SONA ASSET MANAGEMENT (US) LLC

NEW YORK, NY · CIK 1856405 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2018 · limited liability company

Assets managed$33.5bn
Staff39 · 31 in investment roles
Main clients (by assets)Private funds 91%, Sovereign wealth funds 9%
Private funds5 (2 hedge) · $29.4bn gross assets
Form ADV · 2026-07-09SEC adviser record

Legal entitySONA ASSET MANAGEMENT (US) LLC (US)

$2.7bn reported value +2.8% vs Q1 2026

390positions

39.4%in top 10

139 new 26 added 25 reduced 54 sold out vs Q1 2026

Options: 17 call positions ($1.0bn notional), 17 put positions ($1.0bn notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

SONA ASSET MANAGEMENT (UK) LLP – reports through this filing

Shares in two reports are counted once in each security's totals.

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 CL A ECHO	ECHO	2,287,240	$232.2m8.67%	8.67%	Added +420.9k	+420,870 22.6%
2	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	5,495,158	$146.5m5.47%	5.47%	Reduced -441.1k	-441,051 -7.4%
3	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	648,262	$137.9m5.15%	5.15%	New
4	BILL HOLDINGS INC NOTE 4/0 · principal BILL 0 04.01.30 · principal	BILL 0 04.01.30	150,078,000	$129.7m4.84%	4.84%	Added +13.7m	+13,738,000 10.1%
5	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	95,000,000	$93.6m3.50%	3.50%	Reduced -5.0m	-5,000,000 -5.0%
6	ETSY INC NOTE 0.250% 6/1 · principal ETSY 0.25 06.15.28 · principal	ETSY 0.25 06.15.28	77,500,000	$71.0m2.65%	2.65%	New
7	KYIVSTAR GROUP LTD ORD SHS KYIV	KYIV	4,014,331	$64.9m2.42%	2.42%	Reduced -1.5m	-1,535,348 -27.7%
8	SHARONAI HOLDINGS INC COM CL A SHAZ	SHAZ	749,362	$63.4m2.37%	2.37%	Added +649.4k	+649,362 649.4%
9	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	1,245,000	$62.4m2.33%	2.33%	New
10	DRAFTKINGS INC NEW NOTE 3/1 · principal DKNG 0 03.15.28 · principal	DKNG 0 03.15.28	55,999,000	$52.3m1.95%	1.95%	Reduced -22.4m	-22,401,000 -28.6%
11	ISHARES TR JPMORGAN USD EMG EMB	EMB	536,466	$51.7m1.93%	1.93%	Added +528.5k	+528,515 6647.1%
12	SHIFT4 PMTS INC NOTE 0.500% 8/0 · principal FOUR 0.5 08.01.27 · principal	FOUR 0.5 08.01.27	53,398,000	$51.0m1.90%	1.90%	Added +7.8m	+7,769,000 17.0%
13	AES CORP COM AES	AES	3,319,005	$48.7m1.82%	1.82%	Reduced -7.7m	-7,739,260 -70.0%
14	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	850,000	$42.9m1.60%	1.60%	New
15	ROCKET COS INC COM CL A RKT	RKT	2,575,000	$40.6m1.51%	1.51%	New
16	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	750,000	$38.5m1.44%	1.44%	New
17	BLUE ACQUISITION CORP. ORD SHS CL A BACC	BACC	3,342,359	$35.4m1.32%	1.32%	Unchanged
18	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	181,029	$25.7m0.96%	0.96%	Added +171.0k	+171,029 1710.3%
