PENDERFUND CAPITAL MANAGEMENT LTD.

Filed: 2/17/2026ACC: 0001706164-26-000001

📋 What this filing means

PENDERFUND CAPITAL MANAGEMENT LTD. filed this quarterly 13F‑HR report disclosing 219 equity positions with a total reported market value of $634.67M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

219

Positions

$634.67M

Total AUM (reported)

376.73M

Total Shares

Allocation by class

COM$111.56M17.6%

NOTE 0.375% 1/1$54.57M8.6%

PHYSCL PLATM SHS$45.12M7.1%

NOTE 4.750%10/1$36.49M5.7%

NOTE 2.250% 6/1$34.00M5.4%

NOTE 4.125% 4/1$33.28M5.2%

NOTE 4.500% 6/1$32.15M5.1%

Portfolio Concentration

Top 3$136.18M21.5%

4–10$199.01M31.4%

11–25$207.91M32.8%

Rest$91.57M14.4%

Top 3 weight

21.5%

Top 10 weight

52.8%

Voting Authority Distribution

Total shares with voting rights: 376.73M

Sole

Full voting authority

376.73M

% 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)

Sole219

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings219

Rows:

FIRST MAJESTIC SILVER CORP

SOLE

NOTE 0.375% 1/1

Shares44.04M

TypePRN

Market value$54.57M

8.60%

Sole

44.04M

Shared

0.00

None

0.00

ABRDN PLATINUM ETF TRUST

SOLE

PHYSCL PLATM SHS

Shares242K

TypeSH

Market value$45.12M

7.11%

Sole

242K

Shared

0.00

None

0.00

EQUINOX GOLD CORP

SOLE

NOTE 4.750%10/1

Shares2.60M

TypePRN

Market value$36.49M

5.75%

Sole

2.60M

Shared

0.00

None

0.00

FLUENCE ENERGY INC

SOLE

NOTE 2.250% 6/1

Shares28M

TypePRN

Market value$34.00M

5.36%

Sole

28M

Shared

0.00

None

0.00

DUKE ENERGY CORP NEW

SOLE

NOTE 4.125% 4/1

Shares32M

TypePRN

Market value$33.28M

5.24%

Sole

32M

Shared

0.00

None

0.00

SOUTHERN CO

SOLE

NOTE 4.500% 6/1

Shares30M

TypePRN

Market value$32.15M

5.07%

Sole

30M

Shared

0.00

None

0.00

EQUINOX GOLD CORP

SOLE

COM

Shares12.08M

TypeSH

Market value$28.55M

4.50%

Sole

12.08M

Shared

0.00

None

0.00

SSR MINING IN

SOLE

NOTE 2.500% 4/0

Shares19.74M

TypePRN

Market value$25.92M

4.08%

Sole

19.74M

Shared

0.00

None

0.00

NIO INC

SOLE

NOTE 3.875%10/1

Shares25.27M

TypePRN

Market value$24.08M

3.79%

Sole

25.27M

Shared

0.00

None

0.00

PPL CAP FDG INC

SOLE

NOTE 2.875% 3/1

Shares19M

TypePRN

Market value$21.04M

3.31%

Sole

19M

Shared

0.00

None

0.00

NIO INC

SOLE

NOTE 4.625%10/1

Shares22.15M

TypePRN

Market value$19.82M

3.12%

Sole

22.15M

Shared

0.00

None

0.00

NORTHERN OIL & GAS INC

SOLE

NOTE 3.625% 4/1

Shares20M

TypePRN

Market value$19.51M

3.07%

Sole

20M

Shared

0.00

None

0.00

CARDLYTICS INC

SOLE

NOTE 4.250% 4/0

Shares47.71M

TypePRN

Market value$19.36M

3.05%

Sole

47.71M

Shared

0.00

None

0.00

ESPERION THERAPEUTICS INC NE

SOLE

COM

Shares4.39M

TypeSH

Market value$16.25M

2.56%

Sole

4.39M

Shared

0.00

None

0.00

ISHARES SILVER TR

SOLE

ISHARES

Shares247.50K

TypeSH

Market value$15.94M

2.51%

Sole

247.50K

Shared

0.00

None

0.00

TELESAT CORP

SOLE

CL A & CL B SHS

Shares409.75K

