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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
466
+74 vs. Q3 2025
Portfolio value
$6.00B
+$619.6M (+11.5%) vs. Q3 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
DRTSWAlpha Tau Medical Ltd.*W EXP 03/07/202136,018$46.2K<0.1%00.0%UnchangedHistory
Eqv Ventures Ac Corp. IIG3106Q128*W EXP 06/30/203133,333$46.7K<0.1%00.0%Unchanged–
NTWOWNewbury Street II Acquisition Corp*W EXP 06/01/203187,500$47.1K<0.1%00.0%UnchangedHistory
TDACWTranslational Development Acquisition Corp.*W EXP 12/18/202152,500$47.3K<0.1%00.0%UnchangedHistory
IGACRInvest Green Acquisition CorpRIGHT 11/17/2030250,000$47.5K<0.1%+250,000NewHistory
Eqv Ventures Acquisition CorG3106N117*W EXP 07/01/20399,997$48.0K<0.1%00.0%Unchanged–
CRAQRCal Redwood Acquisition Corp.RIGHT 05/15/2030150,000$48.6K<0.1%00.0%UnchangedHistory
A Paradise Acquisition CorpG04819119RIGHT 07/29/2025200,000$50.0K<0.1%+200,000New–
OYSEROyster Enterprises II Acquisition CorpRIGHT 05/22/2030250,000$50.0K<0.1%00.0%UnchangedHistory
COLARColumbus Acquisition Corp/Cayman IslandsRIGHT 09/30/2025150,000$50.5K<0.1%00.0%UnchangedHistory
BRRWWSilvia, Inc.*W EXP 12/05/20375,000$52.5K<0.1%00.0%UnchangedHistory
SIMAWSIM Acquisition Corp. I*W EXP 06/01/203250,000$53.9K<0.1%00.0%UnchangedHistory
LCCCRLakeshore Acquisition III Corp.RIGHT 04/30/2025218,500$54.9K<0.1%00.0%UnchangedHistory
AA Mission Acquisition Corp.G1000S125*W EXP 07/23/203250,000$55.0K<0.1%+250,000New–
LPBBWLaunch Two Acquisition Corp.*W EXP 10/09/202175,000$55.2K<0.1%00.0%UnchangedHistory
HVIIRONE Nuclear Energy Inc.RIGHT 01/17/2030200,000$55.8K<0.1%00.0%UnchangedHistory
OTGAWOTG Acquisition Corp. I*W EXP 09/05/203175,000$56.0K<0.1%+175,000NewHistory
NHICWNewHold Investment Corp. III*W EXP 01/30/203125,000$56.3K<0.1%00.0%UnchangedHistory
Graf Global Corp.G4036C122*W EXP 05/31/203125,000$56.5K<0.1%00.0%Unchanged–
BACCRBlue Acquisition Corp/CaymanRIGHT 06/11/2030175,000$56.7K<0.1%00.0%UnchangedHistory
TLNCWTalon Capital Corp.*W EXP 08/27/203100,000$59.0K<0.1%+100,000NewHistory
Pyrophyte Acquisition Corp.G7309T110*W EXP 07/30/203150,000$60.0K<0.1%00.0%Unchanged–
SPEGRSilver Pegasus Acquisition Corp.RIGHT 06/26/2030250,000$60.0K<0.1%00.0%UnchangedHistory
EMISREmmis Acquisition Corp.RIGHT 09/12/2030400,000$60.6K<0.1%+400,000NewHistory
DMIIRDrugs Made In America Acquisition II Corp.RIGHT 09/16/2030450,000$63.0K<0.1%+450,000NewHistory
LPAAWLaunch One Acquisition Corp.*W EXP 06/01/203255,571$63.9K<0.1%00.0%UnchangedHistory
VLOSWVelos Acquisition I Corp.*W EXP 99/99/99975,000$65.6K<0.1%00.0%UnchangedHistory
NOEMWCO2 Energy Transition Corp.*W EXP 08/17/202390,000$65.7K<0.1%00.0%UnchangedHistory
