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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q1 2025

Holdings as of Mar 31, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q4 2024.

Institution overview
Positions
288
+35 vs. Q4 2024
Portfolio value
$3.04B
+$320.1M (+11.8%) vs. Q4 2024
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q1 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$138.0K<0.1%+200,000NewHistory
FAROFaro Technologies IncCOM8,132$222.0K<0.1%+19+0.2%AddedHistory
PCGPG&E CorpStock15,000$257.7K<0.1%+15,000NewHistory
Cohen Circle Acquisition CorG3730H114*W EXP 01/31/202150,000$270.0K<0.1%00.0%Unchanged–
CVSCVS Health CorpStock4,050$274.4K<0.1%−1,500−27.0%ReducedHistory
AMCAMC Entertainment Holdings, Inc.CL A NEW107,350$308.1K<0.1%+35,664+49.8%AddedHistory
ELBMElectra Battery Materials CorpCOM384,884$415.0K<0.1%+384,884NewHistory
MGMMGM Resorts InternationalStock14,271$423.0K<0.1%+6,359+80.4%AddedHistory
NBRNabors Industries LtdSHS10,404$434.0K<0.1%+10,404NewHistory
NNNextnav Inc.COMMON STOCK36,299$441.8K<0.1%00.0%UnchangedHistory
FMNFederated Hermes Premier Municipal Income FundCOM46,426$504.2K<0.1%00.0%UnchangedHistory
DTSQDT Cloud Star Acquisition CorpSHS50,000$511.8K<0.1%00.0%UnchangedHistory
AALAmerican Airlines Group Inc.Stock50,000$527.5K<0.1%+50,000NewHistory
HYACHaymaker Acquisition Corp VCLASS A50,000$549.5K<0.1%00.0%UnchangedHistory
Simplify Exchange Traded Fun82889N525MBS ETF11,306$566.9K<0.1%00.0%Unchanged–
FLFoot Locker, Inc.COM54,579$769.6K<0.1%+54,579NewHistory
MUEBlackRock Muniholdings Quality Fund II, Inc.COM77,909$779.1K<0.1%−23,138−22.9%ReducedHistory
FWRDForward Air CorpCOM41,136$826.4K<0.1%+41,136NewHistory
PCKPIMCO California Municipal Income Fund IICOM150,000$846.0K<0.1%+150,000NewHistory
PLMKPlum Acquisition Corp, IVSHS CL A100,000$1.00M<0.1%+100,000NewHistory
CUBLionheart HoldingsSHS CL A100,000$1.03M<0.1%00.0%UnchangedHistory
FVNNUFuture Vision II Acquisition Corp.UNIT 06/20/2029100,000$1.03M<0.1%00.0%UnchangedHistory
WHRWhirlpool CorpStock11,813$1.06M<0.1%−1,537−11.5%ReducedHistory
RRyder System IncCOM8,514$1.22M<0.1%+2,000+30.7%AddedHistory
AFBAlliancebernstein National Municipal Income FundCOM113,955$1.24M<0.1%00.0%UnchangedHistory
RIBBRibbon Acquisition Corp.ORD SHS CL A125,000$1.25M<0.1%+125,000NewHistory
VSXYVictoria's Secret & Co.COMMON STOCK68,340$1.27M<0.1%+68,340NewHistory
IPEXUInflection Point Acquisition Corp. VUNIT 01/23/2030125,000$1.27M<0.1%+125,000NewHistory
CAPNUCayson Acquisition CorpUNIT 99/99/9999125,000$1.31M<0.1%00.0%UnchangedHistory
BKHABlack Hawk Acquisition CorpUSD CL A SHS125,000$1.32M<0.1%00.0%UnchangedHistory
NQPNuveen Pennsylvania Quality Municipal Income FundCOM128,019$1.44M<0.1%00.0%UnchangedHistory
MBIMbia IncCOM294,431$1.47M<0.1%−50,000−14.5%ReducedHistory
Paramount Global92556H206CL B123,723$1.48M<0.1%−35,000−22.1%Reduced–
