Howard Marks - Oaktree Capital Management

Oaktree Capital Management

Latest 13F filing

Q4 2025

filed Feb 17, 2026

Portfolio value

$7.03B

Positions

170

Top 10 concentration

45.1%

QoQ change

+8.3%

+$537.51M

Activity vs. Q3 2025

New positions

Added to

Unchanged

Reduced

236

Exited

Portfolio composition — Q4 2025

EXEEXPAND ENERGY CORP7.9%
TRMDTORM PLC7.5%
AUANGLOGOLD ASHANTI PLC4.7%
SMHVANECK SEMICONDUCTOR ETF4.4%
GTXGARRETT MOTION INC4.2%
SPYSTATE STREET CORP3.7%
?Indivior Pharmaceuticals Inc3.6%
VNOMVIPER ENERGY INC3.5%
TLNTALEN ENERGY CORP3.4%
TDSTELEPHONE AND DATA SYSTEMS INC2.2%
Other160 more positions54.9%

Top buys

New & added positions, by size

SMHNEW
VANECK SEMICONDUCTOR ETF
$311.51M
NEW
SPYADD
STATE STREET CORP
$262.54M
+16.7%
TLNADD
TALEN ENERGY CORP
$236.57M
+77.2%
CORZADD
CORE SCIENTIFIC INC
$150.71M
+61.7%
ITUBADD
ITAU UNIBANCO HOLDING SA
$98.97M
+9.1%

Top sells

Reduced & exited positions, biggest cuts first

—EXIT
MARS ACQUISITION CORP
-100.0%
Exited
QETAUEXIT
QUETTA ACQUISITION CORP
-100.0%
Exited
—EXIT
CETUS CAPITAL ACQUISITION CORP
-100.0%
Exited
—EXIT
TMT ACQUISITION CORP
-100.0%
Exited
—EXIT
GLOBAL LIGHTS ACQUISITION CORP
-100.0%
Exited

