Location: Mill Valley, CA
CIK: 0001728201 · Show all filings
Period: Q4 2025 (← Previous) (Next →)
Filing Date: Feb 17, 2026
Total Value: $5.059B (16.7% shares, 83.3% debt)
| Ticker | Issuer | Shares | Value | % | Est. Cost | Unrealized | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|
| — | SEAGATE HDD CAYMAN | 115,000,000 | $387M | 7.6% | $2.24 | — | NOTE 3.500% 6/0 | 81180WBL4 |
| — | ALIBABA GROUP HLDG LTD | 181,600,000 | $282M | 5.6% | $1.50 | — | NOTE 0.500% 6/0 | 01609WBG6 |
| — | HEWLETT PACKARD ENTERPRISE C | 3,270,000 | $218M | 4.3% | $63.54 | — | 7.625 MAND CONV | 42824C208 |
| — | SNOWFLAKE INC | 146,500,000 | $218M | 4.3% | $1.51 | — | NOTE 10/0 | 833445AB5 |
| — | FORD MTR CO | 168,500,000 | $175M | 3.5% | $1.01 | — | NOTE 3/1 | 345370CZ1 |
| — | RIVIAN AUTOMOTIVE INC | 148,500,000 | $167M | 3.3% | $0.93 | — | NOTE 3.625%10/1 | 76954AAD5 |
| — | EVERGY INC | 134,000,000 | $163M | 3.2% | $1.17 | — | NOTE 4.500%12/1 | 30034WAD8 |
| — | TXNM ENERGY INC | 110,000,000 | $148M | 2.9% | $1.30 | — | NOTE 5.750% 6/0 | 69349HAF4 |
| — | WEC ENERGY GROUP INC | 123,500,000 | $144M | 2.9% | $1.17 | — | NOTE 4.375% 6/0 | 92939UAR7 |
| — | VENTAS RLTY LTD PARTNERSHIP | 100,000,000 | $141M | 2.8% | $1.18 | — | NOTE 3.750% 6/0 | 92277GAZ0 |
| — | BRUKER CORP | 374,000 | $136M | 2.7% | $290.20 | — | 6.375 PREF SER A | 116794207 |
| — | AIRBNB INC | 135,000,000 | $134M | 2.6% | $0.95 | — | NOTE 3/1 | 009066AB7 |
| — | WESTERN DIGITAL CORP | 28,500,000 | $131M | 2.6% | $3.38 | — | NOTE 3.000%11/1 | 958102AT2 |
| — | TRIP COM GROUP LTD | 103,500,000 | $128M | 2.5% | $1.27 | — | NOTE 0.750% 6/1 | 89677QAB3 |
| — | CENTERPOINT ENERGY INC | 107,250,000 | $118M | 2.3% | $1.04 | — | NOTE 4.250% 8/1 | 15189TBD8 |
| — | BOEING CO | 1,600,000 | $111M | 2.2% | $66.80 | — | DEP CONV PFD A | 097023204 |
| — | DUKE ENERGY CORP NEW | 100,000,000 | $103M | 2.0% | $1.03 | — | NOTE 4.125% 4/1 | 26441CBY0 |
| — | UGI CORP NEW | 72,500,000 | $103M | 2.0% | $1.38 | — | NOTE 5.000% 6/0 | 902681AB1 |
| — | INTERDIGITAL INC | 22,300,000 | $91.94M | 1.8% | $2.17 | — | NOTE 3.500% 6/0 | 45867GAD3 |
| — | REPLIGEN CORP | 81,350,000 | $89.28M | 1.8% | $1.03 | — | NOTE 1.000%12/1 | 759916AD1 |
| — | PG&E CORP | 2,000,000 | $82M | 1.6% | $43.78 | — | PFD CONV SER A | 69331C306 |
| — | ECHOSTAR CORP | 24,500,000 | $81.89M | 1.6% | $2.71 | — | NOTE 3.875%11/3 | 278768AB2 |
| — | ETSY INC | 80,000,000 | $80.99M | 1.6% | $1.70 | — | NOTE 0.125%10/0 | 29786AAJ5 |
