Location: Mill Valley, CA
CIK: 0001728201 · Show all filings
Period: Q3 2025 (← Previous) (Next →)
Filing Date: Nov 14, 2025
Total Value: $4.508B (27.6% shares, 72.4% debt)
| Ticker | Issuer | Shares | Value | % | Est. Cost | Unrealized | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|
| SPY | SPDR S&P 500 ETF TR | 650,000 | $433M | 9.6% | $666.18 | — | TR UNIT | 78462F103 |
| — | ALIBABA GROUP HLDG LTD | 125,000,000 | $230M | 5.1% | $1.48 | — | NOTE 0.500% 6/0 | 01609WBG6 |
| — | SEAGATE HDD CAYMAN | 73,500,000 | $212M | 4.7% | $1.60 | — | NOTE 3.500% 6/0 | 81180WBL4 |
| — | SNOWFLAKE INC | 120,000,000 | $182M | 4.0% | $1.52 | — | NOTE 10/0 | 833445AB5 |
| — | FORD MTR CO | 152,000,000 | $154M | 3.4% | $1.00 | — | NOTE 3/1 | 345370CZ1 |
| — | TXNM ENERGY INC | 110,000,000 | $144M | 3.2% | $1.30 | — | NOTE 5.750% 6/0 | 69349HAF4 |
| — | EVERGY INC | 110,000,000 | $138M | 3.1% | $1.16 | — | NOTE 4.500%12/1 | 30034WAD8 |
| — | BRIGHTSPRING HEALTH SVCS INC | 1,290,000 | $130M | 2.9% | $61.92 | — | UNIT 02/01/2027 | 10950A205 |
| — | BOEING CO | 1,800,000 | $125M | 2.8% | $66.80 | — | DEP CONV PFD A | 097023204 |
| — | AIRBNB INC | 125,000,000 | $123M | 2.7% | $0.94 | — | NOTE 3/1 | 009066AB7 |
| — | HEWLETT PACKARD ENTERPRISE C | 1,800,000 | $122M | 2.7% | $60.97 | — | 7.625 MAND CONV | 42824C208 |
| — | RIVIAN AUTOMOTIVE INC | 125,000,000 | $115M | 2.6% | $0.90 | — | NOTE 3.625%10/1 | 76954AAD5 |
| — | TRIP COM GROUP LTD | 90,000,000 | $115M | 2.6% | $1.28 | — | NOTE 0.750% 6/1 | 89677QAB3 |
| — | ETSY INC | 101,500,000 | $106M | 2.3% | $1.70 | — | NOTE 0.125%10/0 | 29786AAJ5 |
| — | WEC ENERGY GROUP INC | 85,000,000 | $104M | 2.3% | $1.17 | — | NOTE 4.375% 6/0 | 92939UAR7 |
| — | VENTAS RLTY LTD PARTNERSHIP | 74,000,000 | $95.76M | 2.1% | $1.10 | — | NOTE 3.750% 6/0 | 92277GAZ0 |
| — | UGI CORP NEW | 70,000,000 | $89.65M | 2.0% | $1.38 | — | NOTE 5.000% 6/0 | 902681AB1 |
| — | INTERDIGITAL INC | 20,000,000 | $89.48M | 2.0% | $1.95 | — | NOTE 3.500% 6/0 | 45867GAD3 |
| — | CENTERPOINT ENERGY INC | 77,500,000 | $86.22M | 1.9% | $1.02 | — | NOTE 4.250% 8/1 | 15189TBD8 |
| — | DUKE ENERGY CORP NEW | 80,000,000 | $85.98M | 1.9% | $1.03 | — | NOTE 4.125% 4/1 | 26441CBY0 |
| — | BRUKER CORP | 300,000 | $81.54M | 1.8% | $271.80 | — | 6.375 PREF SER A | 116794207 |