Holdings as of Q4 2025

#	Ticker	Issuer	Shares	Value	% Portfolio	Reported price	Action	Δ Shares
1	EXE	EXPAND ENERGY CORP	5,062,363	$558.68M	7.95%	$110.36	—	0%
2	TRMD	TORM PLC	26,425,059	$527.29M	7.50%	$19.95	REDUCE	-34.9%
3	AU	ANGLOGOLD ASHANTI PLC	3,847,991	$328.16M	4.67%	$85.28	REDUCE	-8.1%
4	SMH	VANECK SEMICONDUCTOR ETF	865,000	$311.51M	4.43%	$360.13	NEW	—
5	GTX	GARRETT MOTION INC	17,094,816	$297.96M	4.24%	$17.43	REDUCE	-46.4%
6	SPY	STATE STREET CORP	385,000	$262.54M	3.74%	$681.92	ADD	+16.7%
7	—	Indivior Pharmaceuticals Inc	7,108,644	$255.06M	3.63%	$35.88	REDUCE	-97.2%
8	VNOM	VIPER ENERGY INC	6,285,062	$242.79M	3.45%	$38.63	—	0%
9	TLN	TALEN ENERGY CORP	631,117	$236.57M	3.37%	$374.84	ADD	+77.2%
10	TDS	TELEPHONE AND DATA SYSTEMS INC	3,688,386	$151.22M	2.15%	$41.00	—	0%
11	CORZ	CORE SCIENTIFIC INC	10,350,708	$150.71M	2.14%	$14.56	ADD	+61.7%
12	B	BARRICK MINING CORP	2,975,118	$129.57M	1.84%	$43.55	REDUCE	-9.9%
13	NOK	NOKIA OYJ	18,752,229	$121.33M	1.73%	$6.47	—	0%
14	FTAI	FTAI AVIATION LTD	517,328	$101.84M	1.45%	$196.85	REDUCE	-11.6%
15	ITUB	ITAU UNIBANCO HOLDING SA	13,822,747	$98.97M	1.41%	$7.16	ADD	+9.1%
16	ORCL	ORACLE CORP	500,000	$97.45M	1.39%	$194.91	—	0%
17	LBTYA	LIBERTY GLOBAL LTD	8,551,191	$95.26M	1.36%	$11.14	—	0%
18	CBL	CBL & ASSOCIATES PROPERTIES INC	2,517,576	$93.15M	1.33%	$37.00	REDUCE	-16.2%
19	RIOT 0.75 01/15/30	RIOT PLATFORMS INC	81,960,000	$92.92M	1.32%	$1.13	NEW	—
20	JBLU 0.5 04/01/26	JETBLUE AIRWAYS CORP	90,530,000	$89.04M	1.27%	$0.98	ADD	+32.6%
21	AERO	GRUPO AEROMEXICO SAB DE CV	3,776,986	$82.94M	1.18%	$21.96	NEW	—
22	TAC	TRANSALTA CORP	6,415,253	$81.25M	1.16%	$12.66	—	0%
23	STKL	SUNOPTA INC	20,726,126	$78.88M	1.12%	$3.81	—	0%
24	NU	NU HOLDINGS LTD/CAYMAN ISLANDS	4,479,175	$74.98M	1.07%	$16.74	REDUCE	-0.9%
25	FCX	FREEPORT-MCMORAN INC	1,390,053	$70.60M	1.00%	$50.79	REDUCE	-7.6%
26	KRC	KILROY REALTY CORP	1,850,011	$69.13M	0.98%	$37.37	—	0%
27	CX	CEMEX SAB DE CV	5,749,324	$66.06M	0.94%	$11.49	REDUCE	-45.0%
28	RWAY	RUNWAY GROWTH FINANCE CORP	7,029,667	$62.77M	0.89%	$8.93	REDUCE	-15.1%
29	SATS 3.875 11/30/30	ECHOSTAR CORP	18,000,000	$60.16M	0.86%	$3.34	NEW	—
30	CABO 0 03/15/26	CABLE ONE INC	58,874,000	$58.14M	0.83%	$0.99	ADD	+0.2%
31	BLCO	BAUSCH LOMB CORP	3,382,739	$57.78M	0.82%	$17.08	ADD	+4.2%
32	GRAB	GRAB HOLDINGS LTD	11,207,699	$55.93M	0.80%	$4.99	REDUCE	-7.3%
33	XP	XP INC	3,320,159	$54.35M	0.77%	$16.37	ADD	+63.3%
34	ABNB 0 03/15/26	AIRBNB INC	50,633,000	$50.23M	0.71%	$0.99	ADD	+28.7%
35	MAR	MARRIOTT INTERNATIONAL INC/MD	150,000	$46.54M	0.66%	$310.24	—	0%
36	ETSY 0.25 06/15/28	ETSY INC	50,165,000	$44.94M	0.64%	$0.90	ADD	+27.5%
37	LILAK	LIBERTY LATIN AMERICA LTD	5,748,780	$42.89M	0.61%	$7.46	REDUCE	-13.8%
38	ECVT	ECOVYST INC	4,254,503	$41.40M	0.59%	$9.73	ADD	+48.8%
39	BMRN 1.25 05/15/27	BIOMARIN PHARMACEUTICAL INC	42,118,000	$40.45M	0.58%	$0.96	ADD	+113.6%
40	AMPH 2 03/15/29	AMPHASTAR PHARMACEUTICALS INC	43,578,000	$40.40M	0.57%	$0.93	ADD	+144.5%
41	AD	ARRAY DIGITAL INFRASTRUCTURE INC	724,444	$38.84M	0.55%	$53.62	—	0%
42	CNMD 2.25 06/15/27	CONMED CORP	40,324,000	$38.71M	0.55%	$0.96	REDUCE	-0.5%
43	VAC 3.25 12/15/27	MARRIOTT VACATIONS WORLDWIDE CORP	40,370,000	$38.45M	0.55%	$0.95	ADD	+12.7%
44	PEB 1.75 12/15/26	PEBBLEBROOK HOTEL TRUST	39,706,000	$38.42M	0.55%	$0.97	ADD	+51.7%
