GRAHAM CAPITAL MANAGEMENT, L.P.

Filed: 2/14/2025ACC: 0001140361-25-004483

📋 What this filing means

GRAHAM CAPITAL MANAGEMENT, L.P. filed this quarterly 13F‑HR report disclosing 1185 equity positions with a total reported market value of $6.66B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

1185

Positions

$6.66B

Total AUM (reported)

1.11B

Total Shares

Allocation by class

CL A NEW$2.27B34.2%

COM$1.24B18.6%

RUSSELL 2000 ETF$743.84M11.2%

SHS BEN INT$233.57M3.5%

NOTE 3.250% 4/0$169.25M2.5%

CL A$164.90M2.5%

COM NEW$147.11M2.2%

Portfolio Concentration

Top 3$3.25B48.8%

4–10$706.44M10.6%

11–25$648.41M9.7%

Rest$2.05B30.8%

Top 3 weight

48.8%

Top 10 weight

59.4%

Voting Authority Distribution

Total shares with voting rights: 1.11B

Sole

Full voting authority

1.11B

% 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)

Sole1185

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings1185

Rows:

MICROSTRATEGY INC

SOLE

CL A NEW

Shares7.84M

TypeSH

Market value$2.27B

34.12%

Sole

7.84M

Shared

0.00

None

0.00

ISHARES TR

SOLE

RUSSELL 2000 ETF

Shares3.37M

TypeSH

Market value$743.84M

11.18%

Sole

3.37M

Shared

0.00

None

0.00

ISHARES BITCOIN TRUST ETF

SOLE

SHS BEN INT

Shares4.40M

TypeSH

Market value$233.32M

3.51%

Sole

4.40M

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

NOTE 3.250% 4/0

Shares67.18M

TypePRN

Market value$169.25M

2.54%

Sole

67.18M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 2.500% 8/1

Shares86.14M

TypePRN

Market value$121.98M

1.83%

Sole

86.14M

Shared

0.00

None

0.00

MICROSTRATEGY INC

SOLE

NOTE 2/1

Shares48.25M

TypePRN

Market value$100.07M

1.50%

Sole

48.25M

Shared

0.00

None

0.00

TILRAY BRANDS INC

SOLE

NOTE 5.200% 6/1

Shares88.50M

TypePRN

Market value$84.46M

1.27%

Sole

88.50M

Shared

0.00

None

0.00

PEABODY ENGR CORP

SOLE

NOTE 3.250% 3/0

Shares65.51M

TypePRN

Market value$83.15M

1.25%

Sole

65.51M

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.500% 6/0

Shares75.50M

TypePRN

Market value$79.13M

1.19%

Sole

75.50M

Shared

0.00

None

0.00

PENN ENTERTAINMENT INC

SOLE

NOTE 2.750% 5/1

Shares62.18M

TypePRN

Market value$68.40M

1.03%

Sole

62.18M

Shared

0.00

None

0.00

NOVAVAX INC

SOLE

NOTE 5.000%12/1

Shares67.83M

TypePRN

Market value$68.11M

1.02%

Sole

67.83M

Shared

0.00

None

0.00

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares110K

TypeSH

Market value$64.47M

0.97%

Sole

110K

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares69.79M

TypePRN

Market value$62.47M

0.94%

Sole

69.79M

Shared

0.00

None

0.00

BRIDGEBIO PHARMA INC

SOLE

NOTE 2.500% 3/1

Shares55.74M

TypePRN

Market value$58.45M

0.88%

Sole

55.74M

Shared

0.00

None

0.00

PROSHARES TR

SOLE

BITCOIN ETF

Shares2.50M

TypeSH

Market value$56.95M

0.86%

Sole

2.50M

Shared

0.00

None

0.00

MARA HOLDINGS INC

SOLE

COM

Shares2.73M

TypeSH

Market value$45.80M

0.69%

Sole

2.73M

Shared

0.00

None

0.00

