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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
ONCHW1RT Acquisition Corp.*W EXP 06/26/20365,000$57.9K<0.1%+65,000NewHistory
SPEGRSilver Pegasus Acquisition Corp.RIGHT 06/26/2030250,000$62.5K<0.1%+250,000NewHistory
CCAQWCollective Acquisition Corp.*W EXP 04/04/203300,000$63.1K<0.1%00.0%UnchangedHistory
LPBBWLaunch Two Acquisition Corp.*W EXP 10/09/202175,000$64.8K<0.1%00.0%UnchangedHistory
NOEMWCO2 Energy Transition Corp.*W EXP 08/17/202390,000$65.9K<0.1%00.0%UnchangedHistory
TAVIRTavia Acquisition Corp.RIGHT 11/26/2029300,000$66.0K<0.1%00.0%UnchangedHistory
FACWWFactorial Energy Inc.*W EXP 05/02/203275,000$68.8K<0.1%+275,000NewHistory
Crane HBR Acquisition CorpG24979117RIGHT 04/17/2030225,000$69.8K<0.1%00.0%Unchanged–
SVCCWStellar V Capital Corp. (Cayman Islands)*W EXP 10/15/202200,000$70.0K<0.1%00.0%UnchangedHistory
D. Boral Arc Acq I Corp.G2616F119*W EXP 07/23/203325,000$71.5K<0.1%+325,000New–
NPACWNew Providence Acquisition Corp. III/CaymanCOM166,666$73.3K<0.1%00.0%UnchangedHistory
RZLVWRezolve AI PLC*W EXP 08/15/20246,500$74.6K<0.1%00.0%UnchangedHistory
IPEXRInflection Point Acquisition Corp. VRIGHT 99/99/9999125,000$75.0K<0.1%00.0%UnchangedHistory
AA Mission Acquisition Corp.G1000R127*W EXP 08/01/203475,000$76.0K<0.1%00.0%Unchanged–
VNMEWVendome Acquisition Corp I*W EXP 02/18/202412,500$82.5K<0.1%+412,500NewHistory
RTACWRenatus Tactical Acquisition Corp I*W EXP 05/15/20370,000$84.0K<0.1%00.0%UnchangedHistory
CHARRCharlton Aria Acquisition CorpRIGHT 12/31/2026399,000$85.4K<0.1%00.0%UnchangedHistory
DMAARDrugs Made In America Acquisition Corp.RIGHT 10/15/2029400,000$87.0K<0.1%00.0%UnchangedHistory
Rithm Acquisition Corp.G75751118*W EXP 99/99/999133,333$88.0K<0.1%00.0%Unchanged–
Silvia, Inc.G2296A117*W EXP 05/16/20375,000$90.0K<0.1%00.0%Unchanged–
VLOSWVelos Acquisition I Corp.*W EXP 99/99/99975,000$91.5K<0.1%00.0%UnchangedHistory
SIMAWSIM Acquisition Corp. I*W EXP 06/01/203250,000$92.5K<0.1%00.0%UnchangedHistory
NOEMRCO2 Energy Transition Corp.RIGHT 10/15/2028390,000$93.6K<0.1%00.0%UnchangedHistory
XRPNWArmada Acquisition Corp. II*W EXP 05/21/203100,000$95.0K<0.1%+100,000NewHistory
RDAGWRepublic Digital Acquisition CoCOM150,000$97.5K<0.1%00.0%UnchangedHistory
DRDBWRoman DBDR Acquisition Corp. IICOM200,000$103.0K<0.1%00.0%UnchangedHistory
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$107.3K<0.1%00.0%Unchanged–
BEAGRBold Eagle Acquisition Corp.RIGHT 10/11/2029400,000$108.0K<0.1%00.0%UnchangedHistory
ALDFWAldel Financial II Inc.*W EXP 09/26/203200,000$108.0K<0.1%00.0%UnchangedHistory
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$110.1K<0.1%00.0%Unchanged–
Real Asset Acquisition Corp.G73944111*W EXP 04/24/203250,000$112.5K<0.1%00.0%Unchanged–
