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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
355
+67 vs. Q1 2025
Portfolio value
$3.67B
+$638.3M (+21.0%) vs. Q1 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
OPIOffice Properties Income TrustCOM SHS BEN INT291,197$71.9K<0.1%00.0%UnchangedHistory
Willow Lane Acquisition Corp.G9675P110*W EXP 10/31/203200,000$72.0K<0.1%+200,000New–
Eqv Ventures Acquisition CorG3106N117*W EXP 07/01/20399,997$73.4K<0.1%00.0%Unchanged–
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$74.8K<0.1%00.0%Unchanged–
BZAIWBlaize Holdings, Inc.*W EXP 01/13/203209,250$80.4K<0.1%00.0%UnchangedHistory
LPBBWLaunch Two Acquisition Corp.*W EXP 10/09/202175,000$80.9K<0.1%+175,000NewHistory
Bitcoin Depot IN09174P113EQUITY WRT213,750$85.1K<0.1%00.0%Unchanged–
DRDBWRoman DBDR Acquisition Corp. IICOM200,000$100.0K<0.1%00.0%UnchangedHistory
ALDFWAldel Financial II Inc.*W EXP 09/26/203200,000$104.0K<0.1%+200,000NewHistory
NPACWNew Providence Acquisition Corp. III/CaymanCOM166,666$104.2K<0.1%+166,666NewHistory
RDAGWRepublic Digital Acquisition CoCOM150,000$108.0K<0.1%+150,000NewHistory
Real Asset Acquisition Corp.G73944111*W EXP 04/24/203250,000$115.0K<0.1%+250,000New–
HDRNWHadron Energy, Inc.*W EXP 08/29/202804,500$120.7K<0.1%00.0%UnchangedHistory
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$121.4K<0.1%00.0%Unchanged–
BRRWWSilvia, Inc.*W EXP 05/16/20375,000$124.5K<0.1%+75,000NewHistory
BEAGRBold Eagle Acquisition Corp.RIGHT 10/11/2029400,000$125.6K<0.1%00.0%UnchangedHistory
SZZLRSizzle Acquisition Corp. IIRIGHT 04/02/2030650,000$130.0K<0.1%+650,000NewHistory
Soulpower Acquisition Corp.G82745137RIGHT 99/99/9999650,000$130.0K<0.1%+650,000New–
VLOSWVelos Acquisition I Corp.*W EXP 99/99/99975,000$131.3K<0.1%00.0%UnchangedHistory
RTACWRenatus Tactical Acquisition Corp I*W EXP 05/15/20370,000$142.8K<0.1%+70,000NewHistory
TACHWTitan Acquisition Corp.*W EXP 05/16/203400,000$148.0K<0.1%+400,000NewHistory
DAAQWDigital Asset Acquisition Corp.*W EXP 04/01/203200,000$170.0K<0.1%+200,000NewHistory
PYNPIMCO New York Municipal Income Fund IIICOM33,371$174.9K<0.1%+33,371NewHistory
AMCAMC Entertainment Holdings, Inc.CL A NEW64,144$198.8K<0.1%−43,206−40.2%ReducedHistory
PCGPG&E CorpStock15,000$209.1K<0.1%00.0%UnchangedHistory
FERARFifth Era Acquisition Corp IRIGHT 02/21/2030750,000$211.0K<0.1%+750,000NewHistory
CVSCVS Health CorpStock4,050$279.4K<0.1%00.0%UnchangedHistory
LCIDLucid Group, Inc.COM142,100$299.8K<0.1%+142,100NewHistory
Cohen Circle Acquisition CorG3730H114*W EXP 01/31/202150,000$300.0K<0.1%00.0%Unchanged–
