Terrapin Asset Management, LLC

Miami, FL · CIK 1965645 · 13F filing filed 2023-11-14

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)

$72.9m reported value +2.2% vs Q2 2023

43positions

64.6%in top 10

8 new 7 added 6 reduced 29 sold out vs Q2 2023

Options: 4 call positions ($2.6m notional), 5 put positions ($12.3m notional) – listed below, not included above.

Holdings, Q3 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	ISHARES TR 20 YR TR BD ETF TLT	TLT	90,000	$8.0m10.95%	10.95%	Added +50.0k	+50,000 125.0%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	49,300	$6.5m8.85%	8.85%	Added +3.6k	+3,600 7.9%
3	SCREAMING EAGLE ACQUISITN CO CLASS A ORD SHS CLASS A ORD SHS		599,622	$6.3m8.60%	8.60%	Unchanged
4	SELECT SECTOR SPDR TR ENERGY XLE	XLE	50,000	$4.5m6.20%	6.20%	Added +45.2k	+45,200 941.7%
5	CARLYLE CREDIT INCOME FUND SHS BEN INT CCIF	CCIF	530,867	$4.3m5.96%	5.96%	Added +57.7k	+57,712 12.2%
6	LIONS GATE ENTMNT CORP CL B NON VTG CL B NON VTG		520,180	$4.1m5.62%	5.62%	Reduced -81.3k	-81,252 -13.5%
7	SCULPTOR CAP MGMT COM CL A OZM	OZM	321,180	$3.7m5.11%	5.11%	Reduced -75.8k	-75,758 -19.1%
8	BRIDGETOWN HOLDINGS LTD COM CL A COM CL A		353,460	$3.7m5.02%	5.02%	Reduced -47.2k	-47,240 -11.8%
9	ZOETIS INC CL A ZTS	ZTS	17,500	$3.0m4.18%	4.18%	Added +5.5k	+5,500 45.8%
10	SEAGEN INC COM SGEN	SGEN	14,000	$3.0m4.07%	4.07%	New
11	FIRST HORIZON CORPORATION COM FHN	FHN	211,800	$2.3m3.20%	3.20%	Reduced -33.0k	-33,000 -13.5%
12	PHENOMEX INC COM BLI	BLI	2,109,863	$2.1m2.89%	2.89%	New
13	HOMESTREET INC COM MCHB	MCHB	247,225	$1.9m2.64%	2.64%	New
14	CITIZENS FINL SVCS INC COM CZFS	CZFS	37,460	$1.8m2.46%	2.46%	Reduced -113	-113 -0.3%
15	INFLECTION PT ACQUISITN CRP CL A ORD SHS USAR	USAR	166,570	$1.7m2.33%	2.33%	New
16	GLOBUS MED INC CL A GMED	GMED	33,487	$1.7m2.28%	2.28%	Added +5.6k	+5,598 20.1%
17	SPECTRUM BRANDS HLDGS INC NE COM SPB	SPB	17,374	$1.4m1.87%	1.87%	Reduced -23.2k	-23,226 -57.2%
18	TORTOISEECOFIN ACQUISITION C SHS CL A SHS CL A		123,793	$1.3m1.78%	1.78%	Added +30.2k	+30,238 32.3%
19	FEUTUNE LIGHT ACQUISITION CO UNIT 06/01/2029 UNIT 06/01/2029		100,000	$1.1m1.49%	1.49%	Unchanged
20	ANDRETTI ACQUISITION CORP CL A ORD SHS CL A ORD SHS		100,000	$1.1m1.47%	1.47%	New
21	ALTITUDE ACQUISITION CORP COM CL A COM CL A		86,269	$875.6k1.20%	1.20%	Unchanged
22	AVROBIO INC COM COM		558,787	$860.5k1.18%	1.18%	New
23	TENX KEANE ACQUISITION ORD SHS ORD SHS		75,000	$807.8k1.11%	1.11%	Unchanged
24	SILICON MOTION TECHNOLOGY CO SPONSORED ADR SIMO	SIMO	14,609	$748.7k1.03%	1.03%	New
25	MONTEREY CAP ACQUISITION COR CLASS A COM CLASS A COM		60,000	$638.4k0.88%	0.88%	Unchanged
26	ALTRIA GROUP INC COM MO	MO	14,000	$588.7k0.81%	0.81%	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	$580.0k0.80%	0.80%	Unchanged
28	ALPHATIME ACQUISITION CORP UNIT 03/01/2028 ATMCU	ATMCU	50,000	$538.2k0.74%	0.74%	Unchanged
29	AQUARON ACQUISITION CORP COMMON STOCK AQUC	AQUC	50,000	$535.5k0.73%	0.73%	Unchanged
30	CETUS CAP ACQUISITION CORP UNIT 01/30/2028 UNIT 01/30/2028		40,000	$426.4k0.58%	0.58%	Unchanged
31	MAXLINEAR INC COM MXL	MXL	16,921	$376.5k0.52%	0.52%	New
32	PONO CAP TWO INC UNIT 07/31/2027 UNIT 07/31/2027		32,000	$341.8k0.47%	0.47%	Unchanged
33	BELLEVUE LIFE SCNCS AQSTN CO UNIT 02/09/2028 UNIT 02/09/2028		30,000	$322.9k0.44%	0.44%	Unchanged
34	PONO CAP THREE INC UNIT 01/11/2028 UNIT 01/11/2028		30,000	$318.3k0.44%	0.44%	Unchanged
35	ISHARES TR PFD AND INCM SEC PFF	PFF	10,000	$301.5k0.41%	0.41%	Unchanged
36	METAL SKY STAR ACQUISITION C UNIT 03/31/2027 UNIT 03/31/2027		20,000	$219.2k0.30%	0.30%	Unchanged
37	MARS ACQUISITION CORP UNIT 02/09/2028 UNIT 02/09/2028		20,000	$215.5k0.30%	0.30%	Unchanged
38	GOLDEN ARROW MERGER CORP UNIT 07/31/2026 UNIT 07/31/2026		20,000	$206.8k0.28%	0.28%	Unchanged
39	OSIRIS ACQUISITION CORP UNIT 99/99/9999 UNIT 99/99/9999		20,000	$206.8k0.28%	0.28%	Unchanged
40	FOUR LEAF ACQUISITION CORP UNIT 03/15/2028 FORLU	FORLU	17,500	$184.3k0.25%	0.25%	Unchanged
41	INNOVATE CORP COM COM		82,955	$134.4k0.18%	0.18%	Unchanged
42	DANIMER SCIENTIFIC INC COM CL A COM CL A		23,000	$47.6k0.07%	0.07%	Unchanged
43	TENX KEANE ACQUISITION RIGHT 06/30/2028 RIGHT 06/30/2028		75,000	$17.9k0.02%	0.02%	Unchanged

