WHITEBOX ADVISORS LLC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$7.0B
Holdings
486
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (486 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | WDC 3 11/15/28WESTERN DIGITAL CORP | 204,400,000 | $936.9B | 13294.29% | |
| 2 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 71,025,000 | $377.3B | 5353.37% | |
| 3 | SPYSPDR S&P 500 ETF TR | 450,000 | $306.9B | 4354.16% | Put |
| 4 | BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD | 149,900,000 | $232.8B | 3303.17% | |
| 5 | SNOW 0 10/01/27SNOWFLAKE INC | 134,950,000 | $200.5B | 2844.49% | |
| 6 | SNOW 0 10/01/29SNOWFLAKE INC | 125,307,000 | $193.5B | 2745.25% | |
| 7 | NVDANVIDIA CORPORATION | 1,000,000 | $186.5B | 2646.29% | Put |
| 8 | SATS 3.875 11/30/30ECHOSTAR CORP | 54,937,086 | $183.5B | 2603.57% | |
| 9 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 66,618,000 | $182.5B | 2588.87% | |
| 10 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 60,800,000 | $163.9B | 2326.07% | |
| 11 | IBITISHARES BITCOIN TRUST ETF | 3,000,000 | $148.9B | 2113.49% | Put |
| 12 | TCOM 0.75 06/15/29TRIP COM GROUP LTD | 117,832,000 | $144.9B | 2055.65% | |
| 13 | LITE 0.5 12/15/26LUMENTUM HLDGS INC | 35,780,000 | $132.7B | 1883.22% | |
| 14 | CADECADENCE BANK | 3,000,001 | $128.5B | 1823.60% | |
| 15 | MSTR 2.25 06/15/32STRATEGY INC | 111,500,000 | $123.3B | 1749.01% | |
| 16 | LEU 2.25 11/01/30CENTRUS ENERGY CORP | 45,600,000 | $122.2B | 1734.35% | |
| 17 | GTLSCHART INDS INC | 560,001 | $115.5B | 1638.70% | |
| 18 | CMACOMERICA INC | 1,250,001 | $108.7B | 1541.83% | |
| 19 | COIN 0.25 04/01/30COINBASE GLOBAL INC | 90,042,000 | $92.1B | 1307.00% | |
| 20 | UPST 2 10/01/29UPSTART HLDGS INC | 70,000,000 | $88.2B | 1251.49% | |
| 21 | JBLU 2.5 09/01/29JETBLUE AIRWAYS CORP | 85,071,000 | $82.3B | 1167.86% | |
| 22 | WOLFWOLFSPEED INC | 4,600,000 | $80.1B | 1136.36% | Put |
| 23 | CYBRCYBERARK SOFTWARE LTD | 171,001 | $76.3B | 1082.30% | |
| 24 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 64,737,000 | $72.5B | 1028.79% | |
| 25 | LBRDKLIBERTY BROADBAND CORP | 1,476,741 | $71.8B | 1018.35% | |
| 26 | MSTR 0 12/01/29STRATEGY INC | 81,050,000 | $66.3B | 941.41% | |
| 27 | WWAYFAIR INC | 28,550,000 | $65.3B | 927.07% | |
| 28 | OIHVANECK ETF TRUST | 227,700 | $64.8B | 920.06% | Put |
| 29 | MARA 0 06/01/31MARA HOLDINGS INC | 74,000,000 | $61.6B | 873.60% | |
| 30 | SMCISUPER MICRO COMPUTER INC | 2,100,000 | $61.5B | 872.17% | Put |
