Radcliffe Capital Management, L.P. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$1.8B

Holdings

309

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (309 positions)

#	Stock	Shares	Value	% Portfolio
1	ENPH 0 03/01/26Enphase Energy Inc	149,750,000	$148.1M	8.06%
2	VAC 0 01/15/26Marriott Vacations Worldwide Corp	113,786,000	$113.4M	6.17%
3	TDOC 1.25 06/01/27Teladoc Health Inc	115,750,000	$110.0M	5.99%
4	RNG 0 03/15/26RingCentral Inc	81,222,000	$80.2M	4.37%
5	CALY 2.75 05/01/26Callaway Golf Company	77,410,000	$76.9M	4.19%
6	MGNI 0.25 03/15/26Magnite Inc.	76,767,000	$75.8M	4.12%
7	CABO 0 03/15/26Cable One Inc	75,188,000	$74.1M	4.03%
8	ALRM 0 01/15/26Alarm.com Holdings Inc	57,420,000	$57.3M	3.12%
9	BSY 0.125 01/15/26Bentley Systems Inc	48,716,000	$48.6M	2.65%
10	BAND 0.5 04/01/28Bandwidth Inc	55,900,000	$48.5M	2.64%
11	ENPH 0 03/01/28Enphase Energy Inc	49,639,000	$43.2M	2.35%
12	ETSY 0.25 06/15/28Etsy Inc	38,000,000	$33.9M	1.85%
13	MTN 0 01/01/26Vail Resorts Inc	33,692,000	$33.7M	1.83%
14	DXCM 0.375 05/15/28DexCom Inc.	26,000,000	$23.9M	1.30%
15	GLAD 5.875 10/01/30Gladstone Capital Corp	21,400,000	$20.9M	1.14%
16	FIVN 1 03/15/29Five9 Inc	21,500,000	$19.3M	1.05%
17	U 0 11/15/26Unity Software Inc	17,181,000	$16.6M	0.90%
18	ARRY 1 12/01/28Array Technologies Inc	18,000,000	$16.3M	0.89%
19	FUBO 3.25 02/15/26FuboTV Inc	11,737,000	$11.7M	0.64%
20	BL 0 03/15/26BlackLine Inc	10,692,000	$10.6M	0.58%
21	FTWEQV Ventures Acquisition Corp II	910,862	$9.1M	0.50%
22	VAC 3.25 12/15/27Marriott Vacations Worldwide Corp	9,000,000	$8.6M	0.47%
23	ABNB 0 03/15/26Airbnb Inc	7,964,000	$7.9M	0.43%
24	MESHMeshflow Acquisition Corp	749,400	$7.5M	0.41%
25	SNOW 0 10/01/27Snowflake Inc	5,000,000	$7.4M	0.40%
26	EVOXEvolution Global Acquisition Corp	720,988	$7.1M	0.39%
27	HCMAHCM III Acquisition Corp	700,000	$7.0M	0.38%
28	SDHISiddhi Acquisition Corp	683,370	$7.0M	0.38%
29	—CSLM Digital Asset Acquisition Corp III Ltd	701,739	$7.0M	0.38%
30	WENNWen Acquisition Corp	691,263	$7.0M	0.38%
31	JACSJackson Acquisition Co II	662,430	$6.9M	0.38%
32	BILL 0 04/01/27BILL Holdings Inc	7,302,000	$6.9M	0.38%
33	AACBArtius II Acquisition Inc	667,119	$6.9M	0.37%
34	CSWC 5.125 11/15/29Capital Southwest Corp	6,949,000	$6.9M	0.37%
35	NPACNew Providence Acquisition Corp III	665,376	$6.8M	0.37%
36	ATIIArchimedes Tech SPAC Partners Co	658,322	$6.8M	0.37%
37	ALUBAlussa Energy Acquisition Corp II	675,000	$6.8M	0.37%
38	GTENGores Holdings X Inc	658,063	$6.7M	0.37%
39	—Apex Treasury Corp	675,000	$6.7M	0.36%
40	SOULSoulpower Acquisition Corp	655,635	$6.7M	0.36%
41	KFIIK&F Growth Acquisition Corp II	633,889	$6.6M	0.36%
42	GIWGigCapital8 Corp	650,000	$6.4M	0.35%
43	TACHTitan Acquisition Corp	625,010	$6.4M	0.35%
44	SBXESilverBox Corp V	635,000	$6.4M	0.35%
45	MBVIM3-Brigade Acquisition VI Corp	635,905	$6.4M	0.35%
46	PACHPioneer Acquisition I Corp	629,247	$6.3M	0.34%
47	CCIICohen Circle Acquisition Corp II	616,577	$6.3M	0.34%
48	OBAOxley Bridge Acquisition Ltd	625,296	$6.3M	0.34%
