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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
392
+37 vs. Q2 2025
Portfolio value
$5.38B
+$1.70B (+46.3%) vs. Q2 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
CEROWCero Therapeutics Holdings, Inc.*W EXP 09/01/20223,250$309<0.1%00.0%UnchangedHistory
VEEAWVeea Inc.*W EXP 03/18/20213,700$959<0.1%00.0%UnchangedHistory
RDZNWRoadzen Inc.*W EXP 11/30/20218,600$1.30K<0.1%00.0%UnchangedHistory
ECD Automotive Design, Inc.27877D112*W EXP 12/12/20290,000$1.57K<0.1%00.0%Unchanged–
BDMDWBaird Medical Investment Holdings Ltd*W EXP 10/01/20223,250$1.80K<0.1%00.0%UnchangedHistory
SCAGWScage Future*W EXP 05/15/20341,850$1.99K<0.1%00.0%UnchangedHistory
ESLAWEstrella Immunopharma, Inc.Equity WRT42,293$2.19K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B112*W EXP 03/23/20268,000$2.38K<0.1%00.0%Unchanged–
ZEOWWZeo Energy Corp.*W EXP 03/13/20246,500$2.56K<0.1%00.0%UnchangedHistory
ONMDWOneMedNet Corp*W EXP 11/07/20249,700$2.60K<0.1%00.0%UnchangedHistory
BAERWBridger Aerospace Group Holdings, Inc.*W EXP 01/24/20241,500$3.20K<0.1%00.0%UnchangedHistory
MRNOWMurano Global Investments Plc*W EXP 03/19/20223,500$3.43K<0.1%00.0%UnchangedHistory
DAICWCID Holdco, Inc.*W EXP 12/31/20223,250$3.55K<0.1%00.0%UnchangedHistory
ASBPWAspire-Lakewood Holdings, Inc.*W EXP 02/14/203118,750$3.55K<0.1%00.0%UnchangedHistory
HNR Acquisition Corp40472A128*W EXP 02/04/20271,250$3.56K<0.1%00.0%Unchanged–
MSAIWMultiSensor AI Holdings, Inc.*W EXP 12/19/20296,838$3.68K<0.1%00.0%UnchangedHistory
KIDZWKIDZ AI Inc.*W EXP 04/03/20346,500$3.73K<0.1%00.0%UnchangedHistory
VSEEWVsee Health, Inc.*W EXP 99/99/999232,500$3.93K<0.1%00.0%UnchangedHistory
RMCOWRoyalty Management Holding Corp*W EXP 05/28/20281,519$4.12K<0.1%00.0%UnchangedHistory
RMSGWReal Messenger Corp*W EXP 11/19/20274,400$4.35K<0.1%00.0%UnchangedHistory
ANNAWAleAnna, Inc.*W EXP 12/13/20223,250$4.42K<0.1%00.0%UnchangedHistory
KVAWFKeen Vision Acquisition Corp.*W EXP 03/15/20275,000$4.51K<0.1%00.0%UnchangedHistory
TVGNWTevogen Inc.*W EXP 02/14/20286,292$4.79K<0.1%00.0%UnchangedHistory
OPTXWSyntec Optics Holdings, Inc.*W EXP 11/07/20269,750$6.08K<0.1%00.0%UnchangedHistory
COCHWEnvoy Medical, Inc.Equity WRT174,000$6.54K<0.1%00.0%UnchangedHistory
GCLWWGCL Global Holdings Ltd*W EXP 02/13/20395,000$6.65K<0.1%00.0%UnchangedHistory
CYCUWCycurion, Inc.*W EXP 09/01/202164,500$7.24K<0.1%00.0%UnchangedHistory
SBCWWSBC Medical Group Holdings Inc*W EXP 07/31/20235,000$7.30K<0.1%00.0%UnchangedHistory