TypeSH

Market value$15.94M

2.51%

Sole

409.75K

Shared

0.00

None

0.00

PAR TECHNOLOGY CORP

SOLE

NOTE 1.500%10/1

Shares417.67K

TypePRN

Market value$15.15M

2.39%

Sole

417.67K

Shared

0.00

None

0.00

SANGOMA TECHNOLOGIES CORP

SOLE

COM NEW

Shares2.82M

TypeSH

Market value$14.16M

2.23%

Sole

2.82M

Shared

0.00

None

0.00

MAGNITE INC

SOLE

NOTE 0.250% 3/1

Shares14.22M

TypePRN

Market value$14.12M

2.22%

Sole

14.22M

Shared

0.00

None

0.00

SPROTT ASSET MANAGEMENT LP

SOLE

PHYSICAL SILVER

Shares565K

TypeSH

Market value$13.36M

2.11%

Sole

565K

Shared

0.00

None

0.00

WOLFSPEED INC

SOLE

COMMON STOCK

Shares8.13M

TypeSH

Market value$12.09M

1.90%

Sole

8.13M

Shared

0.00

None

0.00

OPKO HEALTH INC

SOLE

NOTE 3.750% 1/1

Shares7.31M

TypePRN

Market value$9.58M

1.51%

Sole

7.31M

Shared

0.00

None

0.00

WESTERN AST INFL LKD OPP & I

SOLE

COM

Shares1.02M

TypeSH

Market value$8.72M

1.37%

Sole

1.02M

Shared

0.00

None

0.00

TXNM ENERGY INC

SOLE

COM

Shares5.90M

TypeSH

Market value$7.96M

1.25%

Sole

5.90M

Shared

0.00

None

0.00

EVOLENT HEALTH INC

SOLE

NOTE 3.500%12/0

Shares8.77M

TypePRN

Market value$5.95M

0.94%

Sole

8.77M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
FIRST MAJESTIC SILVER CORPSOLE	NOTE 0.375% 1/1	44.04M	PRN	$54.57M 8.60%	44.04M
ABRDN PLATINUM ETF TRUSTSOLE	PHYSCL PLATM SHS	242K	SH	$45.12M 7.11%	242K
EQUINOX GOLD CORPSOLE	NOTE 4.750%10/1	2.60M	PRN	$36.49M 5.75%	2.60M
FLUENCE ENERGY INCSOLE	NOTE 2.250% 6/1	28M	PRN	$34.00M 5.36%	28M
DUKE ENERGY CORP NEWSOLE	NOTE 4.125% 4/1	32M	PRN	$33.28M 5.24%	32M
SOUTHERN COSOLE	NOTE 4.500% 6/1	30M	PRN	$32.15M 5.07%	30M
EQUINOX GOLD CORPSOLE	COM	12.08M	SH	$28.55M 4.50%	12.08M
SSR MINING INSOLE	NOTE 2.500% 4/0	19.74M	PRN	$25.92M 4.08%	19.74M
NIO INCSOLE	NOTE 3.875%10/1	25.27M	PRN	$24.08M 3.79%	25.27M
PPL CAP FDG INCSOLE	NOTE 2.875% 3/1	19M	PRN	$21.04M 3.31%	19M
NIO INCSOLE	NOTE 4.625%10/1	22.15M	PRN	$19.82M 3.12%	22.15M
NORTHERN OIL & GAS INCSOLE	NOTE 3.625% 4/1	20M	PRN	$19.51M 3.07%	20M
CARDLYTICS INCSOLE	NOTE 4.250% 4/0	47.71M	PRN	$19.36M 3.05%	47.71M
ESPERION THERAPEUTICS INC NESOLE	COM	4.39M	SH	$16.25M 2.56%	4.39M
ISHARES SILVER TRSOLE	ISHARES	247.50K	SH	$15.94M 2.51%	247.50K
TELESAT CORPSOLE	CL A & CL B SHS	409.75K	SH	$15.94M 2.51%	409.75K
PAR TECHNOLOGY CORPSOLE	NOTE 1.500%10/1	417.67K	PRN	$15.15M 2.39%	417.67K
SANGOMA TECHNOLOGIES CORPSOLE	COM NEW	2.82M	SH	$14.16M 2.23%	2.82M
MAGNITE INCSOLE	NOTE 0.250% 3/1	14.22M	PRN	$14.12M 2.22%	14.22M
SPROTT ASSET MANAGEMENT LPSOLE	PHYSICAL SILVER	565K	SH	$13.36M 2.11%	565K
WOLFSPEED INCSOLE	COMMON STOCK	8.13M	SH	$12.09M 1.90%	8.13M
OPKO HEALTH INCSOLE	NOTE 3.750% 1/1	7.31M	PRN	$9.58M 1.51%	7.31M
WESTERN AST INFL LKD OPP & ISOLE	COM	1.02M	SH	$8.72M 1.37%	1.02M
TXNM ENERGY INCSOLE	COM	5.90M	SH	$7.96M 1.25%	5.90M
EVOLENT HEALTH INCSOLE	NOTE 3.500%12/0	8.77M	PRN	$5.95M 0.94%	8.77M

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