19	BORR DRILLING LTD SHS BORR	BORR	6,050,000	$25.0m0.93%	0.93%	New
20	VIASAT INC COM VSAT	VSAT	272,241	$24.4m0.91%	0.91%	New
21	CELCUITY INC NOTE 0.250% 8/0 · principal CELC 0.25 08.01.32 · principal	CELC 0.25 08.01.32	21,000,000	$23.9m0.89%	0.89%	New
22	ISHARES TR IBOXX INV CP ETF LQD	LQD	209,432	$22.8m0.85%	0.85%	Reduced -904.7k	-904,656 -81.2%
23	BITDEER TECHNOLOGIES GROUP CL A ORD SHS BTDR	BTDR	1,410,000	$22.4m0.84%	0.84%	Added +262.0k	+261,976 22.8%
24	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		13,100,000	$22.1m0.83%	0.83%	New
25	ETSY INC NOTE 0.125%10/0 · principal ETSY 0.125 10.01.26 · principal	ETSY 0.125 10.01.26	20,222,000	$20.6m0.77%	0.77%	Reduced -67.0m	-67,000,000 -76.8%
26	SOREN ACQUISITION CORP USD CL A ORD SHS SORN	SORN	1,850,000	$18.4m0.69%	0.69%	Unchanged
27	IHEARTMEDIA INC COM CL A IHRT	IHRT	4,109,524	$17.6m0.66%	0.66%	Added +2.2m	+2,234,856 119.2%
28	LAFAYETTE DIGITAL ACQUISITIO ORD CLASS A ZKP	ZKP	1,675,000	$16.7m0.62%	0.62%	Unchanged
29	CCC INTELLIGENT SOLUTIONS HL COM CCC	CCC	3,182,847	$16.4m0.61%	0.61%	New
30	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	681,402	$15.6m0.58%	0.58%	New
31	ALPHABET INC CAP STK CL A GOOGL	GOOGL	43,520	$15.6m0.58%	0.58%	New
32	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	14,095,000	$14.1m0.52%	0.52%	Unchanged
33	AMC ENTMT HLDGS INC CL A NEW AMC	AMC	7,306,759	$13.9m0.52%	0.52%	New
34	RRE VENTURES ACQUISITION COR UNIT 04/22/2031 RREVU	RREVU	1,200,000	$12.0m0.45%	0.45%	New
35	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	1,999,257	$10.8m0.40%	0.40%	New
36	GDS HLDGS LTD SPONSORED ADS GDS	GDS	343,300	$10.3m0.38%	0.38%	New
37	NEXTNAV INC COMMON STOCK NN	NN	569,713	$10.2m0.38%	0.38%	Added +48.2k	+48,236 9.2%
38	FORTRESS VALUE ACQU CORP V ORD SHS CL A FVAV	FVAV	1,000,000	$10.1m0.38%	0.38%	Unchanged
39	IRENIC ACQUISITION CORP ORD SHS CL A IACQ	IACQ	1,000,000	$10.0m0.37%	0.37%	New
40	AVERIN CAP ACQUISITION CORP ORD SHS CL A ACAA	ACAA	1,000,000	$10.0m0.37%	0.37%	New
41	MOUNTAIN LAKE ACQUISIT CORP USD CL A ORD SHS MLAA	MLAA	1,000,000	$9.9m0.37%	0.37%	Unchanged
42	COMCAST CORP NEW CL A CMCSA	CMCSA	400,000	$9.8m0.37%	0.37%	New
43	ROKU INC COM CL A ROKU	ROKU	70,000	$9.7m0.36%	0.36%	New
44	NORFOLK SOUTHN CORP COM NSC	NSC	30,000	$9.4m0.35%	0.35%	Reduced -39.1k	-39,083 -56.6%
45	CAMBRIDGE ACQUISITION CORP USD CL A ORD SHS CAQ	CAQ	950,000	$9.4m0.35%	0.35%	New
46	BLEICHROEDER ACQUISITI CORP USD CL A ORD SHS USD CL A ORD SHS		900,000	$9.3m0.35%	0.35%	Added +553.8k	+553,789 160.0%
47	DIGITAL RLTY TR INC COM DLR	DLR	50,000	$9.0m0.34%	0.34%	New
48	ILLUMINATION ACQUISITIO CORP ORD SHS CL A ILLU	ILLU	900,000	$8.9m0.33%	0.33%	New
