Q4 2025 Holdings
Filed 2026-02-17 | 28 holdings | $914.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Core Natural Resources Inc(CNR) | SHSCOM | 218937100 | $122.8M | 1,387,111 | 13.4% |
| Ishares TR(HYG)Put | IBOXX HI YD ETF | 464288513 | $116.5M | 1,444,800 | 12.7% |
| Diversified Healthcare TR(DHC) | COM SH BEN INT | 25525P107 | $113.9M | 23,487,002 | 12.5% |
| Tesla Inc(TSLA)Put | COM | 88160R101 | $100.7M | 224,000 | 11.0% |
| Brookdale SR Living Inc(BKD) | COM | 112463104 | $91.7M | 8,497,561 | 10.0% |
| Carvana Co(CVNA)Put | CL A | 146869102 | $44.9M | 106,500 | 4.9% |
| Brookdale SR Living Inc | NOTE 3.500%10/1 | 112463AF1 | $42.9M | $30,834,000 | 4.7% |
| Marriott Intl Inc New(MAR)Put | CL A | 571903202 | $37.8M | 121,900 | 4.1% |
| Hilton Worldwide Hldgs Inc(HLT)Put | COM | 43300A203 | $33.2M | 115,500 | 3.6% |
| Welltower Inc(WELL)Put | COM | 95040Q104 | $30.6M | 165,000 | 3.3% |
| Royal Caribbean Group(RCL)Put | COM | V7780T103 | $25.7M | 92,100 | 2.8% |
| Affirm Hldgs Inc(AFRM)Put | COM CL A | 00827B106 | $18.9M | 254,000 | 2.1% |
| Pennymac Finl Svcs Inc New(PFSI)Put | COM | 70932M107 | $17.1M | 130,000 | 1.9% |
| Teekay Corporation LTD(TK) | SHS | G8726T105 | $15.9M | 1,762,866 | 1.7% |
| MGM Resorts International(MGM)Put | COM | 552953101 | $14.6M | 400,000 | 1.6% |
| Ardmore Shipping Corp(ASC) | COM | Y0207T100 | $13.2M | 1,249,420 | 1.4% |
| RMR Group Inc(RMR) | CL A | 74967R106 | $11.7M | 783,963 | 1.3% |
| Civeo Corp CDA(CVEO) | COM NEW | 17878Y207 | $10.6M | 462,758 | 1.2% |
| Grifols S A(GRFS) | SP ADR REP B NVT | 398438408 | $10.1M | 1,084,527 | 1.1% |
| Summit Midstream Corporation(SMC) | COM | 86614G101 | $9.5M | 356,567 | 1.0% |
| Industrial Logistics Pptys T(ILPT) | COM SHS BEN INT | 456237106 | $9.4M | 1,700,592 | 1.0% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $8.1M | 5,551,623 | 0.9% |
| Seven Hills Realty Trust(SEVN) | COM | 81784E101 | $5.9M | 664,432 | 0.6% |
| RED Rock Resorts Inc(RRR)Put | CL A | 75700L108 | $3.7M | 60,000 | 0.4% |
| Ryman Hospitality Pptys Inc(RHP)Put | COM | 78377T107 | $3.1M | 32,500 | 0.3% |
| Service Pptys TR(SVC) | COM SH BEN INT | 81761L102 | $1.6M | 852,490 | 0.2% |
| Brookdale SR Living Inc | NOTE 2.000%10/1 | 112463AC8 | $429.4K | $315,000 | 0.0% |
| Pangaea Logistics Solution L(PANL) | SHS | G6891L105 | $83.5K | 12,139 | 0.0% |