TRANSOCEAN INC

SOLE

DEB 4.000%12/1

Shares41.58M

TypePRN

Market value$44.02M

0.66%

Sole

41.58M

Shared

0.00

None

0.00

GREEN PLAINS INC

SOLE

NOTE 2.250% 3/1

Shares51.76M

TypePRN

Market value$43.62M

0.66%

Sole

51.76M

Shared

0.00

None

0.00

TRAVERE THERAPEUTICS INC

SOLE

NOTE 2.250% 3/0

Shares38.26M

TypePRN

Market value$36.15M

0.54%

Sole

38.26M

Shared

0.00

None

0.00

PURECYCLE TECHNOLOGIES INC

SOLE

NOTE 7.250% 8/1

Shares37.07M

TypePRN

Market value$34.66M

0.52%

Sole

37.07M

Shared

0.00

None

0.00

ARBOR REALTY TRUST INC

SOLE

NOTE 7.500% 8/0

Shares28.68M

TypePRN

Market value$28.74M

0.43%

Sole

28.68M

Shared

0.00

None

0.00

PLUG PWR INC

SOLE

NOTE 3.750% 6/0

Shares28.26M

TypePRN

Market value$27.21M

0.41%

Sole

28.26M

Shared

0.00

None

0.00

NVIDIA CORPORATION

SOLE

COM

Shares201.80K

TypeSH

Market value$27.10M

0.41%

Sole

201.80K

Shared

0.00

None

0.00

REVANCE THERAPEUTICS INC

SOLE

NOTE 1.750% 2/1

Shares26.43M

TypePRN

Market value$25.37M

0.38%

Sole

26.43M

Shared

0.00

None

0.00

ISHARES TR

SOLE

IBOXX HI YD ETF

Shares321.63K

TypeSH

Market value$25.30M

0.38%

Sole

321.63K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
MICROSTRATEGY INCSOLE	CL A NEW	7.84M	SH	$2.27B 34.12%	7.84M
ISHARES TRSOLE	RUSSELL 2000 ETF	3.37M	SH	$743.84M 11.18%	3.37M
ISHARES BITCOIN TRUST ETFSOLE	SHS BEN INT	4.40M	SH	$233.32M 3.51%	4.40M
PERMIAN RESOURCES CORPSOLE	NOTE 3.250% 4/0	67.18M	PRN	$169.25M 2.54%	67.18M
BLOOM ENERGY CORPSOLE	NOTE 2.500% 8/1	86.14M	PRN	$121.98M 1.83%	86.14M
MICROSTRATEGY INCSOLE	NOTE 2/1	48.25M	PRN	$100.07M 1.50%	48.25M
TILRAY BRANDS INCSOLE	NOTE 5.200% 6/1	88.50M	PRN	$84.46M 1.27%	88.50M
PEABODY ENGR CORPSOLE	NOTE 3.250% 3/0	65.51M	PRN	$83.15M 1.25%	65.51M
COINBASE GLOBAL INCSOLE	NOTE 0.500% 6/0	75.50M	PRN	$79.13M 1.19%	75.50M
PENN ENTERTAINMENT INCSOLE	NOTE 2.750% 5/1	62.18M	PRN	$68.40M 1.03%	62.18M
NOVAVAX INCSOLE	NOTE 5.000%12/1	67.83M	PRN	$68.11M 1.02%	67.83M
SPDR S&P 500 ETF TRSOLE	TR UNIT	110K	SH	$64.47M 0.97%	110K
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	69.79M	PRN	$62.47M 0.94%	69.79M
BRIDGEBIO PHARMA INCSOLE	NOTE 2.500% 3/1	55.74M	PRN	$58.45M 0.88%	55.74M
PROSHARES TRSOLE	BITCOIN ETF	2.50M	SH	$56.95M 0.86%	2.50M
MARA HOLDINGS INCSOLE	COM	2.73M	SH	$45.80M 0.69%	2.73M
TRANSOCEAN INCSOLE	DEB 4.000%12/1	41.58M	PRN	$44.02M 0.66%	41.58M
GREEN PLAINS INCSOLE	NOTE 2.250% 3/1	51.76M	PRN	$43.62M 0.66%	51.76M
TRAVERE THERAPEUTICS INCSOLE	NOTE 2.250% 3/0	38.26M	PRN	$36.15M 0.54%	38.26M
PURECYCLE TECHNOLOGIES INCSOLE	NOTE 7.250% 8/1	37.07M	PRN	$34.66M 0.52%	37.07M
ARBOR REALTY TRUST INCSOLE	NOTE 7.500% 8/0	28.68M	PRN	$28.74M 0.43%	28.68M
PLUG PWR INCSOLE	NOTE 3.750% 6/0	28.26M	PRN	$27.21M 0.41%	28.26M
NVIDIA CORPORATIONSOLE	COM	201.80K	SH	$27.10M 0.41%	201.80K
REVANCE THERAPEUTICS INCSOLE	NOTE 1.750% 2/1	26.43M	PRN	$25.37M 0.38%	26.43M
ISHARES TRSOLE	IBOXX HI YD ETF	321.63K	SH	$25.30M 0.38%	321.63K

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