL A FACT	FACT	58,971	$626.9k0.05%	0.05%	New
80	EGH ACQUISITION CORP. RIGHT 99/99/9999 EGHAR	EGHAR	1,493,658	$560.5k0.04%	0.04%	Unchanged
81	SHUTTERSTOCK INC COM SSTK	SSTK	29,642	$413.5k0.03%	0.03%	New
82	CHURCHILL CAP CORP XII *W EXP 04/02/203 CXIIW	CXIIW	199,998	$340.0k0.03%	0.03%	New
83	KARBON CAP PARTNERS CORP *W EXP 12/11/203 KBONW	KBONW	374,937	$281.2k0.02%	0.02%	Unchanged
84	BAIN CAP GSS INVT CORP *W EXP 01/01/202 BCSS.WS	BCSS.WS	406,531	$276.4k0.02%	0.02%	Unchanged
85	GENERAL CATALYST GBL RESIL M *W EXP 04/13/203 GCGRW	GCGRW	249,998	$245.0k0.02%	0.02%	New
86	PERIMETER ACQUISITION CORP I *W EXP 05/13/203 PMTRW	PMTRW	266,149	$239.5k0.02%	0.02%	Unchanged
87	VIKING ACQUISITION CORP I *W EXP 11/03/203 NSTR.WS	NSTR.WS	213,681	$192.3k0.02%	0.02%	Added +113.7k	+113,681 113.7%
88	GETTY IMAGES HOLDINGS INC CL A COM GETYQ	GETYQ	219,057	$188.4k0.01%	0.01%	Reduced -1.2m	-1,176,488 -84.3%
89	EVOLUTION GLOBAL ACQUISITION *W EXP 10/22/203 EVOXW	EVOXW	406,147	$171.6k0.01%	0.01%	Unchanged
90	GESHER ACQUISITION CORP. II *W EXP 10/31/203 GSHRW	GSHRW	450,000	$129.4k0.01%	0.01%	Unchanged
91	ALUSSA ENERGY ACQUISIT CORP *W EXP 99/99/999 ALUB.WS	ALUB.WS	320,157	$127.9k0.01%	0.01%	Added +65.2k	+65,240 25.6%
92	WEBULL CORP *W EXP 04/10/203 BULLW	BULLW	60,208	$115.6k0.01%	0.01%	Unchanged
93	SPACE ASSET ACQUISITION CORP *W EXP 03/31/203 SAAQW	SAAQW	120,307	$108.3k0.01%	0.01%	Added +3.2k	+3,241 2.8%
94	DAEDALUS SPL ACQUISITION COR *W EXP 11/24/203 DSACW	DSACW	197,499	$102.7k0.01%	0.01%	Unchanged
95	ROMAN DBDR ACQUISITION CORP *W EXP 10/31/203 DRDBW	DRDBW	402,823	$99.1k0.01%	0.01%	Unchanged
96	ONEIM ACQUISITION CORP *W EXP 01/07/203 OIMAW	OIMAW	117,163	$96.7k0.01%	0.01%	Unchanged
97	AXIOM INTELLIGENCE AC CORP 1 RIGHT 06/10/2030 AXINR	AXINR	250,000	$94.1k0.01%	0.01%	Unchanged
98	VINE HILL CAP INVTS CORP II *W EXP 11/25/203 VHCPW	VHCPW	199,999	$94.0k0.01%	0.01%	Unchanged
99	ARCHIMEDES TECH SPAC PARTNER W EXP 10/15/202 W EXP 10/15/202		41,177	$90.2k0.01%	0.01%	New
100	BLACK SPADE ACQUISITION III *W EXP 99/99/999 BIII.WS	BIII.WS	166,666	$63.3k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MASIMO CORP MASI	MASI	312,720	$55.6m312.7k shares
TERNS PHARMACEUTICALS INC		822,000	$43.3m822.0k shares
CARTESIAN GROWTH CORP III FAC	FAC	2,702,931	$27.7m2.7m shares
CLEARWATER ANALYTICS HLDGS I		970,611	$23.0m970.6k shares
REAL ASSET ACQUISITION CORP		1,719,359	$18.1m1.7m shares
ONESTREAM INC OS	OS	689,587	$16.6m689.6k shares
ROMAN DBDR ACQUISITION CORP DRDB	DRDB	1,523,746	$16.0m1.5m shares
ZIFF DAVIS INC ZD 1.75 11.01.26	ZD 1.75 11.01.26	13,100,000	$13.0m13.1m shares
DRAFTKINGS INC NEW DKNG 0 03.15.28	DKNG 0 03.15.28	12,500,000	$11.3m12.5m shares
SILICON LABORATORIES INC SLAB	SLAB	53,955	$11.2m54.0k shares
SPRING VY ACQUISITION CORP I GFUZ	GFUZ	1,101,313	$11.2m1.1m shares
RIOT PLATFORMS INC RIOT 0.75 01.15.30	RIOT 0.75 01.15.30	8,897,000	$10.3m8.9m shares
BRINKS CO BCO	BCO	86,247	$8.9m86.2k shares
