Terrapin Asset Management, LLC

Miami, FL · CIK 1965645 · 13F filing filed 2023-05-12

Exempt reporting adviser since 2021 · limited liability company

Private funds1 (1 hedge) · $60.7m gross assets
Websiteterrapinpartners.com
Form ADV · 2026-03-30SEC adviser record

Legal entityTERRAPIN ASSET MANAGEMENT, LLC (US)

Kindhedge funds, futures
Others nearbyMiami, FL

As an employer

Private fundshedge 1

$74.7m reported value -23.3% vs Q4 2022

98positions

51.7%in top 10

16 new 2 added 2 reduced 178 sold out vs Q4 2022

Options: 0 call positions (— notional), 2 put positions ($2.2m notional) – listed below, not included above.

Holdings, Q1 2023

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	SCREAMING EAGLE ACQUISITN CO CLASS A ORD SHS CLASS A ORD SHS		649,722	$6.6m8.84%	8.84%	Unchanged
2	LIONS GATE ENTMNT CORP CL B NON VTG CL B NON VTG		543,826	$5.6m7.56%	7.56%	Added +271.3k	+271,318 99.6%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	45,000	$4.7m6.26%	6.26%	New
4	BRIDGETOWN HOLDINGS LTD COM CL A COM CL A		400,700	$4.0m5.40%	5.40%	Reduced -30.7k	-30,700 -7.1%
5	ALTITUDE ACQUISITION CORP COM CL A COM CL A		391,300	$4.0m5.33%	5.33%	Unchanged
6	SCULPTOR CAP MGMT COM CL A OZM	OZM	392,938	$3.4m4.53%	4.53%	New
7	CARLYLE CREDIT INCOME FUND SHS BEN INT CCIF	CCIF	310,133	$3.0m4.07%	4.07%	New
8	FIRST HORIZON CORPORATION COM FHN	FHN	147,800	$2.6m3.52%	3.52%	Added +24.1k	+24,100 19.5%
9	VERIZON COMMUNICATIONS INC COM VZ	VZ	60,000	$2.3m3.12%	3.12%	Unchanged
10	POST HOLDINGS PARTNERING COR COM SER A COM SER A		225,836	$2.3m3.06%	3.06%	Unchanged
11	SPECTRUM BRANDS HLDGS INC NE COM SPB	SPB	33,100	$2.2m2.93%	2.93%	New
12	CONCORD ACQUISITION CORP II COM CL A CNDA	CNDA	210,777	$2.1m2.86%	2.86%	Unchanged
13	THUNDER BRDG CAP PRTNRS IV I CLASS A COM CLASS A COM		190,075	$1.9m2.58%	2.58%	Unchanged
14	ELLIOTT OPPORTUNITY II CORP SHS CL A SHS CL A		180,308	$1.8m2.47%	2.47%	Unchanged
15	HV BANCORP INC COM COM		57,582	$1.7m2.31%	2.31%	New
16	GLOBAL STAR ACQUISITION INC UNIT 07/15/2028 UNIT 07/15/2028		130,641	$1.4m1.84%	1.84%	Reduced -5.2k	-5,243 -3.9%
17	TORTOISEECOFIN ACQUISITION C SHS CL A SHS CL A		118,555	$1.2m1.62%	1.62%	Unchanged
18	EF HUTTON ACQUISITION CORP I COM COM		115,000	$1.2m1.58%	1.58%	New
19	FEUTUNE LIGHT ACQUISITION CO UNIT 06/01/2029 UNIT 06/01/2029		100,000	$1.1m1.41%	1.41%	Unchanged
20	ZOETIS INC CL A ZTS	ZTS	6,050	$1.0m1.35%	1.35%	New
21	LOGISTICS INNOVTN TECHNLGS C CLASS A COM CLASS A COM		96,501	$980.2k1.31%	1.31%	Unchanged
22	JAWS HURRICANE ACQUISITN COR CLASS A COM CLASS A COM		91,730	$932.9k1.25%	1.25%	Unchanged
23	HUDSON ACQUISITION I CORP UNIT 05/10/2027 UNIT 05/10/2027		90,000	$932.0k1.25%	1.25%	Unchanged
24	TENX KEANE ACQUISITION ORD SHS ORD SHS		75,000	$777.4k1.04%	1.04%	Unchanged
25	ALTRIA GROUP INC COM MO	MO	14,000	$624.7k0.84%	0.84%	Unchanged
26	MONTEREY CAP ACQUISITION COR CLASS A COM CLASS A COM		60,000	$615.6k0.82%	0.82%	Unchanged
27	NCL CORP LTD NOTE 5.375% 8/0 · principal NCLH 5.375 08.01.25 · principal	NCLH 5.375 08.01.25	500,000	$539.7k0.72%	0.72%	Unchanged
28	AQUARON ACQUISITION CORP UNIT 07/15/2026 UNIT 07/15/2026		50,000	$532.5k0.71%	0.71%	Unchanged
29	QOMOLANGMA ACQUISITION CORP UNIT 99/99/9999 UNIT 99/99/9999		50,500	$529.0k0.71%	0.71%	Unchanged