DTSQRDT Cloud Star Acquisition CorpRIGHT 07/09/202950,000$7.50K<0.1%00.0%UnchangedHistory
MOBXWMobix Labs, Inc*W EXP 12/21/20293,000$8.37K<0.1%00.0%UnchangedHistory
OBAWWOxley Bridge Acquisition Ltd*W EXP 06/17/20350,000$8.51K<0.1%+50,000NewHistory
Holley Inc.43538H111*W EXP 11/30/20279,311$8.67K<0.1%00.0%Unchanged–
WTS/Distoken Acquisition Corporation EXP06/02/203G9878M112COM100,000$9.09K<0.1%+100,000New–
Haymaker Acquisition Corp IVG4375F116*W EXP 05/31/20225,000$9.88K<0.1%00.0%Unchanged–
ZOOZWZOOZ Strategy Ltd.*W EXP 04/02/20258,750$10.4K<0.1%00.0%UnchangedHistory
BGLWWBlue Gold Ltd*W EXP 04/01/20323,250$10.6K<0.1%00.0%UnchangedHistory
Generation Essentials GroupG38268119*W EXP 02/15/20283,333$10.9K<0.1%00.0%Unchanged–
BRLSWBorealis Foods Inc.EQUITY WRT148,800$11.4K<0.1%00.0%UnchangedHistory
NVNIWNvni Group Ltd*W EXP 11/01/202162,750$11.7K<0.1%00.0%UnchangedHistory
NUAIWNew ERA Energy & Digital, Inc.*W EXP 12/10/20234,875$11.8K<0.1%00.0%UnchangedHistory
LWACWLightWave Acquisition Corp.*W EXP 06/06/20362,500$12.0K<0.1%+62,500NewHistory
SOCAWSolarius Capital Acquisition Corp.*W EXP 07/10/20350,000$12.4K<0.1%+50,000NewHistory
CUBWWLionheart Holdings*W EXP 06/07/20350,000$12.8K<0.1%00.0%UnchangedHistory
PLMKWPlum Acquisition Corp, IV*W EXP 08/19/20250,000$13.5K<0.1%00.0%UnchangedHistory
UCFIWCN Healthy Food Tech Group Corp.*W EXP 99/99/999150,000$15.2K<0.1%00.0%UnchangedHistory
PCAPWProCap Acquisition Corp*W EXP 05/16/20323,427$15.2K<0.1%+23,427NewHistory
Flyexclusive Inc.343928115*W EXP 05/28/20250,422$16.0K<0.1%00.0%Unchanged–
GTERWGloba Terra Acquisition Corp*W EXP 06/17/203112,500$16.3K<0.1%+112,500NewHistory
Oak Woods Acquisition Corp67190B120RIGHT 03/23/202868,000$17.0K<0.1%00.0%Unchanged–
BLUWWBlue Water Acquisition Corp. III*W EXP 05/23/203125,000$17.7K<0.1%+125,000NewHistory
FVNNRFuture Vision II Acquisition Corp.RIGHT 06/29/2029100,000$18.0K<0.1%00.0%UnchangedHistory
FIGXWFIGX Capital Acquisition Corp.*W EXP 06/17/20375,000$18.0K<0.1%+75,000NewHistory
VGASWVerde Clean Fuels, Inc.*W EXP 02/15/202177,090$18.2K<0.1%00.0%UnchangedHistory
DT Cloud Acquisition CorpG28524133RIGHT 02/14/2029107,306$19.3K<0.1%00.0%Unchanged–
POLEWAndretti Acquisition Corp. II*W EXP 06/01/203100,000$20.0K<0.1%00.0%UnchangedHistory
CHPGRChampionsGate Acquisition CorpRIGHT 05/14/2030150,000$21.0K<0.1%00.0%UnchangedHistory
ENGNWenGene Therapeutics Inc.*W EXP 10/31/20231,000$22.0K<0.1%00.0%UnchangedHistory
CAPNRCayson Acquisition CorpRIGHT 99/99/9999125,000$22.4K<0.1%00.0%UnchangedHistory