SVCCWStellar V Capital Corp. (Cayman Islands)*W EXP 10/15/202200,000$66.0K<0.1%00.0%UnchangedHistory
BLUWWBlue Water Acquisition Corp. III*W EXP 05/23/203125,000$66.3K<0.1%00.0%UnchangedHistory
GSHRWGesher Acquisition Corp. II*W EXP 10/31/203150,000$67.5K<0.1%00.0%UnchangedHistory
ATIIWArchimedes Tech SPAC Partners II Co.*W EXP 10/15/202125,000$68.6K<0.1%00.0%UnchangedHistory
TAVIRTavia Acquisition Corp.RIGHT 11/26/2029300,000$69.0K<0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B127RIGHT 11/15/2028300,000$72.0K<0.1%00.0%Unchanged–
DMAARDrugs Made In America Acquisition Corp.RIGHT 10/15/2029400,000$74.9K<0.1%00.0%UnchangedHistory
CHARRCharlton Aria Acquisition CorpRIGHT 12/31/2026399,000$75.8K<0.1%00.0%UnchangedHistory
DAAQWDigital Asset Acquisition Corp.*W EXP 04/01/203200,000$80.0K<0.1%00.0%UnchangedHistory
RNGTWRange Capital Acquisition Corp II*W EXP 09/29/203250,000$80.0K<0.1%+250,000NewHistory
AA Mission Acquisition Corp.G1000R127*W EXP 08/01/203475,000$80.6K<0.1%00.0%Unchanged–
BZAIWBlaize Holdings, Inc.*W EXP 01/13/203209,250$83.7K<0.1%00.0%UnchangedHistory
NPACWNew Providence Acquisition Corp. III/CaymanCOM166,666$84.2K<0.1%00.0%UnchangedHistory
NOEMRCO2 Energy Transition Corp.RIGHT 10/15/2028390,000$86.2K<0.1%00.0%UnchangedHistory
RDAGWRepublic Digital Acquisition CoCOM150,000$87.0K<0.1%00.0%UnchangedHistory
XRPNWArmada Acquisition Corp. II*W EXP 05/21/203100,000$89.0K<0.1%00.0%UnchangedHistory
CCAQWCollective Acquisition Corp.*W EXP 04/04/203300,000$90.0K<0.1%00.0%UnchangedHistory
Rithm Acquisition Corp.G75751118*W EXP 99/99/999133,333$91.4K<0.1%00.0%Unchanged–
WENNWWEN Acquisition CorpCOM300,000$93.1K<0.1%00.0%UnchangedHistory
ALISRCalisa Acquisition CorpRIGHT 09/11/2030200,000$97.1K<0.1%+200,000NewHistory
IPEXRInflection Point Acquisition Corp. VRIGHT 99/99/9999125,000$100.0K<0.1%00.0%UnchangedHistory
VNMEWVendome Acquisition Corp I*W EXP 02/18/202412,500$103.2K<0.1%00.0%UnchangedHistory
SZZLRSizzle Acquisition Corp. IIRIGHT 04/02/2030650,000$104.0K<0.1%00.0%UnchangedHistory
Real Asset Acquisition Corp.G73944111*W EXP 04/24/203250,000$107.5K<0.1%00.0%Unchanged–
VWAVWVisionWave Holdings, Inc.COM93,000$108.8K<0.1%00.0%UnchangedHistory
ALDFWAldel Financial II Inc.*W EXP 09/26/203200,000$110.0K<0.1%00.0%UnchangedHistory
RANGRRange Capital Acquisition Corp.RIGHT 99/99/9999250,000$112.5K<0.1%00.0%UnchangedHistory
LKSPRLake Superior Acquisition CorpRIGHT 09/19/203057,871$112.8K<0.1%+57,871NewHistory
RTS/Inflection Point Acquisition Corp III EXP03/0G47875110COM300,000$113.4K<0.1%00.0%Unchanged–
Soulpower Acquisition Corp.G82745137RIGHT 99/99/9999650,000$113.8K<0.1%00.0%Unchanged–
D. Boral Arc Acq I Corp.G2616F119*W EXP 07/23/203325,000$118.1K<0.1%00.0%Unchanged–