SZZLRSizzle Acquisition Corp. IIRIGHT 04/02/2030650,000$116.9K<0.1%00.0%UnchangedHistory
RANGRRange Capital Acquisition Corp.RIGHT 99/99/9999250,000$117.5K<0.1%00.0%UnchangedHistory
TACHWTitan Acquisition Corp.*W EXP 05/16/203400,000$120.5K<0.1%00.0%UnchangedHistory
DAAQWDigital Asset Acquisition Corp.*W EXP 04/01/203200,000$122.0K<0.1%00.0%UnchangedHistory
Soulpower Acquisition Corp.G82745137RIGHT 99/99/9999650,000$123.5K<0.1%00.0%Unchanged–
BZAIWBlaize Holdings, Inc.*W EXP 01/13/203209,250$130.0K<0.1%00.0%UnchangedHistory
RTS/Inflection Point Acquisition Corp III EXP03/0G47875110COM300,000$132.0K<0.1%+300,000New–
CRMLWCritical Metals Corp.*W EXP 02/27/20269,750$146.6K<0.1%00.0%UnchangedHistory
WENNWWEN Acquisition CorpCOM300,000$168.0K<0.1%+300,000NewHistory
Churchill Cap Corp XG2130T116*W EXP 05/14/20350,000$177.5K<0.1%+50,000New–
FERARFifth Era Acquisition Corp IRIGHT 02/21/2030750,000$198.8K<0.1%00.0%UnchangedHistory
NBRNabors Industries LtdSHS4,900$200.3K<0.1%−8,096−62.3%ReducedHistory
Vine Hill Cap Invt Corp.G93Y09115*W EXP 07/01/203132,500$212.0K<0.1%00.0%Unchanged–
PCGPG&E CorpStock15,000$226.2K<0.1%00.0%UnchangedHistory
CVSCVS Health CorpStock4,050$305.3K<0.1%00.0%UnchangedHistory
RIGTransocean Ltd.REGISTERED SHS100,000$312.0K<0.1%+100,000NewHistory
ELBMElectra Battery Materials CorpCOM296,965$358.5K<0.1%00.0%UnchangedHistory
HDRNWHadron Energy, Inc.*W EXP 08/29/202804,500$362.0K<0.1%00.0%UnchangedHistory
MUEBlackRock Muniholdings Quality Fund II, Inc.COM46,481$467.6K<0.1%−6,531−12.3%ReducedHistory
i-80 Gold Corp.44955L155*W EXP 11/16/2021,117,500$502.9K<0.1%+1,117,500New–
BULLWWebull Corp*W EXP 04/10/20389,397$543.5K<0.1%00.0%UnchangedHistory
Willow Lane Acquisition Corp.G9675P110*W EXP 10/31/203200,000$560.1K<0.1%00.0%Unchanged–
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$603.5K<0.1%00.0%Unchanged–
KYIVWKyivstar Group Ltd.*W EXP 08/14/203150,000$609.0K<0.1%+150,000NewHistory
PCAPProCap Acquisition CorpSHS CL A70,281$721.8K<0.1%+70,281NewHistory
CZRCaesars Entertainment, Inc.COM31,618$854.5K<0.1%+31,618NewHistory
WHRWhirlpool CorpStock11,313$889.2K<0.1%−2,500−18.1%ReducedHistory
PSKYParamount Skydance CorpCOM CL B50,548$956.4K<0.1%+50,548NewHistory
ALNYAlnylam Pharmaceuticals, Inc.COM2,100$957.6K<0.1%+2,100NewHistory
OBAOxley Bridge Acquisition LtdUSD CL A ORD SHS100,000$995.9K<0.1%+100,000NewHistory
SOCASolarius Capital Acquisition Corp.SHS CL A100,000$996.0K<0.1%+100,000NewHistory
MKLYUMcKinley Acquisition CorpUNIT 07/25/2030100,000$999.0K<0.1%+100,000NewHistory
BDCIUBTC Development Corp.UNIT 09/11/2030100,000$1.01M<0.1%+100,000NewHistory
HCMAHCM III Acquisition Corp.ORD SHS CL A100,000$1.01M<0.1%+100,000NewHistory