45	VIST	VISTA ENERGY SAB DE CV	782,250	$38.06M	0.54%	$48.66	REDUCE	-57.5%
46	YMM	FULL TRUCK ALLIANCE CO LTD	3,519,764	$37.77M	0.54%	$10.73	REDUCE	-7.3%
47	SEALTD 0.25 09/15/26	SEA LTD	38,855,000	$37.77M	0.54%	$0.97	ADD	+4.9%
48	SBLK	STAR BULK CARRIERS CORP	1,962,892	$37.73M	0.54%	$19.22	—	0%
49	TDOC 1.25 06/01/27	TELADOC HEALTH INC	38,479,000	$36.75M	0.52%	$0.95	REDUCE	-5.3%
50	ENPH 0 03/01/28	ENPHASE ENERGY INC	38,178,000	$33.36M	0.47%	$0.87	ADD	+33.4%
51	CBRL 0.625 06/15/26	CRACKER BARREL OLD COUNTRY STORE INC	33,101,000	$32.19M	0.46%	$0.97	ADD	+33.6%
52	CRC	CALIFORNIA RESOURCES CORP	694,502	$31.05M	0.44%	$44.71	—	0%
53	BZ	KANZHUN LTD	1,523,231	$31.04M	0.44%	$20.38	REDUCE	-7.3%
54	ARRY 1 12/01/28	ARRAY TECHNOLOGIES INC	33,284,000	$30.26M	0.43%	$0.91	ADD	+34.8%
55	NVST 1.75 08/15/28	ENVISTA HOLDINGS CORP	30,786,000	$29.63M	0.42%	$0.96	ADD	+20.8%
56	OKTA 0.375 06/15/26	OKTA INC	28,311,000	$27.77M	0.40%	$0.98	ADD	+67.5%
57	FIVN 1 03/15/29	FIVE9 INC	30,353,000	$27.39M	0.39%	$0.90	ADD	+290.0%
58	ALRM 0 01/15/26	ALARM.COM HOLDINGS INC	27,198,000	$27.27M	0.39%	$1.00	ADD	+9.9%
59	TEO	TELECOM ARGENTINA SA	2,347,508	$27.25M	0.39%	$11.61	REDUCE	-10.7%
60	VALE	VALE SA	2,023,706	$26.37M	0.38%	$13.03	REDUCE	-0.5%
61	SPB 3.375 06/01/29	SPECTRUM BRANDS HOLDINGS INC	27,496,000	$26.07M	0.37%	$0.95	ADD	+69.5%
62	DXCM 0.375 05/15/28	DEXCOM INC	27,995,000	$25.78M	0.37%	$0.92	NEW	—
63	TX	TERNIUM SA	658,565	$25.15M	0.36%	$38.19	REDUCE	-26.6%
64	—	RICE ACQUISITION CORP 3	2,400,000	$24.66M	0.35%	$10.28	NEW	—
65	OCSL	OAKTREE SPECIALTY LENDING CORP	1,852,456	$23.60M	0.34%	$12.74	—	0%
66	DKNG 0 03/15/28	DRAFTKINGS INC	25,225,000	$23.09M	0.33%	$0.92	NEW	—
67	MGPI 1.875 11/15/41	MGP INGREDIENTS INC	23,225,000	$22.53M	0.32%	$0.97	ADD	+34.4%
68	INN 1.5 02/15/26	SUMMIT HOTEL PROPERTIES INC	21,560,000	$21.50M	0.31%	$1.00	REDUCE	-26.8%
69	XYZ 0 05/01/26	BLOCK INC	20,243,000	$19.94M	0.28%	$0.98	ADD	+102.1%
70	NBR 1.75 06/15/29	NABORS INDUSTRIES LTD	24,063,000	$19.60M	0.28%	$0.81	ADD	+87.5%
71	INFY	INFOSYS LTD	1,094,752	$19.51M	0.28%	$17.82	NEW	—
72	JD 0.25 06/01/29	JD.COM INC	19,233,000	$19.32M	0.27%	$1.00	REDUCE	-19.3%
73	DAY 0.25 03/15/26	DAYFORCE INC	19,351,000	$19.21M	0.27%	$0.99	ADD	+106.3%
74	WGO 3.25 01/15/30	WINNEBAGO INDUSTRIES INC	20,220,000	$19.06M	0.27%	$0.94	ADD	+312.0%
75	SNAP 0 05/01/27	SNAP INC	19,576,000	$18.25M	0.26%	$0.93	ADD	+50.9%
76	SYNA 0.75 12/01/31	SYNAPTICS INC	17,250,000	$18.25M	0.26%	$1.06	NEW	—
77	ONIT	ONITY GROUP INC	390,835	$17.90M	0.25%	$45.79	NEW	—
78	LIVN 2.5 03/15/29	LIVANOVA PLC	15,285,000	$17.73M	0.25%	$1.16	ADD	+1.3%
79	PPL 2.875 03/15/28	PPL CORP	15,672,000	$17.22M	0.25%	$1.10	REDUCE	-0.4%
80	AVAV 0 07/15/30	AEROVIRONMENT INC	15,763,000	$17.14M	0.24%	$1.09	REDUCE	-11.3%
81	TTEK 2.25 08/15/28	TETRA TECH INC	15,289,000	$16.63M	0.24%	$1.09	ADD	+28.4%
82	CMS 3.375 05/01/28	CMS ENERGY CORP	15,199,000	$16.29M	0.23%	$1.07	REDUCE	-12.4%
83	SMRT	SMARTRENT INC	7,505,294	$15.16M	0.22%	$2.02	—	0%
84	HAE 0 03/01/26	HAEMONETICS CORP	15,030,000	$14.92M	0.21%	$0.99	ADD	+62.6%
85	JAZZ 3.125 09/15/30	JAZZ PHARMACEUTICALS PLC	10,600,000	$14.14M	0.20%	$1.33	REDUCE	-36.5%
86	WEC 4.375 06/01/29	WEC ENERGY GROUP INC	11,957,000	$13.98M	0.20%	$1.17	REDUCE	-3.7%