GTERRGloba Terra Acquisition CorpRIGHT 06/17/2030150,000$22.5K<0.1%+150,000NewHistory
FLDDWFold Holdings, Inc.*W EXP 10/19/20246,500$23.3K<0.1%00.0%UnchangedHistory
HCMAWHCM III Acquisition Corp.*W EXP 07/23/20333,333$23.6K<0.1%+33,333NewHistory
WTGURWintergreen Acquisition Corp.RIGHT 99/99/9999150,000$24.0K<0.1%+150,000NewHistory
COLARColumbus Acquisition Corp/Cayman IslandsRIGHT 09/30/2025150,000$27.0K<0.1%00.0%UnchangedHistory
RIBBRRibbon Acquisition Corp.RIGHT 12/31/2026125,000$27.5K<0.1%00.0%UnchangedHistory
AXINRAxiom Intelligence Acquisition Corp 1RIGHT 06/10/2030175,000$28.0K<0.1%+175,000NewHistory
INACRIndigo Acquisition Corp.RIGHT 04/02/2027175,000$28.0K<0.1%+175,000NewHistory
BACCRBlue Acquisition Corp/CaymanRIGHT 06/11/2030175,000$28.2K<0.1%+175,000NewHistory
CCIIWCohen Circle Acquisition Corp. II*W EXP 07/01/20331,249$29.7K<0.1%+31,249NewHistory
Copley Acquisition CorpG24243126*W EXP 99/99/999150,000$30.1K<0.1%00.0%Unchanged–
EGHAREGH Acquisition Corp.RIGHT 05/08/2025150,000$31.5K<0.1%+150,000NewHistory
Eqv Ventures Ac Corp. IIG3106Q128*W EXP 06/30/203133,333$32.0K<0.1%+133,333New–
Voyager Acquisition CorpG93A7H112*W EXP 05/16/203193,612$32.9K<0.1%00.0%Unchanged–
CRAQRCal Redwood Acquisition Corp.RIGHT 05/15/2030150,000$33.0K<0.1%+150,000NewHistory
PACHWPioneer Acquisition I Corp*W EXP 06/16/203150,000$33.0K<0.1%+150,000NewHistory
KFIIRK&F Growth Acquisition Corp. IIRIGHT 08/29/2031225,000$33.8K<0.1%00.0%UnchangedHistory
TVAIRThayer Ventures Acquisition Corp IIRIGHT 05/15/2030200,000$34.0K<0.1%+200,000NewHistory
FACTWFACT II Acquisition Corp.*W EXP 11/26/203125,000$35.0K<0.1%00.0%UnchangedHistory
CNCKWCoincheck Group N.V.*W EXP 12/11/20250,079$36.1K<0.1%00.0%UnchangedHistory
OACCWOaktree Acquisition Corp. III Life Sciences*W EXP 09/01/20350,000$37.5K<0.1%00.0%UnchangedHistory
VWAVWVisionWave Holdings, Inc.COM93,000$38.3K<0.1%+93,000NewHistory
HOVRWNew Horizon Aircraft Ltd.*W EXP 99/99/999100,000$38.8K<0.1%00.0%UnchangedHistory
MCGAWYorkville Acquisition Corp.*W EXP 06/06/20333,333$40.0K<0.1%+33,333NewHistory
Pelican Acquisition CorpG6993G111RIGHT 05/02/2030150,000$40.5K<0.1%+150,000New–
Graf Global Corp.G4036C122*W EXP 05/31/203125,000$41.3K<0.1%00.0%Unchanged–
BKHARBlack Hawk Acquisition CorpRIGHT 06/20/202525,000$42.5K<0.1%00.0%UnchangedHistory
OYSEROyster Enterprises II Acquisition CorpRIGHT 05/22/2030250,000$42.5K<0.1%+250,000NewHistory