| — | CMS ENERGY CORP | 75,000,000 | $80.4M | 1.6% | $1.00 | — | NOTE 3.375% 5/0 | 125896BX7 |
| — | AMERICAN WTR CAP CORP | 80,000,000 | $79.76M | 1.6% | $1.02 | — | NOTE 3.625% 6/1 | 03040WBE4 |
| — | WEC ENERGY GROUP INC | 67,500,000 | $76.33M | 1.5% | $1.13 | — | NOTE 4.375% 6/0 | 92939UAP1 |
| — | ALLIANT ENERGY CORP | 72,325,000 | $75.33M | 1.5% | $1.00 | — | NOTE 3.875% 3/1 | 018802AC2 |
| — | GUARDANT HEALTH INC | 40,005,000 | $73.37M | 1.5% | $1.44 | — | DEBT 1.250% 2/1 | 40131MAD1 |
| — | AKAMAI TECHNOLOGIES INC | 72,500,000 | $71.81M | 1.4% | $0.99 | — | NOTE 1.125% 2/1 | 00971TAN1 |
| — | GUIDEWIRE SOFTWARE INC | 63,775,000 | $70.28M | 1.4% | $1.10 | — | NOTE 1.250%11/0 | 40171VAC4 |
| — | PG&E CORP | 61,250,000 | $63.09M | 1.2% | $1.01 | — | NOTE 4.250%12/0 | 69331CAL2 |
| — | LIVE NATION ENTERTAINMENT IN | 39,825,000 | $57.97M | 1.1% | $1.54 | — | NOTE 3.125% 1/1 | 538034BA6 |
| — | ALARM COM HLDGS INC | 57,500,000 | $57.64M | 1.1% | $0.89 | — | NOTE 1/1 | 011642AB1 |
| — | GRANITE CONSTR INC | 35,000,000 | $56M | 1.1% | $1.60 | — | NOTE 3.250% 6/1 | 387328AF4 |
| — | ITRON INC | 50,000,000 | $50.66M | 1.0% | $1.12 | — | NOTE 1.375% 7/1 | 465741AQ9 |
| — | PROGRESS SOFTWARE CORP | 50,000,000 | $49.84M | 1.0% | $1.05 | — | NOTE 1.000% 4/1 | 743312AB6 |
| — | CONFLUENT INC | 41,719,000 | $40.61M | 0.8% | $0.87 | — | NOTE 1/1 | 20717MAB9 |
| — | NOVANTA INC | 700,000 | $38.49M | 0.8% | $54.98 | — | UNIT 11/01/2028 | 67000B203 |
| — | BLACKLINE INC | 38,500,000 | $38.18M | 0.8% | $0.86 | — | NOTE 3/1 | 09239BAD1 |
| — | NEXTERA ENERGY INC | 725,000 | $37.53M | 0.7% | $50.98 | — | UNIT 06/01/2027 | 65339F663 |
| SPOT | SPOTIFY TECHNOLOGY S A | 47,500 | $27.58M | 0.5% | $565.30 | +10.6% | SHS | L8681T102 |
| — | JAZZ INVESTMENTS I LTD | 20,000,000 | $26.67M | 0.5% | $1.33 | — | NOTE 3.125% 9/1 | 472145AH4 |
| — | UBER TECHNOLOGIES INC | 20,000,000 | $25.99M | 0.5% | $1.41 | — | NOTE 0.875%12/0 | 90353TAM2 |
| — | PPL CAP FDG INC | 22,500,000 | $24.72M | 0.5% | $1.00 | — | NOTE 2.875% 3/1 | 69352PAS2 |
| — | ENOVIS CORPORATION | 25,000,000 | $24.48M | 0.5% | $1.03 | — | NOTE 3.875%10/1 | 194014AB2 |
| — | ALIGNMENT HEALTHCARE INC | 15,000,000 | $22.8M | 0.5% | $1.52 | — | NOTE 4.250%11/1 | 01625VAB0 |
| — | JAMF HLDG CORP | 22,500,000 | $22.23M | 0.4% | $0.83 | — | NOTE 0.125% 9/0 | 47074LAB1 |
| — | BENTLEY SYS INC | 20,000,000 | $19.96M | 0.4% | $1.00 | — | NOTE 0.125% 1/1 | 08265TAB5 |
| — | BENTLEY SYS INC | 21,000,000 | $19.8M | 0.4% | $0.87 | — | NOTE 0.375% 7/0 | 08265TAD1 |