49	OYSEOyster Enterprises II Acquisition Corp	623,741	$6.3M	0.34%
50	COIN 0.25 04/01/30Coinbase Global Inc	6,000,000	$6.1M	0.33%
51	CGCTCartesian Growth Corporation III	595,796	$6.1M	0.33%
52	GPATGP-Act III Acquisition Corp	573,222	$6.1M	0.33%
53	GSRFGSR IV Acquisition Corp	609,667	$6.1M	0.33%
54	LOBLive Oak Acquisition Corp V	590,384	$6.1M	0.33%
55	IRHOUIron Horse Acquisition II Corp	603,644	$6.0M	0.33%
56	LPCVLaunchpad Cadenza Acquisition Corp I	600,000	$6.0M	0.33%
57	ADAC10X Capital Venture Acquisition	600,000	$6.0M	0.33%
58	COPLCopley Acquisition Corp	572,786	$5.9M	0.32%
59	BDCIBTC Development Corp	581,316	$5.8M	0.32%
60	NHICNewHold Investment Corp III	560,971	$5.8M	0.32%
61	KCHVKochav Defense Acquisition Corp	566,200	$5.7M	0.31%
62	DMIIDrugs Made In America Acquisition II Corp	575,607	$5.7M	0.31%
63	VACIViking Acquisition Corp I	575,000	$5.7M	0.31%
64	SIMASIM Acquisition Corp I	536,322	$5.7M	0.31%
65	DMIIDrugs Made In America Acquisition Corp	546,808	$5.7M	0.31%
66	LWACLightwave Acquisition Corp	564,160	$5.7M	0.31%
67	YCYAA Mission Acquisition Corp	528,530	$5.6M	0.31%
68	BACQBleichroeder Acquisition Corp I	521,028	$5.6M	0.30%
69	AXINAxiom Intelligence Acquisition Corp 1	549,758	$5.5M	0.30%
70	CRAQCal Redwood Acquisition Corp.	545,628	$5.5M	0.30%
71	BCARD Boral ARC Acquisition I Corp	549,672	$5.5M	0.30%
72	HCACHall Chadwick Acquisition Corp	550,000	$5.5M	0.30%
73	—General Purpose Acquisition Corp	550,000	$5.5M	0.30%
74	OTGAOTG Acquisition Corp I	550,000	$5.5M	0.30%
75	CEPFCantor Equity Partners IV Inc	534,810	$5.5M	0.30%
76	DRDBRoman DBDR Acquisition Corp II	525,266	$5.5M	0.30%
77	BIXIBitcoin Infrastructure Acquisition Corp Ltd	556,079	$5.5M	0.30%
78	HAVARHarvard Ave Acquisition Corp	550,000	$5.5M	0.30%
79	—Hennessy Capital Investment Corp VII	526,647	$5.5M	0.30%
80	FACTFact II Acquisition Corp	523,289	$5.4M	0.30%
81	IGACInvest Green Acquisition Corp	550,000	$5.4M	0.29%
82	BLZRTrailblazer Acquisition Corp	537,741	$5.4M	0.29%
83	—Talon Capital Corp	530,385	$5.4M	0.29%
84	BACCBlue Acquisition Corp	524,100	$5.4M	0.29%
85	ALFCenturion Acquisition Corp	501,086	$5.3M	0.29%
86	VACHVoyager Acquisition Corp	500,000	$5.3M	0.29%
87	HVMCHighview Merger Corp	532,201	$5.3M	0.29%
88	TVAIThayer Ventures Acquisition Corp II	525,000	$5.3M	0.29%
89	TDACWTranslational Development Acquisition Corp	505,514	$5.3M	0.29%
90	EGHAEGH Acquisition Corp	522,737	$5.3M	0.29%
91	BL 1 06/01/29BlackLine Inc	5,000,000	$5.3M	0.29%
92	ITHAITHAX Acquisition Corp III	525,732	$5.2M	0.29%
93	SACSafeguard Acquisition Corp	500,000	$5.0M	0.27%
94	DBX 0 03/01/28Dropbox Inc	5,000,000	$5.0M	0.27%
95	CRANUCrane Harbor Acquisition Corp II	500,000	$5.0M	0.27%
96	POLEAndretti Acquisition Corp II	478,664	$5.0M	0.27%
97	PCAPProCap Acquisition Corp	493,841	$5.0M	0.27%
98	EMISEmmis Acquisition Corp	499,126	$5.0M	0.27%
99	TWLVTwelve Seas Investment Co III	500,000	$5.0M	0.27%
100	SZZLSizzle Acquisition Corp II	489,484	$5.0M	0.27%

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