PNIPIMCO New York Municipal Income Fund IICOM46,192$310.4K<0.1%+46,192NewHistory
PNFPIMCO New York Municipal Income FundCOM45,163$315.7K<0.1%+45,163NewHistory
ELBMElectra Battery Materials CorpCOM296,965$322.6K<0.1%−87,919−22.8%ReducedHistory
FAROFaro Technologies IncCOM8,132$357.2K<0.1%00.0%UnchangedHistory
BULLWWebull Corp*W EXP 04/10/20389,397$361.2K<0.1%+89,397NewHistory
NBRNabors Industries LtdSHS12,996$364.1K<0.1%+2,592+24.9%AddedHistory
HPPHudson Pacific Properties, Inc.COM146,560$401.6K<0.1%+146,560NewHistory
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$470.0K<0.1%00.0%UnchangedHistory
MUEBlackRock Muniholdings Quality Fund II, Inc.COM53,012$507.9K<0.1%−24,897−32.0%ReducedHistory
DTSQDT Cloud Star Acquisition CorpSHS50,000$519.0K<0.1%00.0%UnchangedHistory
NNNextnav Inc.COMMON STOCK36,299$551.7K<0.1%00.0%UnchangedHistory
HYACHaymaker Acquisition Corp VCLASS A50,000$555.0K<0.1%00.0%UnchangedHistory
Simplify Exchange Traded Fun82889N525MBS ETF11,306$566.3K<0.1%00.0%Unchanged–
PCAPUProCap Acquisition CorpUNIT 05/16/203070,281$753.4K<0.1%+70,281NewHistory
PCKPIMCO California Municipal Income Fund IICOM149,518$801.4K<0.1%−482−0.3%ReducedHistory
RTACRenatus Tactical Acquisition Corp ICOM80,000$944.0K<0.1%+80,000NewHistory
OBAWUOxley Bridge Acquisition LtdUNIT 06/17/2030100,000$1.00M<0.1%+100,000NewHistory
PLMKPlum Acquisition Corp, IVSHS CL A100,000$1.03M<0.1%00.0%UnchangedHistory
FVNFuture Vision II Acquisition Corp.SHS100,000$1.04M<0.1%+100,000NewHistory
CUBLionheart HoldingsSHS CL A100,000$1.05M<0.1%00.0%UnchangedHistory
Global X FDS37954Y327GLBX MSCI COLUM38,100$1.10M<0.1%+38,100New–
MCGAUYorkville Acquisition Corp.UNIT 06/06/2030100,000$1.13M<0.1%+100,000NewHistory
AFBAlliancebernstein National Municipal Income FundCOM113,648$1.17M<0.1%−307−0.3%ReducedHistory
TBNTamboran Resources CorpCOM56,022$1.19M<0.1%+56,022NewHistory
MHNBlackRock Muniholdings New York Quality Fund, Inc.COM121,671$1.19M<0.1%−26,322−17.8%ReducedHistory
VSXYVictoria's Secret & Co.COMMON STOCK65,340$1.21M<0.1%−3,000−4.4%ReducedHistory
VLOSVelos Acquisition I Corp.CL A110,000$1.24M<0.1%−40,000−26.7%ReducedHistory
LWACULightWave Acquisition Corp.UNIT 06/06/2030125,000$1.26M<0.1%+125,000NewHistory
IPEXInflection Point Acquisition Corp. VORD SHS CL A125,000$1.26M<0.1%+125,000NewHistory
RIBBRibbon Acquisition Corp.ORD SHS CL A125,000$1.26M<0.1%00.0%UnchangedHistory
CAPNCayson Acquisition CorpSHS125,000$1.29M<0.1%+125,000NewHistory
CAEPCantor Equity Partners III, Inc.SHS CL A125,000$1.32M<0.1%+125,000NewHistory
KKRKKR & Co. Inc.COM10,000$1.33M<0.1%−40,000−80.0%ReducedHistory
MBIMbia IncCOM317,106$1.38M<0.1%+22,675+7.7%AddedHistory
