Terrapin Asset Management, LLC

Miami, FL · CIK 1965645 · 13F filing filed 2023-08-11

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)

$71.4m reported value -4.5% vs Q1 2023

64positions

58.6%in top 10

15 new 6 added 5 reduced 49 sold out vs Q1 2023

Options: 5 call positions ($3.2m notional), 3 put positions ($2.8m notional) – listed below, not included above.

Holdings, Q2 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		599,622	$6.2m8.67%	8.67%	Reduced -50.1k	-50,100 -7.7%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	45,700	$5.5m7.66%	7.66%	New
3	LIONS GATE ENTMNT CORP CL B NON VTG CL B NON VTG		601,432	$5.0m7.04%	7.04%	Added +57.6k	+57,606 10.6%
4	CARLYLE CREDIT INCOME FUND SHS BEN INT CCIF	CCIF	473,155	$4.7m6.59%	6.59%	Added +163.0k	+163,022 52.6%
5	ISHARES TR 20 YR TR BD ETF TLT	TLT	40,000	$4.1m5.77%	5.77%	New
6	BRIDGETOWN HOLDINGS LTD COM CL A COM CL A		400,700	$4.1m5.77%	5.77%	Unchanged
7	SCULPTOR CAP MGMT COM CL A OZM	OZM	396,938	$3.5m4.91%	4.91%	Added +4.0k	+4,000 1.0%
8	SPECTRUM BRANDS HLDGS INC NE COM SPB	SPB	40,600	$3.2m4.44%	4.44%	Added +7.5k	+7,500 22.7%
9	CITIZENS FINL SVCS INC COM CZFS	CZFS	37,573	$2.8m3.92%	3.92%	New
10	FIRST HORIZON CORPORATION COM FHN	FHN	244,800	$2.8m3.87%	3.87%	Added +97.0k	+97,000 65.6%
11	ACTIVISION BLIZZARD INC COM ATVI	ATVI	30,000	$2.5m3.54%	3.54%	New
12	VERIZON COMMUNICATIONS INC COM VZ	VZ	60,000	$2.2m3.13%	3.13%	Unchanged
13	CONCORD ACQUISITION CORP II COM CL A CNDA	CNDA	210,777	$2.2m3.03%	3.03%	Unchanged
14	ZOETIS INC CL A ZTS	ZTS	12,000	$2.1m2.90%	2.90%	Added +6.0k	+5,950 98.3%
15	ELLIOTT OPPORTUNITY II CORP SHS CL A SHS CL A		180,308	$1.9m2.62%	2.62%	Unchanged
16	GLOBUS MED INC CL A GMED	GMED	27,889	$1.7m2.33%	2.33%	New
17	GLOBAL STAR ACQUISITION INC CLASS A COM CLASS A COM		130,641	$1.4m1.92%	1.92%	New
18	FEUTUNE LIGHT ACQUISITION CO UNIT 06/01/2029 UNIT 06/01/2029		100,000	$1.1m1.51%	1.51%	Unchanged
19	TORTOISEECOFIN ACQUISITION C SHS CL A SHS CL A		93,555	$970.6k1.36%	1.36%	Reduced -25.0k	-25,000 -21.1%
20	HUDSON ACQUISITION I CORP UNIT 05/10/2027 UNIT 05/10/2027		90,000	$950.0k1.33%	1.33%	Unchanged
21	BLACK SPADE ACQUISITION CO SHS CL A SHS CL A		84,744	$876.3k1.23%	1.23%	New
22	ALTITUDE ACQUISITION CORP COM CL A COM CL A		86,269	$867.0k1.21%	1.21%	Reduced -305.0k	-305,031 -78.0%
23	TENX KEANE ACQUISITION ORD SHS ORD SHS		75,000	$789.8k1.11%	1.11%	Unchanged
24	NCL CORP LTD NOTE 5.375% 8/0 · principal NCLH 5.375 08.01.25 · principal	NCLH 5.375 08.01.25	500,000	$688.3k0.96%	0.96%	Unchanged
25	ALTRIA GROUP INC COM MO	MO	14,000	$634.2k0.89%	0.89%	Unchanged
26	MONTEREY CAP ACQUISITION COR CLASS A COM CLASS A COM		60,000	$627.9k0.88%	0.88%	Unchanged
27	ALPHATIME ACQUISITION CORP UNIT 03/01/2028 ATMCU	ATMCU	50,000	$528.5k0.74%	0.74%	Unchanged