HPPHudson Pacific Properties, Inc.COM11,003$119.2K<0.1%+11,003NewHistory
DRDBWRoman DBDR Acquisition Corp. IICOM200,000$120.1K<0.1%00.0%UnchangedHistory
TACHWTitan Acquisition Corp.*W EXP 05/16/203400,000$126.0K<0.1%00.0%UnchangedHistory
BEAGRBold Eagle Acquisition Corp.RIGHT 10/11/2029400,000$128.0K<0.1%00.0%UnchangedHistory
UCFICN Healthy Food Tech Group Corp.COM30,000$165.3K<0.1%+30,000NewHistory
Crane HBR Acquisition CorpG24979117RIGHT 04/17/2030225,000$180.0K<0.1%00.0%Unchanged–
BULLWWebull Corp*W EXP 04/10/20364,397$184.5K<0.1%−25,000−28.0%ReducedHistory
CRMLWCritical Metals Corp.*W EXP 02/27/20269,750$190.4K<0.1%00.0%UnchangedHistory
RIGTransocean Ltd.REGISTERED SHS50,000$206.5K<0.1%−50,000−50.0%ReducedHistory
SWSmurfit Westrock plcStock5,348$206.8K<0.1%+5,348NewHistory
FACWWFactorial Energy Inc.*W EXP 05/02/203275,000$217.3K<0.1%00.0%UnchangedHistory
NFENew Fortress Energy Inc.COM CL A200,000$228.0K<0.1%+200,000NewHistory
Vine Hill Cap Invt Corp.G93Y09115*W EXP 07/01/203132,500$238.5K<0.1%00.0%Unchanged–
PCGPG&E CorpStock15,000$241.1K<0.1%00.0%UnchangedHistory
GIWWRGigCapital8 Corp.COM800,000$248.0K<0.1%+800,000NewHistory
FERARFifth Era Acquisition Corp IRIGHT 02/21/2030750,000$299.9K<0.1%00.0%UnchangedHistory
KLXEKLX Energy Services Holdings, Inc.COM NEW170,235$321.7K<0.1%+170,235NewHistory
HDRNWHadron Energy, Inc.*W EXP 08/29/202804,500$329.8K<0.1%00.0%UnchangedHistory
KYIVWKyivstar Group Ltd.*W EXP 08/14/203100,000$354.0K<0.1%−50,000−33.3%ReducedHistory
New Amer Acquisition I Corp023634207UNIT 99/99/999935,000$364.4K<0.1%+35,000New–
MUEBlackRock Muniholdings Quality Fund II, Inc.COM46,481$466.2K<0.1%00.0%UnchangedHistory
NEXMNexMetals Mining Corp.COM NEW254,377$496.1K<0.1%+254,377NewHistory
CEPVCantor Equity Partners V, Inc.SHS CL A S50,000$512.5K<0.1%+50,000NewHistory
IHRTiHeartMedia, Inc.COM CL A125,000$520.0K<0.1%+125,000NewHistory
PNWPinnacle West Capital CorpCOM5,974$529.9K<0.1%+5,974NewHistory
VSXYVictoria's Secret & Co.COMMON STOCK10,140$549.3K<0.1%−37,500−78.7%ReducedHistory
PSKYParamount Skydance CorpCOM CL B43,067$577.1K<0.1%−7,481−14.8%ReducedHistory
Osisko Development Corp68828E809COM NEW166,074$579.6K<0.1%+166,074New–
iShares Inc464286400MSCI BRAZIL ETF20,987$666.8K<0.1%−102,298−83.0%Reduced–
ACHCAcadia Healthcare Company, Inc.COM47,455$673.4K<0.1%+47,455NewHistory
FMCFMC CorpCOM NEW48,689$675.3K<0.1%+48,689NewHistory
MFMAberdeen Municipal Income FundSH BEN INT125,000$678.8K<0.1%+125,000NewHistory
BYNDBeyond Meat, Inc.COM855,600$701.6K<0.1%+855,600NewHistory
FUNSix Flags Entertainment CorporationCOM46,180$708.4K<0.1%+46,180NewHistory
PCAPProCap Acquisition CorpSHS CL A70,281$711.9K<0.1%00.0%UnchangedHistory
