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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
SIMASIM Acquisition Corp. ISHS CL A500,000$5.29M0.1%00.0%UnchangedHistory
NPACNew Providence Acquisition Corp. III/CaymanCOM500,000$5.13M0.1%00.0%UnchangedHistory
Real Asset Acquisition Corp.G73944103SHS CL A500,000$5.11M0.1%00.0%Unchanged–
RNGTRange Capital Acquisition Corp IICL A ORD SHS500,000$4.99M0.1%+500,000NewHistory
YCYAA Mission Acquisition Corp. IIORD SHS CL A500,000$4.98M0.1%+500,000NewHistory
PPLIPeople IncCOM NEW126,564$4.95M0.1%−249,244−66.3%ReducedHistory
HOUSAnywhere Real Estate Inc.COM347,880$4.93M0.1%−165,000−32.2%ReducedHistory
NCMINational CineMedia, Inc.COM NEW1,242,084$4.83M0.1%00.0%UnchangedHistory
AA Mission Acquisition Corp.G1000R101ORD SHS CL A450,000$4.80M0.1%00.0%Unchanged–
UPWheels Up Experience Inc.COM CL A23,832,927$4.68M0.1%−4,532,159−16.0%ReducedHistory
CEPFCantor Equity Partners IV, Inc.SHS CL A450,000$4.63M0.1%00.0%UnchangedHistory
BEPBrookfield Renewable Partners L.P.PARTNERSHIP UNIT170,000$4.58M0.1%+170,000NewHistory
iShares Inc464286640MSCI CHILE ETF113,456$4.58M0.1%+26,738+30.8%Added–
TGE Value Creative Solutions CorpG8773E126UNIT 99/99/9999450,000$4.47M0.1%+450,000New–
DMIIDrugs Made In America Acquisition II Corp.USD ORD SHS450,000$4.46M0.1%+450,000NewHistory
Gossamer Bio, Inc.38341PAA0NOTE 5.000% 6/0–$4.39M0.1%–––
BEAGBold Eagle Acquisition Corp.CL A400,000$4.23M0.1%00.0%UnchangedHistory
ALDFAldel Financial II Inc.CL A400,000$4.20M0.1%00.0%UnchangedHistory
DRDBRoman DBDR Acquisition Corp. IICOM400,000$4.17M0.1%00.0%UnchangedHistory
CHARCharlton Aria Acquisition CorpORD SHS CL A399,000$4.17M0.1%00.0%UnchangedHistory
RACRithm Acquisition Corp.COM400,000$4.16M0.1%00.0%UnchangedHistory
DMAADrugs Made In America Acquisition Corp.ORD SHS400,000$4.15M0.1%00.0%UnchangedHistory
SVCCStellar V Capital Corp. (Cayman Islands)SHS CL A400,000$4.15M0.1%00.0%UnchangedHistory
CCAQCollective Acquisition Corp.COM400,000$4.09M0.1%00.0%UnchangedHistory
DAAQDigital Asset Acquisition Corp.SHS CL A400,000$4.06M0.1%00.0%UnchangedHistory
LKSPLake Superior Acquisition CorpUSD CL A ORD SHS405,103$4.02M0.1%+405,103NewHistory
NOEMCO2 Energy Transition Corp.COM390,000$4.01M0.1%00.0%UnchangedHistory
EVACEQV Ventures Acquisition Corp. IICOM400,000$4.01M0.1%00.0%UnchangedHistory
MMTXUMiluna Acquisition CorpUNIT 09/29/2030400,000$4.00M0.1%+400,000NewHistory
EMISEmmis Acquisition Corp.SHS CL A400,000$3.98M0.1%+400,000NewHistory
NTWONewbury Street II Acquisition CorpORD SHS CL A375,000$3.91M0.1%00.0%UnchangedHistory
BHCBausch Health Companies Inc.Stock544,497$3.78M0.1%+193,668+55.2%AddedHistory
LPBBLaunch Two Acquisition Corp.ORD SHS CL A350,000$3.67M0.1%00.0%UnchangedHistory
OTGAOTG Acquisition Corp. IORD CL A350,000$3.50M0.1%+350,000NewHistory
IRHOUIron Horse Acquisition II Corp.UNIT 07/11/2030350,000$3.48M0.1%+350,000NewHistory
SIRISirius XM Holdings Inc.COMMON STOCK170,943$3.42M0.1%+5,000+3.0%AddedHistory
DMBBNY Mellon Municipal Bond Infrastructure Fund, Inc.COM SHS310,458$3.41M0.1%00.0%UnchangedHistory
TDACTranslational Development Acquisition Corp.COM CL A305,000$3.20M0.1%00.0%UnchangedHistory
FTWPresidio Production CoCL A ORD SHS300,000$3.15M0.1%00.0%UnchangedHistory
TAVITavia Acquisition Corp.SHS300,000$3.13M0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B101SHS CL A300,000$3.12M0.1%00.0%Unchanged–
COPLCopley Acquisition CorpORD SHS CL A300,000$3.08M0.1%00.0%UnchangedHistory
GSHRGesher Acquisition Corp. IIUSD CL A ORD SHS300,000$3.08M0.1%00.0%UnchangedHistory
IPCXInflection Point Acquisition Corp. IIICOM300,000$3.04M0.1%00.0%UnchangedHistory
RDAGRepublic Digital Acquisition CoCOM300,000$3.04M0.1%00.0%UnchangedHistory
TLNCTalon Capital Corp.ORD SHS CL A300,000$3.03M0.1%+300,000NewHistory
PAIIPyrophyte Acquisition Corp. IICL A SHS300,000$3.02M0.1%00.0%UnchangedHistory
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