28	A SPAC II ACQUISITION CORP ORD SHS CL A ASCBF	ASCBF	50,000	$527.8k0.74%	0.74%	Unchanged
29	AQUARON ACQUISITION CORP COMMON STOCK AQUC	AQUC	50,000	$521.5k0.73%	0.73%	New
30	PLUTONIAN ACQUISITION CORP UNIT 10/26/2027 UNIT 10/26/2027		45,000	$480.6k0.67%	0.67%	Unchanged
31	TILRAY BRANDS INC NOTE 5.000%10/0 · principal TLRY 5 10.01.23 · principal	TLRY 5 10.01.23	450,000	$446.0k0.62%	0.62%	Unchanged
32	PARDES BIOSCIENCES INC COM COM		244,550	$442.6k0.62%	0.62%	New
33	CETUS CAP ACQUISITION CORP UNIT 01/30/2028 UNIT 01/30/2028		40,000	$414.4k0.58%	0.58%	Unchanged
34	SELECT SECTOR SPDR TR ENERGY XLE	XLE	4,800	$389.6k0.55%	0.55%	New
35	PONO CAP TWO INC UNIT 07/31/2027 UNIT 07/31/2027		32,000	$332.8k0.47%	0.47%	Unchanged
36	BELLEVUE LIFE SCNCS AQSTN CO UNIT 02/09/2028 UNIT 02/09/2028		30,000	$322.5k0.45%	0.45%	Unchanged
37	HAINAN MANASLU ACQUISTN CORP ORDINARY SHARES ORDINARY SHARES		29,939	$317.5k0.44%	0.44%	Unchanged
38	PONO CAP THREE INC UNIT 01/11/2028 UNIT 01/11/2028		30,000	$314.1k0.44%	0.44%	Unchanged
39	EMBRACE CHANGE ACQUISITN COR UNIT 03/17/2027 EMCUF	EMCUF	29,000	$311.2k0.44%	0.44%	Unchanged
40	ISHARES TR PFD AND INCM SEC PFF	PFF	10,000	$309.3k0.43%	0.43%	New
41	MOBIV ACQUISITION CORP UNIT 07/31/2027 UNIT 07/31/2027		24,500	$259.1k0.36%	0.36%	Unchanged
42	MARS ACQUISITION CORP UNIT 02/09/2028 UNIT 02/09/2028		20,000	$218.5k0.31%	0.31%	Unchanged
43	METAL SKY STAR ACQUISITION C UNIT 03/31/2027 UNIT 03/31/2027		20,000	$217.6k0.30%	0.30%	Unchanged
44	KNIGHTSWAN ACQUISITION CORP CL A COM CL A COM		20,000	$211.4k0.30%	0.30%	Unchanged
45	OSIRIS ACQUISITION CORP UNIT 99/99/9999 UNIT 99/99/9999		20,000	$210.0k0.29%	0.29%	Unchanged
46	CORSAIR PARTNERING CORP SHS CL A SHS CL A		20,000	$207.3k0.29%	0.29%	Unchanged
47	FTAC EMERALD ACQUISITION COR CLASS A COM FLD	FLD	20,000	$207.0k0.29%	0.29%	Unchanged
48	COLOMBIER ACQUISITION CORP CL A CL A		20,000	$205.4k0.29%	0.29%	Unchanged
49	GOLDEN ARROW MERGER CORP UNIT 07/31/2026 UNIT 07/31/2026		20,000	$205.4k0.29%	0.29%	Unchanged
50	FOUR LEAF ACQUISITION CORP UNIT 03/15/2028 FORLU	FORLU	17,500	$182.2k0.26%	0.26%	Unchanged
51	INNOVATE CORP COM COM		82,955	$145.2k0.20%	0.20%	Reduced -13.0k	-13,000 -13.6%
52	HORIZON TECHNOLOGY FIN CORP COM HRZN	HRZN	10,000	$120.8k0.17%	0.17%	New
53	DANIMER SCIENTIFIC INC COM CL A COM CL A		23,000	$54.7k0.08%	0.08%	New
54	TENX KEANE ACQUISITION RIGHT 06/30/2028 RIGHT 06/30/2028		75,000	$16.1k0.02%	0.02%	Unchanged
55	AQUARON ACQUISITION CORP RIGHT 07/15/2026 RIGHT 07/15/2026		40,083	$9.6k0.01%	0.01%	New
56	MOUNTAIN CREST ACQUSITN CRP RIGHT 06/29/2026 RIGHT 06/29/2026		42,500	$8.9k0.01%	0.01%	Unchanged
57	A SPAC II ACQUISITION CORP RIGHT 10/15/2026 ASCRF	ASCRF	50,000	$4.8k0.01%	0.01%	Unchanged