| — | WESTERN DIGITAL CORP | 25,000,000 | $80.25M | 1.8% | $3.21 | — | NOTE 3.000%11/1 | 958102AT2 |
| — | CHART INDS INC | 1,000,000 | $71.06M | 1.6% | $62.85 | — | 6.75DP CNV PFD B | 16115Q407 |
| — | REPLIGEN CORP | 70,000,000 | $70.56M | 1.6% | $1.02 | — | NOTE 1.000%12/1 | 759916AD1 |
| — | CMS ENERGY CORP | 60,000,000 | $65.85M | 1.5% | $0.98 | — | NOTE 3.375% 5/0 | 125896BX7 |
| — | ALLIANT ENERGY CORP | 60,000,000 | $64.68M | 1.4% | $0.99 | — | NOTE 3.875% 3/1 | 018802AC2 |
| — | AMERICAN WTR CAP CORP | 60,000,000 | $60.16M | 1.3% | $1.03 | — | NOTE 3.625% 6/1 | 03040WBE4 |
| — | WEC ENERGY GROUP INC | 50,000,000 | $59.96M | 1.3% | $1.13 | — | NOTE 4.375% 6/0 | 92939UAP1 |
| — | PG&E CORP | 1,500,000 | $59.07M | 1.3% | $44.71 | — | PFD CONV SER A | 69331C306 |
| — | ALARM COM HLDGS INC | 57,500,000 | $56.87M | 1.3% | $0.89 | — | NOTE 1/1 | 011642AB1 |
| — | SOUTHERN CO | 50,000,000 | $56.34M | 1.2% | $1.01 | — | NOTE 3.875%12/1 | 842587DP9 |
| — | LIVE NATION ENTERTAINMENT IN | 34,500,000 | $55.74M | 1.2% | $1.55 | — | NOTE 3.125% 1/1 | 538034BA6 |
| — | SHOPIFY INC | 50,000,000 | $52.65M | 1.2% | $0.90 | — | NOTE 0.125%11/0 | 82509LAA5 |
| — | PROGRESS SOFTWARE CORP | 50,000,000 | $50.09M | 1.1% | $1.05 | — | NOTE 1.000% 4/1 | 743312AB6 |
| — | ITRON INC | 40,000,000 | $45.94M | 1.0% | $1.15 | — | NOTE 1.375% 7/1 | 465741AQ9 |
| — | ECHOSTAR CORP | 17,500,000 | $43.09M | 1.0% | $2.46 | — | NOTE 3.875%11/3 | 278768AB2 |
| — | PG&E CORP | 40,000,000 | $40.55M | 0.9% | $1.00 | — | NOTE 4.250%12/0 | 69331CAL2 |
| — | BLACKLINE INC | 38,500,000 | $37.64M | 0.8% | $0.86 | — | NOTE 3/1 | 09239BAD1 |
| — | NEXTERA ENERGY INC | 725,000 | $36.16M | 0.8% | $50.98 | — | UNIT 06/01/2027 | 65339F663 |
| SPOT | SPOTIFY TECHNOLOGY S A | 47,500 | $33.16M | 0.7% | $565.30 | +23.7% | SHS | L8681T102 |
| — | SOUTHERN CO | 29,500,000 | $32.86M | 0.7% | $1.11 | — | NOTE 4.500% 6/1 | 842587DZ7 |
| — | CONFLUENT INC | 30,960,000 | $29.21M | 0.6% | $0.84 | — | NOTE 1/1 | 20717MAB9 |
| — | GUARDANT HEALTH INC | 20,000,000 | $26.09M | 0.6% | $1.04 | — | DEBT 1.250% 2/1 | 40131MAD1 |
| COIN | COINBASE GLOBAL INC | 68,600 | $23.15M | 0.5% | $213.27 | +59.0% | COM CL A | 19260Q107 |
| — | ENOVIS CORPORATION | 23,000,000 | $22.71M | 0.5% | $1.04 | — | NOTE 3.875%10/1 | 194014AB2 |