| — | ENPHASE ENERGY INC | 20,000,000 | $19.8M | 0.4% | $0.95 | — | NOTE 3/0 | 29355AAH0 |
| COIN | COINBASE GLOBAL INC | 85,091 | $19.24M | 0.4% | $229.69 | +29.7% | COM CL A | 19260Q107 |
| — | UNITY SOFTWARE INC | 18,674,000 | $18.09M | 0.4% | $0.76 | — | NOTE 11/1 | 91332UAB7 |
| — | VERTEX INC | 18,600,000 | $17.67M | 0.3% | $1.09 | — | NOTE 0.750% 5/0 | 92538JAB2 |
| FOX | FOX CORP | 258,453 | $16.78M | 0.3% | $57.40 | +1.7% | CL B COM | 35137L204 |
| IBIT | ISHARES BITCOIN TRUST ETF | 325,000 | $16.14M | 0.3% | $61.46 | — | SHS BEN INT | 46438F101 |
| — | MIRUM PHARMACEUTICALS INC | 6,000,000 | $15.51M | 0.3% | $1.53 | — | NOTE 4.000% 5/0 | 604749AB7 |
| — | CYBERARK SOFTWARE LTD | 34,400 | $15.34M | 0.3% | $445.47 | — | SHS | M2682V108 |
| — | RIOT PLATFORMS INC | 13,500,000 | $15.31M | 0.3% | $1.13 | — | NOTE 0.750% 1/1 | 767292AB1 |
| — | TRANSMEDICS GROUP INC | 10,000,000 | $14.99M | 0.3% | $1.46 | — | NOTE 1.500% 6/0 | 89377MAB5 |
| EA | ELECTRONIC ARTS INC | 69,417 | $14.18M | 0.3% | $201.71 | 0.0% | COM | 285512109 |
| FLR | FLUOR CORP NEW | 352,672 | $13.98M | 0.3% | $37.43 | +18.2% | COM | 343412102 |
| — | GLOBAL PMTS INC | 15,500,000 | $13.94M | 0.3% | $0.90 | — | NOTE 1.500% 3/0 | 37940XAU6 |
| — | FIRSTENERGY CORP | 12,500,000 | $12.78M | 0.3% | $0.99 | — | NOTE 4.000% 5/0 | 337932AR8 |
| CAKE | CHEESECAKE FACTORY INC | 243,875 | $12.31M | 0.2% | $56.81 | -11.9% | COM | 163072101 |
| — | ETSY INC | 12,500,000 | $11.2M | 0.2% | $0.81 | — | NOTE 0.250% 6/1 | 29786AAN6 |
| NTNX | NUTANIX INC | 213,026 | $11.01M | 0.2% | $67.99 | -10.1% | CL A | 67059N108 |
| — | SNOWFLAKE INC | 6,900,000 | $10.69M | 0.2% | $1.57 | — | NOTE 10/0 | 833445AD1 |
| — | EPR PPTYS | 440,000 | $10.05M | 0.2% | $18.70 | — | PFD C CV 5.75% | 26884U208 |
| — | ITRON INC | 10,000,000 | $9.915M | 0.2% | $0.99 | — | NOTE 3/1 | 465741AN6 |
| — | VARONIS SYS INC | 10,000,000 | $9.31M | 0.2% | $0.93 | — | NOTE 1.000% 9/1 | 922280AD4 |
| — | ADVANCED ENERGY INDS | 5,000,000 | $8.21M | 0.2% | $1.64 | — | NOTE 2.500% 9/1 | 007973AE0 |
| NWSA | NEWS CORP NEW | 242,945 | $6.346M | 0.1% | $27.34 | -4.0% | CL A | 65249B109 |
| CORZW | CORE SCIENTIFIC INC NEW | 736,969 | $6.235M | 0.1% | $8.46 | — | *W EXP 01/23/202 | 21874A114 |
| SIRI | SIRIUSXM HOLDINGS INC | 293,124 | $5.861M | 0.1% | $31.06 | -30.8% | COMMON STOCK | 829933100 |
| CRWV | COREWEAVE INC | 81,633 | $5.846M | 0.1% | $101.39 | 0.0% | COM CL A | 21873S108 |
| — | VISHAY INTERTECHNOLOGY INC | 6,000,000 | $5.407M | 0.1% | $0.90 | — | NOTE 2.250% 9/1 | 928298AR9 |
