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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
COLAColumbus Acquisition Corp/Cayman IslandsSHS150,000$1.53M<0.1%00.0%UnchangedHistory
Spring Vy Acquisition Corp IG8377R127UNIT 09/04/2030150,000$1.54M<0.1%+150,000New–
MERCMercer International Inc.COM536,019$1.54M<0.1%+96,596+22.0%AddedHistory
Jena Acquisition Corp IIG5093B121UNIT 99/99/9999150,000$1.56M<0.1%00.0%Unchanged–
Voyager Acquisition CorpG93A7H104CL A150,000$1.57M<0.1%00.0%Unchanged–
FutureCrest Acquisition Corp.G3730U123COM150,000$1.59M<0.1%+150,000New–
SBIWestern Asset Intermediate Muni Fund Inc.COM204,801$1.62M<0.1%−47,825−18.9%ReducedHistory
CEPOCantor Equity Partners I, Inc.COM155,000$1.62M<0.1%−5,000−3.1%ReducedHistory
CARAvis Budget Group, Inc.COM10,771$1.73M<0.1%+200+1.9%AddedHistory
AXINAxiom Intelligence Acquisition Corp 1COM175,000$1.74M<0.1%+175,000NewHistory
INACIndigo Acquisition Corp.ORD SHS175,000$1.74M<0.1%+175,000NewHistory
BACCBlue Acquisition Corp/CaymanORD SHS CL A175,000$1.75M<0.1%+175,000NewHistory
CXEMFS High Income Municipal TrustSH BEN INT483,300$1.80M<0.1%00.0%UnchangedHistory
JACSJackson Acquisition Co IICOM SHS CL A175,000$1.82M<0.1%00.0%UnchangedHistory
COHUCohu IncCOM92,054$1.87M<0.1%+92,054NewHistory
IMSRTerrestrial Energy Inc.SHS CL A115,000$1.89M<0.1%−203,914−63.9%ReducedHistory
LEOBNY Mellon Strategic Municipals, Inc.COM305,421$1.91M<0.1%00.0%UnchangedHistory
INFQInfleqtion, Inc.SHS CL A150,000$1.93M<0.1%+150,000NewHistory
iShares Inc464286822MSCI MEXICO ETF28,453$1.94M<0.1%−3,297−10.4%Reduced–
Liberty Media Corp530715AG6DEB 4.000%11/1–$1.96M<0.1%–––
ENHAEnhanced Group Inc.COM CL A200,000$1.98M<0.1%+200,000NewHistory
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM335,217$1.98M<0.1%−43,776−11.6%ReducedHistory
LATAUGalata Acquisition Corp. IIUNIT 09/12/2030200,000$2.00M<0.1%+200,000NewHistory
TVAIThayer Ventures Acquisition Corp IICL A200,000$2.01M<0.1%+200,000NewHistory
HVIIONE Nuclear Energy Inc.COM200,000$2.04M<0.1%00.0%UnchangedHistory
XRPNArmada Acquisition Corp. IICOM200,000$2.09M<0.1%+200,000NewHistory
POLEAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.09M<0.1%00.0%UnchangedHistory
LCCCLakeshore Acquisition III Corp.USD ORD SHS218,500$2.20M<0.1%00.0%UnchangedHistory
BHCBausch Health Companies Inc.Stock350,829$2.26M<0.1%−200,000−36.3%ReducedHistory
MBIMbia IncCOM304,461$2.27M<0.1%−12,645−4.0%ReducedHistory
Crane HBR Acquisition CorpG24979109CL A225,000$2.28M<0.1%00.0%Unchanged–
KFIIK&F Growth Acquisition Corp. IISHS CL A225,000$2.30M<0.1%00.0%UnchangedHistory
GMGeneral Motors CoCOM39,022$2.38M<0.1%−14,000−26.4%ReducedHistory