LFACULeapfrog Acquisition CorpUNIT 11/10/203075,000$750.4K<0.1%+75,000NewHistory
Willow Lane Acquisition Corp.G9675P110*W EXP 10/31/203186,827$837.0K<0.1%−13,173−6.6%Reduced–
GameStop Corp Class36467W117*W EXP 10/30/202286,722$863.0K<0.1%+286,722New–
CECelanese CorpStock21,206$896.6K<0.1%+21,206NewHistory
WHRWhirlpool CorpStock13,013$938.8K<0.1%+1,700+15.0%AddedHistory
TDWDTailwind 2.0 Acquisition Corp.ORD SHS CL A100,000$985.0K<0.1%+100,000NewHistory

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 Q4 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$306.9M–
NVDANVIDIA CorpStock$186.5M–
IBITiShares Bitcoin Trust ETFETF$148.9M–
WOLFWolfspeed, Inc.COMMON STOCK$69.6M$10.4M
VanEck ETF Trust92189H607OIL SERVICES ETF$64.8M–
SMCISuper Micro Computer, Inc.Stock$61.5M–
TSMTaiwan Semiconductor Manufacturing Co LtdADR$60.8M–
PLTRPalantir Technologies Inc.Stock$35.5M–
MARAMARA Holdings, Inc.COM$34.7M–
LUMNLumen Technologies, Inc.Stock$33.4M$310.8K
RIVNRivian Automotive, Inc.Stock$28.7M–
KKRKKR & Co. Inc.COM$25.5M–
SPDR Series Trust78468R556SP O&G EXPL PRO$25.3M–
RUNSunrun Inc.COM$17.7M–
SRPTSarepta Therapeutics, Inc.COM$17.4M–
HLFHerbalife Ltd.COM SHS$12.5M–
WBDWarner Bros. Discovery, Inc.Stock–$10.1M
MPTMedical Properties Trust IncCOM$8.88M–
HTZHertz Global Holdings, IncCOM NEW$8.07M–
JBLUJetBlue Airways CorpCOM–$7.96M
XRXXerox Holdings CorpCOM NEW$4.74M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$4.33M–
RIGTransocean Ltd.REGISTERED SHS$4.13M–
NIONIO Inc.ADR$2.47M–
SABRSabre CorpCOM–$1.36M
BYNDBeyond Meat, Inc.COM$783.6K–
NFENew Fortress Energy Inc.COM CL A$456.0K–

Sold out since Q3 2025 (61)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
Bloom Energy Corp093712AM9NOTE 3.000% 6/0–$413.5M7.7%–
Bloom Energy Corp093712AK3NOTE 3.000% 6/0–$292.0M5.4%–
VRNAVerona Pharma plcSPONSORED ADS1,566,501$167.2M3.1%History
COOPMaverick Merger Sub 2, LLCCOM315,155$66.4M1.2%History
WNSWNS (Holdings) LtdCOM SHS779,591$59.5M1.1%History
Sea Ltd81141RAF7NOTE 2.375%12/0–$39.7M0.7%–
KKellanovaStock315,001$25.8M0.5%History
INFAInformatica Inc.COM CL A912,963$22.7M0.4%History
Wec Energy Group, Inc.92939UAP1NOTE 4.375% 6/0–$20.1M0.4%–
Southern Co842587DZ7NOTE 4.500% 6/1–$20.0M0.4%–
Nextera Energy Cap Hldgs Inc65339KCY4NOTE 3.000% 3/0–$18.0M0.3%–
Macom Tech Solutions Hldgs I55405YAB6NOTE 0.250% 3/1–$15.5M0.3%–
Zynex Inc98986MAD5NOTE 5.000% 5/1–$14.1M0.3%–
VALValaris LtdCL A253,925$12.4M0.2%History
Oatly Group AB67421JAC2NOTE 9.250% 9/1–$8.04M0.1%–
Pinduoduo Inc722304AC6NOTE 12/0–$7.93M0.1%–
Carnival Corp Ltd.14365C103ADR237,685$6.28M0.1%–
Beyond Meat, Inc.08862EAB5NOTE 3/1–$6.05M0.1%–
Luminar Technologies, Inc.550424AE5DEBT 11.500% 1/1–$5.64M0.1%–
