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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
ATIIArchimedes Tech SPAC Partners II Co.COM250,000$2.59M<0.1%00.0%UnchangedHistory
NHICNewHold Investment Corp. IIIORD SHS CL A250,000$2.59M<0.1%00.0%UnchangedHistory
FACTFACT II Acquisition Corp.ORD SHS CL A250,000$2.60M<0.1%00.0%UnchangedHistory
RANGRange Capital Acquisition Corp.ORD SHS250,000$2.60M<0.1%00.0%UnchangedHistory
Liberty Media Corp530715AL5DEB 3.750% 2/1–$2.62M<0.1%–––
OACCOaktree Acquisition Corp. III Life SciencesSHS CL A250,000$2.65M<0.1%00.0%UnchangedHistory
LPAALaunch One Acquisition Corp.SHS CLASS A250,000$2.65M<0.1%00.0%UnchangedHistory
ONCH1RT Acquisition Corp.USD CL A ORD SHS260,000$2.65M<0.1%00.0%UnchangedHistory
TONTGraf Global Corp.ORD SHS CL A250,000$2.69M<0.1%00.0%UnchangedHistory
CHECChenghe Acquisition III Co.ORD SHS CL A275,000$2.74M<0.1%+275,000NewHistory
Cardlytics, Inc.14161WAD7NOTE 4.250% 4/0–$2.89M<0.1%–––
APXTApex Treasury CorpORD SHS CL A300,000$2.97M<0.1%+300,000NewHistory
SVAQUSilicon Valley Acquisition Corp.UNIT 12/08/2030300,000$2.98M<0.1%+300,000NewHistory
ADACUAmerican Drive Acquisition CoUNIT 12/04/2030300,000$2.99M<0.1%+300,000NewHistory
LPCVULaunchpad Cadenza Acquisition Corp IUNIT 12/15/2030300,000$2.99M<0.1%+300,000NewHistory
GPACUGeneral Purpose Acquisition Corp.UNIT 12/03/2030300,000$3.00M0.1%+300,000NewHistory
VHCPUVine Hill Capital Investment Corp. IIUNIT 11/25/2030300,000$3.01M0.1%+300,000NewHistory
PACHPioneer Acquisition I CorpCL A ORD SHS300,000$3.02M0.1%00.0%UnchangedHistory
EVOXUEvolution Global Acquisition CorpUNIT 10/22/2030300,000$3.02M0.1%+300,000NewHistory
PAIIPyrophyte Acquisition Corp. IICL A SHS300,000$3.02M0.1%00.0%UnchangedHistory
TLNCTalon Capital Corp.ORD SHS CL A300,000$3.03M0.1%+300,000NewHistory
RDAGRepublic Digital Acquisition CoCOM300,000$3.04M0.1%00.0%UnchangedHistory
IPCXInflection Point Acquisition Corp. IIICOM300,000$3.04M0.1%00.0%UnchangedHistory
GSHRGesher Acquisition Corp. IIUSD CL A ORD SHS300,000$3.08M0.1%00.0%UnchangedHistory
COPLCopley Acquisition CorpORD SHS CL A300,000$3.08M0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B101SHS CL A300,000$3.12M0.1%00.0%Unchanged–
TAVITavia Acquisition Corp.SHS300,000$3.13M0.1%00.0%UnchangedHistory
FTWPresidio Production CoCL A ORD SHS300,000$3.15M0.1%00.0%UnchangedHistory
TDACTranslational Development Acquisition Corp.COM CL A305,000$3.20M0.1%00.0%UnchangedHistory
DMBBNY Mellon Municipal Bond Infrastructure Fund, Inc.COM SHS310,458$3.41M0.1%00.0%UnchangedHistory
SIRISirius XM Holdings Inc.COMMON STOCK170,943$3.42M0.1%+5,000+3.0%AddedHistory
IRHOUIron Horse Acquisition II Corp.UNIT 07/11/2030350,000$3.48M0.1%+350,000NewHistory