TDACWTranslational Development Acquisition Corp.*W EXP 12/18/202152,500$44.2K<0.1%00.0%UnchangedHistory
LCCCRLakeshore Acquisition III Corp.RIGHT 04/30/2025218,500$44.6K<0.1%00.0%UnchangedHistory
NHICWNewHold Investment Corp. III*W EXP 01/30/203125,000$45.0K<0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B127RIGHT 11/15/2028300,000$45.0K<0.1%00.0%Unchanged–
DRTSWAlpha Tau Medical Ltd.*W EXP 03/07/202136,018$46.9K<0.1%00.0%UnchangedHistory
Jackson Acquisition Co IIG4992A136RIGHT 99/99/9999175,000$47.3K<0.1%00.0%Unchanged–
NTWOWNewbury Street II Acquisition Corp*W EXP 06/01/203187,500$47.7K<0.1%00.0%UnchangedHistory
ATIIWArchimedes Tech SPAC Partners II Co.*W EXP 10/15/202125,000$48.8K<0.1%00.0%UnchangedHistory
Eqv Ventures Acquisition CorG3106N117*W EXP 07/01/20399,997$50.0K<0.1%00.0%Unchanged–
GSHRWGesher Acquisition Corp. II*W EXP 10/31/203150,000$50.2K<0.1%00.0%UnchangedHistory
Pyrophyte Acquisition Corp.G7309T110*W EXP 07/30/203150,000$52.5K<0.1%+150,000New–
Bitcoin Depot IN09174P113EQUITY WRT213,750$53.0K<0.1%00.0%Unchanged–
HVIIRONE Nuclear Energy Inc.RIGHT 01/17/2030200,000$54.0K<0.1%00.0%UnchangedHistory
LPAAWLaunch One Acquisition Corp.*W EXP 06/01/203255,571$56.2K<0.1%00.0%UnchangedHistory

Options (36)

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 Q3 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$433.0M–
IBITiShares Bitcoin Trust ETFETF$130.0M–
iShares Russell 2000 ETF464287655ETF$121.0M–
AAPLApple Inc.Stock$101.9M–
VanEck ETF Trust92189H607OIL SERVICES ETF$59.2M–
SMCISuper Micro Computer, Inc.Stock$57.5M–
MARAMARA Holdings, Inc.COM$52.4M–
TSLATesla, Inc.Stock$44.5M–
NVDANVIDIA CorpStock$37.3M–
SPDR Series Trust78468R556SP O&G EXPL PRO$26.4M–
LUMNLumen Technologies, Inc.Stock$26.3M–
KKRKKR & Co. Inc.COM$26.0M–
RIVNRivian Automotive, Inc.Stock$21.4M–
KKellanovaStock$19.0M–
RUNSunrun Inc.COM$16.6M–
SRPTSarepta Therapeutics, Inc.COM$15.6M–
RKTRocket Companies, Inc.Stock$13.6M–
HTZHertz Global Holdings, IncCOM NEW$11.4M–
MPTMedical Properties Trust IncCOM$9.00M–
HLFHerbalife Ltd.COM SHS$8.19M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$8.06M–
XRXXerox Holdings CorpCOM NEW$7.52M–
JBLUJetBlue Airways CorpCOM–$6.15M
WOLFWolfspeed, Inc.COMMON STOCK$4.84M$726.0K
NIONIO Inc.ADR$3.70M–
SVCService Properties TrustCOM SH BEN INT–$3.39M
RIGTransocean Ltd.REGISTERED SHS$3.12M–
SABRSabre CorpCOM–$1.83M
BYNDBeyond Meat, Inc.COM$1.81M–
NFENew Fortress Energy Inc.COM CL A$884.0K–
TEADTeads Holding Co.COM$825.0K–
AISPWAirship AI Holdings, Inc.*W EXP 12/21/202–$36.3K