30	ALPHATIME ACQUISITION CORP UNIT 03/01/2028 ATMCU	ATMCU	50,000	$521.0k0.70%	0.70%	Unchanged
31	A SPAC II ACQUISITION CORP ORD SHS CL A ASCBF	ASCBF	50,000	$520.0k0.70%	0.70%	Unchanged
32	ALTENERGY ACQUISITION CORP COM CL A AEAE	AEAE	50,000	$518.8k0.69%	0.69%	Unchanged
33	YOTTA ACQUISITION CORPORATIO COMMON STOCK YOTA	YOTA	50,000	$514.5k0.69%	0.69%	Unchanged
34	PLUTONIAN ACQUISITION CORP UNIT 10/26/2027 UNIT 10/26/2027		45,000	$471.1k0.63%	0.63%	Unchanged
35	TILRAY BRANDS INC NOTE 5.000%10/0 · principal TLRY 5 10.01.23 · principal	TLRY 5 10.01.23	450,000	$443.2k0.59%	0.59%	Unchanged
36	POWER & DIGITAL INFRASTRUCTU CLASS A COM CLASS A COM		43,121	$442.0k0.59%	0.59%	Unchanged
37	CETUS CAP ACQUISITION CORP UNIT 01/30/2028 UNIT 01/30/2028		40,000	$414.4k0.55%	0.55%	New
38	SKYDECK ACQUISITION CORP CLASS A ORD SHS CLASS A ORD SHS		40,000	$409.2k0.55%	0.55%	Unchanged
39	B RILEY PRIN 250 MERGER CORP CLASS A COM CLASS A COM		35,000	$355.6k0.48%	0.48%	Unchanged
40	PONO CAP TWO INC UNIT 07/31/2027 UNIT 07/31/2027		32,000	$335.4k0.45%	0.45%	Unchanged
41	COLISEUM ACQUISITION CORP CLASS A ORD SHS CLASS A ORD SHS		32,500	$333.4k0.45%	0.45%	Unchanged
42	SCULPTOR ACQUISITION CORP I CL A COM CL A COM		30,950	$323.1k0.43%	0.43%	Unchanged
43	BATTERY FUTURE ACQUISITION C CL A ORD SHS CL A ORD SHS		30,000	$313.2k0.42%	0.42%	Unchanged
44	CLEAN EARTH ACQUISITIONS COR CLASS A COM CLASS A COM		30,288	$311.1k0.42%	0.42%	Unchanged
45	HAINAN MANASLU ACQUISTN CORP ORDINARY SHARES ORDINARY SHARES		29,939	$309.6k0.41%	0.41%	Unchanged
46	BELLEVUE LIFE SCNCS AQSTN CO UNIT 02/09/2028 UNIT 02/09/2028		30,000	$309.3k0.41%	0.41%	New
47	PONO CAP THREE INC UNIT 01/11/2028 UNIT 01/11/2028		30,000	$307.8k0.41%	0.41%	New
48	EMBRACE CHANGE ACQUISITN COR UNIT 03/17/2027 EMCUF	EMCUF	29,000	$304.5k0.41%	0.41%	Unchanged
49	INNOVATE CORP COM COM		95,955	$285.0k0.38%	0.38%	Unchanged
50	BROAD CAPITAL ACQUISITION CO UNIT 01/10/2027 UNIT 01/10/2027		25,000	$278.5k0.37%	0.37%	Unchanged
51	MOBIV ACQUISITION CORP UNIT 07/31/2027 UNIT 07/31/2027		24,500	$256.5k0.34%	0.34%	Unchanged
52	SENIOR CONNECT ACQUISITN COR UNIT 12/09/2023 UNIT 12/09/2023		25,000	$248.1k0.33%	0.33%	Unchanged
53	PANACEA ACQUISITION CORP II CL A SHS CL A SHS		24,000	$245.4k0.33%	0.33%	Unchanged
54	MONTEREY BIO ACQUISITION COR COM COM		22,600	$241.5k0.32%	0.32%	Unchanged
55	AURA FAT PROJS ACQUISITION C CLASS A ORD CLASS A ORD		21,800	$227.6k0.30%	0.30%	Unchanged
56	CORNER GROWTH ACQUISITION CO UNIT 01/01/2027 UNIT 01/01/2027		21,931	$221.7k0.30%	0.30%	Unchanged
57	METAL SKY STAR ACQUISITION C UNIT 03/31/2027 UNIT 03/31/2027		20,000	$212.8k0.28%	0.28%	Unchanged
58	JAWS JUGGERNAUT ACQUISITN CO UNIT 06/17/2026 UNIT 06/17/2026		20,000	$209.0k0.28%	0.28%	Unchanged
59	KNIGHTSWAN ACQUISITION CORP CL A COM CL A COM		20,000	$208.2k0.28%	0.28%	Unchanged
60	MARS ACQUISITION CORP UNIT 02/09/2028 UNIT 02/09/2028		20,000	$207.2k0.28%	0.28%	New
61	CORSAIR PARTNERING CORP SHS CL A SHS CL A		20,000	$205.1k0.27%	0.27%	Unchanged
62	OSIRIS ACQUISITION CORP UNIT 99/99/9999 UNIT 99/99/9999		20,000	$205.0k0.27%	0.27%	Unchanged
63	APOLLO STRATEGIC GRWT CPTL I SHS CL A SHS CL A		19,999	$205.0k0.27%	0.27%	Unchanged