WHRWhirlpool CorpStock13,813$1.40M<0.1%+2,000+16.9%AddedHistory
RRyder System IncCOM9,014$1.43M<0.1%+500+5.9%AddedHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT152,507$1.47M<0.1%−285−0.2%Reduced–
CHPGChampionsGate Acquisition CorpSHS CL A150,000$1.50M<0.1%+150,000NewHistory
FIGXUFIGX Capital Acquisition Corp.UNIT 06/17/2030150,000$1.50M<0.1%+150,000NewHistory
WTGUUWintergreen Acquisition Corp.UNIT 05/21/2030150,000$1.51M<0.1%+150,000NewHistory
COLAColumbus Acquisition Corp/Cayman IslandsSHS150,000$1.52M<0.1%00.0%UnchangedHistory
Pelican Acquisition CorpG6993G129UNIT 05/13/2030150,000$1.52M<0.1%+150,000New–
EGHAUEGH Acquisition Corp.UNIT 99/99/9999150,000$1.53M<0.1%+150,000NewHistory
MERCMercer International Inc.COM439,423$1.54M<0.1%+180,409+69.7%AddedHistory
CRAQUCal Redwood Acquisition Corp.UNIT 05/15/2030150,000$1.54M<0.1%+150,000NewHistory
Jena Acquisition Corp IIG5093B121UNIT 99/99/9999150,000$1.54M<0.1%+150,000New–
Voyager Acquisition CorpG93A7H104CL A150,000$1.56M<0.1%00.0%Unchanged–
CXEMFS High Income Municipal TrustSH BEN INT483,300$1.73M<0.1%+33,258+7.4%AddedHistory
Tpi Composites, Inc87266JAB0NOTE 5.250% 3/1–$1.73M<0.1%–––
BACCUBlue Acquisition Corp/CaymanUNIT 06/02/2030175,000$1.76M<0.1%+175,000NewHistory
AXINUAxiom Intelligence Acquisition Corp 1UNIT 06/10/2030175,000$1.77M<0.1%+175,000NewHistory
CARAvis Budget Group, Inc.COM10,571$1.79M<0.1%−29,583−73.7%ReducedHistory
iShares Inc464286640MSCI CHILE ETF57,000$1.79M<0.1%+57,000New–
JACSJackson Acquisition Co IICOM SHS CL A175,000$1.80M<0.1%+175,000NewHistory
LEOBNY Mellon Strategic Municipals, Inc.COM305,421$1.81M<0.1%+38,121+14.3%AddedHistory
Paramount Global92556H206CL B143,186$1.85M0.1%+19,463+15.7%Added–
Cree Inc225447AD3NOTE 1.750% 5/0–$1.89M0.1%–––
SBIWestern Asset Intermediate Muni Fund Inc.COM252,626$1.90M0.1%−18,812−6.9%ReducedHistory
CEPOCantor Equity Partners I, Inc.COM160,000$1.90M0.1%−40,000−20.0%ReducedHistory
iShares Inc464286822MSCI MEXICO ETF31,750$1.92M0.1%+31,750New–
HVIIONE Nuclear Energy Inc.COM200,000$2.03M0.1%00.0%UnchangedHistory
TVAIUThayer Ventures Acquisition Corp IIUNIT 05/15/2030200,000$2.03M0.1%+200,000NewHistory
XRPNUArmada Acquisition Corp. IIUNIT 05/21/2030200,000$2.04M0.1%+200,000NewHistory
Infleqtion, Inc.G2130T124UNIT 05/14/2030200,000$2.06M0.1%+200,000New–
WBDWarner Bros. Discovery, Inc.Stock180,739$2.07M0.1%−1,000−0.6%ReducedHistory
POLEAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.08M0.1%+200,000NewHistory
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM378,993$2.12M0.1%−377,806−49.9%ReducedHistory