87	LNTH 2.625 12/15/27	LANTHEUS HOLDINGS INC	11,525,000	$13.23M	0.19%	$1.15	ADD	+83.7%
88	OPTU	OPTIMUM COMMUNICATIONS INC	7,500,000	$12.38M	0.18%	$1.65	—	0%
89	SNAP 0.125 03/01/28	SNAP INC	13,422,000	$12.18M	0.17%	$0.91	REDUCE	-12.5%
90	BAND 0.5 04/01/28	BANDWIDTH INC	13,650,000	$11.92M	0.17%	$0.87	ADD	+58.2%
91	BXMT 5.5 03/15/27	BLACKSTONE MORTGAGE TRUST INC	11,999,000	$11.89M	0.17%	$0.99	ADD	+72.9%
92	RDFN 0.5 04/01/27	REDFIN CORP	11,841,000	$11.14M	0.16%	$0.94	ADD	+45.8%
93	PMT 5.5 03/15/26	PENNYMAC MORTGAGE INVESTMENT TRUST	10,935,000	$10.95M	0.16%	$1.00	ADD	+102.1%
94	ENPH 0 03/01/26	ENPHASE ENERGY INC	10,911,000	$10.80M	0.15%	$0.99	REDUCE	-16.5%
95	COIN 0.25 04/01/30	COINBASE GLOBAL INC	10,510,000	$10.79M	0.15%	$1.03	REDUCE	-19.2%
96	RGEN 1 12/15/28	REPLIGEN CORP	9,830,000	$10.79M	0.15%	$1.10	ADD	+11.4%
97	FLR 1.125 08/15/29	FLUOR CORP	9,371,000	$10.70M	0.15%	$1.14	REDUCE	-10.5%
98	MGNI 0.25 03/15/26	MAGNITE INC	10,305,000	$10.22M	0.15%	$0.99	ADD	+55.3%
99	LYV 2.875 01/15/30	LIVE NATION ENTERTAINMENT INC	9,670,000	$10.18M	0.14%	$1.05	NEW	—
100	ZD 1.75 11/01/26	ZIFF DAVIS INC	10,091,000	$9.89M	0.14%	$0.98	ADD	+58.3%
101	LCII 1.125 05/15/26	LCI INDUSTRIES	9,927,000	$9.80M	0.14%	$0.99	ADD	+55.0%
102	CALY 2.75 05/01/26	TOPGOLF CALLAWAY BRANDS CORP	9,596,000	$9.58M	0.14%	$1.00	ADD	+115.8%
103	EXEEL	EXPAND ENERGY CORP	95,294	$9.50M	0.14%	$99.65	—	0%
104	COGT 1.625 11/15/31	COGENT BIOSCIENCES INC	7,650,000	$8.99M	0.13%	$1.18	NEW	—
105	BHC	BAUSCH HEALTH COS INC	1,270,000	$8.83M	0.13%	$6.95	—	0%
106	ITRI 1.375 07/15/30	ITRON INC	8,700,000	$8.81M	0.13%	$1.01	NEW	—
107	U 0 11/15/26	UNITY SOFTWARE INC	9,076,000	$8.79M	0.13%	$0.97	ADD	+142.0%
108	FRPT 3 04/01/28	FRESHPET INC	7,300,000	$8.55M	0.12%	$1.17	ADD	+69.8%
109	MKSI 1.25 06/01/30	MKS INC	6,255,000	$7.99M	0.11%	$1.28	REDUCE	-62.6%
110	DDOG 0 12/01/29	DATADOG INC	7,499,000	$7.51M	0.11%	$1.00	NEW	—
111	RWT 7.75 06/15/27	REDWOOD TRUST INC	7,456,000	$7.44M	0.11%	$1.00	ADD	+33.5%
112	GPRE 2.25 03/15/27	GREEN PLAINS INC	7,677,000	$7.39M	0.11%	$0.96	NEW	—
113	MX	MAGNACHIP SEMICONDUCTOR CORP	2,849,858	$7.27M	0.10%	$2.55	—	0%
114	UPST 0.25 08/15/26	UPSTART HOLDINGS INC	7,199,000	$6.97M	0.10%	$0.97	REDUCE	-37.1%
115	UPWK 0.25 08/15/26	UPWORK INC	7,038,000	$6.88M	0.10%	$0.98	ADD	+51.5%
116	BSY 0.375 07/01/27	BENTLEY SYSTEMS INC	6,730,000	$6.35M	0.09%	$0.94	ADD	+256.8%
117	NEO 0.25 01/15/28	NEOGENOMICS INC	7,098,000	$6.34M	0.09%	$0.89	ADD	+80.6%
118	LILA	LIBERTY LATIN AMERICA LTD	839,020	$6.20M	0.09%	$7.39	REDUCE	-0.9%
119	VERX 0.75 05/01/29	VERTEX INC	6,507,000	$6.18M	0.09%	$0.95	REDUCE	-10.2%
120	CRNC 1.5 07/01/28	CERENCE INC	6,605,000	$5.96M	0.08%	$0.90	ADD	+62.6%
121	XYZ 0.25 11/01/27	BLOCK INC	5,935,000	$5.51M	0.08%	$0.93	ADD	+76.1%
122	SHAK 0 03/01/28	SHAKE SHACK INC	5,686,000	$5.39M	0.08%	$0.95	REDUCE	-51.5%
123	MITK 0.75 02/01/26	MITEK SYSTEMS INC	5,374,000	$5.33M	0.08%	$0.99	NEW	—
124	NTNX 0.5 12/15/29	NUTANIX INC	5,436,000	$5.26M	0.07%	$0.97	NEW	—
125	AFRM 0 11/15/26	AFFIRM HOLDINGS INC	5,225,000	$5.04M	0.07%	$0.96	ADD	+21.8%
126	PENN 2.75 05/15/26	PENN ENTERTAINMENT INC	4,952,000	$4.91M	0.07%	$0.99	NEW	—
127	SO 4.5 06/15/27	SOUTHERN CO/THE	4,557,000	$4.87M	0.07%	$1.07	—	0%
