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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
MKLYMcKinley Acquisition CorpSHS CL A100,000$997.0K<0.1%+100,000NewHistory
ITHAUITHAX Acquisition Corp IIIUNIT 11/17/2030100,000$997.5K<0.1%+100,000NewHistory
HVMCHighview Merger Corp.ORD SH CL A100,000$1.00M<0.1%+100,000NewHistory
BDCIBTC Development Corp.COM100,000$1.00M<0.1%+100,000NewHistory
BLZRTrailblazer Acquisition Corp.COM100,000$1.00M<0.1%+100,000NewHistory
HCMAHCM III Acquisition Corp.ORD SHS CL A100,000$1.00M<0.1%00.0%UnchangedHistory
SOCASolarius Capital Acquisition Corp.SHS CL A100,000$1.00M<0.1%00.0%UnchangedHistory
SCIIUSC II Acquisition Corp.UNIT 11/06/2030100,000$1.01M<0.1%+100,000NewHistory
OBAOxley Bridge Acquisition LtdUSD CL A ORD SHS100,000$1.01M<0.1%00.0%UnchangedHistory
MCGAYorkville Acquisition Corp.COM100,000$1.01M<0.1%00.0%UnchangedHistory
iShares Tr464289842MSCI PERU GL ETF14,063$1.02M<0.1%+14,063New–
CCXIUChurchill Capital Corp XIUNIT 12/10/2030100,000$1.02M<0.1%+100,000NewHistory
FISVFiserv IncStock15,302$1.03M<0.1%+15,302NewHistory
i-80 Gold Corp.44955L155*W EXP 11/16/2021,117,500$1.03M<0.1%00.0%Unchanged–
PLMKPlum Acquisition Corp, IVSHS CL A100,000$1.05M<0.1%00.0%UnchangedHistory
FVNFuture Vision II Acquisition Corp.SHS100,000$1.06M<0.1%00.0%UnchangedHistory
CUBLionheart HoldingsSHS CL A100,000$1.06M<0.1%00.0%UnchangedHistory
AFBAlliancebernstein National Municipal Income FundCOM113,648$1.23M<0.1%00.0%UnchangedHistory
HRIHerc Holdings IncCOM8,330$1.24M<0.1%+8,330NewHistory
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$1.25M<0.1%00.0%UnchangedHistory
CAEPCantor Equity Partners III, Inc.SHS CL A125,000$1.27M<0.1%00.0%UnchangedHistory
USASAmericas Gold & Silver CorpCOM NEW250,000$1.28M<0.1%+250,000NewHistory
CCIICohen Circle Acquisition Corp. IICOM125,000$1.28M<0.1%00.0%UnchangedHistory
IPEXInflection Point Acquisition Corp. VORD SHS CL A125,000$1.28M<0.1%00.0%UnchangedHistory
RIBBRibbon Acquisition Corp.ORD SHS CL A125,000$1.30M<0.1%00.0%UnchangedHistory
Liberty Media Corp530715AG6DEB 4.000%11/1–$1.31M<0.1%–––
CAPNCayson Acquisition CorpSHS125,000$1.33M<0.1%00.0%UnchangedHistory
MERCMercer International Inc.COM686,019$1.36M<0.1%+150,000+28.0%AddedHistory
VLOSVelos Acquisition I Corp.CL A130,000$1.38M<0.1%00.0%UnchangedHistory
CARAvis Budget Group, Inc.COM11,091$1.42M<0.1%+320+3.0%AddedHistory
DYORInsight Digital Partners IICL A ORD145,682$1.44M<0.1%+145,682NewHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT145,147$1.47M<0.1%00.0%Unchanged–
KOYNCSLM Digital Asset Acquisition Corp III, LtdUSD CL A ORD SHS150,000$1.49M<0.1%+150,000NewHistory