64	FRONTIER INVESTMENT CORP CLASS A ORD SHS CLASS A ORD SHS		20,000	$204.6k0.27%	0.27%	Unchanged
65	FTAC EMERALD ACQUISITION COR CLASS A COM FLD	FLD	20,000	$204.4k0.27%	0.27%	Unchanged
66	POST HOLDINGS PARTNERING COR UNIT 99/99/9999 UNIT 99/99/9999		20,000	$204.2k0.27%	0.27%	Unchanged
67	EG ACQUISITION CORP COM CL A COM CL A		20,000	$203.6k0.27%	0.27%	Unchanged
68	TIO TECH A CLASS A ORD SHS CLASS A ORD SHS		20,000	$203.6k0.27%	0.27%	Unchanged
69	CHURCHILL CAPITAL CORP VII COM CL A COM CL A		20,000	$202.8k0.27%	0.27%	Unchanged
70	ACROPOLIS INFRASTRUCTURE ACQ CL A CL A		20,000	$202.6k0.27%	0.27%	Unchanged
71	COLOMBIER ACQUISITION CORP CL A CL A		20,000	$202.6k0.27%	0.27%	Unchanged
72	ZIMMER ENERGY TRANSITION ACQ COM CL A COM CL A		20,000	$202.6k0.27%	0.27%	Unchanged
73	TRAILBLAZER MERGER CORP I UNIT 04/21/2028 UNIT 04/21/2028		20,000	$201.8k0.27%	0.27%	New
74	GOLDEN ARROW MERGER CORP UNIT 07/31/2026 UNIT 07/31/2026		20,000	$192.8k0.26%	0.26%	Unchanged
75	FOUR LEAF ACQUISITION CORP UNIT 03/15/2028 FORLU	FORLU	17,500	$179.4k0.24%	0.24%	New
76	EVE MOBILITY ACQUISITION COR UNIT 99/99/9999 UNIT 99/99/9999		15,000	$156.9k0.21%	0.21%	Unchanged
77	GALATA ACQUISITION CORP SHS CL A SHS CL A		14,979	$155.6k0.21%	0.21%	Unchanged
78	CHURCHILL CAPITAL CORP VI COM CL A COM CL A		15,000	$151.7k0.20%	0.20%	Unchanged
79	TMT ACQUISITION CORP UNIT 03/27/2028 UNIT 03/27/2028		10,496	$107.1k0.14%	0.14%	New
80	TENX KEANE ACQUISITION RIGHT 06/30/2028 RIGHT 06/30/2028		75,000	$18.4k0.02%	0.02%	Unchanged
81	EF HUTTON ACQUISITION CORP I RIGHT 11/18/2027 RIGHT 11/18/2027		115,000	$18.3k0.02%	0.02%	New
82	MOUNTAIN CREST ACQUSITN CRP RIGHT 06/29/2026 RIGHT 06/29/2026		42,500	$8.1k0.01%	0.01%	Unchanged
83	EF HUTTON ACQUISITION CORP I W EXP 11/18/202 W EXP 11/18/202		115,000	$6.1k0.01%	0.01%	New
84	A SPAC I ACQUISITION CORP RIGHT 12/09/2026 RIGHT 12/09/2026		30,000	$5.0k0.01%	0.01%	Unchanged
85	A SPAC II ACQUISITION CORP RIGHT 10/15/2026 ASCRF	ASCRF	50,000	$4.6k0.01%	0.01%	Unchanged
86	ALTENERGY ACQUISITION CORP *W EXP 10/29/202 AEAEW	AEAEW	25,000	$2.0k0.00%	0.00%	Unchanged
87	COLISEUM ACQUISITION CORP W EXP 08/22/202 W EXP 08/22/202		10,833	$1.6k0.00%	0.00%	Unchanged
88	BATTERY FUTURE ACQUISITION C W EXP 99/99/999 W EXP 99/99/999		15,000	$1.4k0.00%	0.00%	Unchanged
89	A SPAC I ACQUISITION CORP W EXP 05/21/202 W EXP 05/21/202		22,500	$1.4k0.00%	0.00%	Unchanged
90	POWER & DIGITAL INFRASTRUCTU W EXP 12/09/202 W EXP 12/09/202		10,400	$1.2k0.00%	0.00%	Unchanged
91	LOGISTICS INNOVTN TECHNLGS C W EXP 06/15/202 W EXP 06/15/202		10,000	$1.1k0.00%	0.00%	Unchanged
92	FTAC EMERALD ACQUISITION COR *W EXP 10/19/202 FLDDW	FLDDW	10,000	$1.1k0.00%	0.00%	Unchanged
93	MALACCA STRAITS ACQUISITION W EXP 06/30/202 W EXP 06/30/202		12,466	$9970.00%	0.00%	Unchanged
94	AURA FAT PROJS ACQUISITION C W EXP 03/31/202 W EXP 03/31/202		21,800	$9270.00%	0.00%	Unchanged
95	A SPAC II ACQUISITION CORP *W EXP 10/15/202 ASCWF	ASCWF	25,000	$8130.00%	0.00%	Unchanged
96	B RILEY PRIN 250 MERGER CORP W EXP 04/01/202 W EXP 04/01/202		11,666	$7730.00%	0.00%	Unchanged
97	MONTEREY BIO ACQUISITION COR W EXP 10/05/202 W EXP 10/05/202		22,600	$6440.00%	0.00%	Unchanged
98	SKYDECK ACQUISITION CORP W EXP 05/13/202 W EXP 05/13/202		13,333	$4330.00%	0.00%	Unchanged