128	HDB	HDFC BANK LTD	130,441	$4.77M	0.07%	$36.54	REDUCE	-13.7%
129	MSTR 0 12/01/29	STRATEGY INC	5,763,000	$4.75M	0.07%	$0.82	NEW	—
130	SNAP 0.75 08/01/26	SNAP INC	3,767,000	$3.65M	0.05%	$0.97	ADD	+82.6%
131	ZD 3.625 03/01/28	ZIFF DAVIS INC	3,496,000	$3.43M	0.05%	$0.98	ADD	+158.8%
132	AWK 3.625 06/15/26	AMERICAN WATER CAPITAL CORP	3,426,000	$3.42M	0.05%	$1.00	NEW	—
133	BATL	BATTALION OIL CORP	3,009,912	$3.40M	0.05%	$1.13	REDUCE	-0.1%
134	TWO 6.25 01/15/26	TWO HARBORS INVESTMENT CORP	3,298,000	$3.29M	0.05%	$1.00	REDUCE	-11.4%
135	BILL 0 04/01/27	BILL HOLDINGS INC	3,306,000	$3.14M	0.04%	$0.95	REDUCE	-1.5%
136	—	ALVOTECH SA	4,666,667	$3.03M	0.04%	$0.65	—	0%
137	F 0 03/15/26	FORD MOTOR CO	2,900,000	$3.02M	0.04%	$1.04	NEW	—
138	BBIO 2.25 02/01/29	BRIDGEBIO PHARMA INC	2,550,000	$2.87M	0.04%	$1.13	REDUCE	-76.3%
139	POST 2.5 08/15/27	POST HOLDINGS INC	2,650,000	$2.86M	0.04%	$1.08	ADD	+103.8%
140	ON 0 05/01/27	ON SEMICONDUCTOR CORP	1,950,000	$2.33M	0.03%	$1.19	—	0%
141	NTNX 0.25 10/01/27	NUTANIX INC	2,000,000	$2.25M	0.03%	$1.13	NEW	—
142	WT 3.25 08/15/29	WISDOMTREE INC	1,850,000	$2.23M	0.03%	$1.20	NEW	—
143	DBX 0 03/01/26	DROPBOX INC	2,175,000	$2.16M	0.03%	$0.99	NEW	—
144	—	ALVOTECH SA	533,656	$2.02M	0.03%	$3.79	REDUCE	-65.9%
145	CAKE 0.375 06/15/26	CHEESECAKE FACTORY INC/THE	1,960,000	$1.94M	0.03%	$0.99	NEW	—
146	GRPN 1.125 03/15/26	GROUPON INC	1,874,000	$1.86M	0.03%	$0.99	REDUCE	-21.3%
147	MTN 0 01/01/26	VAIL RESORTS INC	1,819,000	$1.82M	0.03%	$1.00	REDUCE	-70.1%
148	DOCN 0 12/01/26	DIGITALOCEAN HOLDINGS INC	1,880,000	$1.82M	0.03%	$0.97	REDUCE	-7.4%
149	BL 0 03/15/26	BLACKLINE INC	1,816,000	$1.80M	0.03%	$0.99	NEW	—
150	NEE 3 03/01/27	NEXTERA ENERGY INC	1,292,000	$1.61M	0.02%	$1.24	REDUCE	-82.9%
151	CELC 2.75 08/01/31	CELCUITY INC	700,000	$1.52M	0.02%	$2.17	NEW	—
152	FSLY 7.75 06/01/28	FASTLY INC	1,353,000	$1.50M	0.02%	$1.11	NEW	—
153	VSH 2.25 09/15/30	VISHAY INTERTECHNOLOGY INC	1,651,000	$1.49M	0.02%	$0.90	NEW	—
154	SPOT 0 03/15/26	SPOTIFY TECHNOLOGY SA	1,300,000	$1.48M	0.02%	$1.14	NEW	—
155	TCOM 0.75 06/15/29	TRIP.COM GROUP LTD	1,189,000	$1.47M	0.02%	$1.23	REDUCE	-71.9%
156	HLF 4.25 06/15/28	HERBALIFE LTD	1,242,000	$1.35M	0.02%	$1.08	REDUCE	-56.4%
157	MSTR 0.875 03/15/31	STRATEGY INC	1,300,000	$1.34M	0.02%	$1.03	NEW	—
158	LYFT 0.625 03/01/29	LYFT INC	1,100,000	$1.33M	0.02%	$1.21	—	0%
159	PSN 2.625 03/01/29	PARSONS CORP	1,160,000	$1.20M	0.02%	$1.03	REDUCE	-91.0%
160	AFRM 0.75 12/15/29	AFFIRM HOLDINGS INC	927,000	$1.03M	0.01%	$1.11	NEW	—
161	TYL 0.25 03/15/26	TYLER TECHNOLOGIES INC	1,000,000	$1.01M	0.01%	$1.01	NEW	—
162	ASND 2.25 04/01/28	ASCENDIS PHARMA A/S	700,000	$994.32K	0.01%	$1.42	REDUCE	-30.0%
163	RNG 0 03/15/26	RINGCENTRAL INC	984,000	$974.65K	0.01%	$0.99	NEW	—
164	HAE 2.5 06/01/29	HAEMONETICS CORP	902,000	$938.71K	0.01%	$1.04	NEW	—
165	FSLY 0 03/15/26	FASTLY INC	863,000	$850.05K	0.01%	$0.98	REDUCE	-36.3%
166	GLAD 5.875 10/01/30	GLADSTONE CAPITAL CORP	754,000	$738.92K	0.01%	$0.98	NEW	—
167	GH 0 11/15/27	GUARDANT HEALTH INC	555,000	$599.68K	0.01%	$1.08	REDUCE	-88.1%
168	PTON 0 02/15/26	PELOTON INTERACTIVE INC	559,000	$552.71K	0.01%	$0.99	REDUCE	-58.7%
169	BTAI	BIOXCEL THERAPEUTICS INC	241,188	$385.90K	0.01%	$1.60	—	0%
170	—	RICE ACQUISITION CORP 3	399,999	$320.00K	0.00%	$0.80	NEW	—