TWLVUTwelve Seas Investment Co III/CaymanUNIT 11/21/2030150,000$1.49M<0.1%+150,000NewHistory
MBVIM3-Brigade Acquisition VI Corp.ORD SHS CL A150,000$1.50M<0.1%+150,000NewHistory
SSEAStarry Sea Acquisition CorpSHS150,000$1.50M<0.1%+150,000NewHistory
HCACUHall Chadwick Acquisition CorpUNIT 11/20/2030150,000$1.50M<0.1%+150,000NewHistory
Veritone, Inc.92347MAB6NOTE 1.750%11/1–$1.50M<0.1%–––
FIGXFIGX Capital Acquisition Corp.USD CL A ORD SHS150,000$1.51M<0.1%00.0%UnchangedHistory
FCRSFutureCrest Acquisition Corp.CL A ORD SHS150,000$1.51M<0.1%+150,000NewHistory
GTERAGloba Terra Acquisition CorpCL A ORD SHS150,000$1.51M<0.1%00.0%UnchangedHistory
EGHAEGH Acquisition Corp.SHS CL A150,000$1.52M<0.1%00.0%UnchangedHistory
CRAQCal Redwood Acquisition Corp.COM CL A150,000$1.52M<0.1%00.0%UnchangedHistory
GFUZGeneral Fusion Group Ltd.Equity150,000$1.52M<0.1%+150,000NewHistory
Pelican Acquisition CorpG6993G103SHS150,000$1.52M<0.1%00.0%Unchanged–
JENAJena Acquisition Corp IIUSD CL A ORD SHS150,000$1.53M<0.1%+150,000NewHistory
CHPGChampionsGate Acquisition CorpSHS CL A150,000$1.53M<0.1%00.0%UnchangedHistory
WTGWintergreen Acquisition Corp.SHS150,000$1.53M<0.1%00.0%UnchangedHistory
GLIBALiberty Capital CorpSER A GCI GROUP41,785$1.54M<0.1%−27,829−40.0%ReducedHistory
COLAColumbus Acquisition Corp/Cayman IslandsSHS150,000$1.56M<0.1%00.0%UnchangedHistory
SBIWestern Asset Intermediate Muni Fund Inc.COM204,801$1.57M<0.1%00.0%UnchangedHistory
Voyager Acquisition CorpG93A7H104CL A150,000$1.60M<0.1%00.0%Unchanged–
VCICOdysseus (Cayman) LtdORD SHS CL A150,000$1.62M<0.1%−115,000−43.4%ReducedHistory
CEPTCantor Equity Partners II, Inc.CL A ORD SHS145,000$1.63M<0.1%−155,000−51.7%ReducedHistory
PCQPIMCO California Municipal Income FundCOM195,476$1.71M<0.1%+50,000+34.4%AddedHistory
INACIndigo Acquisition Corp.ORD SHS175,000$1.76M<0.1%00.0%UnchangedHistory
AXINAxiom Intelligence Acquisition Corp 1COM175,000$1.76M<0.1%00.0%UnchangedHistory
BACCBlue Acquisition Corp/CaymanORD SHS CL A175,000$1.79M<0.1%00.0%UnchangedHistory
RRyder System IncCOM9,434$1.81M<0.1%+3,420+56.9%AddedHistory
JACSJackson Acquisition Co IICOM SHS CL A175,000$1.82M<0.1%00.0%UnchangedHistory
Willow Lane Acquisition Corp.G9675P102ORD SHS CL A150,000$1.90M<0.1%−125,000−45.5%Reduced–
CXEMFS High Income Municipal TrustSH BEN INT512,763$1.90M<0.1%+29,463+6.1%AddedHistory
LEOBNY Mellon Strategic Municipals, Inc.COM305,421$1.94M<0.1%00.0%UnchangedHistory
DNMXDynamix Corp IIIUSD CL A ORD SHS200,000$1.98M<0.1%+200,000NewHistory
ALISCalisa Acquisition CorpORD SHS200,000$1.99M<0.1%+200,000NewHistory
BIXIUBitcoin Infrastructure Acquisition Corp LtdUNIT 11/06/2030200,000$1.99M<0.1%+200,000NewHistory