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
PROFESSIONAL HLDG CORP		251,518	$7.0m251.5k shares
PCSB FINL CORP PCSB	PCSB	225,064	$4.3m225.1k shares
SELECT SECTOR SPDR TR XLE	XLE	44,000	$3.8m44.0k shares
FAR PEAK ACQUISITION CORP		376,803	$3.8m376.8k shares
DECARBONIZATION PLUS ACQUISI		169,296	$1.7m169.3k shares
ARYA SCIENCES ACQU CORP IV		166,647	$1.7m166.6k shares
EF HUTTON ACQUISITION CORP I		115,000	$1.2m115.0k shares
CHURCHILL CAPITAL CORP V		107,300	$1.1m107.3k shares
IG ACQUISITION CORP		102,431	$1.0m102.4k shares
ACRI CAPITAL ACQUISITION COR		76,532	$780.6k76.5k shares
GLOBAL PARTNER ACQISTN CORP		48,418	$488.5k48.4k shares
SVF INVESTMENT CORP		47,837	$483.6k47.8k shares
PONTEM CORPORATION		45,000	$454.9k45.0k shares
RITCHIE BROS AUCTIONEERS RBA	RBA	7,000	$404.8k7.0k shares
PIONEER MERGER CORP		39,056	$396.0k39.1k shares
DIGITAL TRANSFORMATN OPT COR		39,000	$391.8k39.0k shares
QUANTUM FINTECH ACQUISTIN CO		36,739	$369.2k36.7k shares
GSR II METEORA ACQUISITN COR		33,500	$338.8k33.5k shares
ACTIVISION BLIZZARD INC ATVI	ATVI	4,200	$321.5k4.2k shares
A SPAC I ACQUISITION CORP		30,000	$306.0k30.0k shares
REDWOODS ACQUISITION CORP		30,000	$304.1k30.0k shares
TZP STRATEGIES ACQUISTN CORP		30,000	$303.2k30.0k shares
CC NEUBERGER PRINCIPAL HOLDN		30,000	$303.0k30.0k shares
BLUERIVER ACQUISITION CORP BLUAF	BLUAF	30,000	$302.7k30.0k shares
GOAL ACQUISITIONS CORP PUCKU	PUCKU	30,000	$302.1k30.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
VERIZON COMMUNICATIONS INC VZ · Put	VZ	Put	40,000	$1.6m40.0k shares	New
ALTRIA GROUP INC MO · Put	MO	Put	14,000	$624.7k14.0k shares	Added