Positions exited in Q4 2025

Ticker	Issuer	Prior shares
—	MARS ACQUISITION CORP	0
QETAU	QUETTA ACQUISITION CORP	0
—	CETUS CAPITAL ACQUISITION CORP	0
—	TMT ACQUISITION CORP	0
—	GLOBAL LIGHTS ACQUISITION CORP	0
—	GLOBAL STAR ACQUISITION INC	0
SBC	PONO CAPITAL TWO INC	0
—	FINTECH ECOSYSTEM DEVELOPMENT CORP	0
LPSN 0.75 03/01/24	LIVEPERSON INC	0
OMCL 0.25 09/15/25	OMNICELL INC	0
—	PONO CAPITAL THREE INC	0
IQ 4 12/15/26	IQIYI INC	0
LBRDK	LIBERTY BROADBAND CORP	0
DISH 0 12/15/25	DISH NETWORK CORP	0
EGHT 0.5 02/01/24	8X8 INC	0
—	MICROSTRATEGY INC	0
—	TRIPADVISOR INC	0
MFA 6.25 06/15/24	MFA FINANCIAL INC	0
ENV 2.625 12/01/27	ENVESTNET INC	0
NRG	NRG ENERGY INC	0
BBD	BANCO BRADESCO SA	0
BILI 0.5 12/01/26	BILIBILI INC	0
EB 5 12/01/25	EVENTBRITE INC	0
HIMS	HIMS & HERS HEALTH INC	0
BMRN 0.599 08/01/24	BIOMARIN PHARMACEUTICAL INC	0
ETSY 0.125 10/01/26	ETSY INC	0
GGB	GERDAU SA	0
LYV 3.125 01/15/29	LIVE NATION ENTERTAINMENT INC	0
IIIV 1 02/15/25	I3 VERTICALS INC	0
MTG	MGIC INVESTMENT CORP	0
INVA 2.125 03/15/28	INNOVIVA INC	0
LITE 0.25 03/15/24	LUMENTUM HOLDINGS INC	0
OAKU	OAK WOODS ACQUISITION CORP	0
XYZ 0.125 03/01/25	BLOCK INC	0
NOG 3.625 04/15/29	NORTHERN OIL & GAS INC	0
XMTR 1 02/01/27	XOMETRY INC	0
TTGT 0 12/15/26	TECHTARGET INC	0
FOUR 0 12/15/25	SHIFT4 PAYMENTS INC	0
NIO 3.875 10/15/29	NIO INC	0
PDD	PDD HOLDINGS INC	0
AEIS 2.5 09/15/28	ADVANCED ENERGY INDUSTRIES INC	0
ATSG 3.875 08/15/29	AIR TRANSPORT SERVICES GROUP INC	0
AKAM 0.375 09/01/27	AKAMAI TECHNOLOGIES INC	0
BABA 0.5 06/01/31	ALIBABA GROUP HOLDING LTD	0
ALNY 1 09/15/27	ALNYLAM PHARMACEUTICALS INC	0
AAL 6.5 07/01/25	AMERICAN AIRLINES GROUP INC	0
CHGG 0 09/01/26	CHEGG INC	0
BOX 0 01/15/26	BOX INC	0
CAT	CATERPILLAR INC	0
AIEV	FEUTUNE LIGHT ACQUISITION CORP	0
PMT 5.5 11/01/24	PENNYMAC MORTGAGE INVESTMENT TRUST	0
ATSG 1.125 10/15/24	AIR TRANSPORT SERVICES GROUP INC	0
AQUC	AQUARON ACQUISITION CORP	0
TMDX 1.5 06/01/28	TRANSMEDICS GROUP INC	0
BABA	ALIBABA GROUP HOLDING LTD	0
CEG	CONSTELLATION ENERGY CORP	0
ACCD 0.5 04/01/26	ACCOLADE INC	0
YPF	YPF SA	0
CDLX 1 09/15/25	CARDLYTICS INC	0
IONS 0 04/01/26	IONIS PHARMACEUTICALS INC	0
ITRI 0 03/15/26	ITRON INC	0
UNIT	UNITI GROUP INC	0
AMX	AMERICA MOVIL SAB DE CV	0
XOP	SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF	0
NBR	NABORS INDUSTRIES LTD	737,112
LI	LI AUTO INC	0
INDA	ISHARES MSCI INDIA ETF	0
AY 4 07/15/25	ATLANTICA SUSTAINABLE INFRASTRUCTURE JERSEY LTD	0
LNT 3.875 03/15/26	ALLIANT ENERGY CORP	0
CFLT 0 01/15/27	CONFLUENT INC	0
ACR	ACRES COMMERCIAL REALTY CORP	391,380
BL 1 06/01/29	BLACKLINE INC	8,148,000
HALO 1 08/15/28	HALOZYME THERAPEUTICS INC	0
ZTO 1.5 09/01/27	ZTO EXPRESS CAYMAN INC	0
ABR 7.5 08/01/25	ARBOR REALTY TRUST INC	0
BRY	BERRY CORP	0
BMA	BANCO MACRO SA	0
CHEF 1.875 12/01/24	CHEFS WAREHOUSE INC/THE	0
CHRS 1.5 04/15/26	COHERUS BIOSCIENCES INC	0