49	KEYSTONE ACQUISITION CORP CL A KEYY	KEYY	900,000	$8.9m0.33%	0.33%	New
50	REVOLUTION MEDICINES INC COM RVMD	RVMD	46,450	$8.7m0.32%	0.32%	New
51	QIAGEN NV ORD SHARES QGEN	QGEN	222,060	$8.7m0.32%	0.32%	Unchanged
52	IRIS ACQUISITION CORP II ORD SHS CL A IRAB	IRAB	850,000	$8.4m0.32%	0.32%	Unchanged
53	OCEANHAWK ACQUISITION CORP CL A ORD SHS OHAC	OHAC	850,000	$8.4m0.31%	0.31%	New
54	NEWHOLD INVTS CORP IV UNIT 04/14/2031 NHIVU	NHIVU	800,000	$8.2m0.31%	0.31%	New
55	FLUTTER ENTMT PLC SHS FLUT	FLUT	78,823	$8.1m0.30%	0.30%	New
56	ARCHIMEDES TECH SPAC PTNRS I ORD SHS ARCI	ARCI	800,000	$8.0m0.30%	0.30%	Unchanged
57	MUZERO ACQUISITION CORP CL A ORD SHS MUZE	MUZE	800,000	$7.9m0.30%	0.30%	Unchanged
58	D. BORAL ARC ACQ I CORP. SHS CL A SHS CL A		750,000	$7.8m0.29%	0.29%	New
59	STUBHUB HLDGS INC CL A STUB	STUB	585,106	$7.5m0.28%	0.28%	New
60	ABONY ACQUISITION CORP I UNIT 01/29/2031 AACOU	AACOU	750,000	$7.5m0.28%	0.28%	Unchanged
61	ART TECHNOLOGY ACQUISITION C USD CL A ORD SHS ARTC	ARTC	750,000	$7.4m0.28%	0.28%	Unchanged
62	ALDABRA 4 LQDTY OPP VEH INC CL A ORD SHS ALOV	ALOV	748,363	$7.4m0.28%	0.28%	Unchanged
63	ENERGY TRANSITION SPL OPPORT ORD CL A ETSS	ETSS	747,500	$7.4m0.28%	0.28%	New
64	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	7,500,000	$7.1m0.27%	0.27%	New
65	TRIBECA STRATEGIC ACQUISITIO UNIT 05/22/2031 BIDWU	BIDWU	700,000	$7.0m0.26%	0.26%	New
66	GMR SOLUTIONS INC COM CL A GMRS	GMRS	450,000	$7.0m0.26%	0.26%	New
67	MARVELL TECHNOLOGY INC COM MRVL	MRVL	23,000	$6.9m0.26%	0.26%	New
68	AXIOM INTELLIGENCE AC CORP 1 ORD SHS CL A AXIN	AXIN	650,000	$6.7m0.25%	0.25%	Added +200.4k	+200,351 44.6%
69	BAUSCH PLUS LOMB CORP COMMON SHARES BLCO	BLCO	404,279	$6.7m0.25%	0.25%	New
70	ARMADA ACQUISITION CORP III ORD SHS CL A AACI	AACI	650,000	$6.5m0.24%	0.24%	Unchanged
71	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	55,000	$6.3m0.23%	0.23%	New
72	CHEMOURS CO COM CC	CC	300,000	$6.2m0.23%	0.23%	New
73	RIOT PLATFORMS INC COM RIOT	RIOT	224,830	$6.2m0.23%	0.23%	Reduced -97.2k	-97,170 -30.2%
74	MOZAYYX ACQUISITION CORP UNIT 99/99/9999 MZYX.U	MZYX.U	600,000	$6.0m0.23%	0.23%	Unchanged
75	BLACK SPADE ACQUISITION III USD CL A ORD SHS BIII	BIII	600,000	$6.0m0.22%	0.22%	New
76	M EVO GBL ACQUISITION CORP I ORD SHS CL A MEVO	MEVO	600,000	$6.0m0.22%	0.22%	Unchanged
77	LEGATO MERGER CORP IV ORD SHS LEGO	LEGO	600,000	$6.0m0.22%	0.22%	Unchanged
78	MEDLINE INC COM CL A MDLN	MDLN	150,000	$5.9m0.22%	0.22%	New
79	SANDISK CORP COM SNDK	SNDK	2,500	$5.7m0.21%	0.21%	Reduced -7.5k	-7,500 -75.0%
80	CIPHER MINING INC COM CIFR	CIFR	232,000	$5.7m0.21%	0.21%	Added +12.0k	+12,000 5.5%
81	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	5,000,000	$5.6m0.21%	0.21%	New
82	MESHFLOW ACQUISITION CORP USD CL A ORD SHS MESH	MESH	550,000	$5.5m0.21%	0.21%	Unchanged