| 31 | COIN 0.5 06/01/26COINBASE GLOBAL INC | 61,021,000 | $60.9B | 863.67% | |
| 32 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 200,000 | $60.8B | 862.39% | Put |
| 33 | MARA 0 03/01/30MARA HOLDINGS INC | 69,850,000 | $55.0B | 780.99% | |
| 34 | OMER 9.5 06/15/29OMEROS CORP | 18,033,000 | $54.0B | 766.66% | |
| 35 | UPST 1 11/15/30UPSTART HLDGS INC | 60,730,000 | $52.9B | 750.77% | |
| 36 | ECPG 4 03/15/29ENCORE CAP GROUP INC | 47,512,000 | $52.2B | 740.22% | |
| 37 | TFPMTRIPLE FLAG PRECIOUS METAL | 1,526,630 | $50.7B | 719.65% | |
| 38 | GPORGULFPORT ENERGY CORP | 224,627 | $46.7B | 662.92% | |
| 39 | CLSK 0 06/15/30CLEANSPARK INC | 45,135,000 | $46.7B | 662.45% | |
| 40 | MSTR 0.625 09/15/28STRATEGY INC | 37,000,000 | $43.1B | 611.10% | |
| 41 | RUN 4 03/01/30SUNRUN INC | 29,550,000 | $41.8B | 593.51% | |
| 42 | FRPT 3 04/01/28FRESHPET INC | 31,436,000 | $36.7B | 521.43% | |
| 43 | PLTRPALANTIR TECHNOLOGIES INC | 200,000 | $35.5B | 504.43% | Put |
| 44 | HLF 4.25 06/15/28HERBALIFE LTD | 32,321,000 | $34.8B | 493.91% | |
| 45 | MARAMARA HOLDINGS INC | 3,869,200 | $34.7B | 493.00% | Put |
| 46 | LUMNLUMEN TECHNOLOGIES INC | 4,340,000 | $33.7B | 478.48% | Put |
| 47 | MARA 2.125 09/01/31MARA HOLDINGS INC | 41,950,000 | $33.7B | 477.96% | |
| 48 | FOXFOX CORP | 518,428 | $33.7B | 477.62% | |
| 49 | CFLTCONFLUENT INC | 1,054,747 | $31.9B | 452.57% | |
| 50 | HEIHEICO CORP NEW | 124,737 | $31.5B | 446.78% | |
| 51 | EXASEXACT SCIENCES CORP | 307,001 | $31.2B | 442.41% | |
| 52 | WOLF 2.5 06/15/31WOLFSPEED INC | 20,871,000 | $30.9B | 438.66% | |
| 53 | RIVNRIVIAN AUTOMOTIVE INC | 1,456,300 | $28.7B | 407.27% | Put |
| 54 | CDTXCIDARA THERAPEUTICS INC | 125,001 | $27.6B | 391.78% | |
| 55 | PTCT 1.5 09/15/26PTC THERAPEUTICS INC | 17,500,000 | $25.9B | 367.97% | |
| 56 | KKRKKR & CO INC | 200,000 | $25.5B | 361.77% | Put |
| 57 | XOPSPDR SERIES TRUST | 200,000 | $25.3B | 358.31% | Put |
| 58 | GRFSGRIFOLS S A | 2,621,468 | $24.5B | 347.78% | |
| 59 | AMCXAMC NETWORKS INC | 23,730,000 | $24.2B | 343.27% | |
| 60 | NBR 1.75 06/15/29NABORS INDS INC | 29,894,000 | $24.1B | 341.32% | |
| 61 | WT 3.25 08/15/29WISDOMTREE INC | 20,000,000 | $24.0B | 340.36% | |
| 62 | IREN 3.25 06/15/30IREN LIMITED | 9,764,000 | $23.9B | 339.15% | |
| 63 | WBDWARNER BROS DISCOVERY INC | 750,001 | $21.6B | 306.70% | Call |
| 64 | DCHAMERICAN AXLE & MFG HLDGS IN | 3,243,553 | $20.8B | 295.01% | |
| 65 | RUNSUNRUN INC | 962,500 | $17.7B | 251.29% | Put |