NCL CORP LTD NCLH 1.125 02.15.27	NCLH 1.125 02.15.27	8,907,000	$8.7m8.9m shares
CLEARWAY ENERGY INC		186,991	$7.3m187.0k shares
X3 ACQUISITION CORP LTD XCBE	XCBE	600,000	$5.9m600.0k shares
VANECK ETF TRUST SMH	SMH	10,409	$4.0m10.4k shares
SPECTRUM BRANDS INC SPB 3.375 06.01.29	SPB 3.375 06.01.29	3,691,000	$3.7m3.7m shares
MADISON SQUARE GRDN SPRT COR MSGS	MSGS	10,000	$3.2m10.0k shares
HAYMAKER ACQUISITION CORP IV 2680812D	2680812D	250,000	$2.9m250.0k shares
ISHARES TR ITA	ITA	12,083	$2.6m12.1k shares
SUPER MICRO COMPUTER INC SMCI 2.25 07.15.28	SMCI 2.25 07.15.28	3,000,000	$2.6m3.0m shares
ARTIUS II ACQUISITION INC		232,736	$2.4m232.7k shares
CANTALOUPE INC USAT	USAT	202,909	$2.2m202.9k shares
SPARTACUS ACQUISITION CORP I TMTSU	TMTSU	150,000	$1.5m150.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	2,412,500	$64.3m2.4m shares	Reduced
INVESCO QQQ TR QQQ · Put	QQQ	Put	50,000	$36.8m50.0k shares	New
ELECTRONIC ARTS INC EA · Put	EA	Put	22,400	$4.6m22.4k shares	Reduced
CAESARS ENTERTAINMENT INC NE CZR · Call	CZR	Call	86,300	$2.6m86.3k shares	New
AES CORP AES · Put	AES	Put	116,300	$1.7m116.3k shares	Added
LIVERAMP HLDGS INC RAMP · Call	RAMP	Call	18,300	$688.8k18.3k 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
EQV VENTURES ACQUISITION COR FTW · 13G · filed 2025-11-14	FTW	10.0%	+1.3 pts	13G	2025-11-14
COHEN CIRCLE ACQUISIT CORP I CCII · 13G · filed 2026-08-14	CCII	9.8%≈ $26.2m	+3.4 pts	13G	2026-08-14
CHURCHILL CAPITAL CORP IX 13G · filed 2026-08-14		9.7%≈ $31.3m	+4.8 pts	13G	2026-08-14
GORES HLDGS X INC GTEN · 13G · filed 2026-08-14	GTEN	9.3%≈ $34.9m	+2.9 pts	13G	2026-08-14
CARTESIAN GROWTH CORP III FAC · 13G · filed 2026-02-17	FAC	9.2%	new	13G	2026-02-17
GRAF GLOBAL CORP TONT · 13G · filed 2026-08-14	TONT	8.9%≈ $13.6m	+2.4 pts	13G	2026-08-14
SPARTACUS ACQUISITION CORP I TMTS · 13G · filed 2026-08-14	TMTS	8.6%≈ $19.7m	new	13G	2026-08-14
BAIN CAP GSS INVT CORP BCSS · 13G · filed 2026-05-15	BCSS	8.5%≈ $40.9m	+2.6 pts	13G	2026-05-15
RITHM ACQUISITION CORP RAC · 13G · filed 2026-08-14	RAC	8.2%≈ $20.4m	new	13G	2026-08-14
SPACE ASSET ACQUISITION CORP SAAQ · 13G · filed 2026-08-14	SAAQ	8.0%≈ $19.2m	new	13G	2026-08-14
BLEICHROEDER ACQUISITI CORP 13G · filed 2026-08-14		7.2%≈ $21.5m	new	13G	2026-08-14
CRANE HBR ACQUISITION CORP I CRAN · 13G · filed 2026-08-14	CRAN	7.2%≈ $25.7m	new	13G	2026-08-14
GESHER ACQUISITION CORP. II GSHR · 13G · filed 2025-08-14	GSHR	7.0%≈ $11.0m	new	13G	2025-08-14
CHURCHILL CAP CORP X CCCXU · 13G · filed 2025-08-14	CCCXU	6.4%	new	13G	2025-08-14
PERIMETER ACQUISITION CORP I PMTR · 13G · filed 2026-05-15	PMTR	6.3%≈ $16.4m	new	13G	2026-05-15
EGH ACQUISITION CORP. EGHA · 13G · filed 2026-05-15	EGHA	6.0%≈ $9.6m	new	13G	2026-05-15
VIKING ACQUISITION CORP I NSTR · 13G · filed 2026-08-14	NSTR	5.8%≈ $14.0m	new	13G	2026-08-14
CHURCHILL CAP CORP XI CCXIU · 13G · filed 2026-02-17	CCXIU	5.4%	new	13G	2026-02-17
OAKTREE ACQUISITION CORP III OACC · 13G · filed 2026-05-15	OACC	5.1%≈ $10.7m	new	13G	2026-05-15