LATAGalata Acquisition Corp. IIORD SHS CL A200,000$1.99M<0.1%+200,000NewHistory
AEAQUActivate Energy Acquisition Corp.UNIT 11/10/2030200,000$2.00M<0.1%+200,000NewHistory
MESHUMeshflow Acquisition CorpUNIT 11/19/2030200,000$2.00M<0.1%+200,000NewHistory
DSACUDaedalus Special Acquisition Corp.UNIT 11/10/2030200,000$2.01M<0.1%+200,000NewHistory
ENHAEnhanced Group Inc.COM CL A200,000$2.01M<0.1%00.0%UnchangedHistory
BPACUBlueport Acquisition LtdUNIT 10/22/2030200,000$2.02M<0.1%+200,000NewHistory
Alussa Energy Acquisition Corp.G0233J126UNIT 99/99/9999200,000$2.02M<0.1%+200,000New–
TVAIThayer Ventures Acquisition Corp IICL A200,000$2.02M<0.1%00.0%UnchangedHistory
XRPNArmada Acquisition Corp. IICOM200,000$2.05M<0.1%00.0%UnchangedHistory
HVIIONE Nuclear Energy Inc.COM200,000$2.07M<0.1%00.0%UnchangedHistory
SilverBox Corp VG8148S123UNIT 99/99/9999206,900$2.08M<0.1%+206,900New–
CEPOCantor Equity Partners I, Inc.COM200,000$2.08M<0.1%+45,000+29.0%AddedHistory
POLEAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.10M<0.1%00.0%UnchangedHistory
Kosmos Energy Ltd.500688AH9NOTE 3.125% 3/1–$2.11M<0.1%–New–
SCPQUSocial Commerce Partners CorpUNIT 11/24/2030214,400$2.14M<0.1%+214,400NewHistory
TBNTamboran Resources CorpCOM78,832$2.15M<0.1%+22,810+40.7%AddedHistory
Crane HBR Acquisition CorpG24979109CL A200,000$2.15M<0.1%−25,000−11.1%Reduced–
MBIMbia IncCOM304,461$2.18M<0.1%00.0%UnchangedHistory
BLRKUBluerock Acquisition Corp.UNIT 11/06/2030218,525$2.19M<0.1%+218,525NewHistory
CRANUCrane Harbor Acquisition Corp. IIUNIT 12/09/2030217,635$2.19M<0.1%+217,635NewHistory
iShares Inc464286822MSCI MEXICO ETF31,750$2.20M<0.1%+3,297+11.6%Added–
LCCCLakeshore Acquisition III Corp.USD ORD SHS218,500$2.23M<0.1%00.0%UnchangedHistory
Global X FDS37954Y327GLBX MSCI COLUM65,100$2.32M<0.1%+27,000+70.9%Added–
KFIIK&F Growth Acquisition Corp. IISHS CL A225,000$2.33M<0.1%00.0%UnchangedHistory
CZRCaesars Entertainment, Inc.COM104,078$2.43M<0.1%+72,460+229.2%AddedHistory
IGACInvest Green Acquisition CorpCL A ORD SHS250,000$2.46M<0.1%+250,000NewHistory
WSTNWestin Acquisition CorpORD SHS CL A250,000$2.47M<0.1%+250,000NewHistory
LAFALaFayette Acquisition Corp.ORD SHS250,000$2.48M<0.1%+250,000NewHistory
VACIViking Acquisition Corp IORD CL A250,000$2.48M<0.1%+250,000NewHistory
SPEGSilver Pegasus Acquisition Corp.SHS CL A250,000$2.52M<0.1%00.0%UnchangedHistory
Safeguard Acquisition Corp.G77676123UNIT 99/99/9999250,000$2.52M<0.1%+250,000New–
OYSEOyster Enterprises II Acquisition CorpORD SHS CL A250,000$2.53M<0.1%00.0%UnchangedHistory
BLUWBlue Water Acquisition Corp. IIIORD SHS CL A250,000$2.58M<0.1%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 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