HVMCUHighview Merger Corp.UNIT 07/24/2030100,000$1.01M<0.1%+100,000NewHistory
BLZRUTrailblazer Acquisition Corp.UNIT 08/21/2030100,000$1.02M<0.1%+100,000NewHistory
PLMKPlum Acquisition Corp. IVSHS CL A100,000$1.03M<0.1%00.0%UnchangedHistory
PIImpinj IncCOM5,715$1.03M<0.1%+5,715NewHistory
FVNFuture Vision II Acquisition Corp.SHS100,000$1.05M<0.1%00.0%UnchangedHistory
CUBLionheart HoldingsSHS CL A100,000$1.05M<0.1%00.0%UnchangedHistory
MCGAYorkville Acquisition Corp.COM100,000$1.07M<0.1%+100,000NewHistory
RRyder System IncCOM6,014$1.13M<0.1%−3,000−33.3%ReducedHistory
WBDWarner Bros. Discovery, Inc.Stock59,739$1.17M<0.1%−121,000−66.9%ReducedHistory
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$1.20M<0.1%00.0%UnchangedHistory
AFBAlliancebernstein National Municipal Income FundCOM113,648$1.23M<0.1%00.0%UnchangedHistory
MHNBlackRock Muniholdings New York Quality Fund, Inc.COM121,671$1.24M<0.1%00.0%UnchangedHistory
LWACLightWave Acquisition Corp.USD CL A ORD SHS125,000$1.24M<0.1%+125,000NewHistory
Global X FDS37954Y327GLBX MSCI COLUM38,100$1.25M<0.1%00.0%Unchanged–
PCQPIMCO California Municipal Income FundCOM145,476$1.27M<0.1%+145,476NewHistory
CCIICohen Circle Acquisition Corp. IICOM125,000$1.27M<0.1%+125,000NewHistory
IPEXInflection Point Acquisition Corp. VORD SHS CL A125,000$1.28M<0.1%00.0%UnchangedHistory
RIBBRibbon Acquisition Corp.ORD SHS CL A125,000$1.28M<0.1%00.0%UnchangedHistory
CAEPCantor Equity Partners III, Inc.SHS CL A125,000$1.29M<0.1%00.0%UnchangedHistory
VSXYVictoria's Secret & Co.COMMON STOCK47,640$1.29M<0.1%−17,700−27.1%ReducedHistory
CAPNCayson Acquisition CorpSHS125,000$1.31M<0.1%00.0%UnchangedHistory
VLOSVelos Acquisition I Corp.CL A130,000$1.37M<0.1%+20,000+18.2%AddedHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT145,147$1.47M<0.1%−7,360−4.8%Reduced–
TROXTronox Holdings plcSHS369,723$1.49M<0.1%+369,723NewHistory
GTERAGloba Terra Acquisition CorpCL A ORD SHS150,000$1.50M<0.1%+150,000NewHistory
FIGXFIGX Capital Acquisition Corp.USD CL A ORD SHS150,000$1.50M<0.1%+150,000NewHistory
CRAQCal Redwood Acquisition Corp.COM CL A150,000$1.50M<0.1%+150,000NewHistory
EGHAEGH Acquisition Corp.SHS CL A150,000$1.50M<0.1%+150,000NewHistory
Pelican Acquisition CorpG6993G103SHS150,000$1.51M<0.1%+150,000New–
WTGWintergreen Acquisition Corp.SHS150,000$1.51M<0.1%+150,000NewHistory
CHPGChampionsGate Acquisition CorpSHS CL A150,000$1.51M<0.1%00.0%UnchangedHistory
KOYNUCSLM Digital Asset Acquisition Corp III, LtdUNIT 08/12/2030150,000$1.51M<0.1%+150,000NewHistory
MBVIUM3-Brigade Acquisition VI Corp.UNIT 08/18/2030150,000$1.52M<0.1%+150,000NewHistory
SSEAUStarry Sea Acquisition CorpUNIT 07/07/2030150,000$1.52M<0.1%+150,000NewHistory
TBNTamboran Resources CorpCOM56,022$1.53M<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