VHCPUVine Hill Capital Investment Corp. IIUNIT 11/25/2030300,000$3.01M0.1%+300,000NewHistory
GPACUGeneral Purpose Acquisition Corp.UNIT 12/03/2030300,000$3.00M0.1%+300,000NewHistory
LPCVULaunchpad Cadenza Acquisition Corp IUNIT 12/15/2030300,000$2.99M<0.1%+300,000NewHistory
ADACUAmerican Drive Acquisition CoUNIT 12/04/2030300,000$2.99M<0.1%+300,000NewHistory
SVAQUSilicon Valley Acquisition Corp.UNIT 12/08/2030300,000$2.98M<0.1%+300,000NewHistory
APXTApex Treasury CorpORD SHS CL A300,000$2.97M<0.1%+300,000NewHistory
Cardlytics, Inc.14161WAD7NOTE 4.250% 4/0–$2.89M<0.1%–––
CHECChenghe Acquisition III Co.ORD SHS CL A275,000$2.74M<0.1%+275,000NewHistory
TONTGraf Global Corp.ORD SHS CL A250,000$2.69M<0.1%00.0%UnchangedHistory
ONCH1RT Acquisition Corp.USD CL A ORD SHS260,000$2.65M<0.1%00.0%UnchangedHistory
LPAALaunch One Acquisition Corp.SHS CLASS A250,000$2.65M<0.1%00.0%UnchangedHistory
OACCOaktree Acquisition Corp. III Life SciencesSHS CL A250,000$2.65M<0.1%00.0%UnchangedHistory
Liberty Media Corp530715AL5DEB 3.750% 2/1–$2.62M<0.1%–––
RANGRange Capital Acquisition Corp.ORD SHS250,000$2.60M<0.1%00.0%UnchangedHistory
FACTFACT II Acquisition Corp.ORD SHS CL A250,000$2.60M<0.1%00.0%UnchangedHistory
NHICNewHold Investment Corp. IIIORD SHS CL A250,000$2.59M<0.1%00.0%UnchangedHistory
ATIIArchimedes Tech SPAC Partners II Co.COM250,000$2.59M<0.1%00.0%UnchangedHistory
BLUWBlue Water Acquisition Corp. IIIORD SHS CL A250,000$2.58M<0.1%00.0%UnchangedHistory
OYSEOyster Enterprises II Acquisition CorpORD SHS CL A250,000$2.53M<0.1%00.0%UnchangedHistory
Safeguard Acquisition Corp.G77676123UNIT 99/99/9999250,000$2.52M<0.1%+250,000New–
SPEGSilver Pegasus Acquisition Corp.SHS CL A250,000$2.52M<0.1%00.0%UnchangedHistory
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
WSTNWestin Acquisition CorpORD SHS CL A250,000$2.47M<0.1%+250,000NewHistory
IGACInvest Green Acquisition CorpCL A ORD SHS250,000$2.46M<0.1%+250,000NewHistory
CZRCaesars Entertainment, Inc.COM104,078$2.43M<0.1%+72,460+229.2%AddedHistory
KFIIK&F Growth Acquisition Corp. IISHS CL A225,000$2.33M<0.1%00.0%UnchangedHistory
Global X FDS37954Y327GLBX MSCI COLUM65,100$2.32M<0.1%+27,000+70.9%Added–
LCCCLakeshore Acquisition III Corp.USD ORD SHS218,500$2.23M<0.1%00.0%UnchangedHistory
iShares Inc464286822MSCI MEXICO ETF31,750$2.20M<0.1%+3,297+11.6%Added–
CRANUCrane Harbor Acquisition Corp. IIUNIT 12/09/2030217,635$2.19M<0.1%+217,635NewHistory
BLRKUBluerock Acquisition Corp.UNIT 11/06/2030218,525$2.19M<0.1%+218,525NewHistory
MBIMbia IncCOM304,461$2.18M<0.1%00.0%UnchangedHistory
Crane HBR Acquisition CorpG24979109CL A200,000$2.15M<0.1%−25,000−11.1%Reduced–
TBNTamboran Resources CorpCOM78,832$2.15M<0.1%+22,810+40.7%AddedHistory
SCPQUSocial Commerce Partners CorpUNIT 11/24/2030214,400$2.14M<0.1%+214,400NewHistory
Kosmos Energy Ltd.500688AH9NOTE 3.125% 3/1–$2.11M<0.1%–New–
POLEAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.10M<0.1%00.0%UnchangedHistory
CEPOCantor Equity Partners I, Inc.COM200,000$2.08M<0.1%+45,000+29.0%AddedHistory
SilverBox Corp VG8148S123UNIT 99/99/9999206,900$2.08M<0.1%+206,900New–
ONENONE Nuclear Energy Inc.COM200,000$2.07M<0.1%00.0%UnchangedHistory
XRPNArmada Acquisition Corp. IICOM200,000$2.05M<0.1%00.0%UnchangedHistory
TVAIThayer Ventures Acquisition Corp IICL A200,000$2.02M<0.1%00.0%UnchangedHistory
Alussa Energy Acquisition Corp.G0233J126UNIT 99/99/9999200,000$2.02M<0.1%+200,000New–
BPACUBlueport Acquisition LtdUNIT 10/22/2030200,000$2.02M<0.1%+200,000NewHistory
ENHAEnhanced Group Inc.COM CL A200,000$2.01M<0.1%00.0%UnchangedHistory
DSACUDaedalus Special Acquisition Corp.UNIT 11/10/2030200,000$2.01M<0.1%+200,000NewHistory
MESHUMeshflow Acquisition CorpUNIT 11/19/2030200,000$2.00M<0.1%+200,000NewHistory
AEAQUActivate Energy Acquisition Corp.UNIT 11/10/2030200,000$2.00M<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

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