| — | UBER TECHNOLOGIES INC | 15,000,000 | $22.09M | 0.5% | $1.45 | — | NOTE 0.875%12/0 | 90353TAM2 |
| — | JAMF HLDG CORP | 22,500,000 | $21.64M | 0.5% | $0.83 | — | NOTE 0.125% 9/0 | 47074LAB1 |
| — | FIRSTENERGY CORP | 20,000,000 | $20.8M | 0.5% | $0.99 | — | NOTE 4.000% 5/0 | 337932AR8 |
| — | PPL CAP FDG INC | 17,500,000 | $20M | 0.4% | $0.97 | — | NOTE 2.875% 3/1 | 69352PAS2 |
| — | ENPHASE ENERGY INC | 20,000,000 | $19.55M | 0.4% | $0.95 | — | NOTE 3/0 | 29355AAH0 |
| — | UNITY SOFTWARE INC | 18,674,000 | $17.83M | 0.4% | $0.76 | — | NOTE 11/1 | 91332UAB7 |
| IBIT | ISHARES BITCOIN TRUST ETF | 250,000 | $16.25M | 0.4% | $65.00 | — | SHS BEN INT | 46438F101 |
| — | PROS HOLDINGS INC | 15,000,000 | $14.86M | 0.3% | $0.94 | — | NOTE 2.250% 9/1 | 74346YAG8 |
| FLR | FLUOR CORP NEW | 352,672 | $14.84M | 0.3% | $37.43 | +22.9% | COM | 343412102 |
| — | MIRUM PHARMACEUTICALS INC | 6,000,000 | $14.44M | 0.3% | $1.53 | — | NOTE 4.000% 5/0 | 604749AB7 |
| — | BENTLEY SYS INC | 15,000,000 | $14.16M | 0.3% | $0.84 | — | NOTE 0.375% 7/0 | 08265TAD1 |
| — | CYBERARK SOFTWARE LTD | 25,627 | $12.38M | 0.3% | $445.27 | — | SHS | M2682V108 |
| — | VERTEX INC | 12,000,000 | $12.24M | 0.3% | $1.17 | — | NOTE 0.750% 5/0 | 92538JAB2 |
| — | GRANITE CONSTR INC | 5,000,000 | $12.05M | 0.3% | $2.41 | — | NOTE 3.750% 5/1 | 387328AD9 |
| — | EPR PPTYS | 440,000 | $11.19M | 0.2% | $18.70 | — | PFD C CV 5.75% | 26884U208 |
| — | ETSY INC | 12,500,000 | $11.07M | 0.2% | $0.81 | — | NOTE 0.250% 6/1 | 29786AAN6 |
| — | SNOWFLAKE INC | 6,900,000 | $10.81M | 0.2% | $1.57 | — | NOTE 10/0 | 833445AD1 |
| CAKE | CHEESECAKE FACTORY INC | 195,338 | $10.67M | 0.2% | $58.50 | +3.9% | COM | 163072101 |
| NTNX | NUTANIX INC | 134,916 | $10.04M | 0.2% | $71.98 | +2.0% | CL A | 67059N108 |
| — | BENTLEY SYS INC | 10,000,000 | $9.88M | 0.2% | $1.00 | — | NOTE 0.125% 1/1 | 08265TAB5 |
| — | TRANSMEDICS GROUP INC | 5,000,000 | $7.117M | 0.2% | $1.42 | — | NOTE 1.500% 6/0 | 89377MAB5 |
| ODD | ODDITY TECH LTD | 112,400 | $7.003M | 0.2% | $64.95 | 0.0% | SHS CL A | M7518J104 |
| SIRI | SIRIUSXM HOLDINGS INC | 293,124 | $6.822M | 0.2% | $31.06 | -25.5% | COMMON STOCK | 829933100 |
| — | KELLANOVA | 64,546 | $5.294M | 0.1% | $80.05 | -1.8% | COM | 487836108 |
| PSN | PARSONS CORP DEL | 53,128 | $4.405M | 0.1% | $75.65 | +2.2% | COM | 70202L102 |