| — | ENPHASE ENERGY INC | 6,000,000 | $5.242M | 0.1% | $0.84 | — | NOTE 3/0 | 29355AAK3 |
| ODD | ODDITY TECH LTD | 127,452 | $5.121M | 0.1% | $62.62 | -27.8% | SHS CL A | M7518J104 |
| PSN | PARSONS CORP DEL | 77,434 | $4.785M | 0.1% | $76.47 | +2.3% | COM | 70202L102 |
| MKSI | MKS INC. | 28,189 | $4.505M | 0.1% | $148.21 | 0.0% | COM | 55306N104 |
| — | REDWOOD TRUST INC | 4,250,000 | $4.239M | 0.1% | $1.00 | — | NOTE 7.750% 6/1 | 758075AF2 |
| WK | WORKIVA INC | 44,815 | $3.865M | 0.1% | $88.54 | 0.0% | COM CL A | 98139A105 |
| CLF | CLEVELAND-CLIFFS INC NEW | 200,000 | $2.656M | 0.1% | $12.34 | +2.3% | COM | 185899101 |
| — | HAEMONETICS CORP MASS | 2,500,000 | $2.481M | 0.0% | $0.84 | — | NOTE 3/0 | 405024AB6 |
| — | IREN LIMITED | 1,000,000 | $2.453M | 0.0% | $2.45 | — | NOTE 3.250% 6/1 | 46270CAB5 |
| — | ALARM COM HLDGS INC | 2,500,000 | $2.386M | 0.0% | $0.97 | — | NOTE 2.250% 6/0 | 011642AD7 |
| SO | SOUTHERN CO | 25,382 | $2.213M | 0.0% | $90.89 | 0.0% | COM | 842587107 |
| — | HALOZYME THERAPEUTICS INC | 2,000,000 | $2.165M | 0.0% | $1.15 | — | NOTE 0.250% 3/0 | 40637HAD1 |
| — | EPR PPTYS | 71,692 | $2.145M | 0.0% | $27.03 | — | CONV PFD 9% SR E | 26884U307 |
| RPAY | REPAY HLDGS CORP | 578,484 | $2.111M | 0.0% | $10.59 | -62.2% | COM CL A | 76029L100 |
| NWL | NEWELL BRANDS INC | 540,000 | $2.009M | 0.0% | $5.34 | -25.4% | COM | 651229106 |
| ETSY | ETSY INC | 26,907 | $1.492M | 0.0% | $61.02 | 0.0% | COM | 29786A106 |
| OXY/WS | OCCIDENTAL PETE CORP | 75,000 | $1.445M | 0.0% | $21.49 | — | *W EXP 08/03/202 | 674599162 |
| ADNT | ADIENT PLC | 70,000 | $1.342M | 0.0% | $14.78 | +42.3% | ORD SHS | G0084W101 |
| BAX | BAXTER INTL INC | 60,000 | $1.147M | 0.0% | $28.83 | -30.6% | COM | 071813109 |
| — | SPDR S&P 500 ETF TR | 7,500 | $1.028M | 0.0% | — | — | Put | 78462F953 |
| GENVR | GEN DIGITAL INC | 200,000 | $882K | 0.0% | $8.16 | — | RIGHT 99/99/9999 | 668771116 |
| OMF | ONEMAIN HLDGS INC | 8,426 | $569K | 0.0% | $40.79 | +49.1% | COM | 68268W103 |
| LPSN | LIVEPERSON INC | 121,218 | $469K | 0.0% | $5.56 | 0.0% | COM | 538146309 |
| OI | O-I GLASS INC | 20,000 | $295K | 0.0% | $9.82 | +34.7% | COM | 67098H104 |
| GT | GOODYEAR TIRE & RUBR CO | 30,000 | $263K | 0.0% | $11.09 | -29.0% | COM | 382550101 |
| ASTLW | ALGOMA STL GROUP INC | 414,191 | $35,206 | 0.0% | $1.04 | — | *W EXP 10/19/202 | 015658115 |
| BFLYW | BUTTERFLY NETWORK INC | 49,393 | $869 | 0.0% | $0.09 | — | *W EXP 02/12/202 | 124155110 |