SILVERBACK ASSET MANAGEMENT LLC

Filed: 11/13/2025ACC: 0001398344-25-020867

📋 What this filing means

SILVERBACK ASSET MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 62 equity positions with a total reported market value of $1.04B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.04B

Total AUM (reported)

663.11M

Total Shares

Allocation by class

IBOXX HI YD ETF$211.09M20.2%

NOTE 3.500% 6/0$44.51M4.3%

NOTE 4.250 03/01$43.58M4.2%

COM NEW$39.75M3.8%

NOTE 3.000%11/1$34.32M3.3%

NOTE 3/1$32.98M3.2%

NOTE 0.250% 3/1$32.04M3.1%

Portfolio Concentration

Top 3$299.18M28.7%

4–10$205.14M19.6%

11–25$304.32M29.1%

Rest$235.59M22.6%

Top 3 weight

28.7%

Top 10 weight

48.3%

Voting Authority Distribution

Total shares with voting rights: 663.11M

Sole

Full voting authority

663.11M

% 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)

Sole62

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings62

Rows:

ISHARES TR

SOLE

IBOXX HI YD ETF

Shares2.60M

TypeSH

Market value$211.09M

20.22%

Sole

2.60M

Shared

0.00

None

0.00

SEAGATE HDD CAYMAN

SOLE

NOTE 3.500% 6/0

Shares15.44M

TypePRN

Market value$44.51M

4.26%

Sole

15.44M

Shared

0.00

None

0.00

Ast Spacemobile Inc

SOLE

Note 4.250 03/01

Shares20.75M

TypePRN

Market value$43.58M

4.17%

Sole

20.75M

Shared

0.00

None

0.00

WESTERN DIGITAL CORP

SOLE

NOTE 3.000%11/1

Shares10.70M

TypePRN

Market value$34.32M

3.29%

Sole

10.70M

Shared

0.00

None

0.00

TYLER TEX INDPT SCH DIST

SOLE

NOTE 0.250% 3/1

Shares29.15M

TypePRN

Market value$32.04M

3.07%

Sole

29.15M

Shared

0.00

None

0.00

PORCH GROUP INC

SOLE

DEBT 9.000% 5/1

Shares19.50M

TypePRN

Market value$29.20M

2.80%

Sole

19.50M

Shared

0.00

None

0.00

IAC FinanceCo 2, Inc.