COLAColumbus Acquisition Corp/Cayman IslandsSHS150,000$1.50M<0.1%+150,000NewHistory
MHNBlackRock Muniholdings New York Quality Fund, Inc.COM147,993$1.50M<0.1%00.0%UnchangedHistory
Voyager Acquisition CorpG93A7H104CL A150,000$1.53M0.1%00.0%Unchanged–
VLOSVelos Acquisition I Corp.CL A150,000$1.54M0.1%00.0%UnchangedHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT152,792$1.55M0.1%−2,679−1.7%Reduced–
UCFICN Healthy Food Tech Group Corp.COM150,000$1.57M0.1%00.0%UnchangedHistory
MERCMercer International Inc.COM259,014$1.59M0.1%−25,000−8.8%ReducedHistory
LEOBNY Mellon Strategic Municipals, Inc.COM267,300$1.64M0.1%+267,300NewHistory
CXEMFS High Income Municipal TrustSH BEN INT450,042$1.66M0.1%+220,819+96.3%AddedHistory
Jackson Acquisition Co IIG4992A201UNIT 99/99/9999175,000$1.80M0.1%00.0%Unchanged–
HOUSAnywhere Real Estate Inc.COM546,242$1.82M0.1%+62,753+13.0%AddedHistory
WBDWarner Bros. Discovery, Inc.Stock181,739$1.95M0.1%−10,093−5.3%ReducedHistory
HVIIONE Nuclear Energy Inc.COM200,000$1.98M0.1%+200,000NewHistory
Faro Technologies Inc311642AB8NOTE 5.500% 2/0–$2.03M0.1%–––
POLEUAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.04M0.1%00.0%UnchangedHistory
CEPOCantor Equity Partners I, Inc.COM200,000$2.05M0.1%+200,000NewHistory
SBIWestern Asset Intermediate Muni Fund Inc.COM271,438$2.12M0.1%00.0%UnchangedHistory
KSSKOHLS CorpStock273,013$2.23M0.1%+149,693+121.4%AddedHistory
KFIIK&F Growth Acquisition Corp. IISHS CL A225,000$2.24M0.1%+225,000NewHistory
CCOClear Channel Outdoor Holdings, Inc.COM2,234,500$2.48M0.1%+379,914+20.5%AddedHistory
FACTUFACT II Acquisition Corp.UNIT 99/99/9999250,000$2.52M0.1%00.0%UnchangedHistory
ATIIUArchimedes Tech SPAC Partners II Co.UNIT 10/15/2029250,000$2.52M0.1%+250,000NewHistory
NHICUNewHold Investment Corp. IIIUNIT 99/99/9999250,000$2.52M0.1%+250,000NewHistory
BSIIBlack Spade Acquisition II CoCL A250,000$2.53M0.1%00.0%UnchangedHistory
LPAALaunch One Acquisition Corp.SHS CLASS A250,000$2.55M0.1%00.0%UnchangedHistory
TONTGraf Global Corp.ORD SHS CL A250,000$2.56M0.1%00.0%UnchangedHistory
RANGURange Capital Acquisition Corp.UNIT 12/11/2029250,000$2.57M0.1%+250,000NewHistory
OACCUOaktree Acquisition Corp. III Life SciencesUNIT 10/04/2029250,000$2.61M0.1%00.0%UnchangedHistory
Vine Hill Cap Invt Corp.G93Y09123UNIT 09/06/2026265,000$2.72M0.1%00.0%Unchanged–
Cardlytics, Inc.14161WAB1NOTE 1.000% 9/1–$2.77M0.1%–––
GSHRUGesher Acquisition Corp. IIUNIT 03/11/2030300,000$3.01M0.1%+300,000NewHistory
TAVITavia Acquisition Corp.SHS300,000$3.02M0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B101SHS CL A300,000$3.02M0.1%+300,000New–
FTWPresidio Production CoCL A ORD SHS300,000$3.04M0.1%00.0%UnchangedHistory
CARAvis Budget Group, Inc.COM40,154$3.05M0.1%+421+1.1%AddedHistory
TDACTranslational Development Acquisition Corp.COM CL A305,000$3.07M0.1%+305,000NewHistory