BLUWBlue Water Acquisition Corp. IIIORD SHS CL A250,000$2.49M<0.1%+250,000NewHistory
SPEGSilver Pegasus Acquisition Corp.SHS CL A250,000$2.49M<0.1%+250,000NewHistory
OYSEOyster Enterprises II Acquisition CorpORD SHS CL A250,000$2.51M<0.1%+250,000NewHistory
NHICNewHold Investment Corp. IIIORD SHS CL A250,000$2.54M<0.1%00.0%UnchangedHistory
ATIIArchimedes Tech SPAC Partners II Co.COM250,000$2.55M<0.1%00.0%UnchangedHistory
RANGRange Capital Acquisition Corp.ORD SHS250,000$2.57M<0.1%00.0%UnchangedHistory
FACTFACT II Acquisition Corp.ORD SHS CL A250,000$2.58M<0.1%00.0%UnchangedHistory
GLIBALiberty Capital CorpSER A GCI GROUP69,614$2.61M<0.1%+69,614NewHistory
LPAALaunch One Acquisition Corp.SHS CLASS A250,000$2.63M<0.1%00.0%UnchangedHistory
OACCOaktree Acquisition Corp. III Life SciencesSHS CL A250,000$2.63M<0.1%00.0%UnchangedHistory
TONTGraf Global Corp.ORD SHS CL A250,000$2.63M<0.1%00.0%UnchangedHistory
ONCH1RT Acquisition Corp.USD CL A ORD SHS260,000$2.72M0.1%+260,000NewHistory
CHECUChenghe Acquisition III Co.UNIT 09/09/2030275,000$2.74M0.1%+275,000NewHistory
MRUSMerus N.V.COM30,001$2.82M0.1%+30,001NewHistory
VCICOdysseus (Cayman) LtdORD SHS CL A265,000$2.84M0.1%00.0%UnchangedHistory
iShares Inc464286640MSCI CHILE ETF86,718$2.86M0.1%+29,718+52.1%Added–
Xometry, Inc.98423FAB5NOTE 1.000% 2/0–$2.95M0.1%–––
PAIIPyrophyte Acquisition Corp. IICL A SHS300,000$2.99M0.1%+300,000NewHistory
PACHPioneer Acquisition I CorpCL A ORD SHS300,000$2.99M0.1%+300,000NewHistory
TLNCUTalon Capital Corp.UNIT 08/27/2030300,000$3.01M0.1%+300,000NewHistory
IPCXInflection Point Acquisition Corp. IIICOM300,000$3.02M0.1%+300,000NewHistory
COPLCopley Acquisition CorpORD SHS CL A300,000$3.03M0.1%00.0%UnchangedHistory
GSHRGesher Acquisition Corp. IIUSD CL A ORD SHS300,000$3.04M0.1%00.0%UnchangedHistory
RDAGRepublic Digital Acquisition CoCOM300,000$3.06M0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B101SHS CL A300,000$3.09M0.1%00.0%Unchanged–
TAVITavia Acquisition Corp.SHS300,000$3.10M0.1%00.0%UnchangedHistory
FTWPresidio Production CoCL A ORD SHS300,000$3.11M0.1%00.0%UnchangedHistory
CEPTCantor Equity Partners II, Inc.CL A ORD SHS300,000$3.15M0.1%00.0%UnchangedHistory
TDACTranslational Development Acquisition Corp.COM CL A305,000$3.16M0.1%00.0%UnchangedHistory
Willow Lane Acquisition Corp.G9675P102ORD SHS CL A275,000$3.18M0.1%−125,000−31.3%Reduced–
DMBBNY Mellon Municipal Bond Infrastructure Fund, Inc.COM SHS310,458$3.32M0.1%−10,438−3.3%ReducedHistory
OTGAUOTG Acquisition Corp. IUNIT 09/05/2030350,000$3.52M0.1%+350,000NewHistory
WOLFWolfspeed, Inc.COMMON STOCK124,348$3.56M0.1%+124,348NewHistory