COIN 0.5 06/01/26	COINBASE GLOBAL INC	0
NMFC 7.5 10/15/25	NEW MOUNTAIN FINANCE CORP	0
ATEC 0.75 08/01/26	ALPHATEC HOLDINGS INC	0
EC	ECOPETROL SA	0
EVH 3.5 12/01/29	EVOLENT HEALTH INC	1,015,000
FVRR 0 11/01/25	FIVERR INTERNATIONAL LTD	1,049,000
IRTC 1.5 09/01/29	IRHYTHM TECHNOLOGIES INC	900,000
IWM	ISHARES RUSSELL 2000 ETF	220,000
TPICQ	TPI COMPOSITES INC	4,610,003
TGS	TRANSPORTADORA DE GAS DEL SUR SA	56,522
W 3.25 09/15/27	WAYFAIR INC	900,000
WING	WINGSTOP INC	50,000
BBIO 2.5 03/15/27	BRIDGEBIO PHARMA INC	1,850,000
ESPR 4 11/15/25	ESPERION THERAPEUTICS INC	2,114,000
GES 3.75 04/15/28	GUESS INC	3,621,000
NVCR 0 11/01/25	NOVOCURE LTD	4,337,000
QTWO 0.125 11/15/25	Q2 HOLDINGS INC	2,701,000
UBER 0.875 12/01/28 2028	UBER TECHNOLOGIES INC	1,503,000
FUBO 3.25 02/15/26	FUBOTV INC	4,538,000
LGN	LEGENCE CORP	175,000
VRNT 0.25 04/15/26	VERINT SYSTEMS INC	4,626,000
GH 1.25 02/15/31	GUARDANT HEALTH INC	9,240,000
LI 0.25 05/01/28	LI AUTO INC	7,279,000
TVTX 2.25 03/01/29	TRAVERE THERAPEUTICS INC	9,213,000
DXCM 0.25 11/15/25	DEXCOM INC	12,963,000
AGCN 0.375 01/15/27	FIRST MAJESTIC SILVER CORP	18,133,000
MTH 1.75 05/15/28	MERITAGE HOMES CORP	12,695,000
FOUR 0.5 08/01/27	SHIFT4 PAYMENTS INC	14,544,000
SRPT 1.25 09/15/27	SAREPTA THERAPEUTICS INC	34,930,000
SE	SEA LTD	141,368
SATS	ECHOSTAR CORP	600,000
PD 1.25 07/01/25	PAGERDUTY INC	0
PAR 1.5 10/15/27	PAR TECHNOLOGY CORP	0
STX 3.5 06/01/28	SEAGATE TECHNOLOGY HOLDINGS PLC	0
JBS	JBS NV	1,580,400
NOVA 0.25 12/01/26	SUNNOVA ENERGY INTERNATIONAL INC	0
NOVA 2.625 02/15/28	SUNNOVA ENERGY INTERNATIONAL INC	0
UBER 0 12/15/25	UBER TECHNOLOGIES INC	0
VTR 3.75 06/01/26	VENTAS INC	0
BAK	BRASKEM SA	0
NET 0 08/15/26	CLOUDFLARE INC	0
HALO 0.25 03/01/27	HALOZYME THERAPEUTICS INC	0
PCG 4.25 12/01/27	PG&E CORP	0
RDFN 0 10/15/25	REDFIN CORP	0
TVTX 2.5 09/15/25	TRAVERE THERAPEUTICS INC	0
SSRMCN 2.5 04/01/39	SSR MINING INC	0
DUK 4.125 04/15/26	DUKE ENERGY CORP	0
HDSN	HUDSON TECHNOLOGIES INC	0
IART 0.5 08/15/25	INTEGRA LIFESCIENCES HOLDINGS CORP	0
LITE 1.5 12/15/29	LUMENTUM HOLDINGS INC	0
VAC 0 01/15/26	MARRIOTT VACATIONS WORLDWIDE CORP	0
MLAB 1.375 08/15/25	MESA LABORATORIES INC	0
NICEIT 0 09/15/25	NICE LTD	0
ON 0.5 03/01/29	ON SEMICONDUCTOR CORP	0
WK 1.25 08/15/28	WORKIVA INC	0
CYTK 3.5 07/01/27	CYTOKINETICS INC	0
HTHT 3 05/01/26	H WORLD GROUP LTD	0
OKTA 0.125 09/01/25	OKTA INC	0
HOUS 0.25 06/15/26	ANYWHERE REAL ESTATE INC	0
BEKE	KE HOLDINGS INC	0
WIX 0 08/15/25	WIX.COM LTD	0
SB9	SITIO ROYALTIES CORP	0
—	KAMAN CORP	0
NCLH 5.375 08/01/25	NORWEGIAN CRUISE LINE HOLDINGS LTD	0
SNAP 0.25 05/01/25	SNAP INC	0
SEDG 0 09/15/25	SOLAREDGE TECHNOLOGIES INC	0
BIDU	BAIDU INC	0
ABX	BARRICK GOLD CORP	0
AYX 0.5 08/01/24	ALTERYX INC	0
BILL 0 12/01/25	BILL HOLDINGS INC	0
JOYY 1.375 06/15/26	JOYY INC	0
SHOPCN 0.125 11/01/25	SHOPIFY INC	0
