Q4 2025 Holdings
Filed 2026-02-13 | 31 holdings | $7.3B | 13F-HR/A | View on SEC ↗ · Holdings Table ↗
Amended (2026-05-15) | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)Put | TR UNIT | 78462F103 | $4.9B | 7,125,000 | 66.2% |
| Ishares TR(IEF)Put | 7-10 YR TRSY BD | 464287440 | $1.1B | 11,500,000 | 15.1% |
| Talen Energy Corp(TLN) | COM | 87422Q109 | $216.4M | 577,239 | 2.9% |
| Telephone & Data SYS Inc(TDS) | COM NEW | 879433829 | $172.3M | 4,203,594 | 2.3% |
| Comcast Corp New(CMCSA)Call | CL A | 20030N101 | $168.0M | 6,000,000 | 2.3% |
| Viasat Inc(VSAT) | COM | 92552V100 | $102.5M | 2,974,801 | 1.4% |
| Centuri Holdings Inc(CTRI) | COM SHS | 155923105 | $100.7M | 3,988,664 | 1.4% |
| Echostar Corp | NOTE 3.875%11/3 | 278768AB2 | $82.5M | 24,638,496 | 1.1% |
| Brookdale SR Living Inc(BKD) | COM | 112463104 | $79.3M | 7,349,874 | 1.1% |
| Echostar Corp(SATS) | CL A | 278768106 | $70.0M | 643,915 | 1.0% |
| Viasat Inc(VSAT)Call | COM | 92552V100 | $59.8M | 1,736,700 | 0.8% |
| Sphere Entertainment Co | NOTE 3.500%12/0 | 55826TAB8 | $58.4M | 21,150,000 | 0.8% |
| Cannae Hldgs Inc(CNNE) | COM | 13765N107 | $51.3M | 3,262,648 | 0.7% |
| Echostar Corp(SATS)Call | CL A | 278768106 | $43.5M | 400,000 | 0.6% |
| Commscope Hldg Co Inc(VISN)A | COM | 20337X109 | $28.0M | 1,546,923 | 0.4% |
| Diversified Healthcare TR(DHC) | COM SH BEN INT | 25525P107 | $23.1M | 4,763,537 | 0.3% |
| GEO Group Inc New(GEO) | COM | 36162J106 | $16.0M | 992,931 | 0.2% |
| Kohls Corp(KSS)Put | COM | 500255104 | $15.3M | 750,000 | 0.2% |
| WW Intl Inc(WW) | COM NEW | 98262P200 | $13.4M | 457,835 | 0.2% |
| Camden Ppty TR(CPT) | SH BEN INT | 133131102 | $10.8M | 98,344 | 0.1% |
| Optimum Communications Inc(OPTU) | CL A | 02156K103 | $9.9M | 6,015,682 | 0.1% |
| Equity Residential(EQR) | SH BEN INT | 29476L107 | $9.9M | 156,378 | 0.1% |
| UDR Inc(UDR) | COM | 902653104 | $9.7M | 264,595 | 0.1% |
| Avalonbay Cmntys Inc(AVB) | COM | 053484101 | $9.5M | 52,328 | 0.1% |
| Mid-Amer APT Cmntys Inc(MAA) | COM | 59522J103 | $6.1M | 44,268 | 0.1% |
| Caesars Entertainment Inc NE(CZR) | COM | 12769G100 | $6.0M | 257,160 | 0.1% |
| Essex Ppty TR Inc(ESS) | COM | 297178105 | $5.9M | 22,498 | 0.1% |
| Brookdale SR Living Inc | NOTE 2.000%10/1 | 112463AC8 | $2.6M | 2,000,000 | 0.0% |
| Core Scientific Inc New(CORZ) | COM | 21874A106 | $1.5M | 100,000 | 0.0% |
| Valaris LTD | *W EXP 04/29/202 | G9460G119 | $1.2M | 687,260 | 0.0% |
| Community Health SYS Inc New(CYH) | COM | 203668108 | $1.0M | 325,000 | 0.0% |