83	HUT 8 CORP COM HUT	HUT	45,000	$5.2m0.19%	0.19%	Reduced -46.4k	-46,400 -50.8%
84	SPRING VY ACQUISITION CORP I ORD SHS CL A SVIV	SVIV	506,018	$5.2m0.19%	0.19%	Added +6.0k	+6,018 1.2%
85	CLOUDFLARE INC CL A COM NET	NET	21,000	$5.2m0.19%	0.19%	New
86	COLOMBIER ACQUISITION CORP I ORD SHS CL A CLBR	CLBR	500,000	$5.1m0.19%	0.19%	New
87	HENNESSY CAP INVTS CORP VIII ORD CL A HCIC	HCIC	515,696	$5.1m0.19%	0.19%	Unchanged
88	AI INFRASTRUCTURE ACQUISI ORD SHS CL A AIIA	AIIA	500,000	$5.1m0.19%	0.19%	Added +346.2k	+346,172 225.0%
89	TXNM ENERGY INC COM TXNM	TXNM	90,000	$5.1m0.19%	0.19%	New
90	ARES CAPITAL CORP COM ARCC	ARCC	275,000	$5.1m0.19%	0.19%	New
91	ISHARES INC MSCI MEXICO ETF EWW	EWW	67,065	$5.0m0.19%	0.19%	Reduced -6.9k	-6,935 -9.4%
92	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	500,000	$5.0m0.19%	0.19%	Unchanged
93	EVOLUTION GLOBAL ACQUISITION USD CL A ORD SHS EVOX	EVOX	501,622	$5.0m0.19%	0.19%	Unchanged
94	TALON CAP CORP ORD SHS CL A TLNC	TLNC	487,324	$5.0m0.19%	0.19%	Unchanged
95	SC II ACQUISITION CORP ORD SHS CLASS A SCII	SCII	500,000	$5.0m0.19%	0.19%	Unchanged
96	NVIDIA CORPORATION COM NVDA	NVDA	25,000	$5.0m0.19%	0.19%	New
97	PATRIOT ACQUISITION CORP UNIT 05/11/2031 PTACU	PTACU	500,000	$5.0m0.19%	0.19%	New
98	WILCO 63 CORP UNIT 05/29/2031 WLCOU	WLCOU	500,000	$5.0m0.19%	0.19%	New
99	IDEA ACQUISITION CORP ORD SHS CL A IACO	IACO	500,000	$5.0m0.19%	0.19%	New
100	BLOOM ENERGY CORP COM CL A BE	BE	14,925	$4.9m0.18%	0.18%	Reduced -10.4k	-10,375 -41.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LI AUTO INC LI 0.25 05.01.28	LI 0.25 05.01.28	250,500,000	$249.7m250.5m shares
AKAMAI TECHNOLOGIES INC AKAM 1.125 02.15.29	AKAM 1.125 02.15.29	93,526,000	$106.7m93.5m shares
SPDR SER TR SPLB	SPLB	2,345,000	$52.1m2.3m shares
H WORLD GROUP LTD HTHT 3 05.01.26	HTHT 3 05.01.26	20,000,000	$26.9m20.0m shares
COINBASE GLOBAL INC COIN 0.5 06.01.26	COIN 0.5 06.01.26	22,524,000	$22.4m22.5m shares
MICROCHIP TECHNOLOGY INC. MCHP 0.75 06.01.30	MCHP 0.75 06.01.30	14,937,000	$14.8m14.9m shares
AVERIN CAP ACQUISITION CORP ACAAU	ACAAU	1,000,000	$10.0m1.0m shares
BLUE OWL CAPITAL CORPORATION OBDC	OBDC	886,000	$9.8m886.0k shares
CAMBRIDGE ACQUISITION CORP CAQUU	CAQUU	950,000	$9.5m950.0k shares
ILLUMINATION ACQUISITIO CORP ILLUU	ILLUU	900,000	$8.9m900.0k shares
KENSINGTON CAP ACQUIST CORP KCAC.U	KCAC.U	700,000	$7.0m700.0k shares
QORVO INC QRVO	QRVO	90,046	$7.0m90.0k shares
GRAF GLOBAL CORP TONT	TONT	600,000	$6.4m600.0k shares
BLACK SPADE ACQUISITION III BIII.U	BIII.U	600,000	$6.0m600.0k shares
COLOMBIER ACQUISITION CORP I CLBR.U	CLBR.U	500,000	$5.1m500.0k shares
IDEA ACQUISITION CORP IACOU	IACOU	500,000	$5.0m500.0k shares