Veritone, Inc.92347MAB6NOTE 1.750%11/1–$3.14M0.1%–––
SIRISirius XM Holdings Inc.COMMON STOCK146,027$3.29M0.1%−230,708−61.2%ReducedHistory
Beyond Meat, Inc.08862EAB5NOTE 3/1–$3.37M0.1%–––
ITGRInteger Holdings CorpCOM28,832$3.40M0.1%+28,832NewHistory
DMBBNY Mellon Municipal Bond Infrastructure Fund, Inc.COM SHS325,910$3.44M0.1%+100,000+44.3%AddedHistory
LPBBULaunch Two Acquisition Corp.UNIT 08/22/2029350,000$3.57M0.1%00.0%UnchangedHistory
HC2 Hldgs Inc404139AG2NOTE 7.500% 8/0–$3.78M0.1%–––
NTWOUNewbury Street II Acquisition CorpUNIT 10/23/2029375,000$3.78M0.1%+375,000NewHistory
NOEMCO2 Energy Transition Corp.COM390,000$3.87M0.1%+390,000NewHistory
TSLATesla, Inc.Stock15,000$3.89M0.1%+15,000NewHistory
SVCCStellar V Capital Corp. (Cayman Islands)SHS CL A400,000$3.99M0.1%+400,000NewHistory
DMAADrugs Made In America Acquisition Corp.ORD SHS400,000$4.01M0.1%+400,000NewHistory
DRDBRoman DBDR Acquisition Corp. IICOM400,000$4.01M0.1%+400,000NewHistory
CHARCharlton Aria Acquisition CorpORD SHS CL A399,000$4.03M0.1%00.0%UnchangedHistory
Rithm Acquisition Corp.G75751126UNIT 99/99/9999400,000$4.04M0.1%+400,000New–
Willow Lane Acquisition Corp.G9675P128UNIT 99/99/9999400,000$4.05M0.1%00.0%Unchanged–
BEAGBold Eagle Acquisition Corp.CL A400,000$4.06M0.1%00.0%UnchangedHistory
ALDFUAldel Financial II Inc.UNIT 09/26/2031400,000$4.10M0.1%+400,000NewHistory
THCTenet Healthcare CorpCOM NEW31,108$4.18M0.1%+5,206+20.1%AddedHistory
IMSRTerrestrial Energy Inc.SHS CL A400,000$4.21M0.1%00.0%UnchangedHistory
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM756,799$4.37M0.1%+136,853+22.1%AddedHistory
Pinduoduo Inc722304AC6NOTE 12/0–$4.43M0.1%–––
AAPLApple Inc.Stock20,000$4.44M0.1%+20,000NewHistory
Cohen Circle Acquisition CorG3730H106SHS CL A400,000$4.48M0.1%−50,000−11.1%Reduced–
Tpi Composites, Inc87266JAB0NOTE 5.250% 3/1–$4.49M0.1%–––
BHCBausch Health Companies Inc.Stock699,350$4.52M0.1%−491,459−41.3%ReducedHistory
Enovis CORP194014AB2NOTE 3.875%10/1–$4.59M0.2%–––
GMGeneral Motors CoCOM98,585$4.64M0.2%+22,787+30.1%AddedHistory
AA Mission Acquisition Corp.G1000R101ORD SHS CL A450,000$4.69M0.2%00.0%Unchanged–
Cree Inc225447AD3NOTE 1.750% 5/0–$4.81M0.2%–––
SIMASIM Acquisition Corp. ISHS CL A500,000$5.11M0.2%00.0%UnchangedHistory

Options (24)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Whitebox Advisors LLC in Q1 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$391.6M$111.9M
VanEck ETF Trust92189H607OIL SERVICES ETF$118.0M–
AAPLApple Inc.Stock$88.9M–
ITCIIntra-Cellular Therapies, Inc.COM$26.4M$33.0M
SPDR Series Trust78468R556SP O&G EXPL PRO$46.1M–
TSLATesla, Inc.Stock$25.9M–
KKRKKR & Co. Inc.COM$23.1M–
NVDANVIDIA CorpStock$21.7M–
MARAMARA Holdings, Inc.COM$18.2M–
RIVNRivian Automotive, Inc.Stock$18.1M–
LUMNLumen Technologies, Inc.Stock$16.9M–
WOLFWolfspeed, Inc.Stock$7.65M$1.84M