AIRJWAirJoule Technologies Corp.*W EXP 03/15/202–$35.0K
A Paradise Acquisition CorpG04819119RIGHT 07/29/2025–$31.0K
AMODWAlpha Modus Holdings, Inc.*W EXP 12/13/202–$5.47K
AERTWAeries Technology, Inc.*W EXP 11/06/202–$2.27K

Sold out since Q2 2025 (75)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
CHXChampionX CorpCOM3,271,356$81.3M2.2%History
AZEKAZEK Co Inc.CL A1,073,501$58.3M1.6%History
American Airls Group Inc02376RAF9NOTE 6.500% 7/0–$57.4M1.6%–
Sarepta Therapeutics, Inc.803607AD2NOTE 1.250% 9/1–$40.9M1.1%–
BPMCBlueprint Medicines CorpCOM310,001$39.7M1.1%History
SWTXSpringWorks Therapeutics, Inc.COM795,191$37.4M1.0%History
JD.com, Inc.47215PAJ5NOTE 0.250% 6/0–$28.6M0.8%–
Novavax Inc670002AD6NOTE 5.000%12/1–$27.5M0.7%–
Evergy, Inc.30034WAD8NOTE 4.500%12/1–$26.3M0.7%–
Wolfspeed, Inc.977852AD4NOTE 1.875%12/0–$21.3M0.6%–
Array Technologies, Inc.04271TAB6NOTE 1.000%12/0–$17.1M0.5%–
Canadian Solar Inc.136635AG4NOTE 2.500%10/0–$13.8M0.4%–
STRSitio Royalties Corp.CLASS A COM721,581$13.3M0.4%History
HESHess CorpStock83,669$11.6M0.3%History
NENoble Corp plcORD SHS A365,083$9.69M0.3%History
VanEck ETF Trust92189H607OIL SERVICES ETF40,000$9.21M0.3%–
AAPLApple Inc.Stock40,000$8.21M0.2%History
Encore Cap Group Inc292554AM4NOTE 3.250%10/0–$7.87M0.2%–
Five9, Inc.338307AF8NOTE 1.000% 3/1–$6.36M0.2%–
WENNUWEN Acquisition CorpUNIT 05/16/2030600,000$6.34M0.2%History
Cartesian Growth Corp IIIG19307118UNIT 02/28/2032550,000$5.57M0.2%–
FLSFlowserve CorpCOM95,052$4.98M0.1%History
Cohen Circle Acquisition CorG3730H106SHS CL A400,000$4.39M0.1%–
SPDR Series Trust78468R556SP O&G EXPL PRO32,903$4.14M0.1%–
HC2 Hldgs Inc404139AG2NOTE 7.500% 8/0–$3.35M0.1%–
Inflection PT Acquisition CoG47875128UNIT 03/01/2027300,000$3.15M0.1%–
PACHUPioneer Acquisition I CorpUNIT 06/16/2030300,000$3.00M0.1%History
Cardlytics, Inc.14161WAB1NOTE 1.000% 9/1–$2.88M0.1%–
OYSEUOyster Enterprises II Acquisition CorpUNIT 05/22/2030250,000$2.53M0.1%History
BLUWUBlue Water Acquisition Corp. IIIUNIT 05/23/2030250,000$2.50M0.1%History
KSSKOHLS CorpStock290,013$2.46M0.1%History
Faro Technologies Inc311642AB8NOTE 5.500% 2/0–$2.41M0.1%–
Infleqtion, Inc.G2130T124UNIT 05/14/2030200,000$2.06M0.1%–
XRPNUArmada Acquisition Corp. IIUNIT 05/21/2030200,000$2.04M0.1%History
TVAIUThayer Ventures Acquisition Corp IIUNIT 05/15/2030200,000$2.03M0.1%History
Cree Inc225447AD3NOTE 1.750% 5/0–$1.89M0.1%–
Paramount Global92556H206CL B143,186$1.85M0.1%–
AXINUAxiom Intelligence Acquisition Corp 1UNIT 06/10/2030175,000$1.77M<0.1%History