METALS ACQUISITION CORP II MTAL.U	MTAL.U	400,000	$4.0m400.0k shares
SPARTACUS ACQUISITION CORP I TMTSU	TMTSU	400,000	$4.0m400.0k shares
KPET ULTRA PACELINE CORP KPET.U	KPET.U	400,000	$4.0m400.0k shares
GLOBALSTAR INC GSAT	GSAT	60,000	$4.0m60.0k shares
JD.COM INC JD 0.25 06.01.29	JD 0.25 06.01.29	3,931,000	$3.9m3.9m shares
ALIBABA GROUP HLDG LTD BABA	BABA	31,186	$3.9m31.2k shares
ALIBABA GROUP HLDG LTD BABA 0.5 06.01.31	BABA 0.5 06.01.31	2,801,000	$3.9m2.8m shares
SPACSPHERE ACQUISITION CORP SSACU	SSACU	350,000	$3.5m350.0k shares
BLUE WTR ACQUISITION CORP IV BWIV.U	BWIV.U	350,000	$3.5m350.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR TLT · Call	TLT	Call	7,761,400	$670.7m7.8m shares	Reduced
VANECK ETF TRUST SMH · Put	SMH	Put	320,000	$209.9m320.0k shares	Added
ISHARES TR HYG · Put	HYG	Put	2,250,000	$179.9m2.2m shares	Added
ISHARES TR LQD · Put	LQD	Put	1,000,000	$109.1m1.0m shares	New
INVESCO EXCH TRADED FD TR II BKLN · Put	BKLN	Put	4,250,000	$86.6m4.2m shares	Reduced
ISHARES TR IWM · Put	IWM	Put	277,700	$83.4m277.7k shares	Added
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	3,000,000	$80.0m3.0m shares	New
ISHARES INC EWZ · Call	EWZ	Call	2,147,200	$74.1m2.1m shares	Reduced
ISHARES INC EWY · Put	EWY	Put	325,000	$65.6m325.0k shares	New
COREWEAVE INC CRWV · Put	CRWV	Put	600,000	$59.7m600.0k shares	New
KRANESHARES TRUST KWEB · Call	KWEB	Call	2,219,500	$54.3m2.2m shares	Added
ECHOSTAR CORP ECHO · Call	ECHO	Call	497,100	$50.5m497.1k shares	Reduced
WARNER BROS DISCOVERY INC WBD · Call	WBD	Call	1,871,900	$49.9m1.9m shares	New
ISHARES TR SOXX · Put	SOXX	Put	75,000	$48.1m75.0k shares	New
ISHARES INC EWY · Call	EWY	Call	166,000	$33.5m166.0k shares	Reduced
ISHARES TR IWM · Call	IWM	Call	100,000	$30.0m100.0k shares	New
INVESCO QQQ TR QQQ · Call	QQQ	Call	40,000	$29.5m40.0k shares	Reduced
NEBIUS GROUP N.V. NBIS · Put	NBIS	Put	100,000	$27.6m100.0k shares	New
IREN LIMITED IREN · Put	IREN	Put	600,000	$27.4m600.0k shares	New
INVESCO QQQ TR QQQ · Put	QQQ	Put	33,500	$24.7m33.5k shares	New
BITDEER TECHNOLOGIES GROUP BTDR · Call	BTDR	Call	1,150,000	$18.3m1.1m shares	Added
SPACE EXPLORATION TECHN CORP SPCX · Put	SPCX	Put	100,000	$17.1m100.0k shares	New
ISHARES INC EWT · Put	EWT	Put	129,600	$14.1m129.6k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	10,000	$7.5m10.0k shares	Added
NEXTNAV INC NN · Call	NN	Call	400,000	$7.1m400.0k 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
BLUE ACQUISITION CORP. BACC · 13G · filed 2026-03-06	BACC	16.0%≈ $35.4m	+6.6 pts	13G	2026-03-06
SOREN ACQUISITION CORP SORN · 13G · filed 2026-05-15	SORN	7.0%≈ $18.4m	new	13G	2026-05-15
LAFAYETTE DIGITAL ACQUISITIO ZKP · 13G · filed 2026-05-15	ZKP	5.7%≈ $16.7m	new	13G	2026-05-15