GRAHAM CAPITAL MANAGEMENT, L.P.

Filed: 5/15/2025ACC: 0001041062-25-000122

📋 What this filing means

GRAHAM CAPITAL MANAGEMENT, L.P. filed this quarterly 13F‑HR report disclosing 1236 equity positions with a total reported market value of $5.72B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

1236

Positions

$5.72B

Total AUM (reported)

Total Shares

Allocation by class

COM$1.35B23.6%

CL A NEW$1.34B23.4%

RUSSELL 2000 ETF$528.03M9.2%

IBOXX HI YD ETF$276.68M4.8%

SHS BEN INT$213.18M3.7%

CL A$172.13M3.0%

NOTE 3.250% 4/0$165.35M2.9%

Portfolio Concentration

Top 3$2.14B37.4%

4–10$759.33M13.3%

11–25$637.46M11.2%

Rest$2.18B38.2%

Top 3 weight

37.4%

Top 10 weight

50.7%

Voting Authority Distribution

Total shares with voting rights: 1B

Sole

Full voting authority

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole1236

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings1236

Rows:

MICROSTRATEGY INC

SOLE

CL A NEW

Shares4.62M

TypeSH

Market value$1.33B

23.29%

Sole

4.62M

Shared

0.00

None

0.00

ISHARES TR

SOLE

RUSSELL 2000 ETF

Shares2.65M

TypeSH

Market value$528.03M

9.24%

Sole

2.65M

Shared

0.00

None

0.00

ISHARES TR

SOLE

IBOXX HI YD ETF

Shares3.51M

TypeSH

Market value$276.68M

4.84%

Sole

185.10K

Shared

0.00

None

0.00

ISHARES BITCOIN TRUST ETF

SOLE

SHS BEN INT

Shares4.51M

TypeSH

Market value$211.21M

3.70%

Sole

4.51M

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

NOTE 3.250% 4/0

Shares67.38M

TypePRN

Market value$165.35M

2.89%

Sole

67.38M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 2.500% 8/1

Shares86.14M

TypePRN

Market value$110.79M

1.94%

Sole

86.14M

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.500% 6/0

Shares75.50M

TypePRN

Market value$73.99M

1.29%

Sole

75.50M

Shared

0.00

None

0.00

ISHARES TR

SOLE

20 YR TR BD ETF

Shares774.10K

TypeSH

Market value$70.47M

1.23%

Sole

774.10K

Shared

0.00

None

0.00

PENN ENTERTAINMENT INC

SOLE

NOTE 2.750% 5/1

Shares62.18M

TypePRN

Market value$63.87M

1.12%

Sole

62.18M

Shared

0.00

None

0.00

BRIDGEBIO PHARMA INC

SOLE

NOTE 2.500% 3/1

Shares55.74M

TypePRN

Market value$63.65M

1.11%

Sole

55.74M

Shared

0.00

None

0.00

NOVAVAX INC

SOLE

NOTE 5.000%12/1

Shares67.83M

TypePRN

Market value$63.21M

1.11%

Sole

67.83M

Shared

0.00

None

0.00

TILRAY BRANDS INC

SOLE

NOTE 5.200% 6/1

Shares64.50M

TypePRN

Market value$60.68M

1.06%

Sole

64.50M

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares69.79M

TypePRN

Market value$60.64M

1.06%

Sole

69.79M

Shared

0.00

None

0.00

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares106.80K

TypeSH

Market value$59.74M

1.05%

Sole

56.40K

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 3.000% 6/0

Shares36.17M

TypePRN

Market value$47.46M

0.83%

Sole

36.17M

Shared

0.00

None

0.00

PROSHARES TR

SOLE

BITCOIN ETF

Shares2.50M

TypeSH

Market value$45.80M

0.80%

Sole

2.50M