OTGAOTG Acquisition Corp. IORD CL A350,000$3.50M0.1%+350,000NewHistory
LPBBLaunch Two Acquisition Corp.ORD SHS CL A350,000$3.67M0.1%00.0%UnchangedHistory
BHCBausch Health Companies Inc.Stock544,497$3.78M0.1%+193,668+55.2%AddedHistory
NTWONewbury Street II Acquisition CorpORD SHS CL A375,000$3.91M0.1%00.0%UnchangedHistory
EMISEmmis Acquisition Corp.SHS CL A400,000$3.98M0.1%+400,000NewHistory
MMTXUMiluna Acquisition CorpUNIT 09/29/2030400,000$4.00M0.1%+400,000NewHistory
EVACEQV Ventures Acquisition Corp. IICOM400,000$4.01M0.1%00.0%UnchangedHistory
NOEMCO2 Energy Transition Corp.COM390,000$4.01M0.1%00.0%UnchangedHistory
LKSPLake Superior Acquisition CorpUSD CL A ORD SHS405,103$4.02M0.1%+405,103NewHistory
DAAQDigital Asset Acquisition Corp.SHS CL A400,000$4.06M0.1%00.0%UnchangedHistory
CCAQCollective Acquisition Corp.COM400,000$4.09M0.1%00.0%UnchangedHistory
SVCCStellar V Capital Corp. (Cayman Islands)SHS CL A400,000$4.15M0.1%00.0%UnchangedHistory
DMAADrugs Made In America Acquisition Corp.ORD SHS400,000$4.15M0.1%00.0%UnchangedHistory
RACRithm Acquisition Corp.COM400,000$4.16M0.1%00.0%UnchangedHistory
CHARCharlton Aria Acquisition CorpORD SHS CL A399,000$4.17M0.1%00.0%UnchangedHistory
DRDBRoman DBDR Acquisition Corp. IICOM400,000$4.17M0.1%00.0%UnchangedHistory
ALDFAldel Financial II Inc.CL A400,000$4.20M0.1%00.0%UnchangedHistory
BEAGBold Eagle Acquisition Corp.CL A400,000$4.23M0.1%00.0%UnchangedHistory
Gossamer Bio, Inc.38341PAA0NOTE 5.000% 6/0–$4.39M0.1%–––
DMIIDrugs Made In America Acquisition II Corp.USD ORD SHS450,000$4.46M0.1%+450,000NewHistory
TGE Value Creative Solutions CorpG8773E126UNIT 99/99/9999450,000$4.47M0.1%+450,000New–
iShares Inc464286640MSCI CHILE ETF113,456$4.58M0.1%+26,738+30.8%Added–
BEPBrookfield Renewable Partners L.P.PARTNERSHIP UNIT170,000$4.58M0.1%+170,000NewHistory
CEPFCantor Equity Partners IV, Inc.SHS CL A450,000$4.63M0.1%00.0%UnchangedHistory
UPWheels Up Experience Inc.COM CL A23,832,927$4.68M0.1%−4,532,159−16.0%ReducedHistory
AA Mission Acquisition Corp.G1000R101ORD SHS CL A450,000$4.80M0.1%00.0%Unchanged–
NCMINational CineMedia, Inc.COM NEW1,242,084$4.83M0.1%00.0%UnchangedHistory
HOUSAnywhere Real Estate Inc.COM347,880$4.93M0.1%−165,000−32.2%ReducedHistory
PPLIPeople IncCOM NEW126,564$4.95M0.1%−249,244−66.3%ReducedHistory
YCYAA Mission Acquisition Corp. IIORD SHS CL A500,000$4.98M0.1%+500,000NewHistory
RNGTRange Capital Acquisition Corp IICL A ORD SHS500,000$4.99M0.1%+500,000NewHistory
Real Asset Acquisition Corp.G73944103SHS CL A500,000$5.11M0.1%00.0%Unchanged–
NPACNew Providence Acquisition Corp. III/CaymanCOM500,000$5.13M0.1%00.0%UnchangedHistory