Liberty Media Corp530715AG6DEB 4.000%11/1–$2.18M0.1%–––
LCCCLakeshore Acquisition III Corp.USD ORD SHS218,500$2.19M0.1%+218,500NewHistory
Crane HBR Acquisition CorpG24979109CL A225,000$2.27M0.1%+225,000New–
KFIIK&F Growth Acquisition Corp. IISHS CL A225,000$2.29M0.1%00.0%UnchangedHistory

Options (27)

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 Q2 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$525.2M$123.6M
IBITiShares Bitcoin Trust ETFETF$122.4M–
VanEck ETF Trust92189H607OIL SERVICES ETF$103.6M–
iShares Russell 2000 ETF464287655ETF$75.5M–
AAPLApple Inc.Stock$61.6M–
iShares Tr464287184CHINA LG-CAP ETF$36.8M–
MARAMARA Holdings, Inc.COM$20.1M–
RIVNRivian Automotive, Inc.Stock$20.0M–
SPDR Series Trust78468R556SP O&G EXPL PRO$18.9M–
LUMNLumen Technologies, Inc.Stock$18.8M–
NVDANVIDIA CorpStock$15.8M–
SRPTSarepta Therapeutics, Inc.COM$12.2M–
HTZHertz Global Holdings, IncCOM NEW$10.7M–
HLFHerbalife Ltd.COM SHS$8.36M–
XRXXerox Holdings CorpCOM NEW$7.91M–
RUNSunrun Inc.COM$7.87M–
MPTMedical Properties Trust IncCOM$6.46M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$6.20M–
JBLUJetBlue Airways CorpCOM–$5.29M
BYNDBeyond Meat, Inc.COM$3.34M–
SABRSabre CorpCOM–$3.16M
SVCService Properties TrustCOM SH BEN INT–$2.99M
RIGTransocean Ltd.REGISTERED SHS$2.59M–
NIONIO Inc.ADR$1.72M–
NFENew Fortress Energy Inc.COM CL A$1.33M–
TEADTeads Holding Co.COM$1.24M–
WOLFWolfspeed, Inc.Stock$997.0K$239.3K

Sold out since Q1 2025 (58)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
BERYBerry Global Group, Inc.COM2,037,826$142.3M4.7%History
INSMED Inc457669AB5NOTE 0.750% 6/0–$104.5M3.4%–
SPYSPDR S&P 500 ETF TrustETF136,000$76.1M2.5%History
Cinemark Hldgs Inc17243VAB8NOTE 4.500% 8/1–$64.5M2.1%–
ITCIIntra-Cellular Therapies, Inc.COM275,001$36.3M1.2%History
HCI Group, Inc.40416EAF0NOTE 4.750% 6/0–$30.2M1.0%–
Cryolife Inc228903AB6NOTE 4.250% 7/0–$21.4M0.7%–
Wayfair Inc.94419LAM3NOTE 0.625%10/0–$19.4M0.6%–
Tandem Diabetes Care Inc875372AD6NOTE 1.500% 3/1–$18.4M0.6%–
LivaNova PLC53802LAB8NOTE 2.500% 3/1–$15.5M0.5%–
Transocean Ltd.893830BW8DEB 4.625% 9/3–$8.84M0.3%–
Repligen Corp759916AD1NOTE 1.000%12/1–$8.62M0.3%–
Omeros Corp682143AG7NOTE 5.250% 2/1–$8.01M0.3%–
NVDANVIDIA CorpStock70,000$7.59M0.2%History
FERAUFifth Era Acquisition Corp IUNIT 99/99/9999750,000$7.55M0.2%History
Enovis CORP194014AB2NOTE 3.875%10/1–$4.59M0.2%–
ALDFUAldel Financial II Inc.UNIT 09/26/2031400,000$4.10M0.1%History
Willow Lane Acquisition Corp.G9675P128UNIT 99/99/9999400,000$4.05M0.1%–
Rithm Acquisition Corp.G75751126UNIT 99/99/9999400,000$4.04M0.1%–
TSLATesla, Inc.Stock15,000$3.89M0.1%History