SOLE

Note 0.875 06/15

Shares29.19M

TypePRN

Market value$28.43M

2.72%

Sole

29.19M

Shared

0.00

None

0.00

JBT MAREL CORPORATION

SOLE

NOTE 0.250% 5/1

Shares27.30M

TypePRN

Market value$27.61M

2.64%

Sole

27.30M

Shared

0.00

None

0.00

FORD MTR CO

SOLE

NOTE 3/1

Shares26.75M

TypePRN

Market value$27.13M

2.60%

Sole

26.75M

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.500% 6/0

Shares23.73M

TypePRN

Market value$26.41M

2.53%

Sole

23.73M

Shared

0.00

None

0.00

LUCID GROUP INC

SOLE

COM NEW

Shares1.09M

TypeSH

Market value$26.04M

2.49%

Sole

1.09M

Shared

0.00

None

0.00

EVERGY INC

SOLE

NOTE 4.500%12/1

Shares20.10M

TypePRN

Market value$25.25M

2.42%

Sole

20.10M

Shared

0.00

None

0.00

UBER TECHNOLOGIES INC

SOLE

NOTE 0.875%12/0

Shares16.50M

TypePRN

Market value$24.29M

2.33%

Sole

16.50M

Shared

0.00

None

0.00

ISHARES TR

SOLE

RUSSELL 2000 ETF

Shares100K

TypeSH

Market value$24.20M

2.32%

Sole

100K

Shared

0.00

None

0.00

LIVE NATION ENTERTAINMENT IN

SOLE

NOTE 3.125% 1/1

Shares13.63M

TypePRN

Market value$22.10M

2.12%

Sole

13.63M

Shared

0.00

None

0.00

VISHAY INTERTECHNOLOGY INC

SOLE

NOTE 2.250% 9/1

Shares22.72M

TypePRN

Market value$20.66M

1.98%

Sole

22.72M

Shared

0.00

None

0.00

NUTANIX INC

SOLE

NOTE 0.250%10/0

Shares15M

TypePRN

Market value$20.65M

1.98%

Sole

15M

Shared

0.00

None

0.00

ECHOSTAR CORP

SOLE

NOTE 3.875%11/3

Shares8.04M

TypePRN

Market value$19.81M

1.90%

Sole

8.04M

Shared

0.00

None

0.00

VIAVI SOLUTIONS INC

SOLE

NOTE 1.625% 3/1

Shares18.53M

TypePRN

Market value$19.60M

1.88%

Sole

18.53M

Shared

0.00

None

0.00

ON SEMICONDUCTOR CORP

SOLE

NOTE 5/0

Shares16.57M

TypePRN

Market value$18.91M

1.81%

Sole

16.57M

Shared

0.00

None

0.00

PENGUIN SOLUTIONS INC

SOLE

NOTE 2.000% 8/1

Shares15.63M

TypePRN

Market value$18.66M

1.79%

Sole

15.63M

Shared

0.00

None

0.00

COLLEGIUM PHARMACEUTICAL INC

SOLE

NOTE 2.875% 2/1

Shares14.80M

TypePRN

Market value$17.55M

1.68%

Sole

14.80M

Shared

0.00

None

0.00

PELOTON INTERACTIVE INC

SOLE

NOTE 5.500%12/0

Shares7.12M

TypePRN

Market value$15.91M

1.52%

Sole

7.12M

Shared

0.00

None

0.00

SEMTECH CORP

SOLE

NOTE 1.625%11/0

Shares8M

TypePRN

Market value$15.86M

1.52%

Sole

Shared

0.00

None

0.00

FIVE9 INC

SOLE

NOTE 1.000% 3/1

Shares16.78M

TypePRN

Market value$14.83M

1.42%

Sole

16.78M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
ISHARES TRSOLE	IBOXX HI YD ETF	2.60M	SH	$211.09M 20.22%	2.60M
SEAGATE HDD CAYMANSOLE	NOTE 3.500% 6/0	15.44M	PRN	$44.51M 4.26%	15.44M
Ast Spacemobile IncSOLE	Note 4.250 03/01	20.75M	PRN	$43.58M 4.17%	20.75M
WESTERN DIGITAL CORPSOLE	NOTE 3.000%11/1	10.70M	PRN	$34.32M 3.29%	10.70M
TYLER TEX INDPT SCH DISTSOLE	NOTE 0.250% 3/1	29.15M	PRN	$32.04M 3.07%	29.15M
PORCH GROUP INCSOLE	DEBT 9.000% 5/1	19.50M	PRN	$29.20M 2.80%	19.50M
IAC FinanceCo 2, Inc.SOLE	Note 0.875 06/15	29.19M	PRN	$28.43M 2.72%	29.19M
JBT MAREL CORPORATIONSOLE	NOTE 0.250% 5/1	27.30M	PRN	$27.61M 2.64%	27.30M
FORD MTR COSOLE	NOTE 3/1	26.75M	PRN	$27.13M 2.60%	26.75M
COINBASE GLOBAL INCSOLE	NOTE 0.500% 6/0	23.73M	PRN	$26.41M 2.53%	23.73M
LUCID GROUP INCSOLE	COM NEW	1.09M	SH	$26.04M 2.49%	1.09M
EVERGY INCSOLE	NOTE 4.500%12/1	20.10M	PRN	$25.25M 2.42%	20.10M
UBER TECHNOLOGIES INCSOLE	NOTE 0.875%12/0	16.50M	PRN	$24.29M 2.33%	16.50M
ISHARES TRSOLE	RUSSELL 2000 ETF	100K	SH	$24.20M 2.32%	100K
LIVE NATION ENTERTAINMENT INSOLE	NOTE 3.125% 1/1	13.63M	PRN	$22.10M 2.12%	13.63M
VISHAY INTERTECHNOLOGY INCSOLE	NOTE 2.250% 9/1	22.72M	PRN	$20.66M 1.98%	22.72M
NUTANIX INCSOLE	NOTE 0.250%10/0	15M	PRN	$20.65M 1.98%	15M
ECHOSTAR CORPSOLE	NOTE 3.875%11/3	8.04M	PRN	$19.81M 1.90%	8.04M
VIAVI SOLUTIONS INCSOLE	NOTE 1.625% 3/1	18.53M	PRN	$19.60M 1.88%	18.53M
ON SEMICONDUCTOR CORPSOLE	NOTE 5/0	16.57M	PRN	$18.91M 1.81%	16.57M
PENGUIN SOLUTIONS INCSOLE	NOTE 2.000% 8/1	15.63M	PRN	$18.66M 1.79%	15.63M
COLLEGIUM PHARMACEUTICAL INCSOLE	NOTE 2.875% 2/1	14.80M	PRN	$17.55M 1.68%	14.80M
PELOTON INTERACTIVE INCSOLE	NOTE 5.500%12/0	7.12M	PRN	$15.91M 1.52%	7.12M
SEMTECH CORPSOLE	NOTE 1.625%11/0	8M	PRN	$15.86M 1.52%	8M
FIVE9 INCSOLE	NOTE 1.000% 3/1	16.78M	PRN	$14.83M 1.42%	16.78M

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