Shared

0.00

None

0.00

TRANSOCEAN INC

SOLE

DEB 4.000%12/1

Shares39.08M

TypePRN

Market value$39.94M

0.70%

Sole

39.08M

Shared

0.00

None

0.00

GROUPON INC

SOLE

NOTE 6.250% 3/1

Shares35.50M

TypePRN

Market value$37.33M

0.65%

Sole

35.50M

Shared

0.00

None

0.00

ECHOSTAR CORP

SOLE

NOTE 3.875%11/3

Shares33M

TypePRN

Market value$36.95M

0.65%

Sole

33M

Shared

0.00

None

0.00

PURECYCLE TECHNOLOGIES INC

SOLE

NOTE 7.250% 8/1

Shares40.52M

TypePRN

Market value$33.54M

0.59%

Sole

40.52M

Shared

0.00

None

0.00

GREEN PLAINS INC

SOLE

NOTE 2.250% 3/1

Shares37.80M

TypePRN

Market value$31.66M

0.55%

Sole

37.80M

Shared

0.00

None

0.00

MARA HOLDINGS INC

SOLE

COM

Shares2.73M

TypeSH

Market value$31.41M

0.55%

Sole

2.73M

Shared

0.00

None

0.00

PEABODY ENGR CORP

SOLE

NOTE 3.250% 3/0

Shares29.51M

TypePRN

Market value$30.60M

0.54%

Sole

29.51M

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

GOLD MINERS ETF

Shares663.70K

TypeSH

Market value$30.51M

0.53%

Sole

663.70K

Shared

0.00

None

0.00

SELECT SECTOR SPDR TR

SOLE

SBI INT-UTILS

Shares355K

TypeSH

Market value$27.99M

0.49%

Sole

355K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
MICROSTRATEGY INCSOLE	CL A NEW	4.62M	SH	$1.33B 23.29%	4.62M
ISHARES TRSOLE	RUSSELL 2000 ETF	2.65M	SH	$528.03M 9.24%	2.65M
ISHARES TRSOLE	IBOXX HI YD ETF	3.51M	SH	$276.68M 4.84%	185.10K
ISHARES BITCOIN TRUST ETFSOLE	SHS BEN INT	4.51M	SH	$211.21M 3.70%	4.51M
PERMIAN RESOURCES CORPSOLE	NOTE 3.250% 4/0	67.38M	PRN	$165.35M 2.89%	67.38M
BLOOM ENERGY CORPSOLE	NOTE 2.500% 8/1	86.14M	PRN	$110.79M 1.94%	86.14M
COINBASE GLOBAL INCSOLE	NOTE 0.500% 6/0	75.50M	PRN	$73.99M 1.29%	75.50M
ISHARES TRSOLE	20 YR TR BD ETF	774.10K	SH	$70.47M 1.23%	774.10K
PENN ENTERTAINMENT INCSOLE	NOTE 2.750% 5/1	62.18M	PRN	$63.87M 1.12%	62.18M
BRIDGEBIO PHARMA INCSOLE	NOTE 2.500% 3/1	55.74M	PRN	$63.65M 1.11%	55.74M
NOVAVAX INCSOLE	NOTE 5.000%12/1	67.83M	PRN	$63.21M 1.11%	67.83M
TILRAY BRANDS INCSOLE	NOTE 5.200% 6/1	64.50M	PRN	$60.68M 1.06%	64.50M
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	69.79M	PRN	$60.64M 1.06%	69.79M
SPDR S&P 500 ETF TRSOLE	TR UNIT	106.80K	SH	$59.74M 1.05%	56.40K
BLOOM ENERGY CORPSOLE	NOTE 3.000% 6/0	36.17M	PRN	$47.46M 0.83%	36.17M
PROSHARES TRSOLE	BITCOIN ETF	2.50M	SH	$45.80M 0.80%	2.50M
TRANSOCEAN INCSOLE	DEB 4.000%12/1	39.08M	PRN	$39.94M 0.70%	39.08M
GROUPON INCSOLE	NOTE 6.250% 3/1	35.50M	PRN	$37.33M 0.65%	35.50M
ECHOSTAR CORPSOLE	NOTE 3.875%11/3	33M	PRN	$36.95M 0.65%	33M
PURECYCLE TECHNOLOGIES INCSOLE	NOTE 7.250% 8/1	40.52M	PRN	$33.54M 0.59%	40.52M
GREEN PLAINS INCSOLE	NOTE 2.250% 3/1	37.80M	PRN	$31.66M 0.55%	37.80M
MARA HOLDINGS INCSOLE	COM	2.73M	SH	$31.41M 0.55%	2.73M
PEABODY ENGR CORPSOLE	NOTE 3.250% 3/0	29.51M	PRN	$30.60M 0.54%	29.51M
VANECK ETF TRUSTSOLE	GOLD MINERS ETF	663.70K	SH	$30.51M 0.53%	663.70K
SELECT SECTOR SPDR TRSOLE	SBI INT-UTILS	355K	SH	$27.99M 0.49%	355K

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