58	A SPAC I ACQUISITION CORP RIGHT 12/09/2026 RIGHT 12/09/2026		30,000	$4.7k0.01%	0.01%	Unchanged
59	A SPAC I ACQUISITION CORP W EXP 05/21/202 W EXP 05/21/202		22,500	$9330.00%	0.00%	Unchanged
60	AURA FAT PROJS ACQUISITION C W EXP 03/31/202 W EXP 03/31/202		21,495	$8620.00%	0.00%	Reduced -305	-305 -1.4%
61	MONTEREY BIO ACQUISITION COR W EXP 10/05/202 W EXP 10/05/202		22,600	$6470.00%	0.00%	Unchanged
62	FTAC EMERALD ACQUISITION COR *W EXP 10/19/202 FLDDW	FLDDW	10,000	$6000.00%	0.00%	Unchanged
63	QOMOLANGMA ACQUISITION CORP W EXP 09/29/202 W EXP 09/29/202		18,613	$5490.00%	0.00%	New
64	A SPAC II ACQUISITION CORP *W EXP 10/15/202 ASCWF	ASCWF	25,000	$3780.00%	0.00%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
ALPHABET INC GOOG	GOOG	45,000	$4.7m45.0k shares
POST HOLDINGS PARTNERING COR		225,836	$2.3m225.8k shares
THUNDER BRDG CAP PRTNRS IV I		190,075	$1.9m190.1k shares
HV BANCORP INC		57,582	$1.7m57.6k shares
GLOBAL STAR ACQUISITION INC		130,641	$1.4m130.6k shares
EF HUTTON ACQUISITION CORP I		115,000	$1.2m115.0k shares
LOGISTICS INNOVTN TECHNLGS C		96,501	$980.2k96.5k shares
JAWS HURRICANE ACQUISITN COR		91,730	$932.9k91.7k shares
AQUARON ACQUISITION CORP		50,000	$532.5k50.0k shares
QOMOLANGMA ACQUISITION CORP		50,500	$529.0k50.5k shares
ALTENERGY ACQUISITION CORP AEAE	AEAE	50,000	$518.8k50.0k shares
YOTTA ACQUISITION CORPORATIO YOTA	YOTA	50,000	$514.5k50.0k shares
POWER & DIGITAL INFRASTRUCTU		43,121	$442.0k43.1k shares
SKYDECK ACQUISITION CORP		40,000	$409.2k40.0k shares
B RILEY PRIN 250 MERGER CORP		35,000	$355.6k35.0k shares
COLISEUM ACQUISITION CORP		32,500	$333.4k32.5k shares
SCULPTOR ACQUISITION CORP I		30,950	$323.1k30.9k shares
BATTERY FUTURE ACQUISITION C		30,000	$313.2k30.0k shares
CLEAN EARTH ACQUISITIONS COR		30,288	$311.1k30.3k shares
BROAD CAPITAL ACQUISITION CO		25,000	$278.5k25.0k shares
SENIOR CONNECT ACQUISITN COR		25,000	$248.1k25.0k shares
PANACEA ACQUISITION CORP II		24,000	$245.4k24.0k shares
MONTEREY BIO ACQUISITION COR		22,600	$241.5k22.6k shares
AURA FAT PROJS ACQUISITION C		21,800	$227.6k21.8k shares
CORNER GROWTH ACQUISITION CO		21,931	$221.7k21.9k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ZOETIS INC ZTS · Call	ZTS	Call	9,000	$1.5m9.0k shares	New
VERIZON COMMUNICATIONS INC VZ · Put	VZ	Put	40,000	$1.5m40.0k shares	Unchanged
ACTIVISION BLIZZARD INC ATVI · Call	ATVI	Call	10,800	$910.4k10.8k shares	New
ALTRIA GROUP INC MO · Put	MO	Put	14,000	$634.2k14.0k shares	Unchanged
AEROJET ROCKETDYNE HLDGS INC AJRD · Put	AJRD	Put	11,500	$631.0k11.5k shares	New
SPECTRUM BRANDS HLDGS INC NE SPB · Call	SPB	Call	6,000	$468.3k6.0k shares	New
FIRST HORIZON CORPORATION FHN · Call	FHN	Call	19,000	$214.1k19.0k shares	New
DANIMER SCIENTIFIC INC Call		Call	20,000	$47.6k20.0k shares	New