BACCUBlue Acquisition Corp/CaymanUNIT 06/02/2030175,000$1.76M<0.1%History
Tpi Composites, Inc87266JAB0NOTE 5.250% 3/1–$1.73M<0.1%–
CRAQUCal Redwood Acquisition Corp.UNIT 05/15/2030150,000$1.54M<0.1%History
EGHAUEGH Acquisition Corp.UNIT 99/99/9999150,000$1.53M<0.1%History
Pelican Acquisition CorpG6993G129UNIT 05/13/2030150,000$1.52M<0.1%–
WTGUUWintergreen Acquisition Corp.UNIT 05/21/2030150,000$1.51M<0.1%History
FIGXUFIGX Capital Acquisition Corp.UNIT 06/17/2030150,000$1.50M<0.1%History
KKRKKR & Co. Inc.COM10,000$1.33M<0.1%History
LWACULightWave Acquisition Corp.UNIT 06/06/2030125,000$1.26M<0.1%History
MCGAUYorkville Acquisition Corp.UNIT 06/06/2030100,000$1.13M<0.1%History
OBAWUOxley Bridge Acquisition LtdUNIT 06/17/2030100,000$1.00M<0.1%History
RTACRenatus Tactical Acquisition Corp ICOM80,000$944.0K<0.1%History
PCKPIMCO California Municipal Income Fund IICOM149,518$801.4K<0.1%History
PCAPUProCap Acquisition CorpUNIT 05/16/203070,281$753.4K<0.1%History
Simplify Exchange Traded Fun82889N525MBS ETF11,306$566.3K<0.1%–
HYACHaymaker Acquisition Corp VCLASS A50,000$555.0K<0.1%History
NNNextnav Inc.COMMON STOCK36,299$551.7K<0.1%History
DTSQDT Cloud Star Acquisition CorpSHS50,000$519.0K<0.1%History
HPPHudson Pacific Properties, Inc.COM146,560$401.6K<0.1%History
FAROFaro Technologies IncCOM8,132$357.2K<0.1%History
PNFPIMCO New York Municipal Income FundCOM45,163$315.7K<0.1%History
PNIPIMCO New York Municipal Income Fund IICOM46,192$310.4K<0.1%History
Cohen Circle Acquisition CorG3730H114*W EXP 01/31/202150,000$300.0K<0.1%–
LCIDLucid Group, Inc.COM142,100$299.8K<0.1%History
AMCAMC Entertainment Holdings, Inc.CL A NEW64,144$198.8K<0.1%History
PYNPIMCO New York Municipal Income Fund IIICOM33,371$174.9K<0.1%History
OPIOffice Properties Income TrustCOM SHS BEN INT291,197$71.9K<0.1%History
FLYYSpirit Aviation Holdings, Inc.COM12,182$61.7K<0.1%History
AISPWAirship AI Holdings, Inc.*W EXP 12/21/20221,750$43.3K<0.1%History
AIRJWAirJoule Technologies Corp.*W EXP 03/15/20246,500$30.2K<0.1%History
Distoken Acquisition CorpG27740136RIGHT 99/99/9999100,000$29.0K<0.1%–
Gold Royalty Corp.38071H122*W EXP 05/31/20236,032$12.6K<0.1%–
Distoken Acquisition CorpG27740102*W EXP 11/30/202100,000$12.0K<0.1%–
AMODWAlpha Modus Holdings, Inc.*W EXP 12/13/20269,750$7.74K<0.1%History
Digiasia Corp.G27617110*W EXP 04/02/202116,194$5.80K<0.1%–
Ys Biopharma Co LtdG9845F117*W EXP 03/15/202125,000$4.99K<0.1%–
AERTWAeries Technology, Inc.*W EXP 11/06/20256,416$1.63K<0.1%History