NTWOUNewbury Street II Acquisition CorpUNIT 10/23/2029375,000$3.78M0.1%History
LPBBULaunch Two Acquisition Corp.UNIT 08/22/2029350,000$3.57M0.1%History
ITGRInteger Holdings CorpCOM28,832$3.40M0.1%History
GSHRUGesher Acquisition Corp. IIUNIT 03/11/2030300,000$3.01M0.1%History
Vine Hill Cap Invt Corp.G93Y09123UNIT 09/06/2026265,000$2.72M0.1%–
OACCUOaktree Acquisition Corp. III Life SciencesUNIT 10/04/2029250,000$2.61M0.1%History
RANGURange Capital Acquisition Corp.UNIT 12/11/2029250,000$2.57M0.1%History
BSIIBlack Spade Acquisition II CoCL A250,000$2.53M0.1%History
FACTUFACT II Acquisition Corp.UNIT 99/99/9999250,000$2.52M0.1%History
ATIIUArchimedes Tech SPAC Partners II Co.UNIT 10/15/2029250,000$2.52M0.1%History
NHICUNewHold Investment Corp. IIIUNIT 99/99/9999250,000$2.52M0.1%History
POLEUAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.04M0.1%History
Jackson Acquisition Co IIG4992A201UNIT 99/99/9999175,000$1.80M0.1%–
UCFICN Healthy Food Tech Group Corp.COM150,000$1.57M0.1%History
NQPNuveen Pennsylvania Quality Municipal Income FundCOM128,019$1.44M<0.1%History
BKHABlack Hawk Acquisition CorpUSD CL A SHS125,000$1.32M<0.1%History
CAPNUCayson Acquisition CorpUNIT 99/99/9999125,000$1.31M<0.1%History
IPEXUInflection Point Acquisition Corp. VUNIT 01/23/2030125,000$1.27M<0.1%History
FVNNUFuture Vision II Acquisition Corp.UNIT 06/20/2029100,000$1.03M<0.1%History
FWRDForward Air CorpCOM41,136$826.4K<0.1%History
FLFoot Locker, Inc.COM54,579$769.6K<0.1%History
AALAmerican Airlines Group Inc.Stock50,000$527.5K<0.1%History
FMNFederated Hermes Premier Municipal Income FundCOM46,426$504.2K<0.1%History
SK Growth Opportunities CorpG8192N111*W EXP 06/28/202100,000$65.0K<0.1%–
ULYXUrgent.ly Inc.COM NEW15,435$62.5K<0.1%History
Aimfinity Investment Corp. IG0135E126*W EXP 04/21/202336,000$26.1K<0.1%–
Global Blockchain Acqui Corp37961B112RIGHT 05/09/2027225,000$22.3K<0.1%–
QVCGAOld QVC Group, Inc.COM SER A100,000$20.1K<0.1%History
Black Spade Acquisition II CG1153L117*W EXP 02/15/20283,333$18.3K<0.1%–
Marblegate Acquisition Corp.56608A113*W EXP 08/31/20281,375$13.0K<0.1%–
Bukit Jalil GBL AcquisitionG1676M121RIGHT 05/02/202450,000$13.0K<0.1%–
SMNRWSemnur Pharmaceuticals, Inc.*W EXP 03/28/202191,579$11.3K<0.1%History
Global Blockchain Acqui Corp37961B120*W EXP 05/09/202225,000$6.75K<0.1%–
AI Transn Acquisition CorpG01490104RIGHT 09/01/202820,000$3.10K<0.1%–
REEWFCartesian Growth Corp II*W EXP 07/12/20233,333$2.35K<0.1%History
Ocean Biomedical, Inc.67644C112*W EXP 02/14/20246,500$1.24K<0.1%–
Vast Renewables LimitedQ9379E113*W EXP 07/01/20234,875$1.18K<0.1%–
Heramba Elec PLCG4411J106*W EXP 07/26/20223,250$235<0.1%–