| — | VISHAY INTERTECHNOLOGY INC | 4,500,000 | $4.103M | 0.1% | $0.91 | — | NOTE 2.250% 9/1 | 928298AR9 |
| — | ENPHASE ENERGY INC | 3,500,000 | $3.04M | 0.1% | $0.82 | — | NOTE 3/0 | 29355AAK3 |
| RPAY | REPAY HLDGS CORP | 578,484 | $3.025M | 0.1% | $10.59 | -49.5% | COM CL A | 76029L100 |
| FOX | FOX CORP | 44,000 | $2.521M | 0.1% | $52.60 | 0.0% | CL B COM | 35137L204 |
| NWL | NEWELL BRANDS INC | 480,000 | $2.515M | 0.1% | $5.51 | 0.0% | COM | 651229106 |
| NWSA | NEWS CORP NEW | 80,500 | $2.472M | 0.1% | $29.56 | 0.0% | CL A | 65249B109 |
| — | HAEMONETICS CORP MASS | 2,500,000 | $2.456M | 0.1% | $0.84 | — | NOTE 3/0 | 405024AB6 |
| CLF | CLEVELAND-CLIFFS INC NEW | 200,000 | $2.44M | 0.1% | $12.34 | -14.8% | COM | 185899101 |
| — | ALARM COM HLDGS INC | 2,500,000 | $2.404M | 0.1% | $0.97 | — | NOTE 2.250% 6/0 | 011642AD7 |
| — | HALOZYME THERAPEUTICS INC | 2,000,000 | $2.297M | 0.1% | $1.15 | — | NOTE 0.250% 3/0 | 40637HAD1 |
| — | EPR PPTYS | 71,692 | $2.263M | 0.1% | $27.03 | — | CONV PFD 9% SR E | 26884U307 |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 16,700 | $2.201M | 0.0% | $121.17 | -1.0% | SHS USD | G50871105 |
| WOLF | WOLFSPEED INC | 68,814 | $1.968M | 0.0% | $25.35 | 0.0% | COMMON STOCK | 97785W106 |
| OXY/WS | OCCIDENTAL PETE CORP | 75,000 | $1.913M | 0.0% | $21.49 | — | *W EXP 08/03/202 | 674599162 |
| WK | WORKIVA INC | 22,200 | $1.911M | 0.0% | $92.18 | -18.5% | Call | 98139A105 |
| ADNT | ADIENT PLC | 70,000 | $1.686M | 0.0% | $14.78 | +58.0% | ORD SHS | G0084W101 |
| GENVR | GEN DIGITAL INC | 200,000 | $1.394M | 0.0% | $8.16 | — | RIGHT 99/99/9999 | 668771116 |
| GCMGW | GCM GROSVENOR INC | 1,657,604 | $881K | 0.0% | $0.69 | — | *W EXP 11/17/202 | 36831E116 |
| BAX | BAXTER INTL INC | 30,000 | $683K | 0.0% | $37.66 | -33.0% | COM | 071813109 |
| OMF | ONEMAIN HLDGS INC | 8,426 | $476K | 0.0% | $40.79 | +44.7% | COM | 68268W103 |
| ZD | ZIFF DAVIS INC | 7,033 | $268K | 0.0% | $35.02 | 0.0% | COM | 48123V102 |
| OI | O-I GLASS INC | 20,000 | $259K | 0.0% | $9.82 | +38.8% | COM | 67098H104 |
| GT | GOODYEAR TIRE & RUBR CO | 30,000 | $224K | 0.0% | $11.09 | -15.3% | COM | 382550101 |
| ASTLW | ALGOMA STL GROUP INC | 414,191 | $63,578 | 0.0% | $1.04 | — | *W EXP 10/19/202 | 015658115 |
| BFLYW | BUTTERFLY NETWORK INC | 49,393 | $2,252 | 0.0% | $0.09 | — | *W EXP 02/12/202 | 124155110 |