Liberty Media Corp530715AL5DEB 3.750% 2/1–$3.60M0.1%–––
LPBBLaunch Two Acquisition Corp.ORD SHS CL A350,000$3.66M0.1%00.0%UnchangedHistory
iShares Inc464286400MSCI BRAZIL ETF123,285$3.82M0.1%−51,595−29.5%Reduced–
SIRISirius XM Holdings Inc.COMMON STOCK165,943$3.86M0.1%−6,000−3.5%ReducedHistory
NTWONewbury Street II Acquisition CorpORD SHS CL A375,000$3.88M0.1%00.0%UnchangedHistory
NOEMCO2 Energy Transition Corp.COM390,000$3.98M0.1%00.0%UnchangedHistory
EVACEQV Ventures Acquisition Corp. IICOM400,000$3.98M0.1%+400,000NewHistory
Emmis Acquisition Corp.G3037D121UNIT 09/12/2030400,000$3.99M0.1%+400,000New–
CCAQCollective Acquisition Corp.COM400,000$4.04M0.1%00.0%UnchangedHistory
DAAQDigital Asset Acquisition Corp.SHS CL A400,000$4.08M0.1%00.0%UnchangedHistory
RACRithm Acquisition Corp.COM400,000$4.10M0.1%00.0%UnchangedHistory
DMAADrugs Made In America Acquisition Corp.ORD SHS400,000$4.11M0.1%00.0%UnchangedHistory
SVCCStellar V Capital Corp. (Cayman Islands)SHS CL A400,000$4.12M0.1%00.0%UnchangedHistory
DRDBRoman DBDR Acquisition Corp. IICOM400,000$4.13M0.1%00.0%UnchangedHistory
CHARCharlton Aria Acquisition CorpORD SHS CL A399,000$4.13M0.1%00.0%UnchangedHistory
BEAGBold Eagle Acquisition Corp.CL A400,000$4.16M0.1%00.0%UnchangedHistory
ALDFAldel Financial II Inc.CL A400,000$4.18M0.1%00.0%UnchangedHistory
CVLTCommvault Systems IncCOM23,000$4.34M0.1%+23,000NewHistory
DMIIUDrugs Made In America Acquisition II Corp.UNIT 09/16/2030450,000$4.48M0.1%+450,000NewHistory
Gossamer Bio, Inc.38341PAA0NOTE 5.000% 6/0–$4.48M0.1%–––
TGNATegna IncCOM221,537$4.50M0.1%−129,451−36.9%ReducedHistory
CEPFCantor Equity Partners IV, Inc.SHS CL A450,000$4.58M0.1%+450,000NewHistory
AA Mission Acquisition Corp.G1000R101ORD SHS CL A450,000$4.73M0.1%00.0%Unchanged–
THCTenet Healthcare CorpCOM NEW24,515$4.98M0.1%−5,500−18.3%ReducedHistory
Real Asset Acquisition Corp.G73944103SHS CL A500,000$5.07M0.1%00.0%Unchanged–
CCOClear Channel Outdoor Holdings, Inc.COM3,209,984$5.07M0.1%−23,500−0.7%ReducedHistory
NPACNew Providence Acquisition Corp. III/CaymanCOM500,000$5.08M0.1%00.0%UnchangedHistory
SIMASIM Acquisition Corp. ISHS CL A500,000$5.27M0.1%00.0%UnchangedHistory
HOUSAnywhere Real Estate Inc.COM512,880$5.43M0.1%−163,067−24.1%ReducedHistory
Factorial Energy Inc.G19307100COM CL A550,000$5.52M0.1%+550,000New–
NCMINational CineMedia, Inc.COM NEW1,242,084$5.60M0.1%00.0%UnchangedHistory
Luminar Technologies, Inc.550424AE5DEBT 11.500% 1/1–$5.64M0.1%–––
Veritone, Inc.92347MAB6NOTE 1.750%11/1–$5.74M0.1%–––
ACIAlbertsons Companies, Inc.COMMON STOCK334,582$5.86M0.1%+37,667+12.7%AddedHistory

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