MPTMedical Properties Trust IncCOM$9.04M–
HLFHerbalife Ltd.COM SHS$8.37M–
XRXXerox Holdings CorpCOM NEW$7.25M–
JBLUJetBlue Airways CorpCOM–$6.03M
AMCAMC Entertainment Holdings, Inc.CL A NEW$5.74M–
RUNSunrun Inc.COM$5.64M–
AALAmerican Airlines Group Inc.Stock$5.28M–
HTZHertz Global Holdings, IncCOM NEW$4.64M–
NFENew Fortress Energy Inc.COM CL A$3.32M–
BYNDBeyond Meat, Inc.COM$2.92M–
Azul S A05501U106SPONSR ADR PFD$2.46M–
NIONIO Inc.ADR$1.91M–

Sold out since Q4 2024 (35)

Positions held at the end of Q4 2024 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q4 2024
SecurityClassShares in Q4 2024Value in Q4 2024% of portfolio in Q4 2024History
MicroStrategy Inc594972AE1NOTE 2/1–$208.0M7.7%–
Sunnova Energy Intl Inc.86745KAF1NOTE 0.250%12/0–$43.0M1.6%–
BA.PABoeing CoDEP CONV PFD A650,000$39.6M1.5%History
CIVICivitas Resources, Inc.EQUITY US CM367,000$16.8M0.6%History
Spirit Aerosystems Inc85205TAQ3NOTE 3.250%11/0–$11.8M0.4%–
Vishay Intertechnology Inc928298AR9NOTE 2.250% 9/1–$10.3M0.4%–
Exact Sciences Corp30063PAA3NOTE 1.000% 1/1–$4.98M0.2%–
NIO Inc.62914VAJ5NOTE 3.875%10/1–$4.40M0.2%–
Redfin Corp75737FAE8NOTE 0.500% 4/0–$4.36M0.2%–
DRDBURoman DBDR Acquisition Corp. IIUNIT 99/99/9999400,000$3.99M0.1%History
NOEMUCO2 Energy Transition Corp.UNIT 99/99/9999390,000$3.91M0.1%History
VMOInvesco Municipal Opportunity TrustCOM254,394$2.47M0.1%History
JWNNordstrom IncStock96,957$2.34M0.1%History
Sunnova Energy Intl Inc.86745KAH7NOTE 2.625% 2/1–$1.22M<0.1%–
DT Cloud Acquisition CorpG28524117ORD SHS107,306$1.12M<0.1%–
Azul S A05501U106SPONSR ADR PFD559,775$934.8K<0.1%–
Cutera Inc232109AG3NOTE 4.000% 6/0–$883.1K<0.1%–
NACNuveen California Quality Municipal Income FundCOM72,679$820.5K<0.1%History
VODVodafone Group Public Ltd CoADR90,585$769.1K<0.1%History
HTZWWHertz Global Holdings, IncCommon Stock228,088$490.4K<0.1%History
CXHMFS Investment Grade Municipal TrustSH BEN INT49,454$395.1K<0.1%History
HTZHertz Global Holdings, IncCOM NEW50,440$184.6K<0.1%History
OCSAWOculis Holding AG*W EXP 03/06/20216,833$90.7K<0.1%History
BYNDBeyond Meat, Inc.COM20,557$77.3K<0.1%History
RF Acquisition Corp74954L120RIGHT 05/01/202895,000$14.8K<0.1%–
Evergreen CorpG3312W117*W EXP 02/08/202332,500$9.22K<0.1%–
Bannix Acquisition Corp066644121RIGHT 07/31/202693,000$8.95K<0.1%–
VMCWFValuence Merger Corp. I*W EXP 02/18/202252,525$8.86K<0.1%History
Consilium Acquisitn Corp I LG2365L127RIGHT 07/01/202342,300$6.34K<0.1%–
Alpha Partners Tech Mergr CoG63290103*W EXP 03/31/20223,250$4.18K<0.1%–
RF Acquisition Corp74954L112*W EXP 05/01/20295,000$2.99K<0.1%–
Bannix Acquisition Corp066644113*W EXP 07/31/20293,000$2.57K<0.1%–
FutureTech II Acquisition Corp.36119D111*W EXP 12/23/202144,020$2.22K<0.1%–
TETWFTechnology & Telecommunication Acquisition Corp*W EXP 04/15/202117,500$2.03K<0.1%History
Consilium Acquisitn Corp I LG2365L119*W EXP 06/01/20221,150$1.69K<0.1%–