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
ACTIVISION BLIZZARD INC ATVI	ATVI	30,000	$2.5m30.0k shares
VERIZON COMMUNICATIONS INC VZ	VZ	60,000	$2.2m60.0k shares
CONCORD ACQUISITION CORP II CNDA	CNDA	210,777	$2.2m210.8k shares
ELLIOTT OPPORTUNITY II CORP		180,308	$1.9m180.3k shares
GLOBAL STAR ACQUISITION INC		130,641	$1.4m130.6k shares
HUDSON ACQUISITION I CORP		90,000	$950.0k90.0k shares
BLACK SPADE ACQUISITION CO		84,744	$876.3k84.7k shares
A SPAC II ACQUISITION CORP ASCBF	ASCBF	50,000	$527.8k50.0k shares
PLUTONIAN ACQUISITION CORP		45,000	$480.6k45.0k shares
TILRAY BRANDS INC TLRY 5 10.01.23	TLRY 5 10.01.23	450,000	$446.0k450.0k shares
PARDES BIOSCIENCES INC		244,550	$442.6k244.6k shares
HAINAN MANASLU ACQUISTN CORP		29,939	$317.5k29.9k shares
EMBRACE CHANGE ACQUISITN COR EMCUF	EMCUF	29,000	$311.2k29.0k shares
MOBIV ACQUISITION CORP		24,500	$259.1k24.5k shares
KNIGHTSWAN ACQUISITION CORP		20,000	$211.4k20.0k shares
CORSAIR PARTNERING CORP		20,000	$207.3k20.0k shares
FTAC EMERALD ACQUISITION COR FLD	FLD	20,000	$207.0k20.0k shares
COLOMBIER ACQUISITION CORP		20,000	$205.4k20.0k shares
HORIZON TECHNOLOGY FIN CORP HRZN	HRZN	10,000	$120.8k10.0k shares
AQUARON ACQUISITION CORP		40,083	$9.6k40.1k shares
MOUNTAIN CREST ACQUSITN CRP		42,500	$8.9k42.5k shares
A SPAC II ACQUISITION CORP ASCRF	ASCRF	50,000	$4.8k50.0k shares
A SPAC I ACQUISITION CORP		30,000	$4.7k30.0k shares
A SPAC I ACQUISITION CORP		22,500	$93322.5k shares
AURA FAT PROJS ACQUISITION C		21,495	$86221.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SEAGEN INC SGEN · Put	SGEN	Put	40,200	$8.5m40.2k shares	New
ZOETIS INC ZTS · Put	ZTS	Put	15,000	$2.6m15.0k shares	New
ZOETIS INC ZTS · Call	ZTS	Call	7,700	$1.3m7.7k shares	Reduced
SILICON MOTION TECHNOLOGY CO SIMO · Put	SIMO	Put	14,000	$717.5k14.0k shares	New
ALTRIA GROUP INC MO · Call	MO	Call	14,000	$588.7k14.0k shares	New
INTERCEPT PHARMACEUTICALS IN ICPT · Call	ICPT	Call	30,000	$556.2k30.0k shares	New
MAXLINEAR INC MXL · Put	MXL	Put	14,000	$311.5k14.0k shares	New
SEAGEN INC SGEN · Call	SGEN	Call	700	$148.5k700 shares	New
INTERCEPT PHARMACEUTICALS IN ICPT · Put	ICPT	Put	5,900	$109.4k5.9k shares	New