LILAK 2 07/15/24	LIBERTY LATIN AMERICA LTD	0
TDOC 0.875 06/01/25	TELADOC HEALTH INC	0
PBR	PETROLEO BRASILEIRO SA	0
BILI	BILIBILI INC	0
XHB	STATE STREET CORP	0
DQ	DAQO NEW ENERGY CORP	0
EXPE 0 02/15/26	EXPEDIA GROUP INC	0
EZPW 2.375 05/01/25	EZCORP INC	0
FIVN 0.5 06/01/25	FIVE9 INC	0
HCAT 2.5 04/15/25	HEALTH CATALYST INC	0
HTHT	H WORLD GROUP LTD	0
JD	JD.COM INC	0
KC	KINGSOFT CORP LTD	0
FWONK 2.25 08/15/27	LIBERTY MEDIA CORP-LIBERTY FORMULA ONE	0
LITE 0.5 06/15/28	LUMENTUM HOLDINGS INC	0
NCLH 1.125 02/15/27	NORWEGIAN CRUISE LINE HOLDINGS LTD	0
EYE 2.5 05/15/25	NATIONAL VISION HOLDINGS INC	0
NEO 1.25 05/01/25	NEOGENOMICS INC	0
PCRX 0.75 08/01/25	PACIRA BIOSCIENCES INC	0
REAL 4 02/15/31	REALREAL INC/THE	0
TNDM 1.5 03/15/29 2024	TANDEM DIABETES CARE INC	0
—	VACASA INC	0
PEGA 0.75 03/01/25	PEGASYSTEMS INC	0
DOCU 0 01/15/24	DOCUSIGN INC	0
BSY 0.125 01/15/26	BENTLEY SYSTEMS INC	0
PAM	PAMPA ENERGIA SA	0
INSM 0.75 06/01/28	INSMED INC	0
W 0.625 10/01/25	WAYFAIR INC	0
PRFT 0.125 11/15/26	PERFICIENT INC	0
—	ECD AUTOMOTIVE DESIGN INC	0
CHGG 0.125 03/15/25	CHEGG INC	0
CPNG	COUPANG INC	0
EGHT 4 02/01/28	8X8 INC	0
0E41	ENLINK MIDSTREAM LLC	0
EB 0.75 09/15/26	EVENTBRITE INC	0
INFNEUR	INFINERA CORP	0
TREE 0.5 07/15/25	LENDINGTREE INC	0
MARA 1 12/01/26	MARA HOLDINGS INC	0
MESO	MESOBLAST LTD	0
NIO 0.5 02/01/27	NIO INC	0
NTES	NETEASE INC	0
GMED 0.375 03/15/25	NUVASIVE INC	0
PWR	QUANTA SERVICES INC	0
RWT 5.75 10/01/25	REDWOOD TRUST INC	0
RIVN 4.625 03/15/29	RIVIAN AUTOMOTIVE INC	0
SO 3.875 12/15/25	SOUTHERN CO/THE	0
SNREN	SUNRISE COMMUNICATIONS AG/OLD	0
REAL 1 03/01/28	REALREAL INC/THE	0
TCOM	TRIP.COM GROUP LTD	0
VST	VISTRA CORP	0
MNKD 2.5 03/01/26	MANNKIND CORP	0
MIDD 1 09/01/25	MIDDLEBY CORP/THE	0
JOYY	JOYY INC	0
LOMA	LOMA NEGRA CIA INDUSTRIAL ARGENTINA SA	0
ZS 0.125 07/01/25	ZSCALER INC	0
YUMC	YUM CHINA HOLDINGS INC	0
DDOG 0.125 06/15/25	DATADOG INC	0
PODD 0.375 09/01/26	INSULET CORP	0
PRGS 1 04/15/26	PROGRESS SOFTWARE CORP	0
STHO	STAR HOLDINGS	0
Z 1.375 09/01/26	ZILLOW GROUP INC	0
NVRO 2.75 04/01/25	NEVRO CORP	0
TPB 2.5 07/15/24	TURNING POINT BRANDS INC	0
—	IQIYI INC	0
—	EAGLE BULK SHIPPING INC	0
—	EAGLE BULK SHIPPING INC	0
EEFT 0.75 03/15/49	EURONET WORLDWIDE INC	0
EONR	HNR ACQUISITION CORP	0
HTZ	HERTZ GLOBAL HOLDINGS INC	0
IBN	ICICI BANK LTD	0
—	ISHARES MSCI MEXICO ETF	0
AZUL	AZUL SA	0
—	LIBERTY MEDIA CORP	0
LYFT 1.5 05/15/25	LYFT INC	0
NMIH	NMI HOLDINGS INC	0
NRG 2.75 06/01/48	NRG ENERGY INC	0
PDD 0 12/01/25	PDD HOLDINGS INC	0
SEALTD 2.375 12/01/25	SEA LTD	0
SMTC 1.625 11/01/27	SEMTECH CORP	0
—	AI TRANSPORTATION ACQUISITION CORP	0
VLY	VALLEY NATIONAL BANCORP	0
W 1 08/15/26	WAYFAIR INC	0
—	GOLDEN STAR ACQUISITION CORP	0
—	PLUTONIAN ACQUISITION CORP	0
—	TENX KEANE ACQUISITION	0

Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0000949509.