| 66 | SRPTSAREPTA THERAPEUTICS INC | 810,800 | $17.4B | 247.57% | Put |
| 67 | LBRDALIBERTY BROADBAND CORP | 348,076 | $16.8B | 238.45% | |
| 68 | BLCOBAUSCH PLUS LOMB CORP | 951,213 | $16.2B | 230.52% | |
| 69 | CHRDCHORD ENERGY CORPORATION | 174,476 | $16.2B | 229.48% | |
| 70 | GVA 3.25 06/15/30GRANITE CONSTR INC | 10,000,000 | $15.9B | 226.32% | |
| 71 | COLL 2.875 02/15/29COLLEGIUM PHARMACEUTICAL INC | 10,700,000 | $15.1B | 213.97% | |
| 72 | ON 0 05/01/27ON SEMICONDUCTOR CORP | 12,500,000 | $14.9B | 211.15% | |
| 73 | MSTR 0.875 03/15/31STRATEGY INC | 13,096,000 | $13.5B | 190.93% | |
| 74 | XRX 3.75 03/15/30XEROX HOLDINGS CORP | 44,600,000 | $13.0B | 185.10% | |
| 75 | HLFHERBALIFE LTD | 970,000 | $12.5B | 177.41% | Put |
| 76 | TYL 0.25 03/15/26TYLER TEX INDPT SCH DIST | 12,359,000 | $12.5B | 177.28% | |
| 77 | PNW 4.75 06/15/27PINNACLE WEST CAP CORP | 11,250,000 | $12.0B | 170.40% | |
| 78 | CIVICIVITAS RESOURCES INC | 427,887 | $11.6B | 164.47% | |
| 79 | MGMMGM RESORTS INTERNATIONAL | 286,050 | $10.4B | 148.09% | |
| 80 | HTZ 8 07/15/29HERTZ CORP | 8,899,997 | $10.1B | 142.87% | |
| 81 | CSTMCONSTELLIUM SE | 499,660 | $9.4B | 133.63% | |
| 82 | ZTSZOETIS INC | 74,223 | $9.3B | 132.50% | |
| 83 | TWO 6.25 01/15/26TWO HARBORS INVENTMENT CORPO | 9,279,000 | $9.2B | 130.99% | |
| 84 | MPTMEDICAL PPTYS TRUST INC | 1,776,000 | $8.9B | 126.00% | Put |
| 85 | NIO 4.625 10/15/30NIO INC | 10,000,000 | $8.8B | 124.87% | |
| 86 | RYAAYRYANAIR HOLDINGS PLC | 116,658 | $8.4B | 119.49% | |
| 87 | VNMEVENDOME ACQUISITION CORP I | 825,000 | $8.3B | 117.40% | |
| 88 | TACHTITAN ACQUISITION CORP | 800,000 | $8.2B | 116.35% | |
| 89 | EVH 4.5 08/15/31EVOLENT HEALTH INC | 11,500,000 | $8.1B | 115.03% | |
| 90 | HTZHERTZ GLOBAL HLDGS INC | 1,569,700 | $8.1B | 114.48% | Put |
| 91 | JBLUJETBLUE AWYS CORP | 1,750,000 | $8.0B | 112.97% | Call |
| 92 | GLIBKGCI LIBERTY INC | 213,031 | $7.9B | 112.46% | |
| 93 | GIWGIGCAPITAL8 CORP | 800,000 | $7.9B | 112.27% | |
| 94 | FERAFIFTH ERA ACQUISITION CORP I | 750,000 | $7.7B | 109.50% | |
| 95 | TE 5.25 12/01/30T1 ENERGY INC | 6,000,000 | $7.6B | 108.51% | |
| 96 | HAVAHARVARD AVE ACQUISITION CORP | 750,000 | $7.6B | 107.37% | |
| 97 | HPOSERVICE PPTYS TR | 4,072,799 | $7.5B | 106.32% | |
| 98 | UPST 0.25 08/15/26UPSTART HLDGS INC | 7,604,000 | $7.3B | 103.84% | |
| 99 | SMTC 1.625 11/01/27SEMTECH CORP | 3,500,000 | $7.1B | 101.01% | |
| 100 | ELBMELECTRA BATTERY MATERIALS CO | 8,564,004 | $6.9B | 98.29% |
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