THCTenet Healthcare CorpCOM NEW24,515$4.98M0.1%History
DMIIUDrugs Made In America Acquisition II Corp.UNIT 09/16/2030450,000$4.48M0.1%History
CVLTCommvault Systems IncCOM23,000$4.34M0.1%History
Emmis Acquisition Corp.G3037D121UNIT 09/12/2030400,000$3.99M0.1%–
WOLFWolfspeed, Inc.COMMON STOCK124,348$3.56M0.1%History
OTGAUOTG Acquisition Corp. IUNIT 09/05/2030350,000$3.52M0.1%History
TLNCUTalon Capital Corp.UNIT 08/27/2030300,000$3.01M0.1%History
Xometry, Inc.98423FAB5NOTE 1.000% 2/0–$2.95M0.1%–
MRUSMerus N.V.COM30,001$2.82M0.1%History
CHECUChenghe Acquisition III Co.UNIT 09/09/2030275,000$2.74M0.1%History
GMGeneral Motors CoCOM39,022$2.38M<0.1%History
LATAUGalata Acquisition Corp. IIUNIT 09/12/2030200,000$2.00M<0.1%History
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM335,217$1.98M<0.1%History
INFQInfleqtion, Inc.SHS CL A150,000$1.93M<0.1%History
IMSRTerrestrial Energy Inc.SHS CL A115,000$1.89M<0.1%History
COHUCohu IncCOM92,054$1.87M<0.1%History
FutureCrest Acquisition Corp.G3730U123COM150,000$1.59M<0.1%–
Jena Acquisition Corp IIG5093B121UNIT 99/99/9999150,000$1.56M<0.1%–
Spring Vy Acquisition Corp IG8377R127UNIT 09/04/2030150,000$1.54M<0.1%–
SSEAUStarry Sea Acquisition CorpUNIT 07/07/2030150,000$1.52M<0.1%History
MBVIUM3-Brigade Acquisition VI Corp.UNIT 08/18/2030150,000$1.52M<0.1%History
KOYNUCSLM Digital Asset Acquisition Corp III, LtdUNIT 08/12/2030150,000$1.51M<0.1%History
TROXTronox Holdings plcSHS369,723$1.49M<0.1%History
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$1.20M<0.1%History
PIImpinj IncCOM5,715$1.03M<0.1%History
BLZRUTrailblazer Acquisition Corp.UNIT 08/21/2030100,000$1.02M<0.1%History
HVMCUHighview Merger Corp.UNIT 07/24/2030100,000$1.01M<0.1%History
BDCIUBTC Development Corp.UNIT 09/11/2030100,000$1.01M<0.1%History
MKLYUMcKinley Acquisition CorpUNIT 07/25/2030100,000$999.0K<0.1%History
ALNYAlnylam Pharmaceuticals, Inc.COM2,100$957.6K<0.1%History
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$603.5K<0.1%–
CVSCVS Health CorpStock4,050$305.3K<0.1%History
NBRNabors Industries LtdSHS4,900$200.3K<0.1%History
Churchill Cap Corp XG2130T116*W EXP 05/14/20350,000$177.5K<0.1%–
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$110.1K<0.1%–
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$107.3K<0.1%–
RTACWRenatus Tactical Acquisition Corp I*W EXP 05/15/20370,000$84.0K<0.1%History
ENGNWenGene Therapeutics Inc.*W EXP 10/31/20231,000$22.0K<0.1%History
DT Cloud Acquisition CorpG28524133RIGHT 02/14/2029107,306$19.3K<0.1%–
Haymaker Acquisition Corp IVG4375F116*W EXP 05/31/20225,000$9.88K<0.1%–
VEEAWVeea Inc.*W EXP 03/18/20213,700$959<0.1%History
CEROWCero Therapeutics Holdings, Inc.*W EXP 09/01/20223,250$309<0.1%History