SIMASIM Acquisition Corp. ISHS CL A500,000$5.29M0.1%00.0%UnchangedHistory
PureCycle Technologies, Inc.74623VAB9NOTE 7.250% 8/1–$5.41M0.1%–––
Solaris Energy Infras Inc83419XAB4NOTE 0.250%10/0–$5.41M0.1%–New–
CCOClear Channel Outdoor Holdings, Inc.COM2,459,984$5.44M0.1%−750,000−23.4%ReducedHistory
TGNATegna IncCOM281,537$5.46M0.1%+60,000+27.1%AddedHistory
Li Auto Inc.50202MAB8NOTE 0.250% 5/0–$5.54M0.1%–––
Factorial Energy Inc.G19307100COM CL A550,000$5.66M0.1%00.0%Unchanged–
HDRNHadron Energy, Inc.ORD SHS CL A550,000$5.80M0.1%−210,000−27.6%ReducedHistory
ACIAlbertsons Companies, Inc.COMMON STOCK344,582$5.92M0.1%+10,000+3.0%AddedHistory
WENNWEN Acquisition CorpCOM600,000$6.06M0.1%00.0%UnchangedHistory
UAAUnder Armour, Inc.Stock1,301,365$6.47M0.1%−950,532−42.2%ReducedHistory
NWSANews CorpCL A247,810$6.47M0.1%−32,630−11.6%ReducedHistory
GTGoodyear Tire & Rubber CoCOM741,089$6.49M0.1%−45,000−5.7%ReducedHistory
BCARD. Boral ARC Acquisition I Corp.SHS CL A650,000$6.52M0.1%00.0%UnchangedHistory
Groupon, Inc.399473AH0NOTE 6.250% 3/1–$6.53M0.1%–––
SOULSoulpower Acquisition Corp.USD CL A ORD SHS650,000$6.60M0.1%00.0%UnchangedHistory
SZZLSizzle Acquisition Corp. IIUSD CL A ORD SHS650,000$6.60M0.1%00.0%UnchangedHistory
CHKPCheck Point Software Technologies LtdORD36,630$6.80M0.1%+36,630NewHistory
CYHCommunity Health Systems IncCOM2,201,520$6.87M0.1%−183,566−7.7%ReducedHistory
ELBMElectra Battery Materials CorpCOM8,564,004$6.93M0.1%+8,267,039+2,783.8%AddedHistory
Semtech Corp816850AF8NOTE 1.625%11/0–$7.12M0.1%–––
Upstart Hldgs Inc91680MAB3NOTE 0.250% 8/1–$7.32M0.1%–––
SVCService Properties TrustCOM SH BEN INT4,072,799$7.49M0.1%+576,563+16.5%AddedHistory
HAVAUHarvard Ave Acquisition CorpUNIT 10/03/2030750,000$7.57M0.1%+750,000NewHistory
T1 Energy Inc.35834FAB0NOTE 5.250%12/0–$7.65M0.1%–New–
FERAFifth Era Acquisition Corp IORD SHS CL A750,000$7.72M0.1%00.0%UnchangedHistory
GIWGigCapital8 Corp.COM800,000$7.91M0.1%+800,000NewHistory
GLIBKLiberty Capital CorpSER C GCI GROUP213,031$7.93M0.1%−129,184−37.7%ReducedHistory
Evolent Health, Inc.30050BAJ0DEBT 4.500% 8/1–$8.11M0.1%–––
TACHTitan Acquisition Corp.CL A800,000$8.20M0.1%00.0%UnchangedHistory
VNMEVendome Acquisition Corp ICOM CL A825,000$8.27M0.1%00.0%UnchangedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR116,658$8.42M0.1%+116,658NewHistory
NIO Inc.62914VAK2NOTE 4.625%10/1–$8.80M0.1%–––
Two HBRS Invt Corp90187BAB7NOTE 6.250% 1/1–$9.23M0.2%–––
ZTSZoetis Inc.Stock74,223$9.34M0.2%+74,223NewHistory

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 (62)

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%–
Silvia, Inc.G2296A117*W EXP 05/16/20375,000$90.0K<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